CUTTING EDGE DIESEL ELECTRIC SYSTEMS

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1 CUTTING EDGE DIESEL ELECTRIC SYSTEMS ANNUAL REPORT 2013

2 NORWEGIAN ELECTRIC SYSTEMS AS Dear all, It is a pleasure for me to announce that 2013 has been another successful year for NES. The turnover increased by 20% and ended on 220 mill NOK. The result, before tax, increased with 22% and closed at 15,5 mill NOK.This means we are well on track to pass 500 mill NOK in a few years and doubling our back log. In 2013 we have achieved our goals in excellence in electric and making great vessels even greater to our customer`s full satisfaction. We have commmissioned and delivered systems to Skansi Offshore Faroe Islands, Global Offshore India, Forland Shipping Norway, Argali Russia Turkey, Gulf Offshore UK and Esvagt Denmark (built in Singapore). For the jack-up rig market we strongly increased our position in the Middle-East, Dubai and Abu Dhabi. We have already delivered Zaratan and Hydra to Seajacks and we are well on our way with several orders for GMS. Let me thank you all: shipowners, design companies and yards, for the utmost trust you have given us in NES. For the coming years we are securing our back log and, in parallel, we are also launching new products and systems from our R&D department. Within R&D it is a hectic life with new ideas to be industrialized. We launched the QUEST 1 and 2 in the beginning of 2014 and we have already got the first contract. This is, without doubt, very promising. In addition, we have commissioned our first full power shaft generator involving a new excitation system which gives full power from 0-speed. A fantastic solution for boosting mode and DE mode for any Hybrid System. As a final comment to the employees in NES, and espcially to the R&D and technical department, I would like to thank them for all their dedication! JAN BERG president & CEO Page 2

3 THE PAST YEARS IN BRIEF Norwegian Electric Systems has during the past 4 years delivered diesel electric propulsion systems for 22 vessels. Amongst these are: four of Skansi Offshore`s recent vessels; Saeborg, Sjoborg, Torsborg and Kongsborg. Last quarter of 2013 Sjoborg was characterized by one of Skansi Offshore`s customers in the oil industry as the leading vessel in their fleet. the worlds largest DE system for Volstad Management hull no. 89 Grand Canyon with totally kW installed generator capacity and a newly developed twin in and single out propulsion system. During 2014/2015 Grand Canyon 2 and 3 will be ready for delivery, with a repeat of the successful diesel electric system from NES. several contracts for Lamprell and Gulf Marine Services`jack-up rigs. NES` highly reduntant ring net solution enables these vessels to operate with smaller generators, motors and thrusters without compromising on the performance of the vessel. This weight saving is vital for these vessels where every kg of available operating load is precious. two DE systems for Fafnir Offshore, but the latest delivery includes the NES`new QUEST (Quadro Energy Storage Technology) system. two more contracts for the DE propulsion system to Esvagt`s new buildings. This is the 5th and 6th delivery to Esvagt in two years. EXCELLENCE IN ELECTRIC Page 3

4 R&D NES are proud to present its two new QUEST (Quadro Energy Storage Technology) systems. Bringing these to the market has been part of a plan since 2010, when the Quadro Drive was finalized. Already then, we were preparing the Quadro Drive for the future. NES`philosophy has always been to prepare all their diesel electric and hybrid electric systems with modular add on capability, and they can deliver the Quadro Drive without any special adaption. This makes the system very flexible and cost effective compared to other systems. Quadro Drive has been proven to be a leading diesel electric system with more than eighteen vessels already in operation, Quadro Drive no. 100 soon to be installed, offering superb quality and true reliability. With the new QUEST systems NES can add many new advantages to their Quadro Drive such as: a battery pack with either DC/AC converter or DC/DC converter utilizing existing products and technologies. Readily available off-the-shelf products. No new proptypes to gamble on The R&D people have not only managed to develop a world beating product with the Quadro Drive, they showed already in 2011 during the commissioning of hull no. 102 at Havyard, Saeborg for Skansi Offshore, that the Quadro Drive has a fantastic performance and a THD (Total Harmonic Distortion) as low as 1,5%. DNV requirement is > 8%. B.O.S.S. (Black Out Safety System) and R.A.S. (Remote Assistance System) is also a part of NES total electric propulsion system. B.O.S.S. has been proven ahead for existing systems and a Black Out Safety system is a must today to obtain maximum security for the vessels electric system and to fulfill class requirements. R.A.S. (Remote Assistance System) has become a big success and many ship owners have already installed the R.A.S. on all their vessels. This unique product gives NES access to the vessel where ever it might be on the seven seas and they can give their customers optimized support whenever needed! R.A.S. greatly reduces the risk of going Off hire. Page 4

