Prospectus
Havyard Group ASA
(a Norwegian public company limited by shares organised under the laws of Norway)
________________________
Initial public offering of between 4,200,000 and 6,250,000 Offer Shares at an
Application Price of NOK 36.00 per share,
with an application period from 12th of June to 19th of June 2014 at 16:00 hours (CET)
and
listing of all the shares in Havyard Group ASA on
Oslo Stock Exchange, alternatively Oslo Axess
________________________
This prospectus (the “Prospectus”) relates to, and has been prepared in connection with (i) the offering (the
“Offering”) of between 4,200,000 and 6,250,000 shares (the “Offer Shares”) from an existing shareholder
(the “Selling Shareholder”) of Havyard Group ASA (the “Company”, and together with its consolidated
subsidiaries, “Havyard Group” or the “Group”), and (ii) the listing and admission to trading (the “Listing”) of
the Company’s shares (the “Shares”) on Oslo Børs, alternatively on Oslo Axess, both being regulated markets
operated by Oslo Børs ASA ("Oslo Børs").
The Offering consists of (a) a private placement to (i) to institutional and professional investors in Norway, (ii)
to investors outside Norway and the United States subject to applicable exemptions from local prospectus or
other filing requirements, and (iii) in the United States, to "qualified institutional buyers" ("QIBs") as defined in,
and in reliance on, Rule 144A ("Rule 144A") under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") (the "Institutional Offering"), and (b) a retail offering to the public in Norway (the "Retail
Offering"). All offers and sales outside the United States will be made in compliance with Regulation S under the
U.S. Securities Act (“Regulation S”).
________________________
Investing in the Company involves material risks and uncertainties. See Section 2 “Risk factors”.
________________________
Managers
Fearnley Securities AS
Arctic Securities ASA
Global Coordinator and Global Bookrunner
Joint Manager and Bookrunner
This Prospectus is dated 10th of June 2014
Important information
Please refer to Section 14 “Definitions and glossary of terms” for definitions of terms used throughout this
Prospectus, which also apply to the preceding pages.
This Prospectus has been prepared in order to provide information about Havyard Group and its business in
relation to the Offering and the Listing, and to comply with the Norwegian Securities Trading Act of June 29,
2007 no. 75 (the “Norwegian Securities Trading Act”) and related secondary legislation, including EC
Commission Regulation (EC) no. 809/2004 implementing Directive 2003/71/EC (and amendments thereto,
including the 2010 PD Amending Directive 2010/73/EU) regarding information contained in prospectuses (the
“Prospectus Directive”). This Prospectus has been prepared solely in the English language, with a summary
translated into Norwegian.
The Company has furnished the information in this Prospectus. The Company and the Selling Shareholder have
engaged Fearnley Securities AS and Arctic Securities ASA as managers (the "Managers") for the Offering and
the Listing. Neither the Company, the Selling Shareholder nor the Managers have authorised any other person
to provide investors with any other information related to the Listing and neither the Company, the Selling
Shareholder nor the Managers will assume any responsibility for any information other persons may provide.
Unless otherwise indicated, the information contained herein is current as of the date hereof and the
information is subject to change, completion and amendment without notice. In accordance with Section 7-15
of the Norwegian Securities Trading Act, every significant new factor, material mistake or inaccuracy that is
capable of affecting the assessment of the Shares arising after the time of approval of this Prospectus and
before the date of listing of the Shares on Oslo Børs will be published and announced promptly as a supplement
to this Prospectus. Neither the publication nor distribution of this Prospectus shall under any circumstances
create any implication that there has been no change in the Group’s affairs since the date hereof or that the
information herein is correct as of any time since its date.
An investment in the Company involves inherent risks. Potential investors should carefully consider the risk
factors set out in Section 2 “Risk factors” in addition to the other information contained herein before making
an investment decision. An investment in the Company is suitable only for investors who understand the risk
factors associated with this type of investment and who can afford a loss of their entire investment. Investors
should be aware that they may be required to bear the financial risks of an investment in the Shares for an
indefinite period of time. The contents of this Prospectus are not to be construed as legal, business or tax
advice. Each prospective investor should consult with its own legal adviser, business adviser and tax adviser as
to legal, business and tax advice. In the ordinary course of their respective businesses, the Managers and
certain of their respective affiliates have engaged, and will continue to engage, in investment and commercial
banking transactions with the Group. The Shares are subject to restrictions on transferability and resale under
applicable securities legislation of certain jurisdictions and may not be transferred or resold except as permitted
under applicable securities laws and regulations. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction. Without limiting the manner in which the Company may
choose to make any public announcements, and subject to the Company’s obligations under applicable law,
announcements relating to the matters described in this Prospectus will be considered to have been made once
they have been received by Oslo Børs and distributed through its information system.
The distribution of this Prospectus and the offer and sale of the Offer Shares in certain jurisdictions may be
restricted by law. An overview of certain of these restrictions is provided in Section 4.10 “Restrictions on sale
and transfer” of this Prospectus. The Company, the Selling Shareholder and the Managers require persons in
possession of this Prospectus or considering applying for Offer Shares to inform themselves about, and to
observe, any such restrictions. This Prospectus does not constitute an offer of, or an invitation to apply or
purchase, any of the Offer Shares in any jurisdiction in which such offer or application or purchase would be
unlawful. No one has taken any action that would permit a Offering of the Shares or the Offer Shares to occur
outside of Norway. Furthermore, the restrictions and limitations listed and described herein are not exhaustive,
and other restrictions and limitations in relation to the Offering and/or the Prospectus that are not known or
identified by the Company, the Selling Shareholder and the Managers at the date of this Prospectus may apply
in various jurisdictions as they relate to the Prospectus.
This Prospectus and the Offering shall be governed by, and construed in accordance with, Norwegian law. The
courts of Norway, with Oslo City Court as legal venue, shall have exclusive jurisdiction to settle any dispute
which may arise out of, or in connection with, the Offering, the Listing or this Prospectus.
ii
TABLE OF CONTENTS
1
SUMMARY .................................................................................................................... 1
2
RISK FACTORS ............................................................................................................. 8
3
4
5
6
7
8
2.1
Risks relating to the industry in which the Group operates ........................................................ 8
2.2
Risks factors relating to the Group and its business .................................................................. 9
2.3
Risks relating to the Group’s financial situation ...................................................................... 11
2.4
Risks relating to the Shares................................................................................................. 12
RESPONSIBILITY STATEMENTS ................................................................................. 14
3.1
The Board of Directors of the Company................................................................................. 14
3.2
The Selling Shareholder ...................................................................................................... 14
OFFERING AND LISTING INFORMATION .................................................................... 15
4.1
General information about the Listing and the Offering ........................................................... 15
4.2
Information about the shares admitted to the Listing.............................................................. 15
4.3
Terms of the Offering ......................................................................................................... 16
4.4
Admission to trading and dealing arrangements ..................................................................... 22
4.5
The Selling Shareholder ...................................................................................................... 23
4.6
Lock-up arrangements ........................................................................................................ 23
4.7
Shares following the Offering............................................................................................... 24
4.8
Dilution............................................................................................................................. 24
4.9
Publication of information relating to the Listing and the Offering ............................................. 24
4.10
Restrictions on sale and transfer .......................................................................................... 24
GROUP, BUSINESS AND INDUSTRY OVERVIEW.......................................................... 28
5.1
Group overview ................................................................................................................. 28
5.2
The Design & Solutions division ........................................................................................... 31
5.3
The Ship Technology division............................................................................................... 34
5.4
The Power & Systems division ............................................................................................. 38
5.5
The Fish Handling and Refrigeration division .......................................................................... 39
5.6
Financial and other holdings ................................................................................................ 41
5.7
Quality, safety, and HSE policies .......................................................................................... 44
5.8
Property, plant and equipment ............................................................................................ 47
5.9
Research and development and patents ................................................................................ 49
5.10
Environmental issues.......................................................................................................... 49
5.11
Material contracts and licences ............................................................................................ 50
5.12
Significant events after the end of the last reporting period ..................................................... 51
5.13
Trend information and other factors that may affect the operations of Havyard Group ................ 51
5.14
New products and/or services .............................................................................................. 51
5.15
Basis for statements regarding competitive position ............................................................... 51
5.16
Significant external factors .................................................................................................. 51
MARKET OVERVIEW ................................................................................................... 52
6.1
Introduction ...................................................................................................................... 52
6.2
Demand for the Group’s products and services ...................................................................... 52
6.3
Supply and competitive situation ......................................................................................... 55
BOARD OF DIRECTORS, MANAGEMENT AND EMPLOYEES ........................................... 57
7.1
Board of Directors .............................................................................................................. 57
7.2
Corporate assembly ........................................................................................................... 62
7.3
Executive officers and management ..................................................................................... 62
7.4
Loans and guarantees ........................................................................................................ 67
7.5
Conflicts of interests and other disclosures ............................................................................ 67
7.6
Employees ........................................................................................................................ 67
SELECTED FINANCIAL INFORMATION ........................................................................ 70
8.1
Overview and basis of presentation ...................................................................................... 70
8.2
Summary financial information ............................................................................................ 71
iii
9
8.3
Condensed consolidated financial information ........................................................................ 71
8.4
Segment information .......................................................................................................... 75
8.5
Comments to the financial situation, statements and cash flows .............................................. 80
INVESTMENTS AND CAPITAL RESOURCES .................................................................. 85
9.1
Investments ...................................................................................................................... 85
9.2
Working capital .................................................................................................................. 86
9.3
Capitalisation and indebtedness ........................................................................................... 87
9.4
Funding and treasury policies .............................................................................................. 89
9.5
Borrowings........................................................................................................................ 90
9.6
Non-current assets ............................................................................................................. 94
9.7
Taxation of the company .................................................................................................... 95
10 SHARES, SHARE CAPITAL AND SHAREHOLDERS MATTERS ......................................... 97
10.1
Overview of the share capital .............................................................................................. 97
10.2
Share capital development .................................................................................................. 97
10.3
Shareholder structure ......................................................................................................... 97
10.4
Authorization to increase the share capital and to issue Shares................................................ 98
10.5
Other financial instruments ................................................................................................. 99
10.6
Shareholder agreements ..................................................................................................... 99
10.7
The Articles of Association................................................................................................... 99
10.8
Certain aspects of Norwegian corporate law ........................................................................ 100
10.9
Dividend policy ................................................................................................................ 104
10.10
Corporate governance ...................................................................................................... 104
11 SECURITIES TRADING IN NORWAY ......................................................................... 106
11.1
Trading of equities ........................................................................................................... 106
11.2
Settlement ...................................................................................................................... 106
11.3
Information, control and surveillance.................................................................................. 106
11.4
Shareholder register, the VPS and transfer of Shares ........................................................... 107
11.5
Foreign investment in Norwegian shares ............................................................................. 107
11.6
Disclosure obligations ....................................................................................................... 107
11.7
Insider trading................................................................................................................. 108
11.8
Mandatory offer requirement ............................................................................................. 108
11.9
Compulsory acquisition ..................................................................................................... 109
11.10
Foreign exchange controls................................................................................................. 110
12 TAXATION ................................................................................................................ 111
12.1
Norwegian taxation of shareholders in the Company; overview .............................................. 111
12.2
Norwegian shareholders.................................................................................................... 111
12.3
Non-Norwegian Shareholders ............................................................................................ 113
12.4
Duties on transfer of Shares .............................................................................................. 115
13 ADDITIONAL INFORMATION .................................................................................... 116
13.1
Related party transactions ................................................................................................ 116
13.2
Disputes ......................................................................................................................... 117
13.3
Incorporation by reference ................................................................................................ 117
13.4
Documents on display ...................................................................................................... 118
13.5
Confirmation regarding sources ......................................................................................... 118
13.6
Statements regarding expert opinions ................................................................................ 118
14 DEFINITIONS AND GLOSSARY OF TERMS................................................................. 119
iv
APPENDICES
Appendix 1:
Application form for the Retail Offering.............................................................................
121
Appendix 2:
Articles of Association in Norwegian, with office translation into English................................
124
Appendix 3:
First quarter 2014 report ...............................................................................................
127
Appendix 4:
Financial accounts for 2013 (IFRS, with comparative 2012 figures) ......................................
138
Appendix 5:
Financial accounts for 2012 (NGAAP, with comparative 2011 figures) ...................................
201
v
1
SUMMARY
Summaries are made up of disclosure requirements known as ‘Elements’. These elements are
numbered in Sections A – E (A.1 – E.7). This summary contains all the Elements required to be
included in a summary for this type of securities and Issuer. Because some Elements are not
required to be addressed, there may be gaps in the numbering sequence of the Elements. Even
though an Element may be required to be inserted in the summary because of the type of
securities and Issuer, it is possible that no relevant information can be given regarding the
Element. In this case a short description of the Element is included in the summary with the
mention of ‘not applicable’.
Section A – Introduction and warnings
A.1
Warning to prospective
investors
Prospective investors should be warned that:

this summary should be read as introduction to the
Prospectus;

any decision to invest in the securities should be based on
consideration of the prospectus as a whole by the investor;

where a claim relating to the information contained in the
prospectus is brought before a court, the plaintiff investor
might, under the national legislation of the Member States,
have to bear the costs of translating the prospectus before
the legal proceedings are initiated; and

civil liability attaches only to those persons who have
tabled the summary including any translation thereof, but
only if the summary is misleading, inaccurate or
inconsistent when read together with the other parts of the
prospectus or it does not provide, when read together with
the other parts of the prospectus, key information in order
to aid investors when considering whether to invest in such
securities.
A.2
Consent to use of
Not applicable
prospectus by financial
intermediaries
Section B - Issuer
B.1
B.2
Legal and commercial
Havyard Group ASA, being the group parent company for the
name
companies referred to as Havyard Group
Domicile, legal form, etc.
Havyard Group ASA is a Norwegian public company limited by
shares organised under the laws of Norway, with registration
number 980 832 708
B.3
Nature of operations and
Havyard Group is a group of companies whose principal
business is to deliver ship designs, ship equipment and
1
activities
construction of advanced vessels for offshore oil service,
fishing and fish farming for shipyards and shipowners
worldwide. Havyard Group delivers products and services
within the complete value chain from vessel design to support
of vessels in operation.
B.4
The most significant
Havyard Group’s business is to supply maritime technologies
recent trends affecting
and maritime construction, primarily for use in vessels for use
the issuer and the
in offshore support, fisheries and aquaculture.
industries in which it
operates
Havyard Group experiences a continuous and satisfactory
demand for its products and services. However, as in many
parts of the maritime and offshore industries, there is also a
strong focus on cost and competitiveness, where Havyard
Group faces tough competition from other suppliers, both
locally and internationally.
B.5
Group description
Havyard Group ASA is the group parent company for the
companies referred to as Havyard Group. The group has active
subsidiaries incorporated in Norway, Poland, and Croatia, as
well as sales representation in China and Brazil.
The principal place of business is in Fosnavåg, Norway.
B.6
Persons with notifiable
As of the date of this Prospectus, Havyard Group has been
interest
notified of two shareholders with notifiable interest, being
Havila Holding AS who holds 83.33% of its shares and Geir
Johan Bakke AS who holds 5.28% its shares (net of treasury
shares).
B.7
Selected historical key
The following financial information has been extracted from
financial information
the audited consolidated financial statements for the years
ended 31 December 2013, 2012 and 2011, which are
appended to this Prospectus.
Year ended 31 December (audited, NOK million)
Quarters Q1 2014 and 2013 (not audited, NOK million)
Q1
2013
Q1
2012
2012
2011
2014
IFRS
2013
IFRS
NGAAP
NGAAP
IFRS
IFRS
Statement of comprehensive
income
Total revenues
430
1,987
373
1,427
1,645
1,346
EBITDA
33
199
45
227
247
217
EBIT
28
181
41
215
235
206
Profit for the period
21
140
31
164
178
150
Total non-current assets
701
729
595
580
495
209
Total current assets
927
803
724
803
803
886
1,628
1,533
1,318
1,383
1,298
1,095
Statement of financial position
Total assets
2
Total equity
664
668
555
526
455
418
Non-current liabilities
162
162
190
176
158
78
Current liabilities
964
702
763
680
685
599
1,628
1,533
1,318
1,383
1,298
1,095
Operating activities, net
-226
450
-34
213
233
636
Investing activities, net
-8
-129
-7
-292
-312
-55
Financing activities, net
156
-154
-3
-76
-76
-430
Net change in cash and equivalents
-78
166
-43
-155
-155
151
Cash and equivalents at period end,
including restricted cash
203
281
72
115
115
258
Total equity and liabilities
Statement of cash flows
Significant subsequent
Since 31 March 2014, the date of the latest financial
changes
statements, significant changes in Havyard Group’s financial
position have mainly been caused by the following factors:

A short term investment in the amount of NOK 46 million
was realised at cost price on 14 May 2014. The divestment
gives a positive liquidity effect for the Group.

On 4 June 2014, the Company agreed to take up a bond
loan in an amount of NOK 150 million, expected to be
settled on 13 June 2014.
B.8
Pro forma financial
Not applicable
information
B.9
Profit forecasts
Not applicable
B.10
Auditor qualifications
No qualifications were expressed by auditors in respect of the
accounts for 2013, 2012, or 2011.
B.11
Working capital
In the view of the Company, Havyard Group has sufficient
working capital for its present requirements, being understood
as its requirements over the next minimum 12 months from
the date of this Prospectus.
Section C - Securities
C.1
Type and class of
The securities being admitted to trading by means of this
securities offer and
Prospectus are ordinary shares of the Company, being referred
admitted to trading
to as the Shares, and being registered under ISIN
NO 0010708605, and which include the Offer Shares.
C.2
Currency of the securities
The currency for the Shares, including the Offer Shares, is
issue
Norwegian Kroner (NOK).
3
C.3
Number of shares and
As of the date of this Prospectus, the Company’s share capital
par value
is NOK 1,126,416 divided into 22,528,320 shares of nominal
value NOK 0.05 each. All the Shares are authorised, issued
and fully paid up.
C.4
Rights attached to the
The Shares carry voting rights and the right to receipt of
securities
dividends when such are declared. The holders of the Shares
also have a right to share in any surplus assets available for
distribution in a winding up of the Company.
C.5
Restrictions on free
The Company’s Shares are freely transferable.
transferability
C.6
Application for listing
Application for listing of the Company’s shares on Oslo Børs
(including Oslo Axess) was made on 6 June 2014. The
application will be considered, and admission to listing is
expected to be granted subject to certain conditions, in a
meeting of the Board of Oslo Børs on 18 June 2014.
No application has been made for the listing of any of the
Company’s securities on other markets than Oslo Børs
(including Oslo Axess).
C.7
Dividend policy
The Company intends to distribute a 50% to 75% of its net
profit as dividends to its shareholders. Dividends will be paid
quarterly.
The Company paid approx. NOK 60 million in dividends in
2011, approx. NOK 25 million in 2012, and approx. NOK 25
million in 2013, corresponding to NOK 2.70, 1.13 and 1.13 per
share respectively (adjusted for share split).
The Company’s Board of Directors has stated its intention to
propose an extraordinary dividend to be paid in 2014 in an
amount of NOK 50 to 70 million (corresponding to between
approximately NOK 2.20 and NOK 3.10 per Share), subject to
applicable resolution and available free liquidity.
Section D - Risks
D.1
Key risks specific to the
Prospective investors should consider, among other factors,
issuer or its industry
the following risks relating to the market in which Havyard
Group operates:

Uncertainties in demand for maritime technologies and
maritime construction;

Competition and potential oversupply of global yard
capacity;

Risks of significant market disruptions.
4
Prospective investors should consider, among other factors,
the following risks related to Havyard Group and its business:

Availability of contracts with satisfactory margins;

Margin pressure, cost overruns, and delays;

Contractual risks;

Dependence on external suppliers;

Guarantee claims and performance guarantees;

Counterparty risks;

Abuse of intellectual property;

Risks of accidents, injury and damage to property;

Risk of environmental damage;

Availability of adequate insurance;

Availability of key personnel;

Losses on investment.
Prospective investors should consider, among other factors,
the following risks related to the Group’s financial situation:

General financial risks;

Availability of funding;

The Group is dependent on sufficient construction loans to
operate;

The Group is dependent on managing its market risk and
foreign currency risk.
D.3
Key risks specific to the
Prospective investors should consider, among other factors,
securities
the following risks related to the securities described herein:

The market price of the securities of Havyard Group may
fluctuate significantly in response to a number of factors;

Future sales of securities by Havyard Group’s major
shareholders or by any of the primary insiders may
depress the price of the securities;

Liquidity in the Shares may be limited;

Holders registered under nominee may not be able to
exercise all of their shareholder rights, including voting
rights;

Shareholders not participating in potential future issues
5
may be diluted;

There may be limitations on the ability for investors to
make claim against Havyard Group;

Investors outside Norway bear an additional currency
exchange risk on the shares.
Section E – Offer
E.1
Proceeds and expenses
The shares offered in the Offering are being offered by the
Selling Shareholder, being existing shareholder of the
Company. All proceeds will be for the benefit of such Selling
Shareholder. The expenses related to the Offering will be
borne by the Company.
E.2
Reasons for the offer and
The reason for the Offering is to invite new shareholders into
use of proceeds
the Company in connection with the listing of the Company’s
shares.
E.3
Terms and conditions
The following key terms and conditions apply to the Offering:

Offer Shares: between 4,200,000 and 6,250,000 ordinary
shares of Havyard Group ASA

Application Price: NOK 36.00

Application period: From 12th of June to 19th of June 2014
at 16:00 CET

Delivery and payment: Expected to take place on or about
24th of June 2014, where after the Offer Shares applied for
will become tradable from 26th of June 2014 on Oslo Børs
under the trading symbol “HYARD”

Overallotment: The Managers may elect to over-allot up to
420,000 Additional Shares, for which an option has been
granted by the Lending Shareholders (being Havyard
Group ASA and Geir Johan Bakke AS) to Fearnley
Securities AS (on behalf of the Managers) to purchase such
shares.
As part of the Offering, there will be a Retail Offering where
the following additional terms and conditions apply:

Minimum application: 300 shares, corresponding to
NOK 10,800

Maximum application: Equivalent of NOK 999,999,
corresponding to 27,777 shares

Discount: Each applicant in the Retail Offering who is
allotted shares will be given a discount of NOK 1,500 on his
6
or her overall allocation. In case of multiple applications by
an applicant, the discount will only be applied once.
The following conditions apply for completion of the Offering:

Full application for the minimum number of Shares offered

Sufficient number of applications to qualify for listing on
Oslo Børs or Oslo Axess

Consent of lenders to Havila Holding AS to release the
Offer Shares (which are pledged in favour of such lenders),
expected to be granted no later than 20th June 2014

Approval of listing application, expected to be granted on
18th June 2014.
E.4
Material interests and
Havyard Group is not aware of particular material conflicts of
conflicts
interest in relation to the Offering.
Fearnley Securities AS and Arctic Securities ASA act as
managers for the Offering, and have an interest in the Public
Offer based on their fee which will be earned on the amount of
Offer Shares being applied for. The managers are not aware
material conflicts in relation to the Offering.
E.5
Selling persons and lock-
The Offer Shares are being offered by Havila Holding AS, and
up
the Additional Shares are being made available by Lending
Shareholders (being Havyard Group ASA and Geir Johan Bakke
AS).
Following the Offering, if fully applied for, Havila Holding AS
will be the single largest shareholder with an ownership of
approximately 54% in the Company.
Havila Holding AS and key management will be subject to a 12
month lock-up agreement following the Offering.
E.6
Dilution effects
The Offering does not give rise to any dilution of ownership by
shareholders.
E.7
Expenses charged to the
No expenses will be charged to the investor by Havyard Group
investor
in connection with the Offering.
7
2
RISK FACTORS
Investing in the Company’s shares involves inherent risks. Before deciding whether or not to
invest, a prospective investor should consider carefully all of the information set forth in this
Prospectus, and in particular, the specific risk factors set out below. The investment is suitable only
for investors who understand the risk factors associated with this type of investment and who can
afford a loss of all or part of the investment.
If any of the risks described below materialise, individually or together with other circumstances,
they may have a material adverse effect on the Group’s business, revenues, financial condition,
results of operations and/or cash flow, which may cause a decline in the value and trading price of
the Shares as well as impairing the Company's ability to meet its obligations under its financial
indebtedness of the Company and which could result in a loss of all or part of any investment in
the Shares.
The order in which the risks are presented below is not intended to provide an indication of the
likelihood of their occurrence nor of their severity or significance. It should also be noted that the
risks presented herein are based on the legislation in force at the date of this prospectus and that
future amendments to applicable law may affect the assessment of risk factors.
2.1
Risks relating to the industry in which the Group operates
2.1.1
Demand for maritime technologies and maritime construction
The demand for maritime technologies and maritime construction depends on underlying industries
that are vulnerable to external factors outside of the Group’s control. In particular, the demand for
offshore supply vessels is dependent on the activity in the oil and gas industries, which are in turn
dependent on oil and gas prices and factors including, but not limited to, worldwide economic and
political conditions, levels of supply and demand, the policies of OPEC (the Organization of
Petroleum Exporting Countries), advances in exploration and development technology, and the
availability and exploitation of alternate fuel sources. The demand for vessels within fisheries and
aquaculture is dependent on regulatory frameworks and other factors. A decline in the demand for
maritime technologies and maritime construction will have a negative impact on the demand for
the Group’s products, technologies and services.
2.1.2
Competition and potential oversupply of yard capacity
Maritime construction is a highly competitive and labour intensive industry. There are a large
number of suppliers of maritime construction in several regions of the world, many of which benefit
from lower labour costs. Yard contracts are traditionally awarded on a competitive bid basis, where
intense price competition is one of the primary factors, together with the quality and technical
capability of service and equipment. There can be no assurance that the Group will maintain its
ability to compete successfully against other suppliers with a lower cost base, which could have a
negative impact on the demand for the Group’s products, technologies and services.
2.1.3
Risks of significant market disruptions
Significant disruptions in the world financial markets, changes in regulations, and factors
contributing to instability in financial and commercial markets such as war, military tension and
terrorist attacks, political and economic instability or other similar factors could have a negative
effect on the Group’s business and results of operations in the future.
8
2.2
Risks factors relating to the Group and its business
2.2.1
Availability of contracts with satisfactory margins
The Group is dependent on successfully competing for, and winning, contracts offering a
satisfactory profit margin in order to maintain revenues and profitability. The contracts are entered
into in a competitive market where the Group competes on product quality, overall service offering,
financing, and price. A deterioration of the Group’s ability to deliver competitive products,
technologies and services could have a significant adverse effect on the Group’s business and
results of operations in the future.
2.2.2
Margin pressure, cost overruns, and delays
The products and services offered by the Group are characterised by complex projects with a high
technological content and highly customised orders. When entering into contracts, the Group has
risks on its margin between the agreed fixed price of the finished product or service, and the costs
involved in completing such product or service. In particular, when constructing new or customised
products, there is an element of uncertainty involved in the cost or time involved in such
construction which may have a significant adverse effect on the Group’s results of operations.
2.2.3
Contractual risks
In addition to the contractual risk elements described throughout this section 2, there is a risk of
contracts being terminated by the Group's clients. The contractual regulation of the client's right to
terminate is in accordance with industry practice. In case of termination for default, the Group will
be liable for the costs incurred prior to termination in addition to its own loss of profit. Further, the
Group generally seeks to limit the overall liability for breach of contract. The majority of the
Group's contracts include a provision on limitation of liability, but this is not achievable in all
contract negotiations. A rightful claim for breach of contract could have a significant adverse effect
on the Group’s business and results of operations in the future.
2.2.4
Dependence on external suppliers
The Group make use of third party suppliers, manufacturers and service providers. Third party
suppliers, manufacturers and service providers, some of which (including the Turkish hull
manufacturer Cemre) have been important long term providers. The Group does not, however,
view its ability to operate as dependent on any specific such provider, and believes that the
potential inability of any such provider to provide products or services to the Group would not have
a material effect on the Group as other suppliers could be found. A failure by one or more of these
third parties to satisfactorily provide the agreed equipment or services on time may have an
adverse impact on the Group’s ability to perform its obligations under building contracts. These
risks could result in reduced revenue or, in some cases, significant losses for the Group, which
would have a material adverse effect on the Group’s financial position and/or results of operations.
2.2.5
Guarantee claims and performance guarantees
When supplying maritime technologies and maritime construction, in particular when supplying
newbuild vessels, the Group provides a guarantee for the product for a specified period of time
after delivery. The Group makes allocation for such guarantees in its accounts. There can be no
assurance that the allocations made will be sufficient to meet any potential guarantee claims, and a
rightful claim could have a material adverse effect on the Group’s financial position.
2.2.6
Counterparty risks
By the nature of the business in maritime construction, the Group receives payments from its
clients in accordance with agreed milestones where a significant part of the payment will be made
upon delivery of the product. If at such time the client is unable or unwilling to make payment, the
9
Group will be exposed to the value of the product and may not be able to earn the contracted
revenue under the contract. Although the Group seeks to mitigate such risk by contracting with
financially sound counterparties and, in particular for the shipbuilding contracts by having the final
payment secured by bank guarantee or other secured financing, there could be situations where a
failure by clients to make payments could have a material adverse effect on the Group’s financial
position and/or results of operations.
2.2.7
Abuse of intellectual property
A significant part of the Group’s revenues is derived from the sale of products, technologies and
services with important elements of intellectual property rights (IPR) developed by the Group. The
Group’s strategy for IPR protection has so far not included registration of such IPR, as the Group
has relied on offering clients and attractive combination of design and associated expertise at
competitive prices, and also to some extent on the protection given under the Norwegian Marketing
Practices Act and similar foreign legislation. Still, there is always a risk that the Group’s IPR may be
abused in a manner which could have a material adverse effect on the Group’s competitive position
and hence on its results of operations in the future. Furthermore, the Group may be faced with
allegations of third party IPR infringements performed by the Group.
2.2.8
Risk of accidents, injury and damage to property
The Group is involved in business activities which could lead to accidents, injury to personnel, and
damage to property, despite of the focus on safety. If such accidents, injury or damage were to
occur, there may be risk that insurance will not adequately cover the responsibility of the Group.
Any such claim could have a material adverse effect on the Group’s financial position and/or results
of operations.
2.2.9
Risk of environmental damage
Parts of the business of the Group, in particular the maritime construction business, involve
activities and substances which could represent risk of environmental damage. In particular, the
Group's properties in Leirvik have suffered from contaminated soil, which was discovered in 2010.
Measures have been taken to reduce and contain the pollution. The contamination has been
registered in the Norwegian Environment Agency's official database, and is classified as "acceptable
degree of pollution" given the current land and recipient use. There is suspicion of emission of
substances to the ground, but this has not been confirmed through analysis and the case is not
closed.
Upon changes in the conditions or the knowledge of the pollution at the property, pollution
authorities may impose the Group to effectuate measures to remove or reduce the effect of the
pollution.
Pollution and environmental damage may generally not be fully insurable. Any pollution or
environmental damage could lead to disruptions in the Group’s production and could have a
material adverse effect on the Group’s financial position and/or results of operations.
2.2.10
Availability of adequate insurance
The Group has procured adequate insurance coverage for its operation risks in line with market
practice, including but not limited to insurance for personnel, property and liability. Further, the
Group holds a general builder's all risk insurance for the construction work undertaken by its
subsidiary Havyard Ship Technology AS under which individual projects are specifically insured.
The Group’s insurance policies and contractual rights to indemnity may not adequately cover the
Group’s losses, or may have exclusions of coverage for some losses. In line with industry practice,
the Group does not have insurance coverage or rights to indemnity for all risks. If a significant
10
accident or other event occurs which is not fully covered by insurance or contractual indemnity, it
could adversely affect the financial position, results of operations and cash flows of the Group.
2.2.11
Availability of key personnel
The Group’s ability to continue to attract, retain and motivate key personnel, and other senior
members of the management team and experienced personnel will have an impact on the
Company’s operations. The market demand for skilled personnel is high, and the loss of the
services of one or more of these individuals without adequate replacements or the inability to
attract new qualified personnel at a reasonable cost could have a material adverse effect. If
competition for qualified personnel were to intensify in the future, the Group may experience
increases in costs or limits on operations.
2.2.12
Losses on investments
As part of its business, the Group takes financial investment in assets and companies, and may
also provide loans to clients. In the event of declining values of the assets or companies in which
the Group invests, or in the event of a client’s inability or unwillingness to repay its debt, the Group
has the risk that the value of its investments or loans will be reduced, which could have a material
adverse effect on the Group’s financial position and/or results of operations.
2.3
Risks relating to the Group’s financial situation
2.3.1
General financial risk
The Group's primary sources of liquidity in addition to the operational cash flows have been equity
capital, debt financing raised through several minor loans related to projects and a NOK 300 million
loan facility with Sparebank 1 SMN. The Group monitors and manages the financial risks related to
the operations of the Group through internal reports and analysis. However, the Group is exposed
to various risks such as market risk (including currency risk, fair value interest rate risk and price
risk), credit risk, liquidity risk and cash flow interest rate risk, and no assurances can be given that
the monitoring of such risks will be adequate or sufficient.
The Group’s credit and borrowing facilities are structured in short term debt instruments. Although
such debt instruments contain few or no covenants and are customarily secured in accordance with
the market practise for these types of financing, there can be no assurance that the Group will be
able to meet such covenants relating to current or future indebtedness contained in its funding
agreements or that its lenders will extend waivers or amend terms to avoid any actual or
anticipated breaches of such covenants. Failure to comply with its financial and other covenants
may have an adverse effect on the Group’s financial condition, and also potential increased
financial costs, requirements for additional security or cancellation of loans.
2.3.2
Availability of funding
The Group is dependent upon having access to short term funding. There can be no assurance that
the Group may not experience net cash flow shortfalls exceeding the Group’s available funding
sources nor can there be any assurance that the Group will be able to raise new equity, or arrange
new borrowing facilities, on favourable terms and in amounts necessary to conduct its ongoing and
future operations, should this be required.
2.3.3
The Group is dependent on sufficient construction loans to operate
The Group is dependent upon securing construction loans. As for the loan commitment with
Sparebank 1 SMN, the commitment is made to Havyard Group AS and/or Havyard Ship Technology
AS in the aggregate maximum amount of NOK 300 million for furnishing of multiple vessels at the
Leirvik yard. The maximum aggregate amount may be increased to up to NOK 600 million if the
11
Norwegian Export Credit Agency (GIEK) provides guarantee(s) amounting to at least 50 % of the
total aggregate amount. The loan commitment requires customary securities for this type of
financing, i.e. such as vessel mortgage, assignments of earnings and insurances.
2.3.4
Market risk management and foreign currency risk management
NOK is the functional currency of the Company and all its subsidiaries. The Group is exposed to
foreign currency risks related to its operations. The Group’s expenses are primarily in NOK and
EUR. As such, the Group’s earnings are exposed to fluctuations in the foreign currency market for
NOK in relation to EUR. To mitigate this risk, the Company has implemented hedging
arrangements, and uses the foreign currency spot and forward market to buy foreign currencies.
Contracts are entered into when treasury finds it in line with the overall currency risk strategy.
2.4
Risks relating to the Shares
2.4.1
The market price of the Shares may fluctuate significantly in response to a
number of factors
The share price of publicly traded companies can be highly volatile. The price at which the Shares
may be quoted and the price which shareholders may realise for their Shares will be influenced by
a large number of factors, some specific to the Group and its operations and some which may
affect the industry as a whole or stock exchange listed companies generally. These factors include
those referred to in this Section 2 “Risk factors”, as well as the Group’s financial performance, the
impact of shareholders being released from lock-in restrictions, stock market fluctuations and
general economic conditions. Share price volatility arising from such factors may adversely affect
the value of an investment in the Shares. The market price of the Shares may not reflect the
underlying value of the Group’s net assets.
The trading price of the Shares could fluctuate significantly in response to a number of factors
beyond the Group’s control, including, but not limited to, quarterly variations in operating results,
adverse business developments, changes in financial estimates and investment recommendations
or ratings by securities analysts, or any other risk discussed herein materializing or the anticipation
of such risk materializing.
In recent years, the global stock markets have experienced extreme price and volume fluctuations.
This volatility has had a significant impact on the market price of securities issued by many
companies. Those changes may occur without regard to the operating performance of these
companies. The price of the Company’s Shares may therefore fluctuate based upon factors that
have little or nothing to do with the Group, and these fluctuations may materially affect the price of
its Shares.
2.4.2
Future sales of Shares by the Company’s major shareholder or any of its
primary insiders may depress the price of the Shares
The market price of the Shares could decline as a result of sales of a large number of Shares in the
market or the perception that such sales could occur, or any sale of Shares by any of the
Company’s major shareholders or primary insiders from time to time. Such sales, or the possibility
that such sales may occur, might also make it more difficult for the Company to issue or sell equity
securities in the future at a time and at a price it deems appropriate. To mitigate this risk, certain
shareholders have entered into lock-up agreements for a period of 12 months.
2.4.3
Liquidity of the Shares
Following the Offering, at least 1/3 of the share capital of the Company will be controlled by one
shareholder, Havila Holding AS. This may limit the Shares’ liquidity in the trading market, which
12
could have an adverse effect on the then prevailing market price for the Shares. In addition, the
interests of the largest shareholder will not necessarily always be aligned with minority
shareholders of the Company.
2.4.4
Shareholders may not be able to exercise their voting rights for Shares
registered in a nominee account
Beneficial owners of the Shares that are registered in a nominee account or otherwise through a
nominee arrangement (such as through brokers, dealers or other third parties) may not be able to
exercise voting rights and other shareholder rights as readily as shareholders whose Shares are
registered in their own names with the VPS prior to the Company’s General Meetings. The
Company cannot guarantee that beneficial owners of the Shares will receive the notice for a
general meeting in time to instruct their nominees to either effect a re-registration of their Shares
or otherwise vote their Shares in the manner desired by such beneficial owners. Any persons that
hold their shares through a nominee arrangement should consult with the nominee to ensure that
any Shares beneficially held are voted in the manner desired by such beneficial owner.
2.4.5
Dilution
Shareholders not participating in future share issues may be diluted. Should the Company decide
on an issue of securities with preferential rights for existing shareholders, such rights may not be
available for shareholders in the U.S. and in any other jurisdictions where delivery of such rights
may be restricted or be subject to registration filings or similar. Should such rights not be available
for shareholders, these shareholders will not be able to realise any potential profits on subscription
rights or preferential allocation rights, and these shareholders may be diluted as a result.
The Company may in the future issue warrants and/or options to subscribe for Shares, including
(without limitation) to certain advisers, employees, directors, senior management and consultants.
The exercise of such warrants and/or options would result in dilution of the shareholdings of other
investors.
2.4.6
Limitations on the ability to make claims against the Company
The Company is a Norwegian public company limited by shares organised under the laws of
Norway. The Company’s directors and executive officers are residents of Norway. As a result, it
may be difficult for investors in other jurisdictions to affect service of process upon the Company,
its affiliates or its directors and executive officers in such other jurisdictions or to enforce
judgments obtained in other jurisdictions against the Company, its affiliates or its directors and
executive officers.
2.4.7
The Company’s investors outside of Norway are subject to exchange rate
risk
The Shares are traded in NOK and any investor outside of Norway, who wishes to invest in the
Shares, or to sell Shares, will be subject to an exchange rate risk which may cause additional costs
to the investor.
13
3
3.1
RESPONSIBILITY STATEMENTS
The Board of Directors of the Company
The Board of Directors of Havyard Group ASA accepts responsibility for the information contained
in this Prospectus. The members of the Board of Directors confirm that, after having taken all
reasonable care to ensure that such is the case, the information contained in this Prospectus is, to
the best of their knowledge, in accordance with the facts and contains no omission likely to affect
its import.
Fosnavåg, 10th of June 2014
The Board of Directors of Havyard Group ASA
Per R. Sævik
(Chairperson of the Board)
3.2
Torill Haddal
Hege Sævik Rabben
(Board member)
(Board member)
Vegard Sævik
Svein Asbjørn Gjelseth
(Board member)
(Board member)
Jan-Helge Solheim
Petter Thorsen Frøystad
(Board member)
(Board member)
The Selling Shareholder
Havila Holding AS, being the Selling Shareholder in respect of the Offer Shares, confirms that the
Offer Shares upon delivery will be free of any liens or encumbrances.
Fosnavåg, 10th of June 2014
For and on behalf of Havila Holding AS
Per Rolf Sævik
Managing Director
14
4
4.1
OFFERING AND LISTING INFORMATION
General information about the Listing and the Offering
4.1.1
Background
Havyard Group has, since the takeover by Havila Holding AS in 2000, been growing from about
NOK 500 million in annual turnover to about NOK 2,000 million. To secure the further growth and
to develop the Group along the strategy established, Havila Holding AS resolved to place a part of
its shareholding and to apply for the listing of the Company’s shares on Oslo Børs (or Oslo Axess).
As part thereof, the Offering is being made to invite a broader group of investors to purchase
shares of the Company.
4.1.2
Proceeds, expenses, and use of proceeds
The Offering is being made as a sale of existing shares from the Selling Shareholder, and will not
result in any proceeds to the Company. The aggregate proceeds to such Selling Shareholder, if
fully applied for, will amount to approximately NOK 151 to 225 million. The fees and expenses
related to the Offering, if fully applied for, are expected to be approximately NOK 4.50 to 6.75
million and will be borne by the Company. Fees are calculated on the basis of a management fee of
1.25% and an application fee of 1.75% calculated the actual applied and allocated amount.
4.1.3
Advisors
Fearnley Securities AS and Arctic Securities ASA are Managers for the Company in connection with
the Listing and the Offering. Wikborg, Rein & Co Advokatfirma DA acts as legal advisor to the
Company in relation to the Offering. Advokatfirmaet Schjødt AS acts as legal advisor to the
Managers and Deloitte AS has provided transaction services to the Managers.
4.1.4
Interests of natural and legal persons involved
As the Selling Shareholder (cf. section 4.5), Havila Holding AS has an interest in the Offering
through its interest in receiving the proceeds from the sale. As shareholders of Havila Holding AS,
the board members Per R. Sævik (10 %), Vegard Sævik (30 %, cf. section 7.1.3) and Hege Sævik
Rabben (30 %, cf. section 7.1.3) have an indirect interest in the Offering.
The Managers and their affiliates may have interests in the Offer Shares as they have provided
from time to time, and may in the future provide, investment and commercial services to the
Company and its affiliates in the ordinary course of their respective businesses, for which they may
have received and may continue to receive customary fees and commissions. The Managers, their
employees and any affiliate may currently own existing Shares in the Company.
The Managers will receive a commission in connection with the Offering and, as such, have an
interest in the Offering. Reference is made to Section 4.1.2 above.
Other than as set out above, the Company is not aware of any interest of any natural or legal
persons involved in the Offering, including conflicting ones, that is material to the Offering.
4.2
Information about the shares admitted to the Listing
The following main terms are applicable to the Shares being subject to the Listing. A more detailed
overview of the share capital of Havyard Group ASA and the rights attached to the Shares is
provided in Section 10 “Shares, share capital and shareholders matters”.
Type and class of the Shares...
Ordinary shares in Havyard Group ASA, ISIN NO 0010708605.
15
Legislation under which the
The Shares are ordinary shares in Havyard Group ASA pursuant to the
Shares are created ................
Articles of Association and in accordance with Norwegian law.
Form of securities ..................
The Company’s register of shareholders are maintained in VPS, with Nordea
Bank Norge ASA as the registrar for the Company’s shares.
Rights attached to the Shares .
All Shares are entitled to dividends, if so declared, and there are no
particular restrictions applicable on payment of dividends to non-residents
of Norway. Any dividends will be declared in NOK.
All Shares are entitled to one vote in a general meeting of the shareholders.
Shareholders have pre-emptive rights in offers for subscription of new
shares unless the right is revoked by the general meeding with 2/3 majority
(or by the board where authorised by a 2/3 majority).
All Shares have the right to their pro-rata share in profits and any surplus in
the event of liquidation.
Restrictions on transferability ..
The Shares are not subject to restrictions on transferability.
Rules on mandatory takeover
See Section 11.9 “Compulsory acquisition”.
bids, squeeze-out and sellout ..
Public takeover bids ...............
The Shares have not been subject to any mandatory takeover bids.
Withholding tax .....................
Under current Norwegian tax regulations applicable to Havyard Group ASA,
tax may be withheld in Norway in respect of dividends paid by Havyard
Group ASA to non-Norwegian Shareholders. No withholding tax is imposed
as an effect of the Offering being made, nor by the listing of the Offer
Shares.
4.3
Terms of the Offering
The Selling Shareholder is offering to sell between 4,200,000 and 6,250,000 Offer Shares, each
with a par value of NOK 0.05. The Offering comprises:
a) An Institutional Offering, in which Offer Shares are being offered to (i) institutional
investors and professional investors in Norway, (ii) to investors outside Norway and the
United States subject to applicable exemptions from local prospectus or other filing
requirements, and (iii) in the United States, to QIBs as defined in, and in reliance on Rule
144A under the U.S. Securities Act; in each case subject to a lower limit per application of
an amount of NOK 1,000,000.
b) A Retail Offering, in which Offer Shares are being offered to the public in Norway subject to
a lower limit per application of an amount of NOK 10,800, and an upper limit per
application of an amount of NOK 999,999 for each investor. Each investor being allocated
shares in the Retail Offering will receive a discount of NOK 1,500 on its aggregate amount
payable for the Offer Shares allocated to such investor. Investors who intend to place an
order in excess of an amount of NOK 999,999 must do so in the Institutional Offering.
Multiple applications by one applicant in the Retail Offering will be treated as one
application with respect to the maximum application limit and the discount.
All offers and sales outside the United States will be made in compliance with Regulation S of the
U.S. Securities Act.
16
This Prospectus does not constitute an offer of, or an invitation to purchase, the Offer Shares in
any jurisdiction in which such offer or sale would be unlawful. For further details, see “Important
Information” and Section 4.10 “Restrictions on sale and transfer”.
The following terms apply to the Offering, under which the Offer Shares will be offered for sale by
the Selling Shareholder. Unless otherwise specified, the terms set out below apply to both the
Institutional Offering and the Retail Offering.
Conditions for the offer...........
Completion of the Offering is conditional upon the following conditions being
met:

Full application for the minimum amount of the offer;

Sufficient number of applications being received to qualify for the
admission to listing on Oslo Børs or Oslo Axess;

Consent being granted by lenders to Havila Holding AS, the Selling
Shareholder, to release the Offer Shares (which are pledged in
favour of such lenders), such consent currently expected to be
granted by the relevant bank and bondholders no later than 20th
June 2014;

Approval of listing application by the Board of Oslo Børs, such
approval expected to be granted on 18th of June 2014.
Amount of the offer ...............
A total of between 4,200,000 to 6,250,000 Offer Shares are offered in the
Offering.
Application period ..................
The application period for both the Institutional Offering and the Retail
Offering will be from 09:00 CET on 12th of June 2014 to 16:00 on 19th of
June 2014, both dates inclusive. The application period might be extended,
but no longer than 24th of June, subject to the announcement thereof on the
notification system of Oslo Børs.
Time period and application
Investors' orders in the Institutional Offering must be submitted to one of
process in the Institutional
the Managers before the expiration of the application period at the following
Offering ................................
address:

Fearnley Securities AS, P.O.Box 1158 Sentrum, N-0107 Oslo,
Norway, fax +47-22 93 63 60.

Arctic Securities ASA, P.O. Box 1833 Vika, N-0123 Oslo, Norway,
fax +47-21 01 31 37.
All orders in the Institutional Offering will be treated in the same manner
regardless of which Manager the order is placed with. Any orally placed
order in the Institutional Offering will be binding upon the investor and
subject to the same terms and conditions as a written order. The Managers
can, at any time and in their sole discretion, require the investor to confirm
any orally placed order in writing. Orders made may be withdrawn or
amended by the investor at any time up to the close of the application
period. At the close of the application period, all orders that have not been
withdrawn or amended are irrevocable and constitute binding applications
by the investor to buy and subscribe Offer Shares allocated by the Issuer to
the investor. Accordingly, by placing an order, as amended if applicable,
and by not having withdrawn such order prior to close of the application
period, the investor irrevocably (a) confirms its request to buy such number
of Offer Shares allocated to the investor up to the number of Offer Shares
17
covered by the order, and (b) authorises and instructs each of the Managers
(or someone appointed by them) to take all actions required to ensure
delivery of such Offer Shares to the investor.
Time period and application
In order to apply for Offer Shares in the Retail Offering, an application form
process in the Retail Offering ..
(a copy of which is appended hereto as appendix 1) must be correctly and
completely filled out, signed, submitted to and received by the Managers
before the expiration of the application period at the following address:

Fearnley Securities AS, P.O.Box 1158 Sentrum, N-0107 Oslo,
Norway, fax +47-22 93 63 60.

Arctic Securities ASA, P.O. Box 1833 Vika, N-0123 Oslo, Norway,
fax +47-21 01 31 37.
Applicants who are Norwegian residents with a Norwegian personal
identification number may also apply for Offer Shares through the VPS
online
application
system
(or
by
following
the
link
on
www.fearnleysecurities.no, or www.arcticsecurities.no which will redirect the
applicant to the VPS online application system). All online applicants must
verify that they are Norwegian residents by entering their national
identification number (Norwegian: “personnummer”).
If multiple applications are received in respect of an applicant, each
application will be treated as an individual application.
Neither Havyard Group, the Selling Shareholder, nor the Managers may be
held responsible for delays in the mail system or application forms sent by
fax not being received in time by the Manager. The applicant is responsible
for the correctness of the information inserted in the application form. No
text must be added to the application form other than in the designated
fields. Application forms received after the end of the application period
and/or application forms being incorrect or incomplete may be disregarded
at the sole discretion of the Company or the Managers without notice.
Investors who wish to apply must have a VPS account and a bank account
with a Norwegian bank in order to apply for and be allotted shares in the
Offering. If an investor does not have a VPS account, this can be
established through the Managers or a Norwegian bank.
To apply for shares, the investor must satisfy the applicable requirements
pursuant to the Money Laundering Act No. 41 of 20 June 2003 and
associated regulations. The investor is responsible for complying with
applicable identification verification requirements, and each investor is
encouraged to complete any such required procedures as early as possible
in the application period. Insufficient identification may lead to the
application being disregarded.
Revocation or suspension of the
The board resolution for the Offering does not provide for situations under
Offering ................................
which the Offering can be revoked or suspended.
Mechanism of allocation and
In the Institutional Offering the Selling Shareholder, together with the
possibility to reduce number of
Managers, will determine the allocation of Offer Shares. An important aspect
applications ..........................
of the allocation principles is the desire to create an appropriate long-term
shareholder structure for the Issuer. The allocation principles will, in
accordance with customary practice for institutional placements, include
factors such as premarketing and management road-show participation and
feedback, timeliness of the order, price level, relative order size, sector
knowledge, investment history, perceived investor quality and investment
18
horizon. The Selling Shareholder and the Managers further reserve the
right, at their sole discretion, to take into account the creditworthiness of
any applicant. The Selling Shareholder may also set a maximum allocation
or decide to make no allocation to any applicant. No Offer Shares have been
reserved for any specific national market.
In the Retail Offering, no allocations will be made for a number of Offer
Shares representing an aggregate Offer Price of less than NOK 10,800 per
applicant, however, all allocations will be rounded down to the nearest
number of whole Offer Shares and the payable amount will hence be
adjusted accordingly provided that no allocation will in any event be made
for an amount of less than NOK 10,800. In the Retail Offering, allocation will
at the outset be made on a pro rata basis using the VPS' automated
simulation procedures and/or other allocation mechanism.
The Issuer further reserves the right to limit the total number of applicants
to whom Offer Shares are allocated if the Issuer deems this to be necessary
in order to keep the number of shareholders in the Issuer at an appropriate
level and such limitation does not have the effect that any conditions for the
listing regarding number of shareholders will not be satisfied. If the Issuer
should decide to limit the total number of applicants to whom Offer Shares
are allocated, the applicants to whom Offer Shares are allocated may be
determined on a random basis by using the VPS's automated simulation
procedures and/or other random allocation mechanism.
All applications in the Retail Offering will at the outset be registered and
given allocation as set forth herein, subject to that in the event of the
number of Retail Applications exceeds 1,000; the Selling Shareholder
reserves the right to limit the number of allocation by means of drawing
lots.
Minimum application in the
The Institutional Offering is subject to a lower limit per application of an
Institutional Offering ..............
amount of NOK 1,000,000. Investors in Norway who intend to place an
application for less than NOK 1,000,000 must do so in the Retail Offering.
Investors who wish to apply must have a VPS account and a bank account
with a Norwegian bank in order to apply for and be allotted shares in the
Offering. If an investor does not have a VPS account, this can be
established through the Managers or a Norwegian bank.
To apply for shares, the investor must satisfy the applicable requirements
pursuant to the Money Laundering Act No. 41 of 20 June 2003 and
associated regulations. The investor is responsible for complying with
applicable identification verification requirements, and each investor is
encouraged to complete any such required procedures as early as possible
in the application period. Insufficient identification may lead to the
application being disregarded.
Withdrawal of applications ......
Investors' applications for Offer Shares in the Institutional Offering, after
the end of the application period, are irrevocable.
Applications in the Retail Offering are irrevocable and binding for the
investor when received by a Manager.
Method of payment and
Settlement and delivery of Offer Shares in the Institutional Offering will be
settlement in Institutional
done by way of delivery versus payment of Offer Shares on or about 25th
Offering ................................
June 2014.
Non-paying investors will remain fully liable for payment of the Offer Shares
19
allocated to them. If payment is not received by the payment due date, the
Issuer and the Managers reserve the right to re-allot, cancel or reduce the
allocation or otherwise dispose of the allocated Offer Shares in accordance
with and to the fullest extent permitted by applicable Norwegian laws.
The Selling Shareholder and the Managers may choose to transfer the Offer
Shares allocated to such applicants to a VPS account operated by one of the
Managers for transfer to the non-paying investor when payment of the Offer
Shares is received. In such case, the Managers reserve the right without
further notice, to sell or assume ownership of such Offer Shares if payment
has not been received by the third day after the payment due date.
If Offer Shares are sold on behalf of the investor, such sale will be for the
investor's account and risk (however so that the investor shall not be
entitled to profits therefrom, if any) and the investor will be liable for any
loss, costs, charges and expenses suffered or incurred by the Issuer and/or
the Joint Bookrunners as a result of or in connection with such sales, and
the Issuer and/or the Managers may enforce payment of any amount
outstanding in accordance with Norwegian law.
For late payment, interest will accrue on the amount due at a rate equal to
the prevailing interest rate under the Norwegian Act on Interest on Overdue
Payments of 17 December 1976, no. 100, which, at the date of this
Prospectus was 9.50% per annum.
The Offer Shares will be delivered in registered book-entry form in VPS.
Method of payment and
In completing an application form, each applicant in the Retail Offering will
settlement in the Retail
authorise the Managers to debit the applicant’s Norwegian bank account for
Offering ................................
the total amount due for the shares allocated to him or her. The applicant’s
bank account number must be stated on the application form. Accounts will
be debited on or about 24th of June 2014 for the shares allocated. Sufficient
funds must be available in the bank account from 23rd of June 2014.
Applicants who do not have a Norwegian bank account must either establish
such account or contact the Managers to arrange for payment of the
application amount. It is the sole responsibility of such applicants to contact
the Manager sufficiently early and to take the necessary steps to arrange for
timely payment. Neither the Managers nor the Company assume any
responsibility for the consequences of an applicant’s failure to arrange for
payment of the application amount.
Should any applicant have insufficient funds in his or her account, or should
payment be delayed for any reason, or should it be impossible to debit the
account, interest will be payable on the amount due at a rate equal to the
prevailing interest rate under the Norwegian Act on Interest on Overdue
Payments of 17 December 1976 No. 100. At the date of this Prospectus,
such rate is 9.5% per annum. The Managers reserve the right, but shall
have no obligation, to make two debits through 26th of June 2014 if there
are insufficient funds on the debiting date. Should payment not be made
when due, the Managers reserve the right, at the risk and cost of the
applicant, to cancel the application and to re-allot or otherwise dispose of
the allocated shares, on such terms and in such manners as the Managers
may decide in accordance with applicable law. The original applicant will
remain liable for payment of the application price, together with any
interest, costs, charges and expenses accrued, and the Managers may
enforce payment for any such amount outstanding.
The purchase of the Offer Shares from the Selling Shareholder is expected
20
to take place on 25th of June 2014 and the Offer Shares are expected to be
transferred on the same date. Subject to receipt of payment from each
applicant, delivery of the Offer Shares is expected to take place on 25th of
June 2014.
The Offer Shares will be delivered in registered book-entry form in VPS.
Announcement ......................
Announcement of the completion of the Offering will be made on Oslo Børs
upon completion, expected to be made on or about 20th of June 2014.
Pre-allotment disclosure .........
It has provisionally been assumed that approximately 10% of the Offer
Shares will be allocated to the Retail Offering. No claw-back arrangement is
in place for the Offer Shares. With the exception of the Offer Shares
allocated to applicants in the Retail Offering, there is no other predetermined preferential treatment to any class of investors or affinity
groups. Allocation will be independent on which manager the application is
received by. A minimum allocation of shares corresponding to a subscription
amount of NOK 10,800 will be applied.
Allocation of Offer Shares will take place on or about 20th of June 2014.
Notification of allocation .........
The allocation will be communicated to each applicant who has been allotted
shares
by
means
of
a
letter
from
Nordea
Bank
Norge
ASA,
Verdipapirservice, in its capacity as the Company’s registrar. The letter will
state the number of shares allotted and the corresponding amount to be
paid. The letter is expected to be sent on or about 20th of June 2014.
The allotted Offer Shares will not be transferable until they have been fully
paid and registered at the applicant’s account in VPS.
Over-allotment / “green shoe”.
In connection with the Offering, the Managers may elect to over-allot up to
420,000 Additional Shares, equalling up to 10% of the minimum number of
Offer Shares, and in order to permit the delivery in respect of overallotments made, Fearnley Securities AS may, pursuant to a lending option
entered into with the Lending Shareholders (being Havyard Group ASA and
Geir Johan Bakke AS), require the Lending Shareholders to lend to Fearnley
Securities AS (on behalf of the Managers) up to a total of 420,000
Additional Shares. Further, pursuant to an over-allotment option, the
Lending Shareholders have granted Fearnley Securities AS (on behalf of the
Managers) an option to purchase up to 420,000 Additional Shares,
exercisable within a period commencing on the first day of trading in the
Shares on Oslo Stock Exchange (or Oslo Axess) and expiring 30 days after
the commencement of trading in the Shares.
To the extent that the Managers have over-allotted Shares in the Offering,
the Managers have created a short position in the Shares. Fearnley
Securities AS (on behalf of the Managers) may close out this short position
by buying Shares in the open market through stabilisation activities and/or
by exercising the over-allotment option.
Pricing..................................
The application price for Offer Shares in the Offering is fixed at NOK 36.00
per share. No expenses or taxes are charged to the applicants for their
application in the Offering.
Applicants who participate and are allotted shares in the Retail Offering will
be given a discount of NOK 1,500 for their aggregate application (being
calculated as the sum, if applicable, of multiple applications).
Potential disparity between the
To the knowledge of Havyard Group ASA, no member of administrative,
21
application price and cost to
management or supervisory bodies or senior management have acquired
related persons .....................
shares in Havyard Group ASA during the past year, or have rights to acquire
such shares, at a share price which is lower than the application price
applied in the Offering, except as set forth below:
Chap AS, a company controlled by the Mr. Karl Eirik Frøysa Hansen who is
the Chief Accounting Officer of the Company, acquired 81,800 shares in
December 2013 at a price corresponding to NOK 12.23 per share; and
Lobema AS, a company controlled by Mr. Kenneth Pettersen who is the
Chief Operating Officer of the Company, acquired 81,800 shares in
December 2013 at a price corresponding to NOK 12.23 per share.
Managers .............................
The Managers of the Offering are Fearnley Securities AS (P.O.Box 1158
Sentrum, N-0107 Oslo) and Arctic Securities ASA (P.O.Box 1833 Vika, N0123 Oslo).
Depository agent ...................
Nordea Bank Norge ASA, Verdipapirservice, P.O.Box 1166, N-0107 Oslo,
Norway.
Underwriting .........................
No underwriting or guarantee for the full application of the Offering is being
provided.
4.4
Admission to trading and dealing arrangements
The following main terms apply to the listing of the shares.
Listing of the Offer Shares ......
In its meeting on 30th of April 2014, the Board of Oslo Børs resolved to
approve the application for listing of the shares of the Company, subject to
approval of a valid listing prospectus and subject to documentation of
sufficient share distribution.
Due to the Company’s subsequent decision to issue a new bond loan prior to
listing (as further set out in Section 9.5.2 herein), an updated application
was made for listing on 6 June 2014. The updated application is to be
considered in a meeting of the Board of Oslo Børs on 18 June 2014. The
Company expects that such updated application will be approved at that
date and that the same conditions will apply.
This Prospectus serves to meet the condition for a valid listing prospectus.
Subject to the full conditions being met, the Offer Share will become
tradable on Oslo Børs under the trading symbol “HYARD”. The first trading
date for the Shares is expected to be 26th June 2014.
No arrangements have been made for the trading of the Offer shares on
other regulated markets.
Market maker arrangements ...
Havyard Group ASA does not have arrangements with entities to provide
market making or similar activities.
Stabilisation arrangements .....
Fearnley Securities AS, acting as stabilisation manager on behalf of the
Managers, may, upon exercise of a lending option for over-allotment of
Additional Shares in the Offering, from the first day of listing effect
transactions with a view to supporting the market price of the Shares at a
level higher than what might otherwise prevail, through buying Shares in
the open market at prices equal to or lower than the Application Price.
There is no obligation on the stabilisation manager to conduct stabilisation
activities and there is no assurance that stabilisation activities will be
22
undertaken.
Such
stabilisation
activities,
if
commenced,
may
be
discontinued at any time and will in any event be brought to an end at the
latest 30 calendar days after the first days of listing.
Any stabilisation activities will be conducted in accordance with Section 3-12
of the Norwegian Securities Trading Act and the EC Commission Regulation
2273/2003 regarding buy-back programmes and stabilisation of financial
instruments.
The Lending Shareholders and the Managers have agreed that the profit, if
any, resulting from stabilisation activities conducted by the stabilisation
manager (on behalf of the Managers), will be for the account of the
Managers up to a ceiling of 2% calculated on the shares so acquired
multiplied by the Application Price, and that any profit over and above this
amount shall be for the account of Havyard Group ASA (being one of the
Lending Shareholders).
Within one week after the expiry of the 30 calendar day period of price
stabilisation, the stabilisation manager will publish information as to
whether or not stabilisation activities were undertaken, and in case of such
activities, about (i) the total amount of Shares sold and purchased, (ii) the
dates on which the stabilisation period began and ended, (iii) the price
range between which stabilisation was carried out, as well as the highest,
lowest and average prices paid during the stabilisation period, and (iv) the
date at which stabilisation activities last occurred.
It should be noted and understood that stabilisation activities might result in
market prices that are higher than those that would otherwise prevail.
4.5
The Selling Shareholder
The Offer Shares are being offered for application by new investors by the Selling Shareholder. The
following information is provided about the Selling Shareholder.
Name and address of the
All of the Offer Shares, between 4,200,000 to 6,250,000 Shares of the
Selling Shareholder; shares
Company, are being offered by Havila Holding AS (Mjøstadneset, N-6092
offered by each Selling
Fosnavåg, Norway).
Shareholder ..........................
The
Additional
Shares
are
being
made
available
by
the
Lending
Shareholders, being Havyard Group ASA (Mjølstadneset, N-6099 Fosnavåg,
Norway) and Geir Johan Bakke AS (Mjølstadneset, N-6099 Fosnavåg,
Norway).
Lock-up arrangements ...........
Following
the
Offering,
the
Selling
Shareholder
and
certain
other
shareholders of the Company will be subject to a lock-up period of 12
months, as set forth in Section 4.6 below. With regard to the Selling
Shareholder, the undertaking described therein allows for the sale of Shares
in the Offering.
4.6
Lock-up arrangements
Following the Offering, the Selling Shareholder and the persons listed below will be subject to lockup restrictions:
Person
Position
Included entities
Havila Holding AS
Selling Shareholder
-
Geir Johan Bakke
CEO of the Company
Geir Johan Bakke AS
23
Idar Fuglseth
CFO of the Company
Kenneth Pettersen
COO of the Company
Gunnar Larsen
SPV, Market and Business Development
Karl Eirik Frøysa Hansen
CAO of the Company
Tor Leif Mongstad
EVP, Sales & International Network
Stig Mange Espeseth
EVP, Havyard Design & Solutions
Johan Rune Bakke
EVP, Havyard Power & Systems
Lobema AS
Chap AS
Pursuant to the lock-up undertakings, the Selling Shareholder and the persons listed above have
undertaken not to sell, pledge, lend or otherwise dispose of any shares in the Company or to enter
into swap agreements or other agreements with a similar economic effect to a transfer of shares in
the Company for a period of twelve months starting the first day of listing without the priort written
consent of the Managers, which consent shall not be unreasonably withheld.
4.7
Shares following the Offering
The Offering does not give rise to the issuance of new shares of the Company. The number of
shares of the Company following the Offering will be unchanged at 22,528,320 shares, each with a
par value of NOK 0.05.
4.8
Dilution
The Offering comprises existing shares of the Company and therefore does not give rise to any
dilution of ownership by shareholders not participating.
4.9
Publication of information relating to the Listing and the Offering
In addition to press releases, which will be posted on the Company’s website, the Company will use
the Oslo Børs information system to publish information relating to the Listing and the Offering.
4.10
Restrictions on sale and transfer
This Prospectus does not constitute an offer of, or an invitation to purchase any of the Offer Shares
in any jurisdiction in which such offer or sale would be unlawful. No one has taken any action that
would permit a Offering of Shares to occur outside of Norway. Accordingly, neither this Prospectus
nor any advertisement or any other offering material may be distributed or published in any
jurisdiction except under circumstances that will result in compliance with any applicable laws and
regulations. The Company and the Managers require persons in possession of this Prospectus to
inform themselves about and to observe any such restrictions. The Offer Shares may be subject to
restrictions on transferability and resale and may not be transferred or resold except as permitted
under applicable securities laws and regulations. Any failure to comply with such restrictions may
constitute a violation of the securities laws of any such jurisdiction.
The following is a summary of certain selling and transfer restrictions that may apply to the Offer
Shares pursuant to legislation in certain jurisdictions. The contents do not constitute an exhaustive
description of all selling and transfer restrictions that may apply in such jurisdictions, and similar or
other restrictions may also follow from applicable laws and regulations in other jurisdictions.
4.10.1
Selling restrictions – United States
The Offer Shares have not been and will not be registered under the U.S. Securities Act and may
not be offered or sold except (i) within the United States to QIBs as defined in, and in reliance on,
Rule 144A or (ii) to certain persons in offshore transactions in compliance with Regulation S under
the U.S. Securities Act, and in accordance with any applicable securities laws of any state or
24
territory of the United States or any other jurisdiction. Accordingly, each Manager has agreed that
it has not offered or sold, and will not offer or sell, any of the Offer Shares at any time other than
to QIBs in the United States in accordance with Rule 144A or outside of the United States in
compliance with Rule 903 of Regulation S. Transfer of the Offer Shares will be restricted and each
purchaser of the Offer Shares in the United States will be required to make certain
acknowledgements, representations and agreements, as described in Section 4.10.5 “Transfer
restrictions – United States”.
Any offer or sale in the United States will be made by broker-dealers registered under the US
Exchange Act which are either affiliates of one of the Managers or broker-dealers to which one of
the Managers have a contractual relationship. In addition, until 40 days after the commencement
of the Offering, an offer or sale of Offer Shares within the United States by a dealer, whether or not
participating in the Offering, may violate the registration requirements of the U.S. Securities Act if
such offer or sale is made otherwise than in accordance with Rule 144A of the U.S. Securities Act
and in connection with any applicable state securities laws.
4.10.2
Selling restrictions – United Kingdom
Each Manager has represented, warranted and agreed that:
(a) it has only communicated or caused to be communicated and will only communicate or cause
to be communicated any invitation or inducement to engage in investment activity (within the
meaning of section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) received
by it in connection with the issue or sale of any Offer Shares in circumstances in which section
21(1) of the FSMA does not apply to the Company; and
(b) it has complied and will comply with all applicable provisions of the FSMA with respect to
everything done by it in relation to the Offer Shares in, from or otherwise involving the United
Kingdom.
4.10.3
Selling restrictions – European Union / European Economic Area
In relation to each Member State of the EU/EEA which has implemented the Prospectus Directive
(each, a "Relevant Member State"), an offer to the public of any Offer Shares may not be made in
that Relevant Member State, other than the offers contemplated by this Prospectus in Norway once
this Prospectus has been approved by the Norwegian FSA and published in accordance with the
Prospectus Directive as implemented in Norway, except that an offer to the public of any Offer
Shares in a Relevant Member State may be made at any time under the following exemptions
under the Prospectus Directive, if they have been implemented in the Relevant Member State:
(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b) to fewer than 100, or if the Relevant Member State has implemented the relevant provision of
the Directive 2010/73/EU, 150, natural or legal persons (other than qualified investors as
defined in the Prospectus Directive); or
(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of Shares shall result in a requirement for the publication by the
Company or any Manager of a prospectus pursuant to Article 3 of the Prospectus Directive or
supplement to a prospectus pursuant to Article 16 of the Prospectus Directive.
For the purposes hereof, the expression "offer to the public" in relation to any Offer Shares in any
Relevant Member State means the communication in any form and by any means of sufficient
information on the terms of the offer and the shares to be offered so as to enable an investor to
25
decide to purchase any Offer Shares, as the same may be varied in that Member State by any
measure implementing the Prospectus Directive in that Member State.
4.10.4
Selling restrictions – other jurisdictions
The Offer Shares may not be offered, sold, resold, transferred or delivered, directly or indirectly, in
or into Japan, Australia, Singapore, Switzerland, Hong Kong or any other jurisdiction in which it
would not be permissible to offer the Offer Shares. In jurisdictions outside the United States and
the EU/EEA where the Offering would be permissible, the Offer Shares will only be offered pursuant
to applicable exemptions from prospectus requirements in such jurisdictions.
4.10.5
Transfer restrictions – United States
The Offer Shares have not been and will not be registered under the U.S. Securities Act and may
not be offered or sold within the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the U.S. Securities Act and applicable
state securities laws. Terms defined in Rule 144A or Regulation S shall have the same meaning
when used in this Section.
Each purchaser of the Offer Shares outside the United States pursuant to Regulation S will be
deemed to have acknowledged, represented and agreed that it has received a copy of this
Prospectus and such other information as it deems necessary to make an informed decision and
that:
•
The purchaser is authorised to consummate the purchase of the Offer Shares in compliance
with all applicable laws and regulations.
•
The purchaser acknowledges that the Offer Shares have not been and will not be registered
under the Securities Act or with any securities regulatory authority or any state of the United
States, and are subject to significant restrictions on transfer.
•
The purchaser is, and the person, if any, for whose account or benefit the purchaser is
acquiring the Offer Shares was located outside the United States at the time the buy order for
the Offer Shares was originated and continues to be located outside the United States and has
not purchased the Offer Shares for the benefit of any person in the United States or entered
into any arrangement for the transfer of the Offer Shares to any person in the United States.
•
The purchaser is not an affiliate of the Company or a person acting on behalf of such affiliate,
and is not in the business of buying and selling securities or, if it is in such business, it did not
acquire the Offer Shares from the Company or an affiliate thereof in the initial distribution of
such Shares.
•
The purchaser is aware of the restrictions on the offer and sale of the Offer Shares pursuant to
Regulation S described in this Prospectus.
•
The Offer Shares have not been offered to it by means of any "directed selling efforts" as
defined in Regulation S.
•
The Company shall not recognise any offer, sale, pledge or other transfer of the Offer Shares
made other than in compliance with the above restrictions.
•
The purchaser acknowledges that the Company, the Selling Shareholder, the Managers and
their
respective
advisers
will
rely
upon
the
truth
acknowledgements, representations and agreements.
26
and
accuracy
of
the
foregoing
Each purchaser of the Offer Shares within the United States pursuant to Rule 144A acknowledges,
represents and agrees that it has received a copy of this Prospectus and such other information as
it deems necessary to make an informed investment decision and that:
•
The purchaser is authorized to consummate the purchase of the Offer Shares in compliance
with all applicable laws and regulations.
•
The purchaser acknowledges that the Offer Shares have not been and will not be registered
under the U.S. Securities Act or with any securities regulatory authority of any state of the
United States and are subject to significant restrictions to transfer.
•
The purchaser (i) is a QIB (as defined in Rule 144A), (ii) is aware that the sale to it is being
made in reliance on Rule 144A and (iii) is acquiring such Offer Shares for its own account or
for the account of a QIB, in each case for investment and not with a view to any resale or
distribution of the Offer Shares, as the case may be.
•
The purchaser is aware that the Offer Shares are being offered in the United States in a
transaction not involving any Offering in the United States within the meaning of the U.S.
Securities Act.
•
If, in the future, the purchaser decides to offer, resell, pledge or otherwise transfer such Offer
Shares, as the case may be, such shares may be offered, sold, pledged or otherwise
transferred only (i) to a person whom the beneficial owner and/or any person acting on its
behalf reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A,
(ii) in accordance with Regulation S, (iii) in accordance with Rule 144 (if available), (iv)
pursuant to any other exemption from the registration requirements of the U.S. Securities Act,
subject to the receipt by the Company of an opinion of counsel or such other evidence that the
Company may reasonably require that such sale or transfer is in compliance with the U.S.
Securities Act or (v) pursuant to an effective registration statement under the U.S. Securities
Act, in each case in accordance with any applicable securities laws of any state or territory of
the United States or any other jurisdiction.
•
The purchaser is not an affiliate of the Company or a person acting on behalf of such affiliate,
and is not in the business of buying and selling securities or, if it is in such business, it did not
acquire the Offer Shares from the Company or an affiliate thereof in the initial distribution of
such Shares.
•
The Offer Shares are "restricted securities" within the meaning of Rule 144A (3) and no
representation is made as to the availability of the exemption provided by Rule 144 for resale
of any Offer Shares, as the case may be.
•
The Company shall not recognise any offer, sale pledge or other transfer of the Offer Shares
made other than in compliance with the above-stated restrictions.
•
The purchaser acknowledges that the Company, the Selling Shareholder, the Managers and
their
respective
advisers
will
rely
upon
the
truth
acknowledgements, representations and agreements.
27
and
accuracy
of
the
foregoing
5
GROUP, BUSINESS AND INDUSTRY OVERVIEW
5.1
Group overview
Havyard Group is an international provider of maritime technology, with focus on ship designs,
maritime construction, maritime equipment, and equipment for fish processing. Dating its history
back to 1928, the Group is based in Norway with additional presence in several other geographic
regions.
Havyard Group has been privately owned by Havila Holding AS, controlled by the Sævik family,
since the year 2000 when it was purchased from Kværner. Over the years since that acquisition,
Havyard Group has expanded significantly in terms of revenues, earnings, and product range. The
growth has been generated in a combination of organic growth and business consolidation, with
more than 20 companies having been established or acquired to provide a complete and fitting
service offering.
Havyard Group has over the years transferred a large part of the actual production of ships to
external providers located in more cost effective regions, and has developed a business concept
with focus on the more competence oriented and specialized production in Norway.
5.1.1
Object and business strategy
The object of Havyard Group, as stated in the by-laws of the parent company Havyard Group ASA,
is to invest, directly or indirectly, in the maritime industry, including shipbuilding, as well as to
oversee sales, agency business, commission business, operations, and other services to related
companies.
The vision of the Havyard Group is “Improving Life at Sea”, which is intended to motivate all
companies and persons within the Group to improve the situation for everyone involved in the
operation of vessels constructed with a Havyard Group design or equipped with Havyard Group
equipment, be it shipowners, charterers, crew, onshore employees or others.
5.1.2
Companies in the Havyard Group
Havyard Group is a group of companies with Havyard Group ASA as the group parent company.
Havyard Group ASA is a Norwegian public limited company registered in the Norwegian Registry of
Business Enterprises with company registration number 980 832 708. Havyard Group ASA has its
registered business address at Mjølstadneset, N-6099 Fosnavåg, Norway, with telephone number
(+47) 70 08 45 50. Havyard Group ASA was incorporated on 2 June 1999.
The business of the Havyard Group is divided into four divisions, each under a separate holding
company under the group parent company, being:

Havyard Design & Solutions, providing designs and system packages for external and
internal vessel construction;

Havyard Ship Technology, providing construction, conversion and repair of vessels, with
focus on advanced offshore support vessels and vessels for use in fisheries and
aquaculture;

Havyard Power & Systems, providing a broad range of advanced ship technologies;

Havyard Fish Handling and Refrigeration, providing equipment and systems for the safe
and efficient handling of fish in fishing vessels, live fish carriers and on seafood shore
plants.
28
In addition, as a related business activity the Havyard Group has certain financial holdings which
are held directly under the group parent company or under the subsidiary Havyard Ship Invest AS.
The chart below provides an overview of the companies comprising the Havyard Group.
Havyard Group ASA is the parent company and majority owner of the shares in the various
subsidiaries of the Group. Havyard Group ASA provides management functions and has the
purpose of giving support to its subsidiaries regarding overall strategy, finance, logistics, profiling
and other support functions.
The table below sets forth key data relevant to each group company in the Havyard Group, not
including the companies that are non-consolidated:
Name
Domicile, Reg. no.
Function
Havyard Group ASA
Norway, 980 832 708
Parent company
Havyard Design & Solutions AS
Norway, 988 162 175
Design & Engineering
Havyard Power & Systems AS
Norway, 992 502 940
Power & Systems
Norway, 979 329 903
Fish Handling
Havyard MMC Refrigeration AS
Norway, 985 411 441
Fish Refrigeration
Havyard MMC Fish Handling AS
Norway, 994 941 593
Fish Handling
MMC Green Technology AS
Norway, 995 126 303
Ships equipment
MMC Peru SAC
Peru
Havyard Fish Handling & Refrigeration
AS
Production and sale of equipment
related to fish handling and
refrigeration
Norwegian registered
Havyard Production & Services SP. Zoo
foreign (Polish) company,
Ships installation
997 835 913
Havyard Ship Invest AS
Norway, 896 533 622
Ships investment
Havyard Ship Technology AS
Norway, 929 585 860
Shipbuilding
29
Havyard Design & Solutions SP Z o.o.
Havyard Design & Solutions Rijeka
Poland, KRS No 265848
Croatia, MBS No
0402227006
Engineering
Engineering
Havyard South America Ltda
Brazil, 33.2.0886640-7
Sales
Havyard China Ltd.
P.R. China, 1373449
Sales
Havyard Far East Pte. Ltd.
Singapore
Dormant; former sales office
5.1.3
Brief overview of the history of the Havyard Group
Havyard Group dates its business history back to 1928, when the company Løland Motorverksted
was founded in Leirvik in Sogn by Mr. Jonas Løland. The company soon expanded into shipbuilding
and delivered its first ship, a ferry, in 1938. In 1979, the company was acquired by Kleven, which
in turn was acquired by the shipbuilding division of the Kværner Group in 1990.
In 2000, Havila Holding AS, a privately owned company related to Per Sævik and his family,
acquired part of Kværner’s shipbuilding activities and renamed it Havyard Leirvik. A significant
expansion period followed with establishment of Havyard Electrical in 2003, establishment of
Havyard Design & Solutions (by means of an acquisition of Leine Maritime) in 2005, establishment
of Havyard Power & Systems in 2007, co-establishment of Norwegian Electric Systems in 2009,
and establishment of Havyard Fish Handling and Refrigeration (by means of acquisition of MMC
Tendos) in 2012.
Over the period since the acqusition by Havila Holding AS in 2000, Havyard Group has developed
its service offering from shipbuilding into a broad service range within offshore oil and gas, fishing
and aquaculture industries. Havyard Group delivers products and services within the complete
value chain from vessel design, construction, after sales and life cycle support for the vessels in
operation.
Havyard Group has successfully expanded its client base to deliver designs, ships and equipment
worldwide. The first sale of a vessel of Havyard Group design to an international client took place in
2007, and international clients now account for a substantial part of the Group’s business. In 2013,
an order from the Russian client FEMCO for an AHTS with ice breaking capabilities confirmed
Havyard Group’s position within the Arctic segment.
5.1.4
Havyard Group growth strategies
The Group's strategy is to grow Havyard Group substantially the next two to five year period by
improving and developing both products and the product range of each of the segments of the
Group and identifying new customers globally.
In seeking such expansion, the Group will focus on the opportunities arising from its integrated
service offering, which it intends to broaden further. The Group believes that it is well positioned to
take new orders in all parts of the Group, both from the individual divisions on a stand-alone basis
and through the close cooperation of the divisions. The Group believes that significant opportunities
exist both in the Group’s traditional core markets and from new clients.
In order to increase the overall capacity and to be cost efficient in a continuously more challenging
marked, the Group will continue to seek long time reliable partners abroad, always carefully
maintaining the high standard of quality, functionality and timely delivery which is the brand of the
Group.
30
In particular, the Group aims at achieving an increased control over a larger part of the ship
technology value chain by offering designs, ship equipment, prototyping capabilities as well as
Norwegian and international low‐cost turn‐key deliveries for a broad range of offshore and fish
related vessels for the global market.
Strategic priorities and activities for the coming years are:

Broadened client portfolio in Norway and internationally, where the Group believes it will
benefit from having an increasingly independent position from any specific shipowner;

Secure a larger part of the value chain and value creation through organic development or
acquisition of product and technology companies with complimentary product range;

“Asset light” growth through expansion of delivery/ business model with more turnkey
vessel production outside Norway;

Further expand the “Life Cycle Portal” concept to further strengthen ties with clients and
boost aftermarket sales potential.
Within each business division, the Group's ambition is to increase external sales by increasing
market presence in emerging markets like the Far East. Expanding the Group’s foothold in China is
an important step in this respect.
5.1.5
Diversification and cyclicality
The Group believes that its combination of business focus towards two independent segments –
offshore support vessels and fishery / fish farming vessels – provides a shelter against cyclicality in
any individual segment. In particular, the market for offshore support vessels will normally be
driven by increased exploration and production activities, and is sensitive to oil and gas prices. The
market for fishery / fish farming vessels is uncorrelated with such factors, but is driven by other
factors such as capacity demands and changing regulations.
5.2
The Design & Solutions division
5.2.1
Overview
Havyard Design & Solution ("HDS") is in the business of developing and providing ship design and
system packages for offshore and fishing vessels as well as advisory during the construction
period. A design consists of main drawings and specifications and is the basis for detailed
engineering done for the construction of the vessel.
The division has been part of the Havyard
Group since 2005, when Havyard Group acquired Leine Maritime. The division employs
approximately 120 persons who are mainly located in Fosnavåg, Norway. Approximately 100 of the
employees are designers or engineers.
5.2.2
Product overview
HDS has developed a total of 22 different vessel designs which have been provided for a total of 72
vessels around the world, including 18 construction projects currently ongoing at a large range of
Norwegian and international yards.
The design portfolio currently consists of:

Platform Supply Vessels (PSVs) and Emergency Rescue and Recovery Vessels (ERRVs) – a
total of five different designs, with 20 vessels delivered and 14 vessels currently under
construction;
31

Anchor Handling Tug Supply (AHTS) vessels – a total of five different designs, with 28
vessels delivered and no vessels currently under construction;

Subsea Support vessels – a total of five different designs, with four vessels delivered and
one vessel currenly under construction;

Arctic vessels – a total of two different designs, with no vessels delivered and one vessel
currently under construction; and

