AN OIL COMPANY WITHOUT OIL ANNUAL REPORT 2011
THIS IS ACONA ACONA IS ONE OF THE LARGEST INDEPENDENT COMPANIES PROVIDING CONSULTANCY SERVICES WITHIN THE AREAS OF WELL OPERATIONS, DRILLING, RISK, HSE, FLOW ANALYSIS AND EMERGENCY RESPONSE.
2
CONTENT 02 This is Acona 04 CEO’S statement 06 Drilling & Well Technology 08 HSE & Risk 10 Subsurface & Flow Technology 12 Incident Coordination Centre 14 Board of directors report 2011 18 Income statement 20 Equity and liabilities 22 Notes 32 Auditor’s report
2011 3
// CEO’S STATEMENT ODDBJØRN KOPPERSTAD, CEO
PASSIONATE PARTNER According to Statistisk sentralbyrås (SSB), the outlook for investments on the Norwegian Continental Shelf (NCS) will increase from 153 MNOK in 2011 to 185 MNOK in 2012. According to NPD the combined production of oil and gas from NCS will remain at the current level for the next decade. There is identified approximately 80 new field development projects at NCS for the period 2010-2018. This includes up to 16 new fixed platforms, 12 new floaters and around 60 new subsea tie-ins. Today, Acona is represented with more than 300 professionals in this marketplace. In fact, for most of our expertise we experience higher demands then we are able to provide. We are convinced that future success is attracting the best people, retain those and be perceived as a passionate company with highest possible focus on quality and service to tasks and clients is the key to success. OUR KEY BUSINESS FOCUS CAN BE SUMMARIZED AS FOLLOWS: · · · · ·
Well engineering, consulting and operations management. HSE, risk & compliance management Geo services Flow assurance and production engineering Fully operational emergency response centre
Planning and executing safe and efficient drilling operations requires a really wide set of competencies. Such skills are today included and part of our organization. At the same time, our industry faces challenges relating to cost, safety and emergency awareness while looking for opportunities to explore and develop resources in new and more environmentally sensitive areas. Acona provides value-adding services to our clients by taking these challenges very seriously. We believe that a seamless integration of knowledge and experience, brought together in a structured, yet creative setting, is the only way forward. This kind of mindset is included in our vision and strategies. Stakeholders’ acceptance of the robustness and credibility of the Acona way to provide business is best demonstrated by our clients’ continued demand for our solutions. This provides us with confidence to move on. 2011 was a year for restructuring and consolidation. A new management team is
4
established. Numbers of business areas are reduced and consolidated. Non core activities are divested. A strategy and action plan for our future defined business units has been implemented. As part of this process the company cost structure has been reconstructed to better reflect current status and future ambitions. In 2011 we had a breakthrough for our innovative approach to establish an independent emergency preparedness center. Our highly professional Incident Coordination team managed to take a substantial growth by establishing a number of new contracts in this area of our business. I am convinced that this team will continue to demonstrate to current and new customers that this competencies represents a leading edge of knowledge, embedded in an operational framework. Such a combination is rare, and we are proud to continue developing new services for our clients in this area. That fact that Acona in 2011 was awarded a new frame agreement with Lundin for drilling management services represents a substantial step forward to strengthen our company’s position as a strong provider of drilling management services. The new agreement demonstrates the extension of a well established cooperation between the two companies. We are proud that Lundin has chosen Acona to take on responsibilities that oil companies normally cover with its own personnel resources. A drilling team from Acona will work integrated with Lundins operation unit, and this integrated team will have the responsibility for managing Lundins drilling operations. Our focus has and shall always remain with our clients. Acona acknowledges that this requires us to have the in-house processes and systems in place. We have spent considerable efforts in 2011 establishing a series of integration processes aimed at adding professionalism to our business, including financial management and, as always in our type of business, excellent people management practices. All of this adds to our competitive advantage. Acona is well positioned to grow both organically and through acquisitions and mergers over the next coming years. Our key challenge will be to attract and retain the leading competences required, both in terms of capacity and the resulting client satisfaction. High caliber people represent by far the most sustainable way of also attracting the best people in our industry. Hence, we are well positioned to capitalize on the exiting possibilities in the growing marketplace.
ODDBJĂ˜RN KOPPERSTAD Holds a Master of Science within Chemistry from Bergen University. Started his professional career with Statoil in 1983. Was employed by Statoil for 18 years within the department of Drilling and Well Technology. Covered during this period different technical and management positions both on- and offshore. Has six years of experience as Dir. Of Marketing and Technology with Baker Oil Tools Scandinavia. Became Sn VP of Technor Flowtech in 2007 and this position was transferred to CEO Valco Group in January 2009 as a result of split-up of former Technor. Became CEO of Acona in November 2010.