5 R&D In addition, NES, through its software development, has been able to study various vessels during operation, monitoring their fuel and power demand. With the QUEST 1 and 2 installed you can save up to 15% more fuel and significant NOx and C02 reductions, and there will be less demand for running multiple diesel gensets. Less running time on the diesel engines means savings on large maintenance cost. NES has recently been on the sea trial onboard GC Rieber`s 3D seismic vessel Polar Marquis, former Geo Atlantic. A reconstruction with a new boosting system from Norwegian Electric Systems with the functionality of an advanced hybrid electric solution makes the vessel capable of pulling heavier seismic cables. Page 5

6 FINANCIAL STATEMENTS PROFIT AND LOSS ACCOUNT FIGURES IN THOUSANDS NOK Operating income Materials cost Gross margin Payroll expenses Other operating expenses Operating profit before depreciation (EBITDA) Depreciation Operating result (EBIT) Net financial income and expenses Operating result before tax (EBT) Tax Annual Net Profit BALANCE SHEET FIGURES IN THOUSANDS NOK Assets Fixed assets Current assets Total assets Equity and liabilities Equity Long term liabilities Current liabilities Total liabilities Total equity and liabilities Key figures: Dividend, NWC and CapEx in thousands NOK Margin Operating result before depr. and net fin (EBITDA) 2,0% 6,0% 8,1% 7,3% Margin Operating result Before tax (EBT) 0,6% 4,8% 6,9% 7,1% Annual growth rate Operating result Before Tax (EBT) ,8% 21,6% Annual growth rate Operating Income - 199,7% 16,5% 19,5% Dividend Payroll and other op.ex. as percentage of turnover 24,1% 21,1% 26,5% 23,8% Employees average year (including hired workers) Employees year end (including hired workers) Sick leave 1,4% 1,8% 1,1% 2,4% Injuries NWC (Net Working Capital: Net current assets and curr. liabil.) CapEx (Capitalized development costs, fixtures and fittings) Equity ratio 21,2% 15,1% 19,3% 18,9% Return on equity before tax (EBT/average equity) - 60,4% 64,0% 51,3% Earnings per share (NOK per share) 0,20 4,91 8,19 5,29 Return on total capital (EBIT/average total capital) - 10,6% 10,7% 8,8% Page 6