Vessels for fisheries and aquaculture – a total of five different designs, with two vessels
delivered and two vessels currently under construction.
Each of the designs are developed in accordance with a stringent design process and on the basis
of extensive knowledge about the operating requirements, computerised calculation tools, test
procedures, as well as skilled and experienced engineers. The purpose of any such design is to
develop a well-balanced set of features to give the vessel the best possible overall performance in
its typical operating profile.
HDS has invested in developing its own design philosophy, design process and method of analysis
making it able to develop and verify the performance of the the design before commencing
production. Proprietary methods for model test and calculation simulators give HDS a strong ability
to predict the performance and have an iteration process towards the best compromise final
design. HDS is using the most renowned research facilities, such as Marintek in Norway and Marin
in Holland for developing tools and testing designs.
HDS also participates in an international cooperation project for deceloping new full-scale (sea
trial) test enabling the company to compare the vessel’s test results with the initial calculations and
model tests independently of environmental conditions at the premises of the full scale tests. This
again gives HDS valuable information and feedback for the design process of the next type of
design.
In addition to the provision of designs, HDS also offers to deliver equipment system packages
when a vessel is built at external shipyards. The system package of consists equipment provided
by other Havyard Group companies and equipment from selected equipment suppliers. The system
package includes system integration, interface control, commissioning and after sales service. By
selecting a system package, the customer will benefit from having a single point of contact for a
large group of equipment, utilising HDS’ procurement team and volume, quality assurance and
possible financing.
5.2.3
Business and revenue model
In supplying a ship design, HDS sells complete design and system packages to yards and
shipowners against a fixed price. HDS’ customers are mainly the construction yards, while the
decision markers most often are the ship owners deciding on which design to build before actual
construction yard is chosen. In some situations the yard may be promoting design or the endcustomer utilizing the vessel (i.e. oil major) may influence the ship owner for which design to be
build. The service may also include follow-up of the construction of the ship when building at
external yards.
When making new designs, these are generally developed on the basis of a close cooperation with
shipowners and prospective clients, and are targeted towards specific uses based on a broad set of
competences within the respective business areas.
32
In all instances, the property of the design remains with HDS, which also generally bears the cost
of development and is free to sell the design onward to any client. Hence, HDS has developed a
library of existing designs of both standardised and specialised vessels for which it can make repeat
sales.
Havyard Group has not traditionally taken out patents on its designs, considering that patents may
be unreasonably expensive and may not provide adequate protection. Havyard Group believes that
the combination of design and associated expertise provided to a client makes it difficult for others
to utilise the designs in a manner that abuses the Havyard Group’s rights and ownership to the
design.
According to the standard contract which is generally applied by HDS, although some of the
ongoing projects are contracted under the customers’ terms and conditions, the design is the
property of HDS. The HDS standard contract includes provisions on limitations of liability, whilst the
projects contracted under customers’ terms and conditions do not include an overall limitation of
liability. HDS shall indemnify the customer for direct losses resulting from infringement claims
against the customer and customer's use of the design (unless caused by customer). The customer
shall indemnify HDS against claims or direct losses caused by infringement of HDS’ intellectual
property. Except as provided for in the contract, the customer shall hold HDS harmless for third
party claims for injury, death, property damage or other damages as a result of the purchase or
use of the design and/or equipment. Liability for the other party's consequential losses is excluded.
HDS’ right to payment is secured by milestone payments upon HDS’ progressive delivery of the
design, e.g. with a certain down-payment at contract signing, at delivery of different drawings (for
example three different milestone applicable for the progressive delivery of documents) and at
delivery of the last documents / drawings. HDS is entitled to suspend its work, or upon notice,
terminate the contract if the customer fails to pay an installment. Termination upon 30 days prior
notice for material default is available to both parties.
Since 2005, when HDS became part of the Havyard Group, the aggregate costs used to develop
ship designs amount to approximately NOK 150 million. The majority of these costs have been
expensed continuously. The amount capitalised on the Havyard Group’s balance sheet for these
designs amounted to NOK 17 million at year-end 2013 and approximately NOK 19 million at 31
March 2014.
5.2.4
Current contract portfolio
HDS is currently to deliver nine design packages to external customers, as well as acting as the
supplier for nine design packages where the Ship Technology division acts as buyer of design
packages to be supplied to external customers under the respective shipbuilding contracts. The
total number of vessels contracted for delivery under current contracts is 18, being made up of 13
PSVs, one subsea vessels, one Arctic vessel and three fishing / aquaculture vessels.
The external contracts have an aggregate contract price of approximately NOK 266 million, varying
from approximately NOK 15 million to more than NOK 80 million depending on the extent of each
contract and the amount, if any, of equipment to be provided. The external contracts provide for
supplies of design and equipment for vessels to be constructed in China and Spain.
The internal contracts, where HDS acts as a supplier to the Ship Technology division, have an
aggregate contract price of approximately NOK 139 million, varying from approximately NOK 5
million to NOK 30 million depending on the extent and deliverables provided by each contract. The
internal contracts provide for deliveries throughout 2014 and into 2015.
33
On the basis of the current contract portfolio, HDS expects to have its capacity approximately 70%
covered for 2014.
5.2.5
Market outlook and competitiveness
The key market driver for HDS is the level of activity in world-wide shipbuilding markets within the
Group's ship segments, i.e. advanced offshore support vessels and fishery / fish farming vessels.
This again is dependent on the underlying activity in exploration and production of oil and gas
(which is linked to the oil and gas prices) and the markets for fisheries and aquaculture.
Within the market for offshore support vessels, and in particular with regard to specialised PSVs,
large AHTS and subsea support vessels, the Group is a well established design company, with a
broad range of designs within numerous segments and a market share in Norway, based on
internal estimates, of about 10% (based on revenue), and primarily faces competition from other
Norwegian and some European ship designers such as Ulstein (design and yard), Marin Teknikk
(PSVs and construction), Vard and Rolls Royce. Some shipyards have inhouse design capacity
(such as Vard), but most do not actively offer designs separate from its own yard.
As for fishing vessels and live fish carriers, HDS is relative new player with low market share. There
are a number of well established design concepts, mainly free standing and based in the Nordic
countries. Competitors within fishing vessels include Rolls Royce, Wärtsila and Karstensens ship
yard in Denmark, the latter offering both design and shipbuilding. For live fish carriers, Rolls Royce
is the main competitor, but also Aas Mek Verksted which offers both design and shipbuilding.
Within live fish carriers, the Group believes that HDS has a competitive advantage by having
suppliers of key equipment and systems in-house. Buyers will benefit from having Havyard Group
as the one point of contract with regard to both design and key equipment. Development of these
ship types will also benefit from the close cooperation between the designers and the in-house
suppliers of critical key equipment.
Havyard Group believes that HDS is well positioned to benefit from additional future orders by
being in a technological forefront, having strong experience, being well connected to integrated
product offerings, and being part of the strong Norwegian maritime cluster.
5.3
The Ship Technology division
5.3.1
Overview
Havyard Ship Technology ("HST") is a well established Norwegian provider of sophisticated vessels
for use in the oil and gas industry, as well as in fishing and aquaculture industry. HST has delivered
43 vessels since the acquisition by Havila Holding AS in 2000 and currently has 9 vessels under
construction, with an aggregate backlog of about NOK 2.9 billion.
HST employs approximately 260 persons at its yard in Leirvik, Norway. In addition, HST draws on
the resources of subcontractors to provide hull production, which enhances the overall productivity
and competitiveness, and ensures that the capacity in Norway can be used for specialist operations
such as prototyping, outfitting and other advanced construction activities.
5.3.2
Yard overview
HST has a shipyard facility located in Leirvik in Sogn, Norway, located at the mouth of the
Sognefjord at the North Western coast of Norway. The yard is a modern and well equipped facility
covering 98,000 sq.m. of owned land area. It has a built-in drydock with a length of 135 meters
and a breadth of 20 meters, being suitable for all relevant types of vessels being constructed and
34
offering a controlled and sheltered environment during outfitting and final painting. In addition, the
yard has an outfitting quay with a length of 185 meters.
The yard has a construction capacity of five to seven vessels per year, depending on size and
complexity. The following number of vessels have been delivered per year, 2007 (6), 2008 (3),
2009 (5), 2010 (2), 2011 (4), 2012 (5), 2013 (4), 2014, per time of Prospectus (1).
There are facilities in place to accommodate a workforce of 400 to 500 persons, including
employees and subcontractors.
The yard provides a wide range of services, including construction, outfitting, and conversions. The
construction projects are based on designs developed by the Group, meaning that HST is well
familiar with the products and technologies being provided. The construction projects are also to a
large extent integrated with products delivered from the Group’s Power and Systems division,
ensuring a well integrated production process.
HST has cooperated closely since 2005 with the Turkish yard Cemre Shipyard, which has produced
30 hulls for HST in the period. HST is the key customer for Cemre Shipyard, and previously HST
utilized 100% of the yard’s capacity, while after the recent years expansion, the yard has now
extended capacity that is sold to other customers than HST. As of today Cemre is able to cover all
hull deliveries required by Havyard. Havyard is utilising approximately 70‐80% of Cemre Shipyard's
capacity.
Cemre Shipyard, which is a privately owned company, is a successful shipyard in Turkey for the
last years and has proven their capability to deliver top quality products on budget and time in
close corporation with HST. Cemre Shipyard has a steel capacity for approximately 15,000 tons per
year with potential for futher development. The yard disposes a top modern workshop, offices and
cantina facilities.
Through its cooperation with Cemre Shipyard and others, HST is able to provide high quality hulls
of all sizes, covering all required segments at competitive terms and conditions. The outsourcing of
the work-intensive steel work implies flexible capacity for the HST yard at Leirvik. The quality of
the hull production at Cemre Shipyard is supervised by a site team from HST. The site team
surveys that Cemre Shipyard’s manufacturing satisfies the requirements of the ISO 9001 certified
production system of HST and that the hulls are built in accordance with the requirements of the
building specifications and contractual terms for delivery time, etc.
5.3.3
Business and revenue model
As a shipbuilder, HST generally enters into “turn-key” agreements with shipowners where HST
undertakes to build, launch, equip and complete vessels against a fixed price to be paid in specific
terms linked to agreed milestones. Any amendments to the original agreement are generally
documented by change orders. As part of its service offering, HST also arranges pre-delivery
financing during the construction period. HST also offers after-sale support such as maintenance
and spare parts, with a strategy to appear as a “life cycle provider” taking care of a vessel from
construction throughout the vessel’s operating life.
HST derives its profits from the margin between the agreed construction price and the costs
involved in such construction. Owing to the long construction period for vessels, revenues are
recognised during the construction period on a “percentage of completion” basis, while costs are
generally recognised as they occur.
The primary uncertainties involved in HST’s business are cost overruns, delays, and guarantee
claims. As part of its contracts with clients, and in line with what the Company believes is industry
35
practice, HST assumes responsibility for the delivery of the vessel according to defined timelines
and quality criteria, and has standard termination provisions in the event of late delivery (as
defined in each contract) as well as payment of liquidated damages in the event of delayed
delivery. The ability of HST to repay the clients in the event of a termination is generally secured
by means of a corporate refund guarantee covering all or part of the paid-in amounts. HST also
assumes responsibility for defects to the vessels for a period of twelve months after delivery,
including repair and rectification of defects cause by faulty design, defective material, and/or poor
workmanship discovered within the guarantee period. HST believes that these uncertainties are
reasonably well mitigated by limiting construction to designs developed by the Group, ensuring
familiarity with the products and technologies being provided. HST generally has had no significant
delays in deliveries over the last five years. As for cost overruns, this risk is higher when building
new designs compared to repeat orders for known designs. All but one of the current vessels on
order are being constructed without any significant cost overruns, with the one exception being a
prototype of a new design and new segment (live fish carrier). With respect to guarantee claims,
for which HST makes allocations for liability in the accounts, HST has not had claims exceeding
such allocations over the last five years.
HST may also take exposure to the shipowner’s ability to pay the vessel at delivery. In accordance
with the standard contracts used by HST (generally the Standard Form Shipbuilding Contract
2000), the vessel remains owned by the yard until delivery, acceptance and settlement of the
delivery instalment. In most, but not all, cases HST will have the delivery payments secured by
bank guarantee or other type of financing commitment. Under each contract the customer has an
obligation to provide necessary documentation of financial arrangement and resources, to satisfy
HST’s requirements of payment of the delivery payment. All contracting parties are considered by
HST to have satisfactory resources and/or financing for payment of the delivery instalments
according to the respective contract. HST has not experienced losses on customers over the last
five years. None of the current contract are currently in default, although one contract has been
amended due to late payment of instalments.
5.3.4
Current backlog
The chart below sets forth an overview of the current projects on order at HST. The orders
represent an aggregate contract value of approximately NOK 3.6 billion, and a remaining contract
backlog of approximately NOK 2.9 billion. The orders ensure full utilisation of the yard through all
of 2014 and approximately 70% of the capacity in 2015.
Of the nine projects listed below, all nine are newbuilding projects. For all of the newbuilding
projects, the vessel’s hull is being constructed at external hull yards outside Norway, following
which the hull is transported to Norway for completion at the HST yard. Of the nine vessels under
construction and on order, two are advanced vessels for fisheries and aquaculture, three are
Platform Supply Vessels (PSV), two are windmill service operation vessels, one is a subsea vessel,
and one is an Arctic icebreaker. The vessels related to fishery, aquaculture and windmill service are
all first-time vessels built by HST in these segments. Competence for building the fishing vessel
and the live-fish carriers has been strengthened by the acquisition of MMC in 2012 due to their indepth experience from these markets. In March 2014 the first live-fish carrier was delivered and is
evidence for a successful entrance into this segment. The SOVs are vessels with a relative low
complexity compared to previously delivered vessels and are comparable with the construction of a
PSV. All of the vessels are built to Havyard Group designs. The client base is made up of
Norwegian, Danish, Icelandic, Indian, Nigerian and Russian clients.
36
HAVYARD SHIP TECHNOLOGY - ORDER BOOK
Project
Design
Client
120
832 L WE (PSV)
Fafnir (IS)
116
832 (PSV)
Global (IN)
115
857 (Subsea/ROV)
MPL (NG)
118
832 SE (Windmill service)
Esvagt (DK)
119
832 SE (Windmill service)
Esvagt (DK)
121
535 (Fishing vessel)
Smaragd (NO)
124
587 (Live fish carrier)
Norsk Fisketransport (NO)
122
ICE 843 (AHTS Ice breaker)
FEMCO (RU)
126
ICE 833 (PSV WE)
Fafnir (IS)
13
14
15
N D J F M AM J J A S O N D J F M AM J J A S O N D
At hull yard
In dock
At quay
The current contract portfolio is a mix of “prototype vessels”, a term used to describe the first
construction of a new design, and vessel designs which previously has been built. Prototype vessels
will often have a lower margin than other vessels, both because there is a learning effect in repeat
orders and because new vessel designs/types must be priced attractively to induce owners to take
new designs. The amount of prototypes is currently higher than what is deemed normal, which
impacts margins negatively. For 2013, the average margin (measured as EBIT divided on revenue)
was 5.2%. For the first quarter 2014, mainly due to high degree of prototype vessels, the margin
was 1.6%. HST believes that the margin for 2014 as a whole will be approximately in line with the
margin achieved in 2013.
In connection with entering into shipbuilding contracts, the customer may in some cases be
granted options to construct additional vessels. HST currently has two options outstanding. One of
these options is for a sister vessel of hull number 122, with price and other relevant commercial
terms to be agreed, and to be declared within 1 July 2014. The other option is for a sister vessel of
hull number 124, on same terms and provisions as the current contract, and to be declared within
1 June 2014.
5.3.5
Market outlook and competitiveness
The ability of HST to successfully compete for and win profitable orders for vessel construction,
conversions and repairs depends on several factors, including the demand for newbuilt vessels,
overall yard capacity and competitive position, and HST’s ability to provide quality products in a
timely and cost-efficient manner.
In terms of the demand for newbuilt vessels, which is closely related to the underlying industries in
which the vessels are to operate, Havyard Group believes that its focus on two distinct and
uncorrelated industries – being offshore supply vessels and fishing / fish farming vessels – provides
a shelter to a potential downturn in any of the spefic industries.
HST is one of the four large shipbuilders in Norway (Vard, Ulstein, Kleven, Havyard) but there are
several international yards and smaller yards in Norway which are in the production of advanced
offshore supply vessels. However, with the strict and specific regulations in the North Sea, and in
particular in the Norwegian sector, a large part of the vessels for these markets are produced in
Norway due to the specific knowledge and competence of Norwegian yards to meet these
requirements.
37
HST also competes with several yards in the production of advanced fishing and fish farming
vessels, in particular Norwegian, Danish and Turkish suppliers.
The Company believes that HST is well positioned to compete for future orders for advanced oil
service and fishing vessels, both from international and domestic clients, having the following
advantages:

HST, being a well recognised yard in its sectors, has a strong reputation for delivering
quality vessels with excellent and fuel-efficient designs, offering high reliability over a long
lifespan and resulting in a competitive lifecycle cost level.

Further, by being part of the Havyard Group, HST offers a broad set of competences
resulting in vessels with a good integration of all components, and with an integrated
service offering over the life of the vessel.

Also, by supplying vessels with a high degree of Norwegian equipment, HST is able to offer
good financing solutions with the backing of Norwegian export credit agencies.
5.4
The Power & Systems division
5.4.1
Overview
Havyard Power & Systems ("HPS") provides a broad range of advanced ship technologies for use
both in integrated sales of newbuilt vessels from the Ship Technology division, and for third party
sales. A key element of this division is to be able to offer shipowners a complete range of advanced
and well integrated equipment, contributing to safe and efficient vessels. Havyard Group has
systematically broadened its service offering in this division, and will continue to do so.
The product range includes automation systems, power management systems, navigation systems,
bridge systems, electrical engineering and installation, as well as supervision and service.
HPS employs approximately 230 persons, the majority of which are employed in Fosnavåg,
Norway.
5.4.2
Service offering
HPS is specialising in design, engineering and installation of electric systems and delivery of
technologically advanced control and automation systems for ships. The key products offered by
HPS are the following:

Integrated Automation System is a well proven and reputable automation system with
integrated Power Management System. The system functions as the “brain” of a modern
diesel-electric vessel. The system comprises integrated functions for the vessel’s alarm
handling, cargo control, pump and valve control and general automation. Development and
installation of the system is closely integrated with the design and electrical engineering of
the vessel. The system offers high functionality and reliability, and can be remotely
supported by engineers onshore.

Navigation and Communication System for all types of vessels, providing an integrated
bridge solution in collaboration with global partners including Furuno and Sperry. HPS takes
responsibility for supplying the complete integrated package, including engineering, system
interfacting, commissioning and testing.

ConceptBridge, a trademark for HPS’ integrated and flexible ship bridge solutions, offering
functional and clean workstations tailormade for each vessel’s and customer’s needs for
38
safe operations. When supplied in combination with Navigation and Communication
System, the customer gets an integrated solution, meeting the requirements of
classification systems and international rules and regulations.

Bridge Automation System, a common system for bridge watch and central alarm systems.
The system offers easy operation from colour touch panels and is easily installed and
configured. The system is type approved and complies with the requirements of IMO
resolution MSC.128(75).
For all of the products mentioned above, HPS offers a complete range of engineering, interfacing
and installation. HPS also provides highly skilled and flexible service engineers to provide on-site
service and supervision for aftermarket support. HPS also cooperates closely with Norwegian
Electric Systems AS, a company in which the Group has a 37.9% ownership, and as further
described in Section 5.6.3.
5.4.3
Business and revenue model
The majority of HPS’s supplies are made to Havyard Group’s Ship Technology and/or Design &
Solutions divisions as part of the construction of newbuilds and upgrades of existing vessels. In
addition, HPS also sells systems and services to other yards or acts as sub-supplier to other
manufacturers.
As per the date of this Prospectus, HPS is party to nine contracts for supply to the Ship Technology
division, five contracts to the Design & Solutions division, and two contracts for supply to other
manufacturers.
The current contract base provides for a backlog of approximately NOK 88 million. On the basis of
current orders, HPS expects to be fully utilised throughout 2014.
5.4.4
Market outlook and competitiveness
The services provided by HPS are mainly used to support the Ship Technology division and to
provide a broad and integrated service offering. Havyard Group believes that the products and
services provided by HPS contribute to the overall attractivity of Havyard Group as a total service
provider, and that HPS is an important element in securing the long-term growth of Havyard
Group.
As of today HPS mainly has its revenue from internal sale in the group, hence its market share is
fairly low. Competition with respect to external sales primarily comes from other providers of
similar products and services for advanced vessels, including mainly other Norwegian and
European providers such as Rolls Royce, ABB and Siemens. HPS’s ability to compete in this
industry depends on its ability to maintain in a technological forefront, on its ability to provide
international sales and service, and on price. Havyard Group believes that HPS has a large
potential to achieve additional sales to external customers with respect to the maritime industry as
a whole, as well as to specialised segments such as cruise vessels and offshore rigs.
5.5
The Fish Handling and Refrigeration division
5.5.1
Overview
Havyard Fish Handling and Refrigeration (“HFHR”) provides equipment and systems for fish
handling on fishing vessels, live fish carriers and seafood shore plants. The HFHR division was
acquired by Havyard Group in 2012 and was formerly known as MMC Tendos, having been a
market leader in its sectors for several decades. The HFR division is 72% owned by Havyard Group
with the remainder being owned by part of the HFHR management.
39
HFHR employs approximately 120 persons, with head office in Fosnavåg, Norway, and with
locations Haugesund, Vigra and Tromsø.
5.5.2
Service offering
HFHR provides a broad range of products and services relating to the handling of live and caught
fish, including distribution, grading, cooling and freezing, automation and monitoring.
HFHR mainly provides high quality equipment and systems for three market areas:

Fishing vessels: Equipment and systems for loading and unloading of live and caught
fish, water separators, distribution to fish holds and/or fish factory, pumping from fish
holds/RSW tanks to processing lines, grading machines,filling plate freezers, vacuum
pumps for offloading.

Live fish carriers: Equipment and systems for loading and unloading of live fish, fish
counting, grading, distribution, circulation, water treatment, cleaning and disinfection, delicing, cooling (RSW), automation and monitoring.

Shore based fish industry: Equipment and systems for unloading from vessels, grading,
storage,
water
treatment,
distribution,
packing,
cooling
and
freezing,
live
fish
storage,automation and monitoring.
HFHR has a sophisticated automation department, focusing at optimising the processes related to
the products and services offered. Most of the systems are remote controlled and supervised, even
if submersed in seawater. Efficient automation contributes to making the systems price
competitive, safe (with sufficient redundancy) and easy to operate. Automation is likely to escalate
further.
HFHR operates worldwide, and provides turnkey solutions as well as supplying single products.
Moving fish in chilled water is one of the most usual issues, where HFR can provide integrated fish
handling and refrigeration solution packages. In this way HFR targets to follow the fish from
swimming in sea until ready for consumer. Efficient handling with care, quick chilling down, and
always keeping low temperature until ready frozen are main criteria to provide the best possible
fish quality.
HFHR also provides world-wide commissioning and after sale support.
5.5.3
Business and revenue model
HFHR has a mix of external sales and sales to other companies in the Havyard Group. As per the
date of this Prospectus, HFHR is party to seven contracts, of which five are to external parties and
two are to Havyard Group’s Ship Technology division.
The current contract base provides for a backlog of approximately NOK 196 million, which is
generally provided on a short term basis. On the basis of current orders, HFHR expects to have a
remaining unsold capacity of 15% for 2014.
5.5.4
Market outlook and competitiveness
Havyard Group believes that the services provided by HFHR, which was acquired in late 2012, will
be of significant value to the overall group by providing a broader offering within the fishing
industry, and will have large synergy values for the Group as a whole. HFHR is a well established
supplier with market shares estimated to be higher than 50% (total market measured by estimated
total revenue for suppliers, and based on internal estimates) for both fish handling equipment to
the purse seiner fleet and live-fish carriers in Norway.
40
In addition, Havyard Group believes that HFHR has a large potential for increased sales to the land
based fishing industry, where similar technologies will contribute to increased quality and efficiency
in the handling of fish.
5.6
Financial and other holdings
5.6.1
Havyard Ship Invest
Due to Havyard Group identifying financing as one of the main risk factors and constraints for the
customers, Havyard Group established Havyard Ship Invest AS in 2011 to be able to ease any
restraints the customers could face regarding initial financing of vessels built by Havyard Group.
This could take form in either part ownership in the shipowning company or as loans with a second
priority pledge. These investments and loans are given on market terms and with the intention of it
not being a long term investment. Therefore all investments should have clear exit provisions as
part of a shareholder agreement, and all loans should be of pre-defined and limited duration.
The strategy for Havyard Group for its use of Havyard Ship Invest AS is to have an instrument that
can be used to offer key costumers partial financing of ships built at the ship yard in Leirvik. The
possibility to offer costumers such financing can be a competitive advantage compared to some of
Havyard Group’s competitors.
Every investment is considered closely at the point of investment regarding risk level, total
contribution seen in relation to profit, and possible future strategic benefits of the relationship with
the costumer. The primary investment policy is to limit each investment to the amount expected to
be the profit (on an after tax basis) from such project. All of the investments are deemed to be of a
short term character with an owning period ranging from 1-4 years, and have an exit strategy.
Havyard Ship Invest AS, per end 2013 and at 31 March 2014 held shares or parts in the following
companies:
Company
Ownership
Underlying assets
Havila Charisma IS
50.0%
Havyard 833L PSV Delivered 2012
North Sea PSV IS
33.0%
Havyard 832L PSV Delivered 2012
Vestland Offshore Invest AS
16.8%
Fleet of 4 PSV vessels, whereof one is of Havyard 832L
design, delivered 2012
Forland Subsea AS*
25.0%
Havyard 857 Subsea Delivered 2013
*Divested May 2014
Havyard Ship Invest has also provided loans to customers. The total amount of such loans, which
are provided at market terms, was NOK 77.2 million at end 2013 and NOK 78.6 million at 31 March
2014.
The book value of the investment in Havila Charisma IS is NOK 44 million, and the book value of
North Sea PSV IS is NOK 25 million. Both investments are are accounted for using the equity
method. In accordance with valuations provided by the Company, and supported by external
broker valuations on the underlying assets, the fair value of these investments are NOK 58 million
and NOK 38 million, respectively.
Under the equity method the interest in the investment is based on the Group’s proportional share
of the associate’s equity, including any excess value and goodwill. The Group recognises its share
of net income, including depreciation and amortization of excess values and any impairment losses,
in Share of profit/(loss) of associates. Unrealised gains and losses resulting from transactions
41
between Havyard Group ASA and the associate are eliminated to the extent of the interest in the
associate.
No active market exists for the investment in Vestland Offshore Invest AS. A valuation model has
been applied to estimate the fair value to NOK 80 million for the ownership (against a cost of NOK
82 million). The fair value estimate is based on an average of valuations conducted by independent
ship brokers.
The investment in Forland Subsea AS was divested in May 2014. Forland Subsea was divested
according to the initial strategy, which classified the investment as short term, to be realised within
1 year from date of investment. The divestment of Forland reduces the investment in Havyard Ship
Invest AS, and thus the Group’s overall investment by NOK 46 million. This divestment increases
the liquidity of the Group by NOK 46 million.
5.6.2
Financial holdings held outside of Havyard Ship Invest
In addition Havyard Group holds parts or shares in the following ship owning companies:
Company
Ownership
P/F 6.September 2006
10.9%
Underlying assets
Fleet of 5 PSV-vessels, all of Havyard-design. Delivered
2009-2013. 4 Built by Havyard Ship Technology.
Havyard Group has also provided loans to customers. The total amount of such loans, which are
provided at market terms, was NOK 43.0 million at end 2013 and NOK 43.7 million at 31 March
2014.
No active market exists for the investment and a valuation model has been applied to estimate the
fair value to NOK 62 million for the ownership (against a cost of NOK 40 million). The fair value
estimate is based on an average of valuations conducted by independent ship brokers.
5.6.3
Norwegian Electric Systems AS – 37.9% ownership
Norwegian Electric Systems AS (NES) is a manufacturer and total system integrator of diesel
electric and hybrid electric systems to the marine and offshore industry. The company was
established in 2009 on the basis of a team of management and technical personnel that has
experience over several decades and which has participated in the development and delivery of
more than 4,000 large and small marine electric systems. Havyard Group has been an owner of
NES since its establishment.
NES is located in Bergen and employs a total of 35 persons, mainly engineers and designers.
Electric and electronic systems play a continuously more important part onboard modern ships and
offshore rigs. NES offer critical equipment, systems, knowledge and system integration to a great
part of these systems. When designing an advanced vessel or offshore rig today, the products,
services and know-how of NES is crucial in order to secure operating economy (e.g. fuel
consumption), operability and safety of operations of the vessel / offshore rig.
NES offers a broad range of marine electric systems comprising:

Engineering, total system calculations and supervising

Power plant capacity of up to 25,000 kVA

Motors and generators up to 5,500kW
42

Phase shift and distribution transformers up to 6,000kVA

Quadro Drives® up to 5,500kW. This is the frequency control unit for electric motor driven
componens like propulsion motors. NES’ diesel electric propulsion systems are based on
the state-of-the-art AFD (Active Front End) technology whose main advantages are high
efficiency with low weight and space requirements, flexibility in design and installation and
low THD (Total Harmonic Distortions).

QU.E.S.T. (Quadro Energy Storage Technology). This is a Hybrid Battery Propulsion System
that allows the diesel generator power plants work optimally to reduce fuel consumption
and emissions to the environment by storage and regeneration of surplus power in different
operational modes.

Main & Emergency Switchboards

Distribution panels, Motor Control Centres and starters

Bridge and machine room consoles

Integrated Automation, Power Management System and Dynamic Positioning systems

B.O.S.S.® (Black Out Safety Systems). Under DP2 and DP3 class requirements, the electric
propulsion system shall handle one fault, whatever this fault may be, and still be able to
maintain the position of the vessel. B.O.S.S.® supervises the complete electrical propulsion
system, ensuring that a single fault does not lead to an electrical black-out of the vessel.

Navigation systems

R.A.S (Remote Assistance System). Operating through the vessel’s satellite communication
system, this system ensures that the user can get assistance concerning operational
problems from any part of the world, which gives opportunities for service support and for
providing secure operation of the equipment and the vessel.

Service & Aftermarket
NES’ business model builds on a core in-house competence together with strategic partnerships
with several of the most reputed suppliers in the industry. All products and components are
defined, specified and designed by NES, while the production of these components is outsourced to
business partners and branded by NES.
In the view of Havyard Group, the ownership and close cooperation with an electric system
integrator such as NES is a substantial strength. The close cooperation in the development and
construction of new ship designs enables Havyard Group to develop innovative and competitive
vessels. Havyard Power & Systems (HPS) and Havyard Design & Engineering (HDE) work closely
together with NES both in developing standardised and project specific solutions. This cooperation
adds value to Havyard Group’s products and services and gives a competitive edge in the market.
NES has had a positive development since the establishment in 2009 and has made large
investments in development of new products and knowledge. The turnover has had a steady
growth from NOK 53 million in 2009 to NOK 225 million in 2013. The net profit for 2012 was
approximately NOK 9 million.
Recent deliveres have been made to a broad client base including Havyard Group, SeaJacks,
Vestland Offshore, Volstad Shipping, Bergen Group, Tersan Shipyard, Global Offshore Services,
43
Skansi Offshore, and Atlantic Offshore. NES competes internationally against larger suppliers such
as Rolls Royce, Siemens and ABB.
NES has in the first years of operation focused primarily towards deliveries towards offshore
support vessels; however the comprehensive diversity of NES’ products and systems opens up the
market for other segments such as drill ships, semi-subsmersibles, conventional rigs, platforms,
shuttle tankers, cruise vessels etc. NES is now increasing its market share within new market
segments and has experienced an increased demand especially from the rig segment. A significant
growth potential exist in other market segments such as merchant marine, passenger ferries,
fishing vessels and all other short distance marine vessels. NES’ product diversity and flexibility
makes the products suitable for almost all types of vessels.
Havyard Group’s investment in NES is accounted for using the equity method, with a book value of
NOK 13.3 million at 31 March 2014.
Under the equity method the interest in the investment is based on the Group’s proportional share
of the associate’s equity, including any excess value and goodwill. The Group recognises its share
of net income, including depreciation and amortization of excess values and any impairment losses,
in Share of profit/(loss) of associates. Unrealised gains and losses resulting from transactions
between Havyard Group ASA and the associate are eliminated to the extent of the interest in the
associate.
5.6.4
Other non-consolidated holdings
Except as set forth above, Havyard Group does not have holdings in non-consolidated companies
or enterprises.
5.7
Quality, safety, and HSE policies
In an industry where safety is critical, Havyard Group believes that it is possible to develop
competitive advantage through rigorous focus on Quality and Safety Management. Therefore,
continuous
training,
evaluation,
improvement
and
enforcement
of
the
Quality
&
Safety
Management System (“QSMS”) are key management responsibilities.
Havyard Group’s integrated Quality & Safety Management System has a set of policies as its
foundation. The policies detail the focus on people, environment, and assets. A brief abstract is
shown below;
•
Quality Policy – Havyard Ship Technology delivers high tech ships for the most
demanding offshore markets worldwide. Focusing on innovation, environment, community
and the requirements and expectations from the customer, we continuously work to make
our processes better, reduce risk and improve our competitiveness to reach our vision:
“Improving life at sea”
We will handle deviations and incidents (e.g. unintentional emissions) in a way that will
keep the customer and environment safe and without damage, and to avoid risk of
recurrence. Our Quality- and Environmental system should be:
Suitable, Efficient and Adequate – SEA
We will update and follow-up objectives according to current rules and regulations
•
HSE Policy – Havyard Group shall be world leading in Health, Safety and Environment.
44
•
Ethics Policy – Havyard Group’s Code of Ethics emphasises that all co-workers and the
corporate management shall maintain high ethical standards in performance of their duties.
We also expect our partners to live up to the same ethical standards as we expect of
ourselves.
Efforts to generate enthusiasm and to encourage an open discussion about ethics and
ethical dilemmas are always on the Havyard Group agenda. We will continue with
developing - and implementing systems and guidelines for compliance and follow-up the
Code of Ethics. Havyard Group companies and their employees are supposed to behave
with respect to surroundings, customers, suppliers and other employees.
Havyard Group companies aspire to cooperate with suppliers in order to ensure that our
products are developed under ethical conditions. We strive to be an active contributor with
respect to ethical supply chains. Havyard Group seeks continuous improvement through
analysing risk, in addition to our suppliers’ attitudes towards ethical matters.
Havyard Group secures and develops good working environments in the communities we
are present. Havyard Group wants to strain so that the local authorities, neighbors and
government agencies appreciate our presence. We give priority to the local community
when hiring and performing purchases.
Havyard Group tries to act particularly cautious when dealing with situations where a
conflict of interests can arise. We try to act as our customers’ prolonged arm with respect
to the producer/supplier market regarding ethical values, HSE requirements and other
standards
5.7.1
Quality
The management system is constantly under development, this could be based on changes in the
organisation, lessons learned from operations, industry best practices, client feedback or simply
good ideas, from personnel, that make operations more efficient and/ or safer.
Compliance with the Group’s Corporate Quality & Safety Management System is mandatory for all
personnel at all levels of the Group.
The Group seeks to continually develop the Group’s quality management and improvement
systems, by identifying the expectations and needs of its customers and by processes including
data collection and experience feedback from users of the systems, both onshore and offshore.
Havyard Ship Technology AS is certified in accordance with ISO 9001:2008 Quality Management
Systems.
5.7.2
Health, safety and the environment (HSE)
Havyard Ship Technology AS works according to:

OHSAS 18001:2007 Occupational health and safety management systems

International Marine Contractors Association (IMCA): Guidance on Safety in Shipyards.

Oil Companies International Marine Forum (OCIMF) guidelines: Health Safety and
Environment at New-Building and Repair Shipyards and During Factory Acceptance Testing
5.7.3
QHSE Planning
Havyarg Group makes its QHSE Planning is accordance with defined policies and procedures.
45
Havyard Group has implemented numerous key performance indicators in its Havyard Production
System, divided in leading indicators (permit to work, safety inspections) and Lagging indicators
(Improvements, Deviations, Injuries, Sick Leave, Fuel Consumption, Waste Recycling Ratio,
Warranty Cost).
Key performance indicators in its Havyard Project Management System are divided into leading
indicators (Action Points, Performance, Progress, Permit to Work, Safety Inspections) and Lagging
indicators (Performance, Progress, Improvements, Deviations, Injuries, Fuel Consumption, Waste
Recycling Ratio, Warranty Cost).
5.7.4
Environmental system
The most substantial environmental effect of the Groups operations comes from the shipbuilding
yard in Leirvik. Havyard Ship Technology AS was certified by DNV according to ISO 14001:2004
Environmental management system in January 2014. ISO 14001 is an international standard for
environmental
management
and
control,
which
demands
that
the
business
works
out
environmental targets, and actively reduces the environmental load of the business.
Havyard Ship Technology AS has mapped the environmental effects of their business, and has set
targets and secondary targets for their measures to reduce the environmental effects of their
business.
Havyard Ship Technology AS has routines for check measuring of the level of emission to air and
sea, and the level of noise pollution form the yard on a regular basis, and has routines and
equipment to handle potential emissions.
All chemicals and gasses used in the industry are registered in Havyard Ship Technology AS’ record
of substances and products, and any potential new product must be approved by the substance
and product manager before it can be ordered and/or used. Havyard Group follows up
environmental objectives and Waste Recycling Ratio and Fuel consumption are the Key
Performance Indicators in Havyard Group’s intranet.
Reference is made to section 5.10 for a further description of environmental issues and risks.
5.7.5
Waste management system
Havyard Group has a own waste management system where the company is registering its energy
consumption and its waste recycling ratio
Havyard Ship Technology has the following energy consumption in 2013.

Marine Diesel Oil
281 m3

Hydroelectric Power
7,029,832 kWh
5.7.6
Waste management system
Havyard Group eliminates or reduces environmental damage by following processes in Havyard
Production System. There is a focus on substitution of products that are harmful to the
environment with more environmental friendly products. There is also a focus on replacing energy
production by diesel generators by hydroelectric shore power. Havyard Ship Technology measures
noise, water and air pollution in order to reduce emissions and comply with national regulations. As
preventive measure oil spill booms are used around newbuildings during testing, and a HSE day
with focus on oil spill is arranged annually.
46
5.8
Property, plant and equipment
Below is an overview of real estate property owned by the Group, through Havyard Ship
Technology AS (HST) and Havyard Fish Handling and Refrigeration AS (HFHR):
Location
Leirvik,
Hyllestad
municipality
Owner
HST
Land
number
/ title
number
85/8
Area
59,083.7
sq m
Use
The shipbuilding yard is located on
this property and property 85/29.
The buildings on the property
include industrial premises
(including docking hall, welding
hall, painting hall, equipment
workshop etc.), storage, barracks
and offices. Also located on the
property are a gas installation for
gas used in the production, fire
station with a small ward and
quay structures.
The yard has a production
capacity of 5 to 7 vessels per year
dependendt on size and
complexity. In the period of April
2014 to October 2015 there is
expected to be close to 100%
utilization as 9 vessels are
constructed in thes period
Leirvik,
Hyllestad
municipality
Total mortgage bonds
registered on the
property amount to
approximately NOK 350
million. The main
mortgage bond has a
face value of NOK 300
million in favor of
pledgee Sparebank 1
SMN. See Section 9.5
“Borrowings”.
HST
85/28
1,903.7
sq m
Area in connection with property
85/8.
Same as for property
85/8, see above.
HST
85/29
31,661.5
sq m
See description above regarding
property 85/8.
Same as for property
85/8, see above.
Offices facilities, storage buildings
and industrial premises.
Mjølstadneset, Herøy
municipality
Encumbrances
HFHR
22/45
5,078.5
sq m
120 sq m of the premises are
leased to external lessees.
80-90% of the facilities are
utilized today
Total mortgage bonds
registered on the
property amount to
approximately NOK 50
million.
Offices facilities and industrial
premises.
Mjølstadneset, Herøy
municipality
HFHR
22/58
4,577.9
sq m
120 sq m of the premises are
leased to external lessees.
Same as for property
22/45, see above.
80-90% of the facilities are
utilized today
The Group's owned properties were estimated to have a technical value (exclusive machinery and
plant) of NOK 145 million in a valuation from February 2014.
The Group's offices on Mjølstadneset are located in rented premises. A lease agreement is entered
between landlord Havila Holding AS (previously named Havila AS) and tenant Havyard Group ASA,
for the lease of 579 square meters of a office building on land number 22, title number 59 in Herøy
municipality. The lease agreement expires 6 September 2020 and there are no termination rights
47
before this date. Havyard Group ASA has an option for renewal of the lease agreements on similar
terms for 5+5 years, upon written notice 12 months before the lease period expires. The annual
rent is NOK 1,332,676. The rent is adjusted according to changes in the Norwegian Consumer Price
Index as per 2 January. Tenant must also cover all operating costs. The landlord must approve any
assignment of the obligations under the agreement. Sale of more than 50% of tenants' shares is
considered as an assignment. The landlord cannot whithold his consent without just cause.
Subletting is permitted upon the landlord's written consent in advance.
The Group's offices in Fosnavåg are located in rented premises. A lease agreement is entered
between landlord Havblikk Eiendom AS and tenant Havyard Design AS (being the former name of
Havyard Design & Solutions AS), for the lease of a land property of 453,000 square meters with a
three floor office building. The lease agreement expires 31 December 2022 and there are no
termination rights before this date. HDS has an option for renewal of the lease agreements on
similar terms for 2+2+2 years, upon written notice 12 months before the lease period expires.
There are no termination rights within the two year periods. For 2014 the annual rent is NOK
1,300,896 (ex. VAT). From 1 January 2015 the annual rent is 2,400,000 (ex. VAT). The rent is
adjusted according to changes in the Norwegian Consumer Price Index as per 1 January. Tenant
must also cover all operating costs. The landlord must approve any changes in the use of the
premises, change of industry or assignment of the tenant company. The lease agreement does not
have a change of control-clause and must be interpreted as to allow tenant's sale of part of the
shares, as long as it is not in fact an assignment of the company. Subletting is not permitted
without the landlord's written consent, but consent cannot be withheld without just cause.
Finally, the Group’s offices in Ålesund are located in rented premises. A lease agreement is entered
between the landlord TESS Møre AS and Hayard Power and Systems AS, for the lease of 554.7
square meters of an office building, including storage facilities and a workshop. The lease
agreement expires 1 June 2017 and there are no termination rights before this date. HPS has an
option for renewal for 5 years, upon written notice whitin 1 June 2016. The annual rent is NOK
671,187. The rent is adjusted according to changes in the Norwegian Consumer Price Index as per
1 January. Subletting is permitted if the landlord approves the new tenant, and the landlord cannot
withhold his approval whitout just cause. The lease agreement does not contain any assignmentclause.
The main fixed assets of the Group are located at the yard in Leirvik and are owned by Havyard
Ship & Technology AS. The most substantial parts of the assets are buildings in connection with the
shipbuilding facilities, with a total book value of NOK 48,153,058. Further, Havyard Fish Handling
and Refrigeration AS owns buildings with a total book value of NOK 30,434,151, located at
Mjølstadneset.
Havyard Ship & Technology AS owns equipment located at Leirvik, the most substantial being a lift,
scaffolding, a pipe bending machine, a sheet metal shares and a milling machine. The other
companies in the Group do not own equipment of significance, consisting mainly of computer
equipment, furniture and office supplies. Most of the equipment has a book value below NOK
100,000 and are not considered as material assets for the Group.
Financial leasing is used as a method for financing equipment, such as as scaffolding, vehicles and
barracks, and reference is made to Section 9.5 “Borrowings”, for an overview of the financial
leasing debt.
The Group currently has a new administration building under construction at the ship yard in
Leirvik, with a planned total investment of NOK 25 million, as further set out in Section 9.1
“Investments”. Except for this, the Group has no ongoing or planned significant investments in
property, tangible fixed assets, etc.
48
5.9
Research and development and patents
The Group does development related to vessel designs. A portion of such development activity is
capitalised in the Group’s accounts in accordance with the requirements of IFRS.
The Group does not hold any material research or development patents. Havyard Group has not
traditionally taken out patents on its designs, considering that patents may be unreasonably
expensive and may not provide adequate protection. Havyard Group believes that the combination
of design and associated expertise provided to a client makes it difficult for others to utilise the
designs in a manner that abuses the Havyard Group’s rights and ownership to the design.
The historic costs related to research and developments which can be measured with accuracy in
Havyard Group are stated in the table below (NOK ‘000):
2006
2007
2008
2009
2010
2011
2012
2013
2,594
4,323
5,187
7,978
6,163
10,707
26,051
42,450
The focus on development has gradually increased in Havyard, and development cost of NOK 105.5
million has incurred in the period 2006-2013.
Of the total cost related to research and development, an amount of NOK 31.5 million satisfies the
criteria stated in IAS 38 and has been recognized. The table below shows the distribution of the
recognized amount (NOK ´000).
2006
2007
2008
2009
2010
2011
2012
2013
0
0
0
0
0
0
10,609
20,940
The difference between the recognized amount and the total recorded development costs are
expensed in the financial statements for the years 2006-2013. These amounts are shown in the
table below (NOK ´000):
2006
2007
2008
2009
2010
2011
2012
2013
2,594
4,323
5,187
7,978
6,163
10,707
15,442
21,510
The total expensed in the period 2006-2013 amounts to NOK 74 million.
5.10
Environmental issues
The operations on a shipbuilding yard constitute a continued risk of environmental impact and
pollution. Like other heavy fabricating sectors shipbuilding involves the use of materials and
manufacturing practices that can impact on the environment and contribute to climate change.
No special discharge permits from the environment authorities are required for the activity at the
shipyard in Leirvik. Potential emissions at the yard come from dust and noise. The level of
emissions of dust and noise are supervised closely and kept below the limits accepted by
Norwegian pollution regulations. The DNV certification according to ISO14001 verifies that the
yard’s procedures and systems are in accordance with applicable law and regulations.
The Group’s properties in Leirvik have suffered from contaminated soil, which was discovered in
2010. The sand-blasting that caused the contamination is now reduced considerably, and the
Group has taken measures to handle the negative effects of the remaining activity by collecting the
49
grit in separate containers that are collected by a recycling company (Norwegian Gjenvinning
Group AS). The contamination was registered in the Norwegian Environment Agency's official
database, and is classified as "acceptable degree of pollution" given the current land and recipient
use. There is suspicion of emission of substances to the ground, but this has not been confirmed
through analysis and the case is not closed. Upon changes in the conditions or the knowledge of
the pollution at the property, pollution authorities may impose the Group to effectuate measures to
remove or reduce the effect of the pollution.
When considering distribution of liability for clean-up measures, it should be distinguished between
status quo situations and situations where works are undertaken at a contaminated site. While
liability for the former pollution in status quo situation is governed by Section 7 of the Norwegian
Pollution Act of 1981 (the "NPA"), the latter is governed in Section 2 of the Pollution Regulation of
2004. According to Section 2 of the Pollution Regulation of 2004, the owner will be required to
conduct environmental surveys to the extent and significance of the pollution.
Distribution of liability for clean-up of polluted soil in a status quo situation requires a more
detailed analysis. Pursuant to the NPA Section 7 it is prohibited to "have, do or initiate anything
which may result in pollution". There are also comprehensive specific regulations and requirements
regarding industrial operations in general, and the shipbuilding industry specifically.
The Norwegian Environment Agency and local pollution authorities control and supervise the
compliance of environmental regulations. If a control reveals any deviation from applicable
regulations, the responsible part is given a deadline for improvement and compliance, and all
discovered deviations are followed by a follow-up supervision. Should pollution occur, the
responsible party shall take measures to stop, remove or limit the effect of the pollution, and the
pollution authorities may impose a duty to carry out reasonable measures to avert damage or
other inconveniences. Failure to comply with laws and regulations may result in a compulsory fine
or a report to the police and criminal proceedings.
The Group works continuously with the environmental issues they are facing and improvement in
this regard. In 2014 Havyard Ship Technology AS was certified by DNV according to the ISO
14001:2004. Before the certification, Havyard Ship Technology AS was subject to careful
considerations and investigations regarding the environment aspects of the business. Reference is
made to Section 5.7 for detailed information regarding environmental measures.
5.11
Material contracts and licences
The material contracts of the Group include client contracts in respect of its sale of ships, ship
designs, equipment and services, including various contracts related thereto and contracts with
external suppliers providing services and products thereto, as described in context of the
respective divisions of the Group herein (see sections 5.2.4, 5.3.4, 5.4.3 and 5.5.3 ).
Material contracts of the Group also include agreements with banks to provide funding, as further
set out in Section 9.5 “Borrowings”.
Apart from these contracts, there are no contracts that are deemed to be critical for the Group’s
operation. In the view of the Group, there are no particular licences (industrial, governmental or
otherwise) on which the Group is dependent for its operation.
For the period covered by the financial information provided herein, the Group has not entered into
material contracts outside the ordinary course of its business.
50
5.12
Significant events after the end of the last reporting period
Since 31 March 2014, the end of the period for which the Group has issued financial reports, and
except as described below or elsewhere in this Prospectus (including Section 8.5.5 “Significant
subsequent changes”), there have not been significant changes in the Group’s financial or
competitive position.One of the Group’s indirect subsidiaries, MMC Peru SAC, is currently facing
financial challenges. The Group has set aside the aggregate book value of this subsidiary, a total of
NOK 6,500,000, against a potential total loss related to the subsidiary, as further set out in section
8.5.1 herein.
5.13
Trend information and other factors that may affect the operations of Havyard
Group
Except as described in this Prospectus, with particular reference to Section 6 “Market overview”
and this Section 5, Havyard Group has not experienced changes in trends regarded as significant to
the Group after 31 March 2014, the date of the Group’s last financial report, and is not aware of
trends, commitments, events or uncertainties that are reasonably expected to have a material
effect on its business for at least the current financial year.
5.14
New products and/or services
The Board of Directors does not expect any major changes in the principal activities of the Group in
the foreseeable future.
5.15
Basis for statements regarding competitive position
By the nature of its business, Havyard Group is dependent on entering into new contracts as
existing constructions are completed. These contracts are awarded in a competitive market based
on bidding procedures against other vessel builders and availabilities matching the requirements of
the respective customers. An overview of the current contracts, and the execution of these
contracts, is provided in Section 5.11 above. Reference is also made to Section 6 “Market
overview” for a discussion of the competitive situation for the Group.
The statements made by Havyard Group regarding its competitive position are provided on a
“going concern” basis and are not based on any assumptions of changes in the Group’s relative
competitive position, other than as described in this Prospectus.
5.16
Significant external factors
With the exception of factors customary to the shipbuilding business, as described in this Section 5
(see especially sections 5.1.5, 5.2.3, 5.2.5, 5.3.3, 5.3.5, 5.4.4 and 5.5.4) and the market
description in Section 6 (see especially sections 6.2.1, 6.2.3 and 6.2.4), Havyard Group is not
aware of any governmental, economic, fiscal, monetary or political policies or factors that have
materially affected, directly or indirectly, its operations, or of proposed changes to such policies or
factors that could materially affect its operations.
51
6
MARKET OVERVIEW
6.1
Introduction
Havyard Group provides maritime technologies, products and construction in an international
market. The majority of the Group’s products and services are provided to the offshore support
industry, fisheries, and aquaculture. The Group’s products and services is provided to both
Norwegian and international clients, and the Group competes with other suppliers both in Norway
and internationally.
The views expressed in this section represent those of the Company as per the date of this
Prospectus.
6.2
Demand for the Group’s products and services
6.2.1
Offshore supply vessels – key industry drivers
Offshore supply vessels are used for a variety of activity of activities related to the oil and gas
industry, including transportation and positioning of drilling rigs and installations (by means of
AHTS vessels, or anchor handling tug supply vessels), transportation of equipment and supplies to
drilling rigs and installations (by means of PSVs, or platform supply vessels), to provide safety to
drilling rigs and installations (by means of ERRVs, or emergency rescue and recovery vessels).
Subsea vessels are used for activities related to exploration and installation work, including
maintenance of fields and subsea equipment.
Demand within the technology, products and construction to the offshore supply vessel industry is
affected primarily with the underlying oil and gas markets, including the following key factors:
i.
Oil and gas prices and demand: Oil and gas E&P spending is the key driver of demand in
the oil and gas services industry. E&P spending is directly linked to the earnings of oil and
gas companies which are, in turn, dependent on average oil and gas prices. Volatility in oil
prices can therefore reduce the ability of oil and gas companies to budget for increased
spending within exploration and production (E&P). However, while market expectations of a
potential decline in oil prices will affect E&P spending and activity, ultra-deepwater
projects, being large projects with longer lead times and long-term outlooks, are less
affected by short-term changes in oil price.
BP 1 projects a considerable growth of 41% in consumption of primary energy to 2035,
corresponding to an average growth of 1.5% p.a. Almost all of the growth is expected to
take place in non-OECD economies. For the forecast period, BP projects that the fastest
growth will be in renewables (6.4% p.a.), followed by nuclear (1.9%). Among fossil fuels,
gas is projected to be the fastest growing (1.9% p.a.), whereas coal (1.1% p.a.) and oil
(0.8% p.a.) are projected to have a slow growth.
BP projects that consumption of liquid fuels (oil, biofuels and other liquids, but excluding
gas) will grow from approximately 90 million barrels per day (mb/d) in 2012 to 109 mb/d
in 2035. BP forecasts that demand from OECD economies has peaked and will decline by 8
mb/d to 2035, whereas China, India and the Middle East will account for nearly all of the
net global increase in consumption.
1
BP Plc, an international energy company, in its report BP Energy Outlook 2035 (January 2014)
52
ii.
Increased emphasis on E&P spending: Barclays2, in its report Global 2014 E&P Spending
Outlook which is based on surveying more than 300 oil and gas companies worldwide,
projects that global spending on E&P will reach a new record level of USD 723 billion in
2014, up 6% from the level of USD 682 billion in 2013. The largest growth in E&P spending
in recent years has been in deepwater exploration and production, partly driven by the lack
of new, large, onshore and shallow water discoveries. Barclays’ survey point to a continued
high level of upstream oil and gas investments in the coming years. Future upstream
investments will have an increased offshore focus, as exploration and development
continues to move towards harsher and deeper waters.
iii. General political and economic environment: Changes in the political, economic and
regulatory environment across regions affect global demand for oil services. The political
and regulatory regimes of a country also have a significant impact on the level of oil and
gas extraction activity within its territory. Changes in tax rules could also alter the
profitability of certain projects and accordingly, E&P spending.
In the view of the Company, the macro outlook for larger offshore supply and subsea vessels is
strong, driven by a high oil price and a high level of activity in oil companies’ exploration and
production.
6.2.2
Offshore supply vessels – fleet overview
The global fleet of offshore supply vessels consists, according to ODS-Petrodata3, of approximately
2,200 AHTS vessels, 1,300 PSVs and a large number of ERRVs.
The global fleet of AHTS vessels consists of approximately 2,200 vessels, with a current orderbook
of 147 vessels. The fleet consists of a wide variety of vessels, with the key indicator of the vessel
being its horsepower capacity. Smaller AHTS vessels, with up to 8,000 horsepower capacity, are
used for operations in benign waters, whereas larger AHTS vessels, with up to 22,000 horsepower
capacity, are used in harsh waters and for more demanding tasks. Vessels for use in Norwegian
waters and the North Sea are generally among the larger AHTS vessels. The AHTS fleet has been
through a very significant growth since 2007, with the orderbook peaking at about 550 vessels in
2008, primarily as a response to the growth in drilling rig supply.
The global fleet of PSVs consists of approximately 1,300 vessels, with a current orderbook of 361
vessels. The PSV fleet also has a wide variety of different vessel types, primarily related to deck
size, cargo complexity and overall capacities, with the larger and more complex vessels typically
being employed in harsh and demanding regions such as the North Sea. The PSV fleet has been
through a significant growth since 2007, primarily in response to the growth in drilling rig supply.
6.2.3
Key market drivers – fisheries and aquaculture
Growth and demand within the ship technology and shipbuilding industry for fishing and
aquaculture vessels are affected by the following key factors:
i.
Seafood consumption: Although 70% of the Earth’s surface is covered by water, only 6% of
the protein for human consumption is produced in this element today. The global
population is expected to grow by 2 billion, to more than 9 billion, by 2050. Assuming
consumption per capita stays constant; this implies a 40% increase in demand for protein.
The estimates for population growth, however, assume that the growth will mainly occur in
2
Barclays Global 2014 E&P Spending Outlook, a report published by the Corporate and Investment Banking
division of Barclays Bank PLC (December 2013)
3
ODS-Petrodata, an independent market data provider
53
Asia and Africa, which have the lowest protein consumption per capita today. When
factoring in a trend of increased consumption per capita in these areas, the demand may
double by 2050. Knowing that resources for increased land based protein production will be
scarce, a key question is how protein production in sea can be expanded. In 2010, global
production of farmed food fish was 59.9 million tonnes, up by 7.5 percent from 55.7 million
tonnes in 2009 (32.4 million tonnes in 2000) 4 . The reported grow-out production from
aquaculture is almost entirely destined for human consumption. In the last three decades
(1980–2010), world food fish production of aquaculture has expanded by almost 12 times,
at an average annual rate of 8.8 percent. Aquaculture enjoyed high average annual growth
rates of 10.8 percent and 9.5 percent in the 1980s and 1990s, respectively, but has since
slowed to an annual average of 6.3 percent. 5 Aquaculture is the fastest growing animal
food producing sector, and in 2012 the aquaculture industry contributed nearly 50% of the
fishery output for human consumption. On average, fish provides about 30 kilocalories per
person per day globally. The dietary contribution of fish is more significant in terms of
proteins - it provides the world’s population with 6% of their intake of protein. While global
human population is growing at a rate of 1.7% annually, aquaculture outpaces this rate by
1.4% - growing at 3.1% annually. Annual per capita fish consumption rose from 9.9 kg in
the 1960s, to 18.4 kg in 2009. A total of 126 million tonnes (live weight, LW) fish was
available for human consumption in 2009, where Asia consumed almost two thirds. To
maintain current consumption level in 2030 taking population growth into account, an
additional 23 million tonnes of fish production is needed. With the stagnating wild catch,
the growth in fish production (and protein supply) is expected to come from the fast
growing aquaculture industry. Food and Agriculture Organization of the United Nations
(FAO) estimates that in 2030, aquaculture will have increased from 45 million tonnes to 85
million tonnes6.
ii.
Technology development: Harvesting of aquatic resources and production is done either in
the wild (capture fisheries) or in controlled environments (aquaculture). Both use a large
variety of technologies - from artisanal to highly-industrial - encompassing vessels and
equipment as well as fishing gears and methods. Fishing technology consists of equipment
and practices used for finding, harvesting, handling, processing and distributing aquatic
resources and their products. This technology is subject to continuous change due to
innovation processes and technology transfer between regions and fisheries. An example of
a technological development expected to continue is the transition from labour-intensive to
automatic processing of the raw material, both ashore and at onshore facilities.
6.2.4
Other factors driving demand
In addition to the key factors described above that drive underlying demand for fleet growth, there
are also several other factors that contribute to demand for fleet renewal, including such factors
as:
• Technological advancements: The requirements of vessels are continuously developing,
with vessels required to take more specific tasks, and in many cases more advanced tasks,
than in the past. Enabling older vessels to meet new demands may often, if at all possible,
require costly retrofitting and/or conversion. Hence, it may in many cases be more efficient
4
Farmed food fish include finfishes, crustaceans, molluscs, amphibians (frogs), aquatic reptiles (except
crocodiles) and other aquatic animals (such as sea cucumbers, sea urchins, sea squirts and jellyfishes)
5
The State of World Fisheries and Aquaculture (2012)
6
Marine Harvest ASA, Salmon Farming Industry Handbook, 2013 – www.marineharvest.com
54
for shipowners to relegate older vessels to simpler tasks and to order new vessels to
capture the market opportunities afforded to modern tonnage.
• Advances in fuel efficiency: Among the significant cost elements related to ship operations
is the ship’s fuel. Fuel oil costs have risen markedly over the last years, which has spurred
an increased focus on ship designs and construction methods that may contribute to
enhanced fuel efficiency. Many maritime design and construction companies, including
Havyard Group, have developed ship designs with a clear operational cost advantage over
previous designs. Havyard Group believes that such designs will contribute to earlier
replacement of existing tonnage, and hence more newbuilding activity, than else would
have taken place.
• Specialist vessels for new frontiers: In the exploit of natural resources, additional emphasis
has been put over the last years on specialist markets such as the harsh and demanding
environment of the Arctic region. Ships operating in such regions need to be adapted to the
challenges and requirements particular to the specific region. In particular, Arctic vessels
may need icebreaking capability. Since few existing ships are built to these specific
demands, and the industries have an increasing focus on such new frontier markets,
Havyard Group believes that there is a growing demand for specialist vessels which will
create additional newbuilding activity.
6.3
Supply and competitive situation
6.3.1
Key competitors
In supplying advanced vessels for use in the North Sea and similar specialised regions, Havyard
Group primarily competes with the other three large players within shipbuilding in Norway, being
Ulstein, Kleven and Vard. Within equipment and systems Havyard Group is competing with larger,
spezialised, companies such as Rolls-Royce, ABB and Siemens.
In addition, Havyard Group meets competition from other specialised providers of similar products,
services and construction, both in Norway and other regions, as well as from the general
shipbuilding market which is now mainly located in countries in Asia with a lower cost base.
6.3.2
Overall trends in maritime construction
The global industry for maritime construction, which includes the shipbuilding industry, is a cyclical
business that has gone through significant changes over the years. As part of these changes, a
large part of the industry has gradually been transferred from Western countries into countries in
Asia with a lower cost base. Maritime construction in Western countries is now mainly focused on
specialised and advanced vessels where the Western yards have more extensive market knowledge
and sector competence.
Important developments over the last years include the following factors:

2006/2007: Internationally the shipbuilding industry experienced a historical strong market
with strong growth within all segments. There was a high activity within product
development. The strong market lead to a rapid increase in number of shipyards, especially
in Asia at same time as newbuilding prices increased significantly as a result of high steel
prices, expensive sub suppliers and equipment, as well as yard delays. This period lead to a
large capacity build globally and especially up in China.

2008-2009: The international credit crisis caused a drop in oil prices, hitting both ship
owners and yards globally, but the shipbuilding market in Norway remained strong. The
55
recently established international capacity struggled to meet quality standards and to
comply with delivery schedules, causing many ship owners to cancel existing orders and to
place new orders in well established regions for shipbuilding. At the same time banks were
cancelling financing agreements and refusing to enter into new, making the favorable
financing (GIEK) for ship owners building in Norway more attractive.

2010-2013: Continued strong market for Norwegian ship development and construction as
both Norwegian and international customers put significant value on the quality and timely
projects delivered from Norwegian yards.
6.3.3
Maritime construction - outlook
While the international market for maritime construction is generally characterised by strong
competition and price pressure, Havyard Group believes that specialised providers of integrated
and market specific solutions are to a degree sheltered from such competition. Havyard Group
believes that its focus on vessels for use in specific markets, with a high technological content, and
with a large degree of adaption to the individual clients’ demands, gives it – as well as other
specialised yards in the Norwegian maritime cluster – an advantage over the yard industry in Asia
when it comes to providing customers with a total service offering.
56
7
7.1
BOARD OF DIRECTORS, MANAGEMENT AND EMPLOYEES
Board of Directors
7.1.1
Overview of the Board of Directors
The Board of Directors is responsible for the overall management of the Company and may
exercise all of the powers of the Company not reserved to the Company’s shareholders by its
Articles of Association or Norwegian law. The Articles of Association provide that the Company’s
Board of Directors shall have a minimum of three and a maximum of seven members. The
members of the Board are elected for two years. The Chairperson is elected by the General
Meeting.
The Company’s current Board of Directors is composed of seven members, of which five members
have been elected by the shareholders and two members have been elected by and amongst the
employees of the Group. The names, positions and term of the members of the current Board of
Directors are set out in the table below.
In the Company’s ordinary general meeting on 26 March 2014, it was resolved that Mr. Per R.
Sævik, being the current Chairperson of the Board of Directors, will be replaced by Mr. Bård M.
Mikkelsen as Chairperson upon the admission to listing of the Company’s Shares on Oslo Børs, and
that Mr. Per R. Sævik will retire from the Board of Directors upon this event.
Name
Position
Served
since
Last
elected
Business address
Per R. Sævik ..................................................
Chairperson,
1999
to retire upon
listing
2012
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Bård M. Mikkelsen ..........................................
Elected new
Chairperson to
take position
upon listing
2014
Bankveien 45, 1362 Hosle, Norway
Vegard Sævik ................................................
Board member
1999PP
2012
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Hege Sævik Rabben ........................................
Board member
1999
2012
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Torill Haddal...................................................
Board member
2014
2014
Mosflatevegen, 6154 Ørsta
Svein Asbjørn
Board member
2012
Gjelseth.........................................................
2012
Gnr 11 Bnr 216, 6143 Fiskå
Petter Thorsen
Board member
2013
Frøystad ........................................................
2013
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Jan-Helge Solheim ..........................................
Board member
2012
2012
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
The board members Mr. Frøystad and Mr. Solheim have been elected by and amongst employees
of the Group and are represented in the Board of the Company in accordance with an agreement
between the Company and certain unions. The Group is in a process with a view to further
formalize employee representation in the Company's governing bodies.
7.1.2
The board of directors as from the first day of trading
Under the Code of Practice (as defined and further described in Section 10.10 "Dividend policy”) it
is recommended, to ensure independence from special interests, that the majority of the members
57
of the board should be independent of a company’s executive personnel and material business
contacts, and that at least two of the members of the board should be independent of the main
shareholders. Except as set forth below, none of the directors of the Company are, or are affiliated
with, executive personnel or material business contracts of the Company, nor are there other
family relations between directors and members of the executive management.

The Company’s Chairperson Per R. Sævik who is affilitated with Havila Holding AS, being
the largest shareholder of the Company, will step down and be replaced by Bård M.
Mikkelsen as the new Chairperson of the Board of Directors from the first day of listing.
Bård M. Mikkelsen is independent.

The Company’s directors Vegard Sævik and Hege Sævik Rabben, who are siblings, are
affiliated with Havila Holding AS, being the largest shareholder of the Company.

The Company’s director Svein Asbjørn Gjelseth is the brother of Leif Roger Gjelseth, a
member of the Group’s executive management.
7.1.3
Brief biographies of the members of the Board of Directors
Set out below are brief biographies of the members of the Board of Directors of the Company,
including their relevant management expertise and experience, an indication of any significant
principal activities performed by them outside the Company and names of companies and
partnerships of which a member of the Board of Directors is or has been a member of the
administrative, management or supervisory bodies or partner the previous five years (not including
directorships and management positions in subsidiaries of the Company).
Per R. Sævik (born 1940), Chairperson (to retire upon listing)
Per Sævik (born 1940) has over 35 years experience in operation and management of fishing- and
supply vessels. He is currently chairman and board member of several external companies, in
addition to several companies in the Havila Group. Mr. Sævik was member of the Norwegian
Parliament for a period of 4 years. Mr. Sævik is a Norwegian citizen and resides in Remøy, Norway.
Overview of directorships, partnerships and management positions
Current:
• Havila AS (MD), Pison AS (MD/C), Havyard Group AS (C), Bratholm AS (C), Sæviking AS (C), Fosnavåg
Parkering AS (C), Brattholm Invest AS (C), Sævard DA (C), Hardhaus AS (AD), Havgapet AS (AD), ,
Skipsrevyen AS (C), Fosnavåg Vekst AS (C), Havyard Ship Technology AS (C), Shincon AS (D),
Kystruten AS (D), Northsea PSV AS (D), Innidimman AS (AD), Norminor AS (AD), Pantheon Eiendom AS
(AD), P/F 6. September 2006 (D), P/F Skansi Offshore (D), P/F Eldborg (D), P/F Fridborg (AD), P/F Hotel
Hafnia (D), P/F Havborg (D), Havyard Ship Invest AS (C), Havilafjord AS (MD/C), WF Holding AS (D),
Havila Ariel AS (C), Ocean Europe AS (D), Havila Subcon AS (C), Havila Ships AS (C), Havila Holding AS
(MD), Havila Shipping ASA (C), Fjord1 AS (MD), Havblikk Eiendom AS (C), Havblikk Investering AS (C),
Vestland Offshore Invest AS (D), Vestland Offshore AS (D), Vestland PSV AS (D), Vestland Management
AS (D), Vestland Crew AS (D)
Past five years:
• Havpartner DA (C), Havsol Ltd. (MD), Solstrand AS (C), Ricardo Private Equity AS (C), Havanacci AS
(D), Havanacci 1 Eiendom ANS (D), Artic Senior AS (AD), Artic Shipping AS (D)
Bård M. Mikkelsen (born 1948), elected Chairperson (to take position upon listing)
Mr. Mikkelsen has a broad background from key management and board positions from public and
governmental enterprises. He was the President and CEO of Statkraft (2001-2010), and prior to
that held key positions including CEO/Managing director in Oslo Energi (1999-2001), CEO in Ulstein
Group (1997-1999), CEO/Managing director in Widerøe (1988-1997), General Manager in DnC
(1984-1988) and Personnel manager/Assistant director in Norzink (1978-1984). He has held, and
holds, various directorships (including chairperson positions) and other assignments in various
corporate bodies. He received his education from the Norwegian army, the Norwegian business
school BI, and from INSEAD. He is a Norwegian citizen and resides in Bærum.
58
Overview of directorships, partnerships and management positions
Current:
• Cermaq ASA (Chairman), Clean Energy Invest AS (Chairman), Powel AS (Chairman), Ganger Rolv ASA
and Bonheur ASA (member of shareholders’ committee), Saferoad AS (director), Setten Hyttepark AS
(Chairman)
Past five years:
• E.ON AG (director), Store norske Spitsbergen Kulkompani (Chairman), Statkraft AS (President and CEO)
Vegard Sævik (born 1978), Board member
Mr. Sævik holds board positions in various companies (other than within Havyard Group) related to
Havila Holding AS, a privately owned company controlled by Per Sævik and his family, in which he
holds a 30% ownership. He holds a Bachelor of commerce from Handelshøyskolen BI. He is the
brother of the Company’s board member Ms. Hege Sævik Rabben. Mr. Sævik is a Norwegian citizen
and resides in Leinøy.
Overview of directorships, partnerships and management positions
Current:
• Sæviking AS (board member), Havilafjord AS (board member), Efficax AS (chairman), Fosnavaag
Wellboat AS (chairman), Hardhaus AS (board member), Havborg 1 Eiendom ANS (board member and
managing director), Havborg 1 Invest AS (board member and managing director), Havila Holding AS
(board member), Siva Sunnmøre AS (board member), OHI Eiendom AS (board member and managing
director), Never No AS (board member), Fjord1 AS (vice chairman), Global Enviro AS (chairman),
Drammensveien 144 AS (board member and managing director), Havblikk Eiendom AS (board member
and managing director), Havila Invest AS (board member and managing director), Innidimman AS
(chairman and managing director), Kystruten KS (managing director), Tangen 7 Invest AS (board
member and managing director), Global Enviro Eiendom AS (chairman), Sævard DA (partner and board
member), Drammensveien 144 Holding AS (board member and managing director), Havila Ariel AS
(board member and managing director), Simoveo AS (chairman), Brattholm Invest AS (board member),
Arivest AS (chairman and managing director), Havblikk Investering AS (board member and managing
director), Frøystad Eiendom AS (board member), Stat Invest AS (chairman and managing director),
Drammensveien 144 II AS (board member and managing director), Nordic Mediatech AS (chairman),
Havila AS (board member).
Past five years:
• Barnevandrerne AS (board member), Bio Invest AS (managing director and chairman), Biohus AS (board
member), Branco AS, (board member), Catch The Eye (board member), Drammensveien 144 Eiendom
AS (board member), Drammensveien 144 Holding KS (board member), Fanafjord AS (managing director
and board member), Fanafjord KS (managing director and board member), Fosnavaag Wellboat AS
(board member), Frøystad Fiskevegn AS (board member), Havblikk Eiendom AS (chairman), Havblikk
Investering AS (chairman), Havila Aurora AS (board member), Havila Mars AS (managing director and
board member), Havila Mars KS (managing director and board member), Havila Mercury AS (managing
director and board member), Havila Mercury KS (managing director and board member), Havvåg AS
(board member), Havyard Global Solutions AS (board member), Maki AS (board member), Probond AS
(board member), Taiba AS (board member), Versatil Tekstil AS (board member).
Hege Sævik Rabben (born 1971), Board member
Hege Sævik Rabben is employed with Havila AS. She is a trained children's nurse and has worked
in a day care centre as a children's nurse. She holds board positions in various companies (other
than within Havyard Group) related to Havila Holding AS, a privately owned company controlled by
Per Sævik and his family, in which she holds a 30% ownership. She is a sister of the Company’s
board member Mr. Vegard Sævik. Ms. Sævik Rabben is a Norwegian citizen and resides in Remøy,
Norway.
Overview of directorships, partnerships and management positions
Current:
• Havila AS (D), Havila Shipping ASA(D), Hsr Invest AS (MD/C), Havilafjord AS (D), Tangen 7 Invest AS
(C), Drammensveien 144 II AS (C), Havila Invest AS (C), Havborg I Eiendom ANS (C), Fosnavaag
Wellboat AS (D), Drammensveien 144 Holding AS (D), Havyard Ship Technology AS (D), Havblikk
Investering AS (D), Sævard DA (D), Arivest AS (AD), Drammensveien 144 AS (C), Havborg 1 Invest AS
59
(C), Ohi Eiendom AS (C), Nordic Mediatech AS (D), Global Enviro AS (D), Global Enviro Eiendom AS (D),
Havyard Power & Systems AS (D), Havila Ariel AS (D), Havblikk Eiendom AS (D), Siva Sunnmøre AS
(D), Sæviking AS (D), Frøystad Eiendom AS (D), Stat Invest AS (AD), Havila Ships AS(D)
Past five years:
• Havila Ariel ASA (D), Havila Mars KS (C), Havila Mars AS (C), Havila Mercury KS (C), Havila Mercury AS
(C), Fanafjord AS (C), Bio Invest AS (AD), Fanafjord KS (C), Frøystad Fiskevegn AS (D), HSR Sun Invest
Ltd. (MD), Solstrand AS (AD)
Torill Haddal (born 1971), Board member
Mrs. Haddal was educated as an auditor in 1994. Haddal has been working as an auditor in
Breyholtz Revisjon AS, Coopers & Lybrand and BDO AS in the period between 1994 and 2012.
Currently Haddal has the position of CFO in Fora Form AS.
Overview of directorships, partnerships and management positions
Current:
• Fora Form AS (CFO)
Past five years:
• BDO AS (Manager)
Svein Asbjørn Gjelseth (born 1950), Board member
Mr. Gjelseth was educated as an engineer / senior teacher and a certified mechanic from 1983.
Gjelseth has been fishing and a machine assistant on fishing boats between 1967-1970, mechanic,
designer, production engineer at Smedvik Mech. Workshop between 1974-1979, operations
engineer at Ulstein Group in the period 1979-1983, teacher and master teacher at the high school
in Herøy 1983-1989, consultant at Vekst Næringsutvikling AS 1996-1999 and manager of Herøy
Business Forum 2004-2005.
Overview of directorships, partnerships and management positions
Current:
• Polar Seafrozen AS (Deputy chairman)
Past five years:
• Tussa Kraft AS (chairman), Visimo AS (chairman), Stiftelsen Herøy Næringsforum (Deputy chairman)
7.1.4
Remuneration to the Board of Directors, and benefits upon termination
The remuneration paid to the Board of Directors for 2013 is estimated to NOK 270,000.
The remuneration of the members of the Board is determined on an annual basis. The directors will
be reimbursed for, inter alia, travelling and other expenses incurred by them in attending meetings
of the Board. A director who has been given a special assignment beside the normal duties of a
member of the Board may be paid such extra remuneration as the Board may determine.
7.1.5
Shares and options held by members of the Board of Directors
As of the date of this Prospectus, the members of the Board of Directors have the following direct
and indirect holdings of shares, including shares held by close associates:
60
Name
Position
Number of
Shares7
Per R. Sævik ..............................................................................................
Chairperson (retiring
upon listing)
1,850,000
Bård M. Mikkelsen ......................................................................................
Elected Chairperson
0
Vegard Sævik ............................................................................................
Board member
5,550,000
Hege Sævik Rabben ....................................................................................
Board member
5,550,000
Torill Haddal ..............................................................................................
Board member
0
Svein Asbjørn Gjelseth ................................................................................
Board member
0
Petter Thorsen Frøystad ..............................................................................
Board member
0
Jan-Helge Solheim ......................................................................................
Board member
0
As of the date of this Prospectus, none of the members of the Board of Directors holds any options
for shares in the Company.
7.1.6
Sub-committees of the Board of Directors
Remuneration committee
The Company plans on establishing a remuneration committee. The remuneration committee,
amongst other, prepares guidelines and policies for the remuneration of executive personnel and
generally advises the Board of Directors on matters relating to the compensation paid to executive
personnel. Meetings of the remuneration committee are held not less than once a year.
In order to ensure that the remuneration committee is established, and the members thereof are
selected, on a fully independent basis, the Company has found it appropriate to await the
establishment of the remuneration committee until the Board of Directors, including the newly
appointed board chairperson, is duly co-ordinated and has found its way of working.
Audit committee
The Company has established an audit committee. The audit committee is tasked with, but not
limited to, the following; (i) preparing the follow-up of the financial reporting process for the Board,
(ii) monitoring the systems for internal control and risk management, including the internal audit of
the Company, (iii) having continuous contact with the appointed auditor of the Company regarding
the auditing of the annual accounts, and (iv) reviewing and monitoring the independence of the
auditor, including in particular to which extent other services than audit services which have been
rendered by the auditor or the audit firm represents an undermining of the independence of the
auditor. The audit committee shall meet in connection with the preparation of quarterly reports and
annual statutory accounts, and may have additional meetings whenever deemed necessary by the
committee.
The audit committee currently consists of the following persons:
7
Per Sævik, Vegard Sævik and Hege Sævik own shares indirectly through Havila Holding AS
61
Name
Position
Served since
Vegard Sævik ..............................................................
Board member
2014
Torill Haddal ................................................................
Board member
2014
Bård M. Mikkelsen ........................................................
Elected Chairperson
2014
7.1.7
Nomination committee
The Company has resolved to establish a nomination committee. The role of the nomination
committee is to propose candidates for election to the Board of Directors of the Company and
make recommendations to the General Meeting on the composition of the Board and level of
remuneration.
The Company wishes to ensure that members of the nomination committee are selected after
taking into account the interests of the shareholders in general. On such basis, the Company has
resolved to await the establishment of the committee and appointment of candidates for the
nomination committee at the next ordinary general meeting (2015).
7.2
Corporate assembly
At the date of this Prospectus, no company of the Group has a corporate assembly. One of the
companies in the Group, Havyard Ship Technology AS, qualifies for the requirements for having a
corporate assembly. Discussions are currently ongoing with employee representatives on the
possibility for extended board representation in Havyard Ship Technology AS and possibly also the
Company as an alternative.
7.3
Executive officers and management
7.3.1
Overview
The present management of the Company is comprised of three executive officers. The following
table sets out the name and position for each of the executive officers and other key personnel in
the management of the Group as at the date of this Prospectus, followed by additional
bibliographical information.
Name
Position
Served since
Business address
Geir Johan Bakke .......................................
Chief Executive Officer
2001
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Idar Fuglseth ............................................
Chief Financial Officer
2004
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Kenneth Pettersen .....................................
Chief Operating Officer
2006
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Gunnar Larsen ..........................................
SVP, Market and
Business Development
2006
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Karl Eirik Frøysa
Chief Accounting Officer
Hansen.....................................................
2012
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Tor Leif Mongstad ......................................
EVP, Sales &
International Network
2002
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Frank-Levi Kvalsund...................................
SVP Human
Resources/QHSE
2012
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Dag Alvik ..................................................
Chief Procurement
Officer
2010
Havilahuset, Mjølstadnesvegen, 6092
Fosnavåg, Norway
Stig Magne Espeseth ..................................
EVP, Havyard Design &
8
19928/2005
Since 1992 in Leine Maritime, acquired by Havyard Group in 2005.
62
Havyard House, Holmefjordveien 1,
Solutions
6090 Fosnavåg, Norway
Johan Bakke .............................................
EVP, Havyard Power &
Systems
Leif Gjelseth .............................................
EVP, Havyard MMC
7.3.2
2007
19919/2012
Lerstadveien 508, 6018 Ålesund,
Norway
Mjølstadneset, 6092 Fosnavåg, Norway
Brief biographies of the executive officers and other key personnel in the
management of the Group
Set out below are brief biographies of the executive officers and other key personnel in the
management of the Group, including their relevant management expertise and experience, an
indication of any significant principal activities performed by them outside the Company and names
of companies and partnerships of which a member of the Management is or has been a member of
the administrative, management or supervisory bodies or partner the previous five years (not
including directorships and management positions in subsidiaries of the Company).
Geir Johan Bakke (born 1964), Chief Executive Officer and President
Geir Johan Bakke is a Master Mariner from his education in Aalesund, Norway from 1984-1987.
Before and after this period (from 1981-1993), Bakke sailed on various fishing boats working for
one of the largest privately-owned shipping companies in Norway, Strand Rederi AS. After his
education he first worked as Chief Mate until progressing to work as a Captain. Following a one
year Ship Management education (1993-1994), he sailed partly offshore as a Captain and partly
worked onshore being responsible for developing and implementing a DNV approved ISM system in
Remøy Shipping AS. (1994-1999). His managerial positions include Area Sales Manager at RollsRoyce Marine from the years of 1999-2001. He then continued his managerial career when in May
2001 starting as a Director of Sales & Marketing in Havyard. In the last seven years Bakke has
been CEO of Havyard Group.
Overview of directorships, partnerships and management positions other than in Havyard Group
Current:
• Geir Johan Bakke AS (CEO and chairperson of the board), Fosnavaag Holding AS (chairperson of the
board), Fosnavåg Shippingklubb (board member), Havila Charisma AS (board member), Hjelmeset
Småbåthamn SA (deputy board member), Remøy Havfiske AS (deputy board member), Fosnavaag
Shipping AS (deputy board member)
Past five years:
• Remvakt AS (deputy board member), Maritim Forening for Søre Sunnmøre (member of the board),
Frostad Holding AS (chairperson of the board), Norwegian Electric Systems AS (deputy board member),
HG Marine Electronics AS (board member)
Idar Fuglseth (born 1951), Chief Financial Officer
Idar Fuglseth joined Havyard in September 2004 as Vice President Finance. 1999-2004: Finance
Manager Ulstein Verft AS. Finance Manager Project and Trade Finance, Finance Controller
International at Ulstein Group of Companies from 1972 up to 1999. Educated as Economist,
Project- and Trade Finance and Risk Management
Overview of directorships, partnerships and management positions other than in Havyard Group
Current:
• Stemmedal Kraftverk DA (board member and business manager), Rem-Elektro AS (board member),
Rem-Pol Resources Norway AS (board member)
Past five years:
• None except with Havyard Group
Kenneth Pettersen (born 1966), Chief Operating Officer
9
Since 1991 in MMC, which was acquired by Havyard Group in 2012
63
Machinery Engineer from his education in Ålesund, Norway from 1988-1990. Started as production
Planner at Ulstein 1990, Project manager Ulstein from 1998-2001, and from 2001 responsible for
Projects, and Production until 2007. Started in Havyard in 2007 as responsible for Hull production,
and overall planning in Havyard Group. Chief Operating Officer from 2009 covering Projects,
Production, Technical, and After Sales area.
Overview of directorships, partnerships and management positions other than in Havyard Group
Current:
• Lobema AS (chair person of the board)
Past five years:
• None except with Havyard Group
Gunnar Larsen (born 1965), SVP Market and Business Development
Naval Architect from his education in Aalesund, Norway from 1985-1987. Have had various
positions within procurement, sales, marketing and management in different shipyards and ship
equipment suppliers from 1987. Most recent positions before joining Havyard were from Rolls
Royce Marine as Contract Manager and Jets Vacuum as Sales Director. Joined Havyard in 2006 as
Market Director. Was responsible for building up Havyard’s international sales network. Is now
Senior Vice President responsible for general marketing of Havyard’s products and services and
business development processes in Havyard Group.
Overview of directorships, partnerships and management positions
Current:
• None except with Havyard Group
Past five years:
• None except with Havyard Group
Tor Leif Mongstad (born 1958), EVP Sales & International Network
Educated as a Mechanical Engineer and Business Economist. Joined Havyard Leirvik in 2002 as
Production Manager. Technical Director from February 2004, and president from January 2006.
Executive Vice President in Havyard Group AS from May 2009. Consulting Engineer from 1996 to
2002 at Mjellem & Karlsen Yard and Aker Yard Langstein. Technical Manager in Fensfjord Industrier
AS from 1995 to 1996.
Overview of directorships, partnerships and management positions other than in Havyard Group
Current:
• Dingja Vassverk SA (deputy manager), Norwegian Electric Systems AS (board member), Mongstad Tor
Leif (owner)
Past five years:
• HG Marine Electronics AS (board member), Norwegian Electric Systems AS (chairperson of the board)
Frank-Levi Kvalsund (born 1965), Senior Vice President Human Resources and QHSE
Frank-Levi Kvalsund has a BA in Finance and Marketing from BI, as well as a degree in Counselling
and Education from NTNU. He started his career as a teacher at the university NTNU. Mr Kvalsund
has had several HR related jobs throughout his career, which among others have included the role
as Vice President HR in Elkem and HR Director in Alcoa Norway. He had a brief stop in
Nordvestforum in 2011, and joined the Havyard Group in 2012 as the Senior Vice President - HR.
Overview of directorships, partnerships and management positions other than in Havyard Group
Current:
• Fosnavåg Rock AS (chairperson of the board), Bellas lykke Frank-Levi Kvalsund Almestad (owner),
Helseprodukter Frank-Levi Almestad (owner)
Past five years:
• Nordvestforum as (“fagsjef”), Alcoa Norway AS (HR Director), Bella Blå AS (board member)
64
Dag Alvik (born 1965), Chief Procurement Officer
Formal education as Naval Architect, Ship and Offshore, and Economist (Siviløkonom) from NHH
Bergen, specialisation within Internationalisation and Organisation. Since 1990 held various
positions within Project Management, Procurement, Supply Chain and Contract Administration in
companies like Ulstein Group, Aker Yards, Aker Solutions and Kværner Shipbuilding. Joined
Havyard in 2010 as Chief Procurement Officer.
Overview of directorships, partnerships and management positions other than in Havyard Group
Current:
• Sameiet Borgundfjord Amfi V (chairperson of the board)
Past five years:
• Ulstein Design & Engineering (Supply Chain Manager)
Stig Magne Espeseth (born 1967), EVP Havyard Design & Solutions
Naval Architect from his education in Aalesund, Norway from 1988-1991. He started his career in
Leine Maritime AS in 1991 as Naval Architect. In 2005 he was General Manager in Leine Martime at
time Havyard Group accomplished the acquisitions of Leine Maritime. He continued in Havyard
Maritime as General Manager. He has been in the same position in Havyard since 2005, and is the
now Executive Vice President in Havyard Design & Solutions.
Overview of directorships, partnerships and management positions other than in Havyard Group
Current:
• None except with Havyard Group
Past five years:
• None except with Havyard Group
Johan Rune Bakke (born 1971), EVP Havyard Power & Systems
Electrical engineer from his education in Aalesund, Norway from 1990-1992. He started his
professional career sailing at several offshore vessels as an electrician. From 1997 he was
employed in Aker Yards Electro for 8 years, and for a few years he worked as a consultant in his
own company. Joined the Havyard Group in March 2007 as General Manager for Havyard Powertec
and is now Executive Vice President, Havyard Power & System. In addition, Technical Director
Havyard Group, and Chairman of the Group’s Polish production company Havyard Production and
Service Sp. z o.o
Overview of directorships, partnerships and management positions other than in Havyard Group
Current:
• Bakke-Automobile (owner), Bakke & Kjerstad Elektro DA (partner)
Past five years:
• None except with Havyard Group
Leif Roger Gjelseth (born 1957), EVP Havyard MMC
Leif Roger Gjelseth is certified within machinery and mechanics. In addition, Mr Gjelseth has
studied at the Marine Technical University. He has been a First Engineer on board offshore vessels
and Chief Engineer on fishing vessels. He started his own business in 1988, founded Tendos in
1992, and through his position as CEO he participated in building up the MMC fish handling and
refrigeration activity, which Havyard bought in 2012. Mr Gjelseth is the Executive Vice President of
this business area in Havyard.
Overview of directorships, partnerships and management positions
Current:
• Gantek v/Leif Gjelseth (CEO and owner), Erle Invest AS (CEO and chairperson of the board), Sintef
Fiskeri og Havbruk AS (board member), Tendos Leif Gjelseth (owner)
Past five years:
• None except with Havyard Group or MMC which was acquired by Havyard Group in 2012
65
7.3.3
Remuneration and benefits
Total remuneration
The aggregate remuneration paid to the executive officers for 2013 was NOK 5.2 million.
The following amounts have been paid for such salaries and other benefits for the executive
officers of the Group:
For 2013:
Amounts in NOK ‘000
Salary
Other
Total
Geir Johan Bakke – CEO
2,045
251
2,296
Idar Fuglseth – CFO
1,170
148
1,318
Kenneth Pettersen - COO
1,466
169
1,635
Aggregate
4,681
568
5,249
The column “Other” includes pension costs, the benefit of company car, newspaper and mobile
phone.
There are no general provisions regarding bonus schemes for the employees in the employment
contracts. The only exception is Leif Gjelseth who has a result based bonus with a maximum
amount of three months' salary.
Agreements providing benefits upon termination of employment
According to the Norwegian labour legislation, a chief executive may waive his legal employee
protection rights against unjustified termination by entering into a severance payment agreement.
The employment agreement with the CEO, Mr. Geir Johan Bakke, contains a general waiver of the
employee protection rights and a severance payment agreement which gives him the right to a
severance payment equivalent to nine months’ salary, including payment in a six months’ notice
period.
There are no general severance programmes for the remaining management, and termination of
employment must therefore have a justifiable basis in accordance with the Norwegian Working
Environment Act.
7.3.4
Shares held by members of the Management
As of the date of this Prospectus, the members of the Management have the following
shareholdings in the Company, including shares held by close associates.
Name
Position
Geir Johan Bakke .......................................
Chief Executive Officer
Number of Shares
1,172,520
Idar Fuglseth ............................................
Chief Financial Officer
163,600
Kenneth Pedersen......................................
Chief Operating Officer
245,40010
SVP, Market and Business
Gunnar Larsen ..........................................
Development
163,600
Karl Eirik Frøysa Hansen .............................
Chief Accounting Officer
81,80011
Tor Leif Mongstad ......................................
EVP, Sales & International Network
163,600
Frank-Levi Kvalsund...................................
SVP HR/QHSE
0
Dag Alvik ..................................................
Chief Procurement Officer
0
10
11
Including shares owned through Lobema AS
Through Chap AS
66
Stig Magne Espeseth ..................................
EVP, Havyard Design & Solutions
242,980
Johan Rune Bakke .....................................
EVP, Havyard Power & Systems
34,640
Leif Gjelseth .............................................
EVP, Havyard MMC
7.4
0
Loans and guarantees
The Company`s policy is to keep the number of loans to minimum and will be entered into only in
agreement with the Board of Directors. Interest corresponds to tax rate set by the government.
The Company has granted loans to persons in its management group as follows:

Lobema AS (Kenneth Pettersen, COO) of NOK 1.0 million

Chap AS (Karl Eirik Frøysa Hansen, COA) of NOK 1.0 million

Kjell Peder Overvåg of NOK 2.1 million
In addition there are the following non-operational short term liabilities

Solhaug AS of NOK 1.2 million

Visimo AS of NOK 1.1 million (minority shareholders in MMC Green Technology AS)
7.5
Conflicts of interests and other disclosures
The Company believes that it has taken reasonable steps to avoid, and to mitigate effects of,
potential conflicts of interests arising from the Board members’ and Management’s private interests
and other duties. The Company is not aware of conflicts of interests between any duties to the
Company of the members of the Board or the senior management and their private interests
and/or other duties.
During the last five years preceding the date of this Prospectus, no member of the Board of
Directors or the executive management has:

had any convictions in relation to fraudulent offences;

been officially publicly incriminated and/or sanctioned by any statutory or regulatory
authorities (including designated professional bodies) or been disqualified by a court from
acting as a member of the administrative, management or supervisory bodies of a
company or from acting in the management or conduct the affairs of a company; or

been associated with any bankruptcy, receivership or liquidation.
No member of the Board of Directors or executive management is subject to restrictions on their
disposal of the Company’s securities within any period of time.
7.6
Employees
All personnel hired by the Group have permanent employment contracts. The Group does not rely
on temporary appointments or hired-in personnel.
As per the date of this Prospectus, the Group has approximately 825 employees.
The table below shows the development in the number of man-years in the Group for the years
ending 31 December 2011, 2012 and 2013, shown for the Group as a total and distributed per
country.
Number of employees by year end ............................
Location:
67
2011
2012
2013
30 April 2014
281
447
733
825
Norway .................................................................
262
386
437
436
Poland ...................................................................
12
18
177
329
Croatia ..................................................................
4
10
25
26
Peru ......................................................................
-
30
30
30
China ....................................................................
2
2
3
3
Brazil ....................................................................
1
1
1
1
Below is an overview of the allocation of positions of the employees as per 30 April 2014.
Position
Number of employees
Management/Administration
118
Designers and engineers
160
Operators
426
Apprentices
26
Foremen
17
Production and project management
78
Total
825
Below is an overview of employees per division or business area as per 30 April 2014.
Division / business area
Number of employees
Havyard Group Management/Administration
20
Design & Solution
125
Ship Technology
255
Power & Systems
304
Fish Handling & Refrigeration
121
Total
825
The Group uses standard employment contracts for all employees.
The mutual notice period upon termination of the Chief Executive Officer and the Executive Vice
President of Havyard Fish Handling and Refrigeration is six months. All other management
positions have a three months' notice period.
The Chief Executive Officer has a non-competition clause, limited to six months after resignation.
The remaining management has no competition restrictions, but the contracts contain standard
confidentiality
and
IPR-clauses.
Executive
Vice
President
of
Havyard
Fish
Handling
and
Refrigeration has no IPR-clause in his employment contract.
For employees outside the management, the employment contracts are standard contracts with
common provisions in accordance with Norwegian labour legislation. The Group does not have any
bonus schemes for their employees, or arrangement of employees' purchase of shares in the
Group.
The Group has a defined contribution pension scheme for all of its employees. The contribution
schemes varies from 2 % – 8 % of salary with an average contribution of approximately 5 %. The
pension costs are included under payroll costs in the financial statements. The pension cost for
2013 was NOK 10.3 million, NOK 8.5 million in 2012, and NOK 6.7 million in 2011.
The management participate in the same defined contribution plan as the rest of the employees.
For the management team stated in 8.3.4 the pension costs have been appromimately NOK 0.50.6 million pr. year for the period 2011-2013.
68
The Group has implemented routines for health, safety and environment (HSE) and complete
systems for internal control, in accordance with Norwegian law. As an integrated part of this
system, the Group has an employee handbook which forms part of the employment contracts,
company regulations and training programs newly-hired employees. There have not been any
serious occupational accidents in the Group.
Havyard Ship Technology AS is per 11 March 2013 certified with the ISO 9001:2008 certificate, a
standard for quality management systems. The certificate is valid for the service ranges
newbuilding, modifications and repairs of offshore vessels. The HSE/internal control system has
been subject to inspections previous to the ISO certification.
As per the date of this Prospectus, there are no arrangements for involving the employees of
Havyard Group in the capital of Havyard Group ASA or any subsidiary thereof.
69
8
8.1
SELECTED FINANCIAL INFORMATION
Overview and basis of presentation
8.1.1
Financial information presented
The financial information presented in this section is based on extracts from the consolidated
accounts of Havyard Group, and accordingly may not contain all of the information that could be
important to a potential purchaser of Shares in the Company. The information herein should be
read in conjunction with the relevant consolidated financial statements for first quarter 2014 and
the years 2013, 2012 and 2011 and the related notes thereto, appended to this Prospectus, and
other financial information included elsewhere in this Prospectus.
8.1.2
Basis for preparation
The financial statements for 2012 and prior years were prepared in accordance with Norwegian
GAAP. With effect from 2013, the financial statements were prepared in accordance with IFRS, and
accordingly, the comparative financial information for 2012 has been re-stated from Norwegian
GAAP to IFRS, as it appears in the statements for 2013 and in this Prospectus.
The principles of revenue recognition are similar for all segments in the Group. More than 95 % of
the Group´s revenue is related to construction contracts. The revenue that is not related to
construction contracts consists of after-market services. The revenue that is related to construction
contracts and after market services are including in the operating revenue in the financial
statements.
Revenue is recognized to the extent that the future economic benefit will flow to the Group, and
the revenue can be reliable measured.
For construction contracts, the revenue is recognized by the percentage of completion method. It
corresponds to the total contract revenue multiplied by actual completion. Actual completion is
calculated by actual costs to date divided by total expected costs for the contract. Reference is
made to note 2 in the financial statement for more details regarding revenue recognition.
A full description of the accounting policies applied in respect of each year’s financial statements is
provided in the financial statements appended to this Prospectus.
All financial information herein has been prepared on a “going concern” basis. All financial
information is provided for the Group as a whole, i.e. on a fully consolidated basis. Financial
information for the Group parent company appears from the appended financial statements.
The amounts from the financial statements are presented in NOK, rounded to the nearest ‘000,
unless otherwise stated. As a result of rounding adjustments, the figures in one or more rows or
columns included in the financial statement information may not add up to the total of that row or
column.
8.1.3
Statutory auditors; information being subject to audit
The consolidated financial statements for the years ended 31 December 2013, 2012 and 2011 have
been audited by BDO AS, independent auditors, as stated in their reports which appear as parts of
the financial statements appended to this Prospectus. BDO AS has its registered offices at
Munkedamsveien 45 A, 0250 Oslo.
Unqualified opinions were issued by BDO AS on the consolidated financial statements as at and for
the years ended 31 December 2013, 2012 and 2011.
70
Except for the historical financial information for the years 2013, 2012 and 2011, no other
information in this Prospectus has been subject to an audit or a review by BDO AS. The financial
information for the first quarters of 2013 and 2014 has not been subject to audit or review by BDO
AS.
8.2
Summary financial information
The table below provides a summary of the financial information given elsewhere in the Prospectus,
including the appendices thereto, and is qualified in its entirety by such other financial information.
2014 Q1
(IFRS)
(unaudited)
2013 Q1
(IFRS)
(unaudited)
2013
(IFRS)
(audited)
2012
(restated
IFRS;
audited)
2012
(NGAAP)
(audited)
2011
(NGAAP)
(audited)
429,683
401,896
32,899
372,717
332,181
44,585
1,986,932
1,788,415
198,517
1,426,852
1,199,999
226,853
1,644,779
1,410,122
246,550
1,344,850
1,127,832
217,018
27,787
40,536
180,575
215,202
234,657
205,804
290
829
8,940
-449
-449
4,546
7,251
10,707
49,055
50,262
55,951
59,481
Profit (loss) after tax
20,826
30,658
140,460
164,491
178,257
150,869
Balance sheet information
Cash and cash equivalents
Current assets
202,893
927,302
72,004
723,537
281,381
803,500
115,235
803,180
115,235
803,180
257,564
886,040
Current liabilities
801,193
572,666
701,635
680,067
684,620
651,340
Working capital
126,109
150,871
101,865
123,113
118,560
234,700
Total indebtedness
963,649
762,912
864,093
856,499
842,905
711,378
664,269
1,627,918
555,440
1,318,352
668,439
1,532,530
526,404
1,382,903
454,966
1,297,871
299,141
1,010,519
Key figures
22,528,320
22,528,320
Average number of shares1
0.88
1.37
Earnings per share1
n/a
n/a
Dividend per share1
41%
42%
Equity ratio2
1.2
1.3
Working capital ratio3
5.9
12.8
Interest coverage ratio4
1
Adjusted for share split 1:20 done in March 2014
22,528,320
6.13
1.13
44%
1.2
10.7
22,528,320
7.26
1.13
38%
1.2
33.9
22,528,320
7.87
1.13
35%
1.2
31.7
22,528,320
6.69
2.70
30%
1.4
37.7
Amounts in NOK ’000 unless
stated
Profit and loss
Revenue
Operating expenses
EBITDA
EBIT
Net financials
Tax charge
Total equity
Total assets
2
Equity/Total Capital
3
Current Assets/Current Liabilities
4
EBIT/Interest Expenses
Reference is made to note 29 in the attached financial statement for 2013 for details regarding the
transition effect from NGAAP to IFRS.
8.3
Condensed consolidated financial information
The tables below summarise the consolidated financial statements for the Group for the years
ended 31 December 2013, 2012 and 2011 and for the three month periods ending 31 March 2014
and 2013.
71
8.3.1
Condensed consolidated statement of profit or loss
2014 Q1
(IFRS)
(unaudited)
2013 Q1
(IFRS)
(unaudited)
2013
(IFRS)
(audited)
2012
(restated;
audited)
2012
(NGAAP)
(audited)
2011
(NGAAP)
(audited)
429,002
372,067
1,982,679
1,423,920
1,641,847
1,341,064
681
650
4,253
2,932
2,932
3,786
429,683
372,717
1,986,932
1,426,852
1,644,779
1,344,850
Cost of sales
265,318
225,573
1,352,109
892,040
1,084,687
868,047
Payroll expenses etc.
101,654
77,066
312,077
228,481
234,064
179,439
5,112
4,049
17,942
11,651
11,893
11,214
(NOK 1,000)
Sales revenues
Other operating revenues
Operating revenues
Depreciation and amortization
29,812
25,493
124,230
79,479
79,478
80,346
401,896
332,181
1,806,358
1,211,650
1,410,122
1,139,047
27,787
40,536
180,575
215,202
234,657
205,804
Financial income
3,056
2,938
21,666
6,942
6,942
10,003
Financial expenses
4,674
3,158
16,922
6,340
6,340
5,475
Share of profit/loss from associates
1,908
1,049
4,196
-1,051
-1,051
28,077
41,365
189,515
214,752
234,209
210,350
7,251
10,707
49,055
50,262
55,952
59,481
20,826
30,658
140,460
164,491
178,257
150,869
Other operating expenses
Operating expenses
Operating profit/loss (EBIT)
Profit/loss
before
continuing operations
Income tax expense
Profit for the period
tax
from
72
8.3.2
Condensed consolidated statement of financial position
Amounts in NOK ’000
2014 Q1
(IFRS)
(unaudited)
2013 Q1
(IFRS)
(unaudited)
2013
(audited)
2012
(restated;
audited)
2012
(NGAAP)
(audited)
2011
(NGAAP)
(audited)
66,762
240,359
393,495
47,088
226,198
321,529
65,401
240,167
44,088
227,485
4,717
68,798
423,462
308,150
29,440
138,899
333,479
700,616
594,815
ASSETS
Non-current assets
Intangible assets
PP&E
Investment in associates
Total non-current assets
Current assets
Trade and other receivables
Earned revenue
Other assets
Cash and cash equivalents
Total current assets
TOTAL ASSETS
729,030
579,723
74,098
459,115
154,732
76,890
473,243
174,276
202,893
75,242
442,000
134,291
72,004
82,122
261,574
178,423
281,381
115,235
927,302
1,627,918
723,537
1 318,352
803,500
803,180
1 532 530
1,126
5,462
1,126
5,462
1,126
5,463
50,964
501,818
124,479
74,098
459,115
154,732
115,235
27,981
533,185
67,310
886,040
1 382 903
803,180
1,304,998
1 010 519
1,126
5,462
1,126
5,462
1,126
5,463
257,563
EQUITY AND LIABILITIES
Issued capital
Share premium
Reserves
Other equity
Total equity
Non-current liabilities
Bank loan
Other long term liabilities
Total non-current liabilities
Current liabilities
Bank loans related to ”assets held for
sale”
Bank loans
Trade and other payables
Tax payable
Other liabilities
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
-16
-24
-16
-24
-24
-16
657,697
664,269
548,876
555,440
661,866
668,439
519,861
526,404
455,531
462,095
292,568
299,141
94,713
101,407
98,123
100,020
118,775
28,377
67,743
162,456
88,839
190,246
64,334
162,457
76,411
176,431
39,507
158,282
31,661
60,038
360,184
72,829
304,957
66,641
177,971
128,278
308,923
146,890
290,168
146,890
316,972
90,068
34,269
333,911
801,193
36,357
164,711
572,666
57,903
337,483
701,635
57,081
167,172
680,067
55,891
191,672
684,621
94,155
150,145
651,340
963,649
762,912
864,092
856,498
842,903
711,378
1,627,918
1,318,352
1,532,530
1,382,903
1,304,998
1,010,519
73
8.3.3
Condensed consolidated statement of changes in equity
Amounts in NOK ’000
Share
capital
Share
premium
Balance as at 1 January 2011
1,126
5,462
Treasury
shares
Total comprehensive income for the period
Purchase/sale own shares
-17
Issue share capital
Dividend
Retained
earnings
Noncontrolling
interest
Total
equity
210,078
296
216,963
150,983
-81
150,902
-8,766
-8,783
-59,942
-59,942
Balance as at 31 December 2011
Restated (audited)
1,126
5,462
-17
292,354
215
299,140
Balance as at 1 January 2012
1,126
5,462
-17
410,930
215
417,716
163,509
983
164,491
31,723
-13,438
- 1,633
31,723
-13,438
-59,942
Total comprehensive income for the period
Purchase/sale own shares
Change in minority interest
Put option minority interest MMC
Dividend
Balance as at 31 December 2012
(restated, audited)
Balance as at 1 January 2013
-8
-1,625
-12,513
-59,942
1,126
5,462
-25
500,359
19,483
526,404
1,126
5,462
-23
500,360
19,481
526,405
2,360
8
138,100
25,206
1,992
140,460
25,206
2,000
-840
-24,792
Total comprehensive income for the period
Share capital increase
Purchase/sale own shares
Put option minority interest – Change 2013
Dividend
-840
-24,792
Balance as at 31 Dec 2013 (audited)
1,126
5,463
-15
640,865
21,001
668,439
Balance as at 1 January 2013
1,126
5,462
-23
500,360
19,481
526,405
-228
-1,395
17,858
30,658
-1,623
555,440
Total comprehensive income for the period
Put option minority interest – Change 2013
Balance as at 31 Mar 2013 (unaudited)
1,126
5,462
-23
30,886
-228
531,018
Balance as at 1 January 2014
1,126
5,462
-15
640,865
21,001
668,439
937
-15
19,889
-24,996
635,758
20,826
-24,996
664,269
Total comprehensive income for the period
Dividends
Balance as at 31 Mar 2014 (unaudited)
1,126
5,462
74
21,938
8.3.4
Condensed consolidated statement of cash flow
Amounts in NOK ’000
2014 Q1
(IFRS)
(unaudited)
2013 Q1
(IFRS)
(unaudite
d)
2013
(audited)
2012
(restated,
audited)
2012
(NGAAP)
(audited)
2011
(NGAAP)
(audited)
28,077
41,365
189,515
214,752
234,208
210,350
5,112
4,674
-1,908
4,049
3,158
-1,049
17,942
16,922
5,254
11,651
6,340
1,051
11,893
6,340
1,051
11,213
5,457
-1,874
5,465
-206,437
-55,449
22,158
-198,308
-22,824
-4,674
12,688
15,971
-80,249
-6,052
-10,119
-20,724
-3,157
-225,806
-34,000
17,514
184,018
-18,612
121,222
523,267
-55,890
-16,922
-871
449,584
-279
117,489
5,750
-41,969
314,785
-94,433
-6,340
-520
213,492
-279
117,489
5,750
-41,971
334,481
-94,433
-6,340
-520
233,188
432,860
42,848
-48,215
652,639
-10,014
-5,457
-681
636,487
-4,898
-1,767
-2,762
-3,000
-30,369
-22,994
-11,162
-5,583
-11,162
-10,223
-1,642
-890
-76,078
-275,085
-300,364
-44,618
-8,307
-6,652
-129,441
-291,830
-311,526
-54,841
6,076
16,845
45,000
45,000
460
-5,755
182,213
-4,689
-3,966
-18,754
-129,297
2,000
-24,792
-7,147
-52,724
-1,632
-59,942
-7,147
-52,724
-1,632
-59,942
-6,331
-395,636
-8,783
-20,000
-2,579
-153,998
-76,445
-76,445
-430,290
-78,488
-43,231
166,146
-154,783
-154,783
151,356
281,381
115,235
115,235
257,564
257,564
106,209
12,454
12,454
115,235
115,235
Cash flows from operating activities:
Profit (loss) before tax
Adjustment for:
Depreciation
Finance costs
Other gain and loss
Movements in working capital:
Change in inventory
Change in receivables
Change in payables
Change in other liabilities
Cash generated from operations
Taxes paid
Interest paid
Cash effect from other gains and losses
Net cash generated from operating activities
Cash flows from investing activities:
Purchase of property, plant and equipment
Investment in intangible assets
Proceeds from sale of property, plant and
equipment
Investment in other companies, net of cash
acquired
Net cash (used in) / generated from
investing activities
Cash flows from financing activities:
Proceeds from issue of bonds and new bank loan
raised
Repayment of bonds and bank loans
Net change construction loans
Purchase/sale of own shares
Dividend paid
Net cash (used in) / generated from
financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at period beginning
Cash and cash equivalents from purchase of
subsidiaries
Cash and cash equivalents at end of the
period / year
8.4
-20,833
155,625
202,893
72,004
281,381
257,564
Segment information
The Group's main activities are divided into four business areas or divisions, being Havyard Ship
Technology (HST), Havyard Design & Solution (HDS), Havyard Power & Systems (HPS), and
Havyard Fish Handling and Refrigeration (HFHR). A further description of each division is provided
in section 5 herein. An overview of the financial information relevant to each division is set out
below.
8.4.1
Business segments - 2013, 2013 Q1 & 2014 Q1
2013
(NOK million)
Other /
Havyard
Elimination
Group
HST
HDS
HPS
HFHR
Operating revenues, External
1,479,811
197,520
20,461
289,140
Operating revenues, Internal
-
64,980
187,845
36,253
(289,078)
-
1,479,811
262,500
208,306
325,393
(289,078)
1,986,932
Total operating revenue
75
1,986,932
Operating profit /
83,651
57,282
41,340
15,008
1,236
198,517
6,165
1,545
461
5,027
4,744
17,942
77,486
55,737
40,879
9,981
(3,508)
180,575
3,089
(313)
343
(6,212)
12,033
8,940
80,575
55,424
41,222
3,769
8,525
189,515
Total assets
538,996
208,985
94,785
226,184
463,580
1,532,530
Equity
193,821
121,702
41,556
50,743
260,617
668,439
Liabilities
345,175
87,283
53,229
175,441
202,963
864,091
HST
HDS
HPS
HFHR
309,230
65,372
48,317
7,087
14,086
2,050
(loss) (EBITDA)
Depreciation
Operating profit/
(loss) (EBIT)
Net financial items
Profit/(Loss) before tax
2014 Q1 (Condensed, unaudited)
Other /
Havyard
Elimination
Group
83,561
(76,796)
429,684
6,676
5,711
(661)
32,899
866
109
1,074
1,013
5,112
5,037
13,220
6,567
4,637
(1,674)
27,787
(543)
(388)
(6)
(2,161)
3,388
290
4,494
12,832
6,561
2,476
1,714
28,077
HST
HDS
HPS
HFHR
277,694
40,878
37,078
21,438
9,600
1,500
(NOK million)
Total operating
revenue
Operating profit /
(loss) (EBITDA)
Depreciation
Operating profit/
(loss) (EBIT)
Net financial items
Profit/(Loss) before
tax
2013 Q1 (Condensed, unaudited)
(NOK million)
Total operating
revenue
Operating profit /
(loss) (EBITDA)
Depreciation
Operating profit/
(loss) (EBIT)
Net financial items
Profit/(Loss) before
tax
8.4.2
Havyard
Group
67,052
(49,985)
372,717
8,780
4,500
125
44,443
345
105
1,300
799
4,049
19,938
9,255
8,675
3,200
(532)
40,536
741
54
44
(1,200)
1,190
829
20,679
9,309
8,719
2,000
658
41,365
Business segments - 2012
(NOK million)
Operating revenues,
External
Other /
Elimination
HST
HDS
HPS
HFHR
1,352,664
66,727
7,461
-
76
Other /
Havyard
Elimination
Group
1,426,852
Operating revenues,
-
59,457
171,080
-
(230,537)
-
1,352,664
126,184
178,541
-
(230,537)
1,426,852
137,842
53,345
41,818
-
(6,152)
226,853
8,585
732
396
-
1,938
11,651
129,257
52,613
41,422
-
(8,090)
215,202
(1,491)
179
217
-
646
(449)
127,766
52,792
41,639
-
(7,444)
214,753
Total assets
498,569
155,208
76,554
-
432,495
1,382,903
Equity
156,836
71,803
12,943
-
236,719
526,404
Liabilities
341,733
83,405
63,611
-
195,776
856,498
HPS
HFHR
Other /
Havyard
Elimination
Group
Internal
Total operating
revenue
Operating profit /
(loss) (EBITDA)
Depreciation
Operating profit/
(loss) (EBIT)
Net financial items
Profit/(Loss) before
tax
8.4.3
Business segments – 2011
(NOK million)
HST
Operating revenues,
External
Operating revenues,
Internal
Total operating
revenue
Operating profit /
(loss) (EBITDA)
Depreciation
Operating profit/
(loss) (EBIT)
Net financial items
Profit/(Loss) before
tax
Total assets
Equity
Liabilities
8.4.4
HDS
1,289,562
41,408
6,776
-
1,344,850
-
98,600
162,381
-
(253,876)
-
1,289,562
140,008
169,157
-
(253,876)
1,344,850
184,440
14,095
18,369
-
114
217,018
6,119
1,944
369
-
2,782
11,214
178,320
12,151
18,000
-
(2,667)
205,804
4,059
2,098
(71)
-
(1,540)
4,546
182,380
14,249
17,929
-
(4,208)
210,350
808,896
111,910
89,713
-
82,242
42,118
12,647
-
162,134
299,141
726,654
69,792
77,066
-
(162,134)
711,378
1,010,519
Comments regarding segment reporting
Ship Technology
In the period 2011 – 2013 the operating revenue in Havyard Ship Technology has increased from
NOK 1,290 million in 2011 to NOK 1,353 million in 2012 and NOK 1,480 million in 2013. The
revenue has shown a steady increase reflecting that more and more of the work on each ship is
performed in Turkey. The capacity limitation at the ship yard in Leirvik has less significance when
77
more work is performed in Turkey which gives the capacity for the segment Ship Technology to
produce more, and therefore increase the revenue.
The EBIT in 2013 was NOK 77 million, down from NOK 129 million in 2012 and NOK 178 million in
2012. This corresponds to EBIT-margins of 5.2%, 13.8% and 9.5%. The declining trend has
several causes where the most important is that the ships produced in 2011 and to a large extent
2012, where conventional types, mostly Havyard 832 and 833 PSV. These ships have been
produced numerous times by Havyard Ship Technology, which gives low risk and the possibility to
extract good margins from the market. In 2013, more prototype designs/vessels were produced
and lower margins was the effect due to this being seen partly as an investment in future new
market segments and new customer groups. In 2013, one such project had a significantly negative
effect on the overall EBIT margin.
In first quarter 2014, the EBIT was NOK 5 million, compared to NOK 20 million the corresponding
period in 2013. The EBIT margin is reduced from 7.2 % to 1.6 %. The current contract portfolio is
a mix of “prototype vessels”, a term used to describe the first construction of a new design, and
vessel designs which previously has been built. Prototype vessels will often have a lower margin
than other vessels, both because there is a learning effect in repeat orders and because new vessel
designs/types must be priced attractively to induce owners to take new designs. The amount of
prototypes is currently higher than what is deemed normal, which impacts margins negatively. For
2013, the average margin (measured as EBIT divided on revenue) was 5.2%. For the first quarter
2014, mainly due to high degree of prototype vessels, the margin was 1.6%. HST believes that the
margin for 2014 as a whole will be approximately in line with the margin achieved in 2013.
Design & Solutions
For the segment Design & Solutions, the revenue was NOK 140 million in 2011, decreasing to NOK
126 million in 2012 and then increasing to NOK 263 million in 2013. In 2011, the activity was high
on internal contracts reflecting that the activity in the Ship Technology was increasing. In 2012,
revenue from external costumers started to increase due to delivery of equipment packages. The
internal activity in Design & Solutions was reduced somewhat in 2012 due to designing of more
conventional ships while in 2013 the external revenue was significantly increased due to delivery of
the main part of three larger equipment packages.
The EBIT was NOK 12 million in 2011, NOK 53 million in 2012 and NOK 56 million in 2013. This
corresponds to an EBIT-margin of 9%, 42% and 21%. In 2011, the EBIT was significantly
influenced by loss on recievables in Asia. Further, the margin in 2011 was lower due to a strategy
of investment in winning market shares in Asia. In 2012, this strategy paid of, and several external
contracts were won which gave significant contribution to the EBIT. The reduction in EBIT margin
in 2013 was due to the sale of equipment packages with a lower EBIT contribution than design
packages. In addition, Design & Solutions invested in development of new designs for several
prototype ships for future sales.
Total revenue in the first quarter of 2014 was NOK 65 million, compared to NOK 41 million in the
first quarter of 2013. The reason for the increase is a strategic choice of increasing capacity in the
subsidiaries in Croatia and Poland, and the deliveries of equipment packages. The EBIT was NOK
13 million in the first quarter of 2014, compared to NOK 9 million in the corresponding period of
2013. The EBIT margin is declining somewhat from first quarter 2013, from 22 % to 20 %. The
main explanation for this is the delivery of equipment packages, which is a product with lower
margin than design packages.
78
Power and Systems
In the Power and Systems division, revenue has gradually increased in the period, from NOK 169
million in 2011, to NOK 179 million in 2012 and NOK 208 million in 2013. The segment has built up
capacity within electrical installation which is sold to external customers, hence increasing revenue.
In addition, the increased revenue must bee seen in context with the increase in activity in the
segment Ship Technology which is the main customer for Power and Systems.
The EBIT for 2011-2013 in this segment has been NOK 18 million, NOK 41 million and NOK 41
million respectively. This corresponds to an EBIT-margin of 10.7 %, 22.9 % and 19.7 %. The main
explanation for the increase is that external projects have in general higher margins. Note that
these external contracts are sold through the segment Design & Solutions, and therefore are found
under internal revenue in the above tables.
Operating revenue has increased from 37 million to 48 million from the first quarter of 2013 to the
first quarter of 2014. This is mainly due to the increased activity in the subsidiary Havyard
Production & Service, who deliver labour the the ship yard in Leirvik. This part of the Power and
Systems segment has lower margin than the rest of the segment, and explains most of the decline
in EBIT from 8.7 million to 6.7 million from the first quarter of 2013 to the first quarter and 2014.
Fish Handling and Refrigeration
This segment has only been a part of the Group since 2013, and therefore 2011 and 2012 are not
stated in the above table. The revenue of this segment for 2013 was NOK 325 million, and the
EBIT was NOK 10 million. This is a margin of only 3 %. The explanation is mainly two factors: 2013
was a year of restructuring and non-recurring restructuring costs affected the EBIT negatively. In
addition, the segment recorded a loss of NOK 6 million in its subsidiary in Peru.
Fish Handling and Refrigeration has increased the revenue from NOK 67 million to NOK 84 million
from the first quarter of 2013 to the first quarter of 2014. The EBIT has increased from NOK 3
million to NOK 5 million, corresponding to an increase in EBIT margin from 4.5 % to 6 %. The
margin has increased due two main factors: The Refrigeration segment has been through a
restructuring process which has given positive effect in the first quarter of 2014. Cost has been
reduced and the services are provided is more focused towards the parts of the market segment
that has the higher margin projects. In addition, the activity in the Fish Handling division has
increased and this increased revenue and EBIT.
Other / Elimination
The Other/Elimination column consists of two things: Elimination of internal revenue and other
costs that are not reflected in the segments. The elimination of internal revenue was NOK 253.9
million in 2011, NOK 230.5 million in 2012 and NOK 289.1 million in 2013. In the first quarters of
2013 and 2014 the elimination was NOK 50 million and NOK 77 million respectively. The
depreciation in the “Other” segment is depreciation related to the goodwill on property from the
purchase of Havyard Fish Handling & Refrigeration (formerly MMC). In addition, some depreciation
of goodwill is recorded in Ship Technology in 2011 and 2012.
8.4.5
Geographical segments
The operating revenue and assets in Havyard Group are allocated to domestic (Norway) and
foreign (Other) customers. The foreign customers segment in the period 2011-2013 includes
costumers from China, Denmark, Iceland, India, Nigeria, Peru, Russia, Singapore and Spain. The
main part of the operating revenue relates to shipbuilding contracts. In addition, design &
79
equipment packages and equipment from Havyard Fish Handling and Refrigeration are also
included in the figures.
The tables below shows the operating revenue distributed per country/region for the period 20112013 and for the first quarter of 2014:
Norway
India
Spain
Faroe Islands
China
Nigeria
South America
Denmark
Iceland
Russia
Turkey
Scotland
Singapore
Total
Q1 2014
2013
2012
2011
219,143,789
11,078,222
42,948,513
826,535,886
398,056,738
226,725,305
216,277,539
75,609,854
70,749,432
61,937,948
45,215,599
38,729,957
18,903,361
6,700,943
1,489,876
708,325,047
253,606,057
10,646,913
446,725,983
553,000
524,634,000
354,871,364
2,195,000
8,790,000
4,800,000
1,426,852,000
361,825,095
1,346,427,000
4,108,112
38,549,665
16,115,222
92,988,358
4,751,119
429,683,000
1,986,932,438
75,406,390
20,900,150
The tables below present an overview of the key geographical markets from which Havyard Group
has earned its revenues in 2013, 2012 and 2011:
Geographical
segment, 2013
Operating revenues
Assets
Geographical
segment, 2012
Operating revenues
Assets
Geographical
segment, 2011
Operating revenues
Assets
8.5
Norway
Other
Total
826,536
1,160,397
1,986,932
1,487,250
45,280
1,532,530
Norway
Other
Total
708,325
718,527
1,426,852
1,342,771
40,132
1,382,903
Norway
Other
Total
524,634
820,216
1,344,850
1,010,519
0
1,010,519
Comments to the financial situation, statements and cash flows
8.5.1
Overview of the current financial situation
The overall financial situation in Havyard Group is deemed to be satisfactory, with a robust solidity
and with no particular threats arising from its financial position. Havyard Group has sufficient
liquidity to ensure that its operations can continue without any delays or sub-optimal solutions,
with cash and cash equivalents as per year-end 2013 of NOK 281 million and working capital in
excess of NOK 100 million. There have not been material adverse changes in the financial or
operational position of Havyard Group since year-end 2013, the date of its last financial report.
With the exception set out below, no companies in the Group are currently in financial distress or in
default with respect to its borrowings.
80

MMC Peru SAC, which is a subsidiary of Havyard Fish Handling and Refrigeration AS
(62.4% owned), is currently facing challenges as regards the company's liquidity. The
company is in dialogue with its creditors and customers, with the aim to finding a solution
by means of which the company will be able to continue its activities. On the basis hereof,
Havyard Fish Handling and Refrigeration AS is prepared to convert certain outstanding
receivables into equity in order to assist strengthening the company's equity. The
development of the company's cash position is, however, hard to predict, and Havyard Fish
Handling and Refrigeration AS is thus at risk, and is prepared to take a loss on its
investments
in
said
company.
Worst
case
scenario,
Havyard
Fish
Handling
and
Refrigeration AS may face a loss in the aggregate amount of NOK 6,500,000, and has
consequently taken precautions against such risk by making depreciations of NOK
6,500,000 in its annual accounts. Havyard Fish Handling and Refrigeration AS is also taking
necessary precautions in order to avoid further losses.
8.5.2
Comments in respect of Q1 2014 – comparison with Q1 2013
Operations and revenues
Operations in the first quarter of 2014 were satisfactory in all major parts of the business, and
were not particularly affected by unusual or non-recurring events.
The operating revenue for the Group in the first quarter of 2014 was NOK 429.7 million, compared
to NOK 372.7 million in the corresponding period of 2013. The increase is mainly due to increased
capacity utilisation at the yard in Leirvik due to more work being done in Turkey, and the sale of
equipment packages from the Design & Solutions segment compared to the first quarter of 2013.
For the first quarter of 2014, the Group recorded a net profit before tax of NOK 28 million (Q1
2013: NOK 41 million). This corresponded to a profit margin of 6.5 % (Q1 2013: 11.1 %).
Margins were affected negatively, in particular for the Havyard Ship Technology division, by a
higher than normal portion of the activity being related to construction of vessels with new designs,
which typically have higher costs than repeat construction of existing and well-known designs.
Some of the contracts executed had also been entered into in a more challenging market
environment and had lower margins as effect thereof.
Margins are also affected negatively by the sale of equipment packages, where the margins are
lower on this type of trading activity than the other operational activities in Havyard.
Financial position
The total assets in the Group have increased from NOK 1,318 million to NOK 1,628 million from the
first quarter in 2013 to the first quarter in 2014. The increase is mainly due to increased amount of
work in progress, increased liquidity and increased investments. The total equity has increased
from NOK 555 million to NOK 664 million due to retained earnings, but the equity ratio has
dropped from 42 % to 41 % due to the increase in assets.
Investments in financial assets increased from NOK 322 million to NOK 393 million, reflecting
increased participation in various projects related to vessels being, or having been, constructed at
its yard. Note however, that the financial investments have been reduced since year end 2013.
Current assets have increased from NOK 724 million in the first quarter of 2013 to to NOK 927
million in the first quarter of 2014. The main reason is increased cash and cash equivalents due to
advance payments on ship under construction.
81
Total liabilities are NOK 964 million in the first quarter of 2014, compared to NOK 763 million in the
corresponding period of 2013. The main reason for the increase is increased construction loans and
prepayments from costumers.
Cash flows
Aggregate cash flow from operating activites is negative with NOK 226 million in the first quarter of
2014, compared to a negative cash flow of NOK 34 million in the first quarter of 2013. The reason
for this is mainly higher recievables due to higher values on ship under construction.
Aggregate cash flow from investing activities was NOK – 8.3 million in the first quarter of 2014,
compared to NOK – 6.7 million in the first quarter of 2013.
Aggregate cash flow from financing activites are positive with NOK 155 million in the first quarter
of 2014, compared to NOK – 2.6 million in the first quarter of 2013. The reason is increase in
construction loans, and this must be seen in relation with the cash flow from operating activitites.
Operations in 2013 were satisfactory in all major parts of the business, and were not particularly
affected by unusual or non-recurring events.
8.5.3
Comments in respect of 2013 – comparison with 2012
Operations and revenues
Operations in 2013 were satisfactory in all major parts of the business, and were not particularly
affected by unusual or non-recurring events.
The operating revenue for Havyard Group was NOK 1,986.9 in 2013, compared to NOK 1,427.8 in
2012. The increase in revenue was mainly due to the acquisition of MMC Tendos (now Havyard Fish
Handling & Refrigeration) at the end of 2012. This acquisition did not influence the revenue in
2012. In addition, the sale of design and equipment packages have increased in 2013 compared to
2012.
For 2013, Havyard Group recorded a net profit before tax of NOK 190 million (2012: 215) on
revenues of NOK 1,987 million (2012: 1,427). This corresponded to a profit margin of
approximately 9.6% (2012: 15.1%).
Margins were affected negatively, in particular for the Havyard Ship Technology division, by a
higher than normal portion of the activity being related to construction of vessels with new designs,
which typically have higher costs than repeat construction of existing and well-known designs.
Some of the contracts executed during the year had also been entered into in a more challenging
market environment and had lower margins as effect thereof.
Margins were also affected negatively by the inclusion from 2012 of the Havyard Fish Handling and
Refrigeration division. This division, which contributed with NOK 289 million of revenues in 2013,
had a lower operating margin than the average of the remaining business in 2013.
Financial position
During 2013, Havyard Group increased its total assets from NOK 1,383 million at the start of the
year to NOK 1,533 million at the end of the year. The equity ratio at year-end 2013 was 44%
(2012: 38%), reflecting retained earnings.
The amount of goodwill and intangible assets increased from NOK 44 million to NOK 65 million,
mainly reflecting investments in new vessel designs.
82
Investments in financial assets increased from NOK 308 million to NOK 423 million, reflecting
increased participation in various projects related to vessels being, or having been, constructed at
its yard.
Current assets were basically unchanged at NOK 804 million (versus 803 at start of the year), but
with a higher portion of cash and cash equivalents and a reduced amount of earned revenue,
reflecting the completion of several projects during the year.
There were no material changes in borrowings during 2013, with total liabilities being NOK 864
million (versus 856 at start of the year).
Cash flows
Aggregate cash flows from operating activities in 2013 were NOK 450 million (2012: 213). The
marked increase in such cash flow reflected, in particular, a higher increase in receivables following
higher values on ships under construction at end 2013 than end 2012 as well as an increase in
other liabilities to finance the ships under construction. In addition, taxes were lower at NOK 56
million (2012: 94 million).
Aggregate cash flows from investing activities in 2013 were NOK -129 million (2012: -292).
Investments in 2013 were particularly related to projects related to vessels being, or having been,
constructed at its yard, whereas investments in 2012 also included the acquisition of Havyard Fish
Handling and Refrigeration (formerly MMC Tendos) with approximately NOK 60 million.
Aggregate cash flows from financing activities in 2013 were NOK -154 million (2012: -76),
reflecting in particular a reduction of construction loans as various projects were completed and
delivered. There was no equity raised during 2013.
8.5.4
Comments in respect of 2012 – comparison with 2011
Operations and revenues
Operations in 2012 were satisfactory in all major parts of the business, and were not particularly
affected by unusual or non-recurring events.
For 2012, Havyard Group recorded a net profit before tax of NOK 215 million (2011: 210) on
revenues of NOK 1,427 million (2011: 1,345). This corresponded to a profit margin of
approximately 15.1% (2011: 15.6%).
Financial position
During 2012, Havyard Group increased its total assets from NOK 1,011 million at the start of the
year to NOK 1,383 million at the end of the year. The equity ratio at year-end 2012 was 38%
(2011: 30%), reflecting retained earnings.
The amount of goodwill and intangible assets increased from NOK 5 million to NOK 44 million,
reflecting goodwill in the acquisition of Havyard Fish Handling and Refrigeration (formerly MMC
Tendos) during 2012and investments in new vessel designs.
Investments in financial assets increased from NOK 51 million to NOK 308 million, reflecting
increased participation in various projects related to vessels being, or having been, constructed at
its yard.
83
Current assets were largely stable at NOK 803 million (versus 886 at start of the year), but with a
reduction of cash and cash equivalents and an increase in other assets, mainly reflecting new
projects under construction.
Non-current borrowings increased from NOK 60 million to NOK 176 million during the year,
reflecting increased bank loans. There were no material changes in current liabilities during the
year.
Cash flows
Aggregate cash flows from operating activities in 2012 were NOK 213 million (2011: 636). The
marked reduction in such cash flow reflected, in particular, a lower increase in receivables, being
caused by lower values of ships under construction at end 2012 than end 2011.
Aggregate cash flows from investing activities in 2012 were NOK -291 million (2011: -55).
Investments in 2012 were particularly related to projects related to vessels being, or having been,
constructed at its yard, as well as the acquisition of Havyard Fish Handling and Refrigeration
(formerly MMC Tendos) with NOK 48 million, whereas investments in 2011 were mainly project
related.
Aggregate cash flows from financing activities in 2012 were NOK -76 million (2011: -430),
reflecting in particular a relatively low degree of completion of new construction with associated
repayment of construction loans. There was no equity raised during 2013.
8.5.5
Significant subsequent changes
Since end of first quarter 2014 (31st of March 2014), the date of the last financial report of Havyard
Group, there have not been material changes to its financial or operational position except as set
forth below:

A short term investment in Forland Subsea AS, in the amount of NOK 46 million was
realised at cost price 14th of May 2014. The investment was realised according to the short
term investment strategy, and the divestment gives a positive liquidity effect for the
Group. This subsequent change is taken into account in section 9.3 below, as adjustments
from 31 March 2014 (the date of the latest financial accounts) to the date of this
prospectus.

On 4 June 2014, the Company agreed to take up a bond loan in an amount of NOK 150
million, expected to be taken up on 13 June 2014. The terms of the bond loan are set out
in Section 9.5 “Borrowings”.
84
9
INVESTMENTS AND CAPITAL RESOURCES
This section 9 should be read together with Section 8 “Selected financial information” and the
financial statements appended to this Prospectus.
9.1
Investments
9.1.1
Overview
Investments made by Havyard Group mainly fall within one of the following categories:

Investments in property, plant and equipment (PP&E) to maintain efficient production,
mainly in connection with its vessel construction activities.

Investments in intangible assets are mainly related to development costs (R&D) that are
recognized in accordance with IAS 38

Investment in financial assets & associates includes investments into new companies and
businesses, in order to develop and expand its business portfolio and service offering. It
also includes taking part ownership in companies or projects relating to vessels being built
or ordered, or vessels already been built, with significant deliveries from companies in the
Havyard Group. This is a customary activity undertaken by companies involved in vessel
construction. Such investments are described in more detail in Section 5.6 “Financial and
other holdings” herein.
9.1.2
Historical capital expenditures
The table below sets forth an overview of the historical capital expenditures in Havyard Group.
All figures presented in ‘000 NOK
Q1 2014
2013
2012
2011
Investment in PP & E
4,898
30,369
11,162
10,223
Investment in intangible assets
1,767
22,994
5,583
0
0
50,499
208,700
24,618
6,665
103,862
225,445
34,841
Investment in financial assets & associates
Capital expenditures
In addition to these capital expenditures, there has also been issued long term loans to companies
constructing vessels at the ship yard in Leirvik in the period 2011-2013. Total amount of these
loans is approximately NOK 126 million per end 2013. The total amount of non-current investments
in financial assets and associates in section 8.5.2 is NOK 423 million, and consists of NOK 284
million in investments in table above, and the 126 million in vessel-related loans. In addition, there
is an investment in Norwegian Electric Systems with a book value of NOK 13 millions. This
investment was made in 2009 and is not reflected in the table above.
Investment in PP & E
The investments in 2011 and 2012 are at an ordinary level to maintain efficient production and
maintain capacity. In 2013 the administration building in Havyard Fish Handling and refrigeration
were expanded. This investment was NOK 9 million. In addition, investment in housing facilities in
Leirvik is NOK 6 million. The investments in first quarter of 2014 are mainly related to the
construction of the new administration building at the ship yard in Leirvik. In addition, NOK 2
million is invested in production equipment.
85
Investment in intangible assets
Investments in intangible assets are mainly related to development costs in Havyard Design &
Solutions and Havyard Fish Handling & Refrigeration. In addition to the investments stated in the
table above, there has also been recorded Goodwill in the financial statements. In 2012, Havyard
Fish Handling and Refrigeration was acquired, resulting in goodwill of NOK 18.9 million. In addition,
HDS purchased branch offices in Polen & Croatia, resulting in goodwill of NOK 1 million.
The investment of NOK 1.8 million in first quarter of 2014 is related to recognized development
costs in Havyard Design and Solution.
Investment in financial assets & associates
In 2011, NOK 25 million was related to investments to partly finance vessels constructed at the
ship yard in Leirvik.
The acquisition of Havyard Fish Handling & Refrigiration was conducted in 2012, and is included in
Investment in financial assets & associates with NOK 60 million. In addition NOK 149 million was
related to investments in vessels constructed at the Ship yard in Leirvik.
In 2013, the investment of NOK 50 million is related to investments in vessels constructed in
Leirvik.
9.1.3
Ongoing, committed or planned investments
A new administration building in Leirvik (NOK 25 million), is under construction as per the date of
the prospectus. The construction is expected to be finished by the end of 2014. This investment is
financed through a long term loan from Sparebanken Sogn & Fjordane. As of the date of the
prospectus, there has been no drawdown on the construction loan from Sparebanken Sogn &
Fjordane. Approximately NOK 10 million has been invested in the administration building. This
investment is currently financed through the Group’s working capital. The long term loan
commitment for the administration building is approximately 80% of value. Except from the new
administration building, there are no significant ongoing, committed or planned investments, and
there have been no significant investments in the period between 1 st of January 2014 and the date
of this prospectus
The normal amount of investment required for capacity maintenance and other operational
investments is expected to be between NOK 15 and 20 million annually, although this figure may
vary from year to year depending on specific demands.
9.2
Working capital
9.2.1
Overview of working capital and requirements
The Group´s working capital requirement will fluctuate depending especially on ship deliveries. It is
the policy to keep as much working capital as required to keep the operations run efficiently, and
not being subject to sub optimal production processes due to lack of capital. Based on experience,
the level of working capital, understood as current assets net of current liabilities, that is needed
for efficient production is approximately NOK 100 million.
The other aspect is that the working capital shall not be in excess of what is needed for efficient
operations. Havyard Group will therefore strive to have the opportunity to finance as much as
possible of the construction costs with construction loans in order to manage the working capital
efficiently at all times. In addition to this, there is a continuous focus on efficient handling of
receivables, preventing too much capital being tied up.
86
The Group´s main construction loan bank has a covenant that states that the working capital has
to be at least NOK 100 million which the Company is in compliance with.
The table below shows the development of working capital at the end of 2011, and the following
quarters:
Current assets
Q4 11
886,040
Q1 12
595,347
Q2 12
560,600
Q3 12
785,289
Q4 12
803,180
Q1 13
723,537
Q2 13
819,367
Q3 13
872,892
Q4 13
803,504
Q1 14
927,302
Current liabilities
651,340
373,952
410,200
577,441
680,067
557,182
687,019
686,179
701,635
801,193
Working capital
234,700
221,395
150,400
207,848
123,113
166,355
132,348
186,713
101,869
126,109
9.2.2
Working capital statement
In the view of the board of directors of Havyard Group ASA, the Company and the Group has
sufficient working capital for its current requirements, being understood as the requirements for a
minimum of 12 months from the date of this Prospectus.
9.3
Capitalisation and indebtedness
9.3.1
Capitalisation
The following table sets forth information about the Group’s audited consolidated capitalisation as
of 31 March 2014 and adjusted to reflect if the below-mentioned material changes had been in
place as at that time for comparative purposes.
The table does not reflect the new NOK 150 million bond loan described in Section 9.5, as this bond
loan is not yet drawn at the date of this Prospectus.
Amounts in NOK ‘000
Total non-current debt (excl. current portion of longterm debt)
As of 31
March
2014
Adjustments
Adjusted per
the date of
this
Prospectus
(audited)
(unaudited)
(unaudited)
Guaranteed
Secured
94,713
0
94,713
Unguaranteed/unsecured
67,743
0
67,743
162,456
0
162,456
Secured
360,184
-160,907
199,277
Unguaranteed/unsecured
441,009
0
441,009
801,193
-160,907
640,286
Share capital
1,126
0
1,126
Legal reserve
5,462
0
5,462
657,687
0
657,681
664,269
0
664,269
Total
Total current debt
Guaranteed
Total
Shareholders’ equity
Other reserves
Total
87
The secured non current debt is related to financing of property and equipment. The unsecured
non-current debt is mainly related to deferred tax liabilities and capitalized lease.
The secured current debt is related to construction loans for vessels under construction at the ship
yard in Leirvik.
The following adjustments have been made to the table above:

Secured current debt: The net reduction of NOK 161 million is related to repayment of
construction loan for Hull no. 117 and a drawdown on the construction loan for Hull no.
120. The construction loan for Hull no. 117 of NOK 193 million was repaid upon delivery of
the vessel. The construction loan for Hull. No. 120 has increased by NOK 30.4 million due
to a drawdown in April 2014, and due to accrued interest of NOK 1.5 million.
9.3.2
Indebtedness
The following table sets forth information about the Group’s net indebtedness as of 31 March 2014
and adjusted to reflect if the below-mentioned material changes had been in place as at that time
for comparative purposes.
The table does not reflect the new NOK 150 million bond loan described in Section 9.5, as this bond
loan is not yet drawn at the date of this Prospectus.
Amounts in NOK ‘000
As of 31
March
2014
Adjustments
Adjusted
per the
date of
this
Prospectus
(audited)
(unaudited)
(unaudited)
Net indebtedness
(A) Cash
202,893
-52,000
150,893
202,893
-52,000
150,893
343,084
-160,907
182,177
17,100
0
17,100
(I) Current financial debt (F) + (G) + (H)
360,184
-160,907
199,277
(J) Net current financial indebtedness (I) - (E) - (D)
157,291
-108,907
48,384
(B) Cash equivalents
(C) Trading securities
(D) Liquidity (A) + (B) + (C)
(E) Current financial receivables
(F) Current bank debt
(G) Current portion of long-term debt
(H) Other current financial debt
(K) Non-current bank loans
94,713
94,713
94,713
94,713
(L) Bonds issued
(M) Other non-current loans
(N) Non-current financial indebtedness (K) + (L) + (M)
(O) Net financial indebtedness (J) + (N)
252,004
-108,907
143,097
The following adjustments have been made to the table above:

(A) Cash: The reduction of NOK 52 million reflects the construction capital requirment for
Hull no. 120 and Hull no. 115 when the ships are docked in Leirvik and entered the
88
outfitting phase. In addition it reflects the effect of divestment of the investment in Forland
Subsea AS of NOK 46 million.. The net effects of subsequent transactions are negative NOK
52 million.

(F) Current bank debt: The net reduction of NOK 161 million is related to repayment of
construction loan for Hull no. 117 and a drawdown on the construction loan for Hull no.
120. The construction loan for Hull no. 117 of NOK 193 million was repaid upon delivery of
the vessel. The construction loan for Hull. No. 120 has increased by NOK 30.4 million due
to a drawdown in April 2014, and accrued interest of NOK 1.5 million.
9.4
Funding and treasury policies
The Company manages its capital structure and makes adjustments to it in light of changes in
economic conditions. By managing capital efficiently, the Company will be able to continue as a
going concern while maximising the return to shareholders. It is believed that this can best be
achieved by investing in the existing asset portfolio and through acquisition of new opportunities as
they arise.
9.4.1
Funding policy
The Group's primary sources of liquidity in addition to the operational cash flow has been debt
financing raised through several minor loans related to PP&E and a NOK 300 million loan facility
with Sparebank 1 SMN (as further described below).
As for the loan facility with Sparebank 1 SMN, the commitment is made to Havyard Group ASA
and/or Havyard Ship Technology AS in the aggregate maximum amount of NOK 300,000,000 for
furnishing of multiple vessels at the Leirvik yard. The maximum aggregate amount may be
increased to up to NOK 600,000,000 if the Norwegian Export Credit Agency (GIEK) provides
guarantee(s) amounting to at least 50 % of the total aggregate amount. The loan commitment
requires customary securities for this type of financing, i.e. such as vessel mortgage, assignments
of earnings and insurances.
Furthermore, it is a general and important principle of Havyard Group never to be dependent on
one bank alone. Therefore Havyard Group will always have relations with at least two different
banks. At the time of the prospectus the Company has the following bank relations: Sparebank 1
SMN, DNB, Sparebanken Møre and Sparebanken Sogn & Fjordane (SSF). Sparebank 1 SMN and
DNB are used mainly for construction loans, and Sparebanken Møre is the provider of financing to
Havyard Fish Handling and Refrigeration (including financing of the acquisition in 2012). SSF is
used for long term financing and leasing of PP&E at the ship yard.
Operating equipment is financed through leasing or bank loan facilities. The policy is to finance
such investments with maximum leverage, and use operating cash flow to meet equity
requirements from the bank.
9.4.2
Treasury policy
The main task for the treasury function is to ensure that excess cash flow is managed with a low
risk level. The main consideration at all times is to have sufficient liquidity for the operations. The
treasury function is therefore closely linked to the funding policy.
Funds that are in excess of operational needs are invested in expanding the value chain, if such
expansion can contribute to future benefits for Havyard Group. Acquisitions are combined with
bank financing, where excess cash from operation are used to meet the equity requirements.
89
Havyard Group ASA has a policy of providing the shareholders with at least 50% of the net result
after tax as dividend. This policy prerequisite that the liquidity in the Group is sufficient for such
payment. See Section 10.9 “Dividend policy”.
9.5
Borrowings
9.5.1
Overview of outstanding debt facilities and debt maturities
The Group's primary sources of liquidity in addition to the operational cash flow has been debt
financing raised through several minor loans related to PP&E and a NOK 300 million loan facility
with Sparebank 1 SMN (as further described below). All debt in the Group has a floating rate of
interest (NIBOR + margin).
Non-current debt
The table below sets forth an overview of the Group’s long term borrowings as per 31 March 2014,
including final maturity date and outstanding amount for each loan as per the same date:
Lender
Amount (NOK)
Maturity date
Shareholders MMC (earn out)
1,404,666
01.05.2015
Sparebanken Møre
2,073,859
01.07.2036
Sparebanken Møre
374,753
01.07.2027
Sparebanken Møre
36,964,285
05.12.2015
Havyard Group ASA
Havyard Ship Technology AS
Sparebanken Sogn & Fjordane
13,695,000
15.08.2021
Innovasjon Norge
4,266,250
01.09.2016
Financial leasing
5,432,240
2014-2018
Sparebanken Møre
10,134,500
14.07.2035
Sparebanken Møre
8,863,880
12.03.2028
Sparebanken Møre
3,117,598
28.11.2027
Sparebanken Møre
1,987,500
19.12.2017
Innovasjon Norge
2,385,000
10.05.2018
Innovasjon Norge
6,742,500
10.05.2028
Innovasjon Norge
6,262,031
10.05.2032
Innovasjon Norge
3,171,250
03.07.2027
Innovasjon Norge
1,375,000
10.07.2019
400,000
10.03.2018
Innovasjon Norge
5,000,000
10.12.2019
Sparebanken Møre
5,000,000
30.08.2019
Havyard Fish Handling & Refrigeration AS
Havyard MMC Refrigeration AS
Innovasjon Norge
MMC Green Technology AS
90
Long term debt – maturity structure
Instalments
Q2-Q4 2014
2015
2016
2017
2018
>5 years
Havyard Fish
Handling &
3,879,197
5,346,729
5,346,729
5,346,729
4,501,729
30,296,895
4,396,007
4,959,333
3,659,333
2,326,000
2,364,649
5,021,500
4,906,505
33,662,332
114,810
114,810
114,810
1,904,296
13,181,709
43,968,394
9,120,872
7,787,539
6,981,188
37,222,691
Refrigeration
Havyard Ship
Technology AS
Havyard Group
ASA
Total
Havyard Group ASA
Sparebanken Møre is the main bank used for long term financing at present time. The long term
debt in Sparebanken Møre for Havyard Group ASA is related to the purchase of MMC (Havyard Fish
Handling & Refrigeration AS) in 2012. The main part of this debt has a remaining repayment time
of 2 years. This debt is considered for refinancing during 2014. If financial assets are realised
before the maturity of the loan, its proceeds might be used to meet the balloon payment. The
collateral for the long term debt are bank deposits, property, recievables, and shares in the
subsidiaries Havyard Ship Invest AS and Havyard Fish Handling and Refrigeration AS.
Havyard Ship Technology
Sparebanken Sogn & Fjordane has the long term financing of PP & E on the ship yard. In addition
financial leasing is used as the preferred method for financing equipment and barracks. The
collateral for the long term loan are property and equipment related to the ship yard in Leirvik.
Havyard Fish Handling & Refrigeration
The main part of the long term in Sparebanken Møre is debt with maturity in 15-25 years. This is
mainly related to financing the property of HFHR in Fosnavåg and Vigra.
Havyard Fish Handling & Refrigeration has used the possibility to finance innovative projects
through the Norwegian Government’s financing instrument for innovation and development,
Innovation Norway extensively. In general, the terms of this form of financing are more favourable
than traditional financing. The main part of the loans from Innovation Norway has maturity in 1020 years. The collateral related to the the long term loans are bank deposits, property, inventories,
equipment, receivables, shares subsidiaries.
As of Q1 2014 the remaining balance of the main bank facilities for the different banks was:
•
Sparebanken Møre: NOK 68.5 million
•
Sparebanken Sogn & Fjordane: NOK 19.1 million
•
Innovasjon Norge: NOK 29.6 million
•
Total long term Bank financing: NOK 117.2 million
•
Other long term debt: NOK 1.4 million
The majority of the loans have maturity date in the period 2015-2021. In general, loans financing
property and plants have the longest maturity, corresponding to the expected economic life of the
asset.
91
Sparebanken Møre has financed the purchase of MMC (Havyard Fish Handling & Refrigeration AS).
The main part of this loan has a balloon repayment profile, where the repayment profile is 3 years
longer than the maturity date (balloon structure – maturity in 2015, repayment profile corresponds
to a maturity date in 2018). In addition, Sparebanken Møre has the long term financing of property
and plants for Havyard Fish Handling & Refrigeration AS.
The instalment in the last three quarters of 2014 for the debt in Sparebanken Møre is
approximately NOK 6.9 million.
Sparebanken Sogn & Fjordane has the long term financing of the PP & E in Leirvik, and the loan
has a maturity in 2021. The installment in the last three quarters of 2014 for this loan is NOK 1.4
million.
Innovasjon Norge is financing projects in both Havyard Ship Technology AS and Havyard Fish
Handling & Refrigeration AS. In general, these loans have long maturities, from 2018-2032. The
instalments for the last three quarters of 2014 for the Innovasjon Norge loans are NOK 2.6 million.
The instalment for the financial leasing for the last three quarters of 2014 is NOK 2.3 million, and
total instalments for the last three quarters of 2014 are NOK 13.2 million.
In general, the instalments for 2014 are to be covered by the Groups working capital, and the
Group see no financing issues regarding this. The above mentioned balloon loan in Havyard Group
represents a substantial capital requirement for the Group in 2015, which is not expected to be
covered by working capital alone. Debt refinancing and/or sale of some of the Group’s investments
are the most likely solutions for meeting this capital requirement in 2015. The instalments in the
years after 2015 are to be covered by the Groups working capital without any expected issues.
Current bank debt
A loan commitment from Sparebank 1 SMN is made to Havyard Group ASA and/or Havyard Ship
Technology AS. The loan facility has an aggregate maximum amount of NOK 300 million for
furnishing of multiple vessels at the Leirvik yard. The maximum aggregate amount may be
increased to up to NOK 600 million if the Norwegian Export Credit Agency (GIEK) provides
guarantee(s) amounting to at least 50 % of the total aggregate amount. The loan commitment
requires customary securities for this type of financing, i.e. such as vessel mortgage, assignments
of earnings and insurances.
As of 31 March 2014, a total of NOK 328 million was drawn under this arrangement (Hull 117 and
Hull 120). The amount drawn as per the date of the prospectus was NOK 165 million for hull no
120. The contruction loan for Hull no. 117 (NOK 193 million) was repaid upon the delivery of the
vessel after closing of first quarter 2014.
Below is a short description of the main terms of the construction loan for Hull no. 120:
Borrower
Havyard Group ASA
Loan amount
NOK 264,000,000
Lender
Sparebank 1 SMN
Purpose
Construction loan for hull no 120
Security

Ship mortgage hull no 117

Factoring Agreement

Pledge of account no. 4202.19.60440
Date of agreement
9th of December 2014
Final maturity date
Not specified (upon delivery of the vessel)
92
Repayment
Not specified (upon delivery of the vessel)
Interest
3m NIBOR + 2.25%
Covenants (default
Customary covenants for this type of financing, including i.e. material
provisions)
change of ownership in the Company (see change of control provision
blow), change of business or corporate restructuring such as
merger/de-merger, liquidation or change of company type. The
company shall send its audited accounts to the lender as well as
provide information of all other guarantees and obligations not
mentioned in the audited accounts as well as other information
relevant for the loan facility.
Change of control provision
Material change of ownership, including change of ownership resulting
in change of control, board representation, daily management or
change of auditor, which in the opinion of the lender has a material
adverse change on the loan will constitute an event of default.
In addition to the loan commitment with Sparebank 1 SMN, Havyard Group ASA has a loan
commitment with DNB Bank ASA for short term construction loan financing.
Current debt
Outstanding
Loan
amount
Collateral
Bank
Hull no. 120, bank
Sparebank1
deposits, receivables
SMN
Company
(NOK Million)
Construction loan
Hull no. 120
Bank overdraft
165
17
Total
Bank deposits, property
Sparebanken
Møre
HST AS
HFHR AS
182
For consistency with point 10.3.2, please note that installments for 2014 on long term debt are not
included in the above table
Bank overdrafts
Havyard Fish Handling and Refrigeration has a credit limit on the bank overdraft of NOK 40 million.
As of the date of the prospectus, an amount of approximately NOK 17 million has been drawn on
this credit limit, hence availale credit is NOK 23 million.
9.5.2
New NOK 150 million senior unsecured bond loan
On 4th of June 2014, the Company placed a 3 year unsecured bond loan of NOK 150 million.
Settlement of the bond loan is expected on or about 13 th of June 2014 with corresponding final
maturity on 13 June 2017. The bond loan carries a coupon of 3 month NIBOR + 5.50%. An
application shall be made for the bond loan to be listed on Nordic ABM.
The intended use of proceeds is for general corporate purposes of the Group, hereunder part of the
net proceeds may be used for distribution to shareholders and refinancing of existing debt
arrangements.
The key covenants applicable to the bond loan will be:
93
•
Book equity: The Company shall ensure that the Group (on a consolidated basis) maintains
a book equity of at least NOK 500,000,000.
•
Liquidity: The Company shall ensure that the Group (on a consolidated basis) maintains
cash and cash equivalents position of minimum NOK 15 million.
•
Working capital: The Company shall ensure that the Group (on a consolidated basis)
maintains a positive working capital.
•
Gross unsecured debt ratio: The Company shall ensure that the ratio of gross unsecured
debt to total assets shall not exceed 20%.
Events of default:
•
The bond agreement, which will be prepared prior to settlement, shall include standard
remedy and event of default provisions as well as cross default provisions for the Company
and any other group company on any single financial indebtedness in excess of NOK 20.0
million.
The bond loan is subject to a change of control clause, under which Havila Holding AS is required to
own at least 30% of the shares of the Company following listing (or 50% of the shares prior to
listing). An event causing the holding of Havila Holding AS to pass below this level will be deemed a
change of control and will trigger an option for the bondholders to put the bonds back to the
Company at par value.
9.5.3
Status on covenants
As per the date of this Prospectus and as per year-end 2013, the Company including all relevant
companies in the Group is in compliance with all covenants on its debt financing.
The main covenants under the debt financing are the following:

That the Company and/or other group companies at all times maintains a working capital
of a minimum of NOK 100 million; and

That the equity ratio of the Group at any given time remains at a minimum of 25%, with a
minimum nominal value of NOK 100 million.
9.5.4
Events of default
If an event of default occurs, the lender may notify the relevant borrowing company that the entire
amount outstanding is due and payable in which case cross default provisions may apply to certain
group companies.
9.6
Non-current assets
Havyard Group´s non-current assets consist of the following:

Financial investments

Intangible assets

Property, plant and equipment
An overview of historical and ongoing investments in non-current assets is provided in Section 9.1.
Intangible assets
94
The intangible assets are mainly related to R&D in Havyard Design & Solutions and Havyard Fish
Handling & Refrigeration. The following are recognized by the end of Q1 2014:
Company
NOK million
Havyard Design & Solutions
18.6
Havyard Fish Handling & Refrigeration
24.5
43.1
NOK 18.6 million meets the strict standards for recognition in the balance sheet stated in IAS 38.
The real values of Havyard´s designs are considered to exceed this amount by a very large amount
as the actual cost to develop one single design package could be in the range of NOK 10-20 million.
Havyard Fish Handling & Refrigeration have activated NOK 24.5 million related to the design of
Green Technology, Fish handling systems and RSW cooling systems.
Property, Plant & Equipment (PP&E)
The PP&E are mainly related to the Ship Yard in Leirvik, and to the production facilities in Havyard
Fish Handling & Refrigeration.
NOK million
Property, Plant
217.5
Machinery
11.9
Operating equipment
18.7
248.1
The plant and property of the ship yard are valued at NOK 145 million, and the rest of the value of
NOK 217.5 million is related to Havyard Fish Handling & Refrigeration. The properties are
recognized at market value in accordance to IFRS.
9.7
Taxation of the company
Havyard Group ASA and its Norwegian subsidiaries are subject to taxation in Norway on all of their
worldwide income, whether it originates in Norway or elsewhere. A tax credit is allowed for foreign
tax, but limited to the proportion of the Norwegian tax that is levied on foreign-source income.
Taxable income is based on book income with adjustments for tax purposes. For tax purposes the
timing of income is based on the realization principle. For accounting purposes the percentage of
completion method is allowed for certain types of income, thus the taxable income and the book
income may differ considerably year on year. A participation exemption method is applicable to
qualifying capital gain on shares and dividends.
Business income and capital gains are pooled and taxed at the same rate. The corporate tax rate is
27% (28% in 2013).
Change of ownership in Havyard Group ASA, or the listing of the shares as such, will not influence
on the taxation of the company or its tax positions.
Norwegian companies are generally taxed as separate entities. Tax consolidation is generally not
allowed. However, a company within a tax group may contribute funds to another company within
the tax group to benefit from the advantage of group contributions, i.e. offsetting profits and losses
95
between group members. Group contributions are allowed both between the Norwegian companies
in the tax group as well as the Norwegian branches of EU/EEA entities in the tax group.
The foreign entities in the group are taxed according to the laws applicable in their respective
countries of residence. Foreign entities having branches in Norway are taxed in Norway in respect
of the income that is attributable to the branches.
96
10 SHARES, SHARE CAPITAL AND SHAREHOLDERS MATTERS
10.1
Overview of the share capital
As of the date of this Prospectus, the Company’s share capital is NOK 1,126,416 divided into
22,528,320 Shares with each Share having a nominal value NOK 0.05. All the Shares have been
validly issued and fully paid in accordance with the Norwegian Public Limited Companies Act. The
Shares are registered in book-entry form with VPS under ISIN NO 0010708605. The Company’s
registrar in VPS is Nordea Bank Norge ASA, Verdipapirservice, P.O. Box 1166, N-0107 Oslo,
Norway.
The Company has one class of shares. The Shares are equal in all respects and each Share carries
one vote at the Company’s general meeting. There are no share options or other rights to
subscribe for or acquire Shares issued by the Company.
Havyard Group ASA owned 327,480 treasury shares as per 31.12.13 (adjusted for split) and per
the date of this Prospectus.
The Offering will not give rise to any change in the share capital of the Company.
10.2
Share capital development
The table below sets forth the historical development of the Company’s share capital and the
number of issued and outstanding Shares for the period between 1 January 2011 and the date of
this Prospectus.
Date
Type of change
Change in share
capital (NOK)
Par value
(NOK)
Total share capital
after change (NOK)
Number of shares
after change
Price per share
(NOK)
1 January 2011
Share capital
-
1.00
1,126,416
1,126,416
-
26 March 2014
Split 20:1
-
0.05
1,126,416
22,528,320
-
The number of shares at the beginning and end of the last financial year was 1,126,416. No shares
have been issued against payment in kind in the period covered by historical information in this
Prospectus.
10.3
Shareholder structure
As per the date of this Prospectus, the Company has 25 shareholders. The 20 largest shareholders
are shown in the table below.
No.
Shareholder
1
Havila Holding AS
2
Geir Johan Bakke AS
3
Havyard Group ASA
4
5
No. of shares
%
Type
Country
18,500,000
82.12
NO
1,172,520
5.20
NO
327,480
1.45
NO
Lasse Svoren
242,980
1.08
NO
Jonfinn Ulfstein
242,980
1.08
NO
6
Kjellbjørn Kopperstad
242,980
1.08
NO
7
Stig Magne Espeseth
242,980
1.08
NO
8
Arve Helsem Leine
242,980
1.08
NO
9
Kenneth Pettersen
163,600
0.73
NO
10
Gunnar Larsen
163,600
0.73
NO
11
Tor Leif Mongstad
163,600
0.73
NO
97
12
Randi Engen
163,600
0.73
NO
13
Idar Einar Fuglseth
163,600
0.73
NO
14
Lobema AS
81,800
0.36
NO
15
Chap AS
81,800
0.36
NO
16
Sigvar Giil
70,820
0.31
NO
17
Posedo AS
57,740
0.26
NO
18
Jafro AS
57,740
0.26
NO
19
Ole Kristian Stokkeland
34,640
0.15
NO
20
Johan Rune Bakke
34,640
0.15
NO
20 largest shareholders ............................................... 22,452,080
99.66
Others...........................................................................
76,240
0.34
TOTAL .......................................................................... 22,528,320
100.00
No shareholder of the Company has Shares that give special voting rights.
In accordance with the disclosure obligations under the Norwegian Securities Trading Act,
shareholders acquiring ownership to or control over 5% or more of the share capital of a company
listed on Oslo Børs or Oslo Axess must notify the stock exchange immediately. The table above
shows the percentage held by the existing shareholders of the Company. Except for Havila Holding
AS and Geir Johan Bakke the Company is not aware of any other persons or entities that directly or
indirectly have ownership to or control over 5% or more of the Shares. Please refer to Section 11.6
“Disclosure obligations” below for a detailed description of the disclosure obligations under the
Norwegian Securities Trading Act.
To the extent known to the Company, other than Havila Holding, there are no persons or entities
that, directly or indirectly, jointly or severally, exercise or could exercise control over the Company.
The Company has not taken specific steps to prevent the abuse of such control. The Company is
not aware of any arrangements which may at a subsequent date result in a change of control of
the Company.
Havyard Group has 327,480 treasury shares with a book value of NOK 16,374 and a nomical value
of NOK 16,374
As part of the Offering, Havila Holding AS has undertaken to sell a minimum of 4,200,000 and a
maximum of 6,250,000 Shares. Following the consummation of the Offering, Havila Holding AS will
retain a shareholding in the Company between approximately 54% and 63%. If, as an effect of the
Offering, the holding of Havila Holding AS passes through any of the relevant disclosure thresholds,
this will be communicated by notice on Oslo Børs.
10.4
Authorization to increase the share capital and to issue Shares
The Board of Directors has been granted an authorization to increase the share capital by up to
NOK 563,208, corresponding to 50% of the Company’s current share capital.
The authorization is valid until the Company’s annual general meeting in 2015, but no longer than
to 30 June 2015.
The preferential rights of the existing shareholders to subscribe for the new shares pursuant to
Section 10-4 of the Norwegian Limited Liability Companies Act may be deviated from by the Board
of Directors when using the authorization. The authorization also gives right to increase the share
capital against contribution in kind, including issuance of consideration shares to shareholders in
companies being merged with the Company or its subsidiaries according to Section 13-2 of the
98
Norwegian Public Limited Companies Act (the Act), or in connection with acquisitions. Also, the
authorization includes the right to increase the share capital against subjecting the Company to
specific obligations according to Section 10-2 of the Act, as well as capital increase in connection
with mergers, cf. Section 13-5 of the Act.
10.5
Other financial instruments
Neither the Company nor any of its subsidiaries has issued any options, warrants, convertible loans
or other instruments that would entitle a holder of any such instrument to subscribe for any shares
in the Company or its subsidiaries. Furthermore, neither the Company nor any of its subsidiaries
has issued subordinated debt or transferable securities other than the Shares and the shares in its
subsidiaries which will be held, directly or indirectly, by the Company. No part of the capital of the
Company or any of its subsidiaries is under option.
10.6
Shareholder agreements
The Company is not aware of any shareholder agreements related to the Shares.
10.7
The Articles of Association
The Company’s Articles of Association are set out in Appendix A to this Prospectus in its original
Norwegian language and in an English translation. Below is a summary of provisions of the Articles
of Association.
Objective of the Company
The objective of the Company shall be to invest directly and indirectly in the maritime business,
including maritime industry and shipbuilding, and to facilitate sales, agency business, commission
sale, operations and other services for related companies. The Company’s objective can be found in
Article 3 of the Articles of Association.
Registered office
The Company’s registered office is in the municipality of Herøy, Norway.
Share capital and nominal value
The Company’s share capital is NOK 1,126,416 divided into 22,528,320 shares, each share with a
nominal value of NOK 0.05.
Board of Directors
The Company’s Board of Directors shall consist of a minimum of three and a maximum of seven
members, each elected for two years at a time. The chairperson of the Board of Directors shall be
elected by the General Meeting.
Restrictions on transfer of Shares
The Articles of Association do not provide for any restrictions on the transfer of Shares, or a right
of first refusal for its shareholders. Share transfers are not subject to approval by the Board of
Directors.
99
General meetings
The Annual General Meeting shall approve the annual accounts of the Company and resolve any
distribution of dividend. The Annual General Meeting shall further deal with any other matters
required by law. See section 10.8.1 “General meetings” for further details.
Change of shareholder rights
The Articles of Association do not contain stricter provisions than the Public Limited Companies Act
with respect to actions necessary to change the rights of shareholders. A decision to amend the
Articles of Associated must receive the approval of at least two-thirds of the aggregate number of
votes cast at a general meeting at which any such action is put before the shareholders for
approval, as well as at least two-thirds of the share capital represented at such meeting.
Change of control
The Articles of Association do not contain any provisions that would have the effect of delaying,
deferring or preventing a change of control of the Company. The Shares have not been subject to
any public takeover bids during the current or last financial year.
10.8
Certain aspects of Norwegian corporate law
The following is a summary of certain information relating to applicable Norwegian law in effect as
of the date of this Prospectus. The summary does not purport to be complete and is qualified in its
entirety by the Articles of Association and Norwegian law.
10.8.1
General meetings
Through the General Meeting, the shareholders exercise supreme authority of the Company.
According to applicable law, the Annual General Meeting must be held no later than 30 June each
year.
Written notice of general meetings for listed companies shall be sent to all shareholders with
known addresses at least three weeks prior to the date of the meeting.
Shareholders may vote at the General Meeting either in person or by proxy appointed at their own
discretion. A company listed on Oslo Børs or Oslo Axess shall send proxy forms to its shareholders
for the General Meeting, or alternatively state to where such proxy form is electronically available.
Appendices and attachments to the notice for the General Meeting are not sent to the shareholders
physically, but are made available at the Company's website. Nevertheless, any shareholder may
request that such documents be sent to him or her free of charge.
All of the Company’s shareholders who are registered in the register of shareholders maintained
with the VPS as of the date of the General Meeting, or who have otherwise reported and
documented ownership to Shares, are entitled to participate at general meetings, without any
requirement of pre-registration. The Articles of Association do not contain provisions requiring the
shareholders to notify the Company if they wish to participate at a General Meeting. The following
matters must be discussed and decided at the Annual General Meeting of a listed company:

approval of the annual accounts and annual report, including the distribution of any
dividend, use of profits and the coverage of any deficit

the statement of the Board of Directors with regard to remuneration and other benefits to
the Company's senior management
100

the Board of Directors report on Corporate Governance

election of members to the Board of Directors that are up for election

any other business required to be discussed at the general meeting pursuant to the
Company's Articles of Association
Apart from the Annual General Meeting, extraordinary general meetings may be held if the Board
of Directors considers it necessary. An Extraordinary General Meeting must also be convened if, a
written request is put forward by the auditor who audits the company’s annual accounts or
shareholders representing at least 5% of the share capital to consider a specified matter. The
requirements for notice and admission to the Annual General Meeting also apply to extraordinary
general meetings. However, the Annual General Meeting of a listed company may with a majority
of at least two-thirds of the aggregate number of votes cast as well as at least two-thirds of the
share capital represented at a General Meeting resolve that extraordinary general meetings may be
convened with a fourteen days’ notice period until the next annual general meeting provided the
company has procedures in place allowing shareholders to vote electronically.
10.8.2
Voting rights
Each of the Company’s Shares carries one vote. In general, decisions that shareholders are entitled
to make under Norwegian law or the Company’s Articles of Association may be made by a simple
majority of the votes cast. In the case of elections or appointments, the person(s) who receive(s)
the greatest number of votes cast are elected. However, as required under Norwegian law, certain
decisions, including resolutions to waive preferential rights to subscribe in connection with any
share issue in the Company, to approve a merger or demerger of the Company, to amend the
Articles of Association, to authorize an increase or reduction in the share capital, to authorise an
issuance of convertible loans or warrants by the Company or to authorise the Board of Directors to
purchase the Shares and hold them as treasury shares or to dissolve the Company, must receive
the approval of at least two-thirds of the aggregate number of votes cast as well as at least twothirds of the share capital represented at a general meeting. Decisions restrict the transferability of
the Shares require that at least 90% of the share capital represented at the general meeting in
question vote in favour of the resolution, as well as the majority required for amending the Articles
of Association. Certain types of changes in the rights of shareholders require the consent of all
shareholders affected thereby as well as the majority required for amending the Articles of
Association.
Decisions that (i) would reduce the rights of some or all of the Company’s shareholders in respect
of dividend payments or other rights to assets or (ii) restrict the transferability of the Shares,
require that at least 90% of the share capital represented at the general meeting in question vote
in favour of the resolution, as well as the majority required for amending the Articles of
Association. Certain types of changes in the rights of shareholders require the consent of all
shareholders affected thereby as well as the majority required for amending the Articles of
Association.
In general, only a shareholder registered in the VPS is entitled to vote for such Shares. Beneficial
owners of the Shares that are registered in the name of a nominee are generally not entitled to
vote under Norwegian law, nor is any person who is designated in the VPS register as the holder of
such Shares as nominees. Investors should note that there are varying opinions as to the
interpretation of the right to vote on nominee registered shares. In the Company’s view, a nominee
may not meet or vote for Shares registered on a nominee account (NOM-account). A shareholder
must, in order to be eligible to register, meet and vote for such Shares at the general meeting,
transfer the Shares from such NOM-account to an account in the shareholder’s name. Such
101
registration must appear from a transcript from the VPS at the latest at the date of the general
meeting.
There are no quorum requirements that apply to the general meetings.
10.8.3
Additional issuances and preferential rights
If the Company issues any new Shares, including bonus share issues, the Company’s Articles of
Association must be amended, which requires the same vote as other amendments to the Articles
of Association, i.e. a two -thirds majority of the votes cast and the share capital represented at the
general meeting. In addition, under Norwegian law, the Company’s shareholders have a
preferential right to subscribe for new Shares issued by the Company. Preferential rights may be
derogated from by resolution in a general meeting passed by the same vote required to approve
amending the Articles of Association.
The General Meeting may, by the same vote as is required for amending the Articles of Association,
authorize the Board of Directors to issue new Shares, and to derogate from the preferential rights
of shareholders in connection with such issuances. Such authorization may be effective for a
maximum of two years, and the nominal value of the Shares to be issued may not exceed 50% of
the registered nominal share capital as at the time the authorization is registered with the
Norwegian Register of Business Enterprises.
Under Norwegian law, the Company may increase its share capital by a bonus share issue, subject
to approval by the Company’s shareholders, by transfer from the Company’s distributable equity or
from the Company’s share premium reserve and thus the share capital increase does not require
any payment of a subscription price by the shareholders.
Any bonus issues may be affected either by issuing new shares to the Company’s existing
shareholders or by increasing the nominal value of the Company’s outstanding Shares.
Issuance of new Shares to shareholders who are citizens or residents of the United States upon the
exercise of preferential rights may require the Company to file a registration statement in the
United States under United States securities laws. Should the Company in such a situation decide
not to file a registration statement, the Company’s U.S. shareholders may not be able to exercise
their preferential rights. If a U.S. shareholder is ineligible to participate in a rights offering, such
shareholder may not receive the rights at all and the rights may be sold on the shareholder’s behalf
by the Company.
10.8.4
Minority rights
Norwegian law sets forth a number of protections for minority shareholders of the Company,
including but not limited to those described in this paragraph and the description of general
meetings as set out above. Any of the Company’s shareholders may petition Norwegian courts to
have a decision of the Board of Directors or the Company’s shareholders made at the General
Meeting declared invalid on the grounds that it is in conflict with the Public Limited Companies Act,
the Articles of Association, or unreasonably favors certain shareholders or third parties to the
detriment of other shareholders or the Company itself. The Company’s shareholders may also
petition the courts to dissolve the Company as a result of such decisions to the extent particularly
strong reasons are considered by the court to make necessary dissolution of the Company.
Minority shareholders holding 5% or more of the Company’s share capital have a right to demand
in writing that the Board of Directors convene an extraordinary general meeting to discuss or
resolve specific matters. In addition, any of the Company’s shareholders may in writing demand
that the Company place an item on the agenda for any general meeting as long as the Company is
102
notified in time for such item to be included in the notice of the meeting. If the notice has been
issued when such a written demand is presented, a renewed notice must be issued if the deadline
for issuing notice of the general meeting has not expired.
10.8.5
Rights of redemption and repurchase of Shares
The share capital of the Company may be reduced by reducing the nominal value of the Shares or
by cancelling Shares. Such a decision requires the approval of at least two-thirds of the aggregate
number of votes cast and at least two-thirds of the share capital represented at a general meeting.
Redemption of individual Shares requires the consent of the holders of the Shares to be redeemed.
The Company may purchase its own Shares provided that the Board of Directors has been granted
an authorization to do so by the General Meeting with the approval of at least two-thirds of the
aggregate number of votes cast and at least two-thirds of the share capital represented at the
meeting. The aggregate nominal value of treasury shares so acquired, and held by the Company
must not exceed 10% of the Company’s share capital, and treasury shares may only be acquired if
the Company’s distributable equity, according to the latest adopted balance sheet or an interim
balance sheet, exceeds the consideration to be paid for the shares. The authorization by the
General Meeting of the Company’s shareholders cannot be granted for a period exceeding two
years.
10.8.6
Shareholder vote on certain reorganizations
A decision by the Company’s shareholders to merge with another company or to demerge requires
a resolution by the general meeting of the shareholders passed by at least two-thirds of the
aggregate votes cast and at least two-thirds of the share capital represented at the general
meeting. A merger plan, or demerger plan signed by the Board of Directors along with certain
other required documentation, must be made available to the shareholders at the Company’s
offices or the Company’s website at least one month prior to the general meeting to pass upon the
matter.
10.8.7
Liability of members of the Board of Directors
Members of the Board of Directors owe a fiduciary duty to the Company and its shareholders. Such
fiduciary duty requires that the Board Members act in the best interests of the Company when
exercising their functions and exercise a general duty of loyalty and care towards the Company.
Their principal task is to safeguard the interests of the Company.
Members of the Board of Directors may each be held liable for any damage they negligently or
wilfully cause the Company. Norwegian law permits the general meeting to discharge any such
person from liability, but such discharge is not binding on the Company if substantially correct and
complete information was not provided at the General Meeting passing upon the matter. If a
resolution to discharge the Board Members from liability or not to pursue claims against such a
person has been passed by the General Meeting with a smaller majority than that required to
amend the Articles of Association, shareholders representing more than 10% of the share capital
or, if there are more than 100 shareholders, more than 10% of the shareholders may pursue the
claim on the Company’s behalf and in its name.
The cost of any such action is not the Company’s responsibility but can be recovered from any
proceeds the Company receives as a result of the action. If the decision to discharge any of the
Company’s directors from liability or not to pursue claims against the Board Members is made by
such a majority as is necessary to amend the Articles of Association, the minority shareholders of
the Company cannot pursue such claim in the Company’s name.
103
10.8.8
Indemnification of Directors
Neither Norwegian law nor the Articles of Association contains any provision concerning
indemnification by the Company of the Board of Directors. The Company is permitted to purchase
insurance for the Board Members against certain liabilities that they may incur in their capacity as
such.
10.8.9
Distribution of assets on liquidation
Under Norwegian law, the Company may be wound-up by a resolution of the Company’s
shareholders at the General Meeting passed by at least two-thirds of the aggregate votes cast and
at least two-thirds of the share capital represented at the meeting. In the event of liquidation, the
Shares rank equally in the event of a return on capital.
10.9
Dividend policy
The Company has paid an aggregate dividend of approximately NOK 60 million for 2011, NOK 25
million for 2012, and NOK 25 million for 2013, corresponding to a dividend per share for each of
the years of NOK 2.70, NOK 1.13 and NOK 1.13.
The Company will on a continuous basis aim at providing its shareholders with a competitive return
on the equity invested therein, and make this a priority on account of other investments that are
not directly related to the core business of the Company. Hence, the Company will have high focus
on value creation for the shareholders and will have a dividend policy that, in this respect,
preserves the interest of both the shareholders and the Company properly, with a clear target of a
total, annual dividend pay-out of at 50% to 75% of its net profits on a consolidated basis. In
accordance with the foregoing, the Company will aim for quarterly distribution of dividend.
In addition, the Company’s Board of Directors has stated its intention to propose an extraordinary
dividend to be paid in 2014 in an amount of NOK 50 to 70 million (corresponding to between
approximately NOK 2.20 and NOK 3.10 per Share), subject to applicable resolution and available
free liquidity.
There can be no assurances that a dividend will be proposed or declared in any given year. When
deciding whether to propose a dividend and determining the dividend amount, the Board of
Directors will take into consideration any legal restrictions, the Company’s capital requirements,
including capital expenditure requirements, its financial condition, market outlook and general
business conditions. Consideration will also be taken to any restrictions that its borrowing
arrangements or other contractual arrangements may place on its ability to pay dividends and the
maintaining of appropriate financial flexibility.
10.10 Corporate governance
The Company is committed to maintaining high standards of corporate governance and to ensure
that all shareholders of the Company are treated equally. The Company complies with the
Norwegian Code of Practice for Corporate Governance (the “Code of Practice”) as last issued on
23rd of October 2012, save for the following deviations:

The Company does not yet have a remuneration committee. In order to ensure that the
remuneration committee is established, and the members thereof are selected on a fully
independent basis, the Company has found it appropriate to await the establishment of the
remuneration committee until the Board of Directors, including the newly appointed
chairperson, is duly coordinated and has found its way of working. Se section 7.1.6 for
further details.
104

The Company does not yet have a nomination committee. The Company has resolved to
establish a nomination committee. The Company wishes to ensure that members of the
nomination committee are selected after taking into account the interests of the
shareholders in general. On such basis, the Company has resolved to await the
establishment of, and appointment of candidates for, the nomination committee until next
ordinary general meeting (2015).
The Company and the Board of Directors have adopted and implemented corporate governance
rules in accordance with the Code of Practice. Such rules will be made available on the Company’s
website www.havyard.com. A report on the compliance with the Code of Practice will be included in
the annual report for 2013 in accordance with Oslo Børs’ Continuing Obligations.
105
11 SECURITIES TRADING IN NORWAY
11.1
Trading of equities
Trading of equities on Oslo Børs is carried out in the electronic trading system Millennium
Exchange. This trading system is in use by all markets operated by the London Stock Exchange, as
well as by the Borsa Italiana and the Johannesburg Stock Exchange.
Official trading of equities on Oslo Børs takes place between 09:00 hours and 16:20 hours each
trading day, with a pre-trade session between 08:15 hours and 09:00 hours, a closing auction from
16:20 hours to 16:25 hours and a post-trade period from 16:25 hours to 17:30 hours. Official
trading of bonds takes place between 09:00 hours and 16:00 hours each trading day, with a pretrade session between 08:15 and 09:00. All hours above are expressed in CET.
11.2
Settlement
The settlement period for trading on Oslo Børs is three trading days (T+3).
Oslo Clearing ASA, a wholly owned subsidiary of Oslo Børs VPS Holding ASA, has a license from the
NFSA to act as a central clearing service, and has since 18 June 2010 offered clearing and
counterparty services for equity trading on Oslo Børs.
11.3
Information, control and surveillance
Under Norwegian law, Oslo Børs is required to conduct a number of surveillance and control
functions. The Surveillance and Corporate Control unit of Oslo Børs monitors all market activity on
a continuous basis. Market surveillance systems are largely automated, promptly warning
department personnel of abnormal market developments.
The NFSA controls the issuance of securities in both the equity and bond markets in Norway and
evaluates whether the issuance documentation contains the required information and whether it
would otherwise be unlawful to carry out the issuance.
Under Norwegian law, a company which is listed, or has applied for listing, on a Norwegian
regulated market, must promptly release any inside information (i.e. precise information about
financial instruments, the issuer thereof or other matters which are likely to have a significant
effect on the price of the relevant financial instruments or related financial instruments, and which
are not publicly available or commonly known in the market). A company may, however, delay the
release of such information in order not to prejudice its legitimate interests, provided that it is able
to ensure the confidentiality of the information and that the delayed release would not be likely to
mislead the public. In such cases, the company must promptly and on its own initiative on a
confidential basis inform Oslo Børs about the existence of undisclosed inside information and the
reason for the delay in disclosure. Oslo Børs may levy fines on companies violating these
requirements.
Investment services in Norway may only be provided by Norwegian brokerage houses holding a
license under the Norwegian Securities Trading Act, branches of brokerage houses from an EEA
member state or brokerage houses from outside the EEA that have been licensed to operate in
Norway. Brokerage houses in an EEA member state may also provide cross-border investment
services in Norway.
It is possible for brokerage houses to undertake market-making activities in shares listed in
Norway if they have a license to this effect under the Norwegian Securities Trading Act, or in the
case of brokerage houses in an EEA member state, a license to carry out market-making activities
106
in their home jurisdiction. Such market-making activities will be governed by the regulations of the
Norwegian Securities Trading Act relating to brokers’ trading for their own account. However, such
market-making activities do not as such require notification to the NFSA or Oslo Børs except for the
general obligation on brokerage houses that are members of Oslo Børs to report all trades in stock
exchange listed securities.
11.4
Shareholder register, the VPS and transfer of Shares
The Company’s shareholder register is operated through the VPS. The VPS is the Norwegian
paperless centralized securities register. It is a computerized bookkeeping system in which the
ownership of, and all transactions relating to, shares listed on a Norwegian regulated market must
be recorded. The VPS and Oslo Børs are both wholly-owned by Oslo Børs VPS Holding ASA.
All transactions relating to securities registered in the VPS are made through computerized book
entries. No physical share certificates are, or may be, issued. The VPS confirms each entry by
sending a transcript to the registered shareholder irrespective of any beneficial ownership. To give
effect to such entries, the individual shareholder must establish a share account with a Norwegian
account agent. Norwegian banks, Norges Bank (i.e. Norway’s central bank), authorized securities
brokers in Norway and Norwegian branches of credit institutions established within the EEA are
allowed to act as account agents.
The entry of a transaction in the VPS is prima facie evidence in determining the legal rights of
parties as against the issuing company or any third party claiming an interest in the given security.
A transferee or assignee of shares may not exercise the rights of a shareholder with respect to
such shares unless such transferee or assignee has registered such shareholding or has reported
and shown evidence of such share acquisition, and the acquisition is not prevented by law, the
relevant company’s articles of association or otherwise.
The VPS is liable for any loss suffered as a result of faulty registration or an amendment to, or
deletion of, rights in respect of registered securities unless the error is caused by matters outside
the VPS’ control which the VPS could not reasonably be expected to avoid or overcome the
consequences of. Damages payable by the VPS may, however, be reduced in the event of
contributory negligence by the aggrieved party.
The VPS must provide information to the NFSA on an on-going basis, as well as any information
that the NFSA requests. Further, Norwegian tax authorities may require certain information from
the VPS regarding any individual’s holdings of securities, including information about dividends and
interest payments.
11.5
Foreign investment in Norwegian shares
Foreign investors may trade shares listed on Oslo Børs through any broker that is a member of
Oslo Børs, whether Norwegian or foreign.
11.6
Disclosure obligations
If a person's, entity's or consolidated group's proportion of the total issued shares and/or rights to
shares in a company listed on a regulated market in Norway (with Norway as its home state, which
will be the case for the Company) reaches, exceeds or falls below the respective thresholds of 5 %,
10 %, 15 %, 20 %, 25 %, 1/3, 50 %, 2/3 or 90 % of the share capital or the voting rights of that
company, the person, entity or group in question has an obligation under the Norwegian Securities
Trading Act to notify Oslo Børs and the issuer immediately. The same applies if the disclosure
thresholds are passed due to other circumstances, such as a change in the company's share
capital, even if such persons' holding of shares does not change as a result of the change.
107
11.7
Insider trading
According to Norwegian law, subscription for, purchase, sale or exchange of financial instruments
that are listed, or subject to the application for listing, on a Norwegian regulated market, or
incitement to such dispositions, must not be undertaken by anyone who has inside information.
The term inside information refers to precise information about financial instruments issued by the
listed company, about the listed company itself or about other circumstances which are likely to
have a noticeable effect on the price of financial instruments issued by the listed company or
related to financial instruments issued by the listed company, and which is not publicly available or
commonly known in the market, as defined in the Norwegian Securities Trading Act Section 3-2.
The same applies to the entry into, purchase, sale or exchange of options or futures/forward
contracts or equivalent rights whose value is connected to such financial instruments or incitement
to such dispositions.
Specifically for the Company, an insider trading policy has been adopted which sets out the details
on the procedures implemented by the Company including procedure for prior clearance of certain
trades with the Company’s contact person.
11.8
Mandatory offer requirement
The Norwegian Securities Trading Act requires any person, entity or consolidated group that
becomes the owner of shares representing more than one-third of the voting rights of a Norwegian
company listed on a Norwegian regulated market to, within four weeks, make an unconditional
general offer for the purchase of the remaining shares in that company. A mandatory offer
obligation may also be triggered where a party acquires the right to become the owner of shares
that, together with the party's own shareholding, represent more than one-third of the voting
rights in the company and Oslo Børs decides that this is regarded as an effective acquisition of the
shares in question.
The mandatory offer obligation ceases to apply if the person, entity or consolidated group sells the
portion of the shares that exceeds the relevant threshold within four weeks of the date on which
the mandatory offer obligation was triggered.
When a mandatory offer obligation is triggered, the person subject to the obligation is required to
immediately notify Oslo Børs and the company in question accordingly. The notification is required
to state whether an offer will be made to acquire the remaining shares in the company or whether
a sale will take place. As a rule, a notification to the effect that an offer will be made cannot be
retracted. The offer and the offer document required are subject to approval by Oslo Børs before
the offer is submitted to the shareholders or made public.
The offer price per share must be at least as high as the highest price paid or agreed by the offeror
for the shares in the six-month period prior to the date the threshold was exceeded. However, if it
is clear that that the market price was higher when the mandatory offer obligation was triggered,
the offer price shall be at least as high as the market price. If the acquirer acquires or agrees to
acquire additional shares at a higher price prior to the expiration of the mandatory offer period, the
acquirer is obliged to restate its offer at such higher price. A mandatory offer must be in cash or
contain a cash alternative at least equivalent to any other consideration offered.
In case of failure to make a mandatory offer or to sell the portion of the shares that exceeds the
relevant threshold within four weeks, Oslo Børs may force the acquirer to sell the shares exceeding
the threshold by public auction. Moreover, a shareholder who fails to make an offer may not, as
long as the mandatory offer obligation remains in force, exercise rights in the company, such as
voting in a General Meeting of the Company's shareholders, without the consent of a majority of
the remaining shareholders. The shareholder may, however, exercise his/her/its rights to dividends
and pre-emption rights in the event of a share capital increase. If the shareholder neglects
108
his/her/its duty to make a mandatory offer, Oslo Børs may impose a cumulative daily fine that runs
until the circumstance has been rectified.
Any person, entity or consolidated group that owns shares representing more than one-third of the
votes in a Norwegian company listed on a Norwegian regulated market is obliged to make an offer
to purchase the remaining shares of the company (repeated offer obligation) if the person, entity
or consolidated group through acquisition becomes the owner of shares representing 40%, or more
of the votes in the company. The same applies correspondingly if the person, entity or consolidated
group through acquisition becomes the owner of shares representing 50% or more of the votes in
the company. The mandatory offer obligation ceases to apply if the person, entity or consolidated
group sells the portion of the shares which exceeds the relevant threshold within four weeks of the
date on which the mandatory offer obligation was triggered.
Any person, entity or consolidated group that has passed any of the above mentioned thresholds in
such a way as not to trigger the mandatory bid obligation, and has therefore not previously made
an offer for the remaining shares in the company in accordance with the mandatory offer rules is,
as a main rule, obliged to make a mandatory offer in the event of a subsequent acquisition of
shares in the company.
11.9
Compulsory acquisition
Pursuant to the Norwegian Public Limited Companies Act and the Norwegian Securities Trading Act,
a shareholder who, directly or through subsidiaries, acquires shares representing 90% or more of
the total number of issued shares in a Norwegian public limited liability company, as well as 90%
or more of the total voting rights, has a right, and each remaining minority shareholder of the
company has a right to require such majority shareholder, to effect a compulsory acquisition for
cash of the shares not already owned by such majority shareholder. Through such compulsory
acquisition the majority shareholder becomes the owner of the remaining shares with immediate
effect.
If a shareholder acquires shares representing more than 90% of the total number of issued shares,
as well as more than 90% of the total voting rights, through a voluntary offer in accordance with
the Securities Trading Act, a compulsory acquisition can, subject to the following conditions, be
carried out without such shareholder being obliged to make a mandatory offer: (i) the compulsory
acquisition is commenced no later than four weeks after the acquisition of shares through the
voluntary offer, (ii) the price offered per share is equal to or higher than what the offer price would
have been in a mandatory offer, and (iii) the settlement is guaranteed by a financial institution
authorized to provide such guarantees in Norway.
A majority shareholder who effects a compulsory acquisition is required to offer the minority
shareholders a specific price per share, the determination of which is at the discretion of the
majority shareholder. However, where the offeror, after making a mandatory or voluntary offer,
has acquired more than 90% of the voting shares of a company and a corresponding proportion of
the votes that can be cast at the general meeting, and the offeror pursuant to Section 4-25 of the
Public Limited Companies Act completes a compulsory acquisition of the remaining shares within
three months after the expiry of the offer period, it follows from the Norwegian Securities Trading
Act that the redemption price shall be determined on the basis of the offer price for the
mandatory/voluntary offer unless specific reasons indicate another price.
Should any minority shareholder not accept the offered price, such minority shareholder may,
within a specified deadline of not less than two months, request that the price be set by a
Norwegian court. The cost of such court procedure will, as a general rule, be the responsibility of
the majority shareholder, and the relevant court will have full discretion in determining the
consideration to be paid to the minority shareholder as a result of the compulsory acquisition.
109
Absent a request for a Norwegian court to set the price or any other objection to the price being
offered, the minority shareholders would be deemed to have accepted the offered price after the
expiry of the specified deadline.
11.10 Foreign exchange controls
There are currently no foreign exchange control restrictions in Norway that would potentially
restrict the payment of dividends to a shareholder outside Norway, and there are currently no
restrictions that would affect the right of shareholders of a Norwegian company who are not
residents in Norway to dispose of their shares and receive the proceeds from a disposal outside
Norway. There is no maximum transferable amount either to or from Norway, although transferring
banks are required to submit reports on foreign currency exchange transactions into and out of
Norway into a central data register maintained by the Norwegian customs and excise authorities.
The Norwegian police, tax authorities, customs and excise authorities, the National Insurance
Administration and the Norwegian FSA have electronic access to the data in this register.
110
12 TAXATION
Set out below is a summary of certain Norwegian tax matters related to investments in the
Company. The summary is based on Norwegian laws, rules and regulations applicable as of the
date of this Prospectus, which may be subject to any changes in law occurring after such date.
Such changes could possibly be made on a retroactive basis.
The summary is of a general nature and does not purport to be a comprehensive description of all
tax considerations that may be relevant for a decision to acquire, own or dispose of Shares.
Therefore, the summary is intended to serve as a general guideline and does not provide a
complete description of all relevant issues (e.g., for investors for whom special laws, rules or
regulations may be applicable). Furthermore, the summary only focuses on the shareholder
categories explicitly mentioned below (personal shareholders and limited liability companies). It
should be noted that the participation exemption applicable to Norwegian limited liability
companies as described below will also apply to certain other legal entities such as savings banks,
insurance companies and others. Shareholders who wish to clarify their own tax situation should
consult with and rely upon their own tax advisors.
Certain of the sub-sections below make use of terms of abbreviations that are specific to the
subsection, and are therefore not defined or explained in Section 18 “Definitions and glossary of
terms”.
12.1
Norwegian taxation of shareholders in the Company; overview
The summary below is aimed at describing certain main rules of Norwegian domestic tax law
applicable to shareholders in the Company. The summary generally does not describe the effect of
double taxation conventions. Applicable double taxation conventions (if any) may restrict tax
liabilities otherwise existing under applicable domestic tax laws.
Non-Norwegian Shareholders and shareholders who cease to be resident in Norway for tax
purposes (due to domestic tax law or tax treaty) should consult with and rely upon their own tax
advisors with respect to the tax position in their country of residence and the tax consequences
related to cessation of Norwegian tax residency.
Please note that for the purpose of the summary below, a reference to a Norwegian or NonNorwegian shareholder or taxpayer refers to the tax residency rather than the nationality of the
shareholder or taxpayer.
12.2
Norwegian shareholders
12.2.1
Unlimited tax liability
Personal taxpayers and companies etc. considered as tax residents of Norway according to
domestic Norwegian tax law are taxable to Norway on their worldwide income (unlimited tax
liability).
Tax liabilities existing under domestic Norwegian tax law may be restricted by applicable double
taxation conventions (if any).
12.2.2
Taxation of dividends
Norwegian Personal Shareholders
Dividends received from the Company by shareholders who are individuals resident in Norway for
tax purposes (“Norwegian Personal Shareholders”) are taxable as ordinary income for such
111
shareholders at a flat rate of 27% to the extent the dividend exceeds a tax-free "protective
allowance" (Norwegian: "skjermingsfradrag"). The shareholder will only be entitled to a protective
allowance if the dividends are distributed in accordance with applicable law (in particular applicable
corporate law).
The protective allowance is calculated on a share-by-share basis. The allowance for each share is
equal to the share's protective base (Norwegian: "skjermingsgrunnlag") multiplied with a protective
interest rate (Norwegian: "skjermingsrente"). A share's protective base equals the sum of its fiscal
input value (Norwegian: "inngangsverdi") and unused protective allowance carried forward from
previous years. The fiscal input value is normally equal to the shareholder's cost price for the
share. The protective interest rate is intended to represent a risk-free interest rate and is based on
the effective rate after tax of interest on treasury bills (Norwegian: “statskasseveksler”) with three
months maturity. The protective allowance is calculated for each calendar year, and is allocated
solely to Norwegian Personal Shareholders holding shares at the expiration of the relevant calendar
year. Norwegian Personal Shareholders who transfer shares will thus not be entitled to deduct any
calculated allowance related to the year of transfer. Any part of the calculated allowance one year
exceeding the dividend distributed on the share (“excess allowance”) may be carried forward and
set off against future dividends received on, or gains upon realization of the same share. As
mentioned above, any excess allowance will also be included in the basis for calculating the
allowance on the same share the following years.
Norwegian Corporate Shareholders
Under the Norwegian participation exemption method (Norwegian: "fritaksmetoden"), dividends
received from the Company by shareholders who are limited liability companies (and certain similar
entities) resident in Norway for tax purposes (“Norwegian Corporate Shareholders”) are effectively
taxed at rate of 0.81% (3% of dividend income from such shares is included in the calculation of
ordinary income for Norwegian Corporate Shareholders and ordinary income is subject to tax at a
flat rate of 27%). Under the Norwegian participation exemption method, such dividends will be
fully exempt from tax if a shareholder owns more than 90% of the shares in the Company (with
corresponding voting rights). However, it is not likely that one single shareholder will own more
than 90% of the shares in the Company in the foreseeable future.
The shareholder will only be entitled to the reduced tax rates granted by the participation
exemption method if the dividends are distributed in accordance with applicable law (in particular
applicable corporate law).
12.2.3
Taxation of capital gains from disposal of shares
Norwegian Personal Shareholders
Sale, redemption or other disposal of shares is considered as a taxable realization for Norwegian
tax purposes. Capital gains earned and capital losses incurred by a Norwegian Personal
Shareholder through a realization of the shares in the Company are taxable or tax deductible in
Norway. Such capital gains or losses are normally included in or deducted from the shareholder’s
ordinary income in the year of realization. Ordinary income is taxable at a rate of 27%. The gains
are subject to tax and the losses are tax-deductible irrespective of the duration of the ownership
and the number of shares disposed of.
The taxable gains/deductible losses are calculated per share as the difference between the
consideration received by the shareholder for the share and the Norwegian Personal Shareholder’s
fiscal input value of the share (including any costs incurred in relation to the acquisition or
realization of the share). From this capital gain, Norwegian Personal Shareholders are entitled to
deduct a protective allowance, provided that such allowance has not already been used to reduce
taxable dividend income. See Section 12.2.2 “Taxation of dividends” above for a description of the
112
calculation of the protective allowance. The allowance may only be deducted in order to reduce a
taxable gain, and cannot increase or produce a deductible loss, i.e. any unused allowance
exceeding the capital gain upon the realization of a share will be annulled.
If the Norwegian Personal Shareholder owns shares acquired at different points in time, the shares
that were acquired first will be regarded as the first to be disposed of, on a first-in first-out basis.
A Norwegian Personal Shareholder who moves abroad and ceases to be tax resident in Norway as a
result of this under domestic law or an applicable tax treaty, will be deemed taxable in Norway for
any potential gain of NOK 500,000 or more, on shares held at the time the tax residency ceased,
as if the shares were realized at that time. Gains of NOK 500,000 or less are not taxable. The gain
is calculated based on the market value of the shares. The tax payment may be postponed if
adequate security is provided. If the personal shareholder moves to a jurisdiction within the EEA, a
deferral of the payment of the taxes is granted without such guarantee, provided that Norway,
pursuant to a treaty, can request information from the other jurisdiction regarding the person's
income and wealth, and assistance in relation to the collection of taxes. Losses on the shares held
at the time tax residency ceases will be tax deductible to the same extent as a gain would be
taxable if the personal shareholder moves to a jurisdiction within the EEA. In such case the loss is
determined in the year of the emigration, but the taxation (loss deduction) will occur at the time
the shares are actually sold or otherwise disposed of. The tax liability calculated under these
provisions may be reduced if the value of the shares at the time of the realization is less than the
value at the time of the emigration, or if the gain is regarded as taxable in another jurisdiction. If
the shares are not realized within five years of the shareholder ceasing to be resident in Norway for
tax purposes, the tax liability described above will not apply. Any tax treaty in force between
Norway and the state to which the shareholder has moved may influence the application of these
rules.
Norwegian Corporate Shareholders
According to the Norwegian participation exemption method, Norwegian Corporate Shareholders
are exempt from tax on capital gains derived from the realization of shares in the Company. Losses
upon the realization and costs incurred in connection with the purchase and realization of such
shares are not deductible for tax purposes.
12.2.4
Net wealth tax
The value of shares in the Company is included in the basis for the computation of net wealth tax
imposed on Norwegian Personal Shareholders. Currently, the marginal net wealth tax rate is 1% of
the net wealth value assessed. The value for assessment purposes for shares listed on Oslo Børs is
the listed value as of 1 January in the year of assessment.
Norwegian Corporate Shareholders are currently not subject to Norwegian net wealth tax.
12.3
Non-Norwegian Shareholders
12.3.1
Limited tax liability to Norway
Personal taxpayers and companies etc. not considered as tax residents of Norway according to
domestic Norwegian tax law are not taxable to Norway on their worldwide income (no unlimited tax
liability).
However, said taxpayers may have a limited tax liability to Norway on certain categories of income
considered to have a fiscally relevant nexus towards Norway (source taxation). Limited tax
liabilities existing under domestic Norwegian tax law may be restricted by applicable double
taxation conventions (if any).
113
12.3.2
Taxation of dividends
Dividends distributed to shareholders who are individuals not resident in Norway for tax purposes
("Non-Norwegian Personal Shareholders"), are as a general rule subject to withholding tax at a
rate of 25%. The withholding tax rate of 25% is normally reduced through tax treaties between
Norway and the country in which the shareholder is resident. The withholding obligation lies with
the company distributing the dividends which is responsible for correct fulfillment of such
obligation.
Non-Norwegian Personal Shareholders resident within the EEA are subject to withholding tax on
dividends received from Norwegian limited liability companies at the general rate or at a reduced
rate according to an applicable tax treaty. However, as an alternative to a reduced withholding tax
rate under an applicable tax treaty, Non-Norwegian Personal Shareholders resident within the EEA
may apply individually to Norwegian tax authorities for a refund of an amount corresponding to the
calculated tax-free allowance on each individual share; see section 12.2.2.
Dividends distributed to shareholders who are limited liability companies not resident in Norway for
tax purposes ("Non-Norwegian Corporate Shareholders"), are as a general rule subject to
withholding tax at a rate of 25%. The withholding tax rate of 25% is normally reduced through tax
treaties between Norway and the country in which the shareholder is resident. Dividends
distributed to Non-Norwegian Corporate Shareholders resident within the EEA for tax purposes are
exempt from Norwegian withholding tax provided that the Non-Norwegian Corporate Shareholder is
the beneficial owner of the shares and that the Non-Norwegian Corporate Shareholder is genuinely
established and performs genuine economic business activities in the relevant EEA Member State.
If a Non-Norwegian Shareholder is carrying out business activities in Norway and the shares are
effectively connected with such business activities, dividends distributed to such shareholder will be
subject to the same taxation as Norwegian shareholders, as described above.
Nominee registered shares will be subject to withholding tax at a rate of 25% unless the nominee
has obtained approval from the Norwegian Tax Directorate for the dividend to be subject to a lower
withholding tax rate. To obtain such approval the nominee is required to file a summary to the tax
authority including all beneficial owners that are subject to lower withholding tax.
Non-Norwegian Shareholders that have suffered a higher withholding tax than set out by an
applicable tax treaty may apply to the Norwegian tax authorities for a refund of the excess
withholding tax deducted.
12.3.3
Capital gains tax
As a general rule, capital gains earned by non-Norwegian Shareholders from the realization of
shares in the Company are not subject to general income tax or any withholding tax in Norway. An
exception applies if the shares in the Company form part of the assets of a business which the
shareholder conducts or participates in, and which is performed in or managed from Norway.
Insofar as capital gains are not taxable in Norway, corresponding capital losses will not be
deductible in Norway.
12.3.4
Net wealth tax
As a general rule, Non-Norwegian Shareholders are not subject to Norwegian net wealth tax.
A Non-Norwegian Shareholder who is an individual will however be liable to Norwegian net wealth
tax on the value of the shares in the Company if the shares in the Company form part of the assets
114
of a business which the shareholder conducts or participates in, and which is performed in or
managed from Norway.
Non-Norwegian Corporate Shareholders are currently not subject to Norwegian net wealth tax.
12.4
Duties on transfer of Shares
No stamp duty or similar duties are currently imposed by Norway on the transfer or issuance of
shares, or on the transfer or issuance of bonds or other debt securities.
115
13 ADDITIONAL INFORMATION
13.1
Related party transactions
The Company and various companies in the Group have undertaken certain transactions with
related parties in the period from 2011 and up until the date of this Prospectus. Set out below is a
summary of each significant transaction entered into between the Company, including other
companies in the Group, and a related party:

Rental of premises from Havila Holding AS which is the largest shareholder of the
Company, as further set out in Section 5.8 “Property, plant and equipment”.

Rental of premises from Havblikk Eiendom AS, a company affiliated with Havila Holding AS
which is the largest shareholder of the Company, as further set out in Section 5.8
“Property, plant and equipment”.

Havyard Ship Technology AS constructed, outfitted and delivered a platform supply vessel
of Havyard 833 L design to Havila Charisma IS. Havila Charisma IS is an associated
company with Havyard Group ASA, due to Havyard Ship Invest AS, being a wholly-owned
subsidiary of Havyard Group ASA, owning 50% of the ownership shares/voting shares. The
purchase price for the vessel was NOK 364,000,000, and the vessel was delivered 12
December 2012.

Havila Shipping ASA and Havyard Ship Invest AS, as joint lenders, have entered into a loan
agreement with Havila Charisma AS dated 12 June 2013, with a facility amount of up to
NOK 4 million from each of Havila Shipping ASA and Havyard Ship Invest AS. Havila
Charisma AS is a wholly owned subsidiary of Havila Shipping ASA and the principal of
Havila Charisma IS, in which Havyard Ship Invest AS, being a wholly-owned subsidiary of
Havyard Group ASA, holds 50% of the ownership shares/voting shares. The purpose of the
facility is to finance Havila Charisma AS' working capital and liquidity requirements. The
interest rate is 3 months NIBOR + a margin of 4%.

Havyard Ship Technology AS constructed, outfitted and delivered a platform supply vessel
of Havyard 832 L design to North Sea PSV IS. North Sea PSV IS is an associated company
with Havyard Group ASA, due to Havyard Ship Invest AS, being a wholly-owned subsidiary
of Havyard Group ASA, owning 33% of the ownership shares/voting shares. The purchase
price for the vessel was NOK 311,000,000 (including variation orders), and the vessel was
delivered 2 February 2012.

Havyard Ship Invest AS has granted shareholders’ loans to North Sea PSV IS, consisting of
an interest bearing principal amount and an uncalled part. North Sea PSV IS is an
associated company with Havyard Group ASA, due to Havyard Ship Invest AS, being a
wholly-owned
subsidiary of
Havyard
Group
ASA, owning
33%
of
the
ownership
shares/voting shares. At year end 2013 such loans amounted to NOK 15,200,000, whereas
the aggregate outstanding amount of the loans as of yearend 2012 was NOK 11,300,000.
Havyard Ship Invest AS had a liability of NOK 8,600,000 in uncalled loan commitments to
North Sea PSV IS as of yearend 2013, whereas the liability amounted to NOK 10,700,000
as of yearend 2012. The interest rate is 15% p.a. on the principal amount and a guarantee
premium of 5% p.a. on the uncalled part at all times.

Havyard Group has entered into agreements for the purchase of goods from Norwegian
Electric Systems AS. Norwegian Electric Systems AS is an associated company, in which
Havyard Group ASA owns 37.9 % of the ownership shares/voting shares. The aggregate
116
transaction value of such purchases amount to NOK 119,983,000 in 2013 and NOK
91,918,000 in 2012.

Havyard Group ASA has granted a loan in the amount of NOK 1,000,000 to Chap AS. Chap
AS is a minority shareholder in Havyard Group ASA. The shares in Chap AS are wholly
owned by Karl Eirik Frøysa Hansen, being a member of the executive management of the
Group. The interest rate is based on norm rate as published by the Norwegian Finance
Ministry.

Havyard Group ASA has granted a loan in the amount of NOK 1,000,000 to Lobema AS.
Lobema AS is a minority shareholder in Havyard Group ASA. The shares in Lobema AS are
wholly owned by Kenneth Pettersen, being a member of the executive management of the
Group. The interest rate is based on norm rate as published by the Norwegian Finance
Ministry.
All related party transactions were made on terms equivalent to those that prevail in arm’s length
transactions.
13.2
Disputes
Given the scope of the Group's business, the Group is from time to time involved in disputes,
including warranty claims, as a part of its ordinary business. No material warranty claim has as of
today been directed at any of the companies in the Group, nor have any of the companies of the
Group been notified of any such claims.
As far as concerns partly owned subsidiaries, a summons dated 30 January 2014 has been received
by Norwegian Electric Systems AS (NES), which is owned 37.9 % by the Company. The plaintiff,
Rolls-Royce Marine AS (RRM), is accusing NES for producing and selling diesel electric systems
based on products and technical solutions which are the business secrets of RRM. As a
consequence thereof, RRM is claiming a compensation to be determined by the court in the range
of NOK 33 to 66 million and that the court shall resolve that NES shall not be allowed to produce
and sell the systems based on the allegedly infringed technology. A reply has not yet been filed by
NES. Based on preliminary investigations and considerations carried out by the Company, the
Company as of today is of the opinion that NES has not infringed RRM's products or technology and
therefore does not expect that RRM will be awarded any compensation from NES in this matter.
Other than the matters described above, there are no governmental, legal or arbitration
proceedings (including any such proceedings which are pending or threatened of which the
Company is aware), during a period covering at least the previous 12 months which may have, or
have had in the recent past significant effects on the Group's financial position or profitability.
13.3
Incorporation by reference
No information is incorporated by reference is this Prospectus.
The Company maintains an Internet website at www.havyard.com. Any reference in this Prospectus
to this Internet site are inactive textual references to these URLs, or “uniform resource locators”,
and are for informational reference only. Except as specifically referenced herein, information
contained in or otherwise accessible through Company’s Internet website should not be considered
part of this Prospectus.
117
13.4
Documents on display
Copies of the following documents will be available for inspection at Havyard Group’s registered
office during normal business hours on Monday to Friday each week (except for public holidays) for
a period 12 months from the date of this Prospectus:

the Memorandum of Incorporation of the Company;

the Articles of Association of the Company;

all reports, letters, and other documents, historical financial information, valuations and
statements prepared by any expert at the Company’s request any part of which is included
or referred to in the Prospectus; and