5
# DRILLING & WELL TECHNOLOGY THORLEIF “TOTTE” LAGER, VP DRILLING AND WELL TECHNOLOGY
In 2011 Acona gathered all drilling and well related competence and projects in one business unit, Drilling and Well Technology. This business unit now has approx. 210 consultants working for 25 different clients. The administration is taken care of from Acona’s offices in Stavanger and Bergen . This consolidates our position as having one of the largest “groups of drilling personnel” in Norway, regardless of comparison. 2011 WAS A CHALLENGING YEAR. HIGHLIGHTS FROM THE OPERATION ARE: • The Drilling Management Services for Lundin Norway was out for a new Tender, after we had concluded the first four year contract period last August. It was with utmost satisfaction we landed this new multi-well drilling management contract with duration of 3-5 years. The Frame agreement was followed by a commitment to deliver 10 wells with Bredford Dolphin, a program that is already under way. In addition we have ensured the Drilling Management services for Lundin’s 3-5 slots with the Transocean Arctic, commencing summer 2012. This program includes two wells in the Barents Sea. At present we have two complete teams following up the plan phase and offshore operations for the client. • Another of our multi-well Drilling Management Contracts – for Det norske, was also up for evaluation. After good performance and an impressive record of wells and operators covered by this team, Det norske have signed the contract option for two more years, now with duration until end of 2013. • We also successfully concluded a well for Idemitsu Petroleum Norge under a Drilling management services agreement we had won in a tender exercise in 2010.It was the first ever well drilled in Norway by IPN, and the team was the same that previously had drilled two wells for Centrica Norge. • Through our Drilling Management Services Contracts we have now delivered more than 25 exploration wells in Norway since we started in 2008. The work
6
has been for eight different operating companies, involving six different drilling rigs, and locations from far south to the Barents Sea, including HPHT and well testing operations. • Our Technical Limit Coach (TLC) operations in Baku continued with more rigs and larger activity than ever. Our team of approximately 20 persons provides BP with services to improve the drilling operations in the Caspian Sea. This year has given us many challenges- not at least relating to recruitment, which was managed in an impressive manner. • Besides these projects and under the many consultancy contracts, approximately 125 persons, have all been 100% busy and assigned to clients representing most operating companies, and some drilling contractors in Norway. The competence provided covers all major disciplines of drilling technology and associated services. The boom we see in our market and industry is affecting everybody involved. We had an impressive recruitment in 2011, but also saw many of our colleagues leaving the company. Our clients are amongst those that represent the largest target group for the personnel that left Acona. We take that as recognition of the competence and quality of our resources. In spite all the challenges to maintain staff levels, fulfil customer expectations, and attend to inquiries, we managed the targets for the year, with an impressive 536 mill NOK revenue. We will continue to offer the most attractive opportunities and employment conditions to our personnel, ensure that our clients are happy with our performance, and through these efforts make sure that the targets for 2012 also will be met. Our goal of providing quality services, founded on competence, capacity, systems and ability to deliver, remains also for 2012. “Quality Today is Tomorrows Reputation” still stands as a guiding principle in all we do.
THORLEIF “TOTTE” LAGER Thorleif “Totte” Lager, graduated with a Masters Degree in Machine Design from the Royal Institute of Technology in Stockholm in 1980. Spent the first years of his professional life in a career development program in DNV, specializing in drilling equipment and systems. Moved to the more operational side of the offshore industry with employment in the Drilling Section of Norsk Hydro in 1986. I 1988 he co-founded Proffshore AS. The job has since covered everything related to drilling/ well engineering and operations. Has provided well construction support for a variety of multinational oil companies down to minors. Pioneered in developing Oil Company processes and procedures for drilling and well operations, Well integrity standards (NORSOK) and business processes for Integrated Well Operations management.
7
# HSE & RISK SVEIN OLAV DRANGEID, VP HSE & RISK
HSE & Risk provides services to improve clients’ performance by assisting with identification of threats, assessment and development of management systems, monitoring systems and training. The primary objective of our HSE & Risk management support team is to assist our clients to be proactive in identifying business challenges, and then to find safe and cost effective solutions. Our staff is trained to identify risks and challenges and with an eye for finding solutions. Our team is located in Stavanger and Oslo. HSE & Risk has personnel with background from the Norwegian HSE-Authorities, and hence has extensive competence regarding the Norwegian regulatory regime for the Petroleum Activities. Their experiences include HSE Supervisory activities, administration of applications, counseling and development of methods. During 2011, HSE & Risk has again provided assistance and guidance to several licensees and operators in their pre-qualification process after a few years with few new companies being established on the Norwegian Continental Shelf (NCS). HSE & Risk has developed a comprehensive package of supporting Health,
8
Safety and Environmental studies providing all necessary HSE-support documentation for exploration drilling activities. Each individual element of the support package has captured previous experiences from a number of similar deliverables and represents a best industry practice. The service is particularly valuable where it can be applied on a consecutive series of wells to one client or to a rig consortium. After a period where several of our main clients have been in the exploration drilling phase, some of these are now moving into the field development phase. HSE & Risk is similarly enhancing our services and capacities to provide support also to these projects with services like strategic environmental impact assessments, application for PDO, compliance support to building projects, etc During 2011 our accident investigation and cause analysis services have been further enhanced through cooperation with the International Atomic Energy Agency (IAEA). We appreciates that several of our clients have taken these services into use to investigate root causes not only to accidents, but also to technical and operational issues. We also appreciate that clients other than typical oil and gas companies are using our investigation services extensively, i.e. shipping-, smelting- and power- industry.
THE SERVICE IS PARTICULARLY VALUABLE WHERE IT CAN BE APPLIED ON A CONSECUTIVE SERIES OF WELLS TO ONE CLIENT OR TO A RIG CONSORTIUM. SVEIN OLAV DRANGEID Svein Olav Drangeid, has his Academic Qualifications from Stavanger University College (Safety Administration 1996). He has more than 35 years of experience within the petroleum industry. Since 1977 Offshore Safety Officer and Supervisor at Ekofisk. Since 1993 Principal Engineer with the Norwegian Petroleum Directorate (Now PSA). From 2002 to 200$ Principal Consultant and Department Manager with Scandpower Risk Management, working with a wide variety of tasks, ranging from offshore emergency exercises, verifications and audits, accident investigations, HAZOPs, etc, to assisting new oil-companies in the pre-qualification as Licensees. From 2006 Department Manager and Vice President HSE & Risk Management with Acona.
9
# SUBSURFACE & FLOW TECHNOLOGY TRYGVE RINDE, GENERAL MANAGER, ACONA FLOW TECHNOLOGY AS ARILD HAUGEN, PRINCIPAL ADVISOR, GEOLOGY & GEOPHYSICS
ACONA FLOW TECHNOLOGY
GEOLOGY AND GEOPHYSICS
Acona Flow Technology, in Skien delivered their best year ever in 2011, both in turnover and margin. As per January 2012, Flow Technology employs 10 specialists, with an average industrial experience of 19 yrs. We are for this reason Norway’s most senior environment within flow modelling and simulation services. Since 2006 Acona has built a unique expert team within flow modelling and simulations services. This group has the capability and the ambition to contribute to increased operational safety, minimization of risks and increased profitability for its clients.