7 ANNUAL REPORT ENGLISH BACKGROUND Norwegian Electric Systems AS (NES) is an innovative high technology company with the main focus on advanced diesel electric and hybrid electric propulsion systems for the global marine market. The aim of the company is to be a front runner of customized technical solutions that fulfill the expectations of the Customer with reliability and profitability of the life cycle of its products. The main office is in Bergen, Norway. The company was established in 2009 with the development of new technological solutions based on the employees long experience within the marine business and several advanced technology solutions were launched. In spring 2014, the company launched two new and innovative technology solutions with battery technology, Quadro Energy Storage System, (Q.U.E.S.T. 1 and 2), an add-on solution to the existing systems. The development began in 2011 and will be completed in RESULT 2013 Turnover increased from NOK 183,6 mill in 2012 to NOK 219,4 mill, an increase of 19,5 %. The result before tax increased from NOK 12,7 mill in 2012 to NOK 15,5 mill, an increase of 22 %. The main market, all types of offshore service vessels for construction in Norway, fell by 25% from 2012 to 2013 (measured by value of orders). The second most important market for the company, the stable market for self-propelled jack-up rigs, shows a strong annual growth. The fall in the Norwegian market during 2013 led to orders coming in under budget. Cost reductions were implemented in Nevertheless, 2013 showed a good growth in profit before tax. Meanwhile, NES retains a competent and motivated organization. The Board of Directors expresses its satisfaction with the positive development of the company both in terms of growth in turnover and result. DELIVERIES From its start-up in 2009 the company has so far delivered and commissioned 22 projects on time and within budget. 24 projects are on order for future delivery. All customers report back on good experiences with operations. The largest and most important delivery in 2013 was an advanced construction vessel Havyard 857 to Forland Shipping. In close cooperation with our customers, the company adapted its technology and tailor made some of the most advanced technological solutions ever. The company focuses on security of supply and this has resulted in high customer loyalty. The combination of high-tech products and reliable delivery are of great importance for the company s reputation which has lead to several repeat orders and the establishing of new customers. OPERATIONS Gathered at the company s headquarters are the top management, Sales, Engineering, Procurement, R&D, Testing and Project Management for the system deliveries. The company s Service Department carries out the final testing and commissioning of system deliveries at shipyards both in Norway and abroad. In addition to its own sales activities in Norway and abroad the company is represented globally by agents. Testing of our Quadro Drives has been carried out at the company s headquarters, whilst all the other equipment has been manufactured and tested externally by our partners in Norway and abroad. NES has a very close relationship with its partners, which is critical to ensure on time delivery of high quality products within budget. NES actively participates in product development with other partners, including motors and generators. The company has, since 2009, run R&D-projects related to Quadro Drive, B.O.S.S., R.A.S. and DC Grid (direct current system). Additionally, it has also run R&D related to the new battery solution Q.U.E.S.T. which was started in 2011 and launched during The economic benefits of these R&D projects are strong compared to the costs. The overall work environment and well being at work are highly satisfactory. The sick leave during 2013 was only 2,4%. There have been no injuries or accidents with the company s personnel during the year. The Board consists of four men, but no women. NES had 33 employees at the end of 2013, whereof 5 are women. At the production partner factories there are totally 90 employees. The company strives for gender equality in all positions. Page 7

8 ANNUAL REPORT - ENGLISH ECONOMY AND FINANCE The company has a good cash position. NES is basically exposed to industry-specific credit risk related to accounts receivable and accrued work to be invoiced. The main reason for this is that the shipbuilding industry is sensitive to international economic fluctuations. The real risk is considered, however, to be low. A variety of measures are implemented to reduce the risk and are adapted to the individual project. The most important measure is that payment will be received before the main delivery takes place. The company s financial strength is considered to be satisfactory as the company has no loans for investments of fixed assets in existing operations and does not need financing for working capital. The company s sales activities are in various currencies: NOK, USD and Euro. The share of sales in Euro has increased in Several important suppliers of NES invoice in Euro. Therefore NES is exposed to currency fluctuations. The Board has decided that, where possible, the foreign currency risk must be eliminated by using currency hedging contracts. From the second half of 2013 until the reporting date of the accounts for 2013 by May 20th the liabilities in foreign currency have been covered through income in the same currency. The equity ratio 31st of December 2013 was 18,9%, down from 19,3 % the previous year. With reference to the Accounting Act, it is the Board s opinion that the conditions for continued operations are present and the annual accounts have been prepared based on the going concern assumption. This assessment also takes into consideration the dispute as described in note 13. The Board of Directors proposes for the Annual General Meeting that NOK of the total net profit of NOK NOK is allocated to equity and that the rest, NOK , is to be paid as dividend to the shareholders. The company is about to take an important position in the international market segment for diesel electric systems supplied to self-propelled Jack-Up rigs. Demand for larger offshore vessels like OCV and multipurpose vessels are increasing due to many new oil discoveries, which has led to an increase in exploration and production from fields with subsea installations. Expectations are high for this segment among many ship owners and there are reports of increased activity in a number of markets. With the outlook of slightly lower oil prices, it is likely to observe increased focus on subsea solutions rather than expensive platform-based field developments. It is therefore expected to be a continued strong order intake in the segment of larger offshore vessels during 2014 and It is expected a growth in Energy Storage to a variety of ship types and NES has already received positive feedback on their new Q.U.E.S.T. 1 and Q.U.E.S.T. 2 systems. Order intake has been good so far in 2014 until the reporting date of the accounts of 2013 by May the 20th. Although the company is in a development phase it will have an increased focus on its own costs, efficiency in operations and costs of subcontractors. Alternative suppliers and solutions are being carefully considered. The Board is optimistic about the future and expect a positive development for the company in both sales and profit. The Board thanks all employees for their efforts. They have made an important contribution to the increase of profits during Bergen, 20th of May 2014 The Board of Directors Norwegian Electric Systems AS MARKET AND OUTLOOK The outlook for the Norwegian oil service market is good in the long term. Capital spending is expected to be higher in 2015 and 2016, but short-term fluctuations may occur as a result of variations in the price of oil. Variations in the market balance for certain types of offshore vessels are another risk. In 2013, there has been a negative market balance for the small offshore vessels such as platform supply vessels (PSV) and anchor handling vessels (AHTS). Svein Milford Chaiman of the Board Tor Leif Mongstad Board Member Karl Eirik Frøysa Board Member Jan Berg CEO & Board Member Page 8