the historical financial information of the Company and its subsidiaries for each of the three
financial years preceding the publication of this Prospectus.
Copies of this Prospectus may also be obtained from the Managers during the same 12 months
period.
13.5
Confirmation regarding sources
The information in this Prospectus that has been sourced from third parties has been accurately
reproduced and as far as the Company is aware and able to ascertain from information published
by that third party, no facts have been omitted which would render the reproduced information
inaccurate or misleading. The source of third party information is identified where used. This
Prospectus contains market data, industry forecasts and other information published by third
parties, including information related to the sizes of markets in which the Company operates. The
information has been extracted from a number of sources. The Company has estimated certain
market share statistics using both its internal data and industry data from other sources. Although
the Company regards these sources as reliable, the information contained in them has not been
independently verified and the Company makes no representation as to the accuracy or
completeness of such information or any assumption relied upon therein.
13.6
Statements regarding expert opinions
This Prospectus does not refer to any expert opinions.
118
14 DEFINITIONS AND GLOSSARY OF TERMS
When used in this Prospectus, the following terms shall have the meanings set out below, unless
the context otherwise requires. Words importing the plural shall be construed to include the
singular and vice versa.
Company related terms
Articles of Association, or the Articles: ............... The articles of association of the Company.
Board or Board of Directors: ............................. The board of directors of the Company.
Company, or Havyard Group ASA: .................... Havyard Group ASA, a Norwegian public company limited by shares
registered under the laws of the Republic of Norway, with business
registration number 980 832 708.
General Meeting: ............................................ The general meeting of the Company.
Group, or Havyard Group: ................................ Havyard Group ASA together with its consolidated subsidiaries.
HDS: ............................................................. Havyard Design & Solutions AS
HFHR: ........................................................... Havyard Fish Handling & Refrigeration AS
HPS: ............................................................. Havyard Power & Systems AS
HST: ............................................................. Havyard Ship Technology AS
Management: ................................................. The management of the Company.
Terms related to this prospectus, and to the securities and transactions giving rise thereto
Additional Shares: ........................................... The up to 420,000 ordinary shares of the Company being subject to potential
over-allotment.
Application Period: .......................................... 12th to 19th of June 2014, both dates inclusive.
Application Price: ............................................ NOK 36.00 per Offer Share, subject to the discount applicable in the Retail
Offering.
Institutional Offering: ...................................... An institutional offering, in which Offer Shares are being offered (a) to
institutional and professional investors in Norway, (b) investors outside
Norway and the United States, subject to applicable exemptions from the
prospectus requirements, and (c) in the United States to QIBs, as defined in,
and in reliance on Rule 144A of the U.S. Securities Act, subject to a lower
limit per application of NOK 1,000,000.
Lending Shareholders ...................................... Havyard Group ASA and Geir Johan Bakke AS.
Listing: .......................................................... The listing of the Offer shares on Oslo Børs or Oslo Axess.
Managers: ...................................................... Fearnley Securities AS and Arctic Securities ASA.
Offer Shares: .................................................. The 4,200,000-6,250,000 ordinary shares of the Company being offer under
the Offering.
Offering: ........................................................ The offering of the Offer Shares by means of this Prospectus, including the
Institutional Offering and the Retail Offering taken together.
Prospectus: .................................................... TThis prospectus dated 10th of June 2014.
Retail Offering: ............................................... A retail offering, in which Offer Shares are being offered to the public in
Norway, subject to a lower limit per application of an amount of NOK 10,800
and an upper limit per application of NOK 999,999 for each investor, and for
which a discount of NOK 1,500 will apply for each investor.
Selling Shareholder: ........................................ Havila Holding AS
Share(s): ....................................................... “Shares” means the ordinary shares in the capital of Havyard Group ASA,
each having a nominal value of NOK 0.05 and “Share” means any one of
them.
Industry related terms
AHTS:............................................................ Anchor Handing Tug Supply vessel, an oil service ship type.
DP (including DP1, DP2, and DP3):.................... Dynamic Positioning, a technology used to maintain stable positioning by
means of navigation systems and engine power rather than by anchors.
ERRV: ............................................................ Emergency Rescue and Recovery Vessel, an oil service ship type.
PSV: .............................................................. Platform Supply Vessel, an oil service ship type.
Purse Seiner:.................................................. A fishing vessel equipped with purse seines (Nw: Ringnot), a preferred
technique for capturing fish species which school close to the surface, such as
119
sardines, mackerel, anchovies, herring, certain species of tuna (schooling),
and salmon soon before they swim up rivers and streams to spawn.
Live-fish carriers: ............................................ Also called wellboat. Through these types of ships, farmed fish is transported
alive to/between farming sites as well as appropriate centers of processing.
Legal and other terms
CET: .............................................................. Central European Time.
Code of Practice: ............................................. Norwegian Code of Practice of Corporate Governance, as last published on 23
October 2012.
Foreign Personal Shareholders: ......................... Shareholders who are individuals not resident in Norway for tax purposes.
Non-Norwegian Shareholder: ............................ A shareholder not resident in Norway for tax purposes.
Norwegian Corporate Shareholders: .................. Shareholders who are limited liability companies (and certain similar entities)
resident in Norway for tax purposes.
Norwegian kroner or NOK: ............................... Norwegian kroner, the lawful currency of Norway.
Norwegian Personal Shareholders: .................... Shareholders who are individuals resident in Norway for tax purposes.
Norwegian Public Limited Companies Act: .......... The Norwegian Public Limited Companies Act of 13 June 1997 No. 45
(Norwegian: “allmennaksjeloven”).
Norwegian Register of Business Enterprises: ...... The Norwegian Register of Business Enterprises at Brønnøysund, Norway
(“Foretaksregisteret”).
Norwegian Securities Trading Act: ..................... Norwegian Securities Trading Act of 29 June 2007 no. 75. (Norwegian:
“verdipapirhandelloven”).
Oslo Axess: .................................................... The market place operated by Oslo Børs ASA.
Oslo Børs: ...................................................... The stock exchange operated by Oslo Børs ASA.
Prospectus Directive: ....................................... Directive 2003/71/EC of the European Parliament and of the Council of 4
November 2003, as amended by Directive 2010/73/EU as the case may be.
Q1, Q2, Q3, Q4: ............................................. The three months period ending 31 March, 30 June, 30 September, and 31
December, respectively.
Rule 144A: ..................................................... Rule 144A under the U.S. Securities Act.
Takeover Bids Directive: .................................. Directive 2004/25/EC of the European Parliament and of the Council of 21
April 2004 on takeover bids
UK: ............................................................... United Kingdom.
U.S. Securities Act: ......................................... U.S. Securities Act of 1933, as amended.
U.S. dollars, USD or $: .................................... U.S. dollars, the lawful currency of the United States of America.
VPS: .............................................................. The Norwegian Central Securities Depository.
120
APPENDIX 1:
APPLICATION FORM FOR THE RETAIL OFFERING
121
APPLICATION FORM FOR THE RETAIL OFFERING
General information: The terms and conditions for the Retail Offering are set out in the prospectus dated 10 June 2014 (the “Prospectus”), which
has been issued by Havyard Group ASA (the “Company”) in connection with the secondary sale of existing common shares in the Company by Havila
Holding AS (the “Selling Shareholder”), and the listing of the Company’s Shares on the Oslo Stock Exchange. All capitalised terms not defined herein
shall have the meaning as assigned to them in the Prospectus.
Application procedure: Applicants in the Retail Offering who are residents of Norway with a Norwegian personal identification number may apply for
Offer Shares by using the following internet pages: www.fearnleysecurities.no and www.arcticsecurities.no. Applications in the Retail Offering can also
be made by using this form (the “Retail Application Form”). Retail Application Forms must be correctly completed and submitted by the applicable
deadline to one of the following application offices:
Fearnley Securities AS
Grev Wedels plass 9
P.O.Box 1158 Sentrum
N-0107 Oslo, Norway
Tel: +47 22 93 60 00 / Fax: +47 22 93 63 60
www.fearnleysecurities.no
Arctic Securities AS
Haakon VII’s gate 5
P.O. Box 1833 Vika
N-0123 Oslo, Norway
Tel: +47 21 01 31 00 / Fax: +47 21 01 31 37
www.arcticsecurities.no
The applicant is responsible for the correctness of the information filled in on this Retail Application Form. Retail Application Forms that are incomplete
or incorrectly completed, electronically or physically, or that are received after expiry of the Application Period, and any application that may be
unlawful, may be disregarded without further notice to the applicant. Subject to any extension of the Application Period, applications made
through the VPS online application system must be duly registered by 16:00 hours (CET) on 19 June 2014, while applications made on
Retail Application Forms must be received by one of the application offices by the same time. None of the Company, the Selling Shareholder
or any of the Managers may be held responsible for postal delays, unavailable fax lines, internet lines or servers or other logistical or technical matters
that may result in applications not being received in time or at all by any of the application offices. All applications made in the Retail Offering will be
irrevocable and binding upon receipt of a duly completed Retail Application Form, or in the case of applications through the VPS online application
system, upon registration of the application, irrespective of any extension of the Application Period, and cannot be withdrawn, cancelled or modified by
the applicant after having been received by the application office, or in the case of applications through the VPS online application system, upon
registration of the application.
Price of Offer Shares: The price of the Offer Shares is fixed at NOK 36 per Offer Share (the “Application Price”). Each investor in the Retail Offering
will receive a discount of NOK 1,500 on its aggregate amount payable for the Offer Shares allocated to such investor.
Allocation, payment and delivery of Offer Shares: Nordea Bank Norge ASA, acting as settlement agent for the Retail Offering, expects to issue
notifications of allocation of Offer Shares in the Retail Offering on or about 20 June 2014, by issuing allocation notes to the applicants by mail or
otherwise. Any applicant wishing to know the precise number of Offer Shares allocated to it may contact one of the application offices from on or about
20 June 2014 during business hours. Applicants who have access to investor services through an institution that operates the applicant’s VPS account
should be able to see the number of Offer Shares they have been allocated from on or about 20 June 2014. In registering an application through the
VPS online application system or by completing and submitting a Retail Application Form, each applicant in the Retail Offering will authorise Nordea
Bank Norge ASA to debit the applicant’s Norwegian bank account for the total amount due for the Offer Shares allocated to the applicant. Accounts will
be debited on or about 24 June 2014 (the “Payment Date”), and there must be sufficient funds in the stated bank account from and including 23 June
2014. Applicants who do not have a Norwegian bank account must ensure that payment for the allocated Offer Shares is made on or before the
Payment Date. Further details and instructions will be set out in the allocation notes to the applicant to be issued on or about 20 June 2014. Nordea
Bank Norge ASA is only authorised to debit each account once, but reserves the right (but has no obligation) to make up to two debit attempts through
26 June 2014 if there are insufficient funds on the account on the Payment Date. Should any applicant have insufficient funds on its account, or should
payment be delayed for any reason, or if it is not possible to debit the account, overdue interest will accrue and other terms will apply as set out under
the heading “Overdue and missing payment” below. Subject to timely payment by the applicant, delivery of beneficial interests in the Offer Shares
allocated in the Retail Offering is expected to take place on or about 25 June 2014 (or such later date upon the successful debit of the relevant
account).
Guidelines for the applicant: Please refer to the second page of this Retail Application Form for further application guidelines.
Applicant’s VPS-account (12 digits):
I/we apply for the following number of Offer
Shares at the Application Price of NOK 36:
(minimum 300, maximum 27,777)
Applicant’s bank account to be debited
(11 digits):
I/we hereby irrevocably (i) apply for the number of Offer Shares allocated to me/us, at the Application Price, up to the aggregate application amount
as specified above subject to the terms and conditions set out in this Retail Application Form and in the Prospectus, (ii) authorise and instruct each of
the Managers (or someone appointed by any of them) acting jointly or severally to take all actions required to purchase and/or subscribe the Offer
Shares allocated to me/us on my/our behalf, to take all other actions deemed required by them to give effect to the transactions contemplated by this
Retail Application Form, and to ensure delivery of beneficial interest in such Offer Shares to me/us in the VPS, on my/our behalf, (iii) aut horise Nordea
Bank Norge ASA to debit my/our bank account as set out in this Retail Application Form for the amount payable for the Offer Shares allotted to me/us,
and (iv) confirm and warrant to have read the Prospectus and that I/we are eligible to apply for and purchase Offer Shares un der the terms set forth
therein.
Date and place (must be dated during the
Binding signature (The applicant must be of legal age. If the Retail Application Form is signed by a
Application period):
proxy, documentary evidence of authority to sign must be attached in the form of a Power of
Attorney or Company Registration Certificate.)
First name
DETAILS OF THE APPLICANT — ALL FIELDS MUST BE COMPLETED
Surname/Family name/Company name
Home address (for companies: registered business address)
Zip code and town
Identity number (11 digits) / business registration number (9 digits)
Nationality
Telephone number (daytime)
E-mail address
GUIDELINES FOR THE APPLICANT
THIS RETAIL APPLICATION FORM IS NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA
OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE
SEE “SELLING RESTRICTIONS” BELOW.
Regulatory issues: Legislation passed throughout the European Economic Area (the “EEA”) pursuant to the Markets and Financial Instruments Directive (“MiFID”)
implemented in the Norwegian Securities Trading Act, imposes requirements in relation to business investment. In this respect the Managers must categorise all new clients in
one of three categories: Eligible counterparties, Professional and Non-professional clients. All applicants applying for Offer Shares in the Offering who/which are not existing
clients of one of the Managers will be categorised as Non-professional clients. The applicant can by written request to the Managers ask to be categorised as a Professional client
if the applicant fulfils the provisions of the Norwegian Securities Trading Act. For further information about the categorisation the applicant may contact the Managers. The
applicant represents that it has sufficient knowledge, sophistication and experience in financial and business matters to be capable of evaluating the merits and risks of an
investment decision to invest in the Company by applying for Offer Shares, and the applicant is able to bear the economic risk, and to withstand a complete loss of an
investment in the Company.
Execution only: As the Managers are not in the position to determine whether the application for Offer Shares is suitable for the applicant, the Managers will treat the
application as an execution only instruction from the applicant to apply for Offer Shares in the Offering. Hence, the applicant will not benefit from the corresponding protection of
the relevant conduct of business rules in accordance with the Norwegian Securities Trading Act.
Information barriers: The Managers are securities firms, offering a broad range of investment services. In order to ensure that assignments undertaken in the Managers’
corporate finance departments are kept confidential, the Managers’ other activities, including analysis and stock broking, are separated from their corporate finance departments
by information barriers known as “Chinese walls”. The applicant acknowledges that the Managers’ analysis and stock broking activity may act in conflict with the applicant’s
interests with regard to transactions in the Offer Shares as a consequence of such Chinese walls.
VPS account and anti-money laundering procedures: The Offering is subject to applicable anti-money laundering legislation, including the Norwegian Money Laundering Act
No. 11 of 6 March 2009 and the Norwegian Money Laundering Regulation No. 302 of 13 March 2009 (collectively the “Anti-Money Laundering Legislation”). Applicants who
are not registered as existing customers of one of the Managers must verify their identity to one of the Managers in accordance with requirements of the Anti-Money Laundering
Legislation, unless an exemption is available. Applicants who have designated an existing Norwegian bank account and an existing VPS account on the Retail Application Form
are exempted, unless verification of identity is requested by a Manager. Applicants who have not completed the required verification of identity prior to the expiry of the
Application Period will not be allocated Offer Shares. Participation in the Offering is conditional upon the applicant holding a VPS account. The VPS account number must be
stated in the Retail Application Form. VPS accounts can be established with authorised VPS registrars, who can be Norwegian banks, authorised securities brokers in Norway and
Norwegian branches of credit institutions established within the EEA. Establishment of a VPS account requires verification of identity to the VPS registrar in accordance with the
Anti-Money Laundering Legislation. However, non-Norwegian investors may use nominee VPS accounts registered in the name of a nominee. The nominee must be authorised by
the Norwegian FSA.
Selling restrictions: The Offering is subject to specific legal or regulatory restrictions in certain jurisdictions, see the section titled “Restrictions on sale and transfer” in the
Prospectus. Neither the Company nor the Selling Shareholder assume any responsibility in the event there is a violation by any person of such restrictions. The Offer Shares
have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or under any securities laws of any state or
other jurisdiction of the United States and may not be taken up, offered, sold, resold, transferred, delivered or distributed, directly or indirectly, within, into or from the United
States except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with the
securities laws of any state or other jurisdiction of the United States. There will be no public offer in the United States. The Offer Shares will, and may, not be offered, sold,
resold, transferred, delivered or distributed, directly or indirectly, within, into or from any jurisdiction where the offer or sale of the Offer Shares is not permitted, or to, or for
the account or benefit of, any person with a registered address in, or who is resident or ordinarily resident in, or a citizen of, any jurisdiction where the offer or sale is not
permitted, except pursuant to an applicable exemption. In the Retail Offering, the Offer Shares are being offered and sold to certain persons outside the United States in
offshore transactions within the meaning of and in compliance with Rule 903 of Regulation S under the U.S. Securities Act.
The Company has not authorised any offer to the public of its securities in any Member State of the EEA other than Norway. With respect to each Member State of the EEA other
than Norway and which has implemented the EU Prospectus Directive (each, a “Relevant Member State”), no action has been undertaken or will be undertaken to make an
offer to the public of the Offer Shares requiring a publication of a prospectus in any Relevant Member State. Any offers outside Norway will only be made in circumstances where
there is no obligation to produce a prospectus.
Stabilisation: In connection with the Offering, Fearnley Securities AS (as the “Stabilisation Manager”) (or persons acting on behalf of the Stabilisation Manager) may overallot shares or effect transactions with a view to supporting the market price of the shares at a level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilisation Manager (or persons acting on behalf of the Stabilisation Manager) will undertake stabilisation action. Any stabilisation action may begin on or
after the first day of the Listing and, if begun, may be ended at any time, but it must end no later than 30 calendar days after the first day of the Listing.
Investment decisions based on full Prospectus: Investors must neither accept any offer for, nor acquire any Offer Shares, on any other basis than on the complete
Prospectus.
Terms and conditions for payment by direct debiting - securities trading: Payment by direct debiting is a service provided by cooperating banks in Norway. In the
relationship between the payer and the payer’s bank the following standard terms and conditions apply.
1. The service “Payment by direct debiting — securities trading” is supplemented by the account agreement between the payer and the payer’s bank, in particular Section C of
the account agreement, General terms and conditions for deposit and payment instructions.
2. Costs related to the use of “Payment by direct debiting — securities trading” appear from the bank’s prevailing price list, account information and/or information is given by
other appropriate manner. The bank will charge the indicated account for incurred costs.
3. The authorisation for direct debiting is signed by the payer and delivered to the beneficiary. The beneficiary will deliver the instructions to its bank who in turn will charge the
payer’s bank account.
4. In case of withdrawal of the authorisation for direct debiting the payer shall address this issue with the beneficiary. Pursuant to the Financial Contracts Act, the payer’s bank
shall assist if payer withdraws a payment instruction which has not been completed. Such withdrawal may be regarded as a breach of the agreement between the payer and the
beneficiary.
5. The payer cannot authorise for payment a higher amount than the funds available at the payer’s account at the time of payment. The payer’s bank will normally perform a
verification of available funds prior to the account being charged. If the account has been charged with an amount higher than the funds available, the difference shall be
covered by the payer immediately.
6. The payer’s account will be charged on the indicated date of payment. If the date of payment has not been indicated in the authorisation for direct debiting, the account will
be charged as soon as possible after the beneficiary has delivered the instructions to its bank. The charge will not, however, take place after the authorisation has expired as
indicated above. Payment will normally be credited the beneficiary’s account between one and three working days after the indicated date of payment/delivery.
7. If the payer’s account is wrongfully charged after direct debiting, the payer’s right to repayment of the charged amount will be governed by the account agreement and the
Financial Contracts Act.
Overdue and missing payments: Overdue payments will be charged with interest at the applicable rate under the Norwegian Act on Interest on Overdue Payments of 17
December 1976, No. 100, which at the date of the Prospectus is 9.50% per annum.
The non-paying investors will remain fully liable for payment of the Offer Shares allocated to them, irrespective of any payment made by any payment guarantor. If payment is
not received by the payment due date, the Company and the Managers reserve the right to re-allot, cancel or reduce the allocation or otherwise dispose of the allocated Offer
Shares in accordance with and to the fullest extent permitted by applicable laws.
The Company and the Managers may choose to transfer the Offer Shares allocated to such applicants to a VPS account operated by one of the Managers, for transfer to the nonpaying investor when payment of the Offer Shares is received. In such case, the Managers reserve the right without further notice, to sell or assume ownership of such Offer
Shares if payment has not been received by the third day after the payment due date.
If Offer Shares are sold on behalf of the investor, such sale will be for the investor’s account and risk (however so that the investor shall not be entitled to profits therefrom, if
any) and the investor will be liable for any loss, costs, charges and expenses suffered or incurred by the Company and/or the Managers, as a result of or in connection with such
sales, and the Company and/or the Managers may enforce payment of any amount outstanding in accordance with Norwegian law.
APPENDIX 2:
ARTICLES OF ASSOCIATION
(IN NORWEGIAN, WITH OFFICE TRANSLACTION INTO ENGLISH)
124
Vedtekter
for
HAVYARD GROUP ASA
org. nr. 980 832 708
Office translation of the
Articles of Association for
HAVYARD GROUP ASA
Enterprise number 980 832 708
(stiftet 2. juni 1999, sist endret 26. mars 2014)
(incorporated on 2 June 1999, last amended on 26
March 2014)
§1
Foretaksnavn
§1
Enterprise name
Selskapets foretaksnavn er Havyard Group ASA.
Selskapet er et allmennaksjeselskap.
The Company’s enterprise name is Havyard Group
ASA. The Company is a public limited company.
§2
Forretningskommune
Selskapet skal ha sitt forretningskonto i Herøy
kommune.
§2
Registered office
The Company’s registered office is in the municipality
of Herøy, Norway.
§3
Selskapets virksomhet
Selskapets virksomhet skal være å investere direkte
eller indirekte i maritim virksomhet, herunder
skipsindustri/skipsbygging, samt forestå salg,
agentur, kommisjonsvirksomhet, drift og andre
tjenester for beslektede selskaper.
§3
Business objective
The Company’s business shall be to invest directly
and indirectly in the maritime business, including
maritime industry and shipbuilding, and to facilitate
sales, agency business, commission sale, operations
and other services for related companies.
§4
Aksjekapital og aksjer
Selskapets aksjekapital er NOK 1 126 416,-, fordelt
på 22 528 320 aksjer, hver pålydende NOK 0,05.
§4
Share capital and shares
The Company’s share capital is NOK 1,126,416
divided into 22,528,320 shares, each share with a
nominal value of NOK 0.05.
Aksjene skal være registrert i VPS.
The shares shall be registered in the Norwegian
Central Securities Depository (VPS).
§5
Styre og signatur
Selskapets styre skal ha minimum tre og maksimum
syv medlemmer. Styremedlemmer velges for to år av
gangen. Styrets leder skal velges av
generalforsamlingen.
Selskapets firma skal tegnes av styrets leder og ett
styremedlem i fellesskap. Styret kan meddele
prokura.
§5
Board and signature
The Company’s board of directors shall consist of a
minimum of three and a maximum of seven
members, each elected for two years at a time. The
chairperson of the board of directors shall be elected
by the general meeting.
The authority to sign for the Company shall reside
with the chairperson and one other board member
together. The board of directors may authorise
signatories.
§6
Ordinær generalforsamling
På den ordinære generalforsamling skal følgende
saker behandles og avgjøres:
§6
The ordinary general meeting
The ordinary general meeting of the Company shall
process and resolve the following matters:
1.
Godkjennelse av årsregnskap og
årsberetning;
1.
Approval of the annual accounts and annual
report;
2.
Anvendelse av overskudd, dekning av
2.
Application of profits, coverage of losses, and
125
underskudd og utdeling av utbytte;
distribution of dividends;
3.
Valg av styremedlemmer og revisor (dersom
disse er på valg); og
3.
Election of board members and the auditor
(if these are up for election); and
4.
Andre saker som etter loven eller vedtektene
hører under generalforsamlingen.
4.
Other matters that belong with the general
meeting under law or the articles of
association.
§7
Innkalling til generalforsamling
§7
Notice to general meetings
Når dokumenter som gjelder saker som skal
behandles på generalforsamling er gjort tilgjengelig
for aksjeeierne på Selskapets internettsider, gjelder
ikke allmennaksjelovens alminnelige krav om at
dokumentene skal sendes til aksjeeierne. Dette
gjelder også dokumenter som etter lov skal inntas i
eller vedlegges innkallingen til generalforsamling.
When documents relating to matters due for
processing in the general meeting have been made
available to shareholders on the Company’s web site,
the general requirement of the Norwegian Public
Companies Act will not apply in respect of postal
distribution of such documents. This also applies to
documents that by law shall be included or appended
to the notice to the general meeting.
§8
Skriftlig forhåndsstemme i generalforsamlingen
§8
Written prior vote in the general meeting
Aksjeeiere skal kunne avgi sin stemme skriftlig i saker
på agenda til generalforsamlingen i en periode før
generalforsamlinger, herunder ved elektronisk
kommunikasjon, i den utstrekning selskapets styre
finner betryggende metoder for autentisering av
avsenderen av slik stemme og i samsvar med
allmennaksjelovens bestemmelser.
Shareholders shall have the opportunity to give their
written prior vote on matters on the agenda for the
general meeting, including by electronic
communication, to the extent that the Company’s
board of directors finds satisfactory methods for
authentication of the person making such vote, and in
accordance with the regulations of the Norwegian
Public Companies Act.
§9
Valgkomité
§9
Nomination committee
Selskapets skal ha en valgkomité. Komiteen skal
fremme forslag for generalforsamlingen om
styremedlemmer og styremedlemmenes godtgjørelse.
Valgkomiteen skal bestå av to medlemmer som
utpekes og sammensettes i tråd med retningslinjer
for valgkomiteen. Generalforsamlingen skal fastsette
retningslinjer for komiteens arbeid, og godkjenne
endringer i disse.
The Company shall have a nomination committee.
The committee shall make proposal to the general
meeting on election of board members and their
remuneration. The nomination committee shall have
two members that are appointed and composed in
line with guidelines for the nomination committee.
The general meeting shall determine the guidelines
for the tasks of the committe, and approve changes
to these.
126
APPENDIX 3:
FIRST QUARTER 2014 REPORT
127
ǦʹͲͳͶ
‘–‡–•
Ϯ
ϲ͘ǀĞŶƚƐĂĨƚĞƌƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ
ϱ͘/ƐƐƵĞĚĐĂƉŝƚĂůĂŶĚƌĞƐĞƌǀĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
ϰ͘EŽŶͲĐƵƌƌĞŶƚĨŝŶĂŶĐŝĂůŝŶǀĞƐƚŵĞŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
ϯ͘^ĞŐŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
Ϯ͘ĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶĂŶĚĐŚĂŶŐĞƐƚŽƚŚĞ'ƌŽƵƉ͛ƐĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
ϭ͘ŽƌƉŽƌĂƚĞŝŶĨŽƌŵĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
EKd^dK/EdZ/DKE^K>/d&/EE/>^ddDEd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
/EdZ/DKE^K>/d^ddDEdK&^,&>Kt͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
/EdZ/DKE^K>/d^ddDEdK&,E'^/EYh/dz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
/EdZ/DKE^K>/d^ddDEdK&&/EE/>WK^/d/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮ
/EdZ/DKE^K>/d^ddDEdK&Kd,ZKDWZ,E^/s/EKD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
/EdZ/DKE^K>/d^ddDEdK&WZK&/dKZ>K^^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
Z^h>d&KZ&/Z^dYhZdZϮϬϭϰʹ^hDDZz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱ
/DWZKs/E'>/&d^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰ
Khd,szZ'ZKhW͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
,szZ'ZKhWͲ&/Z^dYhZdZZWKZdϮϬϭϰ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭ
•
•
•
•
ϯ
,ĂǀLJĂƌĚĞƐŝŐŶΘ^ŽůƵƚŝŽŶƐ͕ƉƌŽǀŝĚŝŶŐĚĞƐŝŐŶƐĂŶĚƐLJƐƚĞŵƉĂĐŬĂŐĞƐĨŽƌĞdžƚĞƌŶĂůĂŶĚŝŶƚĞƌŶĂů
ǀĞƐƐĞůĐŽŶƐƚƌƵĐƚŝŽŶ
,ĂǀLJĂƌĚ ^ŚŝƉ dĞĐŚŶŽůŽŐLJ͕ ƉƌŽǀŝĚŝŶŐ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ ĐŽŶǀĞƌƐŝŽŶ ĂŶĚ ƌĞƉĂŝƌ ŽĨ ǀĞƐƐĞůƐ͕ ǁŝƚŚ
ĨŽĐƵƐŽŶĂĚǀĂŶĐĞĚŽĨĨƐŚŽƌĞƐƵƉƉŽƌƚǀĞƐƐĞůƐĂŶĚǀĞƐƐĞůƐĨŽƌƵƐĞŝŶĨŝƐŚĞƌŝĞƐĂŶĚĂƋƵĂĐƵůƚƵƌĞ
,ĂǀLJĂƌĚ WŽǁĞƌ Θ ^LJƐƚĞŵƐ͕ ƉƌŽǀŝĚŝŶŐ Ă ďƌŽĂĚ ƌĂŶŐĞ ŽĨ ĂĚǀĂŶĐĞĚ ƐŚŝƉ ƚĞĐŚŶŽůŽŐŝĞƐ ĨŽƌ
ŵŽŶŝƚŽƌŝŶŐĂŶĚĐŽŶƚƌŽůŽĨƚŚĞƐŚŝƉƐLJƐƚĞŵƐ
,ĂǀLJĂƌĚ&ŝƐŚ,ĂŶĚůŝŶŐĂŶĚZĞĨƌŝŐĞƌĂƚŝŽŶ͕ƉƌŽǀŝĚŝŶŐĞƋƵŝƉŵĞŶƚĂŶĚƐLJƐƚĞŵƐĨŽƌƚŚĞƐĂĨĞĂŶĚ
ĞĨĨŝĐŝĞŶƚŚĂŶĚůŝŶŐŽĨĨŝƐŚŝŶĨŝƐŚŝŶŐǀĞƐƐĞůƐ͕ůŝǀĞĨŝƐŚĐĂƌƌŝĞƌƐĂŶĚŽŶƐŚŽƌĞƐĞĂĨŽŽĚƉůĂŶƚƐ
,ĂǀLJĂƌĚ'ƌŽƵƉŝƐĚŝǀŝĚĞĚŝŶƚŽĨŽƵƌďƵƐŝŶĞƐƐĂƌĞĂƐ͗
tĞ ĚĞůŝǀĞƌ ƐŚŝƉ ĚĞƐŝŐŶƐ͕ ƐŚŝƉ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ĂĚǀĂŶĐĞĚ ǀĞƐƐĞůƐ ĨŽƌ ŽĨĨƐŚŽƌĞ Žŝů
ƉƌŽĚƵĐƚŝŽŶ͕ĨŝƐŚŝŶŐĂŶĚĨŝƐŚĨĂƌŵŝŶŐĨŽƌƐŚŝƉLJĂƌĚƐĂŶĚƐŚŝƉŽǁŶĞƌƐǁŽƌůĚǁŝĚĞ͘
,ĂǀLJĂƌĚ'ƌŽƵƉ^ŝƐĂĨƵůůLJŝŶƚĞŐƌĂƚĞĚ^ŚŝƉdĞĐŚŶŽůŽŐLJĐŽŵƉĂŶLJĂŶĚĚĞůŝǀĞƌƐƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ
ǁŝƚŚŝŶ ƚŚĞ ĐŽŵƉůĞƚĞ ǀĂůƵĞ ĐŚĂŝŶ ĨƌŽŵ ǀĞƐƐĞů ĚĞƐŝŐŶ ƚŽ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ƐƵƉƉŽƌƚ ŽĨ ǀĞƐƐĞůƐ ŝŶ
ŽƉĞƌĂƚŝŽŶ͘tĞĨŽĐƵƐŽŶŚĂǀŝŶŐƚŚĞďĞƐƚĐŽŵƉĞƚĞŶĐĞǁŝƚŚŝŶĂůůƚŚĞǀŝƚĂůƉĂƌƚƐŽĨƚŚĞǀĂůƵĞĐŚĂŝŶ͘
ĚĞƐŝƌĞ ƚŽ ƚƌĂǀĞů ĂŶĚ ƵƚŝůŝnjĂƚŝŽŶ ŽĨ ŶĂƚƵƌĂů ƌĞƐŽƵƌĐĞƐ ŝŶ Ă ŚĂƌƐŚ ĞŶǀŝƌŽŶŵĞŶƚ ŚĂǀĞ ĚĞǀĞůŽƉĞĚ ƚŚŝƐ
ŵĂƌŝƚŝŵĞĐůƵƐƚĞƌŝŶƚŽŽŶĞŽĨƚŚĞƐƚƌŽŶŐĞƐƚĂŶĚŵŽƐƚŝŶŶŽǀĂƚŝǀĞĐůƵƐƚĞƌŝŶƚŚĞǁŽƌůĚ͕ĞƐƉĞĐŝĂůůLJǁŝƚŚŝŶ
ŽĨĨƐŚŽƌĞĂŶĚĨŝƐŚŝŶŐ͘dŚĞƐƚƌĞŶŐƚŚŽĨƚŚĞĐůƵƐƚĞƌůŝĞƐǁŝƚŚŝŶƚŚĞŵĂŶLJƉĂƌƚŝĐŝƉĂŶƚƐŝŶĂůůƉĂƌƚƐŽĨƚŚĞ
ǀĂůƵĞĐŚĂŝŶʹĨƌŽŵƐŚŝƉŽǁŶĞƌƐƚŽƐŚŝƉĞƋƵŝƉŵĞŶƚƐƵƉƉůŝĞƌƐ͘
,ĂǀLJĂƌĚ'ƌŽƵƉŝƐďĂƐĞĚŝŶƚŚĞŚĞĂƌƚŽĨƚŚĞƐƚƌŽŶŐŵĂƌŝƚŝŵĞĐůƵƐƚĞƌŝŶƚŚĞŶŽƌƚŚͲǁĞƐƚŽĨEŽƌǁĂLJ͘
ϰ
KƵƌǀŝƐŝŽŶŽĨ/ŵƉƌŽǀŝŶŐ>ŝĨĞĂƚ^ĞĂŵŽƚŝǀĂƚĞƐƵƐƚŽŝŵƉƌŽǀĞĞǀĞƌLJĚĂLJůŝĨĞŽĨĂůůƉĞŽƉůĞŝŶǀŽůǀĞĚŝŶƚŚĞ
ŽƉĞƌĂƚŝŽŶŽĨĂǀĞƐƐĞůŽĨ,ĂǀLJĂƌĚĞƐŝŐŶdD ŽƌǀĞƐƐĞůƐƚŚĂƚŚĂǀĞ,ĂǀLJĂƌĚǭƐĞƋƵŝƉŵĞŶƚŽŶͲďŽĂƌĚ͘/ƚŝƐ
ĂŵďŝƚŝŽƵƐ͕ ĚĞŵĂŶĚŝŶŐ ĂŶĚ ŵŽƚŝǀĂƚŝŶŐ͘ tŝƚŚ ĞǀĞƌLJŽŶĞ ǁŽƌŬŝŶŐ ƚŽǁĂƌĚƐ ƚŚŝƐ ǀŝƐŝŽŶ ǁĞ ǁŝůů ĐƌĞĂƚĞ
ǀĂůƵĞƐ ĨŽƌ ŽƵƌ ĐƵƐƚŽŵĞƌƐ͕ ǁŚŝĐŚ ǁŝůů ŐŝǀĞ ,ĂǀLJĂƌĚ Ă ŐƌĞĂƚ ĂĚǀĂŶƚĂŐĞ ŝŶ ĂŶ ŝŶĚƵƐƚƌLJ ǁŝƚŚ ƐƚƌŽŶŐ
ĐŽŵƉĞƚŝƚŝŽŶ͘
,ĂǀLJĂƌĚ 'ƌŽƵƉ ŚĂƐ ĞŵĞƌŐĞĚ ĨƌŽŵ ďĞŝŶŐ Ă ůŽĐĂů ƐŚŝƉLJĂƌĚ ŝŶ >ĞŝƌǀŝŬ͕ EŽƌǁĂLJ ƚŽ ŚĂǀĞ ďĞĐŽŵĞ ĂŶ
ŝŶƚĞƌŶĂƚŝŽŶĂůůLJ ƌĞĐŽŐŶŝnjĞĚ ďƌĂŶĚ ĂŶĚ ĐŽƌƉŽƌĂƚŝŽŶ͕ ĚĞůŝǀĞƌŝŶŐ ƐŚŝƉďƵŝůĚŝŶŐ ƚĞĐŚŶŽůŽŐLJ ƚŽ ĐƵƐƚŽŵĞƌƐ
ĂƌŽƵŶĚƚŚĞǁŽƌůĚ͘
ϱ
dŚĞ ŐĞŶĞƌĂů ĂĐƚŝǀŝƚLJ ůĞǀĞů ŝŶ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ďĞĞŶ ŚŝŐŚ ŝŶ ĨŝƌƐƚ ƋƵĂƌƚĞƌ͕ ĂŶĚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ƌĞǀĞŶƵĞ
ƌĞĨůĞĐƚƐ ƚŚŝƐ͘ dŚĞ /d ŵĂƌŐŝŶ ŝƐ ĚĞĐůŝŶŝŶŐ ŵĂŝŶůLJ ĚƵĞ ƚŽ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ ŽĨ ƉƌŽƚŽƚLJƉĞ ǀĞƐƐĞůƐ͘ dŚĞ
ĚĞǀĞůŽƉŵĞŶƚ ŝŶ ƚŚĞ ƐĞŐŵĞŶƚƐ ^ŚŝƉ dĞĐŚŶŽůŽŐLJ͕ ĞƐŝŐŶ Θ ^ŽůƵƚŝŽŶƐ͕ WŽǁĞƌ Θ ^LJƐƚĞŵƐ ĂŶĚ &ŝƐŚ
,ĂŶĚůŝŶŐ Θ ZĞĨƌŝŐĞƌĂƚŝŽŶ ĂƌĞ ƐŚŽǁŶ ŝŶ ƚŚĞ ƐĞĐƚŝŽŶ ďĞůŽǁ͕ ĂŶĚ ƌĞĨĞƌĞŶĐĞ ŝƐ ĂůƐŽ ŵĂĚĞ ƚŽ ŶŽƚĞ ϯ͕
^ĞŐŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶ͘
,ĂǀLJĂƌĚ'ƌŽƵƉĂĐŚŝĞǀĞĚĂƉƌŽĨŝƚďĞĨŽƌĞƚĂdžŽĨEK<Ϯϴ͘ϭŵŝůůŝŽŶŝŶĨŝƌƐƚƋƵĂƌƚĞƌŽĨϮϬϭϰ͕ĐŽŵƉĂƌĞĚ
ǁŝƚŚ EK< ϰϭ͘ϰ ŵŝůůŝŽŶ ŝŶ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϯ͘ dŚĞ ŽƉĞƌĂƚŝŶŐ ƉƌŽĨŝƚ ;/dͿ ǁĂƐ EK< Ϯϳ͘ϴ ŝŶ ĨŝƌƐƚ
ƋƵĂƌƚĞƌŽĨϮϬϭϰĐŽŵƉĂƌĞĚƚŽEK<ϰϬ͘ϭŝŶƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƉĞƌŝŽĚŝŶϮϬϭϯ͘dŽƚĂůŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞ
ǁĂƐ EK< ϰϮϵ͘ϳ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϰ͕ ĐŽŵƉĂƌĞĚ ǁŝƚŚ EK< ϯϳϮ͘ϳ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĨŝƌƐƚ
ƋƵĂƌƚĞƌŽĨϮϬϭϯ͘
ʹͲͳͶȂ
ϲ
dŚĞĚĞĐůŝŶŝŶŐ/dŵĂƌŐŝŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĞdžƉĞĐƚĞĚĚĞǀĞůŽƉŵĞŶƚƐƚĂƚĞĚŝŶƚŚĞ'ƌŽƵƉDzƐďƵĚŐĞƚ͘
dŚĞ ůŽǁĞƌ ĂĐƚŝǀŝƚLJ ŝŶ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ƚŚĂŶ ŝŶ YϮͲYϰ ŝƐ ĂůƐŽ Ă ƚƌĞŶĚ ƚŚĂƚ ŝƐ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ
ŚŝƐƚŽƌŝĐĂůĚĞǀĞůŽƉŵĞŶƚ͘
,Ƶůů ŶŽ͘ ϭϭϳ͕ Ă ůŝǀĞ ĨŝƐŚ ĐĂƌƌŝĞƌ ŽĨ ,ĂǀLJĂƌĚ ϱϴϳ ĚĞƐŝŐŶ ŚĂƐ ďĞĞŶ ĚŽĐŬĞĚ ŝŶ >ĞŝƌǀŝŬ ĨŽƌ ƚŚĞ ĨŝŶĂů
ŽƵƚĨŝƚƚŝŶŐ ĚƵƌŝŶŐ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ϮϬϭϰ͘ ,Ƶůů ŶŽ͘ ϭϭϱ͕ Ă ,ĂǀLJĂƌĚ ϴϱϳ ^ƵďƐĞĂ ǀĞƐƐĞů͕ ,Ƶůů ŶŽ͘ ϭϭϲ͕ Ă
,ĂǀLJĂƌĚϴϯϮWůĂƚĨŽƌŵ^ƵƉƉŽƌƚsĞƐƐĞů͕,ƵůůŶŽ͘ϭϮϬ͕ĂƉƌŽƚŽƚLJƉĞǀĞƐƐĞůŽĨ,ĂǀLJĂƌĚϴϯϮtĂǀĞĚŝƚŝŽŶ
ĚĞƐŝŐŶ͕ ĂŶĚ ƚŚĞ ƌĞďƵŝůĚ ŽĨ ,ĂǀŝůĂ WŚŽĞŶŝdž ŚĂƐ ĂůƐŽ ĐŽŶƚƌŝďƵƚĞĚ ƚŽ ƚŚĞ ƌĞǀĞŶƵĞ ŝŶ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ
ϮϬϭϰ͘,ĂǀLJĂƌĚϱϴϳĂŶĚƚŚĞϴϯϮtĂǀĞĚŝƚŝŽŶĂƌĞďŽƚŚƉƌŽƚŽƚLJƉĞǀĞƐƐĞůƐ͕ĂŶĚƚŚĞƉƌŽĚƵĐƚŝŽŶŽĨƚŚĞƐĞ
ƉƌŽƚŽƚLJƉĞƐŚĂƐĐŽŶƚƌŝďƵƚĞĚƚŽĂƐŝŐŶŝĨŝĐĂŶƚƉĂƌƚŽĨƚŚĞ/dŵĂƌŐŝŶĚĞĐůŝŶĞŝŶƚŚĞĨŝƌƐƚƋƵĂƌƚĞƌŽĨϮϬϭϰ
ĐŽŵƉĂƌĞĚƚŽϮϬϭϯ͘/ŶĨŝƌƐƚƋƵĂƌƚĞƌϮϬϭϯŵŽƌĞĐŽŶǀĞŶƚŝŽŶĂůǀĞƐƐĞůƐǁĞƌĞƉƌŽĚƵĐĞĚ͘WƌŽƚŽƚLJƉĞǀĞƐƐĞůƐ
ĂƌĞƉƌŽĚƵĐĞĚĂƚůŽǁĞƌŵĂƌŐŝŶƐƚŽŝŶƚƌŽĚƵĐĞƚŚĞĚĞƐŝŐŶƚŽďŽƚŚĞdžŝƐƚŝŶŐĂŶĚŶĞǁŵĂƌŬĞƚƐ͕ĂŶĚƚŚŝƐ
ŵƵƐƚďĞĐŽŶƐŝĚĞƌĞĚĂŶŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞĨƵƚƵƌĞĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐŽĨƚŚĞ'ƌŽƵƉ͘
dŚĞŽƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞǁĂƐEK<ϯϬϵ͘ϮŵŝůůŝŽŶŝŶƚŚĞĨŝƌƐƚƋƵĂƌƚĞƌŽĨϮϬϭϰ͕ĐŽŵƉĂƌĞĚƚŽEK<Ϯϳϳ͘ϳŝŶ
ƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐƉĞƌŝŽĚŽĨϮϬϭϯ͘dŚĞŽƉĞƌĂƚŝŶŐƉƌŽĨŝƚĨŽƌĨŝƌƐƚƋƵĂƌƚĞƌŽĨϮϬϭϰǁĂƐEK<ϱ͘ϬŵŝůůŝŽŶ͕
Ă ƐŝŐŶŝĨŝĐĂŶƚ ĚĞĐůŝŶĞ ĨƌŽŵ EK< ϭϵ͘ϵ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϯ͘ dŚĞ /d ŵĂƌŐŝŶ ŚĂƐ ďĞĞŶ
ƌĞĚƵĐĞĚĨƌŽŵϳ͘ϮйŝŶĨŝƌƐƚƋƵĂƌƚĞƌϮϬϭϯƚŽϭ͘ϲйŝŶĨŝƌƐƚƋƵĂƌƚĞƌŽĨϮϬϭϰ͘
^ŚŝƉdĞĐŚŶŽůŽŐLJ
ϳ
dŚĞ/dŵĂƌŐŝŶƐŚŽǁƐĂƌĞůĂƚŝǀĞůLJƐƚĂďůĞĚĞǀĞůŽƉŵĞŶƚĨƌŽŵƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌŽĨϮϬϭϯ͕ĂŶĚĂůƐŽĨƌŽŵ
ĨŝƌƐƚ ƋƵĂƌƚĞƌ ϮϬϭϯ͘ dŚĞ ŵĂƌŐŝŶ ŝƐ ĚĞĐůŝŶŝŶŐ ƐŽŵĞǁŚĂƚ ĚƵĞ ƚŽ Ă ůĂƌŐĞƌ ĞdžƚĞŶƚ ŽĨ ĚĞůŝǀĞƌŝĞƐ ŽĨ
ĞƋƵŝƉŵĞŶƚƉĂĐŬĂŐĞƐƚŚĂƚŚĂǀĞůŽǁĞƌŵĂƌŐŝŶƚŚĂŶĚĞƐŝŐŶƉĂĐŬĂŐĞƐ͘
&ŽƌĞƐŝŐŶΘ^ŽůƵƚŝŽŶƐ͕ĨŝƌƐƚ ƋƵĂƌƚĞƌǁĂƐĐŚĂƌĂĐƚĞƌŝnjĞĚďLJĨƵůůĐĂƉĂĐŝƚLJƵƚŝůŝnjĂƚŝŽŶŽŶďŽƚŚŝŶƚĞƌŶĂůĂŶĚ
ĞdžƚĞƌŶĂů ƉƌŽũĞĐƚƐ͘ ŽŵƉĂƌĞĚ ƚŽ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ϮϬϭϯ ƚŚĞ ƌĞǀĞŶƵĞ ŚĂƐ ŝŶĐƌĞĂƐĞĚ ďLJ EK< Ϯϱ ŵŝůůŝŽŶ ƚŽ
EK<ϲϱ͘ϰŵŝůůŝŽŶ͘dŚĞƌĞĂƐŽŶĨŽƌƚŚŝƐŝƐŵĂŝŶůLJĂƐƚƌĂƚĞŐLJŽĨĞdžƉĂŶĚŝŶŐƚŚĞĐĂƉĂĐŝƚLJŝŶƚŚĞďƌĂŶĐŚĞƐŝŶ
ƌŽĂƚŝĂ ĂŶĚ WŽůĂŶĚ͘ dŚŝƐ ĞdžƉĂŶƐŝŽŶ ŝŶĐƌĞĂƐĞƐ ƚŚĞ ĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂŶĚ ŐŝǀĞƐ ƚŚĞ
ƉŽƐƐŝďŝůŝƚLJ ƚŽ ŝŶĐƌĞĂƐĞ ƚŚĞ ƌĞǀĞŶƵĞ ƚŚĞ ĞƐŝŐŶ Θ ^ŽůƵƚŝŽŶƐ ƐĞŐŵĞŶƚ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ ƐĂůĞ ŽĨ
ĞƋƵŝƉŵĞŶƚ ƉĂĐŬĂŐĞƐ ŝŶĐƌĞĂƐĞƐ ƚŚĞ ƌĞǀĞŶƵĞ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƉĞƌŝŽĚ ŝŶ ϮϬϭϯ͘ dŚĞ
ŽƉĞƌĂƚŝŶŐƉƌŽĨŝƚ;/dͿŚĂƐŝŶĐƌĞĂƐĞĚďLJEK<ϰŵŝůůŝŽŶƚŽEK<ϭϯŵŝůůŝŽŶĨƌŽŵĨŝƌƐƚƋƵĂƌƚĞƌϮϬϭϯ͘
ĞƐŝŐŶΘ^ŽůƵƚŝŽŶƐ
ϴ
WŽǁĞƌ Θ ^LJƐƚĞŵƐ ŚĂƐ ŝŶĐƌĞĂƐĞĚ ƚŚĞ ŽƉĞƌĂƚŝŶŐ ƌĞǀĞŶƵĞ ďLJ EK< ϭϭ ŵŝůůŝŽŶ ƚŽ EK< ϰϴ͘ϯ ŵŝůůŝŽŶ
ĐŽŵƉĂƌĞĚǁŝƚŚĨŝƌƐƚƋƵĂƌƚĞƌϮϬϭϯ͘dŚŝƐŵĂŝŶůLJƌĞĨůĞĐƚƐƚŚĞŝŶĐƌĞĂƐĞĚĂĐƚŝǀŝƚLJŝŶƚŚĞƐƵďƐŝĚŝĂƌLJ,ĂǀLJĂƌĚ
WƌŽĚƵĐƚŝŽŶΘ^ĞƌǀŝĐĞ;,WZͿ͘dŚŝƐĐŽŵƉĂŶLJƐƵƉƉůŝĞƐ^ŚŝƉdĞĐŚŶŽůŽŐLJǁŝƚŚĞůĞĐƚƌŝĐŝĂŶƐ͕ƉůƵŵďĞƌƐĂŶĚ
ŽƚŚĞƌ ƚLJƉĞƐ ŽĨ ůĂďŽƌ ŶĞĞĚĞĚ ŝŶ ƐŚŝƉ ŽƵƚĨŝƚƚŝŶŐ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ WŽǁĞƌ Θ ^LJƐƚĞŵƐ ŚĂǀĞ ŝŶĐƌĞĂƐĞĚ ƚŚĞŝƌ
ĞdžƚĞƌŶĂů ƐĂůĞ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϯ͘ dŚĞ ŽƉĞƌĂƚŝŶŐ ƉƌŽĨŝƚ ;/dͿ ŝƐ EK< ϲ͘ϳ ŵŝůůŝŽŶ
ĐŽŵƉĂƌĞĚ ƚŽ EK< ϴ͘ϳ ŵŝůůŝŽŶ ŝŶ ƚŚĞ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϯ͘ dŚŝƐ ƌĞĨůĞĐƚƐ ƚŚĞ ůŽǁĞƌ ŵĂƌŐŝŶƐ ŝŶ ƚŚĞ
ĞdžƉĂŶĚŝŶŐ ,ĂǀLJĂƌĚ WƌŽĚƵĐƚŝŽŶ Θ ^ĞƌǀŝĐĞ ƐƵďƐŝĚŝĂƌLJ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ŽƚŚĞƌ ƉĂƌƚƐ ŽĨ ƚŚĞ WŽǁĞƌ Θ
^LJƐƚĞŵƐƐĞŐŵĞŶƚ͕ĂŶĚĞdžƉůĂŝŶƐƚŚĞĚƌŽƉŝŶ/dŵĂƌŐŝŶĨƌŽŵϮϰ͘ϯйŝŶĨŝƌƐƚƋƵĂƌƚĞƌϮϬϭϯƚŽϭϰ͘ϲйŝŶ
ĨŝƌƐƚƋƵĂƌƚĞƌϮϬϭϰ͘
WŽǁĞƌΘ^LJƐƚĞŵƐ
ϵ
dŚĞ ƐƵďƐŝĚŝĂƌLJ ŝŶ WĞƌƵ ŝƐ ŶŽƚ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ƌĞǀĞŶƵĞ ŝŶ ϮϬϭϰ͘ dŚŝƐ ŝƐ ĚƵĞ ƚŽ ƚŚĞ ůĂĐŬ ŽĨ ƌĞůŝĂďůĞ
ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĨƌŽŵƚŚĞƵŶŝƚ͕ĂŶĚĂƉƌŽďĂďůĞĐŽŶƚƌŽůůĞĚǁŝŶĚƵƉŽĨƚŚĞƐƵďƐŝĚŝĂƌLJ͘dŚĞƉŽƚĞŶƚŝĂů
ůŽƐƐƌĞůĂƚĞĚƚŽƚŚŝƐƐƵďƐŝĚŝĂƌLJŚĂƐŵĂŝŶůLJďĞĞŶƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞϮϬϭϯĨŝŐƵƌĞƐ͘
dŚĞ ŽƉĞƌĂƚŝŶŐ ƉƌŽĨŝƚ ŝŶ ĨŝƌƐƚ ƋƵĂƌƚĞƌ ϮϬϭϰ ŝƐ EK< ϰ͘ϲ ŵŝůůŝŽŶ͕ ĐŽŵƉĂƌĞĚ ƚŽ EK< ϯ͘Ϯ ŵŝůůŝŽŶ ŝŶ ĨŝƌƐƚ
ƋƵĂƌƚĞƌϮϬϭϯ͘dŚĞ/dͲŵĂƌŐŝŶŚĂƐŝŶĐƌĞĂƐĞĚĨƌŽŵϰ͘ϱйŝŶĨŝƌƐƚ ƋƵĂƌƚĞƌϮϬϭϯƚŽϲ͘ϬйŝŶĨŝƌƐƚƋƵĂƌƚĞƌ
ϮϬϭϰ͘ŽƚŚ&ŝƐŚ,ĂŶĚůŝŶŐĂŶĚZĞĨƌŝŐĞƌĂƚŝŽŶĐŽŶƚƌŝďƵƚĞƐƚŽƚŚŝƐƉŽƐŝƚŝǀĞĚĞǀĞůŽƉŵĞŶƚ͘
dŚĞ ĂĐƚŝǀŝƚLJ ǁŝƚŚŝŶ ƚŚŝƐ ƐĞŐŵĞŶƚ ŚĂƐ ŝŶĐƌĞĂƐĞĚ ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ĐŽƌƌĞƐƉŽŶĚŝŶŐ ƉĞƌŝŽĚ ŝŶ ϮϬϭϯ͘
KƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞŝƐEK<ϴϰŵŝůůŝŽŶŝŶĨŝƌƐƚ ƋƵĂƌƚĞƌϮϬϭϰ͕ǁŚŝůĞŝƚǁĂƐEK<ϲϳŵŝůůŝŽŶŝŶĨŝƌƐƚ ƋƵĂƌƚĞƌ
ϮϬϭϯ͘ dŚŝƐ ŝŶĐƌĞĂƐĞĚ ĂĐƚŝǀŝƚLJ ŝƐ ŵĂŝŶůLJ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ůŝǀĞ ĨŝƐŚ ĐĂƌƌŝĞƌ ŵĂƌŬĞƚ ĨŽƌ ƚŚĞ &ŝƐŚ ,ĂŶĚůŝŶŐ
ĚŝǀŝƐŝŽŶ͘ dŚĞ ZĞĨƌŝŐĞƌĂƚŝŽŶ ĚŝǀŝƐŝŽŶ ŚĂƐ ďĞĞŶ ƚŚƌŽƵŐŚ Ă ƌĞƐƚƌƵĐƚƵƌŝŶŐ ƉƌŽĐĞƐƐ ǁŚŝĐŚ ŚĂƐ ŐŝǀĞŶ Ă
ƉŽƐŝƚŝǀĞĞĨĨĞĐƚ ŝŶ ĨŝƌƐƚ ƋƵĂƌƚĞƌŽĨϮϬϭϰ͘ ŽƐƚƐ ŚĂǀĞ ďĞĞŶ ƌĞĚƵĐĞĚ ĂŶĚ ƚŚĞ ƐĞƌǀŝĐĞƐ ƉƌŽǀŝĚĞĚ ŝƐŵŽƌĞ
ĨŽĐƵƐĞĚƚŽǁĂƌĚƐƚŚĞƉĂƌƚƐŽĨƚŚĞŵĂƌŬĞƚƐĞŐŵĞŶƚǁŚŝĐŚŚĂƐƚŚĞŚŝŐŚĞƌŵĂƌŐŝŶƉƌŽũĞĐƚƐ͘
&ŝƐŚ,ĂŶĚůŝŶŐΘZĞĨƌŝŐĞƌĂƚŝŽŶ
ϭϬ
ϭϭ
ϭϮ
ϭϯ
ϭϰ
ϭϱ
KƉĞƌĂƚŝŶŐƌĞǀĞŶƵĞƌĞůĂƚĞƐƐŽůĞůLJƚŽĚĞƐŝŐŶ͕ďƵŝůĚŝŶŐ͕ƌĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƐŚŝƉƐ͘
ϭϲ
,ĂǀLJĂƌĚ'ƌŽƵƉ^ŝƐĂĨƵůůLJŝŶƚĞŐƌĂƚĞĚƐŚŝƉďƵŝůĚŝŶŐĞŶƚĞƌƉƌŝƐĞŽƉĞƌĂƚŝŶŐŝŶƚŚĞŽĨĨƐŚŽƌĞĂŶĚĨŝƐŚŝŶŐ
ǀĞƐƐĞů ŝŶĚƵƐƚƌLJ͘ dŚĞ ,ĂǀLJĂƌĚ 'ƌŽƵƉ ĚĞůŝǀĞƌƐ ƐŚŝƉ ĚĞƐŝŐŶƐ͕ ƐŚŝƉ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ
ĂĚǀĂŶĐĞĚǀĞƐƐĞůƐĨŽƌŽĨĨƐŚŽƌĞŽŝůƉƌŽĚƵĐƚŝŽŶ͕ĨŝƐŚŝŶŐĂŶĚĨŝƐŚĨĂƌŵŝŶŐĨŽƌƐŚŝƉLJĂƌĚƐĂŶĚƐŚŝƉŽǁŶĞƌƐ
ǁŽƌůĚǁŝĚĞ͘
͵Ǥ‡‰‡–‹ˆ‘”ƒ–‹‘
dŚĞ 'ƌŽƵƉΖƐ ŵĂŝŶ ĂĐƚŝǀŝƚŝĞƐ ĂƌĞ ϭͿ ^ŚŝƉ dĞĐŚŶŽůŽŐLJ͕ ŝ͘Ğ͘ ĚĞůŝǀĞƌŝŶŐ ǀĞƐƐĞůƐ ĨƌŽŵ ŽǁŶ ƐŚŝƉLJĂƌĚ ĂŶĚ
ƐƵƉƉŽƌƚ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ,ĂǀLJĂƌĚ ĚĞƐŝŐŶ Ăƚ ƐŚŝƉLJĂƌĚƐ ǁŽƌůĚǁŝĚĞ͖ ϮͿ ĞƐŝŐŶ Θ ^ŽůƵƚŝŽŶ͕ ŝ͘Ğ͘ ƉƌŽǀŝĚĞ
ƐŚŝƉ ĚĞƐŝŐŶ ĂŶĚ ƐLJƐƚĞŵ ƉĂĐŬĂŐĞƐ ĨŽƌ ŽĨĨƐŚŽƌĞ ĂŶĚ ĨŝƐŚŝŶŐ ǀĞƐƐĞůƐ͖ ϯͿ WŽǁĞƌ Θ ^LJƐƚĞŵƐ͕ ŝ͘Ğ͘
ƐƉĞĐŝĂůŝnjŝŶŐ ŝŶ ĚĞƐŝŐŶ͕ ĞŶŐŝŶĞĞƌŝŶŐ ĂŶĚ ŝŶƐƚĂůůĂƚŝŽŶ ŽĨ ĞůĞĐƚƌŝĐ ƐLJƐƚĞŵƐ ĂŶĚ ĚĞůŝǀĞƌLJ ŽĨ ĐŽŶƚƌŽů ĂŶĚ
ĂƵƚŽŵĂƚŝŽŶƐLJƐƚĞŵƐĨŽƌƐŚŝƉƐ͖ϰͿ&ŝƐŚŚĂŶĚůŝŶŐĂŶĚƌĞĨƌŝŐĞƌĂƚŝŽŶ͕ŝ͘Ğ͘ĚĞůŝǀĞƌŝŶŶŽǀĂƚŝǀĞƐŽůƵƚŝŽŶƐĨŽƌ
ŚĂŶĚůŝŶŐĂŶĚĐŽŽůŝŶŐŽĨƐĞĂĨŽŽĚŽŶďŽĂƌĚĨŝƐŚŝŶŐǀĞƐƐĞůƐ͕ůŝǀĞĨŝƐŚĐĂƌƌŝĞƌƐĂŶĚŽŶͲƐŚŽƌĞƉůĂŶƚƐ͘dŚĞ
ĂĐƚŝǀŝƚŝĞƐĂƌĞůŽĐĂƚĞĚŝŶĨŽƵƌƐĞƉĂƌĂƚĞĚƐƵďƐŝĚŝĂƌŝĞƐ͖,ĂǀLJĂƌĚ^ŚŝƉdĞĐŚŶŽůŽŐLJ^͕,ĂǀLJĂƌĚĞƐŝŐŶΘ
^ŽůƵƚŝŽŶƐ^͕,ĂǀLJĂƌĚWŽǁĞƌΘ^LJƐƚĞŵƐ^ĂŶĚ,ĂǀLJĂƌĚ&ŝƐŚ,ĂŶĚůŝŶŐĂŶĚZĞĨƌŝŐĞƌĂƚŝŽŶ^͘
dŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂĚŽƉƚĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŝŶƚĞƌŝŵĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŽƐĞĨŽůůŽǁĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶŶƵĂůĐŽŶƐŽůŝĚĂƚĞĚ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϭϯ͘
EĞǁƐƚĂŶĚĂƌĚƐ͕ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĂŶĚĂŵĞŶĚŵĞŶƚƐĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉ
ʹǤƒ•‹•‘ˆ’”‡’ƒ”ƒ–‹‘ƒ†…Šƒ‰‡•–‘–Š‡
”‘—’ǯ•ƒ……‘—–‹‰’‘Ž‹…‹‡•
dŚĞŝŶƚĞƌŝŵĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞƚŚƌĞĞŵŽŶƚŚƐĞŶĚĞĚϯϭDĂƌĐŚϮϬϭϰ
ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚ /^ ϯϰ /ŶƚĞƌŝŵ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ͘ dŚĞ ŝŶƚĞƌŝŵĐŽŶĚĞŶƐĞĚ
ĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŽŶŽƚŝŶĐůƵĚĞĂůůƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞƐƌĞƋƵŝƌĞĚŝŶƚŚĞ
ĂŶŶƵĂů ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ĂŶĚ ƐŚŽƵůĚ ďĞ ƌĞĂĚ ŝŶ ĐŽŶũƵŶĐƚŝŽŶ ǁŝƚŚ ƚŚĞ 'ƌŽƵƉ͛Ɛ ĂŶŶƵĂů ĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϭϯ͘
,ĂǀLJĂƌĚ'ƌŽƵƉ^ŝƐĂůŝŵŝƚĞĚĐŽŵƉĂŶLJďĂƐĞĚŝŶEŽƌǁĂLJ͕ĂŶĚŝƚƐŚĞĂĚŽĨĨŝĐĞŝƐůŽĐĂƚĞĚŝŶ&ŽƐŶĂǀĊŐ͕
,ĞƌƆLJ͘
ͳǤ‘”’‘”ƒ–‡‹ˆ‘”ƒ–‹‘
dŚĞŝŶƚĞƌŝŵĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨ,ĂǀLJĂƌĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ĐŽůůĞĐƚŝǀĞůLJ͕
ƚŚĞ'ƌŽƵƉͿĨŽƌƚŚĞƚŚƌĞĞŵŽŶƚŚƐĞŶĚĞĚϯϭDĂƌĐŚϮϬϭϰ͘dŚĞŐƌŽƵƉŝŶƚŽƚĂůĞŵƉůŽLJƐϳϲϲƉĞŽƉůĞĂƐŽĨ
DĂƌĐŚϯϭ͕ϮϬϭϰ͘
ϭϳ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƉƌĞƐĞŶƚƌĞǀĞŶƵĞĂŶĚƉƌŽĨŝƚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞ'ƌŽƵƉ͛ƐŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ
ĨŽƌƚŚĞƚŚƌĞĞŵŽŶƚŚƐĞŶĚĞĚϯϭDĂƌĐŚϮϬϭϰĂŶĚϮϬϭϯƌĞƐƉĞĐƚŝǀĞůLJ͗
dƌĂŶƐĨĞƌ ƉƌŝĐĞƐ ďĞƚǁĞĞŶ ŽƉĞƌĂƚŝŶŐ ƐĞŐŵĞŶƚƐ ĂƌĞ ŽŶ ĂƌŵΖƐ ůĞŶŐƚŚ ďĂƐŝƐ ŝŶ Ă ŵĂŶŶĞƌ ƐŝŵŝůĂƌ ƚŽ
ƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƚŚŝƌĚƉĂƌƚŝĞƐ͘ dŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉƌŝŶĐŝƉůĞƐ ĨŽƌ ƚŚĞ ƐĞŐŵĞŶƚ ƌĞƉŽƌƚŝŶŐ ƌĞĨůĞĐƚ ƚŚŽƐĞ
ƵƐĞĚďLJƚŚĞ'ƌŽƵƉ͘
ϭϴ
dŚĞƌĞŚĂƐŶŽƚďĞĞŶĂŵĂƚĞƌŝĂůĐŚĂŶŐĞĨƌŽŵƚŚĞƚŽƚĂůĂƐƐĞƚƐĂŶĚƚŽƚĂůůŝĂďŝůŝƚŝĞƐĚŝƐĐůŽƐĞĚŝŶƚŚĞůĂƐƚ
ĂŶŶƵĂůĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞƐĞŐŵĞŶƚƐ͘
ΗKƚŚĞƌΗĐŽŶƚĂŝŶƐƉĂƌĞŶƚĐŽŵƉĂŶLJŝƚĞŵƐĂŶĚĞůŝŵŝŶĂƚŝŽŶŽĨŝŶƚƌĂͲŐƌŽƵƉƚƌĂŶƐĂĐƚŝŽŶƐ͘
ͷǤ••—‡†…ƒ’‹–ƒŽƒ†”‡•‡”˜‡•
ůůŝŶǀĞƐƚŵĞŶƚƐĂƌĞƵŶƋƵŽƚĞĚĞƋƵŝƚLJƐŚĂƌĞƐĂŶĚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐůĞǀĞůϯŝŶǀĞƐƚŵĞŶƚƐ͘
ϭϵ
ͶǤ‘Ǧ…—””‡–ˆ‹ƒ…‹ƒŽ‹˜‡•–‡–•
ƐŽĨDĂƌĐŚϯϭ͕ϮϬϭϰƚŚĞ'ƌŽƵƉŚĂƐŝŶǀĞƐƚŵĞŶƚƐŝŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨEK<ϭϳϮŵŝůůŝŽŶ;ϭϯϱŵŝůůŝŽŶĂƐ
ŽĨDĂƌĐŚϯϭ͕ϮϬϭϯͿ͘dŚĞŝŶǀĞƐƚŵĞŶƚƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĂƐƐĞƚƐĂŶĚŵĞĂƐƵƌĞĚĂƚĨĂŝƌ
ǀĂůƵĞŝŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚ͘dŚĞŝŶǀĞƐƚŵĞŶƚƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŶŽŶͲĐƵƌƌĞŶƚ͘
ϮϬ
/Ŷ DĂLJ ϮϬϭϰ͕ ƚŚĞ 'ƌŽƵƉ ĚŝǀĞƐƚĞĚ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ŝŶ &ŽƌůĂŶĚ ^ƵďƐĞĂ ^͘ ĐĐŽƌĚŝŶŐ ƚŽ ƐŚĂƌĞŚŽůĚĞƌ
ĂŐƌĞĞŵĞŶƚ͕ƚŚĞƐĂůĞƉƌŝĐĞǁĂƐĞƋƵĂůƚŽĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚ͘
͸Ǥ˜‡–•ƒˆ–‡”–Š‡”‡’‘”–‹‰’‡”‹‘†
dŚĞ 'ƌŽƵƉ ǁĂƐ ĐŽŶǀĞƌƚĞĚ ŝŶƚŽ Ă ƉƵďůŝĐ ůŝŵŝƚĞĚ ĐŽŵƉĂŶLJ ;^Ϳ ŽŶ DĂƌĐŚ Ϯϭ͕ ϮϬϭϰ͘ ƉƉůŝĐĂƚŝŽŶ ĨŽƌ
ůŝƐƚŝŶŐĂƚƚŚĞKƐůŽ^ƚŽĐŬdžĐŚĂŶŐĞĨŽƌ,ĂǀLJĂƌĚ'ƌŽƵƉ^ǁĂƐƐƵďŵŝƚƚĞĚŝŶDĂƌĐŚϮϬϭϰ͘dŚĞƉƌŽĐĞƐƐ
ŝƐƐƚŝůůŶŽƚĐŽŶĐůƵĚĞĚĂƐƉĞƌƚŚĞĚĂƚĞŽĨƚŚĞƋƵĂƌƚĞƌůLJƌĞƉŽƌƚ͘&ƵƌƚŚĞƌƵƉĚĂƚĞŽŶƚŚŝƐƉƌŽĐĞƐƐŝƐƉŽƐƚĞĚ
ŽŶ,ĂǀLJĂƌĚ͘ĐŽŵƵŶĚĞƌ/ŶǀĞƐƚŽƌZĞůĂƚŝŽŶƐ͘
APPENDIX 4:
ANNUAL REPORT 2013
138
Annual report / Årsrapport 2013
HAVYARD GROUP ASA
4
10
12
20
22
24
32
44
46
50
51
108
110
112
120
Havyard Group in general
CEO letter
Segments
Presentation of the board
Management presentation
Corporate Governance
Board of directors report
Consolidated statement of profit or loss
Consolidated statement of financial position
Consolidated statement of cashflow
Notes
Profit and loss statement parent company
Statement of financial position parent company
Notes parent company
Auditors report
4
10
12
20
22
24
32
44
46
50
51
108
110
112
120
CONTENT /
INNHOLD
ANNUAL REPORT 2013
Revisors beretning
Noter morselskap
Balanse morselskap
Resultatregnskap morselskap
Noter konsern
Kontaktstrømoppstilling konsern
Balanse konsern
Resultatregnskap konsern
Styrets årsbetetning
Eierstyring og selskapsledelse
Presentasjon av ledelsen
Presentasjon av styret
Segment presentasjoner
Administrerende direktør
Dette er Havyard Group
2
ANNUAL REPORT 2013
3
verdikjeden, fra skipsdesign til støtte av fartøy i drift. Vi
fokuserer på å ha den beste kompetansen innenfor alle
de vitale segmenter av verdikjeden.
complete value chain from vessel design to support
of vessels in operation. We focus on having the best
competence within all the vital segments of the value
Visjonen vår er Improving Life At Sea, og motivasjonen for
våre tilsette er å tilføre verdi til og forbedre situasjonen
til alle de som bruker våre produkter.
Havyard Group leverer skipsdesign, skipsutstyr og
konstruksjon av avanserte fartøy for oljeindustri, fiskeri
og fiskeoppdrett til skipsverft og skipsredere over hele
verden.
Our vision is Improving Life At Sea and the motivation
for our employees is to add value to and improve the
situation for all who use our products.
Havyard Group delivers ship designs, ship equipment
and construction of advanced vessels for offshore oil
production, fishing and fish farming for shipyards and
shipowners worldwide.
chain.
HAVYARD GROUP ASA er et fullintegrert skipsteknologiselskap som leverer produkter og tjenester innenfor hele
HAVYARD GROUP ASA is a fully integrated Ship Technology
4
company and delivers products and services within the
HAVYARD GROUP IN GENERAL
DETTE ER HAVYARD GROUP
ANNUAL REPORT 2013
MARKET & BUSINESS DEVELOPMENT
Gunnar Larsen
SALES KEY CUSTOMERS
Tor Leif Mongstad
+47 70 08 45 50
havyard.group@havyard.com
Phone:
HAVYARD CONTRACTING Sp. z o.o.
HAVYARD SHIP TECHNOLOGY AS, dep. Turkey
HAVYARD SHIP TECHNOLOGY AS, dep. Leirvik
HAVYARD SHIP TECHNOLOGY AS, dep. Fosnavåg
MMC Peru Sac
MMC GREEN TECHNOLOGY AS
HAVYARD MMC REFRIGERATION AS dep. Haugesund
HAVYARD MMC REFRIGERATION AS dep. Tromsø
HAVYARD MMC REFRIGERATION AS dep. Vigra
SHIP TECHNOLOGY
HAVYARD MMC FISH HANDLING AS, dep. Fosnavåg
HAVYARD China
Mjølstadnesvegen,
6092 Fosnavåg, Norway
FISH HANDLING & REFRIGERATION
HAVYARD DESIGN & ENGINEERING Poland
Norway
HAVYARD South America ltda.
HAVYARD PRODUCTION & SERVICE Sp. z o.o.
HAVYARD DESIGN & SOLUTIONS AS, dep. Stavanger
6099 Fosnavåg
HAVYARD DESIGN & ENGINEERING Rijeka d.o.o
HAVYARD POWER & SYSTEMS AS, dep. Ålesund
HAVYARD DESIGN & SOLUTIONS AS, dep. Fosnavåg
Visiting address: Havilahuset,
POWER & SYSTEMS
DESIGN & SOLUTIONS
P.O.Box 215
5
HAVYARD GROUP ASA
HAVYARD FISH HANDLING
& REFRIGERATION
Leif Roger Gjelseth
ACCOUNTING
Karl Eirik Frøysa Hansen
SALES & INTERNATIONAL NETWORK
Gisle Vinjevoll Thrane
HAVYARD POWER & SYSTEMS
Johan Bakke
FINANCE
Idar Fuglseth
HUMAN RESOURCES
Frank-Levi Kvalsund
HAVYARD SHIP TECHNOLOGY
Geir Johan Bakke
PROCUREMENT
Dag Alvik
HAVYARD GROUP ASA
Geir Johan Bakke
OPERATIONS
Kenneth Pettersen
HAVYARD DESIGN & SOLUTIONS
Stig Magne Espeseth
ANNUAL REPORT 2013
6
HAVYARD DEVELOPS SERVICE VESSEL FOR
OFFSHORE WIND POWER PRODUCTION
HAVYARD UTVIKLER SERVICESKIP TIL OFFSHORE
VINDKRAFTPRODUKSJON
ANNUAL REPORT 2013
Over store deler av kloden arbeides det med å utvikle
fornybare og miljøvennlige alternativer til energi fra olje, gass,
kull og atomkraft. I Europa var det i fjor 73 offshore vindparker
til havs med en kapasitet på 5111 MW, ifølge den Europeiske
Vindenergiorganisasjonen (EWEA). Organisasjonen anslår
at europeiske land vil investere 1200 milliarder norske
kroner i havvind i perioden fra 2021 til 2030. Fram til 2020 er
investeringssummen anslått til 500 milliarder norske kroner.
I EU er målet at offshore vindkraft skal dekke 17 prosent av
elektrisitetsbehovet i 2030.
Across huge parts of the globe work is going on in terms
of developing renewable and environmentally friendly
alternatives to energy from oil, gas, coal and nuclear power.
In Europe last year there were 73 offshore wind-parks at sea
with a capacity of 5111 MW, according to the European Wind
Energy Association (EWEA). The organization is estimating
that European countries will be investing NOK 1200 billion into
ocean winds during the period from 2021 to 2030. Until 2020
the estimated investment sums reach NOK 500 billion. The
aim within EU is that offshore wind power will cover 17 per
forteller salgsdirektør Gisle Vinjevoll Thrane i Havyard Design
& Solutions. Han er begeistret for samarbeidet med danskene
og potensialet det åpner i det nye markedet.
- Ved å samarbeide med markedslederen og være tidlig ute
har vi et godt utgangspunkt, sier han.
Basisen for de nye skipene av typen Havyard 832 SOV er den
velkjente typen plattform forsyningsskip (PSV) selskapet har
bygd mange av allerede. Men designet er videreutviklet og
skipene skreddersydd for oppgavene de skal løse. Esvagt
presenterte en lang liste med nye krav som måtte oppfylles.
parks, says Sales Director Gisle Vinjevoll Thrane of Havyard
Design & Solutions. He is excited about the cooperation with
the Danes and the potential that opens up in this new market.
- By cooperating with the market leader and entering the
market early we are in a good starting position, he says.
The foundation for these new vessels of Havyard 832 SOV
design is the familiar type of platform supply vessels (PSVs)
that the group has already constructed many of. But the
design is developed further and the vessels tailor-made for
the tasks they are going to solve. Esvagt presented a long list
måter er ofte nøkkelen til suksess, sier designsjef Arve Leine
fornøyd. Han syns prosessen fram til det nye designet har
vært givende og interessant. Både han og Vinjevoll Thrane ser
fram til et langt og solid samarbeid med Esvagt.
technology in new ways are often the key to success, a
pleased Design Manager Arve Leine says. He believes the
process that has led to this new design has been rewarding
and interesting. Both Vinjevoll Thrane and he are looking
forward to a long and solid cooperation with Esvagt.
- Gjenbruk, videreutvikling og bruk av kjent teknologi på nye
- Reuse, further development and utilization of familiar
of new demands that needed to be complied with.
vi designer skip som skal arbeide for offshore vindparker,
are designing vessels that are going to work for offshore wind
for
- Esvagt er en ny kunde for oss og dette er første gangen
muligheter
- Esvagt is a new customer for us and this is the first time we
store
leverandørindustrien i vid forstand.
åpner
opportunities for supply industries in a broad sense.
og
nye
created plenty of new work places and it opens up new
arbeidsplasser
Satsingen på den nye teknologien har alt skapt mange
The effort and focus in this new technology has already
cent of electricity needs by 2030.
Olje- og gassinstallasjonene til havs har fått selskap. Som
majestetiske skoger rager vindturbiner på rekke og rad
høyt over vannflaten. Noen langt til havs, andre i grunnere
farvann nærmere land. De blir stadig flere og de trenger
vedlikehold. Havyard skal designe og bygge to skreddersydde
skip for det danske oljeserviceselskapet Esvagt. Et nytt
marked har åpnet seg.
7
Oil- and gas installations at sea are in good company.
Like majestic forests, wind turbines in succession dominate
the horizon above the water surface. Some are far at sea
and others in shallower waters nearer shore. Havyard is
designing and constructing two tailor-made vessels for
the Danish oil service company Esvagt. A new market has
opened up.
ANNUAL REPORT 2013
vessels with these characteristics have already been ordered.
this new design have been taken notice of and several other
constructed according to the WE design. Capabilities for
ordered two Havyard 832 SOV windmill service vessels
of the year it will operate in PSV mode. Esvagt in Denmark
of Svalbard during half of the year, while during the other half
operate as a standby / guard vessel for the district governor
skip med disse egenskapene.
designet har blitt lagt merke til og det er allerede bestilt flere
som også var bygd på WE designet. Egenskapene til dette nye
Danmark bestilte 2 Havyard 832 SOV vindmølle serviceskip
på Svalbard halve året og som PSV resten av året. Esvagt i
WE som vil gå som beredsskaps- / vaktskip for Sysselmannen
skipstyper. Fafnir Offshore fra Island bestilte en Havyard 832
from Iceland ordered a Havyard 832 WE, a vessel that will
i skadelige miljøutslipp resulterte i kontrakter på to nye
in contracts for two new types of vessels. Fafnir Offshore
som gir store besparelser i drivstofforbruk og reduksjoner
Utviklingen av det nye Havyard Wave Edition (WE) designet,
markeder i årene som kommer.
i mersalg og økte markedsandeler i eksisterende og nye
produktutvikling og kunderelasjoner forventer å betale seg
design og utstyrspakker på eksterne verft. Investeringene i
seg kontrakt på åtte nybygg ved eget verft i tillegg til salg av
I et relativt svakt marked var Havyard Group i stand til å sikre
2013 var preget av investeringer i nye produkt og nye kunder.
8
and reduces harmful environmental emissions, resulted
design, which provides big savings in fuel consumption
The development of the new Havyard Wave Edition (WE)
markets in the years ahead.
further sales and increased market shares in existing and new
customer relations are expected to pay dividends in terms of
external shipyards. Investments in product development and
in addition to selling design and equipment packages at
able to secure contracts for eight newbuilds at its own shipyard
customers. In a relatively unstable market Havyard Group was
2013 is characterized by investments in new products and new
NEW PRODUCTS AND NEW CUSTOMERS
NYE PRODUKT OG NYE KUNDER
ANNUAL REPORT 2013
reder og et Havyard 857 IMR fartøy til det nigerianske
oljeserviceselskapet Marine Platforms Ltd. er også spennende
ordre i nye marked med potensiale for vekst for Havyard.
and gas services company Marine Platforms Ltd. are also
exciting orders in new markets with potential for Havyard
Rederiene til begge de to største oljeselskapene i Kina, COSL
og Sinopec bestilte designpakker for bygging av nye PSVer
ved kinesiske verft.
The shipping companies of the two largest oil companies in
China, COSL and Sinopec ordered design packages for the
construction of new PSVs at Chinese shipyards.
hele skipets levetid.
Visjonen «Improving Life at Sea» setter kunden i sentrum,
der alt vi gjør innenfor Havyard konsernet har som felles
målsetting å tilføre merverdi og forbedre situasjonen for
eierne og brukerne av våre skip og andre produkter.
I 2013 har aktiviteten i konsernet vært høy. Fire førsteklasses
skip har blitt levert fra Havyard Ship Technology sitt verft i
Leirvik i Sogn, både til kunder vi har hatt tidligere og til
kunder som har vært nye for oss. Våre trofaste kunder i
Global Offshore fikk levert sin sjette og syvende båt i februar
og august. Begge disse var av typen Havyard 832 Platform
Supply Vessel («PSV»). Skansi Offshore fra Færøyene fikk i
juni levert et skip av typen Havyard 833 PSV. I november fikk
Forland Shipping overlevert «Lewek Inspector», et Havyard
857 Subsea fartøy hvor kunden har lagt svært mye arbeid
i utsmykning og interiør. Dette gjorde denne leveransen til
en spesiell opplevelse både for kunde og verft. Felles for alle
The vision «Improving Life at Sea» focuses on the customer,
where everything we do within Havyard Group is a shared
ambition of adding value while improving the situation for
owners and employers of our ships and other products.
In 2013 there has been a very high activity level. Four first-class
vessels have been delivered from Havyard Ship Technology`s
shipyard in Leirvik, Sogn, both to previous customers and
new customers. Our loyal customers in Global Offshore took
delivery of their 6th and 7th vessel in February and in August.
Both were Platform Supply Vessels (PSVs) of a Havyard 832
design. Skansi Offshore from the Faroe Islands received a
ship of Havyard 833 PSV design in June. In November, Forland
Shipping took delivery of «Lewek Inspector», a Havyard 857
Subsea vessel where the customer has put a lot of work
into its decoration and interior. This turned the delivery into
a unique experience both for the customer and shipyard.
kunder opp gjennom Havyard sin egen «Life Cycle Portal» i
fartøy, skipsdesign og utstyrsleveranser. I tillegg følges alle
og brønnbåtsegmentet. Porteføljen inkluderer komplette
Portal» during the complete lifespan of the ship.
all customers are followed up through Havyard`s «Life Cycle
vessels, ship designs and equipment deliveries. In addition,
and wellboat segments. The portfolio includes complete
omfatter komplette løsninger til fartøy innen offshore-, fiskeri-
Havyard fortsatte også å bygge sin sterke posisjon i Kina.
Havyard also carried on building on its strong position in China.
forretningsområdene Ship Technology, Design & Solutions,
Power & Systems og Fish Handling & Refrigeration. Dette
Havyard konsernet leverer i dag sine produkter gjennom
grunnlag for videre vekst i årene som kommer.
complete solutions for vessels within the offshore-, fishing-,
lavkostland selv om prisen fra Havyard er høyere.
based on operations- and lifespan costs for Havyard vessels
further growth in years ahead.
Driftsresultatet for 2013 er på solide MNOK 180, og danner
& Systems and Fish Handling & Refrigeration. This includes
for skip fra Havyard er lavere enn for eksempel fra verft fra
shipping company for continuing to order Havyard vessels are
for 2013 is solid at NOK 180 million, and is foundation for
2013 var på MNOK 1 987 og totalt antall ansatte oversteg 750.
from Havyard is higher.
å bestille skip fra Havyard er at drifts- og levetidskostnaden
from Havyard`s own shipyard. The reasons given by the
total number of employees exceeded 750. Operating profits
Utviklingen viser igjen i regnskapstallene der omsetningen for
business areas Ship Technology, Design & Solutions, Power
Havyards eget verft. Begrunnelsen til rederiet for å fortsette
shipping company so far has taken deliveries of seven vessels
where turnover for 2013 was a solid NOK 1987 million and
gjennom FoU, produktutvikling og kontroll over verdikjeden.
Today Havyard Group delivers products through the
skip. Det betyr at det indiske rederiet har fått levert sju skip fra
ordered one further vessel too. This means that the Indian
chain. The development reflects through accounting figures
countries with low production costs, even though the price
832 PSV fra verftet i Leirvik i Sogn og bestilte ytterligere ett
Havyard 832 PSVs from the Leirvik shipyard in Sogn and
utvikle og levere state-of-the art produkt med topp kvalitet
development, product development and control of the value
til Havyard konsernet har helt siden oppstarten vært å
state-of-the-art products of top quality via research and
rundt 170 ansatte, og en omsetning på MNOK 531. Strategien
Kværner Kleven. Konsernet hadde på daværende tidspunkt
2000 da Per Sævik kjøpte skipsverftet i Leirvik i Sogn fra
Havyard Group har kommet langt siden oppstarten i år
10
Havyard Group`s strategy has been to develop and deliver
employees and a turnover of NOK 531 million. Since the start,
Sogn from Kværner Kleven. The group then had around 170
2000, when Per Sævik bought the shipyard in Leirvik in
HAVYARD GROUP has come a long way since the start in
SOLID RESULTS AND
INVESTMENTS FOR THE FUTURE
SOLIDE RESULTATER OG
INVESTERINGER FOR FREMTIDEN
ANNUAL REPORT 2013
being lower compared to, for example vessels from yards in
Global Offshore Services fra India tok levering av to Havyard
Global Offshore Services from India took delivery of two
growth.
Et Havard 843 Ice isbrytende offshore fartøy til russisk
shipowner and a Havyard 857 IMR vessel for the Nigerian oil
9
A Havyard 843 Ice icebreaking offshore vessel for a Russian
ANNUAL REPORT 2013
med riktig kvalitet.
rekke spennende nye kunder. Esvagt fra Danmark har
kontrahert to vindmølleserviceskip av typen Havyard 832
SOV «Service Operation Vessel». Dette er et helt nytt segment
for Havyard konsernet, og beviser vår innovasjonsevne og
konkurransekraft internasjonalt. Marine Platforms fra Nigeria
har kontrahert et Subsea Fartøy av typen Havyard 857, og
dette kan være starten på et svært spennede samarbeid i et
nytt marked for Havyard.
Havyard Design & Solutions og Havyard Power & Systems
hatt stor aktivitet på leveranser av design og systemløsninger
til eksterne kunder i løpet av året. Her kan det nevnes at den
første av en serie på tre Havyard 820 ERRV Stand By skip ble
levert tidlig i 2014.
with exciting new customers. Esvagt from Denmark has
contracted two windmill service vessels of the Havyard 832
SOV «Service Operation Vessel» type. This is a brand new
segment for Havyard Group, and demonstrates our ability
for innovation and competitiveness internationally. Marine
Platforms from Nigeria has contracted a subsea vessel of
Havyard 857 design, and this could be the beginning of a
very exciting cooperation in a new market for Havyard.
Havyard Design & Solutions and Havyard Power & Systems
have had high activity levels regarding deliveries of design
and system solutions for external customers over the last year.
In this context it is worth mentioning that the first of a series of
three Havyard 820 ERRV standby vessels was delivered early
brønnbåtsegmentet. Her har Havyard konsernet gjennom
forretningsområdet Fish Handling & Refrigeration utviklet
et unikt system med runde tanker som sørger for optimale
forhold
signeringen av bygg nr. 121 til Herøy-rederiet Smaragd
re-starten av satsingen på fiskebåter innenfor Havyard
konsernet.
Oppsummert har 2013 vært året der Havyard konsernet har
levert solide resultater og tatt sterke grep for å opprettholde
konkurransekraften for fremtiden. Havyard konsernet går
inn i 2014 med en konkurransedyktig ressursbase, en robust
finansiell posisjon, og en organisasjon som er anerkjent
for teknologisk innovasjonsevne og produksjonsmessig
leveransedyktighet. Jeg ser frem til å utvikle konsernet videre
og fortsette verdiskapningen for våre aksjonærer.
the wellboat segment. Through the business area of Fish
Handling & Refrigeration, Havyard Group has developed a
unique system of cylindrical tanks that make sure of optimal
conditions for fish during transport. Furthermore, the contract
for construction of build no.121 to the Herøy-based shipping
company Smaragd signals a new beginning to a greater
focus on fishing vessels within Havyard Group.
To sum up, 2013 is a year where Havyard Group has
delivered solid results and taken important steps towards
securing competitiveness for the future. Havyard Group
enters 2014 with a competitive resource base, is in a robust
financial position, and has an organization recognized for
technological innovation ability and manufacturing delivery
excellence. I am looking forward to further developing the
group and continuing to add value to our shareholders.
Adm.dir.
CEO
G r Johan
Gei
n Bakke
Bakke
Geir
markerer
til Fosnavåg Wellboat representerer et gjennombrudd i
117 for Fosnavaag Wellboat represents a breakthrough in
under transport. Videre
enda mer konkurransedyktig i fremtiden. Bygg nr. 117
Havyard even more competitive in the future. Build number
fisken
som gir konsernet flere ben å stå på, og skal gjøre Havyard
will provide the group with more strings to its bow, making
for
2013 har videre vært et år med vesentlige investeringer
Moreover, 2013 has been a year of major investments that
in 2014.
Gjennom 2013 har vi også stiftet bekjentskap med en
Throughout 2013 we have also made acquaintances
the right quality.
leveransene er at de har blitt levert til riktig tid, til riktig pris og
were delivered at the right time, to the agreed price and of
11
Common denominator for all of these vessels was that they
ANNUAL REPORT 2013
til nye markedssegmenter. Fra å bygge i hovedsak serier
av plattform forsyningsskip skal verftet nå i gang med et
omfattende byggeprogram av nye skipsdesign til nye kunder.
Dette er investering i framtiden i form av potensiale for økning
av markedsandeler i eksisterende og nye marked. Av de nye
ordrene kan spesielt nevnes isbrytende offshore fartøy for
Russland, subsea fartøy for Nigeria og vindmølle service skip
til Danmark. Alle disse er produkt / markedssegment med
stort potensiale for vekst.
constructing series of platform supply vessels, the shipyard is
about to embark on an extensive construction programme
of new ship designs for new customers. This is investment in
the future in the shape of potential for an increase of market
shares in existing and new markets. Of the new orders it is
particularly worth mentioning the icebreaking offshore vessel
to Russia, the subsea vessel to Nigeria and the windmill
service vessel to Denmark. All of these are products / market
forsyningsskip til to eksisterende kunder og ett subsea fartøy
til en ny kunde. Alle skipene ble levert på tid, på budsjett og
med den kvaliteten kundene forventet.
three platform supply vessels for existing customers and one
subsea vessel heading for a new customer. All vessels were
delivered on time, on budget and of the quality that customers
have come to expect.
Verftet i Leirvik i Sogn levert i 2013 fire skip, tre plattform
The Leirvik shipyard in Sogn delivered four vessels in 2013,
segments with great potential for growth.
2013 var et år preget av god ordreinngang, med nye produkt
new products for new market segments. Going from mainly
HAVYARD SHIP TECHNOLOGY med skipsverftet i Leirvik
i Sogn er fundamentet for utvikling av skipsteknologien
i Havyard konsernet. Verftet tilbyr avanserte skip med
topp kvalitet og leveringspresisjon til krevende kunder og
er et utstillingsvindu for teknologien Havyard kan levere.
I tillegg gir kompetansen om og kontrollen på verdikjeden
unike muligheter til bygging av prototyper, input til
produktutvikling av skipsdesign skipssystemer og til å tilby
støtte redere og verft som bygger Havyard designTM
world-wide.
12
2013 was a year distinguished by a good order intake, with
HAVYARD SHIP TECHNOLOGY with a shipyard in Leirvik in
Sogn is the foundation for developing ship technology in
Havyard Group. The shipyard offers advanced vessels of top
quality and delivery precision to demanding customers and
is a showcase for the technology that Havyard can deliver.
In addition, the competence around and the control of the
value chain provide unique possibilities for the construction
of prototypes, input towards product development of ship
designs, ship systems and to offer support to shipowners
and shipyards that construct Havyard designTM worldwide.
SHIP TECHNOLOGY
ANNUAL REPORT 2013
A N N U A LN NRUEAPLO RRTE P2O0R1T3 2 0 1 3
13
2
DESIGN & SOLUTIONS
ANNUAL REPORT 2013
14
Bærebjelken i Havyards produktutvikling er å ta utgangspunkt
i å vite mest mulig om kundens behov og bruksområde
for skipet. Med basis i egenutviklede system og verktøy for
design, kalkulering og testing og tett samarbeid med ledende
forskningsinstitusjoner er Havyard i stand til å optimalisere
skipsdesignene i henhold til kundenes spesifikke behov.
The core of Havyard`s product development is to start by
knowing as much as possible about the customer`s needs
and the vessel`s area of operation. Based on self-developed
systems and tools for design, calculation and testing, and
close cooperation with leading research institutions, Havyard
is able to optimize ship designs according to customers`
design for et vindmølle serviceskip.
for both a new PSV design and design for a windmill service
at sea» betyr at våre kunder skal kunne ha høye forventninger
og sette høye krav til nye produkt de får fra Havyard.
Ved utgangen av 2013 var det solgt 70 Havyard designTM til
redere og skipsverft i Norge, Island, Færøyene, Spania, India,
Singapore og Kina.
Life at Sea» mean that our customers should have high
expectations and should make demands towards new
products that they receive from Havyard.
At the end of 2013 there were 70 Havyard designTM sold
to shipowners and shipyards in Norway, Iceland, the Faroe
Islands, Spain, India, Singapore and China.
Kontinuerlige forbedringer i tråd med vår visjon «improving life
Continuous improvements in line with our vision «Improving
the ship.
out troubleshooting and service via an online connection to
is going to perform. Our service engineers are able to carry
designet er utgangspunkt både for et nytt PSV design og
environmental emissions. This design is point of departure
vessel.
functionality during the advanced operations that the vessel
solution
store besparelser i drivstofforbruk og lave miljøutslipp. Dette
bridge
provides major savings in terms of fuel consumption and low
integrated
and NavCom systems ensure optimal ergonomics and
ConceptBridgeTM
Et godt eksempel på dette er Havyards WE design som gir
Havyard
of the ship design and functions of the ship systems onboard.
control systems, it is possible to secure a far better integration
control of the electro design and delivery of the ship`s critical
group`s own shipyard or at external shipyards. By having
integrated in Havyard designTM, constructed either at the
The main share of the business area`s deliveries are
The vessels of today and the future are increasingly
dependent on automation and control systems that
assist officers and crews in terms of operating as safely,
efficiently and economically as possible. These systems
are also integrated parts of a good skip design. Havyard
Power & Systems delivers electro design, automation- and
alarm systems, integrated bridge solutions with navigationand communication equipment, as well as complete electro
installations.
POWER & SYSTEMS
ANNUAL REPORT 2013
A leading example of this is Havyard`s WE design which
specific needs.
Havyard Design & Solutions tilbyr skipsdesign og integrerte
systempakker til topp moderne fartøy for offshore
oljeindustri, fiskeri og oppdrett. Siden 2006 har Havyard
investert mer enn 200 millioner kroner i utvikling av en stor
portefølje skipsdesign av plattform forsyningsskip (PSV),
ankerhåndteringsfartøy (AHTS), subsea fartøy, isbrytende
offshore fartøy, vindmølle serviceskip, forskjellige typer
fiskefartøy og brønnbåter for frakt av levende fisk.
15
Havyard Design & Solutions offers ship designs and
integrated system packages for top modern vessels for
offshore oil industries, fisheries and fish farming. Since
2006 Havyard has invested more than NOK 200 million
in the development of a big portfolio of ship designs of
platform supply vessels (PSVs), anchor handler vessels
(AHTS), subsea vessels, icebreaking offshore vessels,
windmill service vessels, various types of fishing vessels and
wellboats for transportation of live fish.
ANNUAL REPORT 2013
av
forretningsområdets
leveranser
blir
og service via en online oppkopling til skipet.
skipet skal utføre. Våre serviceingeniører kan utføre feilsøking
ergonomi og funksjonalitet under de avanserte operasjonene
integrert broløsning og NavCom systemer sørger for optimal
av skipssystemene om bord. Havyard ConceptBridgeTM
man sikre best mulig integrering i skipsdesignet og funksjon
og levering av de kritiske kontrollsystemene til skipet kan
eget eller eksterne verft. Ved å ha kontroll på elektrodesignet
integrert i Havyard designTM enten bygd ved konsernets
Hovedandelen
Dagens og framtidens fartøy blir stadig mer avhengige av
automasjons- og styringssystemer som assisterer offiserer
og mannskap i å operere så sikkert, effektivt og økonomisk
som mulig. Disse systemene er også en integrert del av
et godt skipsdesign. Havyard Power & Systems leverer
elektrodesign, automasjons- og alarmsystem, integrerte
brosystemer med navigasjons- og kommunikasjonsutstyr,
samt komplett elektroinstallasjon.
16
ANNUAL REPORT 2013
17
FISH HANDLING &
REFRIGERATION
ANNUAL REPORT 2013
18
ANNUAL REPORT 2013
og kvalitet på sluttproduktet.
seg å være meget effektivt med hensyn på transportkapasitet
Systemet med transport av levende fisk i runde tanker har vist
snurpere og brønnbåter for bygging i Norge og internasjonalt.
land. I 2013 var de største leveransene komplette systemer til
brønnbåter for transport av levende fisk og mottaksanlegg på
på levering av slike systemer til forskjellige typer fiskebåter,
Havyard Fish Handling & Refrigeration er verdensledende
Det stilles stadig strengere krav til kvalitet på sjømat. Et
viktig kriteriet for kvalitet er hvordan sjømaten håndteres
fra den fanges / høstes til den er klar til videre bearbeiding
/ tilberedning. Havyard Fish Handling & Refrigeration
har spesialisert seg på å utvikle og levere utstyr for
automatisert lasting, behandling, kjøling / frysing, transport
og lossing av levende fisk og annen sjømat. «Fish handling
with care».
of the end product.
highly efficient with regard to transport capacity and quality
The system of transport of live fish in circular tanks has proved
and wellboats for construction in Norway and internationally.
In 2013 the largest deliveries were complete systems for seiners
vessels, wellboats for transport of live fish and onshore plants.
it comes to delivery of such systems to a variety of fishing
Havyard Fish Handling & Refrigeration is world leading when
There are increasingly stricter demands on the quality of
seafood. One important quality criterion is how the seafood
is treated from the stage when it`s been caught / harvested until it is ready for further work / preparation. Havyard
Fish Handling & Refrigeration has specialized in developing
and delivering equipment for automated loading, processing,
refrigeration / freezing, transport and unloading of live fish
and other seafood. «Fish handling with care».
19
20
parliament. Mr. Gjelseth is a Norwegian citizen and resides in Bø, Herøy, Norway.
(born 1950), is an engineer/secondary school teacher, with a vast experience from both engineering businesses
and Norwegian politics, having been major of Herøy Kommune and a parliament member in the Norwegian
(born 1978) is employed with Havila AS and holds board positions in various companies. He is also vice-chairman
of the board in Fjord1 AS, and holds a Bachelor of commerce from Handelshøyskolen BI. Mr. Sævik is a Norwegian
citizen and resides in Leinøy, Norway.
citizen and resides in Remøy, Norway.
(born 1940) has over 35 years of experience in operation and management of fishing- and supply vessels. He is
currently chairman and board member of several external companies, in addition to several companies in the
Havila Group. He was member of the Norwegian Parliament for a period of 4 years. Mr. Sævik is a Norwegian
BOARD OF DIRECTORS
STYRET
ANNUAL REPORT 2013
21
(born 1970) is elected as an employee representative.
(born 1977) is elected as an employee representative.
AS in Oslo (1993-1997). She currently holds several internal and external board positions within the Havila group.
Ms. Westlie Driveklepp is a Norwegian citizen and resides in Volda, Norway
(born 1968) holds a Master in Business Administration, and is currently Vice President Organisation in SafeRoad
Group. She has previously held positions as Finance Director/executive vice president of Scana Volda AS and
before that as Financial Manager of Frøystad Fiskevegn AS in addition to being a senior associate of Ernst & Young
(born 1971) is employed with Havila AS. She is a trained children's nurse and has worked in a day care centre as
a children's nurse. She holds board positions in various companies. Ms. Sævik Rabben is a Norwegian citizen and
resides in Remøy, Norway
ANNUAL REPORT 2013
Sales Key Customers
Executive Vice President
TOR LEIF MONGSTAD
Havyard Group ASA
Chief Accounting Officer
KARL EIRIK FRØYSA HANSEN
Havyard Group ASA
CFO
IDAR FUGLSETH
Havyard Group ASA
COO
KENNETH PETTERSEN
Havyard Group ASA
President & CEO
GEIR JOHAN BAKKE
MANAGEMENT
LEDELSE
ANNUAL REPORT 2013
GISLE VINJEVOLL THRANE
Havyard Group ASA
Senior Vice President HR/QHSE
FRANK-LEVI KVALSUND
Havyard Group ASA
Business Development
Senior Vice President Market &
GUNNAR LARSEN
Newbuilding, Design & Systems
Senior Vice President Sales
22
ANNUAL REPORT 2013
tillit og økte aksjonærverdier. Dette påvirker også forholdet
til ansatte, kunder, leverandører og samfunnet rundt.
confidence and increased shareholder value. This also
affects relationships with employees, customers, suppliers
virksomhetene skal følge prinsippene eller forklare avvik fra
disse. Denne anbefalingen er tilgjengelig på www.nues.no.
principle that companies should follow the principles of NUES
or explain deviations from these. This recommendation is
næringslivet, aksjeeiere, leverandører, konkurrenter og
offentlige
forpliktelse til bærekraftig utvikling skal reflekteres, fremmes
og gjennomføres i retningslinjer, beslutninger og handlinger.
Retningslinjer for etikk og samfunnsansvar, “Code of Conduct
for Business, Ethics and Corporate Social Responsibility”, kan
leses på selskapets hjemmeside www.havyard.com.
Group's values and commitment to sustainable development
should be reflected, highlighted and implemented in policies,
decisions and actions.
The guidelines for ethics and social responsibility, "Code
of Conduct for Business Ethics and Corporate Social
Responsibility", can be found on the Group website www.
havyard.com.
ansatte, forretningsforbindelser og kunder, offentligheten,
suppliers, competitors and government authorities. The
myndigheter.
Selskapets
verdigrunnlag
og
rettferdig,
partners and customers, the public, industry, shareholders,
opptre
ærlig og vise integritet i enhver befatning med andre
skal
Styremedlemmer
integrity in all interaction with other employees, business
ansatte
med lover og regler som gjelder for selskapets virksomhet.
Directors and employees are to act fair, honest and show
& Refrigeration AS
og
utøve sin virksomhet med integritet og i overensstemmelse
Havyard Fish Handling
regulations applicable to its operations. The Board of
Havyard Group ASA skal inneha et solid renommé for
Havyard Group ASA shall have a solid reputation for its
selskapets troverdighet rundt om i verden, ved konsekvent å
VERDIGRUNNLAG
CORE VALUES
its duties with integrity and in compliance with laws and
virksomhetsstyring i Havyard Group ASA:
governance in Havyard Group ASA:
Executive Vice President
og kontrollmekanismer som er med på å sikre en god
and control mechanisms that help to ensure good corporate
credibility around the world, by consistently performing
Under følger en gjennomgang av ledelsessystemer, kanaler
Below is a summary of the management systems, channels
available on www.nues.no.
Anbefalingen av 23.oktober 2012 bygger på prinsippet om at
The recommendation of 23 October 2012 is based on the
and the society in general.
God virksomhetsstyring er en forutsetning for investorenes
Good corporate governance is essential for investor
LEIF GJELSETH
Solutions AS
Havyard Design &
Executive Vice President
STIG MAGNE ESPESETH
Havyard Power & Systems AS
Executive Vice President
JOHAN BAKKE
ASA.
ASA (“Group”).
mellom eiere, styre og ledelse og revisjon av Havyard Group
Directors and management, and auditors of Havyard Group
Havyard Group ASA
dreier seg i stor grad om samspillet og styringsprinsipper
management principles between shareholders, Board of
Chief Procurement Officer
Norsk anbefaling til eierstyring og selskapsledelse (NUES)
24
(NUES) is to a great extent related to the interaction and
Norwegian Code of Practice for Corporate Governance
CORPORATE GOVERNANCE
EIERSTYRING OG SELSKAPSLEDELSE
ANNUAL REPORT 2013
DAG ALVIK
23
Enhver transaksjon mellom selskapet og en nærstående
part skal være basert på betingelser som er på armlengdes
avstand eller, hvis relevant, bekreftet med en verdivurdering
fra en uavhengig tredjepart. Havyard Group ASA vil se
til at store transaksjoner med nærstående parter blir
godkjent av generalforsamlingen i henhold til kravene i
should be based on terms at arm's length or, if relevant,
confirmed by a valuation from an independent third party.
Havyard Group ASA will ensure that large transactions with
related parties are approved by the General Assembly in
accordance with the requirements of the Companies Act .
selskaper.
priser notert på Oslo Børs.
Any transaction between the Group and a related party
handel i egne aksjer skje enten gjennom Oslo Børs eller til
Exchange or at the prices listed on the Oslo Stock Exchange.
kommisjonsvirksomhet, drift og andre tjenester for beslektede
Alle aksjonærer som er registrert i verdipapirsentralen
(VPS), mottar innkalling til generalforsamling, og har rett til
å fremme forslag og avgi sin stemme direkte, eller gjennom
fullmakt. Fullmaktsskjema utarbeides og sendes sammen
All shareholders registered in the Norwegian Central
Securities Depository (VPS), receive notice, and the right
to propose and vote, directly or by proxy. Proxy forms are
prepared and submitted with the notice.
verdensledende cluster, med de beste konkurrentene, de
mest krevende kundene og de mest kompetente og motiverte
medarbeidere i bransjen, skal Havyard Group ASA med sine
datterselskaper utvikle innovative, tekniske og kommersielle
løsninger innen design, skipsbyggingsteknologi, utstyr og
ettermarked som skal selges verden over.
SELSKAPSKAPITAL OG UTBYTTE
Selskapets aksjekapital pr. 31. desember 2013 var MNOK
1,1. Øvrig egenkapital inkludert overkurs var MNOK 667,3.
Egenkapital utgjør 43,6 % av konsernets totale eiendeler.
Havyard Group ASA skal til enhver tid ha en egenkapital som
er tilpasset målsetting, risikoprofilen og inngåtte forpliktelser.
Selskapet vil løpende arbeide for at aksjonærene skal motta
en konkurransedyktig avkastning på sin investering, og
har en målsetting om utbetaling av utbytte dersom dette
er forsvarlig ut i fra egenkapitalsituasjonen og inngåtte
forpliktelser.
leading cluster, with top competitors, the most demanding
customers and the most competent and motivated employees
in the industry, Havyard Group with its subsidiaries is to
develop innovative technical and commercial solutions within
design, shipbuilding technology, equipment and aftermarket
to be sold worldwide .
EQUITY AND DIVIDENDS
The Group’s share capital as of 31 December 2013 was NOK
1.1 million. Other equity including share premium amounted
to MNOK 667, 3. Equity represents 43.6 % of total assets.
Havyard Group ASA shall at all times have equity appropriate
to the Group’s objective, risk profile and contractual
obligations. The Group will continuously work to ensure
that shareholders will receive a competitive return on their
investment, and intends to pay a dividend if justifiable based
on the equity situation and contractual obligations.
Innkalling til generalforsamling sendes aksjonærene og
saksdokumenter gjøres tilgjengelig på selskapets hjemmeside
www.havyard.com senest 21 dager før avholdelse. I 2014 ble
ordinær generalforsamling avholdt 26.mars.
shareholders, and related documents are made available on
the Group website www.havyard.com at least 21 days prior
to the assembly. In 2014, the Annual General Assembly was
rapportere til styret dersom de direkte eller indirekte har
vesentlig interesse i avtaler der konsernet inngår.
are to report to the Board of Directors if they have any direct
or indirect material interest in contracts where the Group is
Ethvert kjøp eller salg av selskapets egne aksjer vil i forkant
av børsnotering være i henhold til verdivurderinger fra
Any purchase or sale of the Group's treasury shares ahead
of the IPO will be in accordance with valuations provided by
involved.
Styremedlemmer, ledende ansatte og nærstående vil
Board members, senior management and related parties
inviteres til å delta.
Det foreligger ikke opsjonsprogram for ledende ansatte.
assembly and the auditor is invited to attend.
No stock option program is established for senior executives.
Styret og ledelsen deltar i generalforsamling og revisor
The Board and management participate in the general
Selskapet har én aksjeklasse.
Group ASA eller i lov.
ASA or by law.
The Group has one class of shares.
behandle saker som ellers er angitt i vedtektene for Havyard
issues as otherwise specified in the Statute of Havyard Group
LIKEBEHANDLING AV AKSJEEIERE OG
TRANSAKSJONER MED NÆRSTÅENDE
disponere overskuddet/vedta dekning av underskudd og
allocation of net profit / approve cover of net loss, and process
2015.
EQUAL TREATMENT OF SHAREHOLDERS
AND TRANSACTIONS WITH CLOSE ASSOCIATES
Generalforsamlingen
The General Assembly shall approve the annual report,
generalforsamling, men uansett ikke lengre enn til 30.juni