Acona has geologists and geophysicists with long experience from the authorities, industry and research, who assist our clients with Subsurface and G & G Services. Our team is located in Stavanger and Tromsø and the services include:
WE HAVE SENIOR PERSONNEL WITH EXTENSIVE ACADEMIC BACKGROUND AND BROAD INDUSTRIAL EXPERIENCE. OUR MISSION IS TO: • Deliver best-in-class services within flow modeling and process control • Provide simulation services based on state-of-the-art tools and models • Offer in-depth understanding and analytical approach to complex flow phenomena • Serve various industries worldwide, and transfer know-how across industries • Attract world-class specialists and enthusiastic talents through outstanding reputation
• • • • • •
Regional evaluations and mapping Assistance in connection with license applications Seabed conditions and stability Geo-hazard evaluation (shallow gas, hydrates, water flow, etc.) Geo Information Systems Planning, Tendering and Supervision of Seismic Acquisition and Processing projects • Regulatory support • Data Management We have particular focus on Geohazards, and in 2011 we obtained a renewal of the frame agreement with Statoil for Site Survey Interpretation and Evaluation of Geohazards.
To give our customers predictability we have signed long term contracts for state of the art, and marked leading, software. Our software packages: LEDA Flow, OLGA, ANSYS CFD, PVTSim and PROSPER are all complex and training intensive for the users. Our skills, our variety and our experience brings added value to our clients. Our best sales activity has proven to be our deliverables, as our clients are returning, and we more and more often get new clients based on our track record. Trygve Rinde, General Manager Acona Flow Technology
10
Acona has also initiated work in connection with a joint industry project “Geohazards on the Norwegian Shelf”. As part of increased focus on safe and environmentally sound and cost efficient drilling, the shallow subsurface must be evaluated for potential drilling hazards such as shallow gas, gas hydrates, boulders and shallow water flow. Acona is in the process to establish a data base on that can be used as a framework for co-operation and data sharing among operators. A pilot project has been initiated among the three key operators on the Utsira High. We are also working towards regional studies such as Evaluation and Ranking of Exploration Provinces in the Barents Sea. The study will provide you with a regional assessment of the Barents Sea, ideal as a reference in the application process. In addition to the report itself, Acona G & G Services can offer other related products on the Barents Sea, such as facts sheets, well summary sheets and a GIS database. We are also delivering a major contribution within the JIP: New Petroleum Province–Barents Sea.
SINCE 2006 ACONA HAS BUILT A UNIQUE EXPERT TEAM WITHIN FLOW MODELLING AND SIMULATIONS ARILD HAUGEN
TRYGVE RINDE
is a geophysicist with 38 years experience within exploration, data management and research. He was responsible for the majority of NPD’s seismic data acquisition and processing on the NCS. He has an MSc degree from the University in Trondheim (NTH) and started his career as a processing geophysicist in Geco (Statex) in 1974. After 27 years in NPD he joined Acona in 2008.
has broad experience from the petroleum industry, he has held various positions within the operational upstream industry. He is strongly motivated by the academic approach to operational challenges and introduction of models and simulation based tools to upstream organizations. Trygve Rinde holds a MSc. degree in fluid mechanics and a MBA degree in strategic management.
ACONA HAS ALSO INITIATED WORK IN CONNECTION WITH A JOINT INDUSTRY PROJECT “GEOHAZARDS ON THE NORWEGIAN SHELF”. AS PART OF INCREASED FOCUS ON SAFE AND ENVIRONMENTALLY SOUND AND COST EFFICIENT DRILLING
# INCIDENT COORDINATION CENTRE VIDAR GADE, VP INCIDENT COORDINATION CENTER
Acona’s Incident Coordination Centre (ICC) provides a full suit of emergency response services. ICC is located at Forus in the vicinity of Stavanger. ICC has a pool of 200 employees with in depth knowledge and competence from the Oil&Gas Industry, Police, Armed Forces and emergency response handling. Since 2008 Acona has built a unique team of experts within Crisis management and Emergency response handling. ICC has the capability and ambition to provide a competent and highly professional concept for our clients. Acona’s concept within emergency handling and Crisis management consists of state of the art facilities, systems and equipment, including web based information systems available 24/7 365 days. OUR MISSION: • • • •
Provide professional advice & consultancy services Prepare clients for operations Train and educate personnel in emergency response handling Operational on duty services for incident handling and emergency response
• • • • • •
On duty emergency response services Crisis Communication Services Next of Kin handling Reception teams Incident Investigation Strategic Crisis Management
Our focus is to ensure a high level of quality and expertise developed from continuously operational experiences responding to incidents in our daily profession. We execute our services with our senior and highly skilled personnel working close together with our clients, to ensure sustainability. We are satisfied to demonstrate that our clients return for more services and that we manage to retain our highly skilled staff. ICC has signed an increasing amount of contract the last year. We have substantially increased our activities during 2011. New requests from existing and new clients for ICC’s services are increasing.
Acona ICC provides training and education based on confidence, competence and professionalism within the following areas of the concept:
12
Our services are an investment for our clients to enable them to deal with potential crisis and incidents and the expectations from the authorities and other business.
VIDAR GADE Vidar Gade, graduated at Norwegian Defence Command & Staff college, Norwegian Army Staff college, Police Academy and Norwegian army Academy of war. Positions as commander in chief for different units within the armed forces In Norway & NATO. Staff ofďŹ cer and project leader for strategic organizational development in multinational projects in NATO. Worked for the department of Justice & Police. Experienced strategic consultant within the armed forces and oil & gas industry. Investigation leadership within the police unit of the armed forces. Joined Acona in 2008.
BOARD OF DIRECTORS REPORT 2011 OUR COMPANY Acona is a competence and consultancy company specializing in the following four areas: • Drilling and Well Technology • HSE and Risk Management • Emergency Preparedness • Subsurface and Flow Technology
BALANCE SHEET Consolidated accounts receivables were NOK 134, 5 million at year-end, down from NOK 162,9 million previous year. Total cash and bank deposits was NOK 26, 4 million at year-end. Total equity was NOK 147,5 million, which represents 42,2 % of total assets. Total equity has during 2011 been reduced by NOK 18, 5 million due to purchase of own shares. Own shares are purchased as a part of a strategically incentive program. Total current assets totaled NOK 149, 4 mill in 2011.