9 ÅRSBERETNING - NORWEGIAN BAKGRUNN Norwegian Electric Systems AS (NES) er et innovativt høyteknologiselskap med hovedfokus på avanserte dieselelektriske og hybridelektriske fremdriftssystemer til det globale maritime marked. Selskapets mål er å være helt fremst i verden på teknologiløsninger som oppfyller kundens forventninger, i forhold til kundetilpasset løsning og sikker, lønnsom drift over hele produktets levetid. Selskapets hovedkontor er i Bergen. Selskapet ble startet i 2009 med utvikling av nye teknologiske løsninger basert på de ansattes lange erfaring fra maritim virksomhet og flere avanserte teknologiske løsninger er lansert. Våren 2014 har selskapet lansert to nye og innovative teknologiløsninger med batteriteknologi, Quadro Energy Storage System,(Q.U.E.S.T 1 og 2), som en påbygning til allerede eksisterende teknologiløsninger. Utviklingen ble påbegynt i 2011 og ferdigstilles i RESULTAT 2013 Selskapets omsetning økte med 19,5 % fra 183,6 mill kr i 2012 til 219,4 mill kr. Selskapets resultat før skatt økte med 22 % fra 12,7 mill kr i 2012 til 15,5 mill kr. Hovedmarkedet, alle typer offshore service skip for bygging i Norge, falt med 25 % fra 2012 til (målt utfra verdi for ordreinngang). Det nest viktigste markedet for selskapet, markedet for selvdrevne Jack-up rigger, viser en sterk årlig vekst som er stabil over tid. Fallet i det norske markedet i 2013 førte til en ordreinngang under budsjett. Det ble foretatt viktige kostnadstilpasninger i Likevel ble det en god vekst i resultat før skatt. Samtidig har NES beholdt en kompetent og motivert organisasjon. Styret vil uttrykke sin tilfredshet med selskapets positive utvikling både for omsetning og resultat i LEVERANSER Fra starten i 2009 har selskapet til nå, medio mai 2014, levert og igangkjørt 22 prosjekter til rett tid og innenfor budsjett. 24 prosjekter er i ordre for framtidig levering. Alle kundene melder tilbake om gode erfaringer med operativ drift. Selskapet har fokus på leveringssikkerhet og dette gir høy kundelojalitet. Kombinasjonen av høyteknologiske produkter og god leveringsdyktighet har stor betydning for selskapets renomé og gir både repitisjonsordrer og nye kunder. SELSKAPETS DRIFT Ved selskapets hovedkontor er samlet overordnet ledelse, salg, engineering, innkjøp, utvikling, testing og prosjektledelse knyttet til systemleveransene. Selskapets service avdeling gjennomfører sluttesting og oppstart av systemleveransene på verft i Norge og i utlandet. I tillegg til egen salgsaktivitet i Norge og i utlandet er selskapet representert globalt via agenter. Utstyrsproduksjon og testing av dette skjer hovedsakelig hos selskapets partnere i Norge og utenlands. Noe testing skjer ved hovedkontoret i Bergen. NES har et meget nært samarbeid med sine partnere, noe som er kritisk for å sikre levering av høykvalitetsprodukter. NES deltar aktivt i produktutvikling hos partnerne, også når det gjelder motorer og generatorer. Selskapet har fra 2009 drevet Fo&U knyttet til Quadro Drive, B.O.S.S.. RAS og fra 2012 DC System (likespenningssystem). Videre har det blitt drevet Fo&U knyttet til den nye batteriløsningen Q.U.E.S.T. som ble lansert vår 2014, men som startet i Den økonomiske fordelen av disse Fo&U-prosjektene er solid i forhold til aktiverte Fo&U-kostnader. Arbeidsmiljøet i selskapet er godt, noe som også reflekteres i det lave sykefraværet på bare 2,4 %. Det har ikke vært skade eller hendelser gjennom året som har medført sykefravær. Styret har fire mannlige, og ingen kvinnelige medlemmer. Ved årsskiftet har selskapet 33 ansatte, hvorav 5 kvinner. Våre samarbeidspartnere for tavleproduksjon og montasje har i tillegg om lag 90 ansatte. Selskapet har som mål at det skal være full likestilling mellom kjønnene. Den største og viktigste leveransen i 2013 var til et avansert konstruksjonsfartøy av typen Havyard 857 til Forlands Rederi. I nært samarbeid med kundene driver selskapet avansert tilpasning av teknologi-løsninger basert på egen teknologi, for den enkelte systemleveranse. Page 9

