Ordinær generalforsamling Aker Philadelphia Shipyard ASA Oslo, 13. april 2012
Agenda 1. Åpning og konstituering av generalforsamlingen, herunder valg av en person til å undertegne protokollen sammen med møteleder 2. Ordinære poster 2.1. Orientering om virksomheten 2.2. Godkjennelse av årsregnskapet for 2011 for Aker Philadelphia Shipyard ASA og konsernet, samt årsberetningen 2.3. Fastsettelse av godtgjørelse til styrets medlemmer 2.4. Fastsettelse av godtgjørelse til medlemmer av valgkomiteen 2.5. Godkjennelse av revisors honorar 2.6. Behandling av styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte i selskapet 2.7. Valg av styremedlemmer 2.8. Forkortet innkallingsfrist ved ekstraordinær generalforsamling Slide 2
Presentation of Business Activities Aker Philadelphia Shipyard ASA Slide 3
Company Overview A U.S. shipyard that utilizes state-of-the-art shipbuilding practices to manufacture ocean-going commercial vessels for the Jones Act market Company: AKPS is the most modern U.S. shipyard focused on building commercial vessels protected by the Jones Act Products: AKPS currently builds ocean-going tankers ranging in size from 46-115,000 dwt; the yard has the capabilities and infrastructure to build a variety of vessels and has also built four container ships Modern Shipyard Facility: AKPS s shipyard was completely rebuilt in 1998 and has been optimally designed to support commercial shipbuilding operations; over $650m invested through a public private partnership Processes: The yard utilizes modular construction, automated fabrication systems and outsourcing to enhance productivity Commercial Vessels Partners: Historic relationship with Hyundai Mipo Dockyards and currently with Samsung Heavy Industries Order book: Four vessels currently in production or design phase; last delivery in late 2014 Ownership: Converto Capital Fund owns 71.2% of the company which is listed on the Oslo Stock Exchange Product Tankers Container Ships Slide 4
Summary of 2011 main events Secured financing for the construction of two product tankers Hulls 17 and 18 Successful completion of the twelve product tanker series with American Shipping Co and Overseas Shipholding Group Inc. Successfully delivered the Overseas Tampa which was the twelfth tanker in April 2011 Signed a contract with SeaRiver Maritime, Inc. for two aframax tankers Signed a new Union agreement which extends through 2015 Slide 5
Presentation of Financial Statements Aker Philadelphia Shipyard ASA Slide 6
Consolidated Income Statement Amounts in USD thousands (except per share amounts) 2011 2010 Operating revenues 30,607 217,655 Cost of vessels (15,972) (190,790) Wages and other personnel expenses, net (3,546) (1,912) Other operating expenses (14,334) (6,021) Operating (loss)/income before depr. and amort. (EBITDA) (3,245) 18,932 Depreciation (4,612) (7,398) Operating (loss)/income (EBIT) (7,857) 11,534 Financial income 270 481 Financial expenses (1,906) (1,289) (Loss)/income before tax (9,493) 10,726 Income tax benefit/(expense) 5,285 (4,974) Net (loss)/income for the year (4,208) 5,752 Basic (loss)/earnings per share (USD) (0.41) 0.57 Slide 7
Consolidated Statement of Financial Position Assets Amounts in USD thousands 2011 2010 ASSETS Property, plant and equipment 54,850 59,757 Restricted cash 20,000 - Other non-current assets 664 3,171 Total non-current assets 75,514 62,928 Vessels-under-construction receivables - 51,939 Work-in-process 70,120 9,634 Prepayments and other receivables 11,023 7,399 Income tax receivable 797 473 Cash and cash equivalents 18,913 41,699 Total current assets 100,853 111,144 Total assets 176,367 174,072 Slide 8
Consolidated Statement of Financial Position Equity & Liabilities Amounts in USD thousands 2011 2010 EQUITY AND LIABILITIES Paid in capital 70,995 70,995 Other equity 17,879 22,087 Total equity attributable to equity holders of the parent 88,874 93,082 Total equity 88,874 93,082 Interest-bearing long-term debt 31,805 29,020 Other long-term liabilities 3,621 1,257 Deferred tax liabilities 806 6,702 Total non-current liabilities 36,232 36,979 Construction loan 8,000 16,000 Interest-bearing short-term debt 12,315 2,240 Trade payables and accrued liabilities 28,326 21,011 Income taxes payable - 1,878 Other provisions - warranties 2,620 2,882 Total current liabilities 51,261 44,011 Total liabilities 87,493 80,990 Total equity and liabilities 176,367 174,072 Slide 9