Current and former employees are shareholders and majority owners in the company. Recruitment of highly qualified people with experience from operations and strategic management is given high priority. Our customers can expect long term relationship with our consultants, who will always put the customer’s interests in focus through their understanding of risk in order to find the best solutions.
PERSONNEL AND WORK ENVIROMENT Acona had an average of 285 man-years during 2011, of which 50 were female employees. The Board and management emphasize equal opportunities between sexes and ethnic groups and seek to promote this through the company’s personnel policy in terms of recruitment, financial compensation and career advancement. In addition to the company’s own staff, Acona had a total of 69 man-years of subcontractors working as consultants on client projects. Total sick leave in 2011 was 1.8%, unchanged from 2010.
As it appears in the market today, Acona has been organized to enhance the capability to offer both a significant broader spectrum of specialist skills to clients, and to handle large integrated projects. Today Acona is a company with more than 300 professionals. with main office in Stavanger and separate units in Bergen, Oslo and Tromsø. The guidelines for corporate governance are intended to clarify the overall responsibilities between shareholders, the board of directors and senior management. The company business is clearly defined in the Articles of Association which in more detail outlines some of the governance rules for Acona. Core values are defined as “brave – determined - humble and energic” and are intented to serve as a guideline in the way Acona conducts its business through all employees. The company’s website can be found at www.acona.com INCOME STATEMENT Acona had consolidated revenues of NOK 653, 5 million in 2011, as against consolidated revenues of NOK 644,6 million in 2010 – an increase of 1,4 %. Total operating expenses were NOK 646,5 million as against NOK 637,7 million in 2010. The consolidated operating result for 2011 was NOK 7, 1 million, compared to NOK 6,8 million in previous year. Acona’s net financial items were an income of NOK 0, 7 million. Earnings before tax were NOK 7, 7 million, and 2011 gave a loss after tax and minority interest of NOK 0,8 million, compared to 2010 with a net loss of NOK 5,8 million. The loss in 2011 is impacted of approximately NOK 8 in non-recurring expenses, mainly severance payment and loss on divested activities. Parent company Acona Holding AS had no revenue in 2011. Operational loss was NOK 0, 6 million, compared to an operational loss in 2010 of NOK 1,7 million. The net profit for 2011 reached NOK 20 million, as against NOK 15, 7 million in the previous year. The Board proposal is to retain the profit and not to pay out any dividend for 2011. In accordance with the Norwegian Accounting Legislation of 1998 §3-3 the Board of Directors confirms that assumptions for continued operations are present.
Acona has not had any accidents in the workplace during 2011. The Board believes that the working environment is good. The work performed by Acona is mainly related to office activities with some business travel. The environmental impacts are therefore relatively low, only associated with the low use of energy and transport fuel, some modest resource consumption and the production of small volumes of office waste. Acona produces no toxic or hazardous waste, and the business is not regulated by special concessions or duties in any of its countries of operation. RESARCH AND DEVELOPMENT During 2011, Acona had R&D projects which in total reached NOK 3,6 million. Our R&D has been focused on the following projects: Development of ArcticWeb, a geoportal for the petroleum industry allowing access to up- to date environmental and other important information. The subsea tunnel concept; A subsea solution for production of oil and gas in coastal environmentally sensitive areas and in areas where the ice and icebergs are a challenge. These R&D projects are carried out in cooperation with various industrial partners. BOARD OF DIRECTORS AND AUDITOR The Board of Directors of Acona Holding AS’ are not aware of any conditions of importance to the Group’s position and/or financial results, that is not reflected in the profit and loss statement, the balance sheet, and the notes. As of 31 December 2011 the Board of Directors of Acona Holding AS consists of 5 men and 1 female, the female share represents is 17%): Per Terje Vold Ole Rettedal Aina Berg Martin Sigmundstad Bernt Gjellestad Per Atle Flytlie
14
Chairman of the Board Director of the Board Director of the Board Director of the Board Director of the Board – Employee representative Director of the Board – Employee representative
Total fees paid to Board of Directors in 2011 was NOK 674 164. The Board members’ shareholding in Acona Holding AS is given in Note 9 to the Annual Accounts.
Acona’s customers are primarily operators on the Norwegian Continental Shelf. Losses on accounts receivables are considered relatively low. The Company has not incurred significant losses on receivables. The Company considers liquidity to be good, but we have an increasing focus on past due receivables.
Acona AS auditor is Erga Revisjon AS with chartered accountant Mr. Sven Erga, Stavanger, Norway.
The biggest uncertainty for the business is recruitment of adequate qualified presonell, fluctuations in oil price, and any changes in framework for our customers. However, it seems that none of these will substantially impact the operation in 2012.
OUTLOOK AND RISK The Board of Directors believes that Acona Group has strengthened its position in several areas i in 2011 and is well prepared to meet future competition. The macro perspectives for 2012 and in the coming years are looking promosing. The company has outstanding competence to deliver in accordance with the customers’ expectations.
ALLOCATION OF PROFIT The Board of Directors suggests that net profit for Acona Holding AS for the year of NOK 19 984 877 is allocated to other equity. The company had NOK 36 740 839 in free equity as of 31 December 2011.
Acona has a low exposure to financial risk. Currency risk is low and almost all payments are in Norwegian kroner. The company has low interest bearing debt and hence there is low exposure to changes in interest rates.
Stavanger, 31st December 2011 / 28th March 2012 The Board of Directors Acona Holding AS
Per Terje Vold Chairman
Martin Sigmundstad Director
Ole Rettedal Director
Bernt Gjellestad Director
.