10 ÅRSBERETNING - NORWEGIAN ØKONOMI OG FINANS Selskapet har god likviditet. NES er i utgangspunktet utsatt for bransjespesifikk kredittrisiko knyttet til utestående kundefordringer og påløpt ikke fakturert arbeid. Hovedårsaken til dette er at verftsbransjen er følsom for internasjonale konjunktursvingninger. Den reelle risikoen vurderes imidlertid til å være lav. Dette da det gjøres ulike tiltak for å redusere risikoen tilpasset det enkelte prosjekt. Det viktigste tiltaket er at betaling skal være på konto før hovedleveranse skjer. Selskapets soliditet ansees for å være tilfredsstillende da selskapet ikke har lån til investeringer i anleggsmidler i løpende drift og heller ikke har hatt behov for å trekke på den bevilgede driftskreditt. En høy andel av innkjøp er i valuta. I 2013 er en økt andel av salget i valuta. Selskapet er derfor eksponert for valutakurssvingninger, og styret har vedtatt at mest mulig av valutarisikoen skal elimineres ved bruk av terminforretninger når det er behov for det. Fra annen halvdel av 2013 og fram til avleggelsen av regnskapet for 2013 har forpliktelser i valuta vært dekket gjennom inntekter i samme valuta. Selskapets egenkapitalprosent var 18,9%, mot 19,3 % året før. Med henvisning til Regnskapsloven og ovennevnte vurdering av finansiell stilling og framtidsutsikter, mener styret at forutsetningene for fortsatt drift er til stede, og regnskapet er gjort opp under denne forutsetning. I denne vurderingen er også hensyntatt konfliktsak som beskrevet i note 13. Styret foreslår for generalforsamlingen at årets resultat på kr disponeres som følger : Kr som utbytte, dvs. kr 5 per aksje. Kr overføres til annen egenkapital. Etterspørselen etter større offshorefartøy som konstruksjonsfartøy og multipurpose fartøy er økende på grunn av mange nye oljefunn, større leteaktivitet, samt produksjon fra felt med undervanns installasjoner. Forventningene er høye til dette segmentet blant mange redere og det rapporteres om økt aktivitet i en rekke markeder. Med utsikter til noe lavere oljepriser, forventes økt fokus på subsealøsninger framfor kostbare platformbaserte feltutbygginger. Det ventes derfor fortsatt solid ordreinngang i segmentet for større offshorefartøy i 2014 og Det forventes vekst innen Energy Storage til en rekke skipstyper og NES har allerede fått gode tilbakemeldinger på sine nye Q.U.E.S.T. 1 og Q.U.E.S.T. 2 systemer. Selv om selskapet er i en oppbygningsfase vil man ha økt fokus på egne kostnader, effektivitet i driften, og kostnader hos underleverandørene. Alternative løsninger og samarbeidspartnere blir kontinuerlig vurdert. Ordreinngangen har vært god så langt i 2014 fram til regnskapsavleggelse medio mai. Styret ser optimistisk på fremtiden og venter en fortsatt positiv utvikling for selskapet både i omsetning og i resultat. Styret vil takke de ansatte for god innsats. Dette har vært et viktig bidrag til den gode resultatøkningen også i Bergen, 20. mai 2014 I styret for Norwegian Electric Systems AS MARKED OG FRAMTIDSUTSIKTER Markedsutsiktene i det norske olje-servicemarkedet er gode i et langsiktig perspektiv. Investeringsnivået ventes å bli høyere i 2015 og 2016, men kortsiktige fluktuasjoner vil kunne skje bl.a. som en følge av variasjoner i oljepris. Variasjoner i markedsbalansen for enkelte typer offshorefartøy er en annen risiko. I 2013 har det vært en negativ markedsbalanse for mindre offshorefartøy som Platform Support Vessels (PSV) samt ankerhåndteringsfartøy (AHTS). Selskapet er i ferd med å ta en stadig viktigere posisjon internasjonalt i markedssegmentet for dieselelektriske systemer til selvdrevne Jack-up rigger. Svein Milford Chaiman of the Board Tor Leif Mongstad Board Member Karl Eirik Frøysa Board Member Jan Berg CEO & Board Member Page 10