Assembly, however no longer than until 30 June 2015.
og gjøres tilgjengelig på selskapets hjemmeside.
website.
Generalforsamlingsprotokoll offentliggjøres i børsmelding
årsregnskapet,
a stock exchange release and made available on the Group
Generalforsamlingen velger møteleder.
godkjenne
The minutes of the general assembly is publicly announced in
The General Assembly elects the chairperson.
skal
påmeldt kan nektes å møte.
Fullmakten gjelder frem til og med neste ordinære
The authorization is valid until the next Annual General
før generalforsamlingen avholdes. Aksjonærer som ikke er
tegning kan fravikes.
shareholders' preferential subscription rights may be waived.
fail to register may be refused to attend.
forbindelse med fusjon og at aksjeeiernes fortrinnsrett til
contributions, increases related to mergers and that the
Påmelding til generalforsamling må skje senest to dager
omfatter forhøyelser med tingsinnskudd, forhøyelser i
shares. The authorization includes increases with non-cash
later than two days before the meeting. Shareholders who
selskapets aksjekapital ved nytegning av aksjer. Fullmakten
Directors to increase the share capital by issuing new
Registration for the General Assembly must take place no
Generalforsamlingen ga i 2014 fullmakt til styret til å forhøye
The General Assembly in 2014 authorized the Board of
med innkalling.
Generalforsamlingen er Havyard Group ASAs høyeste organ.
Group ASA. Notice of the Annual General Assembly is sent to
held on 26 March.
GENERALFORSAMLINGEN
The General Assembly is the highest body of Havyard
Alle aksjene i Havyard Group ASA er fritt omsettelige.
THE GENERAL ASSEMBLY
FRI OMSETTELIGHET
All shares in Havyard Group ASA are freely negotiable.
til årsregnskapet for 2013.
notes to the financial statements for 2013.
FREELY NEGOTIABLE SHARES
Transaksjoner mellom nærstående parter er behandlet i note
Transactions between related parties are disclosed in the
allmennaksjeloven.
Som et totalintegrert konsern innen skipsteknologi i et
As a fully integrated Group within ship technology in a world-
agentur,
FORRETNINGSIDÉ
salg,
CORPORATE MISSION
samt forestå
investere
skipsindustri/skipsbygging,
å
operations and other services to related companies.
være
as well as conduct sales, agency, commission business,
skal
direkte eller indirekte i maritim virksomhet, herunder
virksomhet
the maritime industry, including ship industry/shipbuilding,
Selskapets
§
The Group's operations are to invest directly or indirectly in
3.
Omfanget av selskapets virksomhet er nedfelt i vedtektenes
uavhengig tredjepart. Etter børsnotering vil konsernets
VIRKSOMHETEN
share transactions take place either through the Oslo Stock
26
independent third parties. After the IPO, the Group's treasury
ANNUAL REPORT 2013
The scope of the Group’s operations is found in Article § 3.
25
BUSINESS
ANNUAL REPORT 2013
vil kunne ivareta det nye aksjonærfelleskapets interesser ved
sammensetning av komitéens medlemmer.
Valgkomitéen skal bidra til at styret oppfyller ansvaret om å
nominere styremedlemmer til valg i generalforsamlingen,
og sikre at kandidatene innehar den riktige kompetansen
og integriteten for å kunne oppfylle sine plikter. Konkret
skal
styremedlemmer, sende innstilling til generalforsamlingen
når styremedlemmer er på valg, og komme med forslag
til styrehonorar. I tillegg skal komitéen ha en rådgivende
funksjon for styret vedrørende styrets sammensetning,
instrukser og evaluering.
STYRET
Selskapet
representanter for de ansatte som medlemmer av styret.
Styret skal ivareta alle aksjonærenes interesser, blant annet
gjennom uavhengige styrerepresentanter. I Havyard Group
ASA er p.t. 3 av 7 medlemmer uten kommersielle eller
personlige bånd til ledelse og hovedaksjonær.
will better be able to attend to the interests of the new
shareholders in the composition of the committee members.
The Nomination Committee shall ensure that the Board
fulfills its responsibilities to nominate directors for election
at the Annual General Assembly and ensure that candidates
possess the right competence and integrity to fulfill their
duties. The committee will identify and evaluate potential
members, report their recommendations to the general
assembly when board members are up for election, and make
suggestions to directors' fees. In addition, the committee will
act as an advisor to the Board of Directors regarding Board
composition, instructions and evaluation.
CORPORATE ASSEMBLY
The Group does not have a corporate assembly, but has two
employee representatives as members of the Board.
The Board of Directors shall attend to the interests of all
shareholders, including through independent representatives
on the Board. Currently three out of seven Board members
have no commercial or personal ties to management or
newsweb.no, samt på selskapets hjemmeside www.havyard.
beskrives. Selskapets resultater offentliggjøres kvartalsvis.
Group's results are published quarterly.
ISO.
Styret evaluerer løpende den informasjon som forelegges
styret fra
rapporteringsrutinene.
Selskapets finansielle rapportering blir utarbeidet etter
regnskapsprinsipper
kvartalsvise rapportering til styret og rapporter som
offentliggjøres kvartalsvis er avgitt etter de samme prinsipper.
ISO.
The Board evaluates the information presented to the
board of management and decides changes in reporting
procedures.
The Group’s financial reports are prepared according to
the accounting principles stated in the annual report. The
Group's quarterly reporting to the Board and reports publicly
published quarterly are issued according to the same
uten kommersielle eller personlige bånd til ledelse og
hovedaksjonær.
I styret er det to kvinner og fem menn og ingen av
medlemmene er ledende ansatte i selskapet.
Styremedlemmer er valgt for en periode på ett år. Styreleder
velges av generalforsamlingen.
Det skal avholdes minst fire styremøter hvert år. En årlig plan
for styrearbeidet skal utarbeides, og styret skal evaluere sin
funksjon og kompetanse årlig. Styret skal vedta instruks for
sitt arbeid, og for CEO sitt arbeid.
commercial or personal ties to management and major
shareholders.
The Board consists of two women and five men, and none of
the members are senior executives of the Group.
Board members are elected for a period of one year. The
Chairman is elected by the General Assembly.
At least four board meetings must be held each year. An
annual plan of the work of the Board shall be prepared, and
the Board will evaluate its function and expertise annually.
The Board shall adopt rules of procedure for their work, and
principles.
og selskapets aktiviteter knyttet til sertifisering i henhold til
Group and its activities related to certification according to
Etter børsnotering vil 4 av 7 medlemmer i styret da være
listing four out of seven members of the Board will have no
for the work of the CEO.
Utenforstående foretar kontroll og oppfølgning av selskapet
External evaluators perform control and monitoring of the
som ny styreleder, gjeldende fra noteringstidspunktet.
as the new chairman, effective from the time of listing. After
angitt
i
miljø, sikkerhet og kvalitet.
health, safety, environment and quality.
til selskapet. Videre ble Bård Mikkelsen enstemmig vedtatt
Furthermore, Bård Mikkelsen was unanimously approved
årsrapporten.
Selskapets
beslutter endringer i
Styret mottar kvartalsvis statistikk for utviklingen innen helse,
The Board receives quarterly statistics on developments in
Axess, fratrer som styrets leder som følge av sin tilknytning
Group's shares on Oslo Børs, alternatively Oslo Axess.
og
områder av selskapets virksomhet.
notering av selskapets aksjer på Oslo Børs, alternativt Oslo
association with the Group, from the time of listing of the
administrasjonen
og hensiktsmessig system for risikostyring på vesentlige
system in place for key areas of its operations.
innenfor sitt ansvarsområde.
økonomi, informasjon om prosjekter og markedsforholdene
information about projects and market conditions. The
Samtlige ledere har ansvar for risikostyring og internkontroll
Styret mottar kvartalsvis rapportering hvor selskapets
The Board receives quarterly reports on the Group's finances,
internal control within their area of responsibility.
med valg.
connection with the board election.
RISIKOSTYRING OG INTERNKONTROLL
Styret evaluerer sin funksjon og kompetanse årlig i forbindelse
The Board evaluates its function and expertise annually in
All managers are responsible for risk management and
selskapet.
administration of the Group.
RISK MANAGEMENT AND INTERNAL CONTROL
Styret ivaretar den overordnede styring og forvaltning av
The Board is responsible for the overall management and
vedtatt at Per Rolf Sævik, fra om med tidspunktet for
to
Selskapets finansielle kalender vil bli offentliggjort på www.
newsweb.no , and on the Group website www.havyard.com .
voted for Per Rolf Sævik to resign as chairman due to his
har
Styret vedtar hvert år en møteplan for kommende år.
The Group's financial calendar will be published on www.
com.
STYRETS ARBEID
The Board approves the annual meeting schedule.
2013.
financial statements for 2013.
THE WORK OF THE BOARD OF DIRECTORS
Godtgjørelse til styret er gjengitt i note til årsregnskapet for
Remuneration of the Board is set out in the notes to the
Styret påser at selskapet har kontrollrutiner for virksomheten
men
styret et annet sted i årsrapporten.
described in the paragraph on the Board found elsewhere
routines of the business and appropriate risk management
bedriftsforsamling,
Styremedlemmenes bakgrunn er angitt i eget avsnitt om
Background information on the Board of Directors is
The Board ensures that the Group has established control
ikke
og risikostyring.
Det ble i generalforsamlingen 31.mars 2014 enstemmig
har
virksomhetsstyring. Dette inkluderer system for internkontroll
internal control and risk management.
in this annual report.
Styret skal påse at konsernet har god og forsvarlig
prudent corporate governance. This includes a system of
28
The Board shall ensure that the Group maintains sound and
ANNUAL REPORT 2013
The Annual General Assembly on 31 March 2014 unanimously
major shareholders in Havyard Group ASA .
ordinære generalforsamling, slik at selskapet i større grad
until the next ordinary general assembly. By this the Group
potensielle
utsette oppnevnelse av valgkomitéens medlemmer til neste
2014 to postpone the appointment of a nomination committee
evaluere
Generalforsamlingen vedtok enstemmig 26.mars 2014 å
The General Assembly unanimously adopted on 26 March
og
medlemmer.
two or more members.
identifisere
Selskapet skal ha en valgkomité bestående av to eller flere
komitéen
VALGKOMITÉ
The Group shall have a Nomination Committee consisting of
27
NOMINATION COMMITTEE
ANNUAL REPORT 2013
would act in the event of a take-over bid.
In the event of a take-over bid for the shares, the Board shall
ensure that shareholders are treated equally and that its
operations are not disrupted unnecessarily. The Board shall
ensure that shareholders have the information and time to
consider the offer.
reasons to do so.
If an offer is made for shares in the Group, the board
shall issue a report with a recommendation as to whether
shareholders should or should not accept the offer.
Revisjonsutvalget skal bidra til styret oppfyller sitt tilsynsansvar
for
internkontroll. Videre skal revisjonsutvalget evaluere ekstern
revisors arbeid, og eventuelt komme med innstilling
om bytte av revisor. Utvalget skal også vurdere revisors
honorar. Revisjonsutvalget har rett til full innsikt i all relevant
dokumentasjon, og kan hente inn eksterne rådgivere om
nødvendig. Revisjonsutvalget skal som et minimum ha
kvartalsvise møter.
Styret behandler hvert år konsernets budsjett i et styremøte
i desember. Her blir det gitt en detaljert gjennomgang av
hvert enkelt prosjekt. Hvert kvartal presenteres og behandles
konsernets økonomiske stilling.
Selskapets risikoforhold og internkontroll vurderes årlig i
forbindelse med avleggelse av årsregnskap.
GODTGJØRELSE TIL STYRET
Styrets godtgjørelse fastsettes årlig av generalforsamlingen.
Godtgjørelsen er ikke avhengig av selskapets resultater.
Godtgjørelsen er fastsatt med utgangspunkt i tidsforbruk og
selskapets virksomhet og størrelse.
Selskapet har ikke aksjeopsjonsprogram, heller ikke til
styremedlemmer.
The Audit Committee shall contribute to the Board in fulfilling
its oversight responsibilities of the financial statements, the
financial reporting process and internal control. Furthermore,
the Audit Committee shall assess the external auditor, and if
so, recommend a change of auditor. The committee will also
consider the auditor fee. The Audit Committee has the right to
full knowledge of all relevant documentation, and can bring
in external consultants if necessary. The Audit Committee
shall hold at least quarterly meetings.
Each year the Board of Directors considers the Group's
budget at a Board meeting in December. This includes a
detailed review of each project. Each quarter is presented
and the group’s financial position is considered.
The Group's risk and internal control are reviewed annually in
conjunction with the presentation of the financial statements.
REMUNERATION OF DIRECTORS
Directors' fees are determined annually by the General
Assembly.
The remuneration is not linked to the results.
Remuneration is based on time spent and the Group’s
activities and size.
There is no share option scheme established in the Group,
overtakelsestilbud på selskapets virksomhet eller aksjer med
for the Group’s activities or shares unless there are special
revisjonsutvalget.
ansatte.
Selskapets retningslinjer fastsetter at lønn og annen
godtgjørelse til selskapets ledelse skal være begrunnet i
markedsmessige vilkår.
Det er ikke etablert aksjeopsjonsordninger for ansatte.
INFORMASJON OG KOMMUNIKASJON
Selskapet skal formidle all informasjon som er relevant for
evaluering av selskapets drift og verdi til sine aksjeeiere og til
markedet til riktig tid og på en effektiv måte, i samsvar med
gjeldende regler for Oslo Børs.
executives.
Group policy states that remuneration to the executive
management will be based on market conditions.
There is no share option scheme established for the
employees.
INFORMATION AND COMMUNICATION
The Group shall provide all information relevant to the
evaluation of its operations and value to its shareholders and
to the market at the right time and in an efficient manner,
in accordance with the applicable rules of the Oslo Stock
Havyard Group ASA offentliggjør vesentlig informasjon
gjennom Oslo Børs sitt meldingssystem, og selskapets
hjemmeside www.havyard.com.
Havyard Group ASA disclose material information through
the Oslo Stock Exchange messaging system, and the Group's
website www.havyard.com .
Exchange.
Revisor vil årlig avgi en bekreftelse av uavhengighet til
to the audit committee.
Revisor vil årlig gjennomføre møter med revisjonsutvalget for
The auditor will annually issue a confirmation of independence
ivaretas.
Committee for review of the Group's control routines.
Styret utarbeider retningslinjer for godtgjørelse til ledende
Styret har ansvar for å påse at revisors uavhengige rolle
The auditor will conduct annual meetings with the Audit
GODTGJØRELSE TIL LEDENDE ANSATTE
interessekonflikter.
independent role is maintained.
The Board provides guidelines for remuneration to senior
Revisor utfører ikke oppdrag for selskapet som kan føre til
The Board is responsible for ensuring that the auditor's
REMUNERATION TO SENIOR EXECUTIVES
revisors honorar.
lead to conflicts of interest.
gjennomgang av selskapets kontrollrutiner.
Generalforsamlingen oppnevner revisor og godkjenner
The auditor does not perform work for the Group that may
Selskapets revisor er BDO.
The Group's auditor is BDO.
The General Assembly appoints and authorizes the Auditor.
REVISOR
AUDITORS
ikke bør akseptere tilbudet.
avgi en uttalelse med en anbefaling om aksjeeierne bør eller
Dersom et bud fremmes på aksjene i selskapet, skal styret
mindre det foreligger særlige grunner til å gjøre det.
Styret skal ikke søke å forhindre eller vanskeliggjøre
The Board shall not seek to hinder or obstruct take-over bids
stilling til budet.
sørge for at aksjeeierne har informasjon og tid til å kunne ta
og at selskapets virksomhet ikke forstyrres unødig. Styret skal
styret sørge for at aksjonærene i selskapet blir behandlet likt,
I tilfelle av et overtakelsestilbud for aksjene i selskapet, skal
opptre ved eventuelle overtakelsestilbud.
Styret har utarbeidet hovedprinsipper for hvordan en vil
SELSKAPSOVERTAKELSE
til informasjon.
forumer basert på prinsippet om likebehandling og lik tilgang
Selskapet har dialog med sine aksjeeiere gjennom adekvate
30
nor for the members of the Board.
og
The Board has established guiding principles for how one
kompetanse.
accounting expertise.
regnskapsrapporteringsprosessen
and equal access to information.
hovedaksjonær. Ett av medlemmene har regnskapsmessig
the Group's main shareholder. One of the members has
regnskapet,
appropriate forums based on the principle of equal treatment
hvorav to av medlemmene er uavhengig av selskapets
TAKEOVERS
The Group communicates with its shareholders through
Selskapet har et revisjonsutvalg bestående av tre medlemmer,
ANNUAL REPORT 2013
members, two of whose members are independent of
29
The Group has an Audit Committee consisting of three
ANNUAL REPORT 2013
ANNUAL REPORT 2013
31
skipsdesign og utvikling av systemer for håndtering av fisk
om bord i fiskefartøy og på landbaserte anlegg.
Selskapets formål er å bistå datterselskapene med strategisk
ledelse, finans, logistikk, profilering og andre støttefunksjoner.
ship design and development of systems for fish handling on
board fishing vessels and on on-shore facilities.
The Company's purpose is to assist its subsidiaries with
strategic management, finance, logistics, marketing and
Mjølstadneset i Herøy kommune.
Havyard konsernet består av de fire virksomhetsområdene
Ship Technology, Design & Solutions, Power & Systems og Fish
Handling & Refrigeration. I de følgende beskrives utviklingen i
de ulike virksomhetsområdene.
SHIP TECHNOLOGY
Havyard ShipTechnologyAS («HST») utgjørhoveddelen avdette
segmentet. Selskapet er et moderne og velutstyrt skipsverft
som har til formål å drive med nybygging og reparasjon
av skip. Selskapets hovedprodukter er offshorefartøy,
fiskefartøy samt andre spesialskip. Skrogbyggingen blir utført
under oppsyn hos samarbeidspartner i Tyrkia. Utrustning,
ferdigstillelse, igangkjøring, testing og levering av komplette
fartøyer blir utført ved verftet i Leirvik i Sogn.
main office in Mjølstadneset in Herøy.
Havyard Group consist of four business areas; Ship
Technology, Design & Solutions, Power & Systems and Fish
Handling & Refrigeration. Below follows a description of the
development in the various business areas.
SHIP TECHNOLOGY
Havyard Ship Technology AS ("HST") makes up the major
part of this segment. The Company is a modern and
well-equipped shipyard whose purpose is to engage in
construction and repair of ships. The company's main
products are offshore vessels, fishing vessels and other
specialty vessels. The hulls are built under supervision at our
partner yard in Turkey. Outfitting, completion, startup, testing
and delivery of complete vessels is carried out at our yard in
Selskapet sitt hovedkontor er lokalisert i Leirvik i Sogn, og har
i tillegg avdelingskontor i Fosnavåg.
The company's headquarters are located in Leirvik in Sogn,
with branch offices in Fosnavåg.
Leirvik in Sogn.
Selskapet og konsernledelsen holder til ved hovedkontoret på
The Company and Group Management are based in the
other support functions.
datterselskapene
in various subsidiaries operating in shipbuilding, engineering,
engineering,
HGR er morselskap og majoritetseier av aksjene i de ulike
HGR is the parent company and majority owner of the shares
skipsbygging,
Havyard Group ASA (“HGR”) ble stiftet 2. juni 1999.
innenfor
VIRKSOMHETENS ART OG TILHOLDSSTED
Havyard Group ASA ("HGR") was established on 2 June 1999.
32
OPERATIONS AND LOCATION
BOARD OF DIRECTORS REPORT /
STYRETS ÅRSBERETNING
ANNUAL REPORT 2013
Zoo («HPR») som er en vesentlig leverandør av arbeidskraft
til HST og HPS.
which is a major supplier of labor to HST and HPS.
DESIGN & SOLUTIONS
Dette segmentet relaterer seg til utvikling, salg og leveranser
av skipsdesign, prosjektering og systempakker til verftet i
konsernet (HST) og til eksterne verft og rederier over hele
verden.
Omfanget av en levering kan bestå av pakker med
grunnleggende design, detaljprosjektering og ingeniør-
støtte, utstyrspakker og systemintegrasjon basert på kundens
krav / behov.
Hovedkontoret for forretningsområdet er i Fosnavåg, med
avdelingskontor i Stavanger. Datterselskaper er etablert i
Polen og Kroatia.
Totalt er det solgt over 70 skip med Havyard-design for
DESIGN & SOLUTIONS
This business segment relates to the development, sale
and delivery of ship design and engineering and system
packages to the Group's yard and to external yards and
shipping companies worldwide.
The scope of a delivery can consist of basic design packages,
detailed design and engineering support, equipment
packages and system integration based on the customer’s
requirements / needs.
The business area is headquartered in Fosnavåg, with branch
offices in Stavanger. Subsidiaries have been established in
Poland and Croatia.
Overall, in excess of 70 vessels with Havyard design have
EBITDA amounted to NOK 41.3 million.
resultat før skatt ble MNOK 41,2. EBITDA var MNOK 41,3.
segmentet inngår også Havyard Production & Service Sp
also includes Havyard Production & Service Sp Zoo ("HPR"),
million and recorded a pre-tax profit of NOK 41.2 million. The
samt navigasjons- og kommunikasjonspakker. I dette
and navigation and communication packages. This segment
Power & Systems segmentet omsatte for MNOK 208 og
for integrerte automasjonssystemer, integrerte brosystemer
integrated automation systems, integrated bridge systems
The Power & Systems segment had a turnover of NOK 208
Forretningsområdet leverer egne produkter og systemer
The segment delivers its own products and systems for
31.12.13.
levering av systemer for kontroll og automasjon for skip.
and delivery of control and automation systems for ships.
HPS har sitt hovedkontor i Ålesund, og eies 100 % av HGR pr.
og installasjon av elektriske systemer og utvikling og
and installation of electrical systems, and in the development
as of 31 December 2013.
the pre-tax profit was NOK 3.8 million. The EBITDA amounted
segmentet og har spesialisert seg på design, engineering
in this segment and specializes in the design, engineering
HPS is headquartered in Ålesund, and 100% owned by HGR
The segment had a turnover of NOK 325 million in 2013, while
Havyard Power & Systems AS («HPS») er morselskapet i dette
Havyard Power & Systems AS ("HPS") is the parent company
i
markedsverdier. Egenkapitalen i selskapet var MNOK 216, og
resultat før skatt var MNOK 6.
company was NOK 216 million, and pre-tax profit was NOK
healthy economic and financial position.
strategic forecasts for the years ahead. The company is in a
Selskapet er i en sunn økonomisk og finansiell stilling.
langsiktige strategiske prognoser for årene fremover.
antagelsen ligger resultatprognoser for år 2014, og selskapets
forecasts for the year 2014, and the Company's long-term
forutsetningene om fortsatt drift er tilstede. Til grunn for
going concern principle. The assumption is based on profit
I samsvar med regnskapsloven § 3-3a bekreftes det at
the Board confirms that there is basis for adopting the
In accordance with the Norwegian Accountancy Act § 3-3a,
GOING CONCERN
FORTSATT DRIFT
369, og disse verdiene antas å minimum gjenspeile reelle
to at minimum reflect real market values. The equity of the
6 million.
Balanseførte verdier i selskapet pr. 31.12.13 var MNOK
amounted to NOK 369 million, and these values are assumed
med kort/mellomlang horisont.
verdier pr. 31.12.13. Selskapets virksomhet er eierskap i skip
Book values of the company as of 31 December 2013
horizon.
business is ownership of vessels with a short / medium-term
the Group's values as of 31 December 2013. The Company's
hetsområde, men utgjør likevel en betydelig del av konsernets
Selskapet Havyard Ship Invest AS er ikke et eget virksombusiness area, but still makes up a significant portion of
HAVYARD SHIP INVEST
The company Havyard Ship Invest AS is not a separate
resultat før skatt ble MNOK 3,8. EBITDA var MNOK 15.
Omsetning for segmentet i 2013 var på MNOK 325, mens
pr. 31.12.13.
Havyard Fish Handling & Refrigeration eies 72,0 % av HGR
HAVYARD SHIP INVEST
to NOK 15 million.
of 31 December 2013.
HGR owns 72.0% of Havyard Fish Handling & Refrigeration as
steder i Norge og internasjonalt.
ligger
located in other places in Norway as well as internationally.
produksjonsanlegg
Fosnavåg, med avdelingskontorer for salg og service øvrige
viktigste
Hovedkontor
in Fosnavåg, while branch offices for sales and service are
og
lossing og transport av fiskeprodukter og levende fisk.
Det blir levert produkter for lasting, lagring, behandling,
The headquarters and main production facilities are located
unloading and transporting fish products and live fish.
HFHR supplies products for loading, storing, processing,
POWER & SYSTEMS
POWER & SYSTEMS
landbaserte anlegg.
HST eies 100 % av HGR pr. 31.12.13.
for fiskehåndtering om bord i fiskefartøy, brønnbåter og på
Fish Carriers and on onshore facilities.
Dette segmentet utvikler, selger og leverer utstyr og systemer
and systems for handling fish on board fishing vessels, Live
HST is 100 % owned by HGR as of 31 December 2013.
EBITDA amounted to NOK 83.7 million.
This business segment develops, sells and delivers equipment
HAVYARD FISH HANDLING & REFRIGERATION
MNOK 55,4. EBITDA var 57,2.
its pre-tax profit amounted to NOK 55.4 million. The EBITDA
amounted to NOK 57.2 million.
segmentet var MNOK 263 i 2013, mens resultat før skatt ble
business area's turnover was NOK 263 million in 2013, while
HAVYARD FISH HANDLING & REFRIGERATION
15 November 2013
og eies 100 % av HGR pr. 31.12.13. Omsetningen i dette
and is 100% owned by HGR as of 31 December 2013. The
MNOK 80,6. EBITDA var MNOK 83,7.
Forland Shipping
31 August 2013
Havyard Design & Solutions har sitt hovedkontor i Fosnavåg,
Havyard Design & Solutions has its headquarters in Fosnavåg
Singapore.
Segmentet omsatte for MNOK 1 480 og resultat før skatt ble
Lewek Inspector
114
Global Offshore
15 June 2013
28 February 2013
Delivery date / Leveringsdato
kunder i Norge, Færøyene, Russland, Tyrkia, India, Kina og
Turkey, India, China and Singapore.
34
been sold to customers in Norway, the Faroe Islands, Russia,
ANNUAL REPORT 2013
2013 and recorded a pre-tax profit of NOK 80.6 million. The
Makalu
113
Skansi Offshore
Global Offshore
Costumer / Rederi
Følgende skip har blitt levert i 2013:
33
The business segment had a turnover of NOK 1,480 million in
Ben Nevis
Kongsborg
112
111
Name / Navn
Hull no. / Bygg nummer
The following vessels were delivered in 2013:
ANNUAL REPORT 2013
Virksomhetens art tilsier at Havyard Group og datter-
selskapene er avhengige av å inngå nye kontrakter etter
hvert som eksisterende konstruksjoner blir ferdigstilt og levert.
Kontraktene tildeles i et konkurranseutsatt marked basert på
budgivningsprosesser mot andre leverandører og evnen til å
møte kravene til de respektive kunder.
Styret forventer stor aktivitet innenfor selskapets virksom-
hetsområde i 2014. Ordrereserven for konsernet er ved
utgangen av 2013 NOK 3,3 mrd, og innbefatter 9 nybygg fra
verftet i Leirvik, samt ombygginger, diverse designkontrakter,
ettermarkedsaktivitet og leveranser av utstyr og systemer for
fiskehåndtering.
Offshoremarkedet er svært avhengig av oljeprisen og
utgiftsnivået i olje- og gassindustrien, og pr. tiden er det
sterke makroutsikter for investeringer i større offshore fartøy
som følge av høy oljepris. Utsiktene for den nærmeste
fremtid er fortsatt gode, og påvirkes av nøkkelfaktorer
som etterspørsel på olje og gass, investeringsvilje samt det
politiske og økonomiske miljøet generelt.
Utviklingen i investeringsviljen til selskaper på norsk sokkel har
fått mye omtale den siste perioden. Veksten i investeringene
antas å fortsette, om en i en lavere takt, men det er Havyard
Group sin vurdering at aktiviteten i sektoren som helhet vil
holde seg på et høyt nivå.
its subsidiaries are dependent on entering into new contracts
as existing constructions are completed and delivered. The
contracts are awarded in a competitive market based on
bidding processes against other suppliers and the ability to
meet the requirements of the respective clients.
The Board anticipates considerable activity within the
company’s business area in 2014. The Group’s order
backlog at the end of 2013 amounts to NOK 3.3 billion, and
includes nine newbuilds from the yard in Leirvik, as well as
modifications, various design contracts, after-sales activity
and supply of equipment and systems for fish handling.
The offshore market is highly dependent on the oil price
and cost level in the oil and gas industry, and at present, the
macro-outlook for investments in big subsea vessels is strong
as a result of the high oil price. The outlook for the near future
is still good, and is affected by key factors such as demand
for oil and gas, willingness to invest and the general political
and economic environment.
The development in the willingness to invest among
companies on the Norwegian continental shelf has received
wide coverage in recent periods. The growth in investments
is expected to continue, possibly at a lower pace, but the
Havyard Group's assessment is that the activity level in the
kontraktene ovenfor kunder. Internt i Havyard-konsernet er
det imidlertid det enkelte tjenesteytende selskap som bærer
service company carries the risks of its performance.
Selskapet innehar retningslinjer for å avdekke finansiell
risiko. Selskapet sin policy uttrykker at valutaeksponering
skal avdekkes, og i størst mulig grad sikres i samråd med
konsernledelsen og selskapets styre.
The company's policy states that currency exposure shall
be identified, and to the greatest extent possible secured
in consultation with Group Management and the Board of
driftstilknyttede markedsrisiko.
corresponding operational market risk.
benyttes også for andre typer salgskontrakter.
Likviditetsrisiko:
Byggelånsfinansiering
skrogbygging. Likviditetsbudsjett etableres for hvert prosjekt
og styres i tråd med prosjektets fremdrift og sikrer en riktig
likviditetstilførsel. Likviditetsbudsjett utarbeides også for de
andre selskapene i gruppen.
are also used for other types of sales contracts.
Liquidity risk:
For hull construction, construction loan financing is available
through a Norwegian bank. A cash flow budget is established
for each project and managed in line with the project's
progress to ensure appropriate liquidity. Cash flow budgets
are also prepared for the other companies in the group.
mat og landbruksorganisasjon (FAO) anslår at i 2030 vil
sjømatproduksjon fra akvakultur ha økt fra 45 millioner tonn
til 85 millioner tonn. Teknologien for fangst og produksjon av
vannlevende ressurser er gjenstand for kontinuerlig endring
på grunn av innovasjonsprosesser og teknologioverføring
mellom regioner og fiskeri. Dette gir igjen mulighet for vekst
innen markedene for Havyards produkter innen design, utstyr
og skipsbygging.
development. The UN's Food and Agriculture Organisation
(FAO) estimates that by 2030, seafood production from
aquaculture will have increased from 45 million tons to 85
million tons. The technology for catching and producing fish
is undergoing continuous change as a result of innovation
processes and technology transfer between regions and
fisheries. This in turn creates opportunities for growth in the
markets for Havyard's design, equipment and shipbuilding
har
I
In connection with the listing process, accounting policies
krets av personer og/eller offentlig tegningsinnbydelse, samt
invitation to an undefined group of people and / or public
børsnotering
REGNSKAPSPRINSIPPER
ACCOUNTING PRINCIPLES
kan innhente ny aksjekapital ved innbydelse til en ubestemt
limited company will be able to raise new capital through
rundt
å erverve egne aksjer.
omdanning er at Havyard Group ASA som allmennaksjeselskap
such a transformation is that Havyard Group ASA as a public
prosess
tidligere ansatte, samt egne aksjer. Det foreligger fullmakt til
shares. The company is authorized to acquire own shares.
at begrunnelsen for og de viktigste virkninger av en slik
is of the opinion that the reason behind and main effect of
med
31.12.13. Den resterende andelen eies av nåværende og
current and former employees, as well as through treasury
allmennaksjeselskap (ASA). Styret er av den oppfatning
converted into a public limited company (ASA). The Board
forbindelse
Havyard Group ASA eies 82,12 % av Havila Holding AS pr.
Havyard Group ASA. The remaining shares are owned by
enstemmig at Havyard Group AS skulle omdannes til
2014 unanimously decided that Havyard Group AS should be
ved
AKSJONÆRFORHOLD
bank
As of 31 December 2013, Havila Holding AS owns 82.12% of
norsk
SHAREHOLDER INFORMATION
fra
Ekstraordinær generalforsamling avholdt 25.02.14 vedtok
foreligger
The Extraordinary General Meeting held on February 25th
products.
leveringsterminen til skipene. Tilsvarende betalingsgarantier
the delivery term of the ships. Similar payment guarantees
nøkkelfaktorene sjømatkonsum og teknologisk utvikling. FNs
by the key factors seafood consumption and technological
for
skipsbyggingskontrakter
that all newbuilding contracts hold hedging instruments for
industrien for fiskeri- og havbruksfartøy påvirkes av
and demand for fishing and aquaculture vessels is affected
sikringsinstrument
Kredittrisikoen anses som svært begrenset ved at alle
The credit risk is considered to be very limited due to the fact
innehar
Kredittrisiko:
Credit risk:
Vekst og etterspørsel innen skipsteknologi og verfts-
da selskapenes gjeld har flytende rente.
å redusere selskapenes valutarisiko og derigjennom den
other agreements to reduce their currency risk and the
Selskapene er i tillegg eksponert for endringer i rentenivået,
Selskapene inngår terminkontrakter eller andre avtaler for
rates. The companies enter into forward contracts or
as they have floating rate liabilities.
Selskapene er eksponert for endringer i valutakurser.
The companies are exposed to changes in exchange
The companies are also exposed to changes in interest rates,
Markedsrisiko:
Market risk:
Directors.
Finansiell risiko:
risikofaktorer:
the following risk factors:
The Company has guidelines for identifying financial risks.
avsnittene over er Havyard Group ASA eksponert for følgende
paragraphs above, Havyard Group ASA is also exposed to
Financial risk:
Utover de kommersielle risikofaktorene som er beskrevet i
Beyond the commercial risk factors described in the
risikoen for sin ytelse.
HST bærer den kommersielle risikoen for skipsbyggings-
Havyard-konsernet.
customers. Internally in the Havyard Group, however, each
styrke grunnlaget for videre internasjonalisering og vekst for
growth of the Havyard Group.
HST bears the commercial risk of shipbuilding contracts to
at aksjene vil kunne børsnoteres. Dette som et grep for å
strengthen the basis for further internationalization and
36
offer, as well public listing of the shares. This is a move to
ANNUAL REPORT 2013
In the ship technology and shipbuilding industry, growth
sector as a whole will remain high.
FREMTIDIG UTVIKLING OG RISIKOVURDERING
The nature of the business dictates that Havyard Group and
35
FUTURE DEVELOPMENT AND RISK ASSESSMENT
ANNUAL REPORT 2013
regnskapsstandard (NGAAP) til IFRS er:
•
Accounting Principles (NGAAP) to IFRS are as follows:
•
The balance sheet shows total assets for the Group of NOK 1
532.5 million in 2013, compared to NOK 1 382.9 million in 2012.
Havyard Group ASA og rederiet. Kontraktene inngås nå med
Havyard Ship Technology AS som kontraktsmotpart, og hvor
det kalkuleres inn salgsprovisjon i salgskalkylen.
between the parent company Havyard Group ASA and the
shipping company, the contracts are now entered into with
Havyard Ship Technology AS as the contractual counterparty,
Økningen er i stor grad relatert til oppkjøpet av Havyard
Fish Handling & Refrigeration i slutten av 2012 som først får
virkning på omsetningen i konsernet i 2013. Videre har det
vært økt omsetning for design- og pakkesalg til eksterne
verft.
Driftsresultatet (EBIT) ble i 2013 MNOK 180,6 mot MNOK 215,2
i 2012. Hovedårsaken til resultatnedgangen er relatert til
utvikling og produksjon av prototyper.
NOK 1 427.8 million in 2012. The increase is largely related
to the acquisition of Havyard Fish Handling & Refrigeration
in late 2012, which first had effect on the Group’s turnover
in 2013. Furthermore, there has been increased turnover for
design and package sales to external shipyards.
Operating profit (EBIT) in 2013 amounted to NOK 180.6
million, compared to NOK 215.2 million in 2012. The main
reason for the decrease is related to the development and
production of prototypes.
MNOK 1 986,9 mot MNOK 1 427,8 i 2012.
in 2013 MNOK amounted to NOK 1 986.9 million, compared to
equality between women and men.
The group aims to provide a workplace where there is full
full likestilling mellom kvinner og menn.
Konsernet har som mål å være en arbeidsplass der det råder
LIKESTILLING OG DISKRIMINERING
store materielle skader eller personskader.
EQUALITY AND DISCRIMINATION
arbeidsuhell eller ulykker i løpet av året som har resultert i
reported during the year.
Det har ikke forekommet eller blitt rapportert om alvorlige
arbeidet aktivt med å få tilbakeføring av langtidssykemeldte.
sikring av arbeidsplasser og bedret verneutstyr. Det er videre
Det arbeides aktivt for å redusere omfanget av skader,
property damage or personal injury have occurred or been
No serious workplace accidents which resulted in major
works actively to return employees from long-term sick leave.
secure workplaces and improve protection equipment. It also
The Company works actively to reduce the extent of injuries,
er en nedgang fra 2012 hvor sykefraværet var på 4,88 %.
konsernet. Omsetningen for Havyard-gruppen ble i 2013
billion for the Group. Operating income for the Havyard Group
Det totale sykefraværet i konsernet er for 2013 3,4 %, noe som
a reduction from 2012, when the total sick leave was 4.88%.
produksjonsmidlene, og ordrereserven er NOK 3,3 mrd for
of production, and the order backlog amounts to NOK 3.3
ARBEIDSMILJØ OG PERSONALE
The total sick leave for the Group in 2013 was 3.4%, which is
resultat.
konsernet sine eiendeler og gjeld, finansielle stilling og
Styret mener at årsmeldingen gir en riktig oversikt over
MNOK 526,0 i 2012.
Egenkapitalen for konsernet var pr. 31.12 MNOK 668,0 mot
532,5 mot MNOK 1 382,9 i 2012.
Balansen viser en totalkapital i konsernet i 2013 på MNOK 1
gjeld i konsernet, noe som er ca. 2 %-poeng høyere enn i 2012.
Konsernets kortsiktige gjeld utgjorde pr 31.12 81,2 % av samlet
Konsernets likviditetsbeholdning var pr 31.12 MNOK 281,4.
betalingsvilkår og leveringstid for nybyggings- kontraktene.
og kapitalbindingen er sterkt varierende i forhold til
gjennom trekk på ordinære byggelån i bank. Totalkapitalen
av de ulike datterselskaper. I tillegg blir nybygg finansiert
disponert til å finansiere nybygg i byggeperioden og drift
inger gjennom året. Konsernets likviditet blir i hovedsak
Kontantstrømoppstillingen viser likviditetsmessige endr-
Nettokontantstrøm for konsernet i perioden er MNOK 167,5.
63,0 i 2012.
Morselskapet sitt årsresultat i 2013 var MNOK 32 mot MNOK
164,5 i 2012.
Årsresultatet i konsernet ble i 2013 MNOK 140,5 mot MNOK
38
WORK ENVIRONMENT AND EMPLOYEES
Det
There has been satisfactory capacity utilization of the means
av
REDEGJØRELSE FOR ÅRSREGNSKAPET
FINANCIAL REVIEW
kapasitetsutnyttelse
kontraktsrisikoen for Havyard Group ASA blir redusert.
reduced contract risk for Havyard Group ASA.
tilfredsstillende
position and results.
Ship Technology AS. I tillegg vil endringen medføre at
Technology AS. In addition to this, the change will result in
vært
accurate view of the Group's assets and liabilities, financial
motiverende og riktig for den enkelte ansatte i Havyard
and appropriate for the individual employee in Havyard Ship
har
The Board believes that the annual report provides an
synliggjøres der den faktisk blir skapt, hvilket både er
where it is actually being created, which is both motivating
million, compared to NOK 526.0 million in 2012.
Formålet med endringen er at verdiskapningen skal
The purpose of this change is to highlight value creation
The Group’s equity as at 31 December 2013 was NOK 668.0
percentage points higher than in 2012.
prinsipp fra at kontraktene går mellom morselskapet
during the year. Whereas contracts previously ran directly
and a sales commission is calculated into the sales estimate.
total liabilities as at 31 December, which is approximately 2
For skipsbyggingskontrakter er det i løpet av året endret
Short-term liabilities accounted for 81.2% of the Group’s
was NOK 281.4 million.
MNOK 91.
January 2012 amounts to 91 million.
As at 31 December 2013, the Group's holding of liquid assets
pr februar 2014, MNOK 145. Justert merverdi pr 01.01.12,
2014, to NOK 145 million. Adjusted excess value as at 1
Eiendom og anlegg i Leirvik er oppregulert ihht takst
upwards in accordance with revaluation as of February
Property and plants in Leirvik have been adjusted
newbuild contracts.
variable based on the payment terms and delivery times of
o Effekt 2013: MNOK 21
o Effect 2013 : NOK 21 million
are financed by drawing on ordinary construction loans
Kostnader reduseres, egenkapital og balansesum øker
in the bank. Total assets and capital employed are highly
operation of the various subsidiaries. In addition, newbuilds
Kostnader knyttet til Forskning og Utvikling aktiveres.
o Effekt 2012: MNOK 11
•
•
to finance newbuilds during the construction period and
o Effect 2012: NOK 11 million
sheet sum are increased
capitalized. Costs are reduced, and equity and balance
Costs related to research and development are
throughout the year. The Group's cash is primarily used
redusert
The cash flow statement shows the cash flow changes
kostnader
med
og
MNOK 193 i 2012. Netto resultateffekt er MNOK 25
NOK 193 million in 2012. The net effect is NOK 25 million.
218
med
decreased by NOK 218 million and costs are reduced by
MNOK
i tilknyttede selskaper er eliminert. Inntekter redusert
associated companies are eliminated. Revenues are
million.
The Group’s net cash flow for the period was NOK 167.5
million, compared to NOK 63.0 million in 2012.
For shipbuilding contracts, there has been a change in principle
•
•
De mest vesentlige effektene av overgangen til fra norsk
The most significant effects of the transition from Norwegian
Inntekter og kostnader knyttet til andel av eierandel
regnskapet for 2013, og sammenligningstallene for 2012.
for 2013 and the comparative figures for 2012.
Income and expenses related to share of ownership in
compared to NOK 164.5 million in 2012.
(International Financial Reporting Standard). Dette gjelder
The parent company's net profit in 2013 amounted to NOK 32
The Group’s net profit in 2013 amounted to NOK 140.5 million,
regnskapsprinsippene blitt endret for å tilfredsstille IFRS
ANNUAL REPORT 2013
Financial Reporting Standards). This applies to the accounts
37
have been changed to comply with IFRS (International
ANNUAL REPORT 2013
norsk anbefaling for eierstyring og selskapsledelse. I den
NOK 32 060 000
• Allocated in total
CORPORATE GOVERNANCE AND MANAGEMENT
Havyard Group ASA aims to comply with the guidelines of the
Norwegian Code of Practice for Corporate Governance. In this
Arbeidstidsordninger i konsernet følger av de ulike stillinger
og er uavhengig av kjønn.
Det er ikke iverksatt eller planlagt spesielle tiltak for
å fremme likestilling eller for å unngå diskriminering
foruten retningslinjene og innarbeid praksis/vurdering av
kvalifikasjoner ved ansettelser.
MILJØRAPPORTERING
Havyard Group ASA isolert driver ikke virksomhet som
påvirker det ytre miljø, utover det som må antas å være
naturlig for denne type virksomhet. Selskapet retter seg etter
de til enhver tid gjeldende lovkrav på området.
Det har i 2013 ikke vært miljøsaker ved produksjons-
anleggene eller i det ytre miljø med behov for spesielle tiltak.
Bedriften har ikke hatt utslipp til luft eller vann ut over de krav
som myndighetene stiller.
Verftet i Leirvik (Havyard Ship Technology AS), har blitt
sertifisert for sitt fokus på miljø gjennom tildeling av
miljøsertifikatet ISO 14001. Dette er en internasjonal
standard for miljøstyring, som krever at selskapet utarbeider
målsettinger og aktivt reduserer bedriftens miljøbelastninger.
Hovedfokuset er på alt som går til luft og til sjø; som
klimagasser og kjemikalier.
Working hours in the group depend on the various positions
and are independent of gender.
No special measures have been implemented or planned to
promote gender equality or prevent discrimination besides
these guidelines and established practice / assessment of
qualifications during the hiring process.
ENVIRONMENTAL REPORTING
Havyard Group ASA’s isolated activities do not affect the
external environment, beyond what is assumed to be natural
for this type of business. The company complies with the
current applicable statutory requirements in this area.
In 2013, there have been no environmental issues at production
plants or in the external environment that have called for
special measures. The Company has not had emissions into
air or sea beyond the restrictions set by authorities.
The shipyard in Leirvik (Havyard Ship Technology AS) has
been certified for its focus on the environment through the
award of the environmental certificate ISO 14001. This is
an international standard for environmental management,
which requires companies to prepare objectives and
actively reduce their environmental impact. The main focus
is on pollutants released into the air and the sea; such as
applicable laws and regulations. Board members and
employees shall act fairly and honestly, and display integrity
in all dealings with other employees, business partners and
clients, the public, the industry, shareholders, suppliers,
Pr. 31.12.13 har Havyard eierskap til 22 design som er solgt
verden over. I 2012 og 2013 har det blitt lagt stor vekt på
utviklingsarbeid, og flere helt nye design innen offshore,
brønnbåt og fiskebåt er utviklet. Det antas å ligge vesentlige
merverdier her utover det som fremgår av regnskapet.
As of 31 December 2013, Havyard owns 22 ship designs
that are sold worldwide. In 2012 and 2013, great emphasis
has been placed on development, and several brand new
designs for offshore, well and fishing boats have been
developed. There are believed to be significant excess values
forbindelse
med
noteringsprosessen
og
tilhørende
generalforsamling, vil selskapet i langt større grad kunne
Ved å avvente opprettelse av valgkomiteen til neste ordinære
det hensiktsmessig å avvente opprettelse av valgkomiteen.
kapitalforhøyelse og offentlig spredningssalg, finner styret
i
overfor store endringer i aksjonærfellesskapet, særlig
selskapets troverdighet rundt om i verden, ved konsekvent å
og
ansatte
skal
opptre
rettferdig,
decisions and actions.
arbeid knyttet til fiskehåndteringssystem, kjølesystemer og
sorteringsmaskiner.
refrigeration systems and sorting machines.
verdigrunnlag
og
og gjennomføres i retningslinjer, beslutninger og handlinger.
forpliktelse til bærekraftig utvikling skal reflekteres, fremmes
Selskapets
offentlige
values and commitment to sustainable development should
myndigheter.
næringslivet, aksjeeiere, leverandører, konkurrenter og
competitors and government authorities. The Company's
ansatte, forretningsforbindelser og kunder, offentligheten,
ærlig og vise integritet i enhver befatning med andre
Styremedlemmer
med lover og regler som gjelder for selskapets virksomhet.
utøve sin virksomhet med integritet og i overensstemmelse
Havyard Group ASA skal inneha et solid renommé for
its credibility around the world, by consistently conducting
SAMFUNNSANSVAR
Havyard Group ASA aims to maintain a solid reputation for
development activities related to fish handling systems,
og
be reflected, promoted and implemented through policies,
skipsdesign
Havyard Fish Handling & Refrigeration har drevet utviklings-
av
Havyard Fish Handling & Refrigeration has conducted
here beyond those stated in the financial statements.
its operations with integrity and in compliance with the
fiskehåndteringssystem.
systems.
SOCIAL RESPONSIBILITY
knyttet
utvikling
for
sammensetning av valgkomiteens medlemmer.
members.
Havyard
annet
honorarer
ivareta aksjonærfellesskapets interesser på en god måte ved
including development of ship designs and fish handling
blant
samt
in a good way through the composition of committee’s
The Havyard Group conducts extensive development activity,
konsernet driver utstrakt utviklingsvirksomhet
styre,
equipped to protect the shareholder community’s interests
next Annual General Meeting, the company will be better
the establishment of the nomination committee until the
wait with the establishment of this committee. By deferring
and secondary offering, the Board finds it appropriate to
with the listing process and accompanying capital increase
in the shareholder community, in particular in connection
selskapets
medlemmene av styret. Som følge av at selskapet nå står
til
kandidater
Due to the fact that the company now faces major changes
opprettes en valgkomité som skal foreslå fremtidige
Board, as well as remuneration for the members of the Board.
Styret anser det som ønskelig at det på sikt også skal
a nomination committee to propose future candidates to the
The Board considers it desirable to in the long run also establish
informasjon samt instrukser for å forsikre overensstemmelse
med verdipapirhandelloven.
retningslinjer for rapportering av finansiell og annen
to ensure compliance with the Securities Trading Act.
av utbyttepolitikk, fastsettelse av en årlig plan for styret,
daglig leder, opprettelse av revisjonsutvalg, etablering
for etikk og samfunnsansvar, styreinstruks og instruks for
forbindelse har selskapet i 2014 etablert retningslinjer
financial and other information, as well as rules of procedure
an annual plan for the Board, and guidelines for reporting
the Board and CEO, an Audit Committee, a dividend policy,
for ethics and social responsibility, rules of procedure for
connection, the Company has in 2014 established guidelines
EIERSTYRING OG VIRKSOMHETSLEDELSE
kr. 22,50 pr. aksje.
Styret foreslår utbytte på kr. 24 976 000. Avsatt utbytte utgjør
proposed dividend amounts to NOK 22.50 per share.
Konsern:
FORSKNING OG UTVIKLING
til
7 084 000
kr. 32 060 000
kr.
kr. 24 976 000
The Board proposes a dividend of NOK 24 976 000. The
• Sum disponert
• Avsatt til annen egenkapital
• Foreslått utbytte
resultat i 2013:
Group:
RESEARCH AND DEVELOPMENT
greenhouse gases and chemicals.
Havyard Group ASA ønsker å etterleve retningslinjene i
NOK 7 084 000
• Allocated to other reserves
diskriminering på grunn av nedsatt funksjonsevne.
on disability.
NOK 24 976 000
• Proposed dividend
mål å være en arbeidsplass hvor det heller ikke forekommer
provide a workplace where there is no discrimination based
company’s profit in 2013:
ha samme muligheter og rettigheter. Konsernet har som
ÅRSRESULTAT OG DISPONERING
Styret foreslår følgende disponering av morselskapets
avstamming, hudfarge, språk, religion eller livssyn skal alle
opprinnelse,
the same opportunities and rights. The group also aims to
nasjonal
skin-color, language, religion or beliefs should all have
etnisitet,
The Board proposes the following allocation of the parent
ulik
ANNUAL PROFIT AND ALLOCATION
med
Kandidater
40
Ved ansettelser er det faglig kompetanse som vektlegges.
ANNUAL REPORT 2013
Candidates with different ethnicity, national origin, ancestry,
39
In the hiring process, professional skills are emphasized.
ANNUAL REPORT 2013
Selskapets retningslinjer for etikk og samfunnsansvar følger
vedlagt som "Code of Conduct for Business, Ethics and
Corporate Social Responsibility".
ERKLÆRING FRA STYRET OG ADM DIREKTØR
Vi erklærer etter beste overbevisning at årsregnskapet for
perioden 1. januar til 31.desember 2013 er utarbeidet i samsvar
med gjeldende regnskapsstandarder, og at opplysningene
i regnskapet gir et rettvisende bilde av selskapets og
konsernets eiendeler, gjeld, finansielle stilling og resultat som
helhet. Vi erklærer også at årsberetningen gir en rettvisende
oversikt over utviklingen, resultatet og stillingen til selskapet
og konsernet, sammen med en beskrivelse av de mest
sentrale risiko- og usikkerhetsfaktorer selskapet og konsernet
står overfor.
Fosnavåg, 21.03.14
I STYRET FOR HAVYARD GROUP ASA
rrd
d Sævik
Vegard
B
d member
b
Board
Styremedlem
d
Petter Thorsen Frøystad
Board member
Styremedlem (ansattrepresentant)
Solhe
h im
Jan-Helge Solheim
Board member
Styremedlem (ansattrepresentant)
G r Johan
Gei
n Bakke
Bakke
Geir
CEO
Adm.dir.
are attached as "Code of Conduct for Business Ethics and
Corporate Social Responsibility".
RESPONSBILITY STATEMENT FROM THE BOARD AND CEO
We confirm, to the best of our knowledge, that the financial
statements for the period 1 January to 31 December 2013 have
been prepared in accordance with applicable accounting
standards, and that the information in the accounts gives
a true and fair view of the Company’s and Group’s assets,
liabilities, financial position and profit or loss as a whole. We
also confirm that the annual report gives a fair view of the
Company’s and Group’s development, financial position and
profit or loss as whole, as well as a description of the principal
risks and uncertainties the Company and the Group faces.
Fosnavåg, 21 March 2014
THE BOARD FOR HAVYARD GROUP ASA
Per Rolff Sævik
Sævik
Ch
i
th Board
B
d off Directors
Di t
Chairman
off the
Styreleder
Svein Asbjørn Gjel
ellse
e
lse
se
set
eth
Gjelseth
Board member
Styremedlem
Janicke Westlie Driveklepp
Boa
d member
b
Board
Styremedlem
Heg
eg
ge Sævik
Sævik Rabben
Hege
Board member
Styremedlem
41
The Company's code of ethics and social responsibility
ANNUAL REPORT 2013
ANNUAL REPORT 2013
42
ANNUAL REPORT 2013
43
Andre driftskostnader
Driftskostnader
Driftsresultat
Depreciation and amortization
Other operating expenses
Operating expenses
Operating profit/loss (EBIT)
Tilordnet:
Minoritetsinteresser
Sum
Resultat per aksje (NOK)
Non-controlling interest
Total
Earnings per share (NOK)
Profit for the year from continuing operations
Aksjonærer i morselskapet
Årsresultat fra videreført virksomhet
Income tax expense
Equity holders of parent
Skattekostnad
Profit/loss before tax from continuing operations
Attributable to :
Andel av resultat fra tilknyttet selskap
Ordinært resultat før skattekostnad fra
videreført virksomhet
Share of profit/loss of associate
Finansinntekter
Avskrivninger og nedskrivninger
Payroll expenses etc.
Finanskostnader
Lønnskostnader
Cost of sales
Financial expenses
Varekostnader
Operating revenues
Financial income
Driftsinntekt
Other operating revenues
25
7
9
8
8
5, 6
11, 12, 13
5
15, 27
4, 23
4, 23
Salgsinntekt
Annen driftsinntekt
Sales revenues
NOTE
(NOK 1,000)
Havyard Group ASA
2013
122,60
140 460
2 360
138 100
140 460
49 055
189 515
4 196
16 922
21 666
180 575
1 806 358
124 230
17 942
312 077
1 352 109
1 986 932
4 253
1 982 679
CONSOLIDATED STATEMENT OF PROFIT OR LOSS / RESULTATREGNSKAP KONSERN
ANNUAL REPORT 2013
145,16
164 491
983
163 509
164 491
50 262
214 752
-1 051
6 340
6 942
215 202
1 211 650
79 479
11 651
228 481
892 040
1 426 852
2 932
1 423 920
2012
44
Utvidet resultat for perioden
Poster som ikke reklassifiseres til resultatet
Aktuarielle gevinster og tap
Sum
Poster som reklassifiseres til resultatet
Omregningsdifferanser
Endring i virkelig verdi på finansielle eiendeler
Sum
Utvidet resultat for perioden
Totalresultat
Tilordnet:
Aksjonærer i morselskapet
Minoritetsinteresser
Sum
Other comprehensive income
Items that will not be reclassified to income statement
Net actuarial gain/ (loss)
Total
Items that will be reclassified to income statement
Translation differences
Fair value adjustment available-for-sale financial assets
Total
Other comprehensive income
Total comprehensive income
Attributable to :
Equity holders of parent
Non-controlling interest
Total
19
NOTE
165 666
2 783
162 882
165 666
25 206
25 206
19 993
5 213
-
-
140 460
2013
164 491
983
163 509
164 491
-
-
-
-
-
-
164 491
2012
Bankinnskudd
Sum omløpsmidler
SUM EIENDELER
TOTAL ASSETS
Opptjent, ikke fakturert produksjon
Other receivables
Earned, not billed production
Cash and cash equivalents
Andre kortsiktige fordringer
Accounts receivables
Total current assets
Varelager
Kundefordringer
Inventory
Omløpsmidler
Andre langsiktige fordringer
Sum anleggsmidler
Other non current receivable
Total non current assets
Current Assets
Lån til tilknyttede selskap
Investeringer i finansielle eiendeler
Loan to associates
Investment in financial assets
Investeringer i tilknyttede selskap
Investment in associates
Investeringer i datterselskaper
Lån til datterselskaper
Loan to subsidiaries
Investment in subsidiaries
Licenses, patents and R&D
Eiendom, anlegg og utstyr
Lisenser, patenter og FoU
Goodwill
Property, plant and equipment
Anleggsmidler
Goodwill
Non current assets
ASSETS
EIENDELER
22
14
14, 16, 27
21
20
19
9
12, 13
11
10, 11
NOTE
41 483
23 918
2013
1 532 530
803 500
281 381
261 574
139 551
82 122
38 872
729 029
118 103
205 294
15 185
84 143
736
-
240 167
Havyard Group ASA
(NOK 1,000)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION / BALANSE KONSERN
ANNUAL REPORT 2013
Havyard Group ASA
45
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME / UTVIDET RESULTAT KONSERN
ANNUAL REPORT 2013
1 382 903
803 180
115 235
459 115
98 346
74 098
56 386
579 723
84 877
134 962
11 260
75 858
736
456
227 485
20 170
23 918
2012
1 094 727
886 040
257 564
533 185
60 704
27 981
6 606
208 687
20 000
8 374
-
14 270
736
455
160 134
694
4 024
January 1,
2012
46
Sum kortsiktig gjeld
Sum gjeld
SUM EGENKAPITAL OG GJELD
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
21 002
B
d member
b / Styremedlem
St
dl
Board
Petter Thorsen Frøystad
d
Board member / Styremedlem
Jan-Helge Solheim
Solhe
h im
Board member / Styremedlem
Geir
G r Johan
Gei
n Bakke
Bakke
CEO / Adm.dir.
Adm dir
Gjelseth
Svein Asbjørn Gjel
elsse
el
set
etth
e
Board member / Styremedlem
St
Janicke Westlie Driveklepp
Board
Boa
d member
b / Styremedlem
Hege
Heg
eg
ge Sævik
Sævik Rabben
Styremedlem
Board member / Styrem
Styreleder
rrd
d Sævik
Vegard
1 532 530
864 092
701 635
320 568
177 971
16 916
57 903
128 278
162 457
19 107
98 123
-
45 227
668 439
Ch
i
th Board
B
d off Directors
Di t
Chairman
off the
/
13,14,15,17,18,26
13, 16, 17
7
16, 27
13
13, 16, 17
7
24
640 865
(16)
5 462
1 126
2013
Per Rolf S
Sævik
ævik
Fosnavåg, 21.03.14
Gjeld til kredittinstitusjoner
Annen kortsiktig gjeld
Liabilities to financial institutions
Other current liabilities
Betalbar skatt
Leverandørgjeld
Accounts payables
Skyldige offentlige avgifter
Kortsiktig gjeld
Current liabilities
Taxes payable
Sum langsiktig gjeld
Total long term liabilities
Public duties payables
Gjeld til kredittinstitusjoner
Pensjonsforpliktelse
Pension liabilities
Annen langsiktig gjeld
Utsatt skatt
Deferred tax liability
Liabilities to financial institutions
Langsiktig gjeld
Long term liabilities
Other long-term liabilities
Minoritetsinteresser
Sum egenkapital
Non-controlling interests
Total equity
24
24
Egne aksjer
Opptjent egenkapital
Treasury shares
Retained earnings
Overkurs
Share premium reserve
24
24
Egenkapital
Aksjekapital
Share capital
NOTE
Equity
EGENKAPITAL OG GJELD
EQUITY AND LIABILITIES
ANNUAL REPORT 2013
1 382 903
856 498
680 067
131 861
308 923
35 313
57 081
146 890
176 431
17 897
100 020
872
57 643
526 404
19 481
500 360
(24)
5 462
1 126
2012
1 094 727
677 010
598 546
62 064
324 119
28 140
94 155
90 068
78 464
7 243
21 231
1 623
48 367
417 716
215
410 930
(17)
5 462
1 126
January 1,
2012
47
December 31, 2012
31. desember 2012
Utbytte
Put opsjon minoritetsinteresser MMC
Put option minority interest MMC
Dividends
Kjøp/salg av egne aksjer
Endring minoritetsinteresser
Utvidet resultat for perioden
Other comprehensive income
Change in minority interest
Årets resultat
Purchase/sale of treasury shares
1. januar 2012
Profit & loss
31. desember 2013
Utbytte
Put opsjon minoritetsinteresser -endring i 2013
Kjøp/salg av egne aksjer
Utvidet resultat for perioden
Årets resultat
1. januar 2013
January 1, 2012
2012
December 31, 2013
Dividends
Put option minority interest - Change 2013
Purchase/sale of treasury shares
Other comprehensive income
Profit & loss
January 1, 2013
2013
(NOK 1,000)
Havyard Group ASA
1 126
-
-
-
-
-
-
1 126
Aksjekapital
Share capital
1 126
-
-
-
-
-
1 126
Aksjekapital
Share capital
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY / EGENKAPITALOPPSTILLING KONSERN
ANNUAL REPORT 2013
48
Treasury shares
Egne aksjer
-23
-
-
8
-
-
-15
Treasury shares
Egne aksjer
-17
-
-
-8
-
-
-
-25
Share premium reserve
Overkurs
5 462
-
-
-
-
-
5 462
Share premium reserve
Overkurs
5 462
-
-
-
-
-
-
5 462
ANNUAL REPORT 2013
500 359
-59 942
0
-12 513
-1 625
-
163 509
410 930
Opptjent
egenkapital
Retained earnings
640 865
-24 792
-
1 992
25 206
138 100
500 360
Opptjent
egenkapital
Retained
earnings
506 922
-59 942
-
-
-1 633
-
163 509
417 501
Sum
Total
647 438
-24 792
-
2 000
25 206
138 100
506 925
Sum
Total
19 483
-
-13 438
31 723
-
-
983
215
Minoritetsinteresser
Non-controlling
interest
21 001
-
-840
-
-
2 360
19 481
Minoritetsinteresser
Non-controlling
interest
526 404
-59 942
-13 438
31 723
-1 633
-
164 491
417 716
Sum egenkapital
Total equity
668 439
-24 792
-840
2 000
25 206
140 460
526 405
Sum egenkapital
Total equity
49
Resultat før skattekostnad
Netto endring i kontanter og kontantekvivalenter
Kontanter og kontantekvivalenter ved begynnelsen av året
Kontanter og kontantekvivalenter fra kjøp av
datterselskap
Kontanter og kontantekvivalenter ved utgangen av året
Bundne bankinnskudd ved utgangen av året
Tilgjengelige kontanter og kontantekv. ved utgangen av
året
Cash and cash equivalents at start of the period
Cash and cash equivalents from purchase of
subsidiaries
Cash and cash equivalents at end of the period
Restricted bank deposits at the end of the period
Available cash and cash equivalents at the end
of the period
Netto kontantstrøm fra finansieringsaktiviteter
Net cash flow from/ (used in) financing activities
Net change in cash and cash equivalents
Kjøp av egne aksjer
Utbytte
Net changes in construction loans
Purchase of treasury shares
Netto endring i byggelån
Repayment long term debt
Dividends
Ny langsiktig gjeld
Nedbetaling av langsiktig gjeld
New long term debt
KONTANTSTRØM FRA FINANSIERINGSAKTIVITETER
Netto kontantstrøm fra investeringsaktiviteter
Net cash flow used in investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Endring i langsiktige fordringer
Changes in long term receivables
Investering i / salg av finansielle eiendeler
Investering i tilknyttede selskap
Investment in intangible assets
Investment in/disposal of financial assets
Investering i immaterielle eiendeler
Investments in property, plant and equipment
Investment in associates
KONTANTSTRØM FRA INVESTERINGSAKTIVITETER
Investering i eiendom, anlegg og utstyr
CASH FLOW FROM INVESTMENTS
Netto kontantstrøm fra operasjonelle aktiviteter
Net cash flow from/(to) operating activities
Endring i leverandørgjeld
Endring i andre omløpsmidler og andre gjeldsposter
Changes in accounts payable
Changes in other current receivables/liabilities
Endring i kundefordringer
Endring i varelager
Forskjell mellom pensjonskostnad og -utbetaling
Effekt av valutakursendringer
Resultatandel fra tilknyttede selskap
Changes in accounts receivables
Changes in inventory
Difference between pension costs and payments
Currency differences
Share of (profit)/loss from associates
Avskrivninger
Tap ved avgang av eiendeler
Depreciation
Loss from disposal of assets
Periodens betalte skatt
Profit/(loss) before tax
Taxes paid
KONTANTSTRØM FRA OPERASJONELLE AKTIVITETER
CASH FLOW FROM OPERATIONS
(NOK 1,000)
Havyard Group ASA
CONSOLIDATED STATEMENT OF CASHFLOW / KONTANTSTRØM KONSERN
ANNUAL REPORT 2013
10
24
24
17
17
17
20
9
19
11
12
18
21
9
12
11, 12
7
Note
281 381
281 381
115 235
166 145
(153 998)
(24 792)
2 000
(129 297)
(18 754)
16 845
(129 441)
(37 740)
11 083
(49 421)
(22 994)
(30 369)
449 584
121 222
(18 612)
184 018
17 514
(871)
(1 062)
(4 196)
4
17 942
(55 890)
189 515
2013
115 235
115 235
12 454
257 564
(154 783)
(76 445)
(59 942)
(1 633)
(52 724)
(7 146)
45 000
(291 829)
(66 012)
25 280
(234 352)
(5 583)
(11 162)
213 492
(41 969)
5 750
117 489
(279)
(521)
-
1 051
-
11 651
(94 433)
214 752
2012
50
Finansiell risikostyring
Gjeld til kredittinstitusjoner
Annen kortsiktig gjeld
Investeringer i finansielle eiendeler
Significant judgements and estimates
Segment information
Salary, fees, number of employees etc.
Other operating expenses
Income tax
Financial income and financial expenses
Subsidiaries etc.
Business combinations
Intangible assets
Property, plant and equipment
Financial and operational leases
Construction contracts in progress
Losses to completion
Financial risk management
Interest bearing debt
Other current liabilities
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Generell informasjon
Earnings per share
Contingencies and provisions
Related party transactions
Subsequent events
First time adoption of IFRS
25
26
27
28
29
Issued capital and reserves
24
Bankinnskudd, kontanter og lignende
Cash and cash equivalents
Government grants
22
23
Varelager
Inventory
21
Førstegangsanvendelse av IFRS
Hendelser etter balansedagen
Transaksjoner med nærstående parter
Betingede forpliktelser og avsetninger
Resultat per aksje
Aksjekapital
Offentlige tilskudd
Andre langsiktige fordringer
Non-current financial investments
Other non-current receivables
19
20
Tapskontrakter
Anleggskontrakter i arbeid
Finansiell og operasjonell leasing
Eiendom, anlegg og utstyr
Immatrielle eiendeler
Virksomhetssammenslutninger
Datterselskaper osv.
Finansinntekter og finanskostnader
Skatt
Andre driftskostnader
Lønn, godtgjørelser, antall ansatte o.l.
Segmentinformasjon
Vesentlige vurderinger og estimater
Vesentlige regnskapsprinsipper
General information
Significant accounting policies
1
Navn
Name
2
Note
Havyard Group ASA
NOTES / NOTER
ANNUAL REPORT 2013
51
Havyard Group ASA er et fullt integrert skipsbyggingsforetak
som driver innen offshore-og fiskefartøy industrien. Havyard
Gruppen leverer skipsdesign, skipsutstyr og bygging av
Havyard Group ASA is a fully integrated shipbuilding
enterprise operating in the offshore and fishing vessel
industry. The Havyard Group delivers ship designs, ship
til
Havyard
Group
ASA
og
dets
2013 er det første gruppen har utarbeidet i samsvar med
IFRS. Se note 29 for informasjon om hvordan konsernet har
innført IFRS.
December, 2013, are the first the group has prepared in
accordance with IFRS. Refer to note 29 for information on
Konsernregnskapet er utarbeidet basert på historisk kost,
med unntak av finansielle eiendeler tilgjengelig for salg
som regnskapsføres til virkelig verdi.Konsernregnskapet er
presentert i NOK 1 000.
Tall i alle notene til regnskapet er også presentert i NOK 1 000
dersom ikke annet er spesifisert.
2.2 Grunnlag for konsolidering
Konsernregnskapet omfatter regnskapene til Havyard Group
ASA og dets datterselskaper per 31. desember 2013. Kontroll
oppnås når konsernet er eksponert for, eller har rettigheter til
variabel avkastning fra sitt engasjement i investeringsobjektet,
og har evnen til å påvirke avkastningen gjennom sin kontroll
over investeringsobjektet.
The consolidated financial statements have been prepared
on a historical cost basis with exception of available for sale
financial assets that are carried at fair value.
The consolidated financial statements are presented in NOK
1,000. Figures in all notes to the financial statements are also
presented in NOK 1,000 unless otherwise specified.
2.2 Basis of consolidation
The consolidated financial statements comprise the financial
statements of Havyard Group ASA and its subsidiaries as at
31 December 2013. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns
through its power over the investee.
how the Group has adopted IFRS.
(NGAAP). Regnskapet for året som ble avsluttet 31. desember
(NGAAP). The financial statements for the year ended 31
konsernet sine regnskaper i henhold til norsk regnskapsskikk
For alle perioder frem til 31. desember 2012 utarbeidet
IFRS som utgitt av International Standards Board ( IASB ).
fastsatt av EU. Regnskapsprinsippene er også i samsvar med
International Financial Reporting Standards ( IFRS ) som
datterselskaper ( " konsernet" ) er utarbeidet i samsvar med
Konsernregnskapet
2.1 Grunnlag for utarbeidelse
2. SIGNIFICANT ACCOUNTING POLICIES
konsernregnskapet er vedtatt av styret den 21. mars 2014.
Standards (IFRS) som fastsatt av EU. Denne versjonen av
regnskapsskikk (NGAAP) til International Financial Reporting
2013 er vedtatt i forbindelse med overgangen fra norsk
Group ASA for regnskapsåret som endte 31. desember
Denne versjonen av det konsoliderte regnskapet til Havyard
2013.
Konsernet sysselsetter totalt 738 personer per 31. desember
fiskeoppdrett til skipsverft og redere over hele verden.
with Norwegian generally accepted accounting principles
the Group prepared its financial statements in accordance
For all periods up to the year ended 31 December 2012,
IFRS as issued by the International Standards Board (IASB).
adopted by the EU. The accounting policies also comply with
with International Financial Reporting Standards (IFRS) as
and its subsidiaries (the "Group") are prepared in accordance
The consolidated financial statements of Havyard Group ASA
2.1 Basis of preparation
2. SIGNIFICANT ACCOUNTING POLICIES
as of March 21, 2014.
statements is authorized for issue by the Board of Directors
adopted by the EU. This version of the consolidated financial
International Financial Reporting Standards (IFRS) as
generally accepted accounting principles (NGAAP) to
authorised for issue in relation to transition from Norwegian
Havyard Group ASA for the year ended December 31, 2013 is
This version of the consolidated financial statements of
people as of December 31, 2013.
ship-owners worldwide. The group in total employs 738
oil production, fishing and fish farming for shipyards and
avanserte fartøy for offshore oljeproduksjon, fiske og
Norge. Selskapets hovedkontor ligger i Fosnavåg, Herøy.
equipment and construction of advanced vessels for offshore
Havyard Group ASA er et allmennaksjeselskap lokalisert i
and its head office is located in Fosnavåg, Herøy.
1. GENERELL INFORMASJON
52
Havyard Group ASA is a limited company based in Norway,
1. GENERAL INFORMATION
ANNUAL REPORT 2013
egenkapital, som konsernet ville vært pliktig til
applied by the Group in preparing its consolidated financial
basert på konsernets forholdsmessige andel av det tilknyttede
selskapets egenkapital, inkludert eventuelle merverdier og
The investments in associates are accounted for using the
equity method. Such investments are initially recognised at
cost. Cost includes the purchase price and other costs directly
attributable to the acquisition such as professional fees and
transaction costs.
Under the equity method the interest in the investment is
based on the Group’s proportional share of the associate’s
equity, including any excess value and goodwill. The Group
på at det er endringer i ett eller flere av de tre elementene
av kontroll. Konsolidering av et datterselskap foretas
når konsernet oppnår kontroll over datterselskapet og
opphører når konsernet mister kontroll over datterselskapet.
Eiendeler, gjeld, inntekter og kostnader av et datterselskap
som ble ervervet eller avhendet i løpet av året er inkludert i
totalresultatet fra det tidspunktet konsernet oppnår kontroll
og inntil datoen konsernet ikke lenger har kontroll over
datterselskapet.
one or more of the three elements of control. Consolidation
of a subsidiary begins when the Group obtains control over
the subsidiary and ceases when the Group loses control of
the subsidiary. Assets, liabilities, income and expenses of
a subsidiary acquired or disposed of during the year are
included in the statement of comprehensive income from the
date the Group gains control until the date the Group ceases
to control the subsidiary.
interest in the associate.
The financial statements of the associates are prepared for
the same reporting period as the Group. When necessary,
adjustments are made to bring the accounting policies in line
with those of the group.
After application of the equity method, the Group determines
whether it is necessary to recognise an impairment loss.
foretas det justeringer i regnskapet til datterselskaperne
slik at regnskapsprinsippene er i samsvar med konsernets
regnskapsprinsipper. Alle konserninterne fordringer og
gjeld, egenkapital, inntekter, kostnader og kontantstrømmer
knyttet til transaksjoner mellom medlemmer av konsernet er
eliminert ved konsolideringen.
En endring i eierandel i et datterselskap, uten tap av
kontroll, regnskapsføres som en egenkapitaltransaksjon.
Hvis konsernet mister kontroll over et datterselskap, utføres
financial statements of subsidiaries to bring their accounting
policies into line with the Group’s accounting policies. All
intra-group assets and liabilities, equity, income, expenses
and cash flows relating to transactions between members of
the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a
loss of control, is accounted for as an equity transaction. If the
Group loses control over a subsidiary, it:
regnskapsføres
om det er nødvendig å innregne et verdifall.
Ved benyttelse av egenkapitalmetoden vurderer konsernet
regnskapsprinsipperne i konsernet.
er foretatt når det er nødvendig for å sikre samsvar med
samme rapporteringsperiode som konsernet. Justeringer
Regnskapet til de tilknyttede selskapene er avlagt for
eierinteresse i det tilknyttede selskapet.
Group ASA og det tilknyttede selskapet blir eliminert i grad av
gevinster og tap som følge av transaksjoner mellom Havyard
av overskudd / ( tap ) fra tilknyttede selskaper. Urealiserte
inkludert avskrivninger og nedskriving av merverdier, i andel
goodwill. Konsernet regnskapsfører sin andel av resultatet,
Etter egenkapitalmetoden er eierinteressen i investeringen
transaksjonskostnader.
kostnader direkte tilknyttet oppkjøpet som honorarer og
bokført til kostpris. Kostpris inkluderer kjøpspris og andre
in NOK, which is also the parent company's functional
currency.
- Fraregner eiendeler (inkludert goodwill) og gjeld i
datterselskapet
- Derecognises the assets (including goodwill) and liabilities
of the subsidiary
morselskapets funksjonelle valuta.
Konsernregnskapet er presentert i NOK, som også er
ASA and the associate are eliminated to the extent of the
eierinteresser har en negativ balanse. Når det er nødvendig
balance. When necessary, adjustments are made to the
selskaper
2.4 Utenlandsk valuta
losses resulting from transactions between Havyard Group
selv om dette resulterer i at de ikke- kontrollerende
if this results in the non-controlling interests having a deficit
tilknyttede
The Group's consolidated financial statements are presented
Share of profit/(loss) of associates. Unrealised gains and
i konsernet og til de ikke- kontrollerende eierinteresser,
parent of the Group and to the non-controlling interests, even
i
etter egenkapitalmetoden. Slike investeringer blir initielt
Investeringene
innflytelse.
med mindre andre vilkår og betingelser påvirker konsernets
2.4 Foreign currency
amortization of excess values and any impairment losses, in
og kostnader ( OCI ) er knyttet til aksjonærer i morselskapet
income (OCI) are attributed to the equity holders of the
følgende:
recognises its share of net income, including depreciation and
Gevinst eller tap og hver enkelt komponent av andre inntekter
Profit or loss and each component of other comprehensive
other terms and conditions affect the Groups influence.
investeringsobjekt dersom fakta og omstendigheter tyder
et
if facts and circumstances indicate that there are changes to
kontrollerer
konsernet har 20 % til 50 % av de stemmeberettigede aksjene
det
Konsernet
The Group re-assesses whether or not it controls an investee
hvorvidt
when the Group has 20 % to 50 % of the voting rights unless
revurderer
innflytelse. Betydelig innflytelse foreligger normalt når
significant influence. Significant influence normally exists
- Konsernets stemmerett og potensielle stemmerettigheter
- The Group’s voting rights and potential voting rights
Et tilknyttet selskap er et selskap hvor konsernet har betydelig
An associated company is an entity in which the group has
2.3 Investeringer i tilknyttede selskaper
2.3 Investments in associates
andre
- Rettigheter som oppstår fra andre avtalefestede ordninger
de
- Rights arising from other contractual arrangements
med
stemmeinnehavere av investeringsobjektet
avtalen
-
kontraktsmessig
av konsernet i utarbeidelsen av konsernregnskapet:
of the investee
statements:
Under følger de viktigste regnskapsprinsippene som benyttes
og gjeld.
konsernet direkte hadde avhendet underliggende eiendeler
dersom
- Reklassifiserer morselskapets andel av komponenter
- Innregner eventuelt overskudd eller underskudd i resultatet
virkelig verdi av eventuelle investeringer beholdes
- Innregner virkelig verdi av mottatt vederlag- Innregner
egenkapitalen
- Fraregner akkumulerte omregningsdifferanser ført mot
- The contractual arrangement with the other vote holders
Den
The following are the significant accounting policies
liabilities
investeringsobjektet, inkludert:
et
og omstendigheter i vurderingen av om det har makt over
av
over an investee, including:
rettigheter
investeringsobjektet, vurderer konsernet alle relevante fakta
facts and circumstances in assessing whether it has power
lignende
stemmeberettigede
similar rights of an investee, the Group considers all relevant
eller
Når
When the Group has less than a majority of the voting or
had directly disposed of the related assets or
earnings, as appropriate, as would be required if the Group
de
recognised in OCI to profit or loss or retained
til å påvirke sin avkastning
av
- Reclassifies the parent’s share of components previously
- Muligheten til å bruke sin kontroll over investeringsobjektet
returns
flertall
- Recognises any surplus or deficit in profit or loss
involvering i investeringsobjektet, og
- The ability to use its power over the investee to affect its
et
- Recognises the fair value of any investment retained
- Eksponering, eller rettigheter, til variabel avkastning fra sin
with the investee, and
enn
- Recognises the fair value of the consideration received
investeringsobjektet)
- Exposure, or rights, to variable returns from its involvement
mindre
recorded in equity
rettigheter som gir evne til å lede de relevante aktivitetene i
current ability to direct the relevant activities of the investee)
har
- Derecognises the cumulative translation differences
- Kontroll over investeringsobjektet (dvs. eksisterende
- Power over the investee (i.e. existing rights that give it the
konsernet
som tidligere er innregnet i utvidet resultat eller opptjent
interests
kontrollerende eierinteresser
- Derecognises the carrying amount of any non-controlling
konsernet har:
- Fraregner den balanseførte verdien av eventuelle ikke-
54
Konsernet kontrollerer et investeringsobjekt hvis og bare hvis
ANNUAL REPORT 2013
Group has:
53
Specifically, the Group controls an investee if and only if the
ANNUAL REPORT 2013
- It is held primarily for the purpose of trading
valuta, omregnes til valutakursen på tidspunktet for de
opprinnelige transaksjonene.
measured at the historic exchange rate in foreign currency
are translated using the exchange rates at the date of the
holdt primært for handelsformål
- Den er forventet å bli innfridd i normal driftssyklus- Den er
Gjeld er kortsiktig når:
Alle andre eiendeler er klassifisert som langsiktig.
gjenstand for felles kontroll eller felles betydelig innflytelse.
Inntekt føres i den grad det er sannsynlig at de økonomiske
fordelene vil tilflyte konsernet og inntekten kan måles
current assets and liabilities.
indirectly, to control the other party or exercise significant
influence over the party in making financial and operating
decisions. Parties are also related if they are subject
to common control or common significant influence.
2.8 Revenue recognition
Revenue is recognised to the extent that it is probable that
the economic benefits will flow to the Group and the revenue
can be reliably measured, regardless of when the payment
is being made. Revenue is measured at the fair value of the
consideration received or receivable.
avhendelse av utenlandsk virksomhet, blir den komponenten
av andre inntekter og kostnader relatert til den aktuelle
utenlandske virksomheten innregnet i resultatregnskape.
2.5 Segmenter
Segmentene identifiseres basert på organiseringen og
rapporteringsstrukturen som brukes av ledelsen.
Driftssegmenter er deler av virksomheten som vurderes
regelmessig av den øverste beslutningstaker i den hensikt å
vurdere utviklingen og allokere ressurser. Konsernets øverste
beslutningstaker er administrerende direktør.
Driftssegmenter med lignende produkter og tjenester,
tilsvarende produksjonsprosesser, lignende type kunder og
som har like økonomiske kjennetegn, er samlet i segmenter.
income. On disposal of a foreign operation, the component
of other comprehensive income relating to that particular
foreign operation is recognised in profit or loss.
2.5 Segments
Segments are identified based on the organization and
reporting structure used by management.
Operating segments are components of a business that are
evaluated regularly by the chief operating decision maker for
the purpose of assessing performance and allocating resources.
The Groups chief operating decision maker is the CEO.
Operating segments with similar product and services,
similar production processes, similar type of customers and
that have similar economic characteristics, are aggregated
løpende avregningsmetode). Utfallet av en anleggskontrakt
reference to the stage of completion of the contract activity
at year end (the percentage of completion method). The
outcome of a construction contract can be estimated reliably
when: (i) the total contract revenue can be measured reliably;
knyttet til segmentet "Annet" i Note 4 Segment informasjon.
Konsernet deler kundene inn i geografiske segmenter basert
på kundenes nasjonaliteter. Segmentene er Norge og Andre.
to the segment "Other" in Note 4 Segment information.
The group divides the customers into geographical segments
on the basis of the customers' nationalities. The segments are
reliably; and (iv) the contract costs attributable to the contract
can be clearly identified and measured reliably so that actual
contract costs incurred can be compared with prior estimates.
When the outcome of a construction cannot be estimated
reliably (principally during early stages of a contract), contract
revenue is recognized only to the extent of costs incurred that
are expected to be recoverable.
Konsernet presenterer eiendeler og gjeld i balansen basert
på kortsiktig / langsiktig klassifisering. Eiendeler anses som
kortsiktig når de:
- Forventes å bli realisert, eller er ment å selges eller
forbrukes i normal driftssyklus
- Er holdt primært for handelsformål
- Forventet å bli realisert innen tolv måneder etter
rapporteringsperioden, eller
- Kontanter eller kontantekvivalenter, med mindre midlene
The Group presents assets and liabilities in statement of
financial position based on current/non-current classification.
An asset as current when it is:
- Expected to be realised or intended to sold or consumed in
normal operating cycle
- Held primarily for the purpose of trading
- Expected to be realised within twelve months after the
reporting period, or
- Cash or cash equivalent unless restricted from being
grad påløpte kostnader forventes inndekket.
stadier av en kontrakt), føres kontraktsinntekten bare i den
ikke kan estimeres på en pålitelig måte (hovedsakelig i tidlige
tidligere estimater. Dersom utfallet av en anleggskontrakt
faktiske påløpte kontraktskostnader kan sammenlignes med
til kontrakten klart kan identifiseres og måles pålitelig, slik at
måles pålitelig; og ( iv ) kontraktskostnader som kan henføres
kostnadene for å fullføre kontrakten og fullføringsgraden kan
the contract and the stage of completion can be measured
2.6 Klassifisering av finansiell stilling
fordelene knyttet til kontrakten vil tilfalle foretaket; ( iii )
the contract will flow to the entity; (iii) the costs to complete
kan måles pålitelig; ( ii ) det er sannsynlig at de økonomiske
kan estimeres pålitelig når: ( i) den totale kontraktsinntekter
knyttet til byggekontrakten innregnes med henvisning til det
(ii) it is probable that the economic benefits associated with
2.6 Financial position classification
Norway and Other.
stadiet av ferdigstillelse av kontraktsaktivitet ved årsskiftet (
associated with the construction contract is recognized by
Kostnader som ikke direkte kan allokeres til segmentene er
Costs not directly attributable to the segments are attributed
med fastpriskontrakter
dersom utfallet av en slik kontrakt kan måles pålitelig; inntekter
Konsernet opererer hovedsakelig
outcome of such a contract can be reliably measured; revenue
Alle fire segmenter har verdensomspennende aktiviteter.
Anleggskontrakter
måles til virkelig verdi av vederlaget.
pålitelig, uavhengig av når betalingen er gjort. Inntekter
2.8 Inntektsføring
Transaksjoner med nærstående parter er beskrevet i note 27.
innflytelse over foretakets finansielle og driftsmessige
Refrigeration. All four segments have worldwide activities.
Transactions with related parties are disclosed in note 27.
Partene er nærstående hvis en part har mulighet til, direkte
Parties are related if one party has the ability, directly or
eller indirekte, å kontrollere den annen part eller har betydelig
2.7 Nærstående parter
2.7 Related parties
og gjeld.
Utsatt skattefordel og gjeld er klassifisert som anleggsmidler
Konsernet klassifiserer alle andre forpliktelser som langsiktige.
The Group principally operates fixed price contracts if the
for
Construction contracts
omregning
Solutions, Power & Systems og Fish Handling & Refrigeration.
ved
Konsernet har fire segmenter; Ship Technology, Design &
oppstår
Design & Solutions, Power & Systems and Fish Handling and
som
rapporteringsperioden
The group has four reportable segments; Ship Technology,
into reportable segments.
beslutninger. Partene er også nærstående dersom de er
Deferred tax assets and liabilities are classified as non-
konsolidering innregnes i andre inntekter og kostnader. Ved
The Group classifies all other liabilities as non-current.
Valutadifferanser
transaksjonstidspunktet.
for consolidation are recognised in other comprehensive
på
transactions. The exchange differences arising on translation
kursen
omregnes
are translated at exchange rates prevailing at the dates of the
til
period
kursen gjeldende på balansedagen, og resultatregnskapet
prevailing at the reporting date and their income statements
av forpliktelsen i minst tolv måneder etter
the liability for at least twelve months after the reporting
utenlandske virksomheter omregnet til norske kroner med
operations are translated into NOK at the rate of exchange
- Det er ingen ubetinget rett til å utsette oppgjøret
- There is no unconditional right to defer the settlement of
Ved konsolideringen blir eiendeler og forpliktelser for
On consolidation, the assets and liabilities of foreign
rapporteringsperioden, eller
- It is expected to be settled in normal operating cycle
pengeposter som måles til historisk kurs uttrykt i utenlandsk
rate at the balance sheet date. Non-monetary items that are
- Den har forfall innen tolv måneder etter