15
Aina Berg Director
Per Atle Flytlie Director
ÅRSBERETNING 2011 VÅRT SELSKAP ACONA er et kompetanse- og konsulentselskap som spesialiserer seg på følgende fire forretnings områder:
147,5 mill som representerer 42,2 % av totalkapitalen. Sum egenkapital er i løpet av 2011 blitt redusert med NOK 18,5 millioner som følge av kjøp av egne aksjer. Egne aksjer er kjøpt som en del av en strategisk incentiv program. sum kortsiktig gjeld beløp seg til NOK 149,4 millioner.
• Boring og brønnteknologi • HMS og Risikostyring • Beredskap • Subsurface og strømningsteknologi
ANSATTE OG ARBEIDSMILJØ ACONA hadde et gjennomsnitt på 285 årsverk i løpet av 2011, hvorav ca 50 er kvinnelige ansatte. Styret og ledelsen vektlegger likestilling mellom kjønnene og etniske grupper og søker å fremme dette gjennom selskapets personalpolitikk i forhold til rekruttering, økonomisk kompensasjon og karriereutvikling. I tillegg til selskapets egne ansatte, hadde ACONA totalt 69 årsverk med underleverandører som jobber som konsulenter på kundeprosjekter. Samlet sykefravær i 2011 var 1,8 %, samme nivå som i 2010.
Nåværende og tidligere ansatte er aksjonærer og majoritetseiere i selskapet. Vi prioriterer rekruttering av høyt kvalifiserte personer med erfaring fra drift og strategisk ledelse. Våre kunder kan forvente langsiktig samarbeid med våre konsulenter, som alltid vil sette kundens interesser i fokus gjennom sin forståelse av risiko og være bidragsytere til å finne de beste løsninger.
Konsernet har ikke hatt noen ulykker på arbeidsplassen i løpet av 2011. Styret mener at arbeidsmiljøet er godt.
ACONA er organisert for å øke evnen til å kunne tilby både et betydelig bredere spekter av spisskompetanse til oppdragsgivere, og også til å kunne håndtere store integrerte prosjekter. ACONA er et selskap med mer enn 300 fagfolk, med hovedkontor i Stavanger og avdelingskontorer i Bergen, Oslo og Tromsø.
Arbeidet som utføres av konsernet er knyttet til kontordrift og noen forretningsreiser. De miljømessige konsekvensene er derfor relativt lav, bare forbundet med den lave bruken av energi og transport drivstoff, noe beskjedne ressursforbruk og produksjon av små mengder kontor avfall.
Retningslinjene for Corporate Governance er ment å klargjøre det overordnede ansvar mellom aksjonærer, styret og toppledelsen. Selskapets virksomhet er klart definert i vedtektene, som i mer detalj skisserer noen av de styrende regler for ACONA. Selskapets visjon og kjerneverdier er definert som “modig - målbevisst - ydmyk og energisk” og er ment som retningslinjer for selskapets ansatte, og i måten jobben utføres.
Konsernet produserer ikke giftig eller farlig avfall, og virksomheten er ikke regulert av konsesjoner eller plikter i noen av sine land i drift. FORSKNING OG UTVIKLING I løpet av 2011, har ACONA hatt FoU-prosjekter på om lag 3,6 millioner kroner. Selskapets R & D aktiviteter har hatt fokus på følgende prosjekter:
Selskapets hjemmeside finner du på www.acona.com RESULTATREGNSKAP ACONA konsernet hadde en omsetning på 653 millioner kroner i 2011, mot konsoliderte inntekter på 644,6 millioner kroner i 2010 -. en økning på 1,4 % Sum driftskostnader var NOK 646,5 mill. mot NOK 637,7 millioner i 2010.
Utvikling av ArcticWeb, en geoportal for oljeindustrien slik at nøyaktig tilgang til oppdatert miljø og annen viktig informasjon. Utvikling av et konsept på undersjøiske tunnelen. En undervanns løsning for produksjon av olje og gass i kystnære miljøsensitive områder og i områder hvor isen og isfjell er en utfordring.
Det konsoliderte driftsresultat for 2011 var NOK 7,1 millioner, mot NOK 6,8 mill året før ACONA konsernets netto finansposter utgjorde en inntekt på NOK 0,7 millioner. Resultat før skatt ble NOK 7,7 millioner.. 2011 ga et underskudd etter skatt og minoritets-interesser på NOK 0,8 millioner, sammenlignet med 2010 netto som ga et tap på 5,8 millioner. 2011 tallene er påvirket av om lag NOK 8 millioner i engangskostnader, hovedsakelig til sluttvederlag og tap på avhendet virksomhet.
Disse FoU-prosjekter blir gjennomført i samarbeid med ulike industrielle partnere. STYRE OG REVISOR Styret i ACONA Holding AS er ikke er klar over eventuelle forhold av betydning for konsernets stilling og / eller økonomiske resultater, som ikke er reflektert i resultatregn-skapet, balansen, og notene. Pr 31 desember 2011 består styret i Acona Holding AS av fem menn og en kvinne (den kvinnelige andelen er 17 %): Per Terje Vold Styreleder Ole Rettedal Styremedlem Aina Berg Styremedlem Martin Sigmundstad Styremedlem Bernt Gjellestad Styremedlem – Ansatte representant Per Atle Flytlie Styremedlem – Ansatte representant
ACONA Holding AS, som er konsernet Morselskapet hadde ingen inntekter i 2011. Driftstap var kr 0,6 mill, mot NOK 1,7 mill året før. Årsresultatet for 2011 endte på NOK 20 mill mot NOK 15,7 mill i 2010. Styret foreslår å la overskuddet gå til annen egenkapital og ikke å betale ut utbytte for 2011. I samsvar med norsk regnskapslovgivning 1998 § 3-3 styret bekrefter at forutsetningene for fortsatt drift er til stede.
Honorarer til styrets medlemmer i 2011 var kr 674 164. Styremedlemmenes aksjepost i ACONA Holding AS er gitt i note 9 til årsregnskapet.
BALANSE Konsoliderte kundefordringer var NOK 134,5 millioner ved utgangen av året, ned fra NOK 162,9 mill. året før. Sum kontanter og bankinnskudd utgjorde 26,4 millioner kroner ved utgangen av året og egenkapitalen utgjorde NOK
Selskapets revisor er Erga Revisjon AS med statsautorisert revisor Mr. Sven Erga, Stavanger, Norge.