11 FINANCIAL STATEMENTS REVENUE STATEMENT 2013 Operating income and operating expenses Note Project revenue 9,10,11, Other operating income Operating income Materials cost 9, Payroll expenses 2, Depreciation Other operating expenses 2, Operating expenses Operating profit Financial income and expenses Other interest income Foreign exchange gains/losses Other interest expenses Other financial expenses Net financial income and expenses Operating result before tax Tax on ordinary result Annual net profit Allocation of profit Dividend To other equity Total allocation Page 11

12 FINANCIAL STATEMENTS BALANCE SHEET Assets Note FIXED ASSETS Intangible fixed assets Research and development Tangible fixed assets Equipment and other fixed assets Total fixed assets CURRENT ASSETS Inventories DEBTORS Accounts receivables 9, Other receivables CASH AND CASH EQUIVALENT Cash and cash equivalents Total current assets TOTAL ASSETS Page 12

13 FINANCIAL STATEMENTS BALANCE SHEET EQUITY AND LIABILITIES Note EQUITY Paid in equity Share capital ( shares a 1) Share premium reserve Total paid in equity Other equity Total retained earnings Total equity LIABILITIES Provisions Deferred tax Total long term liabilities Current liabilities Trade creditors Tax payable Public duties payable Other short term liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES Bergen, 20th of May 2014 The Board of Directors Norwegian Electric Systems AS Svein Milford Chaiman of the Board Karl Eirik Frøysa Board Member Tor Leif Mongstad Board Member Jan Berg CEO & Board Member Page 13

14 FINANCIAL STATEMENTS CASH FLOW STATEMENT Cash flow from operating activities Profit/loss before tax Profit/ loss before tax from sales of assets Depreciation Provision from loss from debtors Change in inventory Changes in accounts receivables Changes in accounts payable Changes in other accruals Net cash flow from operating activities Cash flow from investment activities Disbursements from acquisition of fixed assets Net cash flow from investment activities Cash flow from financing activities Net cash flow from financing activities 0 0 Net change in cash and cas equivalents Cash and cash equivalents at the start of the period Cash and cash equivalents at the end of the period Page 14