A liability is current when:
valuta ved å benytte valutakursen på balansedagen . Ikke-
are translated to functional currency using the exchange
56
forpliktelse i minst tolv måneder etter rapporteringsperioden
reporting period, or
All other assets are classified as non-current.
Pengeposter i utenlandsk valuta omregnes til funksjonell
time of the transaction. Monetary items in foreign currency
er begrenset fra å bli utvekslet eller brukt til å avgjøre en
- It is due to be settled within twelve months after the
months after the reporting period
valuta basert på dagskurs på transaksjonstidspunktet.
initial transactions.
exchanged or used to settle a liability for at least twelve
Transaksjoner i utenlandsk valuta omregnes til funksjonell
ANNUAL REPORT 2013
Group entities' functional currency at the exchange rate at the
55
Transactions in foreign currency are initially recorded by the
ANNUAL REPORT 2013
Inntekter
resultatregnskapet i samsvar med graden av gjennomføring
Services
Income from supply of services is reported in the profit and
loss account in accordance with the degree of completion
2.9 Taxes
Tax expense for the period comprises current and deferred
tax. Tax is recognised in the income statement, except to the
extent that it relates to items recognised directly in equity. In
this case, the tax is also recognised in equity, respectively.
opprinnelige inntektsbeløpet som er avtalt i kontrakten,
eventuelle endringsordrer i arbeidskontrakten, krav og
insentiv utbetalinger i den grad at det er sannsynlig at de vil
føre til inntekter, og de kan måles pålitelig.
Kontraktskostnader
kostnader som er direkte knyttet til det enkelte prosjekt og
kostnader som kan henføres til kontraktens aktivitet generelt
og kan allokeres til kontrakten. Kostnader som er direkte
knyttet til en spesifikk kontrakt omfatter: lønnskostnader
(inkludert konstruksjonstilsyn ); kostnadene for materialer
brukt i konstruksjonen; avskrivninger på utstyr som brukes
på kontrakten; kostnadene ved design, og teknisk assistanse
initial amount of revenue agreed in the contract and any
variations in contract work, claims and incentive payments
to the extent that it is probable that they will result in revenue,
and they can be reliably measured.
Contract costs — Contract costs include costs that relate
directly to the specific contract and costs that are attributable
to contract activity in general and can be allocated to the
contract. Costs that relate directly to a specific contract
comprise: site labour costs (including site supervision); costs
of materials used in construction; depreciation of equipment
used on the contract; costs of design, and technical assistance
that is directly related to the contract.
Kontraktskostnader
levering
av
tjenester
er
rapportert
i
eiendeler og gjeld, og balanseverdier i konsernregnskapet.
returns with respect to situations in which applicable tax
regulation is subject to interpretation. It establishes provisions
where appropriate on the basis of amounts expected to be
paid to the tax authorities.
Deferred income tax is recognised, using the liability
method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts
in the consolidated financial statements. However, the
deferred income tax is not accounted for if it arises from
initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit nor
loss. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the
related deferred income tax asset is realised or the deferred
av en enkelt eiendel eller en gruppe av eiendeler som er
nært forbundet med hverandre eller gjensidig avhengig av
hverandre i form av deres design, teknologi og funksjon.
I visse tilfeller brukes løpende avregning til å skille ut
uavhengige komponenter i en enkelt kontrakt eller til en
gruppe av kontrakter sammen for å gjenspeile innholdet i en
kontrakt eller en gruppe av kontrakter.
Eiendeler som omfattes av en enkelt kontrakt behandles
separat når:
- De separate tilbudene har blitt sendt for hver enkelt eiendel
- Hver eiendelen har vært gjenstand for separate
forhandlinger, og leverandøren og kunden har vært i stand
til ågodta eller avvise den delen av kontrakten vedrørende
hver enkelt eiendel
- Kostnader og inntekter på hver enkelt eiendel kan
identifiseres
construction of a single asset or a group of assets which
are closely interrelated or interdependent in terms of their
design, technology and function. In certain circumstances,
the percentage of completion method is applied to the
separately identifiable components of a single contract or to
a group of contracts together in order to reflect the substance
of a contract or a group of contracts.
Assets covered by a single contract are treated separately
when:
- The separate proposals have been submitted for each asset
- Each asset has been subject to separate negotiation and
the contractor and customer have been able to accept or
reject that part of the contract relating to each asset
Deferred income tax assets are recognised only to the extent
that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Deferred income tax is provided on temporary differences
arising on investments in subsidiaries and associates, except
where the timing of the reversal of the temporary difference is
Salg av varer
Inntekter fra salg av varer resultatføres når det vesentligste av
risiko og avkastning knyttet til eierskap av varene har gått over
på kjøperen, vanligvis ved tidspunkt for levering av varene.
Fartøy som ikke har en kjøper ved starten av byggingen og
bygges med forventning om å identifisere en kunde i løpet
av byggefasen, er balanseført til varer i arbeid. Når skipet er
Sale of goods
Revenue from the sale of goods is recognised when the
significant risks and rewards of ownership of the goods have
passed to the buyer, usually on delivery of the goods.
Vessels which do not have a contractual buyer at the start
of construction and are being built with the expectation
of identifying a customer during the construction phase
income tax liability is settled.
midlertidige forskjeller mellom skattemessige verdier på
Management periodically evaluates positions taken in tax
Konsernets kontrakter er typisk forhandlet for tilvirkning
The Group’s contracts are typically negotiated for the
- The costs and revenues of each asset can be identified
eller tilknyttede selskap opererer og genererer skattepliktig
and associates operate and generate taxable income.
skatt
regnskapsføres
etter
gjeldsmetoden
for
på
midlertidige forskjeller fra
bortsett fra når tidspunktet for reversering av de midlertidige
investeringer i datterselskaper og tilknyttede selskaper,
Utsatt skatt beregnes
forskjellene kan utnyttes.
at fremtidig skattbar inntekt vil foreligge, og at de midlertidige
Utsatt skattefordel balanseføres i den grad det er sannsynlig
den utsatte skatten gjøres opp.
benyttes når den utsatte skattefordelen realiseres eller når
vesentlige er vedtatt på balansedagen, og som antas å skulle
av skattesatser (og skatteregler) som er vedtatt eller i det
eller skattemessig resultat. Utsatt skatt fastsettes ved bruk
transaksjonstidspunktet hverken påvirker regnskapsmessig
enn en virksomhetssammenslutning transaksjon som på
balanseføring av en gjeld- eller eiendelspost i en annet
Utsatt skatt innregnes ikke hvis den oppstår ved første gangs
Utsatt
betalt til skattemyndighetene.
hensiktsmessig på grunnlag av beløp som forventes å bli
for fortolkning. Konsernet etablerer avsetninger der dette er
hensyn til situasjoner der gjeldende skattelover er gjenstand
inntekt. Ledelsen vurderer skatteposisjonene i konsernet med
balansedagen i de land der konsernets datterselskaper
sheet date in the countries where the company’s subsidiaries
i resultatregnskapet.
sales in the income statement.
lover som er vedtatt, eller i all hovedsak er vedtatt på
Skattekostnaden beregnes på grunnlag av de skattemessige
I dette tilfellet, blir skatten også ført mot egenkapitalen.
relaterer seg til poster som er ført direkte mot egenkapitalen.
skatt. Skatt blir resultatført, bortsett fra i den grad at den
Skattekostnaden for en periode består av betalbar og utsatt
2.9 Skatt
beregnes på grunnlag av utført arbeid.
av transaksjonen på balansedagen. Fullføringsgraden
fra
the tax laws enacted or substantively enacted at the balance
The current income tax charge is calculated on the basis of
completion is calculated on the basis of work completed.
of the transaction on the balance sheet date. The degree of
Tjenester
verdien.
Byggelånsrenter er presentert som en del av varekostnadene
inkluderer
included in work-in-process.
konsernet estimert salgspris og nedskriver
under den beregnede kostnaden av fartøyet, fastsetter
Interest on construction loans are presented as part of cost of
som er direkte knyttet til kontrakten.
-
fordringer for uspesifiserte kunder er inkludert i varer i arbeid.
under construction receivables for unspecified customers is
charge as appropriate. The accumulated costs for vessels-
Kontraktsinntekter
Contract revenue — Contract revenue corresponds to the
den
the estimated sales price and records an impairment
definert nedenfor) som er påløpt og som gjenstår.
below) incurred to date and the estimated costs to complete.
tilsvarer
below the estimated cost of the vessel, the Group determines
på hvor stor andel av de totale kontraktskostnadene (som
based on the proportion of total contract costs (as defined
Kontraktsinntekter
If conditions indicate that the ultimate sales price will be
multiplisert med den faktiske gjennomføringsgraden basert
defined below) multiplied by the actual completion rate
-
Akkumulerte kostnader for fartøy som er under bygging og
completed and sold both revenue and cost are recognized.
Hvis forholdene tilsier at den endelige salgsprisen vil være
are capitalized into work-in-process. When the vessel is
den totale kontraktsinntekten (som definert nedenfor)
ferdig og solgt blir både inntekter og kostnader resultatført.
58
Ved anvendelse av løpende avregning, tilsvarer inntektsføring
ANNUAL REPORT 2013
recognized corresponds to the total contract revenue (as
57
In applying the percentage of completion method, revenue
ANNUAL REPORT 2013
Nedskrivningen kan reverseres oppad til et beløp tilsvarende
nedskrivningen dersom balanseført verdi er lavere enn
corresponding to the write-down, if the book value is lower
than the fair value.
fremtid.
et minimum på slutten av hver rapporteringsperiode.
Avskrivninger på immaterielle eiendeler med begrenset levetid
are not capitalised and expenditure is reflected in profit and
loss in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either
finite or indefinite.
economic life and assessed for impairment whenever there
is an indication that the intangible asset may be impaired.
The amortisation period and the amortisation method for
an intangible asset with a finite useful life are reviewed at
least at the end of each reporting period. The amortisation
expense on intangible assets with finite lives is recognised
anskaffelseskost, fratrukket akkumulerte avskrivninger og
eventuelle akkumulerte nedskrivninger. Konsernet måler én
eiendom på tidspunktet for overgang til IFRS til virkelig verdi
og bruker den virkelig verdien som estimert anskaffelseskost
på den aktuelle datoen. Kostnadene inkluderer utgifter
som er direkte knyttet til anskaffelsen av enhet av eiendom,
anlegg og utstyr.
Avskrivning beregnes lineært over estimert utnyttbar levetid
for eiendeler som følger:
- Tomter og bygninger 10-40 år
- Maskiner 3-10 år
- Driftsutstyr 3-10 år
at cost, net of accumulated depreciation and accumulated
impairment losses, if any. The Group measure one item of
property, plant and equipment at the date of transition to
IFRSs at its fair value and use that fair value as its deemed
cost at that date. Cost includes expenditures that are directly
attributable to the acquisition of the item of property, plant
Depreciation is calculated on a straight-line basis over the
estimated useful lives of the assets as follows:
10-40 years
3-10 years
3-10 years
and equipment.
- Land and buildings
- Machinery
- Operating equipment
life from indefinite to finite is made on a prospective basis.
Research and development costs
Research costs are expensed as incurred. Development
expenditures on an individual project are recognised as an
intangible asset when the Group can demonstrate:
- The technical feasibility of completing the intangible asset
so that it will be available for use or sale
som er innregnet, fraregnes ved salg eller når det forventes
ingen fremtidige økonomiske fordeler fra bruk eller avhending.
Eventuelle gevinster eller tap ved fraregning (beregnet som
forskjellen mellom netto salgssum og balanseført verdi av
eiendelen) inkluderes i resultatregnskapet når eiendelen
er fraregnet. Restverdier, levetid og avskrivningsmetoder
av eiendom og utstyr gjennomgås ved utgangen av hvert
regnskapsår og justeres når det er aktuelt.
initially recognised is derecognised upon disposal or when
no future economic benefits are expected from its use or
disposal. Any gain or loss arising on derecognition of the
asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included
in the income statement when the asset is derecognised. The
residual values, useful lives and methods of depreciation of
property and equipment are reviewed at each financial year
avskrivningsmetoden
for
en
men testes for verdifall årlig, enten individuelt eller for den
Immaterielle eiendeler med ubegrenset levetid avskrives ikke,
samsvar med funksjonen til de immaterielle eiendelene.
blir innregnet i resultatregnskapet i kostnadsgruppen som er i
når
de
påløper.
Utgifter
til
fordeler
- Tilgjengeligheten av ressurser for å ferdigstille eiendelen
-The ability to measure reliably the expenditure during
development
redusert er gjort innen utgangen av hver rapporteringsperiode.
Hvis slike indikasjoner foreligger, blir gjenvinnbart beløp av
driftsmidlene estimert. Hvis balanseført verdi er høyere enn
estimert gjenvinnbart beløp, blir det foretatt nedskrivning til
made by the end of each reporting period. If indications exist,
recoverable amount of the asset is estimated. If carrying
value exceeds the estimated recoverable amount, the asset
is written down to its recoverable amount. Recoverable
- Muligheten til å måle kostnaden under utvikling pålitelig
- Hvordan eiendelen vil generere fremtidige økonomiske
-The availability of resources to complete the asset
Vurdering av indikasjoner på at eiendelenes verdi kan være
Assessment of indications that assets may be impaired is
eiendelen
- How the asset will generate future economic benefits
2.11 Nedskrivning av eiendom, anlegg og utstyr
- Dens hensikt å fullføre, og dens evne til å bruke eller selge
bruk eller salg
immaterielle eiendelen slik at den vil være tilgjengelig for
- Den tekniske gjennomførbarheten av å fullføre den
immateriell eiendel når konsernet kan påvise:
utviklingsaktiviteter for enkelte prosjekter anses som en
Forskningkostnadsføres
Forsknings-og utviklingskostnader
gyldig, endres levetid fra ubegrenset til begrenset.
fremdeles er gyldig. Hvis ubegrenset levetid ikke lenger er
2.11 Impairment of property, plant and equipment
- Its intention to complete and its ability to use or sell the asset
life continues to be supportable. If not, the change in useful
En gruppe av eiendom og utstyr og andre vesentlige parter
An item of property and equipment and any significant part
end and adjusted prospectively, if appropriate.
og
immateriell eiendel med begrenset levetid vurderes som
Avskrivningsperioden
foreligger indikasjoner på at verdifall har funnet sted.
over økonomisk levetid og vurderes for verdifall når det
Immaterielle eiendeler med begrenset levetid avskrives
enten begrenset eller ubegrenset.
Forventet levetid for immaterielle eiendeler er vurdert som
utgiftene pådras.
utgiftene er reflektert i resultatregnskapet i den perioden
levetid vurderes årlig for å avgjøre om ubegrenset levetid
resultatet når de påløper.
maintenance costs are recognized in profit and loss as
av
Internt
unntak
kontantgenererende enheten. Vurderingen av ubegrenset
but are tested for impairment annually, either individually or
Alle andre reparasjons-og vedlikeholdskostnader føres over
and depreciates them accordingly. All other repair and
med
nedskrivninger.
eiendeler,
akkumulerte
life is reviewed annually to determine whether the indefinite
Intangible assets with indefinite useful lives are not amortised,
eiendeler med bestemt levetid og avskriver dem deretter.
such parts as individual assets with specific useful lives
og
immaterielle
balanseførte utviklingskostnader, balanseføres ikke, og
genererte
avskrivninger
eiendeler ervervet i en virksomhetssammenslutning er virkelig
at the cash-generating unit level. The assessment of indefinite
consistent with the function of the intangible assets.
jevne intervaller, anser konsernet slike deler som individuelle
required to be replaced at intervals, the Group recognises
incurred.
in the income statement as the expense category that is
Når vesentlige deler av eiendom og utstyr må erstattes ved
When significant parts of property and equipment are
Intangible assets with finite lives are amortised over the useful
intangible assets, excluding capitalised development costs,
til
Varige
Property, plant and equipment is stated in the balance sheet
balansen
and accumulated impairment losses. Internally generated
2.10 Eiendom, anlegg og utstyr
2.10 Property, plant and equipment
i
are carried at cost less any accumulated amortisation
regnskapsføres
føres immaterielle eiendeler til kost fratrukket akkumulerte
acquisition. Following initial recognition, intangible assets
utestående balanse.
driftsmidler
verdi på oppkjøpstidspunktet. Etter førstegangsinnregning
in a business combination is their fair value at the date of
skattepliktige enheter hvor det er en intensjon å nettoføre
the balances on a net basis.
ved
different taxable entities where there is an intention to settle
eiendeler
førstegangsinnregning til kostpris. Kostnaden ved immaterielle
Immaterielle
måles
skattemyndighet på enten skattepliktige enhet eller annen
the same taxation authority on either the taxable entity or
separat
recognition at cost. The cost of intangible assets acquired
forpliktelser knyttet til inntektsskatt som ilegges av samme
taxes assets and liabilities relate to income taxes levied by
ervervet
Intangible assets acquired separately are measured on initial
balansen og dersom den utsatte skatten på eiendeler og
against current tax liabilities and when the deferred income
2.12 Immaterielle eiendeler
2.12 Intangible assets
rett til å motregne utsatt skattefordel mot utsatt skatt i
there is a legally enforceable right to offset current tax assets
virkelig verdi.
Utsatt skatt nettoføres når det foreligger en juridisk
Deferred income tax assets and liabilities are offset when
virkelig verdi med fradrag for salgskostnader og bruksverdi.
in use. The write-down may be reversed by up to an amount
gjenvinnbart beløp. Gjenvinnbart beløp er det høyeste av
amount is the higher of fair value less costs to sell and value
den midlertidige forskjellen ikke vil reverseres i overskuelig
60
forskjellene er kontrollert av gruppen, og det er sannsynlig at
ANNUAL REPORT 2013
difference will not reverse in the foreseeable future.
59
controlled by the group and it is probable that the temporary
ANNUAL REPORT 2013
fratrukket estimerte utgifter til ferdigstillelse og estimerte
salgskostnader. Anskaffelseskost tilordnes ved bruk av
kontantstrøm består kontanter og kontantekvivalenter av
kontanter og kortsiktige innskudd, som definert ovenfor,
egenkapitalen. Ingen gevinst eller tap innregnes i resultatet
ved kjøp, salg, utstedelse eller kansellering av konsernets
egne egenkapitalinstrumenter. Enhver forskjell mellom
sale are capitalised as part of the cost of the respective assets.
Interest on construction loans are presented as part of cost
of sales in the income statement. All other borrowing costs
are expensed in the period in which they occur. Borrowing
costs consist of interest and other costs that an entity incurs in
connection with the borrowing of funds.
2.16 Inventories
Inventories of purchased goods are valued at the lower of
acquisition cost and net realisable value. Net realisable value
is the estimated sales price in the ordinary course of business,
less estimated costs of completion and estimated costs to
sell. The acquisition cost is assigned using the FIFO method
and includes expenses incurred on acquisition of the goods
and the cost of bringing the goods or their present state and
location. Finished goods and work in progress are valued at
full cost.
2.17 Cash and short-term deposits
Cash and short-term deposits in the statement of financial
position comprise cash at banks and on hand and shortterm deposits with a maturity of three months or less. For the
purpose of the consolidated statement cash flows, cash and
cash equivalents consist of cash and short-term deposits, as
2.18 Treasury shares
Own equity instruments that are reacquired (treasury shares)
are recognised at cost and deducted from equity. No gain
or loss is recognised in profit or loss on the purchase, sale,
issue or cancellation of the Group’s own equity instruments.
Any difference between the carrying amount and the
av eiendelen begynner når utviklingen er fullført, og
eiendelen er tilgjengelig for bruk. Eiendelen blir avskrevet
over perioden for forventet fremtidig nytte. Avskrivning
inkluderes i varekostnader. I løpet av perioden for utviklingen
er det foretatt årlig test for verdifall.
2.13 Goodwill
Merverdi ved kjøp av virksomhet som ikke kan allokeres til
identifiserbare eiendeler eller gjeldsposter på datoen for
oppkjøpet, er klassifisert som goodwill i balansen. Når det
gjelder investeringer i tilknyttede selskaper er goodwill
inkludert i kostprisen til investeringen.
Goodwill avskrives ikke, men en årlig vurdering er gjort
for å vurdere om verdien kan forsvares i forhold til
fremtidig inntjening. Hvis det foreligger noen eksterne
indikasjoner på verdifall, vil goodwill bli vurdert ved hver
regnskapsavslutning. Dersom det er indikasjoner på at
det er nødvendig å nedskrive goodwill, vil det også bli
vurdert hvorvidt diskontert kontantstrøm relatert til goodwill
overstiger verdien av goodwillen i regnskapet. Dersom den
diskonterte kontantstrømmen er lavere enn regnskapsført
verdi, vil goodwill bli nedskrevet til netto realisasjonsverdi.
2.14 Leieavtaler
Konsernet skiller mellom finansiell leasing og operasjonell
leasing basert på en vurdering av leiekontrakten på
tidspunktet for oppstart. En leiekontrakt er klassifisert som
finansiell leasing når betingelsene i hovedsak overfører all
risiko og avkastning knyttet til eierskap til leietakeren.
begins when development is complete and the asset is
available for use. It is amortised over the period of expected
future benefit. Amortisation is recorded in cost of sales.
During the period of development, the asset is tested for
impairment annually.
2.13 Goodwill
Excess value resulting from acquisition of an enterprise that
cannot be allocated to identifiable assets or liabilities on the
date of acquisition is classified as goodwill in the balance
sheet. As regards investments in associated companies,
goodwill is included in the cost price of the investments.
Goodwill is not amortised, but an annual assessment is made
to evaluate whether the value can be justified in relation to
future earnings. If there are any external indications of a fall in
value, goodwill will be assessed at each closing of accounts.
If there are indications that it is necessary to impairment
losses of goodwill, an assessment will be made whether the
discounted cash flow relating to goodwill exceeds the value
of the goodwill recognized in the accounts. If the discounted
cash flow is lower than the recognized value, goodwill will be
written down to the net realisable value.
2.14 Leases
The Group differentiates between financial leasing and
operational leasing based on an evaluation of the lease
contract at the time of inception. A lease contract is classified
as a financial lease when the terms of the lease transfer
substantially all the risk and reward of ownership to the
anskaffelseskost
og
netto
realisasjonsverdi.
Netto
fakturerte beløp som forventes å bli betalt av kundene for
arbeid utført på balansedagen. Verdien måles ved å ta
kostnader pluss et påslag på rapportert inntjening, fratrukket
Group and no dividends are allocated to them. Share options
exercised during the reporting period are satisfied with
treasury shares.
2.19 Construction contracts in progress
The book value of the construction contracts comprises notinvoiced amounts anticipated to be paid by customers for
work carried out on the balance sheet date. The value is
measured by taking the costs incurred plus a mark-up for
leieavtale hvor konsernet er leietaker, balanseføres rettigheter
og plikter knyttet til leasingkontrakter som eiendeler og gjeld.
Renteelementet i leiebetaling er inkludert i rentekostnader,
og kapitalbeløpet for leiebetaling føres som tilbakebetaling
av gjeld. Leieforpliktelser er den gjenværende delen av
hovedstolen. For operasjonelle leieavtaler er leiebeløpet ført
som ordinær driftskostnad.
Group is the lessee, the rights and obligations relating to
the leasing contracts are recognized in the balance sheet
as assets and liabilities. The interest element in the lease
payment is included in the interest costs and the capital
amount of the lease payment is recorded as repayment of
debt. The lease liability is the remaining part of the principal.
For operational leases, the rental amount is recorded as an
på operasjonell kapasitet. Anleggskontrakter under utførelse
presenteres som kortsiktig fordring i balansen. Dersom
to the construction contracts, and also the share of fixed
and variable joint costs in the construction business based
on operational capacity. Construction contracts in progress
utløpet av leieperioden avskrives eiendelen over det korteste
av estimert økonomisk levetid og leieavtalens løpetid.
Group will obtain ownership by the end of the lease term, the
asset is depreciated over the shorter of the estimated useful
life of the asset and the lease term.
reported loss. Incurred costs are costs directly attributable
ikke er rimelig sikkert at konsernet vil overta eierskapet ved
asset. However, if there is no reasonable certainty that the
andelen av faste og variable fellesutgifter i kontrakten basert
er kostnader direkte knyttet til anleggskontrakter, og også
reported earnings, less on-account invoiced amounts and
Leide iendeler avskrives over økonomisk levetid. Men hvis det
fakturerte beløp og rapporterte tap. Påløpte kostnader
Den bokførte verdien av anleggskontrakter omfatter ikke -
2.19 Anleggskontrakter under utførelse
utøvd i rapporteringsperioden er stilt med egne aksjer.
konsernet og det fordeles ikke utbytte til de. Aksjeopsjoner
Leased assets are depreciated over the useful life of the
ordinary operating cost.
Voting rights related to treasury shares are nullified for the
leieavtaler. Når en leiekontrakt er klassifisert som en finansiell
a lease contract is classified as a financial lease where the
i overkursen. Stemmerett knyttet til egne aksjer blir nullet for
consideration, if reissued, is recognised in share premium.
Alle andre leieavtaler klassifiseres som operasjonelle
balanseført verdi og vederlaget, hvis gjenutgitt, er anerkjent
aksjer) er regnskapsført til anskaffelseskost og redusert i
Egne egenkapitalinstrumenter som kjøpes tilbake (egne
2.18 Egne aksjer
fratrukket utestående kassakreditt.
løpetid på tre måneder eller mindre. Ved utarbeidelse av
kontanter, bank og kasse og kortsiktige innskudd med
Kontanter og kontantekvivalenter i balansen består av
2.17 Kontanter og kortsiktige plasseringer
arbeid er vurdert til selvkost.
nåværende tilstand og plassering. Ferdigvarer og varer i
av varene og kostnader for å bringe varene eller deres
FIFO metoden og inkluderer utgifter påløpt ved anskaffelse
realisasjonsverdi er estimert salgspris i ordinær virksomhet,
av
Lager av innkjøpte varer er verdsatt til det laveste
2.16 Varelager
kostnadsføres i den perioden de oppstår. Lånekostnader
for salg i resultatregnskapet. Alle andre lånekostnader
Byggelånsrenter er presentert som en del av kostnadene
balanseført som en del av prisen for de respektive eiendeler.
lang periode for å bli klar for påtenkt bruk eller salg, er
bygging eller produksjon av en eiendel som krever en
All other leases are classified as operational leases. When
lessee.
seg i forbindelse med låneopptaket.
substantial period of time to get ready for its intended use or
avskrivninger og akkumulerte nedskrivninger. Amortisering
accumulated impairment losses. Amortisation of the asset
defined above, net of outstanding bank overdrafts.
består av renter og andre kostnader som et foretak pådrar
construction or production of an asset that necessarily takes a
eiendelen blir innregnet til kost fratrukket akkumulerte
be carried at cost less any accumulated amortisation and
Lånekostnader som er direkte henførbare til anskaffelse,
Borrowing costs directly attributable to the acquisition,
2.15 Lånekostnader
2.15 Borrowing costs
en eiendel, anvendes kostnadsmodellen som krever at
62
Etter førstegangsinnregning av utviklingskostnaden som
ANNUAL REPORT 2013
as an asset, the cost model is applied requiring the asset to
61
Following initial recognition of the development expenditure
ANNUAL REPORT 2013
for verdifall. Avsetning til tap er gjort når det foreligger
value less any impairment. Provision for impairment is made
finnes objektive indikasjoner på at en finansiell eiendel eller
fremtidige kontantstrømmer på en finansiell eiendel eller
gruppe av finansielle eiendeler som kan estimeres pålitelig.
Bevis for verdifall kan inneholde indikasjoner på at debitorer
The Group assesses, at each reporting date, whether there
is objective evidence that a financial asset or a group of
financial assets is impaired. A financial asset or a group of
financial assets is deemed to be impaired if there is objective
evidence of impairment as a result of one or more events
that has occurred since the initial recognition of the asset (an
incurred loss event) and that loss event has an impact on the
estimated future cash flows of the financial asset or the group
of financial assets that can be reliably estimated. Evidence
of impairment may include indications that the debtors or a
group of debtors is experiencing significant financial difficulty,
de forventede gjenværende inntekter i kontrakten.
2.20 Kundefordringer
Kundefordringer balanseføres til pålydende med fradrag for
verdifall. Nedskrivninger er basert på en individuell vurdering
av hver debitor. Ved bekreftelse på at kundefordringer ikke
kan inndrives, blir brutto balanseført verdi av eiendelen
avskrevet mot tilhørende avsetning. I tillegg foretas det en
uspesifisert avsetning for å dekke antatte tap.
2.20 Trade debtors
Trade debtors are initially recognised at nominal value less
provision for impairment. Impairment provisions are based
on an individual assessment of each trade debtor. On
confirmation that the trade receivable will not be collectable,
the gross carrying value of the asset is written off against the
associated provision. In addition, an unspecified provision to
i de estimerte fremtidige kontantstrømmer, for eksempel
Finansielle forpliktelser representerer en kontraktsmessig
forpliktelse til å levere kontanter i fremtiden. Finansielle
reorganisation and observable data indicating that there is a
measurable decrease in the estimated future cash flows, such
as changes in arrears or economic conditions that correlate
2.22 Financial liabilities
Financial liabilities represent a contractual obligation
to deliver cash in the future. Financial liabilities, with the
Klassifiseringen bestemmes ved anskaffelse, og avhenger av
hensikten med eiendelen.
Alle finansielle eiendeler regnskapsføres ved første gangs
innregning til virkelig verdi pluss transaksjonskostnader,
dersom eiendelene ikke vurderes til virkelig verdi over
resultatet.
The classification is determined upon initial recognition and
depends on the purpose of the asset.
All financial assets are recognised initially at fair value plus
transaction cost, in the case of assets not at fair value through
profit and loss.
from the primary responsibility for the liability.
Konsernet har investeringer i aksjer som er klassifisert som
tilgjengelig for salg investeringer.
Etter førstegangsinnregning,
The group have investments in equity securities that are
classified as available for sale investments.
After
som er en integrert del av EIR. EIR amortisering inngår som
finanskostnader i resultatregnskapet.
loss when the liabilities are derecognised as well as through the EIR
amortisation process. Amortised cost is calculated by taking into
account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included
as finance costs in the income statement.
investeringen er fraregnet, og da blir akkumulert gevinst eller
tap innregnet i resultatet. Dersom investeringen besluttes
nedskrevet, blir det akkumulert tap omklassifisert til resultatet
og fjernet fra tilgjengelig-for-salg reserven.
income in the available-for-sale reserve until the investment
is derecognised, at which time, the cumulative gain or loss is
recognised in profit and loss. If the investment is determined to
be impaired, the cumulative loss is reclassified to the income
2.23 Derivative instruments
Havyard Group enters into derivative contracts mainly to
hedge its exposure to foreign currency.
Holdt til forfall
Konsernet har for tiden ingen instrumenter som er klassifisert
som holdt til forfall.
Held to maturity investments
The Group currently holds no instruments that are classified
as held to maturity investments.
statement and removed from the available-for-sale reserve.
sikre sin eksponering mot utenlandsk valuta.
Havyard Group inngår derivatkontrakter hovedsakelig til å
2.23 Derivater
rabatt eller premie på oppkjøp og avgifter eller kostnader
Amortisert kost blir beregnet ved å ta hensyn til eventuell
gjeld fraregnes samt gjennom EIR amortiseringsprosessen.
Gevinster og tap er innregnet i resultatregnskapet når
målt til amortisert kost ved bruk av effektiv rente metoden.
interest rate method. Gains and losses are recognised in profit and
og tap til utvidet resultat i tilgjengelig-for-salg reserven inntil
unrealized gains or losses recognised as other comprehensive
for
are subsequently measured at amortised cost using the effective
available
finansielle investeringer til virkelig verdi med urealisert gevinst
recognition,
investments are subsequently measured at fair value with
initial
After initial recognition, interest bearing loans and borrowings
Etter første gangs innregning blir rentebærende lån senere
Lån og kreditter
forpliktelsen juridisk opphører.
oppfylt gjennom betaling eller når det primære ansvaret for
tilgjengelig-for-salg
Loans and borrowings
through payment or when Havyard Group is legally released
Finansielle eiendeler tilgjengelig for salg
Available for sale financial assets
måles
liabilities are derecognized when the obligation is discharged
financial
kost. Finansielle forpliktelser fraregnes når forpliktelsen er
and are subsequently measured at amortized cost. Financial
til virkelig verdi over resultatet.
at fair value through profit and loss.
sale
knyttet til transaksjonen og måles deretter til amortisert
net of transaction costs directly attributable to the transaction
Konsernet har for tiden ingen instrumenter som er klassifisert
The Group currently holds no instruments that are classified
virkelig verdi med fradrag for transaksjonskostnader direkte
exception of derivatives, are initially recognized at fair value
Virkelig verdi over resultatet
forpliktelser, med unntak av derivater, regnskapsføres til
2.22 Finansielle forpliktelser
økonomiske forhold som korrelerer med mislighold.
at de vil gå konkurs eller andre finansielle reorganiseringer og
Fair value through profit and loss
with defaults.
observerbare data som indikerer at det er en målbar nedgang
probability that they will enter bankruptcy or other financial
Finansielle eiendeler er klassifisert i samsvar med IAS 39.
Financial assets are classified in accordance with IAS 39.
manglende betaling av renter eller avdrag, sannsynligheten for
default or delinquency in interest or principal payments, the
2.21 Finansielle eiendeler
eller en gruppe debitorer har betydelige finansielle problemer,
og denne tapshendelsen har en innvirkning på de estimerte
førstegangsinnregning av eiendelen (en pådratt tapshendelse),
som et resultat av en eller flere hendelser som har inntruffet etter
redusert i verdi dersom det foreligger objektive bevis på verdifall
eiendel eller en gruppe av finansielle eiendeler anses å være
en gruppe av finansielle eiendeler har falt i verdi. En finansiell
Nedskrivning av finansielle eiendeler
2.21 Financial assets
cover expected losses is made.
Konsernet vurderer ved hvert rapporteringstidspunkt om det
Impairment of financial assets
være en tapskontrakt når de estimerte kostnadene overstiger
revenues in the contract.
kontantstrøm.
when the estimated costs exceed the expected remaining
tap
resultatført umiddelbart. En byggekontrakt er forventet å
forventet
A construction contract is expected to be an onerous contract
bli
the estimated future cash-flow.
kontraktsinntekter
overstige
contract revenue the expected loss is recognised immediately.
totale
when there is objective evidence of impairment that affects
Når det er sannsynlig at totale kontraktskostnader vil
When it is probable that total contract costs will exceed total
objektive bevis for verdifall som påvirker estimert fremtidig
Kundefordringer regnskapsføres til pålydende etter fradrag
an active market. Trade receivables are recognised at face
income.
med fastsatte betalinger som ikke omsettes i et aktivt marked.
Lån og fordringer er ikke - derivative finansielle eiendeler
Utlån og fordringer
with fixed or determinable payments that are not quoted in
Loans and receivables are non-derivative financial assets
differansen presenteres i balansen som utsatt inntekt.
64
the difference is presented in the balance sheet as deferred
Loans and receivables
betaling fra kunder overstiger regnskapsført inntekt, blir
ANNUAL REPORT 2013
If payment from customers exceeds the reported income,
63
are presented as current receivables in the balance sheet.
ANNUAL REPORT 2013
estimates and assumptions. These estimates are based
on the actual underlying business, its present and forecast
profitability over time, and expectations about external
factors . Uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment
The following judgements, estimates and assumptions have
the most significant risk of resulting in a material adjustment
in the next financial statements:
Judgements
3.1 Revenue recognition
For construction contracts, revenue is recognised by using the
percentage-of-completion method. This method is made by
reference to the stage of completion of projects, determined
based on the proportion of contract costs incurred to data
and the estimated costs to complete.
2.24 Avsetninger
Avsetninger regnskapsføres når det foreligger en forpliktelse
(rettslig eller selvpålagt) som en følge av en tidligere
hendelse, hvor det er sannsynlig at konsernet må innfri
forpliktelsen, og et pålitelig estimat kan beregnes. Kostnaden
knyttet til en avsetningen presenteres i resultatregnskapet
netto etter eventuell refusjon.
Avsetninger er som regel knyttet til garantier.
Avsetninger for garantirelaterte kostnader resultatføres
når produktet selges eller tjenesten leveres til kunden.
Førstegangsinnregning er basert på historisk erfaring.
Estimatet for garantirelaterte kostnader revideres årlig.
2.26 Kontantstrømoppstilling
Kontantstrømanalysen er basert på den indirekte metode.
Bundne bankinnskudd føres som kontantekvivalenter i
kontantstrømoppstillingen og i balansen, med detaljer omtalt
i note 22. Kontanter omfatter kontanter og bankinnskudd.
Kontantekvivalenter er kortsiktige, likvide plasseringer som
umiddelbart kan konverteres til kjente kontantbeløp, og som
er gjenstand for en ubetydelig risiko for verdiendringer.
2.24 Provisions
Provisions are recognised when there is a present obligation
(legal or constructive) as a result of a past event, it is probable
that the Group will be required to settle the obligation, and a
reliable estimate can be made of the amount. The expense
relating to a provision is presented in the income statement
net of any reimbursement.
Provisions usually relates to warranties.
Provisions for warranty-related costs are recognised when
the product is sold or service provided to the customer. Initial
recognition is based on historical experience. The initial
estimate of warranty-related costs is revised annually.
2.26 Cash flow statements
The cash flow statements are based on the indirect method.
Restricted bank deposits are recorded as cash equivalents
for the purpose of the cash flow statement and in the balance
sheet, with details disclosed in Note 22. Cash comprises cash
on hand and demand deposits. Cash equivalents are short-
term, highly liquid investments that are readily convertible
to known amounts of cash and which are subject to an
associated comapnies and available for sale investments are
made based on an assessment of the degree of influence,
based on ownership, composition of other shareholders
and shareholder agreements. The classification has a
significant influence on the way the investment in the Group
3.3 Construction contracts
Havyard Group uses the percentage of completion method
for accounting for construction contracts. The
use of the percentage of completion method requires the
Group to estimate the stage of completion
of contract activity at each statement of financial position
regnskapsføres systematisk i løpet av tilskuddsperioden.
Tilskudd er trukket fra kostnadene som tilskuddet er ment å
dekke. Investeringstilskudd balanseføres og innregnes på en
systematisk måte over eiendelens levetid. Investeringstilskudd
innregnes enten som utsatt inntekt, eller som et fradrag av
gjenvinnbart beløp.
2.28 Standarder og fortolkninger utgitt , men ikke trådt i
kraft.
Regnskapet er utarbeidet basert på standarder med virkning
for året som ble avsluttet 31. desember 2013. I tillegg har
konsernet har tatt i bruk tidliganvendelse av
standarder:
- IFRS 10 Konsernregnskap
- IFRS 11 Joint Arrangements
- IFRS 12 Opplysninger om interesse i andre foretak
grants are recognised systematically during the grant period.
Grants are deducted from the cost which the grant is meant
to cover. Investment grants are capitalised and recognised
systematically over the asset’s useful life. Investment grants
are recognised either as deferred income or as a deduction
of the asset’s carrying amount.
2.28 Standards and interpretations issued, but not yet
effective
The financial statements have been prepared based on
standards effective for the year ending 31 December 2013.
In addition, the Group has early adopted the following
standards;
- IFRS 10 Consolidated financial statements
- IFRS 11 Joint arrangements
- IFRS 12 Disclosure of interest in other entities
følgende
Classification of investments in relation to subsidiaries,
tilskudd og at tilskuddene vil bli mottatt. Driftstilskudd
for the grants and that the grants will be received. Operating
Estimates and assumptions
is accounted for.
3.2 Assessment of degree of control in other companies
rimelig sikkerhet for at selskapet vil oppfylle vilkårene for
certain that the company will meet the conditions stipulated
regnskapsføres
by the Group.
tilskudd
Offentlige
Government grants are recognised when it is reasonably
Group
løpende
Bruk
avregning
anleggskontrakter.
benytter
av
av
for
anslår det endelige utfallet av kostnader og fortjeneste på
fullføringsgraden av kontrakten på hver balansedato og
løpende avregning innebærer at konsernet estimerer
regnskapsføring
Havyard
3.3 Anleggskontrakter
Estimater og forutsetninger
på hvordan investeringen i konsernet er regnskapsført.
aksjonæravtaler. Klassifiseringen har en betydelig innflytelse
på eierskap, sammensetningen av andre aksjonærer og
gjort basert på en vurdering av graden av innflytelse, basert
tilknyttede selskaper og tilgjengelig for salg investeringer er
Klassifisering av investeringer i forhold til datterselskaper,
3.2 Vurdering av grad av kontroll i andre selskaper
og den direkte involveringen av de ulike stadier av konsernet.
skjønn utøves. Denne prosessen er avhengig av type kontrakt
of contract and the direct involvement of the various stages
2.27 Offentlige tilskudd
Ved beregning av fullføringsgrad vil en betydelig del av
judgement is applied. This proces is dependent on the type
estimerte kostnader for å fullføre prosjektet.
basert på andelen av kontraktskostnader som er påløpt og
henvisning til stadiet av ferdigstillelse av prosjekter , fastsatt
estimater for fullføringsgrad. Denne metoden er gjort med
For anleggskontrakter innregnes driftsinntekt ved hjelp av
3.1 Inntektsføring
Vurderinger
vesentlig justering i de neste regnskapene:
den vesentligste risikoen for hendelser som resulterer i en
Følgende vurderinger, estimater og forutsetninger har
eiendeler eller forpliktelser som berøres i fremtidige perioder.
utfall som
forventninger om eksterne faktorer. Usikkerheten rundt disse
dens nåværende og forventede lønnsomhet over tid, og
er basert på den faktiske underliggende virksomhet,
vurderinger, estimater og forutsetninger. Disse estimatene
Utarbeidelse av konsernregnskapet krever at ledelsen gjør
3. VESENTLIGE VURDERINGER OG ESTIMATER
for konsernet.
utstedte standarder som ikke er trådt i kraft, er ikke relevant
In calculating the stage of completion a significant portion of
future periods.
to the carrying amount of assets or liabilities affected in
2.27 Government grants
når det foreligger
krever en vesentlig justering av den balanseførte verdien av
statements requires management to make judgments,
driftsresultatet.
operating profit.
insignificant risk of changes in value.
forutsetningene og estimatene kan resultere i
The preparation of the Group's consolidated financial
er rapportert på egen regnskapslinje og er ikke inkludert i
reported as a separate line item and are not included in
3. SIGNIFICANT JUDGEMENTS AND ESTIMATES
applicable for the Group.
varen derivatet er relatert til. Urealiserte verdiendringer
the item the derivative relates to. Unrealised changes are
instrumenter som har en effektiv dato 1. januar 2015. Andre
Other issued standards that are not yet effective, are not
Konsernet har ennå ikke vurdert effekten av IFRS 9 Finansielle
tap på derivater inngår i driftsresultatet sammen med
alle
derivatives are included in operating profit together with
og
instruments that have an effective date of January 1, 2015.
brukt,
The group has not yet assessed the impact of IFRS 9 Financial
ikke
derivater
er
regnskapsføres til virkelig verdi. Realiserte gevinster og
66
Sikringsbokføring
ANNUAL REPORT 2013
recognised at fair value. Realised gains and losses on
65
Hedge accounting is not applied, and all derivatives are
ANNUAL REPORT 2013
Deferred tax is provided using the liability method on
temporary differences at the reporting date between the tax
bases of assets and liabilities and their carrying amounts for
financial reporting purposes. Both tax payable and deferred
tax are recognized directly against equity if they are related
to items recognized directly against equity.
samt andre produksjonsfaktorer. Konsernet skal også vurdere
og beregne konsekvensene av endringsordrer, kontraktskrav
og forespørsler fra kunder for å endre kontraktsvilkårene,
noe som kan innebære komplekse forhandlinger med
kunder. Vanligvis er estimater gjenstand for en større grad
av usikkerhet når fartøydesignet er nytt i konsernet enn om et
fartøy bygges senere i en serie.
depend upon variables such as steel prices, labour costs and
availability, and other production inputs. The Group must
also evaluate and estimate the outcome of variation orders,
contract claims and requests from customers to modify
contractual terms which can involve complex negotiations
with customers. Generally, estimates are subject to a greater
level of uncertainty when a vessel design is new to The Group
levere fartøy fra eget verft og støtte ved bygging av Havyard
design på verft over hele verden; 2) Design & Solutions,
leveranse av kontroll-og automasjonssystemer for skip; 4)
Fish Handling & Refrigeration, dvs. levere innovative løsninger
of revision and future periods if the revision affects both
current and future periods.
4. SEGMENT INFORMATION
The Group's main activities are 1) Ship Technology, i.e.
delivering vessels from own shipyard and support construction
of Havyard design at shipyards worldwide; 2) Design &
Solution, i.e. provide ship design and system packages
for offshore and fishing vessels; 3) Power & Systems, i.e.
specializing in design, engineering and installation of electric
systems and delivery of control and automation systems
for ships; 4) Fish handling and refrigeration, i.e. deliver
innovative solutions for handling and cooling of seafood on
board fishing vessels, live fish carriers and on-shore plants.
The activities are located in four separated subsidiaries;
Havyard Ship Technology AS, Havyard Design & Solutions AS,
Havyard Power & Systems AS and Havyard Fish Handling &
Refrigeration AS.
MNOK 20,2).
Dette beløpet omfatter betydelige investeringer i utviklingen
av nyskapende skipsdesign. Designene som er balanseført
i samsvar med regnskapsprinsippene , er ikke spesifikke
design, men er knyttet til ny teknologi / løsninger som er
nyttige for flere framtidige modeller og design.
Før de blir solgt i markedet vil de ha behov for å få et
sikkerhetssertifikat utstedt av relevante myndigheter . Den
nyskapende karakteren av produktet gir opphav til en viss
usikkerhet med hensyn til om sertifikatet vil oppnås.
3.5 Virkelig verdi av finansielle eiendeler
Konsernet har investeringer i aksjer som er klassifisert som
tilgjengelig for salg investeringer og måles til virkelig verdi
i balansen. Per 31. desember 2013 var balanseført verdi av
eiendeler holdt for salg MNOK 205,3. Det eksisterer ikke et
aktivt marked for investeringene og en verdsettelsesmodell
har blitt brukt for å estimere virkelig verdi.
the
2012: MNOK 20.2).
This
development of an innovative ship design. The designs that
are capitalized in accordance with the accounting policy, are
not specific design, but relates to new technology / solutions
that are useful for several future models and designs.
Prior to being sold in the market it will need to obtain a safety
certificate issued by the relevant regulatory authorities. The
innovative nature of the product gives rise to some uncertainty
as to whether the certificate will be obtained.
3.5 Fair value of financial assets
The group has investments in equity securities that are
classified as available for sale investments and measured
at fair value in the balance sheet. As of December 31, 2013
the carrying amount of the avaliable for sale assets was NOK
205.3 million. No active market exists for the investments
and a valuation model has been applied to estimate the fair
The Group's customer base consists of a wide range of
companies. The Group's ten largest customers in 2013
compose 75 % of total Group revenue.
Skatt for inneværende periode måles til det beløpet som
forventes å mottas fra eller betales til skattemyndighetene.
Skattesatsene og skattelovene som brukes for å beregne
beløpet er de som er vedtatt på balansedagen i de landene
the taxation authorities. The tax rates and tax laws used
to compute the amount are those that are enacted or
konsernets omsetning.
selskaper. Konsernets ti største kunder i 2013 stod for 75% av
Konsernets kundebase består av et bredt spekter av
på nasjonalitet. Segmentene er "Norge" og "Andre".
Norway and Other.
Konsernet deler kundene inn i geografiske segmenter basert
on the basis of the customers' nationalities. The segments are
AS og Havyard Fish Handling & Refrigeration AS.
Havyard Design & Solutions AS, Havyard Power & Systems
i fire adskilte datterselskaper; Havyard Ship Technology AS,
brønnbåter og fabrikker på land. Virksomheten er lokalisert
for håndtering og kjøling av sjømat om bord på fiskefartøy,
design, engineering og installasjon av elektriske systemer og
og fiskefartøy; 3) Power & Systems, dvs. spesialisering i
dvs. å levere skipsdesign og systempakker for offshore-
Gruppenes hovedaktiviteter er 1) Ship Technology, dvs. å
4. SEGMENTINFORMASJON
endringen påvirker denne perioden eller i perioden
innregnes i den perioden estimatene endres dersom
vurderes løpende. Endringer i regnskapsmessige estimat
rådgivere . Estimater og underliggende forutsetninger
inkludert historiske erfaringer, samt innspill fra eksterne
fakta og omstendigheter ved fastsettelse av disse estimatene,
ledelsen benytter estimater. Ledelsen bruker alle tilgjengelige
Konsernet har ulike periodiseringer/avsetninger som krever at
3.7 Avsetninger
samme skattemyndigheter.
The group divides the customers into geographical segments
at the amount expected to be recovered from or paid to
fra
fastsettelsen
Current income tax for the current period are measured
kontantstrøm
Ved
3.6 Skatt
fremtidig
bekreftet.
3.7 Accruals/Provisions
3.6 Taxes
value.
påvirker både eksisterende og fremtidige perioder.
are revised if the revision affects that period or in the period
aktiverte utviklingskostnader MNOK 41,4 (31. desember 2012:
capitalised development costs was MNOK 41.4 (31 December
in
estimates are recognized in the period in which the estimates
av fordelene . Pr. 31. desember 2013 var bokført verdi av
benefits. At 31 December 2013, the carrying amount of
investment
are reviewed on an ongoing basis. Revisions to accounting
diskonteringsrenten som skal benyttes og forventet periode
discount rates to be applied and the expected period of
significant
from outside advisors. Estimates and underlying assumptions
prosjektet,
om
regarding the expected future cash generation of the project,
includes
estimates including historical experiences as well as input
beløpene som skal balanseføres, gjør ledelsen forutsetninger
amounts to be capitalised, management makes assumptions
amount
estimatene endres og fremtidige perioder hvis endringene
available facts and circumstances when determining these
av
gjennomførbarhet
and economical feasibility is confirmed. In determining the
forventet
management to make estimates. Management uses all
på ledelsens vurdering om at teknologisk og økonomisk
based on management’s judgement that technological
er
The Group has various accruals/provisions which require
med
regnskapsprinsippene. Aktivering av kostnader er basert
accounting policy. Initial capitalisation of costs is
samsvar
Utviklingskostnader
Development costs are capitalised in accordance with the
i
3.4 Utviklingskostnader
3.4 Development costs
balanseføres
relate to the same taxable entity and the same taxation
aktuelle periodene.
in the applicable periods.
authority.
against current income tax liabilities and the deferred taxes
basert på vil bli behandlet som en justering av inntekter i de
revenues are based will be treated as adjustments to revenue
skatt,og utsatt skatt relaterer seg til samme skattesubjekt og
a legally enforceable right exists to set off current tax assets
Eventuelle senere endringer i estimatene som inntekter er
juridisk rett til å motregne nåværendeskattefordel mot utsatt
Utsatt skattefordel og utsatt skatt motregnes dersom en
poster som er ført direkte mot egenkapitalen.
regnskapsført direkte mot egenkapitalen hvis de er knyttet til
rapporteringsformål. Både betalbar og utsatt skatt er
på eiendeler og gjeld, og balanseverdier for finansielle
forskjeller på balansedagen mellomskattemessige verdier
Utsatt skatt beregnes etter gjeldsmetoden på midlertidige
der konsernet opererer og genererer skattepliktig inntekt.
68
Any subsequent changes to the estimates on which recorded
Deferred tax assets and deferred tax liabilities are offset if
where the Group operates and generates taxable income.
variabler som stålpriser, lønnskostnader og tilgjengelighet
than if a vessel is being constructed later in a series.
substantively enacted, at the reporting date in the countries
kontrakter. Inntektsføring og kostnadsestimater påvirkes av
ANNUAL REPORT 2013
on contracts. Revenue recognition and cost estimates
67
date and estimate the ultimate outcome of costs and profit
ANNUAL REPORT 2013
på samme måte som transaksjoner med tredjeparter.
length basis in a manner similar to transactions with third
Regnskapsprinsippene for segmentrapporteringen tilsvarer
de som brukes av konsernet.
The accounting principles for the segment reporting reflect
those used by the Group.
parties.
Transaksjoner mellom segmentene er på armlengdes avstand
Transfer prices between operating segments are on arm's
bygging,
reparasjoner og vedlikehold av skip.
and maintenance of ships.
design,
Omsetningen
Operating revenue relates solely to design, building, repairs
utelukkende
fiskeoppdrett for verft og rederier over hele verden.
oil production, fishing and fish farming for shipyards and ship
gjelder
av avanserte fartøy for offshore oljeproduksjon, fiske og
equipment and construction of advanced vessels for offshore
owners worldwide.
Havyard Group leverer skipsdesign, skipsutstyr og bygging
industry. The Havyard Group delivers ship designs, ship
Ship Technology
Ship Technology
som driver innen offshore- og fiskefartøy- industrien.
194 501
4
Havyard Group ASA er et fullt integrert skipsbyggingsforetak
304 064
3
Ship Technology
enterprise operating in the offshore and fishing vessel
309 773
2
Ship Technology
Segment
Ship Technology
Ship Technology
Segment
Havyard Group ASA is a fully integrated shipbuilding
163 641
1
Customer / Kunde
Sales revenue / Salgsinntekt
267 678
2
2012
539 599
1
Customer / Kunde
Sales revenue / Salgsinntekt
er presentert nedenfor:
2013
Salg til kunder som utgjør mer enn 10% av totale salgsinntekter
sales revenues is presented below:
69
Sales to customers that account for more than 10% of total
ANNUAL REPORT 2013
Driftsresultat EBITDA
Egenkapital
Geografisk segment
Driftsinntekter
Eiendeler
Geographical segment
Operating revenues
Assets
Sum eiendeler
Total assets
Gjeld
Resultat før skatt
Profit/(Loss) before tax
Liabilities
Andel av resultat fra tilknyttet selskap
Share of profit/(loss) from associate
Equity
Driftsresultat (EBIT)
Netto finansposter
Net financial items
Avskrivn. / Nedskrivninger av merverdier og goodwill
Depr./write-downs of excess values and goodwill
Operating profit/(loss) (EBIT)
Driftsresultat EBITDA
Avskrivning
Depreciation
Total operating revenue
Operating profit /loss EBITDA
Driftsinnekter, interne
Sum driftsinntekter
Operating revenues, Internal
Driftsinntekter, eksterne
(NOK million)
"Annet" inneholder poster i morselskapet og eliminering
av konserninterne transaksjoner.
Operating revenues, External
(NOK million)
"Other" contains parent company items and elimination of intra-group
transactions.
Driftsinntekter
Eiendeler
Liabilities
Assets
Egenkapital
Gjeld
Equity
Geografisk segment
Sum eiendeler
Total assets
Operating revenues
Resultat før skatt
Geographical segment
Andel av resultat fra tilknyttet selskap
Profit/(Loss) before tax
Netto finansposter
Driftsresultat (EBIT)
Avskrivn. / nedskrivninger av merverdier og goodwill
Avskrivning
Share of profit/(loss) from associate
Net financial items
Operating profit/(loss) (EBIT)
Depr./write-downs of excess values and goodwill
Depreciation
Operating profit /loss EBITDA
Driftsinnekter, interne
Sum driftsinntekter
Total operating revenue
Driftsinntekter, eksterne
(NOK million)
4. SEGMENTINFORMASJON (FORTS.)
Operating revenues, Internal
Operating revenues, External
(NOK million)
4. SEGMENT INFORMATION (CONT.)
ANNUAL REPORT 2013
70
461
-
64 980
262 500
57 282
1 545
-
1 479 811
83 651
6 165
Total
1 426 852
-
55 424
208 985
121 702
87 283
Other
1 160 397
45 280
Design & Solutions
66 727
59 457
126 184
53 345
732
-
52 613
179
-
52 792
155 208
71 803
83 405
Other
718 527
40 132
-
80 575
538 996
193 821
345 175
Norway
826 536
1 487 250
Ship Technology
1 352 664
-
1 352 664
137 842
8 585
-
129 257
(1 491)
-
127 766
498 569
156 836
341 733
Norway
708 325
1 342 771
FY 2012
(313)
3 089
1 382 903
63 611
12 943
76 554
41 639
-
217
41 422
-
396
41 818
178 541
171 080
7 461
Power & Systems
1 532 530
1 986 932
Total
53 229
41 556
94 785
41 222
-
343
40 879
-
55 737
-
77 486
41 340
208 306
187 845
20 461
197 520
1 479 811
Power & Systems
Design & Solutions
Ship Technology
FY 2013
ANNUAL REPORT 2013
171 974
48 103
220 077
-
-
-
-
-
-
-
-
-
Fish handling and
refrigeration
175 441
50 743
226 184
3 769
-
(6 212)
9 981
-
5 027
15 008
325 393
36 253
289 140
Fish handling and
refrigeration
195 776
236 719
432 495
(6 393)
(1 051)
1 697
(8 090)
-
1 938
(6 152)
(230 537)
(230 537)
-
Other
202 963
260 617
463 580
4 329
4 196
7 837
(3 508)
-
4 744
1 236
(289 078)
(289 078)
-
Other
856 498
526 404
1 382 903
214 753
(1 051)
602
215 202
-
11 651
226 853
1 426 852
-
1 426 852
Havyard Group
864 091
668 439
1 532 530
189 515
4 196
4 744
180 575
17 942
198 517
1 986 932
-
1 986 932
Havyard Group
71
Sum godtgjørelse
2 296
1 318
148
1 170
2013
1 287
144
1 143
2012
Idar Fuglseth, CFO
1 635
169
1 466
2013
1 421
167
1 254
2012
Kenneth Pettersen, COO
Det er utbetalt kr. 270 000 i styrehonorar til eksterne
styremedlemmer i 2013 (kr. 165 000 i 2012).
NOK 270 000 in board fees have been paid to external
board members in 2013 ( NOK 165 000 in 2012).
mentet.
er basert på normrenten som fastsettes av Finansdepartthe Norwegian Finance Department.
av ledelsen har fått innvilget et lån på MNOK 1 hver. Renten
each. Interest rate is based on norm rate as published by
konsernsjef eller til medlemmer av styret. To medlemmer
Per 31.12.13 og 31.12.12 er det ikke stilt lån eller garantier til
basert avlønning.
Ledelsen har ikke noen form for bonusavtaler eller aksje-
1 960
229
1 731
2012
of the executive team has been granted a loan of MNOK 1
the group CEO or to members of the board. Two members
Per 31.12.13 and 31.12.12 there are no loans or guarantees to
share-based payment.
Key management does not have bonus agreements or any
Total remuneration
251
2 045
Lønn
Annen godtgjørelse
Salary
Other remuneration
2013
(NOK 1,000)
Geir J. Bakke, CEO
Godtgjørelse til ledende ansatte og styret:
Remuneration to key management personnel and the
Board of Directors:
Det er ikke etablert bonusordning for de ansatte.
fredsstiller kravene i lov om obligatorisk tjenestepensjon.
There is no established bonus scheme for employees.
spective statutory pension schemes.
omfatter alle ansatte. Konsernets pensjonsordning til-
413
307 960
79 479
228 481
6 370
8 455
25 861
187 795
2012
Konsernet har en innskuddsbasert pensjonsordning som
599
436 307
124 230
312 077
13 440
10 268
35 855
252 514
2013
employees. The Groups pension scheme satisfies the re-
Antall årsverk
Sum
Andre driftskostnader (Note 8)
Sum lønnskostnader
Andre fordeler
Pensjonskostnader
Arbeidsgiveravgift
Lønn
Lønnskostnader
(NOK 1 000)
5. LØNN, GODTGJØRELSER, ANTALL ANSATTE O.L.
The Group has a defined contribution plan covering all
Man-labour year
Total
Other operative expenses (Note 8)
Total salaries and social expenses
Other benefits
Pension, contribution plans
Employer's part of social security costs
Wages
Payroll expenses
(NOK 1,000)
5. SALARY, FEES, NUMBER OF EMPLOYEES ETC.
ANNUAL REPORT 2013
72
2014), mens enkelte deler av konsernet er beskattet i andre
jurisdiksjoner og skatteregimer.
De viktigste komponentene i skattekostnad/(inntekt) for året
er:
ary 2014), while some parts of the group are taxed in other
jurisdictions and other tax regimes.
The major componenents of income tax expense/
(income) for the year are:
Konsolidert resultatoppstilling
Beregning av årets skattekostnad:
Betalbar skatt
Effekt av endret skattesats
Utsatt skatt:
Endring i midlertidige forskjeller
Skattekostnad i resultatregnskapet
Consolidated income statement
Current income tax:
Taxes payable
Adjustments in respect of current income tax of previous year
Deferred tax:
Relating to origination and reversal of
temporary differences
Income tax expense/ (income) reported in the income statement
49 055
(8 848)
-
57 903
50 262
(7 097)
278
57 081
2012
Norge, hvor selskapsskatten utgjør 28% (27% fra 1. januar
way, where the corporate tax rate is 28 % (27 % from 1 Janu-
2013
Morselskapet Havyard Group ASA er hjemmehørende i
The parent company Havyard Group ASA is resident in Nor-
(NOK 1,000)
7. SKATT
7. INCOME TAX
1 522
428
130
964
2012
79 479
29 421
31 902
9 444
8 712
2012
Revisjonshonorar er oppgitt eksklusive merverdiavgift.
1 646
158
34
1 454
2013
124 230
56 909
45 604
11 056
10 661
2013
73
Auditor's fees are stated excluding VAT.
Sum
Total
Fees to the auditor consists of the following services:
Annen bistand
Revisjonhonorar er knyttet til følgende
tjenester:
Auditor
Other assistance
Revisjon
Total
Lovpålagt revisjon
Sum
Other operating expenses
Skatterådgivning
Andre driftskostnader
Plant & equipment cost
Tax advice
Kostnader knyttet til anlegg og utstyr
Office costs
Statutory audit
IT- og kommunikasjonskostnader
Kontorkostnader
IT & communication costs
Andre driftskostnader
6. ANDRE DRIFTSKOSTNADER
Other operating expenses
(NOK 1,000)
6. OTHER OPERATING EXPENSES
ANNUAL REPORT 2013
Effektiv skattesats
Opptjent, ikke fakturert produksjon
Finansiell leasing
Omløpsmidler
Periodiseringer og avsetninger
Gevinst- / tapskonto
Fremførbart underskudd
Financial leasing
Current assets
Accruals and provisions
Gain/(loss) account for deferral
Tax loss carried forward
Netto utsatt skatteforpliktelse / utsatt
skattefordel (-)
-39 710
23,4 %
50 262
ridisk rett til å motregne utsatt skattefordel mot utsatt skatt i
balansen og dersom den utsatte skatten er til samme skattemyndighet.
late to the same fiscal authority.
48 367
48 367
172 740
-2
-1 623
-11 531
-9 284
10 030
93 259
91 892
Januar 1, 2012
current tax liabilities and when the deferred income taxes re-
57 643
57 643
205 867
-19 992
-1 641
-10 214
712
11 645
94 879
130 480
2012
Utsatt skatt og forpliktelser motregnes dersom det er en ju-
45 227
45 227
161 524
-10 757
252
-8 051
-2 659
7 789
52 566
122 383
2013
-
-7 097
278
57 081
203 860
-2
28 820
175 042
legally enforceable right to offset current tax assets against
Utsatt skatt i balansen
25,9 %
49 055
-245
-8 603
-
57 903
206 797
-255
39 196
167 856
214 752
Deferred income tax and liabilities are offset when there is a
Deferred tax liability in the balance
sheet
Net deferred tax lability / deferred
tax asset (-)
Sum midlertidige forskjeller
Anleggsmidler
Earned, not billed production
Total temporary differences
189 515
-21 659
2012
Utsatt skatt er knyttet til følgende midlertidige forskjeller:
Non-current assets
Deferred tax relates to the following temporary differences:
Effective tax rate
Total skattekostnad/(inntekt)
Effekt i utsatt skatt grunnet endring i skattesats
Effect on deferred tax 31.12. due to change in
tax rate
Total tax expense/ (income)
Endring utsatt skatt
Changes in deferred tax
Skatteeffekt av:
Justeringer i fjoråret
Beregnet betalbar skatt med 28 % skattesats
Calculated tax payable at 28 % tax rate
Prior year adjustments
Grunnlag for betalbar skatt
Basis for tax payable
Tax effect from:
Endring i midlertidige forskjeller
Fremførbart underskudd
Basis for current year tax expense
Losses brought forward
Grunnlag for årets skattekostnad
Non-deductible expenses
Changes in temporary differences
Resultat før skatt
Ikke fradragsberettigede kostnader
Profit before tax
(NOK 1,000)
2013
henhold til ordinær norsk skattesats på 28%:
28%
Avstemming av skattekostnad mot forventet skattekostnad i
accordance with the ordinary Norwegian income tax rate of
74
Reconciliation of actual tax cost against expected tax cost in
ANNUAL REPORT 2013
Andre rentekostnader
Andre finanskostnader
Netto finansposter
Other interest expenses
Other financial expenses
Net financial items
100 %
72 %
100 %
100 %
70 %
99 %
70 %
70 %
56 %
72 %
72 %
45 %
Havyard Ship Invest AS
Havyard China Ltd.
Havyard MMC Fish Handling & Refrigeration AS
Havyard Production & Service sp.z.o.o
Havyard Contracting sp.z.o.o
Havyard Far East Pte Ltd
Havyard South America Ltda
Havyard Design & Engineering Poland sp.z.o.o
Havyard Design & Engineering Rijeka d.o.o.
MMC Green Technology AS
Havyard MMC Fish Handling AS
Havyard MMC Refrigeration AS
MMC Peru SAC
50,0 %
39,3 %
37,9 %
33,0 %
Leirvik Eigendom AS
Norwegian Electric Systems AS
NorthSea PSV IS
Eierandel/
stemmeandel
Ownership share/
Voting share
Havila Charisma IS
Investeringer i tilknyttede selskap per 31.12.2013
Investments in associates as of 31.12.2013
Leirvik
Lima
Fosnavåg
Fosnavåg
Fosnavåg
Rijeka
Sopot
Rio De Janeiro
Singapore
Sopot
Sopot
Fosnavåg
Shanghai
Fosnavåg
Fosnavåg
PEN
NOK
NOK
NOK
HRK
PLN
BRL
SGD
PLN
PLN
NOK
CNY
NOK
NOK
NOK
NOK
Valuta
Currency
1 642
1 000
250
250
19
90
368
570
182
200
2 648
Oslo
Bergen
Leirvik
Fosnavåg
Forretningskontor
Registered office
NOK
NOK
NOK
NOK
Valuta
Currency
7
150 000
108
316
20 034
Aksjekapital
(1,000)
Share capital
(1,000)
602
-1 921
-4 420
1 248
5 694
2012
75
1 508
4 167
48
1 338
Aksjekapital
(1,000)
Share of
result (1,000)
Investeringer i Havyard China Ltd, Havyard Far East Pte Ltd og
Havyard South America Ltda er ikke konsolidert i 2013 på grunn av
uvesentlige verdier.
100 %
Havyard Design & Solutions AS
Investments in Havyard China Ltd, Havyard Far East Pte Ltd and
Havyard South America Ltda has not been consolidated in 2013
due to immaterial values.
100 %
100 %
Havyard Power & Systems AS
Leirvik
Forretningskontor
Eierandel/
stemmeandel
100 %
Business office
Ownership share/
voting share
Havyard Ship Technology AS
Havyard Group ASA har følgende direkte eierskap i
datterselskap per 31.12.2013
Havyard Group ASA has the following direct ownership
in subsidiaries as of 31.12.2013
2013
4 744
-11 281
-5 641
6 975
14 690
9. DATTERSELSKAP, TILKNYTTEDE SELSKAP OG ANDRE
FINANSIELLE INVESTERINGER
Andre finansinntekter
Other financial income
9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL
INVESTMENTS
Andre renteinntekter
2013
8. FINANSINNTEKT OG FINANSKOSTNADER
Other interest income
(NOK 1,000)
8. FINANCIAL INCOME AND FINANCIAL EXPENSES
ANNUAL REPORT 2013
inflytelse etter IAS 28.6 selv om konsernet har en eierandel
som er høyere enn 20 %. Av denne årsak er ikke egenkapitalmetoden benyttet. Investeringen er presentert som en langsiktig finansiell investering med en virkelig verdi på MNOK 46.
the Group holds more than 20 per cent of the shares, Accordingly the investment is not accounted for by using the
equity method. The investment is presented as a non-current
106 471
250 965
egenkapitalmetoden.
Liabilities
Regnskapsføring av tilknyttede selskaper er utført i henhold til
Egenkapital
Gjeld
Equity
7 061
357 436
equity method.
Sum eiendeler
Total assets
83 385
(NOK 1,000)
84 143
4 088
-
-
4 196
75 858
The accounting for associates has been according to the
Salgsinntekter
Årsresultat
Profit/(loss)
Samlet finansiell informasjon for tilknyttede selskaper i henhold til
eierandel
Aggregate financial information of associates
according to owner share
Operating revenue
Andre justeringer
Investments
Balanseført verdi av investeringer per 31.12.2013
Investeringer
Dividends received
Other adjustments
Mottatt utbytte
Share of profit/(loss)
Carrying value of investment 31.12.2013
Verdi av investering per 01.01.2013
Andel av årsresultat
Value of investment 01.01.2013
Investeringer i tilknyttede selskapbalanseførte verdier
Investment in associates balance sheet amount
(NOK 1,000)
sea AS. Det har blitt vurdert at konsernet ikke har vesentlig
does not have significant influence (IAS 28.6), even though
financial investment with fair value of 46.0 MNOK.
Pr. 31.12.13 har konsernet en investering på 25 % i Forland Sub-
in Forland Subsea AS. It has been assessed that the Group
76
As of 31.12.2013 the Group has an investment of 25 per cent
ANNUAL REPORT 2013
Investeringer
Dividends received
Investments
Liabilities
1 897
99 291
verdi av egenkapitalen. Dette er inkludert i annen kortsiktig
gjeld og langsiktig gjeld basert på forfallsdato og reduserer
minoritetsinteresser i egenkapital.
ests in equity.
37,9 %
33,0 %
Norwegian Electric Systems AS
NorthSea PSV IS
mitments.
Oslo
Bergen
Leirvik
Fosnavåg
Forretningskontor
NOK
NOK
NOK
NOK
Valuta
Se note 18 for gjenværende kapitalforpliktelser.
39,3 %
Reference to Note 18 for remaining capital expenditure com-
50,0 %
Leirvik Eigendom AS
Eierandel/
stemmeandel
Havila Charisma IS
Investeringer i tilknyttede selskap per 31.12.2012
(4 136)
3 468
(32)
(350)
Aksjekapital
(1,000)
Share of
result (1,000)
liabilities based on maturity date and reduces minority inter-
Currency
kroner i 31.12.2013, basert på relativ andel av balanseført
uity. This is included in other current liabilities and long term
Registered office
verdsatt til 12,9 millioner kroner 31.12.2012 og 13,4 millioner
31.12.2013, based on relative share of carrying amount of eq-
grunn av uvesentlige verdier.
to immaterial values.
Ownership share/
Voting share
og de resterende 21,53% fra 1. juli i 2017. Opsjonen har blitt
been valued at 12.9 MNOK at 31.12.2012 and 13.4 MNOK at
og Havyard South America Ltda er ikke konsolidert i 2012 på
and Havyard South America has not been consolidated due
Investments in associates as of 31.12.2012
aksjene. Opsjonene på 6,46% av aksjene forfaller 1 juli 2014
saksjonærene i MMC Tendos Holding AS for de resterende
share holders of MMC Tendos Holding AS for the remain2014 and the remaining 21.53 % on 1 July 2017. This option has
På kjøpstidspunktet ble en salgsopsjon utstedt til minoritet-
At time of purchase a put option was issued to the minority
egenkapitalmetoden.
Equity
3 436
101 188
Regnskapsføring av tilknyttede selskaper er utført i henhold til
Egenkapital
Gjeld
Total assets
69 806
(NOK 1,000)
75 858
62 638
-
-
method.
Sum eiendeler
Profit/(loss)
14 270
(1 050)
Associates has been accounted for according to the equity
Salgsinntekter
Årsresultat
Operating revenue
Samlet finansiell informasjon for tilknyttede
selskaper i henhold til eierandel
Balanseført verdi av investeringer per 31.12.2013
Aggregate financial information of associates
according to owner share as of 31.12.2012
Carrying value of investment 31.12.2012
Andre justeringer
Mottatt utbytte
Share of profit/(loss)
Other adjustments
Verdi av investering per 01.01.2012
Andel av årsresultat
Value of investment 01.01.2012
(NOK 1,000)
78
Investeringer i Havyard China Ltd, Havyard Far East Pte Ltd
547
600
1 000
250
250
19
90
368
570
182
200
2 648
7
150 000
240
108
316
20 034
Aksjekapital
(1,000)
Share capital
(1,000)
Investeringer i tilknyttede selskapbalanseførte verdier
Investments in associates - balance sheet amount
ANNUAL REPORT 2013
Investments in Havyard China Ltd, Havyard Far East Pte Ltd
PEN
NOK
NOK
NOK
NOK
HRK
PLN
BRL
SGD
PLN
PLN
NOK
CNY
NOK
NOK
NOK
NOK
NOK
Valuta
Currency
77
ing shares. Options on 6.46 % of the shares matures 1 July
Lima
Fosnavåg
Fosnavåg
45 %
56 %
MMC Green Technology AS
Sopot
Rijeka
MMC Peru SAC
70 %
Vertex CAD d.o.o
Haugesund
70 %
Havyard D & E Poland sp.z.o.o
Rio De Janeiro
72 %
99 %
Havyard South America Ltda
Sopot
Singapore
MMC Skogland AS
70 %
Havyard Far East Pte Ltd
Fosnavåg
100 %
Havyard Contracting sp.z.o.o
Sopot
72 %
100 %
Havyard Electro Installation sp.z.o.o
Shanghai
Fosnavåg
72 %
72 %
MMC Tendos Holding AS
MMC Kulde AS
100 %
Havyard China Ltd.
Fosnavåg
Fosnavåg
Fosnavåg
Leirvik
Leirvik
Forretningskontor
Business office
MMC Tendos AS
100 %
100 %
100 %
Havyard Design & Engineering AS
Havyard Ship Invest AS
100 %
Havyard Power & Systems AS
Havyard Global Solutions AS
100 %
Eierandel/
stemmeandel
Ownership share/
voting share
Havyard Ship Technology AS
Havyard Group ASA har følgende direkte eierskap i
datterselskap per 31.12.2012
Havyard Group ASA has the following direct ownership
in subsidiaries as of 31.12.2012
2012
ANNUAL REPORT 2013
Oppkjøp i 2013
Det var ingen oppkjøp i løpet av 2013.
Acquisitions in 2013
There were no acquisitions in the year ended 31 December
I november 2012, kjøpte konsernet 72,01% eierandel i MMC
Tendos Holding AS (MMC). Med hovedkontor i Fosnavåg
Norge, leverer MMC tjenester innen styringssystemer for
ballast og grønn teknologi, fiskehåndtering og kjøleanlegg.
In November 2012, the Group acquired a 72.01 % shareholding
in MMC Tendos Holding AS (MMC). Headquartered in
Fosnavåg, Norway, MMC provides services within ballast
water management systems and green technology, fish
follows:
Eiendeler og gjeld fra oppkjøpet er som følgende:
Total purchase consideration
The assets and liabilities arising from the acquisition are as
Kontant betaling
konsernet vært 273 millioner kroner.
for the Group would have been 273 MNOK.
Total purchase consideration
sted i begynnelsen av året, vil inntektene fra virksomhet for
the beginning of the year, revenue from continuing operations
Cash paid
en vesentlighetsvurdering. Dersom oppkjøpet hadde funnet
materiality assessment. If the combination had taken place at
60 280
60 280
MMC
for MMC konsernet ikke ble konsolidert i 2012 på grunn av
P&L of MMC Group was not consolidated in 2012 due to a
Kjøpsbetraktninger
inntekter og TNOK 0 av netto resultat i konsernet, da resultatet
0 of revenue and TNOK 0 of net profit of the Group., as
Purchase considerations
Fra oppkjøpstidspunktet, har MMC bidratt med TNOK 0 av
From the date of acquisition, MMC has contributed TNOK
handling and refrigeration and energy plants.
Oppkjøp i 2012
79
Acquisitions in 2012
2013.
10. VIRKSOMHETSSAMMENSLUTNINGER
10. BUSINESS COMBINATIONS
ANNUAL REPORT 2013
Goodwill som stammer fra før oppkjøpet
Kontanter og kontantekvivalenter i ervervet
datterselskap
Kontantutbetaling ved oppkjøpet
Virkelig verdi av MMCs identifiserbare
eiendeler fratrukket gjeld, utgjør 59,6
MNOK. De resterende 18,9 millioner kroner
av kjøpesummen har blitt allokert til
goodwill. Goodwill ved oppkjøpet relaterer
seg til forventet fremtidig inntjening i det
oppkjøpte selskapet, som underbygges av
synergier som forventes oppnådd ved å
kombinere Havyard-konsernets og MMCs
virksomhet.
Cash outflow on acquisition
The fair value of MMC's identifiable assets net of
liabilities, amounts to 59.6 MNOK. The remaining
18.9 MNOK of the purchase price has been
allocated to goodwill. The goodwill arising from
the acquisition relates to the expected future
earnings of the acquired company, which is
supported by synergies expected to be achieved
by combining Havyard Group's and MMC's
business.
Purchase consideration settled in cash
Goodwill
Virkelig verdi av netto eiendeler
Minoritetsinteresser til virkelig verdi
Cash and cash equivalents in subsidiary acquired
Purchase consideration settled in cash
Goodwill
Fair value of net assets
Non-controlling interest measured at fair value
Totalt oppkjøpsvederlag
Virkelig verdi av netto eiendeler
Fair value of net assets
Total purchase considerations
Annen gjeld
Utsatt skatteforpliktelse
Andre eiendeler
Eiendom, anlegg og utstyr
Immaterielle eiendeler
Other liabilities
Deferred tax liability
Other assets
Property, plant and equipment (note 12)
Intangible asset
Pre-acquisition goodwill
ANNUAL REPORT 2013
47 826
-12 454
60 280
48 011
-167 963
-4 011
156 942
47 665
9 070
6 308
Virkelig verdi
Acquiree's
carrying amount
MMC
18 870
-59 572
18 162
60 280
59 572
-167 963
-10 964
156 942
66 903
14 654
Balanseført verdi
Fair value
MMC
80
Avskrivningsmetode
Depreciation plan
Anskaffelseskost per 01.01
Tilganger i løpet av året
Avganger iløpet av året
Anskaffelseskost per 31.12
Akkumulerte avskrivninger per 01.01
Årets avskrivninger
Avganger
Akkumulerte avskrivninger per 31.12
Bokført verdi per 31.12
Avskrivningsprosent
Avskrivningsmetode
01.jan.12
Bokført verdi per 1.1.2012
Allokering av goodwill
Fish handling & Refrigeration
Sum goodwill
Acquisition cost as of 01.01
Additions during the year
Disposals during the year
Acquisition cost as of 31.12
Accumulated depreciation as of 01.01
Depreciation for the year
Disposals
Accumulated depreciation as of 31.12
Book value as of 31.12
Depreciation rate
Depreciation plan
January 1, 2012
Book value as of January 1, 2012
Allocation of goodwill
Fish handling and refrigeration
Total goodwill
(NOK 1,000)
2012
Bokført verdi per 31.12
Avskrivningsprosent
Akkumulerte avskrivninger per 31.12
Accumulated depreciation as of 31.12
Book value as of 31.12
Avganger
Disposals
Depreciation rate
Akkumulerte avskrivninger per 01.01
Årets avskrivninger
Acquisition cost as of 31.12
Depreciation for the year
Anskaffelseskost per 31.12
Disposals during the year
Accumulated depreciation as of 01.01
Tilganger i løpet av året
Avganger iløpet av året
Additions during the year
Anskaffelseskost per 01.01
Acquisition cost as of 01.01
(NOK 1,000)
2013
11. INTANGIBLE ASSETS / IMMATERIELLE EIENDELER
ANNUAL REPORT 2013
694
Linear / Lineær
5 years / 5 år
20 170
997
-
278
719
21 168
-
19 754
23 918
23 918
2013
4 024
Impairment
testing /
Nedskrivnings
test
23 918
14 654
-
-
14 654
38 572
-
19 894
18 678
Goodwill
Forskning og
utvikling
1 413
Goodwill
Impairment
testing /
Nedskrivnings
test
23 918
14 654
-
-
14 654
38 572
-
-
Research and
development
Linear / Lineær
5 years /
5 år
41 483
1 191
-
194
997
42 674
-
21 506
38 572
Goodwill
Forskning og
utvikling
21 168
Goodwill
Research and
development
23 918
23 918
2012
4 718
44 089
15 651
-
278
15 373
59 740
-
39 649
20 091
Sum
Total
65 401
15 845
-
194
15 651
81 246
-
21 506
59 740
Sum
Total
81
eiendelen i seg selv, eller dersom den skal anvendes internt,
selge den immaterielle eiendelen.
intangible asset.
for forretningsområdet hvor den kontanstrømgenererende
enheten opererer.
overstiger ikke den langsiktige, gjennomsnittlige vekstraten
fremskrevet ved å bruke forventede vekstrater. Vekstrater
estimated growth rates . The growth rate does not exceed
the CGU operates.
av ledelsen. Kontantstrømmer ut over perioden på fem er
beyond the five-year period are extrapolated using
the long-term average growth rate for the business in which
finansielle budsjetter for en periode på fem år, godkjent
by management covering a five-year period. Cash flows
tar utgangspunkt i forventede kontanstrømmer basert på
er basert på bruksverdiberegninger. Disse beregningene
flow projections based on financial budgets approved
Gjenvinnbart beløp for en kontantstrømgenererende enhet
on value-in-use calculations. These calculations use cash
kravene i IAS 36.
goodwill og andre immaterielle eiendeler i henhold til
Konsernet har gjennomført nedskrivningsvurdering for
Nedskrivningsvurdering
fremtidige modeller og design.
seg til ny teknologi / løsninger som vil være av nytte for flere
The recoverable amount of a CGU is determined based
and intangible assets by the requirements of IAS 36.
The Group has carried out an impairment-test of goodwill
Impairment
are useful for several future models and designs.
specific design, but relates to new technology / solutions that
regnskapsprinsippene er ikke spesifikke design, men relaterer
innovativ skipsdesign. Designene som er aktivert i henhold til
capitalized in accordance with the accounting policy, are not
Den aktiverte andelen inkluderer betydelige investeringer i
development of innovative ship design. The designs that are
er under utvikling.
som er henførbare på den immaterielle eiendelen mens den
The amount recognised includes significant investment in the
to the intangible asset during its development.
F. Foretakets evne til på en pålitelig måte å måle de utgiftene
andre ressurser til å fullføre utviklingen og til å ta i bruk eller
resources to complete the development and to use or sell the
F. Its ability to measure reliably the expenditure attributable
E. Tilgjengeligheten av tilstrekkelige tekniske, finansielle og
E. The availability of adequate technical, financial and other
nytten av den immaterielle eiendelen.
av den immaterielle eiendelen eller av den immaterielle
foretaket vise til at det eksisterer et marked for produktene
used internally, the usefulness of the intangible asset.
vil generere framtidige økonomiske fordeler. Blant annet kan
demonstrate the existence of a market for the output of the
intangible asset or the intangible asset itself or, if it is to be
D. Hvordan den immaterielle eiendelen med sannsynlighet
economic benefits. Among other things, the entity can
eller selge den.
C. Foretakets evne til å ta den immaterielle eiendelen i bruk
og ta den i bruk eller selge den.
B. Foretaket har til hensikt å fullføre den immaterielle eiendelen
salg.
eiendelen med sikte på at den vil bli tilgjengelig for bruk eller
A. De tekniske forutsetningene for å fullføre den immaterielle
D. How the intangible asset will generate probable future
C. Its ability to use or sell the intangible asset.
B. Its intention to complete the intangible asset and use or sell it.
so that it will be available for use or sale.
A. The technical feasibility of completing the intangible asset
som følgende punkter kan dokumenteres:
viklingsfasen i et internt prosjekt) innregnes i konsernet der-
En immateriell eiendel som oppstår av utvikling (eller av ut-
An intangible asset arising from development is recognised
if the Group can demonstrate all of the following:
Forskning og utvikling
Research and development
er (KGE) som er identifisert i henhold til forretningssegmentet.
Goodwill allokeres til konsernets kontantgenererende enhet-
(CGUs) identified according to the business segment
Goodwill
Goodwill is allocated to the Group's cash generating units
82
Goodwill
ANNUAL REPORT 2013
Akkumulerte avskrivninger per 01.01
Årets avskrivninger
Avganger
Akkumulerte avskrivninger per 31.12
Bokført verdi per 31.12
Økonomisk levetid
Accumulated depreciation as of 01.01
Depreciation for the year
Disposals
Accumulated depreciation as of 31.12
Book value as of 31.12
Useful life
Bokført verdi per 1.1.2012
Book value as of January 1, 2012
equipment
Maskiner
Eiendom og
anlegg
139 257
10-40 years
200 691
55 133
-
6 719
48 414
255 541
-
8 371
3-10 years
9 835
15 306
-
2 163
13 143
25 141
795
4 422
21 514
Machinery
Land and
buildings
3-10 years
11 926
18 633
-
3 327
15 306
30 559
-
5 418
12 505
3-10 years
16 959
25 035
-
2 491
22 544
41 994
-
30 082
11 912
Andre
driftsmidler
Operating
equipment
3-10 years
18 719
29 949
-
4 914
25 035
48 668
(117)
6 791
41 994
Andre
driftsmidler
Operating
equipment
83
160 133
227 485
95 474
-
11 373
84 101
322 676
795
102 374
221 097
Sum
Total
240 167
113 222
-
17 748
95 474
353 389
(117)
33 203
320 303
Sum
Total
Andre driftsmidler knytter seg i hovedsak til kontorutstyr
01.jan.12
January 1, 2012
office
Økonomisk levetid
Useful life
to
Bokført verdi per 31.12
Book value as of 31.12
equipment mainly relates
Akkumulerte avskrivninger per 31.12
Accumulated depreciation as of 31.12
Other operating
Årets avskrivninger
Avganger
Akkumulerte avskrivninger per 01.01
Accumulated depreciation as of 01.01
Depreciation for the year
Anskaffelseskost per 31.12
Acquisition cost as of 31.12
Disposals
Tilganger i løpet av året
Avganger iløpet av året
Additions during the year
Disposals during the year
Acquisition cost as of 01.01
(NOK 1,000)
10-40 years
209 522
64 640
-
9 507
55 133
274 162
67 870
Anskaffelseskost per 31.12
Acquisition cost as of 31.12
-
187 671
Avganger iløpet av året
Disposals during the year
20 994
25 141
Maskiner
Eiendom og
anlegg
253 168
Machinery
Land and
buildings
Anskaffelseskost per 01.01
Tilganger i løpet av året
Additions during the year
2012
Anskaffelseskost per 01.01
Acquisition cost as of 01.01
(NOK 1,000)
2013
12. PROPERTY, PLANT AND EQUIPMENT / ANLEGGSMIDLER
ANNUAL REPORT 2013
utstyr: Eiendom og anlegg, maskiner og andre driftsmidler
med fradrag for salgskostnader og bruksverdi. Nedskrivning
foretas dersom gjenvinnbart beløp overskrider balanseført
verdi.
value less costs to sell and value in use. An impairment loss is
recognised if the recoverable amount of the vessel exceeds
the carrying amount.
244
14 003
2 174
1 621
650
50
921
årlige leieforpliktelser beløper seg