16
FREMTIDSUTSIKTER OG RISIKO Styret mener at ACONA har styrket sin posisjon på flere områder i markedet i 2011 og er godt forberedt til å møte fremtidig konkurranse. Makroperspektiv for 2012 og videre er bra. Selskapet har den nødvendige kompetanse til å levere i samsvar med våre kunders forventninger.
Den største usikkerhet og risiko for vår virksomhet er å rekruttere nok kvalifiserte ansatte, svingninger i oljeprisen, omdømme i market og eventuelle endringer i rammevilkårene for våre kunder. Imidlertid synes det at ingen av disse vil vesentlig påvirke driften i 2012.
ACONA har lav eksponering på finansiell risiko. Valuta risiko er lav og så godt som alle innbetalinger er i norske kroner. Selskapet har lav rentebærende gjeld og er av denne grunn lite eksponert for endringer i rentenivået.
RESULTATDISPONERING Styret foreslår at årsresultatet for ACONA Holding AS på kr 19 984 877 avsattes til annen egenkapital. Selskapet hadde NOK 36 022 939. i fri egenkapital pr 31. desember 2011.
ACONA’s kunder er primært operatører på Norsk Kontinentalsokkel. Risikoen for tap på fordringer vurderes derfor som lav. Selskapet har hittil ikke hatt vesentlige tap på fordringer. Selskapet vurderer likviditeten som god, men vi har økende fokus på forfalte fordringer.
Stavanger, 31. desember 2011 / 28. mars 2012 I styret for ACONA Holding AS
Per Terje Vold Styrets formann
Ole Rettedal Styremedlem
Martin Sigmundstad Bernt Gjellestad Styremedlem Styremedlem
.
17
Aina Berg Styremedlem
Per Atle Flytlie Styremedlem
RESULTATREGNSKAP // INCOME STATEMENT Mor / Parent
Konsern / Group
2010
2011
NOTE
0
0
Salgsinntekt / Revenues
0
0
Annen driftsinntekt / Other income
0
0
Sum inntekter / Total revenues
1,16
2011
2010
653 536 401
644 580 438
0
0
653 536 401
644 580 438
0
0
Underleverandører / Subcontractors
1
201 858 521
149 658 781
797 897
0
Lønnskostnad / Salaries
2
363 196 270
399 148 669
102 555
102 552
Avskrivninger / Depreciation
4
32 525 893
31 406 750
0
0
0
-216 042
Tap på krav / Loss on receivables
816 055
541 390
Andre driftskostnader / Other oper.costs
1 716 507
643 942
Sum driftskostnader / Total opr.costs
-1 716 507
-643 942
Driftsresultat / Operating result
4 722 546
3 084 722
Renteinntekt / Interest received
24 500 000
24 000 000
0
3 306 726
Aksjeinntekter / Income from shares Mottatt utbytte / Dividend received
1 17
Mottatt konsernbidr / Received Group Contr.
0
2 000 000
1 029
3 767
-5 586 255
-5 867 767
-40 866
-3 624
23 596 454
26 523 824
Resultat av finansk. / Net fin. Items
21 879 947
25 879 882
Ordinært resultat før skattekostnad /
Annen finansinntekt / Other fin.income
57 740 618 637 738 776
7 066 083
6 841 662
4 484 095
6 779 705
0
0
2 682 218
0
0
0
528 396
167 959
-6 402 574
-10 299 967
-664 064
-1 311 665
628 071
-4 663 968
7 694 154
2 177 694
-8 060 737
-7 987 217
-366 583
-5 809 523
-444 048
0
-810 631
-5 809 523
8
-810 631
-5 809 523
8
0
0
-810 631
-5 809 523
15
Rentekostnad / Interest costs Annen finanskostnad / Other fin. Costs
48 889 634 646 470 318
15
Result before taxes -6 202 639
-5 895 005
Skattekostnad på ordinært resultat / Taxes
15 677 308
19 984 877
Årsesultat før minoritetsinteresser /
7
Profit before min.interests 0
0
15 677 308
19 984 877
Minoritetsinteresser / Min. interests
8
Årsresultat etter minoritetsinteresser / Net profit for the year Anvend. av overskudd / Dispositions
15 677 308
19 372 877 850 000 -238 000
0
0
15 677 308
19 984 877
Til annen egenkapital / Other equity Avgitt konsernbidrag / Contribution to subs. Skatt på avgitt KB / Tax on contribution Utbytte / Dividend Sum anvendelse / Total dispositions
18
EIENDELER // ASSETS Mor / Parent 2010
Konsern / Group 2011
NOTE
2011
2010
158 394 839
184 203 587
200 000
282 000
Anleggsmidler / Fixed assets Immaterielle eiendeler / Intangibles 820 451
717 900
Goodwill / Goodwill
1,4,7
Varemerker / Trademark 0
0
820 451
717 900
Utsatt skattefordel / Deferred tax asset
7
Sum immaterielle eiendeler / Total intangible
7 803 619
7 394 321
166 398 458
191 879 908
10 407 488
16 903 488
10 407 488
16 903 488
Varige driftsmidler / Tangibles fix.assets 0
0
Maskiner, anlegg, inventar, verktøy ol. /
4
Machinery and equipment 0
0
Sum varige driftsmidler / Total tang.assets Finansielle anleggsm / Financial assets
268 416 927
266 436 913
Aksjer i datterselskap / Shares in subsidiaries
5
0
0
0
0
Andre aksjer / Other shares
7
139 500
296 840
0
0
Mellomværende datterselskap / Loan subsid.
3
268 416 927
266 436 913
Sum finansielle anleggsmidler /
0
0
139 500
296 840
176 945 446
209 080 236
134 543 632
162 855 647
5 085 390
2 403 540
0
0
0
0
Total fiancial assets 269 237 378
267 154 813
Sum anleggsmidler / Total fixed assets Omløpsmidler / Current assets Fordringer / Receivables
0
0
Kundefordringer / Accounts receivables
13
Opptjent inntekter / Work in progress
1
0
0
24 500 000
24 000 000
0
2 000 000
Fordring utbytte / Rec. Dividend
23 062
24 156 960
Fordring datterselskap / Receivable subs.