15 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED DEC Note 1 Accounting Principles Amounts in NOK The Financial Statements have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway. Fixed assets are valued at acquisition cost, but in the case of impairment the asset will be written down to the recoverable amount if this is lower than the recorded amount. The recoverable amount is the higher of value in use and the net realizable value. Long term liabilities are recognized at nominal value. Current assets are valued at the lower of acquisition cost and fair value. Short term liabilities are recognized at nominal value. Monetary items in foreign currency and receivables as well as liabilities in foreign currency are measured at the current exchange rate of the balance sheet date. Exchange gain or loss is presented as finance items. The company has as a main goal to reduce its exposure towards exchange differences by using forward contracts related to operating revenue and expenses denominated in foreign currencies. The company applies cash flow hedges. Cash flow hedges are reflected by realised and unrealised exchange gain and loss at the hedge instrument (forward contracts) is not booked against profit and loss before the hedged item is booked in profit and loss. The preparation of the financial statements requires management to apply estimates and assumptions that affect the profit and loss statement, the valuation of assets and liabilities, and the disclosure of contingent assets and liabilities at the balance sheet date. Revenues from the sale of services and long-term manufacturing projects are recognized in the income statement according to the project s level of completion where the outcome of the transaction can be estimated reliably. Progress is measured as the total costs spent compared to the total number of costs estimated. When the outcome of the transaction cannot be estimated reliably, only revenues equal to the project costs, that have been incurred, will be recognized as revenue. The total estimated loss on a contract will be recognized in the income statement during the period when it is identified that a project will generate a loss. The tax expense consists of the tax payable and changes to deferred tax. Deferred tax liability/tax assets are calculated on all differences between the book value and tax value of assets and liabilities. Deferred tax assets are recognized when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The company recognizes previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset. Deferred tax and deferred tax assets are recognized at their nominal value and classified as non-current asset investments (long-term liabilities) in the balance sheet. Taxes payable and deferred taxes are recognized directly as equity to the extent that they relate to equity transactions. Expenses relating to research activities are recognized in the income statement as they incur. Expenses relating to development activities are capitalized to the extent that the product or process is technically and commercially viable and the company has sufficient resources to complete the development work. Expenses that are capitalized include the costs of materials, direct wage costs and a share of the directly attributable common expenses. Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Accounts receivables and other receivables are recorded in the balance sheet at nominal value less a provision for doubtful accounts receivable. Provision for doubtful receivables accounts is determined on the basis of an assessment of individual receivables. Transactions with related parties are based on arm-lengths principle. Significant agreements with related parties are written. The cash flow statement is based on the indirect method. Page 15

16 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED DEC Note 2 Wage costs, number of employees, remuneration and auditor`s fee Wage costs Salaries incl. bonus Payroll tax Pension costs Other payments Total The average number of employees during the year was Management remuneration Persons Emoluments Other benefits Chief Executive Officer The Chairman of the Board has invoiced consultant services of total NOK Auditor Auditor`s fee excl VAT Tax assistance excl VAT Auditor, other advisory services excl VAT Total excl VAT There have not been given loans or collateral for the Chief Executive Officer, Chairman of the Board or other closely related parties. Note 3 Pensions The company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension ( lov om obligatorisk tjenestepensjon ). The company s pension scheme meets the requirements of this law. Pension liabilities relating to insured plans are not recorded in the balance sheet. Premiums paid during the year are considered as part of that year s expenses. Note 4 Bank deposits 2013 Tax withholdings The company has cash credit in DnB NOR ASA linked to multi currency system. Thus all accounts in this multicurrency system are presented as a net sum in the balance sheet. Page 16