Aker Philadelphia Shipyard ASA Income Statement Amounts in USD thousands 2011 2010 Operating revenues 86 88 Operating expenses (617) (779) Operating loss (531) (691) Interest income from subsidiary 261 265 Other interest and financial income 120 117 Other interest and financial expenses (39) (220) Loss before tax (189) (529) Tax income - 724 Net (loss)/income for the year (189) 195 Allocation of net (loss)/income: Net (loss)/income (189) 195 Other equity 189 (195) Total - - Slide 10
Aker Philadelphia Shipyard ASA Statement of Financial Position Amounts in USD thousands 2011 2010 Amounts in USD thousands 2011 2010 ASSETS EQUITY AND LIABILITIES Shares in subsidiaries 67,000 67,000 Share capital 18,709 18,709 Long-term receivable from subsidiary 10,000 10,000 Share premium reserve 52,286 52,286 Total non-current assets 77,000 77,000 Total paid in capital 70,995 70,995 Other short-term receivables 22 26 Other equity 14,103 14,292 Cash and cash equivalents 10,290 10,547 Total equity 85,098 85,287 Total current assets 10,312 10,573 Other short-term liabilities 2,214 2,286 Total current liabilities 2,214 2,286 Total assets 87,312 87,573 Total equity and liabilities 87,312 87,573 Slide 11
Auditor s Report 2011 KPMG AS Asbjorn Naess, State Authorized Public Accountant Oslo, 1 March 2012 Slide 12
Corporate Governance Report 2011 Aker Philadelphia Shipyard ASA s corporate governance report is presented on page 44 of the 2011 annual report Slide 13
Agenda 1. Åpning og konstituering av generalforsamlingen, herunder valg av en person til å undertegne protokollen sammen med møteleder 2. Ordinære poster 2.1. Orientering om virksomheten 2.2. Godkjennelse av årsregnskapet for 2011 for Aker Philadelphia Shipyard ASA og konsernet, samt årsberetningen 2.3. Fastsettelse av godtgjørelse til styrets medlemmer 2.4. Fastsettelse av godtgjørelse til medlemmer av valgkomiteen 2.5. Godkjennelse av revisors honorar 2.6. Behandling av styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte i selskapet 2.7. Valg av styremedlemmer 2.8. Forkortet innkallingsfrist ved ekstraordinær generalforsamling Slide 14
Valgkomiteens innstilling Ordinær generalforsamling i Aker Philadelphia Shipyard ASA Oslo, 13 April 2012
Valgkomiteens arbeid Sammensetning Leif-Arne Langøy, leder Gerhard Heiberg Øyvind Eriksen Arbeidsform To møter avholdt Vurdert styrets arbeid Mottatt innspill fra enkeltaksjonærer Slide 16
Styresammensetning Jim Miller (formann) Elin Karfjell Manuel Stamatakis Audun Stensvold Amy Humphreys Thorhild Widvey Slide 17
Valgkomité Leif-Arne Langøy (formann) Gerhard Heiberg Øyvind Eriksen Slide 18
Honorarer - valgkomiteens forslag Styre Styrets leder: Styremedlemmer: Leder av revisjonskomiteen Medlemmer av revisjonskomiteen: 300.000 kroner 200.000 kroner 40.000 kroner 30.000 kroner Valgkomite Leder og medlemmer 30.000 kroner Slide 19
Agenda 1. Åpning og konstituering av generalforsamlingen, herunder valg av en person til å undertegne protokollen sammen med møteleder 2. Ordinære poster 2.1. Orientering om virksomheten 2.2. Godkjennelse av årsregnskapet for 2011 for Aker Philadelphia Shipyard ASA og konsernet, samt årsberetningen 2.3. Fastsettelse av godtgjørelse til styrets medlemmer 2.4. Fastsettelse av godtgjørelse til medlemmer av valgkomiteen 2.5. Godkjennelse av revisors honorar 2.6. Behandling av styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte i selskapet 2.7. Valg av styremedlemmer 2.8. Forkortet innkallingsfrist ved ekstraordinær generalforsamling Slide 20
Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Philadelphia Shipyard ASA and Aker Philadelphia Shipyard ASA s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Philadelphia Shipyard s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Aker Philadelphia Shipyard ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Aker Philadelphia Shipyard ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Philadelphia Shipyard ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. The Aker Philadelphia Shipyard group consists of many legally independent entities, constituting their own separate identities. Aker Philadelphia Shipyard is used as the common brand or trade mark for most of this entities. In this presentation we may sometimes use Aker Philadelphia Shipyard", "Group, "we" or "us" when we refer to Aker Philadelphia Shipyard companies in general or where no useful purpose is served by identifying any particular Aker Philadelphia Shipyard company. Slide 21
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