3
Andre fordringer / Other receivables
4
72 083
0
24 595 145
50 156 960
Fordring konsernb. / Rec. Group contr.
Sum fordringer / Total receivables
6 474 945
5 333 424
146 103 967
170 592 611
Investeringer / Investments 0
0
Andre finans. invester. / Other financial inv.
429 159
480 182
0
0
Sum investeringer / Total investments
429 159
480 182
14 406 775
10 906 508
Bankinnskudd, kontanter og lignende /
26 449 519
48 383 657
12
Cash and bank deposits 39 001 920
61 063 468
Sum omløpsmidl / Total current assets
172 982 645
219 456 450
308 239 298
328 218 281
Sum eiendeler / Total assets
349 928 091
428 536 686
19
EGENKAPITAL OG GJELD // EQUITY AND LIABILITIES Mor / Parent 2010
Konsern / Group 2011
NOTE
2011
2010
Egenkapital / Equity Innskutt egenkapital / Paid-in capital 23 798 642
23 798 642
Aksjekapital / Share capital
8,9
23 798 642
23 798 642
-194 316
-1 568 350
Egne aksjer / Own shares
8,9
-1 568 350
-194 316
8
151 423 366
151 423 366
Overkursfond / Share premium reserve
175 027 692
173 653 658
Sum innskutt egenkapital / Total paid-in capital
151 423 366
151 423 366
173 653 658
175 027 692
-26 836 275
-8 847 026
730 443
286 395
Sum opptjent egenkapital / Total retained earnings
-26 105 832
-8 560 631
Sum egenkapital/Total equity
147 547 826
166 467 061
83 392
682 869
14
23 088 833
25 167 279
6,10
29 828 568
49 714 284
53 000 793
75 564 432
0
38 933 655
Opptjent egenkapital / Retain. Earnings 34 546 580
36 740 839
Annen egenkapital / Other equity
8
Min.interesser / Min. interests 34 546 580
36 740 839
209 574 272
210 394 497
Gjeld / Liabilities Avsetn. for forplikt. / Provisions 82 702
83 392
0
0
Utsatt skattegjeld / Deferred taxes Pensjonsforpl. / Pension obl. Annen langsiktig gjeld / Other long-term liabilities
49 714 284
29 828 568
Gjeld til kredittinstitusjoner / Liabilities to financial institutions
49 796 986
29 911 960
Sum annen langsiktig gjeld / Total other long-term liabilities Korts. gjeld / Current liabilities
1 262 008
81 289 047
218 294
2 297
6 119 937
5 643 352
0
850 000
Kassekreditt/Overdraft
10,11
Leverandørgjeld / Trade creditors
4
47 570 617
36 233 836
Betalbar skatt / Tax payable
7
9 143 769
8 721 927
Skyldig KB / Contribution payable
8
0
0
3
39 475 363
0
Gjeld til datterselskap / Liab. subsid.
0
-10 025
Skyldige off. avgifter / Public duties Forskudd fra kunder / Prepayments
0
0
1 792 438
137 153
48 868 040
87 911 824
98 665 026
0
0
42 724 670
51 875 475
0
1 016 694
49 940 416
49 723 611
Sum kortsiktig gjeld / Total curr. liab.
149 379 472
186 505 198
117 823 784
Sum gjeld / Total liabilities
202 380 265
262 069 630
308 239 298
328 218 281
Sum egenkapital og gjeld / Total equity and liabilities
100 000 000
100 000 000
Annen kortsiktig gjeld / Other curr. liab.
Pantstillelser / Mortgages
4
10
349 928 091
428 536 686
100 000 000
100 000 000
Stavanger, 28.mars 2012 I styret for Acona Holding AS/The Board of Directors of Acona Holding AS
Per Terje Wold Styreformann
Ole Rettedal Styremedlem
Aina Berg Styremedlem
Martin Sigmundstad Styremedlem
20
Bernt Gjellestad Styremedlem
Per Atle Flytlie Styremedlem
KONTANTSTRØMANALYSE // CASH FLOW ANALYSIS Mor / Parent 01.01-31.12 2010
Konsern / Group 01.01-31.12 2011
01.01-31.12 2011
01.01-31.12 2010
Kontantstrømmer fra operasjonelle aktiviteter / Cash flow from operating activities 21 879 947
25 879 882
Resultat før skattekostnad / Result before taxes
7 694 154
2 177 694
-6 472 141
-6 119 937
Periodens betalte skatt / This year`s tax payable
-8 721 927
-11 807 193
0
-3 306 726
Avhendelse av aksjer / Sale of shares
-2 966 558
0
284 340
1 000 000
Nedskrivning aksjer / Write down shares 102 555
102 552
Ordinære avskrivninger / Depreciation
32 525 893
31 406 750
16 130 599
-215 997
Endring i varel., kundeford. og leverandørgjeld /
39 648 796
-29 435 378
-2 078 446
3 558 393
0
0
Change in inventory, acc. rec. and acc. payable Endring i pensjonsforpliktelse / Cnage in pension obligations -33 352 623
-65 109 261
Endring i konsernmellomværende / change intercomp.
-9 859 269
-1 606 190
Endring andre tidsav.grens. / Change in other provis.