17 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED DEC Note 5 Fixed assets R&D Fixtures and fittings Total Investments as of Purchases Dispositions Investments as of Accumulated depreciation Accumulated write-downs Net Recorded value Depreciation for the year Write-downs for the year Linear depreciation 20 % 20 % R&D: Based on forecasted revenue and results exceeds the carrying amount of R&D. Total expenses related to R&D was in NOK NOK was capitalized. Main development in 2013 has been related to Black Out Safety System (B.O.S.S. ) and Remote Assistant System (R.A.S.) Note 6 Income taxes Income tax expenses Current taxes - - Deferred taxes Total income tax expense Change Total temporary differences Deferred income tax asset Payable tax on net profit for the year consists of: Profit from ordinary activities before tax Tax reduction due to development costs Permanent differences Change in temporary differences Application of tax loss carry-forwards Tax base, payable tax 0 Page 17

18 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED DEC Note 7 Owners equity Issued capital Share Accumulated Share premium Profits Owners equity Profit for the year Dividend Owners equity Total Note 8 Number of shares, shareholders etc. Share capital Number Face value Book value Share capital Share holder Number of values Portion Havyard Group ASA ,91% Merkur International AS ,83% JB International ,99% Paul Heath Winson ,25% HE International AS ,08% Sivilingeniør Ottar Skjervheim AS ,62% RH International ,62% EAK Holding AS ,08% OIG Invest AS ,08% Michael Shelley ,90% EB International AS ,62% Total ,00% One share class with equal rights to vote. Note 9 Contractual income Contract revenue recognised as revenue Related costs Recognised profit or loss on contracts in the period Work in progress to be invoiced Incurred costs on contracts - incl. in other short term liabilities Page 18

19 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED DEC Note 10 Financial risk The company uses forward contracts to hedge cash flow in foreign currency if necessary. Transactions in foreign currencies are mainly denominated in EUR and USD. A significant part of the project costs are in EUR. Some of the contract revenue is in USD. More than half of the revenues were in NOK. In 2013 there was no need for new forward contracts. The company received new contracts in EUR with revenues in EUR from mid 2013 which covered the liabilities in EUR from this date. The need for EUR in the first half of 2013 was covered by forward contracts signed in To match the timing of liabilities in EUR with access to EUR it was to some extent from mid 2013 used currency swaps. Note 11 Related parties Norwegian Electric Systems AS rent office and production facilities from Drotningsvik Eiendom AS. Largest shareholder in the company is also shareholder in Drotningsvik Eiendom AS. Total rent to Drotningsvik Eiendom AS is NOK Havyard Havyard has a 37,9 % shareholding in Norwegian Electric Systems AS. Havyard s part of the revenue for 2013 was NOK Sales took place on market terms. Note 12 Revenue Business areas: Projects Service Total Geopgraphic areas: Norway Export invoiced outside Norway Total Note 13 Claims The company has received legal proceedings for copying of technology rights. It is made thorough response to the writ concluding that the basis for the proceedings is not valid. As a result, it is not made provisions in the accounts. The company is not involved in other disputes. Note 14 Debtors The Company`s receivables consist of invoiced revenues and accrued but not invoiced reveneue. In 2013 almost all sales were related to projects. Until the reporting date of the accounts for 2013 by May 20th all outstanding receivables related to projects were paid. The ongoing risk associated with accounts receivable is normally assessed to be low because the majority of the contract must be paid before the main delivery takes place. When all equipment is delivered and the commissioning remains, it is normally 10% or less of the contract value that remains to be invoiced. Page 19

20 KPMG AS Telephone Postboks 4 Kristianborg Fax Kanalveien 11 Internet N-5822 Bergen Enterprise MVA To the Annual Shareholders meeting in Norwegian Electric Systems AS INDEPENDANT AUDITOR`S REPORT REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying financial statements of Norwegian Electric Systems AS, showing a profit of NOK The financial statements comprise the balance sheet as at 31 December 2013, and the income statement and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. THE BOARD OF DIRECTORS AND THE MANAGING DIRECTOR S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS The Board of Directors and the Managing Director are responsible for the preparation and fair presentation of these financial statements in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for such internal control as the Board of Directors and the Managing Director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. AUDITOR S RESPONSIBILITY Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion, the financial statements are prepared in accordance with the law and regulations and give a true and fair view of the financial position of Norwegian Electric Systems AS as at 31 December 2013, and of its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway. Page 20

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