Ordinær generalforsamling
Aker Philadelphia Shipyard ASA
Oslo, 13. april 2012
Building the Future
part of Aker
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
Building the Future
13-Apr-12
Slide 2
part of Aker
Presentation of Business Activities
Aker Philadelphia Shipyard ASA
Building the Future
13-Apr-12
Slide 3
part of Aker
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
Modern Shipyard
 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
 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
Product Tankers
 Ownership: Converto Capital Fund owns 71.2% of the
company which is listed on the Oslo Stock Exchange
Container Ships
Building the Future
13-Apr-12
Slide 4
part of Aker
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
Building the Future
13-Apr-12
Slide 5
part of Aker
Presentation of Financial Statements
Aker Philadelphia Shipyard ASA
Building the Future
13-Apr-12
Slide 6
part of Aker
Consolidated Income Statement
Amounts in USD thousands (except per share amounts)
Operating revenues
Cost of vessels
Wages and other personnel expenses, net
Other operating expenses
Operating (loss)/income before depr. and amort. (EBITDA)
2011
2010
30,607
(15,972)
(3,546)
(14,334)
(3,245)
217,655
(190,790)
(1,912)
(6,021)
18,932
Depreciation
Operating (loss)/income (EBIT)
(4,612)
(7,857)
(7,398)
11,534
Financial income
Financial expenses
(Loss)/income before tax
270
(1,906)
(9,493)
481
(1,289)
10,726
Income tax benefit/(expense)
Net (loss)/income for the year
5,285
(4,208)
(4,974)
5,752
(0.41)
0.57
Basic (loss)/earnings per share (USD)
Building the Future
13-Apr-12
Slide 7
part of Aker
Consolidated Statement of Financial Position
Assets
Amounts in USD thousands
2011
2010
ASSETS
Property, plant and equipment
Restricted cash
Other non-current assets
Total non-current assets
54,850
20,000
664
75,514
59,757
3,171
62,928
Vessels-under-construction receivables
Work-in-process
Prepayments and other receivables
Income tax receivable
Cash and cash equivalents
Total current assets
70,120
11,023
797
18,913
100,853
51,939
9,634
7,399
473
41,699
111,144
Total assets
176,367
174,072
Building the Future
13-Apr-12
Slide 8
part of Aker
Consolidated Statement of Financial Position
Equity & Liabilities
Amounts in USD thousands
2011
2010
EQUITY AND LIABILITIES
Paid in capital
Other equity
Total equity attributable to equity holders of the parent
Total equity
70,995
17,879
88,874
88,874
70,995
22,087
93,082
93,082
Interest-bearing long-term debt
Other long-term liabilities
Deferred tax liabilities
Total non-current liabilities
31,805
3,621
806
36,232
29,020
1,257
6,702
36,979
Construction loan
Interest-bearing short-term debt
Trade payables and accrued liabilities
Income taxes payable
Other provisions - warranties
Total current liabilities
Total liabilities
8,000
12,315
28,326
2,620
51,261
87,493
16,000
2,240
21,011
1,878
2,882
44,011
80,990
176,367
174,072
Total equity and liabilities
Building the Future
13-Apr-12
Slide 9
part of Aker
Aker Philadelphia Shipyard ASA
Income Statement
Amounts in USD thousands
2011
2010
Operating revenues
Operating expenses
Operating loss
86
(617)
(531)
88
(779)
(691)
Interest income from subsidiary
Other interest and financial income
Other interest and financial expenses
Loss before tax
261
120
(39)
(189)
265
117
(220)
(529)
Tax income
Net (loss)/income for the year
(189)
724
195
Allocation of net (loss)/income:
Net (loss)/income
Other equity
Total
(189)
189
-
195
(195)
-
Building the Future
13-Apr-12
Slide 10
part of Aker
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
Long-term receivable from subsidiary 10,000 10,000
Total non-current assets
77,000 77,000
Share capital
Share premium reserve
Total paid in capital
18,709 18,709
52,286 52,286
70,995 70,995
Other short-term receivables
Cash and cash equivalents
Total current assets
Other equity
Total equity
14,103 14,292
85,098 85,287
22
26
10,290 10,547
10,312 10,573
Other short-term liabilities
Total current liabilities
Total assets
87,312 87,573
Total equity and liabilities
2,214
2,214
2,286
2,286
87,312 87,573
Building the Future
13-Apr-12
Slide 11
part of Aker
Auditor’s Report 2011
KPMG AS
Asbjorn Naess, State Authorized Public Accountant
Oslo, 1 March 2012
Building the Future
13-Apr-12
Slide 12
part of Aker
Corporate Governance Report 2011
 Aker Philadelphia Shipyard ASA’s corporate governance
report is presented on page 44 of the 2011 annual report
Building the Future
13-Apr-12
Slide 13
part of Aker
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
Building the Future
13-Apr-12
Slide 14
part of Aker
Valgkomiteens innstilling
Ordinær generalforsamling i Aker Philadelphia Shipyard ASA
Oslo, 13 April 2012
Building the Future
part of Aker
Valgkomiteens arbeid
 Sammensetning
• Leif-Arne Langøy, leder
• Gerhard Heiberg
• Øyvind Eriksen
 Arbeidsform
• To møter avholdt
• Vurdert styrets arbeid
• Mottatt innspill fra enkeltaksjonærer
Building the Future
13-Apr-12
Slide 16
part of Aker
Styresammensetning
Jim Miller
(formann)
Elin
Karfjell
Manuel
Stamatakis
Audun
Stensvold
Amy
Humphreys
Thorhild
Widvey
Building the Future
13-Apr-12
Slide 17
part of Aker
Valgkomité
Leif-Arne
Langøy
(formann)
Gerhard
Heiberg
Øyvind
Eriksen
Building the Future
13-Apr-12
Slide 18
part of Aker
Honorarer - valgkomiteens forslag
 Styre
 Styrets leder:
300.000 kroner
 Styremedlemmer:
200.000 kroner
 Leder av revisjonskomiteen
40.000 kroner
 Medlemmer av revisjonskomiteen:
30.000 kroner
 Valgkomite
 Leder og medlemmer
30.000 kroner
Building the Future
13-Apr-12
Slide 19
part of Aker
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
Building the Future
13-Apr-12
Slide 20
part of Aker
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.
Building the Future
13-Apr-12
Slide 21
part of Aker
Building the Future
13-Apr-12
Slide 22
part of Aker