til NOK 10 377 636. Leiekontraktene utløper i perioden 2016 til
2023."
to approximately NOK 10 377 636. The lease contracts expire
in the period 2016-2023."
"Konsernet leier kontor og brakkelokaler i Norge og samlede
Leie av kontorer
and total annual lease commitments amounts
"The Group leases office and barrack premises in Norway
Operational leases - Leasing of offices
i 2012)
Machinery /
Maskiner
Machinery /
Maskiner
11 585
Leasinggjeld i balansen utgjør kr 6 213 897 i 2013 (kr 3 873 155
2011-2013
2010-2013
Buildings /
Bygninger
Avskrivning
Depreciation /
NOK 6 213 897 in 2013 (NOK 3 873 155 in 2012)
Sum balanseført per
31.12.13
Maskiner
2006-2013
Balanseført beløp
Capitalized amount
in balance sheet /
Lease liability recognized in the balance sheet amounts to
Amount capitalized in
balance sheet as of 31.12.13
Machines
Truck
Brakker
Truck
Leasingobjekt
Leasing object
Rig barracks
Acquisition year /
Kjøpsår
leasing) som inngår i anleggsmidler:
ført verdi. Gjenvinnbart beløp er det høyeste av virkelig verdi
carrying amount. Recoverable amount is the higher of fair
Konsernet har følgende balanseførte leieavtaler (finansiell
Gjenvinnbart beløp er estimert og sammenlignet med bok-
fied. Recoverable amount is estimated and compared with
leases) included in fixed assets:
fall foretas når indikatorer på verdifall har blitt identifisert.
is performed when impairment indicators have been identi-
13. FINANSIELL OG OPERASJONELL LEASING
fall på slutten av hver rapporteringsperiode. Test for verdi-
tors at the end of each reporting period. Test for impairment
The Group have the following capitalized leases (financial
Alle varige driftsmidler blir vurdert for indikatorer på verdi-
All tangible fixed assets are reviewed for impairment indica-
13. FINANCIAL AND OPERATIONAL LEASES
Nedskrivning
Impairment
expected useful life.
som avskrives lineært over forventet økonomisk levetid.
Konsernet har identifisert tre klasser av eiendom, anlegg og
equipment; land and buildings, machinery and operating
equipment and are depreciated by the linear method over
Avskrivning
The Group has identified three classes of property, plant and
84
Depreciation
ANNUAL REPORT 2013
Recognised profits/loss
3 259
-731 146
19 850
-579 980
599 830
Kortsiktige avsetninger
Langsiktige avsetninger
Sum
Current provisions
Non-current provisions
Total
consolidated income statement.
ect. Losses to completion are included in cost of sales in the
contracts based on loss estimated at completion of the proj-
2 800
-
2 800
67 900
67 900
2013
1 750
-
1 750
3 435
3 435
2012
resultatregnskapet.
til ferdigstillelse er inkludert i varekostnader i det konsoliderte
trakter basert på anslått tap til fullføring av prosjektet. Tap
En avsetning innregnes for alle tapsbringende anleggskon-
Sum
Total
A provision is recognised for all loss-making construction
Tap til ferdigstillelse (varekostnad)
15. TAPSKONTRAKTER
Losses to completion (cost of sales)
15. LOSSES TO COMPLETION
kontraktsarbeid, se note 19.
Bokført fortjeneste / tap
Costs incurred relating to future activity
734 405
betalinger presenteres som del av forskudd fra kunder for
Påløpte kostnader knyttet til fremtidig aktivitet
Contract revenue for the period
397 001
ers for contract work, see note 19.
Kontraktsinntekter for perioden
Total income and expense recognised on contracts
in progress in the year
28 772
-62 114
459 115
Advances are presented as part of amounts due to custom-
Sum inntekter og kostnader ført på kontrakter
under utførelse i året
Construction contracts in progress, net position
261 574
-232 802
2012
Tilbakeholdt beløp inngår i kundefordringer. Forskudds-
Anleggskontrakter under utførelse, netto
Construction contracts in progress, liabilities
2013
85
Retention assets are included in accounts receivables.
Anleggskontrakter under utførelse, eiendeler
Anleggskontrakter under utførelse, gjeld
Construction contracts in progress, assets
Sum eiendeler og gjeld ført på kontrakter
under utførelse i året i henhold til IAS 11
14. ANLEGGSKONTRAKTER UNDER UTFØRELSE
Total income and expense recognised on
contracts in progress in the year under IAS 11
14. CONSTRUCTION CONTRACTS IN PROGRESS
ANNUAL REPORT 2013
Eiendeler i balansen
Kontanter og kontantekvivalenter
Sum
Cash and cash equivalents
Total
Investeringer i finansielle eiendeler
Investments in financial assets
Gjeld til kredittinstitusjoner
Derivater
Sum
Liabilities to financial institutions
Derivative financial instruments
Total
Gjeld i balansen
Sum
Liabilities as per balance sheet
Total
Kontanter og kontantekvivalenter
Langsiktige fordringer
Non current receivables
Cash and cash equivalents
Kundefordringer og andre
kortsiktige fordringer
Trade and other receivables
Eiendeler i balansen
Derivater
Derivative financial instruments
Assets as per balance sheet
31.12.12
Sum
Derivative financial instruments
Total
Gjeld til kredittinstitusjoner
Derivater
Liabilities to financial institutions
Gjeld i balansen
Langsiktige fordringer
Investeringer i finansielle eiendeler
-
-
-
-
-
134 962
-
-
-
-
-
Liabilities at fair
value through the
profit and loss
372 556
115 235
-
84 877
172 444
-
Virkelig verdi over
resultatet
Lån og
fordringer
-
Loans and
eceivables
-
-
-
Liabilities at fair
value through the
profit and loss
621 157
281 381
-
118 103
221 673
Available
for sale
205 294
-
205 294
-
-
-
Lån og fordringer
Holdt for
salg
-
Loans and
receivables
Available
for sale
presentert i henhold til kategori:
Investment in financial assets
Liabilities as per balance sheet
86
408 934
-
408 934
Loans and
receivables
-
-
-
-
-
-
Sum
Fair value through
profit and loss
418 691
-
418 691
Loans and
receivables
-
-
-
-
-
-
Virkelig verdi over
resultatet
Fair value through
profit and loss
408 934
-
408 934
Total
287 679
115 235
-
-
172 444
-
Total
418 691
-
418 691
Total
621 157
281 381
205 294
118 103
221 673
-
Sum
Total
Nedenfor følger de finansielle instrumenter i konsernet
16. FINANSIELL RISIKOSTYRING
Non current receivables
Kundefordringer og andre
kortsiktige fordringer
Derivater
Trade and other current receivables
Derivative financial instruments
Assets as per balance sheet
31.12.13
according to catagory:
Below the financial instruments of the Group are presented
16. FINANCIAL RISK MANAGEMENT
ANNUAL REPORT 2013
dighetsnivåer, tilsynsoppgaver, risikoidentifisering og måling,
eksponeringsgrenser og sikringsstrategier. Risikostyring-
savdeling identifiserer, evaluerer og sikrer finansiell risiko i
nært samarbeid med de ulike driftsenhetene.
as authority levels, oversight responsibilities, risk identifica-
tion and measurement, exposure limits and hedging strat-
egies. The risk management department identifies, evalu-
ates and hedges financial risks in close co-operation with the
Ikke forfalt
Forfalt < 3 months
Forfalt 3 to 6 months
Forfalt over 6 months
Nedskrevet
Sum kundefordringer
Likviditetsrisiko er risikoen for at konsernet ikke vil kunne
oppfylle sine finansielle forpliktelser etter hvert som
Not past due
Past due < 3 months
Past due 3 to 6 months
Past due over 6 months
Impairment
Total Trade receivables
Liquidity risk
Liquidity risk is the risk that the group will be unable to fulfil its
financial obligations as they fall due.
Valutarisikoen oppstår gjennom ordinær virksomhet , frem-
tidige handelstransaksjoner, balanseførte eiendeler og for-
pliktelser, og når slikt har blitt gjort mot betaling i en annen
valuta enn den funksjonelle valutaen av konsernets valuta.
Konsernet er hovedsakelig eksponert mot Euro (EUR). Kon-
sernet kan fra tid til annen benytte valutaterminer og valu-
taopsjonskontrakter for å redusere valutaeksponeringen.
Konsernets valutaeksponering er basert på kontanter
og bankinnskudd, kundefordringer og andre fordringer,
leverandørgjeld og annen kortsiktig gjeld. Finansielle eien-
deler og finansielle forpliktelser i den funksjonelle valutaen
er ikke inkludert.
mercial transactions, recognised assets and liabilities and
when such have been made against payment in a currency
other than the functional currency of the Group. The Group
is mainly exposed to Euro (EUR). The Group may from time to
time utilize currency forward contracts and currency option
contracts to reduce currency exposure.
The Group's currency exposure is based on cash and bank
balances, trade and other receivables, and trade and other
payables. Financial assets and financial liabilities denomi-
nated in the functional currency are not included.
anses tilstrekkelig av ledelsen til å finansiere konsernets drift
og dempe virkningene av svingninger i kontantstrømmer.
to finance the Group’s operations and mitigate the effects of
fluctuations in cash flows.
variabler , ville effekten på resultatet før skatt som følge av
variables, the effects on profit and loss before tax arising
opprettholde et nivå av kontanter og bankinnskudd som
cash and bank balances deemed adequate by management
svakere med 5 % (2012: 5%) på balansedagen med alle andre
by 5 % (2012: 5 %) at the balance sheet date with all other
de forfaller. Konsernet overvåker likviditetsrisiko ved å
The Group monitors its liquidity risk by maintaining a level of
74 098
-1 950
7 024
3 407
9 307
56 310
2012
Dersom EUR priser mot NOK hadde vært sterkere eller
Likviditetsrisiko
82 122
-2 134
9 694
3 132
49 215
22 215
2013
If the EUR rates against the NOK had been stronger or weaker
NOK (1,000)
Aldersfordelt analyse av kundefordringer er som følger :
eller svekket med unntak av tap på fordringer .
Currency risk arises through ordinary business, future com-
The age analysis of trade receivables is as follows:
impaired except for trade receivables.
Det er ingen klasse av finansielle eiendeler som er forfalt og/
og / eller jurisdiksjoner.
aktivt å diversifisere sin eksponering mot bestemte bransjer
politisk risiko er også en del av vurderingen. Konsernet søker
de fleste virksomheter i konsernet.
exposure to particular industries and/or jurisdictions.
av prosjektet.
tidligere erfaring med motparten og intern analyse. Land og
most entities within the Group.
of the assessment. The Group actively seeks to diversify its
med prosjekter så snart som mulig etter endelig avklaring
as possible after the final clarification of the project.
kredittvurderingsbyråer, offentlig informasjon, konsernets
norske kroner ( "NOK" ) som er den funksjonelle valutaen for
internal analysis. Country and political risk also forms a part
ning. Konsernet forsøker å sikre større innkjøp i forbindelse
secure major purchases in connection with projects as soon
Kredittvurderingene er basert på informasjon fra eksterne
Norwegian Krone(“NOK”) which is the functional currency of
the Group's previous experience with the counterpart and
som er satt, og samtidig optimalisere risikojustert avkast-
mising the risk-adjusted return. Attempts should be made to
eksponeringer må godkjennes av konsernets kredittutvalg.
Konsernets inntekter og kostnader er i hovedsak nominert i
tion from external credit rating agencies, public information,
mål å sikre at risikoeksponeringen ligger innenfor de rammer
that risk exposure stays within the defined limits, while opti-
godkjenning fra konsernets kredittrisiko avdeling. Vesentlige
med eksisterende kunder, må de kommersielle avdelinger få
The Group’s revenue and costs are denominated primarily in
Committee. The credit assessments are based on informa-
finansielle instrumenter. Styring av markedsrisiko har som
nancial instruments. Market risk management aims to ensure
There is no class of financial assets that is past due and/or
nificant exposures must be approved by the Groups Credit
renter, vil påvirke fremtidige kontantstrømmer eller verdi av
interest rates, will affect future cash flows or the value of fi-
kunder eller forretninger med medium til lang tidshorisont
Valutarisiko
have to get approval from the Group’s credit risk team. Sig-
for eksempel valutakurser , prisen på råvarer som stål, og
exchange rates, the price of such raw materials as steel, and
motpartseksponering. Før inngåelse av kontrakter med nye
Currency risk
business with existing customers, commercial departments
Markedsrisiko er risikoen for at svingninger i markedspriser,
Market risk is the risk that fluctuations in market prices, e.g.
konsernet unngår unødig konsentrasjon av kreditt-og
any business with new customers or medium to longer term
centration of credit and counterpart exposure. Prior to fixing
Market Risk
begrense eksponeringen mot upålitelige motparter og
unreliable counterparts and the Group avoids undue con-
Market Risk
Konsernet har gjennomført grundige prosedyrer for å
Sikringsbokføring anvendes ikke.
fremtidige
implemented thorough procedures to limit the exposure to
konsernet.
for å betale for utførte tjenester og til å stå ved sine
contractual commitments with the Group. The Group has
med
Kredittrisiko refererer til evne og vilje til motparter
parts to pay for services rendered and to stand by their future
kontraktsforpliktelser
Kreditt / motpartsrisiko
4 680
-4 680
2012
Credit risk refers to the ability and willingness of counter-
4 329
-4 329
2013
88
Credit/Counterparty risk
Endring ved NOK 5 %sterkere
Hedge accounting is not applied.
Group’s operating units.
Styret fastsetter også detaljerte retningslinjer som myn-
The Board of Directors also establishes detailed policies such
EUR
Endring ved NOK 5 % svakere
finansiell risikostyring for konsernet.
and underlying principles of financial risk management for
Change if NOK 5 % stronger
er ansvarlig for å sette mål og underliggende prinsipper for
Board of Directors is responsible for setting the objectives
netto finansielle eiendeler posisjon ha vært så følger:
Change if NOK 5 % weaker
srisiko, kredittrisiko / motpartsrisiko og likviditetsrisiko. Styret
market risks, credit/counterpart risk and liquidity risk. The
the Group.
follows:
Konsernets aktiviteter medfører finansiell risiko som marked-
NOK (1,000)
from the net financial assets position would have been as
Finansiell risiko
ANNUAL REPORT 2013
The Group’s activities expose it to financial risks such as,
87
Financial Risk
ANNUAL REPORT 2013
2 875
269 880
175 096
94 784
2013
177 971
2012
405 069
307 230
97 839
2012
308 923
1 693
307 230
lån.
Konsernet overvåker kapital basert på egenkapitalen i
forhold til totale eiendeler.
shareholders or obtain borrowings.
The Group monitors capital based on the equity to total asset
ratio.
-
2 180
14 152
25 363
500
3 873
15 978
6 000
2 595
01.01.12
BOR 3 mnd + margin 4,75%, og nominell rente fra 4,78% til 5,
65%.
Lånene fra Innovasjon Norge har en løpetid på 8-21 år med
nominell rente på 4,20% til 6,75%.
Lånene fra Sparebanken Sogn & Fjordane har en løpetid på
15 år med nominell rente på 5,15 % til 6,75%.
interest rates from 4.78 % to 5.65 %.
The loans from Innovasjon Norge has a maturity of 8-21 years
with nominal interest rates of 4.20 % to 6.75 %.
The loan from Sparebank Sogn & Fjordane has a maturity of
15 years with nominal interest rate of 5.15 % to 6.75%.
med nominell rente på NIBOR 3 mnd + margin 2,65% til NI-
Lånene fra Sparebanken Møre har en løpetid på 3-25 år
-
3 339
12 326
2012
64 942
gin 2.65 % to NIBOR 3 months + margin 4.75 %, and nominal
years with nominal interest rates of NIBOR 3 months + mar-
The loans from Sparebanken Møre has a maturity of 3-25
SMN
SMN
konsernet tilbakebetale kapital til aksjonærene eller skaffe
an optimal capital structure, the Group may return capital to
Sparebanken Sogn & Fjordane
Finansiell leasing
Financial leasing
å opprettholde eller oppnå en optimal kapitalstruktur, kan
Sparebanken Sogn & Fjordane
kapitalstruktur for å maksimere aksjonærenes verdier. For
maximise shareholder value. In order to maintain or achieve
27 018
61 661
2013
og byggelån.
Sum
Sum
2013
175 096
2 181
100 020
* Kortsiktig gjeld til kredittinstitusjoner er knyttet til kassekreditt
Kortsiktig gjeld til kredittinstitusjoner*
Short-term debt to financial institutions*
3 339
98 123
2012
97 839
overdrafts and construction loans.
Langsiktig gjeld til kredittinstitusjoner
Long-term debt to financial institutions
2013
94 784
*Short-term debt to financial institutions relates to bank
Gjeld sikret ved pant
Debt secured by mortgage
and to maintain an optimal capital structure so as to
6 620
Innovasjon Norge (see note 22)
2 088
-
Sum
Finansiell leasinggjeld
Innovasjon Norge (see note 22)
2 874
696
-
Sum
Finance lease liabilities
Gjeld til kredittinstitusjoner
evne til å fortsette sin drift, og å opprettholde en optimal
Derivativer
Derivatives
694
-
mer enn 5 år
More than 5 years
Liabilities to financial institutions
safeguard the Group’s ability to continue as a going concern
Gjeld til
kredittinstitusjoner
Liabilities to financial
institutions
685
Mellom 3 og 5 år
Between 3 and 5 years
Sum
Rentebærende langsiktig gjeld
Leverandørgjeld
og annen gjeld
Trade and other
payables
Mellom 1 og 2 år
Under 1 år
Sum
Finance lease liabilities
Rentebærende kortsiktig gjeld
Finansiell leasinggjeld
Liabilities to financial institutions
Interest bearing short-term debt
Rentebærende langsiktig gjeld
Gjeld til kredittinstitusjoner
Interest bearing long-term debt
selv om forfall kan være lenger enn 12 måneder.
Sparebanken Møre
Ikke-derivater
Non Derivatives
Between 1 and 2 years
Less than 1 year
Long Term / Langsiktig
5 914
turity may be further than 12 months.
jektet skrider frem. Byggelån er definert som kortsiktig gjeld,
foretar utbetalinger under en gitt ramme som ettersom pros-
Sparebanken Møre
2012
2012
Current / Kortsiktig
1 868
-
short-term debt when they enter into the cycle, although ma-
as the project progresses. Construction loans are defined as
Interest bearing long-term debt
NOK (1,000)
NOK (1,000)
-9 101
623
-
mer enn 5 år
byggelån. Dette er lån hvor banken har sikkerhet i skipet, og
Konsernets målsetning for kapitalstyring er å sikre konsernets
Derivater
Derivatives
623
-
Mellom 3 og 5 år
security in the ship, and make payments under a given frame
Kapitalrisiko
Gjeld til
kredittinstitusjoner
Liabilities to
financial institutions
1 246
Mellom 1 og 2 år
Under 1 år
More than 5 years
The Group’s objectives when managing capital are to
Leverandørgjeld
og annen gjeld
Trade and other
payables
Between 1 and 2 years
Less than 1 year
I forbindelse med skipsbyggingsaktiviteten inngår konsernet
ter into construction loans. These are loans where the bank’s
Finansiering av skipsbyggeaktiviteter
In connection with the shipbuilding activity the group may en-
Bank og leasing
17. GJELD TIL KREDITTINSTITUSJONER
90
Construction financing
Bank and leasing
17. INTEREST BEARING DEBT
ANNUAL REPORT 2013
Capital Risk
Ikke-derivater
Non Derivatives
NOK (1,000)
Long Term / Langsiktig
Between 3 and 5 years
22 for detaljer om kontanter, og note 17 for rentebærende
details on cash, and note 17 for interest bearing debt.
Current / Kortsiktig
på grunnlag av forventet kontantstrøm. Det kan vises til note
expected cash flow. Reference can be made to note 22 for
2013
konsernets likviditetsreserve r og kontanter og bankinnskudd
gjeld.
Ledelsen utarbeider og overvåker rullerende prognoser for
quidity reserve and cash and bank balances on the basis of
89
Management monitors rolling forecasts of the Group’s li-
ANNUAL REPORT 2013
lånebetingelser. De viktigste betingelsene er følgende:
Bankinnskudd
Sum bokført verdi av pantsatte eiendeler
Bank deposits
Sum book value of pledged assets
542 395
-
82 122
38 872
267 074
28 800
125 528
2013
2012
669 143
-
60 968
40 717
456 186
20 750
90 522
Se note 13 for videre informasjon om finansiell leasing.
Kundefordringer
Accounts receivables
For more information about leasing liabilities, see note 13.
Opptjent, ikke fakturert produksjon
Varelager
Maskiner, driftsløsøre
Machinery, operating equipment
Inventory
Bygninger
Buildings
Earned, not billed production
Bokført verdi av pantsatte eiendeler
Book value of pledged asset
2012). The investments are classified as available-for-sale
Leasingselskapet har eierskap til leieobjektet.
The leasing company has ownership of the leased object.
16 012
131 861
7 119
10 364
526 668
Verdivurderingene er basert på verdijustert egenkapital i de
skipseiende selskapene. Eksterne verdivurderinger benyttes
til å estimere verdien av skip. Disse er underlagt generelle
faktorer i verdensøkonomien og spesifikt til shippingindustrien.
Beregning av sensitiviet på verdivurderingene er ansett av
konsernet å være svært utfordrende og ha begrenset nytte,
da de underliggende faktorene av natur er basert på skjønn.
owning companies. External valuations are used to estimate
value of ships. These are subject to general factors in the
world economy and speicifically in the shipping industry.
Calculating sensitivies on this values are assessed by the
Group to be of great difficulties and would be of limited use,
as the underlying factors are too judgemental in nature.
205 294
83 279
82 187
39 828
Valuation is based on value adjusted equity in the ship
-14 614
134 107
Balanseført verdi
Carrying
amount
134 962
2 493
92 641
39 828
Balanseført verdi
Carrying
amount
nivå tre investeringer.
482 540
Resultat fra
foregående
år (100%)
Result as
of last year
(100%)
-352
-10 053
Resultat fra
foregående
år (100%)
Result as
of last year
(100%)
Alle investeringer er unoterte aksjer, og er klassifisert som
Balanseført verdi per 31.12.12
Carrying amount as of 31.12.13
Torangsvåg
Egenkapital fra
foregående år
(100%)
Equity as of last
year (100%)
316 653
328 919
Egenkapital fra
foregående år
(100%)
Equity as of last
year (100%)
as level 3 investments.
Andre langsiktige finansielle
investeringer
Other non-current financial
investments
16,80 %
Faroe Island
Forretningskontor
Eierandel/
stemmeandel
10,90 %
Business
office
Torangsvåg
Færøyene
Forretningskontor
Business
office
Ownership
share/
voting share
30,90 %
11,50 %
Eierandel/
stemmeandel
Ownership
share/ voting
share
balansen. Investeringene er klassifisert som langsiktige.
som tilgjengelig for salg eiendeler og måles til virkelig verdi i
kroner per 31. desember 2012). Investeringene er klassifisert
All investments are unquoted equity shares and are classified
P/F 6. September 2006
Vestland Offshore Invest AS
P/F 6. September 2006
Selskap
Company
Vestland Offshore Invest AS
Balanseført verdi per 31.12.12
Andre langsiktige finansielle
investeringer
Other non-current financial
investments
Carrying amount as of 31.12.12
P/F 6. September 2006
Vestland Offshore Invest AS
P/F 6. September 2006
Selskap
Vestland Offshore Invest AS
Company
investments are classified as non-current.
assets and measured at fair value in the balance sheet. The
finansielle eiendeler på 205 millioner kroner (135 millioner
Per 31. desember 2013 har konsernet investeringer i
assets of NOK 205 million (135 million as of December 31,
320 568
28 677
8 051
17 100
835
35 417
As of December 31, 2013 the Group has investments in financial
Leasinggjeld
Leasing liabilities
2 045
31 893
2012
62 114
19. INVESTERINGER I FINANSIELLE EIENDELER
konsernet vedlikeholds-og forsikringsforpliktelser.
2013
232 802
92
19. NON-CURRENT FINANCIAL INVESTMENTS
lastebiler og multitherm. I tillegg til leiebetalingene, innehar
group asset maintenance and insurance obligations.
Sum annen kortsiktig gjeld
trucks and multitherm. In addition to the lease payments, the
Annen kortsiktig gjeld
Total other current liabilities
kontorbrakker , boligbrakker, kompressor, tårnkran, stillas,
Other current liabilities
Konsern eiendeler under finansielle leieavtaler inkluderer
Garantiavsetninger
Warranty provisions
racks, rig barracks, compressor, tower crane, scaffolding,
Kortsiktig gjeld til kredittinstitusjoner
Short-term liabilities to financial institutions
The group assets under finance leases include office bar-
Personalrelaterte forpliktelser
Emplyee-related liabilities
Finansiell leasing
Utestående rentebetalinger
Interest payments to be made
Financial leasing
Forskuddsbetalinger fra kunder
Annen kortsiktig gjeld består av følgende:
18. ANNEN KORTSIKTIG GJELD
Prepayments from customers
MNOK 100
• Egenkapital på minimum 25%, minimum pålydende
• Equity of minimum 25 %, minimum nominal amount
Other current liabilities consists of the following:
18. OTHER CURRENT LIABILITIES
ANNUAL REPORT 2013
MNOK 100
• Arbeidskapital på minimum MNOK 100
• Working capital of minimum MNOK 100
the following
Per 31. desember 2013 var selskapet ikke i brudd med sine
with all its existing debt covenants. The main covenants are
91
As of 31 December 2013, the Company was in compliance
ANNUAL REPORT 2013
investeringer hvor eierandelen er over 20 prosent. Se note 9.
aktivt marked bestemmes ved å bruke verdsettelsesmetoder.
Disse
observerbare data der de er tilgjengelige, og belager seg
minst mulig på konsernets egne estimater. Klassifisering på
nivå 2 krever at alle vesentlige data som kreves for å fastsette
virkelig verdi er observerbare data.
Nivå 3:
Virkelig verdi måles ved bruk av signifikant data som ikke er
basert på observerbare markedsdata.
20. ANDRE LANGSIKTIGE FORDRINGER
Lån til P/F 6.september 2006
Lån til P/F Skansi
Lån til Brattholm Invest AS
Andre langsiktige fordringer
Sum andre langsiktige fordringer
Vilkår for lånene
Lånet til P / F 6.september 2006 forfaller i 2016 (30 mill NOK)
og i 2018 (30 mill NOK), og har en nominell rente på NIBOR +
5% margin.
Lånet til P / F Skansi forfaller i 2017 og har en nominell rente
på 5,07%. Det er en opsjon på å konvertere lånet til aksjer ved
forfall.
Lånet til Brattholm Invest AS har en nominell rente på 4%.
on an active market is determined using valuation methods.
These valuation methods maximise the use of observable
data where they are available, and rely as little as possible on
the Group’s own estimates. Classification at level 2 requires
that all significant data required to determine fair value are
observable data.
Level 3:
Fair value is measured using significant data that are not
based on observable market data.
20. OTHER NON-CURRENT RECEIVABLES
Loan to P/F 6.september 2006
Loan to P/F Skansi
Loan to Brattholm Invest AS
Other long-term receivables
Sum other long-term receivables
The terms of the loans
The loan to P/F 6.september 2006 matures in 2016 (30 Mill
NOK) and in 2018 (30 Mill NOK) and has a nominal interest
rate of NIBOR + margin 5%.
The loan to P/F Skansi matures in 2017 and has a nominal
interest rate of 5.07%. The lender have an option to convert
the loan into shares at maturity date.
The loan to Brattholm Invest AS has a nominal interest rate
4%.
Virkelig verdi av finansielle instrumenter som ikke handles i et
The fair value of financial instruments that are not traded
2013
118 103
7 260
5 716
43 120
62 007
84 877
4 458
5 516
40 988
33 914
2012
av
Nivå 2:
Level 2:
bruken
Ingen justeringer er gjort knyttet til disse prisene.
No adjustments are made related to these prices.
maksimerer
markeder for identiske finansielle instrumenter.
verdsettelsesmetodene
realisable value, and consists of raw materials.
Virkelig verdi måles ved bruk av noterte priser i aktive
markets for identical financial instruments.
Bankinnskudd - ikke bundne midler
23. OFFENTLIGE TILSKUDD
ubenyttede trekkfasiliteter.
31.des
Released to the income statement
At 31 December
tached to these grants.
tions. There are no unfulfilled conditions or contingencies at-
133 175
1 654
11 431
135 120
281 381
148 206
115 235
10 862
104 373
2012
-
3 657
3 657
2013
-
3 239
3 239
2012
disse tilskuddene.
Det er ingen uoppfylte forhold eller betingelser knyttet til
Offentlige tilskudd er mottatt for flere utviklingsprosjekter.
Mottatt i løpet av året
Inntektsført i løpet av året
Received during the year
01.jan
Government grants have been received for several construc-
56 386
26,5 (2012: MNOK 27,7 , fra 1. januar 2012: MNOK 0) av
At 1 January
23. GOVERNMENT GRANTS
committed borrowing facilities.
2012
56 386
Pr. 31. desember 2013 hadde konsernet tilgjengelig MNOK
Skattetrekkskonto
forskuddsbetalinger
Sikkerhetsstillelse til kunder for
Bundne midler består av:
Sum
Bundne midler i bank
2013
Bankinnskudd, kontanter og tilsvarende består av:
22. BANKINNSKUDD, KONTANTER OG LIGNENDE
Sikkerhet for fremmed valuta
26,5 (2012: NOK mill 27,7, 1 January 2012: NOK 0) of undrawn
38 872
felseskost og netto salgsverdi, og består av råvarer.
Security for foreign currency
At 31 December 2013, the Group had available NOK mill
2013
38 872
94
Varelager vurderes til det laveste av gjennomsnittlig anskaf-
Tax withholding accounts
Security furnished to customer for payment
in advance
Restricted cash consists of:
Total
Cash at banks - restricted
Cash at banks - unrestricted
NOK (1,000)
Cash and cash equivalents consist of:
22. CASH AND CASH EQUIVALENTS
Inventory is recognized at the lower of average cost and net
Nivå 1:
definert som følgende:
Fair value is measured by using quoted prices in active
Sum varelager
Total inventories
De forskjellige nivående for vurdering av virkelig verdi er
Level 1:
Råvarer (til anskaffelseskost)
Raw materials (at cost)
Vurdering av virkelig verdi
21. VARELAGER
The different levels have been defined as follows:
(NOK 1,000)
21. INVENTORY
ANNUAL REPORT 2013
Assessment of fair value
Refer to note 9.
Konsernet har investeringer inkludert i langsiktige finansielle
investments where the ownership share is over 20 per cent.
93
The Group has investmensts included in non-current financial
ANNUAL REPORT 2013
2012
1 126
Rabben, Njål Sævik og Vegard Sævik har indirekte eierskap i
konsernet gjennom sitt eierskap i Havila Holding AS.
Hege Sævik Rabben, Njål Sævik and Vegard Sævik have
indirect ownership in the group through their ownership in
Norge, og hovedkontoret ligger i Fosnavåg, Herøy.
based in Norway, and its head office is located in Fosnavåg,
Herøy.
Morselskapet Havila Holding AS er et aksjeselskap basert i
Parent company Havila Holding AS is a limited company
Havila Holding AS.
AS. Styreleder Per Sævik og styremedlemmene Hege Sævik
100,0 %
5,8 %
1,1 %
1,1 %
1,1 %
1,1 %
1,1 %
1,5 %
5,2 %
AS. Chairman of the board Per Sævik and board members
1 126 416
65 671
12 149
12 149
12 149
12 149
12 149
16 374
58 626
82,1 %
Øverste kontrollerende selskap i konsernet er Havila Holding
Sum antall aksjer
Number of shares
CEO Havyard Design & Solutions AS
Own shares
Geir Johan Bakke (CEO)
925 000
Ultimate controlling company of the Group is Havila Holding
Andre aksjonærer (<1%)
Jonfinn Ulfstein
Jonfinn Ulfstein
Other shareholders (<1%)
Arve Helsem Leine
Arve Helsem Leine
Lasse Svoren
Stig M. Espeseth
Stig M. Espeseth
Kjellbjørn Kopperstad
Havyard Group ASA
Havyard Group ASA
Kjellbjørn Kopperstad
Geir Johan Bakke AS
Geir Johan Bakke AS
Lasse Svoren
Havila Holding AS
Havila Holding AS
Ownership /
Eierandel
Konsernet utbetalt utbytte på MNOK 59,9 i 2012.
The Group has paid a dividend of NOK 59.9 million in 2012.
Number of shares
/ Antall aksjer
Konsernet utbetalte utbytte på MNOK 24,8 i 2013.
The Group has paid a dividend of MNOK 24.8 in 2013.
Controlled by / Kontrollert av
notification of potential legal
Utbytte og konsernbidrag
Dividends and group contributions
Aksjonærer per 31.12.2013
har ingen varsler om potensielle søksmål blitt mottatt av
involved in any material legal proceedings. Likewise, no
Ingen nye aksjer ble utstedt i 2012.
No new shares were issued in 2012.
Shareholders as of 31.12.2013
regnskapet involvert i noen vesentlige rettssaker. Likeledes
subsidiaries are as of the date of these financial statements
2012
2012
av dette regnskapet ingen materielle garantikrav rettet mot
noen av selskapene i konsernet, og det er heller ingen av
companies in the Group, nor have any of the companies in
selskapene i konsernet som er blitt varslet om slike krav.
den ordinære virksomheten. Det er per dato for avleggelse
of these financial statements been directed at any of the
the Group been notified of any such claims.
møter konsernet fra tid til annen garantikrav som en del av
business. No material warranty claim has as of the date
fra NES i denne saken.
Som følge av å være et konsern i skipsbyggingsndustrien,
oppfatning at saksøker ikke vil bli tildelt noen kompensasjon
compensation from NES in this matter.
time to time faces warranty claims as part of its ordinary
selskapet per dato for avleggelse av dette regnskapet i den
the opinion is that the plaintiff will not be awarded any
Garantier
undersøkelser og betraktninger utført av selskapet, er
considerations carried out by the Company, as of today,
Being a group in the shipbuilding industry, the Group from
AS (NES), som eies 37,9 % av selskapet. Basert på de foreløpige
the Company. Based on the preliminary investigations and
Guarantees/warranties
datert 30. januar 2014 av Norwegian Electric Power Systems
Electric Power Systems AS (NES), which is owned 37,9 % by
For deleide datterselskaper, har det blitt mottatt en stevning
As far as concerns partly owned subsidiaries, a summons
dated 30 January 2014 has been received by Norwegian
nevnte selskaper.
received by said companies.
proceedings have been
Hverken Havyard Group ASA eller noen av dets 100 %
Neither Havyard Group ASA nor any of its 100 % owned
eide datterselskap er per dato ved avleggelse av dette
Tvister
Legal disputes
26. BETINGEDE FORPLIKTELSER OG AVSETNINGER
aksjer, med pålydende NOK 1,00.
26. CONTINGENCIES AND PROVISIONS
Aksjekapitalen utgjør kr. 1 126 416 fordelt på tilsvarende antall
estående ordinære aksjer gjennom året.
145,16
Resultat per aksje er basert på et vektet gjennomsnitt av ut-
122,60
of ordinary shares outstanding during the year.
Resultat per aksje (NOK)
1 126
138 100
Earnings per share is based on a weighted average number
Earnings per share (NOK)
Gjennomsnittlig antall utestående aksjer
Årets resultat tilordnet aksjeeiere i morselskapet
of shares, at NOK 1.00.
1 126 416
Average number of shares outstanding
Profit attributable to equity holders of parent
The share capital was 1 126 416 divided by the same amount
1 126 416
1,00
1 126 416
2012
2013
1 126 416
1,00
1 126 416
2013
2013
Aksjekapital (NOK)
Share capital (NOK)
1,00
1 126 416
(NOK 1,000)
eller
163 509
opsjonsavtaler
Alle aksjer har like rettigheter.
Pålydende (NOK)
Par value (NOK)
January 1,
2012
finansielle
96
All shares have equal rights.
Antall ordinære aksjer
Number of ordinary shares
2013
ingen
konvertible lån med fremtidig utvanningseffekt.
a future dilution effect.
har
Konsernet
The group has no financial options or convertible loans with
Ordinære aksjer utstedt og fullt betalt
Ordinary shares issued and fully paid
25. RESULTAT PER AKSJE
25. EARNINGS PER SHARE
ANNUAL REPORT 2013
24. AKSJEKAPITAL OG RESERVER
95
24. ISSUED CAPITAL AND RESERVES
ANNUAL REPORT 2013
-
2012
-
2012
364 000
2012
utarbeidet konsernet sine regnskaper i henhold til norske
regnskapsskikk (NGAAP).
with Norwegian generally accepted accounting principles
totalresultatet er utarbeidet som om kravene i IFRS som
ble brukt 31 desember 2013 alltid har vært anvendt. Det er
the IFRS requirements as of December 31, 2013 always have
bruk av estimert anskaffelseskost for én eiendom ( IFRS1.D5 ).
IFRS has been made, with the exception of use of deemed
Balansen inkluderer følgende fordringer og gjeld som følge
av transaksjoner med tilknyttede selskaper:
The balance sheet includes the following receivables and
payables resulting from transactions with associated
21 413
22 800
to management and the board.
7 931
6 758
See note 5 for more information on loans and remuneration
Sum
Total
1 387
to management and the board.
Leverandørgjeld
Account payables
1 173
See note 5 for more information on loans and remuneration
Kundefordringer
Account receivables
2012
(MNOK 10,7 per 31. desember 2012)
MNOK 8.6 ( MNOK 10.7 as at 31 December 2012)
2013
til NorthSea PSV IS utgjør per 31 desember 2013 MNOK 8,6
commitment to NorthSea PSV IS as at December 31 2013
companies:
and accounting for associates.
The main effects of transition to IFRS relates to accounting for
adopted IFRS 10, 11 and 12 (see Note 2).
tilknyttede selskap.
anskaffelseskost for én eiendom og regnskapsføring av
regnskapsføring av utbyggingskostnader, bruk av estimert
De viktigste effektene av overgangen til IFRS er knyttet til
Konsernet har tatt i bruk IFRS 10, 11 og 12 (se note 2).
retrospektiv anvendelse av IFRS har blitt gjort, med unntak av
or not used by the Group. A full retrospective application of
cost for one item of PP&E (IFRS1.D5). The Group has early
er verken aktuelle eller brukes ikke av konsernet. En full
from this principle. Most of these are neither not applicable
flere unntak og fritak fra dette prinsippet. De fleste av disse
IFRS, noe som betyr at åpningsbalansen og oppstilling av
and statement of comprehensive income are prepared as if
been applied. There are several exceptions and exemptions
Det generelle kravet er full retrospektiv anvendelse av
IFRS, meaning that the opening statement of financial position
omarbeiding av NGAAP-regnskapene.
The general requirement is full retrospective application of
de viktigste justeringer som er gjort av konsernet ved
med konsernets overgang til IFRS. Denne noten forklarer
2012, the Group's transition to IFRS. This note explains the
NGAAP financial statements.
åpningsbalanse utarbeidet pr 1. januar 2012 i forbindelse
statement of financial position was prepared as of 1 January
principal adjustments made by the Group in restating its
Ved utarbeidelse av konsernregnskapet
In preparing these financial statements, the Group's opening
ble konsernets
i samsvar med IFRS. For perioder opp til og med 2012,
the Group prepared its financial statements in accordance
(NGAAP).
31. desember 2013 er det første konsernet har utarbeidet
IFRS. For periods up to and including the year ended 2013,
(MNOK 11,3 per 31. desember 2012). Uinnkalt låneforpliktelse
-
-
Amounts owed to related parties /
Skyldig beløp til nærstående parter
-
-
Amounts owed to related parties /
Skyldig beløp til nærstående parter
260
4
Amounts owed to related parties /
Skyldig beløp til nærstående parter
115
-
Amounts owed to related parties /
Skyldig beløp til nærstående parter
Årsregnskapet og årsberetningen for året som ble avsluttet
2013 are the first the Group has prepared in accordance with
29. FØRSTEGANGSANVENDELSE AV IFRS
levert i mars 2014.
These financial statements, for the year ended December 31,
15.2 (MNOK 11.3 as at 31 december 2012). Uncalled loan
-
6 758
21 200
development costs, use of deemed cost for one item of PP&E
108 820
2012
-
Purchases from related parties /
Kjøp fra nærstående parter
-
-
Purchases from related parties /
Kjøp fra nærstående parter
2 225
1 642
Purchases from related parties /
Kjøp fra nærstående parter
974
2 260
Purchases from related parties /
Kjøp fra nærstående parter
91 918
119 983
Lån til NorthSea PSV utgjør per 31 desember 2013 MNOK 15,2
-
2013
Sales to related parties /
Salg til nærstående parter
-
2013
Sales to related parties /
Salg til nærstående parter
-
2013
Sales to related parties /
Salg til nærstående parter
-
2013
Sales to related parties /
Salg til nærstående parter
-
2012
Loans to NorthSea PSV as at 31 December 2013 MNOK
NorthSea PSV IS
Havila Charisma IS
Havila Holding AS
Havblikk Eiendom AS
-
2013
29. FIRST TIME ADOPTION OF IFRS
De mest vesentlige transaksjonene er følgende:
The most significant transactions are as follows:
Amounts owed to related parties /
Skyldig beløp til nærstående parter
og i henhold til armlengdes prinsipp.
operations and at arms -length prices.
Purchases from related parties /
Kjøp fra nærstående parter
Group ASA was submitted in March 2014.
parter. Alle transaksjonene er utført som ledd i ordinær drift
the transactions have been carried out as part of the ordinary
Sales to related parties /
Salg til nærstående parter
Application for listing at the Oslo Stock Exchange for Havyard
Konsernet har en rekke transaksjoner med nærstående
The Group has various transactions with related parties. All
Norwegian Electric Systems AS
21. mars 2014.
(ASA) on March 21, 2014.
Søknad om notering på Oslo Børs for Havyard Group ASA ble
Konsernet ble omdannet til et allmennaksjeselskap (ASA) den
The Group was converted into a public limited company
Transaksjoner med nærstående parter
Transactions with related parties
28.HENDELSER ETTER BALANSEDAGEN
98
28. SUBSEQUENT EVENTS
ANNUAL REPORT 2013
27. TRANSAKSJONER MED NÆRSTÅENDE
97
NOTE 27. RELATED PARTY TRANSACTIONS
ANNUAL REPORT 2013
Egenkapital
Equity
651 341
711 379
Sum kortsiktig gjeld
Sum gjeld
SUM GJELD OG EGENKAPITAL
Total liabilities
TOTAL EQUITY AND LIABILITIES
1 010 519
62 064
316 972
Total current liabilities
D
Gjeld til kredittinstitusjoner
28 140
59 942
Annen kortsiktig gjeld
Skyldige offentlig avgifter
Public duties payables
B
94 155
90 068
60 038
7 243
28 378
1 623
22 793
299 140
215
292 354
0
(17)
5 462
1 126
1 010 519
886 040
257 564
533 185
60 704
27 981
6 606
124 479
20 000
8 374
21 398
736
455
68 798
694
4 024
NGAAP 1.1.2012
Liabilities to financial institutions
Utbytte
Provision for dividend
D
A, C, E
A, B, E
F
A
Note
84 208
(34 368)
(52 795)
-
7 147
-
(59 942)
-
-
18 427
-
(7 147)
-
25 574
118 576
-
118 576
-
-
-
-
84 208
-
-
-
-
-
-
84 208
-
-
(7 128)
-
-
91 336
-
-
Effect of transition to IFRS
Konsolidert balanse per 1 januar 2012
Other current liabilities
Leverandørgjeld
Betalbar skatt
Kortsiktig gjeld
Current liabilities
Accounts payables
Sum langsiktig gjeld
Total long term liabilities
Taxes payable
Annen langsiktig gjeld
Utsatt skatt
Deferred tax liability
Other long-term liabilities
Langsiktig gjeld
Long term liabilities
Pensjonsforpliktelse
Sum egenkapital
Total equity
Gjeld til kredittinstitusjoner
Minoritetsinteresser
Non-controlling interest
Pension liabilities
Opptjent egenkapital
Retained earnings
Liabilities to financial institutions
Egne aksjer
Annen innbetalt egenkapital
Treasury shares
Other paid-in capital
Aksjekapital
GJELD OG EGENKAPITAL
EQUITY AND LIABILITIES
Overkurs
SUM EIENDELER
Share capital
Sum omløpsmidler
Total Current Assets
TOTAL ASSETS
Share premium reserve
Opptjent, ikke fakturert produksjon
Bankinnskudd, kontanter og lignende
Earned, not billed production
Andre kortsiktige fordringer
Other receivables
Cash and cash equivalents
Varelager
Kundefordringer
Accounts receivables
Omløpsmidler
Current Assets
Inventory
Andre langsiktige fordringer
Investeringer i finansielle eiendeler
Investment in financial assets
Sum anleggsmidler
Investeringer i tilknyttede selskap
Investment in associates
Other non current receivable
Lån til datterselskaper
Loan to subsidiaries
Total non current assets
Eiendom, anlegg og utstyr
Investeringer i datterselskaper
Property, plant and equipment
Investment in subsidiaries
Goodwill
Lisenser, patenter og FoU
Goodwill
Anleggsmidler
Non current assets
Licenses, patents and R&D
EIENDELER
ASSETS
(NOK 1,000)
Consolidated balance sheet of 1 January 2012
ANNUAL REPORT 2013
1 094 727
677 011
598 546
62 064
324 119
28 140
-
94 155
90 068
78 465
7 243
21 231
1 623
48 367
417 716
215
410 930
-
-17
5 462
1 126
1 094 727
886 040
257 564
533 185
60 704
27 981
6 606
208 687
20 000
8 374
14 270
736
455
160 134
694
4 024
IFRS 1.1.2012
99
Avskrivninger og nedskrivninger
Andre driftskostnader
Driftskostnader
Depreciations and amortization
Other operating expenses
Operating expenses
Andel av resultat fra tilknyttet
selskap
Share of profit/loss of associate
Resultat per aksje (NOK)
Sum
Minoritetsinteresser
Aksjonærer i morselskapet
Total
Non-controlling interest
Equity holders of the parent
Attributable to:
Total comprehensive income for the year
Other comprehensive income
Fair value adjustment avaliable-for-sale financial assets
Net actuarial profit/ (loss)
Other comprehensive income:
Profit of the year
157,4
178 257
1 065
177 192
178 257
55 951
234 208
-1 051
6 340
6 942
234 657
1 410 122
79 479
11 893
234 064
1 084 687
1 644 779
2 932
1 641 847
NGAAP 2012
01.01 -31.12
Sum
Minoritetsinteresser
Aksjonærer i morselskapet
Tilordnet:
Sum utvidet resultat for perioden
Sum
Endring i virkelig verdi på finansielle eiendeler
Aktuarielle gevinster og tap
178 257
1 065
177 192
178 257
-
-
-
178 257
-13 766
-82
-13 684
-13 766
-
-
-
-13 766
-13 766
-82
-13 684
-13 766
-5 689
-19 455
-
-
-
-19 455
-198 472
-
-242
-5 583
-192 647
-217 927
-
-217 927
Effect of transition to IFRS /
Overgangs-effekt til IFRS
Konsolidert oppstilling over utvidet resultat
E,F
A, C, E
E
F
F
Note
Avstemming av totalresultat for 2012
Utvidet resultat for perioden
Årsresultat
Consolidated statement of other comprehensive income
Earnings per share (NOK)
Total
Non-controlling interest
Equity holders of the parent
Tilordnet:
Årsresultat fra videreført virksomhet
Profit for the year from continuing
operations
Attributable to:
Skattekostnad
Income tax expenses
Ordinært resultat før skattekostnad fra videreført virksomhet
Finanskostnader
Financial expenses
Profit/loss before tax from
continuing operations
Finansinntekter
Financial income
Driftsresultat
Lønnskostnader
Operating profit/loss (EBIT)
Varekostnader
Driftsinntekt
Operating revenue
Payroll expenses etc.
Annen driftsinntekt
Cost of sales
Salgsinntekt
Other operating revenues
Resultatregnskap
(NOK 1,000)
Sales revenues
Profit and Loss statement
(NOK 1,000)
Reconciliation of total comprehensive income for 2012
ANNUAL REPORT 2013
164 491
983
163 509
164 491
-
-
-
164 491
145,2
164 491
983
163 509
164 491
50 262
214 752
-1 051
6 340
6 942
215 202
1 211 650
79 479
11 651
228 481
892 040
1 426 852
2 932
1 423 920
IFRS 2012
01.01 - 31.12
100
Bankinnskudd, kontanter og lignende
Sum omløpsmidler
SUM EIENDELER
GJELD OG EGENKAPITAL
Earned, not billed production
Cash and cash equivalents
Total Current Assets
TOTAL ASSETS
EQUITY AND LIABILITIES
Utsatt skatt
Deferred tax liability
Skyldige offentlig avgifter
Gjeld til kredittinstitusjoner
Annen kortsiktig gjeld
Sum kortsiktig gjeld
Sum gjeld
SUM GJELD OG EGENKAPITAL
Public duties payables
Liabilities to financial institutions
Other current liabilities
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
D
B
E
55 890
Betalbar skatt
Utbytte
Taxes payable
Leverandørgjeld
Accounts payables
Provision for dividend
146 890
Kortsiktig gjeld
Current liabilities
7 560
1 297 871
842 905
684 620
131 567
290 168
35 313
24 792
158 284
Annen langsiktig gjeld
118 775
872
31 076
454 966
3 428
444 974
-
-24
5 462
1 126
1 297 870
803 180
115 235
459 115
98 346
74 098
56 386
494 689
84 877
134 962
11 260
Sum langsiktig gjeld
G
736
94 060
Other long-term liabilities
D
A, C, E
A, C, E
F
456
138 898
9 549
19 891
NGAAP
31.12.2012
Total long term liabilities
Pensjonsforpliktelse
Langsiktig gjeld
Long term liabilities
Gjeld til kredittinstitusjoner
Sum egenkapital
Total equity
Liabilities to financial institutions
Minoritetsinteresser
Pension liabilities
Opptjent egenkapital
Retained earnings
Non-controlling interest
Annen innbetalt egenkapital
Opptjent, ikke fakturert produksjon
Other receivables
Other paid-in capital
Andre kortsiktige fordringer
Accounts receivables
Egne aksjer
Kundefordringer
Inventory
Treasury shares
Varelager
Current Assets
Overkurs
Omløpsmidler
Total non current assets
Share premium reserve
Sum anleggsmidler
Other non current receivable
Egenkapital
Andre langsiktige fordringer
Investment in financial assets
Aksjekapital
Investeringer i finansielle eiendeler
Loan to associates
Share capital
Lån til tilknyttede selskap
Investment in associates
Equity
Lån til datterselskaper
Investeringer i tilknyttede selskap
Loan to subsidiaries
Investeringer i datterselskaper
Investment in subsidiaries
A
E
Lisenser, patenter og FoU
Eiendom, anlegg og utstyr
Goodwill
Licenses, patents and R&D
Anleggsmidler
Goodwill
Non current assets
Property, plant and equipment
C
EIENDELER
Note
85 034
13 595
(4 553)
294
18 755
-
(24 792)
1 191
-
18 148
10 337
(18 755)
-
26 567
71 438
16 053
55 386
-
-
-
-
85 034
-
-
-
-
-
-
85 034
-
-
-
(18 202)
-
-
88 587
10 621
4 027
Effect of transition to IFRS
Konsolidert balanse per 31 desember 2012
ASSETS
(NOK 1,000)
Consolidated balance sheet of 31 December 2012
ANNUAL REPORT 2013
1 382 905
856 500
680 067
131 861
308 923
35 313
-
57 081
146 890
176 432
17 897
100 020
872
57 643
526 404
19 481
500 360
-
(24)
5 462
1 126
1 382 905
803 181
115 235
459 115
98 346
74 098
56 386
579 723
84 877
134 962
11 260
75 858
736
456
227 485
20 170
23 918
IFRS
31.12.2012
101
Resultat per aksje(NOK)
Sum
Minoritetsinteresser
Aksjonærer i morselskapet
A, C, E
E
105,0
120 263
2 020
118 242
120 263
43 280
163 542
4 196
16 922
18 898
157 370
1 829 562
124 230
19 463
333 761
1 352 109
1 986 932
4 253
1 982 679
NGAAP2013
01.01 -31.12
Årsresultat
Tilordnet:
Aksjonærer i morselskapet
Minoritetsinteresser
Sum
Attributable to:
Equity holders of the parent
Non-controlling interest
Total
Sum utvidet resultat for perioden
Sum
Other comprehensive income
Total comprehensive income for the year
Endring i virkelig verdi på finansielle eiendeler
Omregningsdifferanser
Utvidet resultat for perioden
Fair value adjustment avaliable-for-sale
financial assets
Translation differences
Other comprehensive income:
Profit of the year
120 263
2 020
118 242
120 263
-
-
-
120 263
20 197
763
44 640
20 197
25 206
19 993
5 213
20 197
20 197
339
19 858
20 197
5 775
25 973
-
-
2 768
23 205
-23 205
-
-1 521
-21 684
-
-
-
-
Effect of transition to IFRS /
Overgangseffekt til IFRS
Consolidated statement of other comprehensive income / Konsolidert oppstilling over utvidet resultat
Earnings per share (NOK)
Total
Non-controlling interest
Equity holders of the parent
Tilordnet:
Årsresultat fra videreført
virksomhet
Attributable to:
Skattekostnad
Profit/loss for the year from
continuing operations
Ordinært resultat før skattekostnad
fra videreført virksomhet
Profit/loss before tax from
continuing operations
Income tax expenses
Andel av resultat fra tilknyttet selskap
Driftsresultat
Operating profit/loss (EBIT)
Share of profit/loss of associate
Driftskostnader
Operating expenses
Finansinntekter
Andre driftskostnader
Other operating expenses
Finanskostnader
Avskrivninger og nedskrivninger
Depreciations and amortization
Financial expenses
Lønnskostnader
Financial income
Varekostnader
Payroll expenses etc.
Driftsinntekt
Operating revenue
Cost of sales
Salgsinntekt
Annen driftsinntekt
Other operating revenues
Resultatregnskap (NOK 1,000)
Sales revenues
(NOK 1,000)
Note
Consolidated income statement for 2013 / Avstemming av totalresultat for 2013
ANNUAL REPORT 2013
165 666
2 783
162 882
165 666
25 206
19 993
5 213
140 460
122,6
140 460
2 360
138 100
140 460
49 055
189 515
4 196
16 922
21 666
180 575
1 806 358
124 230
17 942
312 077
1 352 109
1 986 932
4 253
1 982 679
IFRS 2013
01.01 - 31.12
102
Sum kortsiktig gjeld
Sum gjeld
SUM GJELD OG EGENKAPITAL
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
Gjeld til kredittinstitusjoner
Annen kortsiktig gjeld
Liabilities to financial institutions
Other current liabilities
Skyldige offentlig avgifter
Public duties payables
54 303
Betalbar skatt
Utbytte
Taxes payable
Provision for dividend
128 278
Leverandørgjeld
Accounts payables
D
B
1 411 152
843 980
704 343
319 000
160 871
16 916
24 976
139 637
9 203
115 223
15 211
Kortsiktig gjeld
G
D
A, C, E
Current liabilities
Utsatt skatt
Deferred tax liability
567 171
Sum langsiktig gjeld
Langsiktig gjeld
Long term liabilities
5 448
Total long term liabilities
Sum egenkapital
Total equity
G
Gjeld til kredittinstitusjoner
Minoritetsinteresser
Annen langsiktig gjeld
Sum egenkapital
Currency translation account
Non-controlling interest
-
555 151
-
-16
5 462
1 126
1 411 152
803 499
281 381
267 074
139 551
82 122
33 372
607 653
118 103
-
139 290
15 185
154 261
Liabilities to financial institutions
Minoritetsinteresser
Available for sale reserves
A, C, E
H
H
F
F
736
154 328
10 564
15 186
NGAAP
31.12.2013
Other long-term liabilities
Annen innbetalt egenkapital
Opptjent egenkapital
Other paid-in capital
Egne aksjer
Treasury shares
Retained earnings
Aksjekapital
Egenkapital
Equity
Overkurs
GJELD OG EGENKAPITAL
EQUITY AND LIABILITIES
Share capital
SUM EIENDELER
TOTAL ASSETS
Share premium reserve
Bankinnskudd, kontanter og lignende
Sum omløpsmidler
Cash and cash equivalents
Total Current Assets
Opptjent, ikke fakturert produksjon
Earned, not billed production
Varelager
Inventory
Kundefordringer
Omløpsmidler
Current Assets
Andre kortsiktige fordringer
Sum anleggsmidler
Total non current assets
Accounts receivables
Andre langsiktige fordringer
Other non current receivable
Other receivables
Lån til tilknyttede selskap
Investeringer i finansielle eiendeler
Investment in financial assets
Derivatives
Lån til datterselskaper
Investeringer i tilknyttede selskap
Investment in associates
Loan to associates
Investeringer i datterselskaper
Loan to subsidiaries
A
E
Lisenser, patenter og FoU
Eiendom, anlegg og utstyr
Intangible assets
Licenses, patents and R&D
Anleggsmidler
Goodwill
Non current assets
Property, plant and equipment
C
EIENDELER
Note
121 379
20 111
-2 708
1 568
17 100
-
-24 976
3 600
-
22 819
9 904
-17 100
30 016
101 268
15 554
-
-
85 714
-
-
-
-
121 376
-
-
-5 500
-
-
5 500
121 376
-
-
66 004
-
(70 118)
-
85 839
30 919
8 732
Effect of transition to IFRS/
Overgangs-effekt til IFRS
Konsolidert balanse per 31 desember 2013
ASSETS
(NOK 1,000)
Consolidated balance sheet of 31 December 2013
ANNUAL REPORT 2013
1 532 530
864 092
701 635
320 568
177 971
16 916
-
57 903
128 278
162 457
19 107
98 123
45 227
668 438
21 002
-
-
640 865
-
(16)
5 462
1 126
1 532 530
803 500
281 381
261 574
139 551
82 122
38 872
729 030
118 103
-
205 294
15 185
84 143
736
240 167
41 483
23 918
IFRS
31.12.2013
103
1 126
5 462
-17
410 930
59 942
-7 128
65 762
292 354
Opptjent
EK
Retained
earnings
215
215
Minoritetsint.
Noncontrolling
interest
417 716
59 942
-7 128
65 762
299 140
Sum EK
Total
equity
Reklassifisering egenkapital /
justering av minoritet
Reclassification equity /
adjustment minority
500 359
-29 492
7 668
24 792
-18 202
6 835
63 783
444 974
19 482
29 492
-13 438
3 428
526 404
Equity per 31.12.2013 (NGAAP)
Egenkapital per 31.12.2013 (NGAAP)
Justering goodwill
Egenkapital per 31.12.2013 (IFRS)
Reklassifisering egenkapital /
justering av minoritet
Reclassification equity / adjustment
minority
Equity per 31.12.2013 (IFRS)
Balanseføring av
utviklingskostnader
Put opsjon MMC
Put option MMC
Investering i tilknyttede selskap
Justering earn-out fra oppkjøp
Justering for avsetning for utbytte
Recognition of development
activities
Investment in associates
Adjustment earn-out from acquisition
Adjustment provision for dividend
Adjustment goodwill
Virkelig verdi justering av eiendom
og anlegg
Virkelig verdi justering investeringer holdt for salg
Fair value adjustment available for
sale financial asset
Effekt av overgang til IFRS
Fair value adjustment land and
buildings
Effect of transition to IFRS
1 126
1 126
5 462
5 462
(16)
-16
640 865
-28 427
31 908
-25 330
-1 404
24 976
2 193
19 993
61 804
555 151
21 002
28 427
-12 873
5 448
-
-13 438
7 668
24 792
-18 202
6 835
63 783
454 966
668 439
-
-12 873
31 908
-25 330
-1 404
24 976
2 193
19 993
61 804
567 171
per 31.12.2013
(24)
-24
Konsolidert egenkapitalavstemming under NGAAP og IFRS
5 462
5 462
of 31.12.2013
1 126
1 126
Consolidated statement of equity under NGAAP and IFRS as
Egenkapital per 31.12.2012 (IFRS)
Put opsjon MMC
Put option MMC
Equity per 31.12.2012 (IFRS)
Balanseføring av utviklingskostnader
Justering for avsetning for utbytte
Investering i tilknyttede selskap
Justering goodwill
Recognition of development activities
Adjustment provision for dividend
Investment in associates
Adjustment goodwill
Virkelig verdi justering av eiendom og anlegg
Effekt av overgang til IFRS
Effect of transition to IFRS
Fair value adjustment land and
buildings
Egenkapital per 31.12.2012 (NGAAP)
Equity per 31.12.2012 (NGAAP)
per 31.12.2012
Egenkapital per 1.1.2012 (IFRS)
Equity per 1.1.2012 (IFRS)
-17
Egne
aksjer
Treasury
shares
Konsolidert egenkapitalavstemming under NGAAP og IFRS
Justering for avsetning for utbytte
Adjustment provision for dividend
5 462
Overkurs
Share
Premium
Reserve
as of 31.12.2012
Investering i tilknyttede selskap
Investment in associates
1 126
Aksjekapital
Share
Capital
Consolidated statement of equity under NGAAP and IFRS
Virkelig verdi justering av
eiendom og anlegg
Effekt av overgang til IFRS
Egenkapital per 1.1.2012 (NGAAP)
Fair value adjustment land and
buildings
Effect of transition to IFRS
Equity per 1.1.2012 (NGAAP)
(NOK 1,000)
per 01.01.2012
(NOK 1,000)
Konsolidert egenkapitalavstemming under NGAAP og IFRS
as of 01.01.2012
31.desember 2012 og 31 desember 2013
31 December 2012 and 31 December 2013
104
Consolidated statement of equity under NGAAP and IFRS
Konsolidert egenkapitalavstemming per 1.januar 2012,
Consolidated statement of equity as of 1 January 2012,
ANNUAL REPORT 2013
for overgang til IFRS til virkelig verdi og bruke
den virkelig verdi som estimert anskaffelseskost på denne dato (IFRS
equipment at the date of transition to IFRSs at its fair value and use
that fair value as its deemed cost at that date (IFRS 1.D5).
skal foretaket ikke regnskapsføre dette utbyttet som en forpliktelse ved
31.12.2012 og 31.12.2013.
Note C
and 31.12.2013.
Note C
skal det foretas en årlig nedskrivningstest av goodwill, eller oftere hvis
hendelser eller endringer i omstendigheter
tilsier at verdien kan være svekket, i samsvar med (IAS 36 / IFRS 3.54).
Basert på ovennevnte endringer, har avskrevet goodwill blitt reversert
i ettertid per 1.1.2012, 31.12.2012 og 31.12.2013.
Note D
test goodwill for impairment annually or more frequently if events
or changes in circumstances indicate that it might be impaired, in
accordance with (IAS 36 /IFRS 3.54).
Based on the above changes, amortised goodwill has been reversed
in retrospect as of 1.1.2012, 31.12.2012 and 31.12.2013.
Note D
Note E
Note E
økonomisk levetid.
Note F
useful life.
Note F
oppkjøpet.
mindre justeringer som regnskapsføres, for eksempel earn- out for
adjustments that are accounted for, i.e. earn-out for acquisition.
Andre justeringer
Implementeringen av IFRS for konsernet har også identifisert andre
Note H
The IFRS implementation for the Group has also identified other minor
Other adjustments
kortsiktig gjeld og langsiktig gjeld basert på
Note H
resterende aksjene . Se note 9. Denne opsjonen er inkludert i annen
based on maturity date and reduces minority interests in equity.
forfallsdato og reduserer minoritetsinteresser i egenkapital.
av MMC Tendos Holding AS for de
9. This is included in other current liabilities and long term liabilities
Put - opsjon
holders of MMC Tendos Holding AS for the remaining shares. See note
Note G
På kjøpstidspunktet ble en salgsopsjon utstedt til minoritetsaksjonærene
Put-option
At time of purchase a put option was issued to the minority share
Note G
egenkapitalen i konsernet.
prosjektkostnader er redusert tilsvarende, og effekten er justert mot
retrospektiv
implementering av IFRS krever slike elimineringer. Inntekter og
Full
accordingly and effect is adjusted against equity in the Group.
ikke
selskaper.
konsernet
IFRS requires such eliminations. Revenue and project cost are reduced
eliminerte
på transaksjoner med tilknyttede
transactions with associates. Full retrospective implementation of
NGAAP
Under
Under NGAAP the Group did not eliminate internal profit of
overskudd
IAS 38 inkluderer balanseføring. Immaterielle eiendeler avskrives over
development costs. Intangible assets are depreciated over economic
internt
direkte. Full retrospektiv implementering av
Full retrospective implementation of IAS 38 includes capitalization of
Investeringer i tilknyttede selskaper
Under NGAAP har konsernet valgt å kostnadsføre utviklingskostnader
Under NGAAP the Group choose to expense directly development cost.
Investment in associates
(immaterielle eiendeler)
(intangible assets)
Aktivering av utviklingskostnader
langsiktig gjeld til kortsiktig gjeld.
long-term to current liabilities.
Capitalization of development costs
Under IFRS reklassifiseres den kortsiktige delen av langsiktig gjeld fra
Under IFRS the current portion of long-term debt are reclassified from
Gjeld til finansinstitusjoner
Under IFRS skal goodwill ikke avskrives. I stedet
Under IFRS, goodwill is not amortised. Instead, the acquirer shall
Liabilities to financial institutions
Etter NGAAP avskrives goodwill over forventet økonomisk levetid.
Under NGAAP, goodwill is amortised over the expected useful life.
Goodwill
til opptjent egenkapital per 1.1.2012,
retrospect reclassified to retained earnings as of 1.1.2012, 31.12.2012
Goodwill
Basert på ovennevnte endringer, har avsatt utbytte blitt reklassifisert
Based on the above changes, provision for dividend has been in
utgangen av rapporteringsperioden. (IAS 10.12).
egenkapitalinstrumenter etter rapporteringsperioden ,
av
the reporting period. (IAS 10.12).
utgangen
the entity shall not recognise those dividends as a liability at the end of
ved
Under IFRS, dersom et foretak vedtar utbytte til eiere av
utbytte
dividends to holders of equity instruments after the reporting period,
avsettes
rapporteringsperioden som en forpliktelse i balansen.
shall be recognised as a liability. Under IFRS If an entity declares
NGAAP
Under
Under NGAAP dividend proposed at the end of the reporting period,
foreslått
Note B
Note B
Avsatt utbytte
Norge. Virkelig verdi brukes som estimert anskaffelseskost.
Leirvik, Norway. Fair value is used as deemed cost.
Provision for dividend
Dette unntaket fra IFRS 1 har blitt brukt for konsernets verft i Leirvik,
This exception from IFRS 1 has been used for the Groups yard in
1.D5).
Et foretak kan velge å måle eiendom, anlegg og utstyr på tidspunktet
105
An entity may elect to measure an item of property, plant and
Eiendom , anlegg og utstyr
Note A
Note A
Property, plant and equipment
NOTER TIL OVERGANGSEFFEKTER
NOTES TO TRANSITION EFFECTS
ANNUAL REPORT 2013
PARENT COMPANY /
MORSELSKAP
Annen rentekostnad
Annen finanskostnad
Resultat av finansposter
Ordinært resultat før skattekostnad
Skattekostnad på ordinært resultat
Årets resultat
Overføringer
Avsatt til utbytte
Mottatt konsernbidrag
Avsatt konsernbidrag
Avsatt til annen egenkapital
Sum overføringer
Other interest paid
Other financial expenses
Net financial income and expenses
Profit before taxes
Taxes
Profit for the year
Allocations
Proposed dividend
Received group contribution
Proposed group contribution
Allocated to other equity
Total allocations
Finansinntekter og finanskostnader
Financial income and expenses
Annen renteinntekt
Driftsresultat
Operating profit
Annen finansinntekt
Sum driftskostnader
Total operating expenses
Other financial income
Annen driftskostnad
Other operating expenses
Other interest received
Ordinære avskrivinger
Depreciation
17
15
6
4
12
1 158 334 223
Varekostnad
Lønnskostnad
Cost of sales
Wages and salaries
1 239 297 030
32 060 097
7 084 152
0
0
24 975 945
32 060 097
12 894 003
44 954 100
313 048
100 000
3 500 619
497 526
3 416 142
44 641 052
1 194 655 978
16 860 253
960 731
18 500 771
2 700 000
Sum driftsinntekter
1 236 597 030
Total revenue
3, 12
Salgsinntekt
Annen driftsinntekt
Sales revenue
Driftsinntekter og driftskostnader
2013
Other operating revenue
Operating revenues and operating expenses
Note
PROFIT AND LOSS STATEMENT PARENT COMPANY / RESULTATREGNSKAP MORSELSKAP
ANNUAL REPORT 2013
63 008 237
124 882 019
48 346 786
135 012 463
24 791 895
63 008 237
25 074 265
88 082 502
525 100
300 793
1 664 660
0
2 490 554
87 557 402
1 021 884 256
12 636 985
806 473
12 360 588
996 080 211
1 109 441 658
10 000 000
1 099 441 658
2012
108
Fordringer på konsernselskap
Bankinnskudd, kontanter o.l.
Sum omløpsmidler
Sum eiendeler
Cash and bank deposits
Total current assets
Total assets
Opptjent inntekt
Accrued revenue
Andre kortsiktige fordringer
Kundefordringer
Accounts receivable
Other current receivables
Omløpsmidler
Current assets
Receivables from group companies
Andre langsiktige fordringer
Sum anleggsmidler
Total fixed assets
Investeringer i aksjer og andeler
Investments in shares
Other long-term receivables
Investeringer i datterselskap
Long-term investments
Investeringer i tilknyttet selskap
Finansielle anleggsmidler
Operating equipment, fixtures, fittings, tools, etc
Investments in associates
Driftsløsøre, inventar o.a. utstyr
Plant and machinery
Investments in subsidiaries
Tomter, bygninger o.a. fast eiendom
Maskiner og anlegg
Land, buildings and other real property
Utsatt skattefordel
Varige driftsmidler
Tangible fixed assets
Anleggsmidler
Fixed assets
Deferred tax assets
EIENDELER
ASSETS
BALANCE SHEET PARENT COMPANY / BALANSE MORSELSKAP
ANNUAL REPORT 2013
5
2
11
14
11
9
8
7
6
6
6, 14
15
Note
654 968 599
294 465 750
16 253 285
904 363
156 835 840
118 781 041
1 691 222
360 502 848
47 237 875
57 054 786
4 235 000
245 101 109
1 225 252
315 000
3 384 048
1 949 779
2013
988 037 350
615 389 611
45 855 891
1 966 542
154 574 866
405 505 110
7 487 201
372 647 739
74 929 130
42 263 786
4 235 000
246 505 775
957 001
373 000
3 384 048
0
2012
110
Gjeld til kredittinstitusjoner
Leverandørgjeld
Betalbar skatt
Skyldig offentlige avgifter
Utbytte
Gjeld til konsernselskap
Amounts owed to credit institutions
Accounts payable
Tax payable
Public duties payable
Provision for dividend
Debt to group companies
Vegard
rrd
d Sævik
Board
B
d member
b / Styremedlem
St
dl
Petter Thorsen Frøystad
d
Board member / Styremedlem
Jan-Helge Solheim
Solhe
h im
Board member / Styremedlem
Geir
G r Johan
Gei
n Bakke
Bakke
CEO / Adm.dir.
Adm dir
Chairman
off the
/ Styreleder
Ch
i
th Board
B
d off Directors
Di t
S
Svein Asbjørn Gjelseth
Gjel
else
el
sset
etth
e
Board member / Styremedlem
Janicke Westlie Driveklepp
Board
Boa
d member
mber
b / Styremedlem
Hege
Heg
eg
ge Sævik
Sævik Rabben
Board member / Styremedlem
Styrem
2
11
15
11
13, 14
15
16
17
Note
Per Rolff S
Sævik
ævik
Fosnavåg, 21.03.14
Sum egenkapital og gjeld
Kortsiktig gjeld
Current liabilities
Total equity and liabilities
Sum annen langsiktig gjeld
Total other long-term liabilities
Sum gjeld
Øvrig langsiktig gjeld
Other long-term liabilities
Total liabilities
Gjeld til kredittinstitusjoner
Amounts owed to credit institutions
Annen kortsiktig gjeld
Annen langsiktig gjeld
Other long-term liabilities
Sum kortsiktig gjeld
Utsatt skatt
Deferred tax liabilities
Total short-term liabilities
Avsetning for forpliktelser
Provisions for liabilities and charges
Other current liabilities
Gjeld
Liabilities
Retained earnings
Annen egenkapital
Opptjent egenkapital
Share premium
Sum egenkapital
Overkurs
Own shares
Total equity
Egne aksjer
Share capital
Other reserves
Egenkapital
Aksjekapital
Equity
EGENKAPITAL OG GJELD
EQUITY AND LIABILITIES
ANNUAL REPORT 2013
654 968 599
333 968 601
291 514 161
77 027 345
32 874 827
24 975 945
1 433 939
17 768 115
2 645 835
134 788 155
42 454 440
1 404 666
41 049 774
0
320 999 998
314 427 059
5 462 897
-16 374
1 126 416
2013
988 037 350
676 121 504
622 294 683
217 862 682
57 702 085
24 791 895
1 034 959
55 845 481
809 964
264 247 618
53 826 821
2 809 332
48 093 156
2 924 333
311 915 846
305 351 087
5 462 897
-24 554
1 126 416
2012
111
skattemessige verdier, samt skattemessig underskudd til
fremføring ved utgangen av regnskapsåret. Skatteøkende
og skattereduserende midlertidige forskjeller som reverserer
increasing and tax-reducing temporary differences that are
reversed or can be reversed in the same period are offset.
in
the
tilhørende noter til de enkelte regnskapsposter.
Regnskapsprinsippene er for øvrig nærmere omtalt i de
discussed
accompanying notes to individual financial statement items.
further
Accounting
are
denne kan bli nyttegjort.
taxable income.
principles
skattefordel balanseføres i den grad det er sannsynlig at
is probable that the amount can be utilized against future
eller kan reversere i samme periode er utlignet. Netto utsatt
forskjeller som eksisterer mellom regnskapsmessige og
values, and tax losses carried forward at the year-end. Tax-
Net deferred tax assets are recognized to the extent that it
skatt er beregnet med 27 % på grunnlag av de midlertidige
temporary differences that exist between accounting and tax
både
Deferred tax is calculated at a rate of 27 % based on the
omfatter
periodens betalbare skatt og endring i utsatt skatt. Utsatt
both the period’s payable tax and changes in deferred tax.
resultatregnskapet
Skattekostnaden
The tax expense in the income statement is comprised of
i
gjøres på grunnlag av en individuell vurdering av de enkelte
fordringene.
etter fradrag for avsetning til forventet tap. Avsetning til tap
provision is made based on an individual assessment of each
receivable.
Kundefordringer og andre fordringer oppføres til pålydende
nominal value less a provision for doubtful accounts. The
kurs.
Trade receivables and other receivables are recorded at
Pengeposter i utenlandsk valuta omregnes til balansedagens
exchange rates at the balance sheet date.
balanseføres til nominelt beløp på opptakstidspunktet.
Monetary items in foreign currency are translated using the
til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld
stated at nominal value at the time of acquisition.
nedskrivningen ikke lenger er tilstede.
for impairment no longer exist, the impairment loss is reversed.
poster som er knyttet til varekretsløpet. Omløpsmidler vurderes
eiendelen. Nedskrivningen reverseres når grunnlaget for
of the estimated future cash flows from the asset. If the reasons
lower of cost and net realizable value. Current liabilities are
i bruk er nåverdi av fremtidige kontantstrømmer knyttet til
and its value in use. An asset’s value in use is the present value
til betaling innen ett år etter anskaffelsestidspunktet, samt
beløp er det høyeste av nettosalgsverdi og verdi i bruk. Verdi
recoverable amount is the higher of an asset’s net selling price
related to the business cycle. Current assets are valued at the
verdifall som forventes ikke å være forbigående. Gjenvinnbart
amount when impairment is not expected to be temporary. The
Omløpsmidler og kortsiktig gjeld omfatter poster som forfaller
Varige driftsmidler nedskrives til gjenvinnbart beløp ved
Tangible fixed assets are written down to the recoverable
for payment within one year of acquisition, as well as items
balanseføres og avskrives over driftsmidlets økonomiske levetid.
Current assets and liabilities consist of items that fall due
Anleggsmidler er vurdert til anskaffelseskost. Varige driftsmidler
regnskapsskikk.
capitalized and depreciated over the asset's useful life.
under utarbeidelsen av årsregnskapet i henhold til god
accordance with generally accepted accounting principles.
Anleggsmidler omfatter eiendeler bestemt til varig eie og bruk.
gjeld, samt usikre eiendeler og forpliktelser på balansedagen
sheet date during the preparation of financial statements in
hold and use. Fixed assets are stated at cost. Fixed assets are
påvirket resultatregnskapet og verdsettelsen av eiendeler og
as well as contingent assets and liabilities, at the balance
Fixed assets are comprised of assets intended for long-term
Ledelsen har brukt estimater og forutsetninger som har
the income statement and the valuation of assets and liabilities,
anbefalinger til god regnskapskikk.
Det er utarbeidet etter norske regnskapsstandarder og
Årsregnskapet er satt opp i samsvar med regnskapsloven.
Regnskapsprinsipper
NOTE 1 REGNSKAPSPRINSIPPER
NOTER TIL ÅRSREGNSKAPET 2013
MORSELSKAP
112
Management has used estimates and assumptions that affect
accounting principles.
Norwegian accounting standards and generally accepted
the Norwegian Accounting Act. They are prepared using
The financial statements are set up in accordance with
Accounting Principles
NOTE 1 ACCOUNTING PRINCIPLES
NOTES TO THE FINANCIAL STATEMENTS 2013
PARENT COMPANY
ANNUAL REPORT 2013
Andre kortsiktige fordringer
Sum
Other short-term receivables
Total
904 363
92 225
812 138
-
2013
-
1 107 000
217 862 682
537 003 597
533 225 337
Andre lønnsrelaterte ytelser
Sum
Antall årsverk sysselsatt
Ytelser til ledende personer
Lønn
Annen godtgjørelse
Sum
Other payroll-related costs
Total
Average number of employees
Management remunerations
Wages
Other benefits
Total
2 296 254
251 045
2 045 209
CEO
13
18 500 771
1 943 918
634 152
1 861 436
270 000
-
270 000
Board of
Directors
10
12 360 588
506 911
564 807
1 275 835
er eller andre nærstående parter.
Pensjonskostnader
Pension costs
2012
10 013 036
Det er ikke ytet lån eller stilt garantier til daglig leder, styreled-
Arbeidsgiveravgift
Social security tax
2013
14 061 265
Chairman of the Board or other related parties.
Lønn
No loans or guarantees have been issued to the CEO, the
Lønnskostnader
Wages
Avskrivningsplan
Linear
5 years
58 000
315 000
-97 341
412 341
412 341
Linear
3-5 years
902 731
1 225 252
-4 069 613
5 294 865
1 170 982
4 123 883
Fosnavåg
Fosnavåg
Havyard Ship Invest AS
Havyard Fish Handling & Refrig.
Book value as at 31.12. /
Balanseført verdi 31.12.
Fosnavåg
Havyard Design & Solutions AS
Leirvik in Sogn
Leirvik in Sogn
Havyard Ship Technology AS
Forretningskontor
Havyard Power & Systems AS
Selskap
Business office
72,0 %
100,0 %
100,0 %
100,0 %
100,0 %
Eierandel
Owner's share
245 101 109
61 897 299
150 020 000
1 079 073
10 858 000
21 246 737
Bokført verdi
Book value
24 079 581
199 857 357
79 166 773
38 343 935
86 450 191
Selskapets EK 100 %
Company's equity 100 %
960 731
4 924 300
-4 166 954
9 091 254
1 170 982
7 920 272
Sum
Total
54 722
6 123 044
24 028 400
26 192 252
29 375 696
Selskapets resultat 100 %
Company's result 100 %
Datterselskap er vurdert etter kostmetoden.
Subsidiaries are accounted for using the cost method.
Company
NOTE 7 DATTERSELSKAP
Kostnadsført husleie for 2013 utgjør kr. 1 601 449,-.
None
Perpetual
3 384 048
-
3 384 048
3 384 048
Operating equipment
and fixtures
Driftsløsøre og inventar
NOTE 7 SUBSIDIARIES
The rent expense for 2013 amounts to NOK 1 601 449.
Depreciation method
Økonomisk levetid
Economic life
Payroll expenses
Bokført verdi pr. 31.12.
Akkumulerte avskrivninger
pr. 31.12
Accumulated depreciation as at
31.12
Årets avskrivninger
Tilgang kjøpte driftmidler
Anskaffelseskost 31.12
Additions during the year
Acquisition cost as at 31.12
Book value as at 31.12
1 109 441 658
Depreciation for the year
1 239 297 030
Anskaffelseskost 1.1
Acquisition cost as at 01.01
Vehicles
Transportmidler
Buildings
Bygninger
NOTE 6 VARIGE DRIFTSMIDLER
trekkskonto.
NOTE 6 TANGIBLE FIXED ASSETS
Av bankinnskudd vedrører kr. 305 279,- innskudd på skatte-
withholdings.
NOTE 5 BUNDNE MIDLER
obligatorisk tjenesepensjon.
Foretakets pensjonsordning tilfredsstiller kravene i lov om
NOK 305 279 of cash and cash equivalents relates to tax
NOTE 5 RESTRICTED CASH
the Norwegian Law on Required Occupational Pension.
The company's pension scheme meets the requirements of
cost is equal to the year's premium.
GODTGJØRELSER M.M.
Sum
Total
2012
576 216 321
nbetalte midler og avkastning på midlene. For foretaket er
The pension depends on paid-in contributions and the return
NOTE 4 LØNNSKOSTNADER, ANTALL ÅRSVERK,
Andre land
Other countries
2013
702 293 433
av pensjonsordningen er 13. Pensjonen er avhengig av in-
The number of employees covered by the pension plan is 13.
årets kostnad lik årets premie.
obligatorisk tjenestepensjon. Antall ansatte som er omfattet
with the Norwegian Law on Required Occupational Pension.
on these contributions. For the company, the year's pension
Foretaket har en innskuddsbert pensjonsordning etter lov om
The company has a defined contribution plan in accordance
519 500
204 500
15 000
300 000
2012
Pensjonsordning
341 000
20 500
12 000
308 500
2013
114
Pension scheme
REMUNERATIONS, ETC.
Norge
Norway
Other services
Sum (eksl. mva)
Andre tjenester utenfor revisjonen
Tax consulting
Total (net of VAT)
Lovpålagt revisjon
Skatterådgivning
Statutory audit
Godtgjørelse til revisor fordeles
på følgende måte:
Auditor remuneration is distributed as follows:
ANNUAL REPORT 2013
NOTE 4 PAYROLL EXPENSES, NUMBER OF EMPLOYEES,
Geografisk fordeling
Geographical allocation
hetsområdet bygging, reparasjon og vedlikehold av skip.
77 027 345
-
area of construction, repair and maintenance of ships.
Sum
Other short-term liabilities
Total
28 939 918
264 737
Selskapets salgsinntekter knytter seg i sin helhet til virksom-
Annen kortsiktig gjeld
Prepayments from customers
1 449 641
1 813 756
214 677 189
The Company's sales revenue relates entirely to the business
Forskudd fra kunder
Accrued interest
2 131 351
44 506 435
NOTE 3 SALGSINNTEKTER
Påløpt rente
Accrued expenses for vessels under construction
2012
1 966 542
1 090 289
530 653
345 600
2012
113
NOTE 3 SALES REVENUE
Skyldig lønn og feriepenger
Påløpte kostnader skip i arbeid
Unpaid wages and vacation pay
2013
Posten Annen kortsiktig gjeld er slått sammen av:
Til gode merverdiavgift
VAT receivable
The item "Other Short-term Liabilities" consists of:
Forskuddsbetalte kostnader
Posten Andre kortsiktige fordringer er slått sammen av :
The item "Other Short-term Receivables" consists of:
Prepaid expenses
NOTE 2 POSTER SOM ER SAMMENSLÅTT
NOTE 2 MERGED ITEMS
ANNUAL REPORT 2013
11 491 586
39 828 086
Øvrige langsiktige fordringer
Sum
Other long-term receivables
Total
Fordring på konsernselskap
(kortsiktig)
Kundefordringer
Leverandørgjeld
Gjeld til konsernselskap (kortsiktig)
Sum
Receivables from group companies (short-term)
Accounts receivable
Accounts payable
Debt to group companies
(short-term)
Total
NOTE 11 INTERCOMPANY BALANCES
Lån til P/F Skansi
Loan to P/F Skansi
NOTE 10 OTHER LONG-TERM RECEIVABLES
526 668 000
Selskapets EK 100 %
Company's equity 100 %
I SAMME KONSERN
124 164 534
-32 874 827
242 124
2 924
156 794 313
2013
115 608 941
-57 702 085
-33 404
10 641 572
162 702 858
2012
-
-
Maturity over 5 years
NOTE 11 MELLOMVÆRENDE MED FORETAK
47 237 875
4 118 109
43 119 766
Book value
134 107 000
Selskapets resultat 100 %
Company's result 100 %
NOTE 10 ANDRE LANGSIKTIGE FORDRINGER
57 054 786
11,5 %
Bokført
verdi
Book value as at 31.12. /
Balanseført verdi 31.12.
Færøyene
P/F 6. september 2006
Eierandel
Book value
17 226 700
Forretnings-kontor
Selskap
Owner's
share
Other shares /
Andre aksjer og verdipapirer
Business office
Company
anskaffelseskost og virkelig verdi på balansedagen.
35 960 335
Selskapets resultat 100 %
Aksjer og verdipapirer vurderes til laveste verdi av
4 235 000
Selskapets EK 100 %
value at the balance sheet date.
37,9 %
Bokført verdi
Company's result 100 %
Shares and securities are valued at the lower of cost and fair
Bergen
Norwegian Electric Systems AS
Eierandel
Company's equity 100 %
NOTE 9 AKSJER OG VERDIPAPIRER
Forretnings-kontor
Selskap
Book value
NOTE 9 SHARES AND SECURITIES
Business office
Company
Owner's share
Investering i tilknyttet selskap er vurdert etter kostmetoden.
Investments in associated companies are accounted for us-
ing the cost method.
NOTE 8 TILKNYTTEDE SELSKAP
115
NOTE 8 ASSOCIATED COMPANIES
ANNUAL REPORT 2013
avregnings metode. Andel av resultatet inntektsføres i takt
med prosjektenes fullførelsesgrad. Fullførelsesgraden bereg-
accounts using the percentage of completion method. The
company's share of net income is recognised in accordance
umiddelbart.
181 716 123
Kortsiktig gjeld til kredittinstitusjoner (byggelån)
Opptjent, ikke fakturert produksjon, inntil
Aksjer i Havyard Ship Invest AS
Aksjer i MMC Tendos Holding AS
Sum
Executed, not invoiced production, up to
Shares in Havyard Ship Invest AS
Shares in MMC Tendos Holding AS
Total
Bokført verdi pantsatte eiendeler
Leilighet
Book value of pledged assets
Apartment
Sum
Short-term debt to credit institutions (construction loan)
Total
Gjeld til kredittinstitusjoner
Bokført gjeld sikret ved pant
NOTE 14 PANTSTILLELSER
8 237 366
2013
2013
515 301 347
61 897 299
150 020 000
300 000 000
3 384 048
2013
175 837 929
134 788 155
41 049 774
516 706 013
63 301 965
150 020 000
300 000 000
3 384 048
2012
312 340 774
264 247 618
48 093 156
2012
2 009 000
2012
Gjeld som forfaller mer enn 5 år etter regnskapsårets slutt :
Debt to credit institutions
Book value of liabilities secured by mortgages
NOTE 14 MORTGAGES
Total
Debt that falls due more than five years after year-end :
NOTE 13 LANGSIKTIG GJELD
gjeld utgjør kr. 28 939 918 ,- pr 31.12.
liabilities as at 31.12. amounts to NOK 28 939 918.
NOTE 13 LONG-TERM LIABILITIES
Forskuddsfakturert produksjon inkludert i annen kortsiktig
Pre-invoiced production included in other short-term
-6 700 000
Netto resultatført på igangværende prosjekter
Costs related to accrued income / provisions for losses
Net result ongoing projects
Inntektsført på igangværende prosjekter
Kostnader knyttet til opptjent inntekt / tapsavsetninger
Income recognised on ongoing projects
175 016 123
resultatregnskapet.
income statement.
som gjeld. Utført arbeid er klassifisert som driftsinntekter i
forskudd fra kunder overstiger utført arbeid er oppført
receivables Projects where prepayments from customers
Executed production is classified as operating revenue in the
ikke fakturert arbeid er oppført som fordring. Prosjekt hvor
with net executed, not invoiced production are recorded as
exceed executed production are recorded as liabilities.
Prosjektene vurderes hver for seg. Prosjekt med netto utført,
The projects are assessed on an individual basis. Projects
immediately.
run at a loss, the whole of the expected loss is provided for
som antas å gi tap, kostnadsføres hele det beregnede tapet
continual basis. If the appraisal of a project shows that it will
nad. Totalkostnaden revurderes løpende. For prosjekter
of total expected costs. The total cost is reassessed on a
completion is calculated as accrued costs in percentage
nes som påløpte kostnader i prosent av forventet totalkost-
Langsiktige tilvirkningskontrakter vurderes etter løpende
Long-term production contracts are recognised in the
with each project's degree of completion. The degree of
NOTE 12 LANGSIKTIGE TILVIRKNINGSKONTRAKTER
116
NOTE 12 LONG-TERM CONSTRUCTION CONTRACTS
ANNUAL REPORT 2013
28 %
2 924 333
Permanente forskjeller
Endring midlertidige forskjeller
Årets skattegrunnlag før underskudd
til fremføring
Anvendelse av skattemessig
underskudd
Årets skattegrunnlag
Permanent differences
Change in temporary differences
The year's tax base before tax losses carried forward
Utilisation of tax losses carried forward
The year's tax base
Betalbar skatt
Betalbar skatt på avgitt
konsernbidrag
Endring utsatt skatt
Effekt på utsatt skatt pr 31.12. pga.
endring i skattesats
Årets skattekostnad
Tax payable
Tax payable on group contribution
Change in deferred tax
Effect on deferred tax as at 31.12. due to change in tax rate
This year's tax expense
consists of the following:
63 457 554
-
63 457 554
17 665 451
838 003
-
44 954 100
2013
199 448 146
12 894 003
72 214
-4 946 326
-
17 768 115
2013
-
199 448 146
-10 471 792
1 468 441
120 368 995
88 082 502
2012
25 074 264
0
2 932 102
-33 703 319
55 845 481
2012
Skattekostnaden i regnskapet består av følgende poster:
Konsernbidrag med skatteeffekt
Group contribution with tax effect
The income tax expense in the profit and loss statement
Resultat før skattekostnad
Profit before taxes
skattegrunnlag.
det regnskapsmessige resultat før skattekostnad og årets
27 %
-2 021 993
taxes in the P&L statement and the year’s tax base.
Anvendt skattesats
Applied tax rate
10 444 046
-305 954
10 750 000
Nedenfor er det gitt en spesifikasjon over forskjellen mellom
Utsatt skatt/utsatt skattefordel
Deferred tax / deferred tax asset
-7 221 405
-521 405
-6 700 000
Below is a breakdown of the difference between profit before
Sum midlertidige forskjeller og
underskudd til fremføring
Oversikt over midlertidige forskjeller:
Specification of temporary differences:
Anleggsreserve
poster i henhold til skattegrunnlaget.
the tax base.
Total temporary differences and tax losses
carried forward.
fordeles på ordinært resultat og resultat av ekstraordinære
ordinary profit and extraordinary items in accordance with
Temporary differences on fixed assets
liktige inntekt) og endring i netto utsatt skatt. Skattekostnaden
in deferred tax. The tax expense is allocated between the
2012
tekostnaden består av betalbar skatt (skatt på årets skattep-
payable tax (tax on the year’s taxable income) and changes
2013
er knyttet til det regnskapsmessige resultat før skatt. Skat-
to the pre-tax accounting profit. Taxes are comprised of
Opptjent, ikke fakturert produksjon
Skatter kostnadsføres når de påløper, det vil si at kostnaden
Taxes are expensed as they incur, i.e. the tax charge is related
Earned not invoiced income
NOTE 15 SKATTER
117
NOTE 15 TAXES
ANNUAL REPORT 2013
Årets resultat
Konsernbidrag
Avsatt utbytte
Egenkapital 31.12.
Profit for the year
Group contribution
Provision for dividend
Equity as at 31.12.
Aksjonærer:
Jonfinn Ulfstein
Jonfinn Ulfstein
Totalt
Other shareholders (<1%)
Total
1 126 416
65 671
12 149
12 149
12 149
12 149
12 149
16 374
100,00 %
5,83 %
1,08 %
1,08 %
1,08 %
1,08 %
1,08 %
1,45 %
5,20 %
82,12 %
Owner's share
konsernet gjennom eierandel i Havila Holding AS.
indirect ownership of the Group through ownership in Havila
Morselskapet Havila Holding AS har forretningskontor
i Fosnavåg. Konsernregnskap kan man få utlevert på
forretningsadressen.
The parent company Havila Holding AS has its business
office in Fosnavåg. Consolidated financial statements can be
acquired at the business address.
Holding AS.
Sævik Rabben og Vegard Sævik har indirekte eierskap i
members Hege Sævik Rabben and Vegard Sævik have
Both the Chairman of the Board Per Sævik and the Board
Kjellbjørn Kopperstad
Andre aksjonærer (<1%)
Kjellbjørn Kopperstad
314 427 059
-24 975 945
0
32 060 097
1 991 820
305 351 087
Annen EK
Other equity
Både styrets leder Per Sævik, og styremedlemmene Hege
Arve Helsem Leine
Arve Helsem Leine
Lasse Svoren
Stig M. Espeseth (Dgl.leder Havyard Design &
Solutions AS)
Stig M. Espeseth (Managing Director of
Havyard Design & Solutions AS)
Lasse Svoren
Havyard Group AS (egne aksjer)
Havyard Group AS (own shares)
58 626
925 000
Number of shares
Selskapet har 25 aksjonærer pr. 31.12.
1,-. Alle aksjer har like rettigheter.
Geir Johan Bakke AS (kontrolleres av Dgl. leder i
Havyard Group ASA)
Havila Holding AS
5 462 897
5 462 897
Overkurs
Share premium
118
Aksjekapitalen på kr. 1 126 416 består av 1 126 416 aksjer á kr.
Eierstruktur
Geir Johan Bakke AS (controlled by the CEO of
Havyard Group ASA)
Havila Holding AS
Shareholders:
The Company had 25 shareholders at the balance sheet date.
at a nominal value of NOK 1 each. All shares carry equal rights.
-16 374
8 180
-24 554
Egne aksjer
NOTE 17 AKSJEKAPITAL OG AKSJEEIER INFORMASJON
1 126 416
1 126 416
Aksjekapital
Own shares
NOTE 16 EGENKAPITAL
Share capital
The share capital of NOK 1 126 416 consists of 1 126 416 shares
Ownership structure
INFORMATION
NOTE 17 SHARE CAPITAL AND SHAREHOLDER
Kjøp/salg egne aksjer
(ihht styrefullmakt)
Årets endring i egenkapital
Egenkapital 1.1.
Purchase/sale of own shares
(authorized by the Board)
Changes in equity
Equity as at 01.01
NOTE 16 EQUITY
ANNUAL REPORT 2013
Renterisiko oppstår på kort og mellomlang sikt som et resul-
tat av at deler av selskapets gjeld har flytende rente.
Interest rate risk arises in the short and medium run as some
of the Company's liabilities are subject to floating interest
NOTE 19
Ekstraordinær generalforsamling avholdt 25.02.2014 vedtok
enstemmig at Havyard Group AS skulle omdannes til allmen-
naksjeselskap (ASA).
Selskapet har videre søkt om å bli tatt opp til notering ved
Oslo Børs våren 2014.
Extraordinary Shareholders meeting decided to convert
Havyard Group AS into a public limited company (ASA) on
February 25, 2014.
Application for listing at the Oslo Stock Exchange for Havyard
Group ASA was submitted in March 2014.
HENDELSER ETTER BALANSEDAGEN
økonomisk risiko for selskapet.
Utvikling i valutakurser innebærer både direkte og indirekte
NOTE 19 SUBSEQUENT EVENTS
financial risks for the company.
Fluctuations in exchange rates entail both direct and indirect
Foreign currency risk
Valutarisiko
Renterisiko
Interest rate risk
rates.
NOTE 18 FINANSIELL MARKEDSRISIKO
119
NOTE 18 FINANCIAL MARKET RISK
ANNUAL REPORT 2013
ANNUAL REPORT 2013
120
ANNUAL REPORT 2013
121
ANNUAL REPORT 2013
122
ANNUAL REPORT 2013
123
www.havyard.com
APPENDIX 5
ANNUAL REPORT 2012
(Prepared under Norwegian GAAP and in the Norwegian language)
201
Havyard Group ASA
Visiting Address
Havilahuset, Mjølstadnesvegen
6092 Fosnavåg, Norway
Mailing Address
P.O.Box 215
6099 Fosnavåg, Norway
Managers
Fearnley Securities AS
Arctic Securities ASA
Global coordinator and global bookrunner
Joint manager and bookrunner
Legal Advisor to the Company
Wikborg, Rein & Co Advokatfirma DA