-13 774 065
8 256 610
-11 570 932
-50 375 677
Netto kontantstrøm fra operasjonelle aktiviteter /
52 612 187
5 156 876
-548 443
-11 258 373
Net cash flow from operating activities Kontantstrømmer fra investeringsaktiviteter / Cash flow from investment activities 0
0
Utbetalinger ved kjøp av varige driftsmidler /
0
Payment related to purchase of fixed assets
0 10 000
5 286 740
0
0
10 000
5 286 740
Tilgang datterselskap / Addition subsidiary
-127 000
0
Utbetaling kjøp av aksjer / Payment purchase of shares
3 501 141
-66 659
0
0
2 825 698
-11 325 032
0
0
Endring i konsernsammens. / Change in Group Netto kontantstrøm fra investeringsaktiviteter / Net cash flow from investment activities Kontantstrømmer fra finansieringsaktiviteter/ Cash flow from financing activities
0
0
0
0
-19 885 716
-19 885 716
Nedbetaling langsiktig lån / Downpaym. Loan
-19 885 716
-19 885 716
-8 475 760
80 027 039
Endring i kassekreditt / Change overdraft
-38 933 655
29 195 887
0
0
Utbetalt utbytte / Dividend paid
0
0
0
0
Inn-/utbetalinger av egenkapital/
0
0
Payment of new equity
0
48 176 411
0
Effekt ifm fusjon / fisjon
0
-821 619
-18 552 652
18 993 316
41 588 671
Innbetalinger ved opptak av ny kortsiktig gjeld / Cash-in from new long-term loans
0
Kjøp av egne aksjer / Purchase of own shares
-18 552 652
-821 619
Netto kontantstrøm fra finansieringsaktiviteter /
-77 372 023
8 488 552
-21 934 138
2 320 396
Net cash flow from financing activities 7 432 384
-3 500 266
Netto endring i kontanter og kontantekvivalenter / Net change in cash
6 974 392
14 406 775
Kontanter og kontantekvival. 01.01 / Cash as of 01.01
48 383 657
46 063 261
14 406 775
10 906 508
Kontanter og kontantekvivalenter 31.12/
26 449 519
48 383 657
Cash and cash equivalents as of 31.12.
21
NOTER // NOTES NOTE 1 REGNSKAPSPRINSIPPER Årsregnskapet, som er utarbeidet av selskapets styre og ledelse, må leses i sammenheng med årsberetningen og revisjonsberetningen. Årsregnskapet består av resultatregnskap, balanse, kontantstrømoppstilling og noteopplysninger og er avlagt i samsvar med aksjelov, regnskapslov og god regnskapsskikk i Norge. REGNSKAPSPRINSIPPER Årsregnskapet er basert på de grunnleggende prinsipper om historisk kost, sammenlignbarhet, fortsatt drift, kongruens og forsiktighet. Transaksjoner regnskapsføres til verdien av vederlaget på transaksjonstidspunktet. Inntekter resultatføres når de er opptjent og kostnader sammenstilles med opptjente inntekter. Ved anvendelse av regnskapsprinsipper og presentasjon av transaksjoner og andre forhold, legges det vekt på økonomiske realiteter, ikke bare juridisk form. Betingede tap som er sannsynlige og kvantifiserbare, kostnadsføres. Regnskapsprinsippene er utdypet nedenfor. KONSOLIDERINGSPRINSIPPER Konsoliderte selskap Konsernregnskapet omfatter de selskap hvor morselskapet og datterselskap direkte eller indirekte har bestemmende innflytelse. Konsernregnskapet viser selskapenes økonomiske stilling, resultat av årets virksomhet og kontantstrømmer som en samlet økonomisk enhet. Bestemmende innflytelse anses, i utgangspunktet, å foreligge når en direkte eller indirekte eier mer enn 50 % av den stemmeberettigede kapital. Selskap som eies midlertidig konsolideres ikke. Det er anvendt enhetlige regnskapsprinsipper for alle selskap som inngår i konsernet. Nyervervede datterselskap medtas fra det tidspunkt bestemmende innflytelse oppnås, og avhendede datterselskap medtas frem til avhendelsestidspunktet. Eliminering av interne transaksjoner Alle vesentlige transaksjoner og mellomværende mellom selskaper i konsernet er eliminert. Eliminering av eierandeler i datterselskap Eierandeler i datterselskaper er eliminert i konsernregnskapet etter oppkjøpsmetoden. Forskjellen mellom kostpris for eierandelene og bokført verdi av netto eiendeler på oppkjøpstidspunktet analyseres og henføres til de enkelte balanseposter i henhold til reell verdi. Eventuell ytterligere merpris som skyldes forventninger om fremtidig inntjening, aktiveres som goodwill og avskrives i resultatregnskapet i takt med de underliggende forhold og forventet økonomisk levetid. Behandling av tilknyttede selskap Med tilknyttede selskap menes selskap der konsernet har en eierandel på 20-50 %, hvor investeringen er av langvarig og strategisk karakter og hvor konsernet kan utøve en vesentlig innflytelse. Det tilknyttede selskapet er vurdert etter kostmetoden i selskapsregnskapet. I konsernregnskapet brukes egenkapitalmetoden. Konsernets andel av resultatet i et tilknyttet selskap er basert på resultat etter skatt i det tilknyttede selskapet med fradrag for eventuelle avskrivninger på merverdier som skyldes at kostpris på eierandelene var høyere enn den ervervede andel av bokført egenkapital. I resultatregnskapet er andel av resultatet i tilknyttet selskap vist under finansposter. I balansen vises eierandeler i tilknyttede selskaper under anleggsmidler. INNTEKTS- OG KOSTNADSFØRINGSTIDSPUNKT (SAMMENSTILLING) Inntekt resultatføres som hovedregel når den er opptjent. Utgifter sammenstilles med og kostnadsføres samtidig med de inntekter utgiftene kan henføres til. Utgifter som ikke kan henføres direkte til inntekter, kostnadsføres når de påløper. EIENDELER OG GJELD Eiendeler/gjeld som knytter seg til varekretsløpet og poster som forfaller til betaling innen ett år etter balansedagen, er klassifisert som omløpsmidler/kortsiktig gjeld. Vurdering av omløpsmidler/kortsiktig gjeld skjer til laveste/høyeste verdi av anskaffelseskost og virkelig verdi. Virkelig verdi er definert som antatt fremtidig salgspris redusert med forventede salgskostnader. Andre eiendeler er klassifisert som anleggsmidler. Vurdering av anleggsmidler skjer til anskaffelseskost. Anleggsmidler som forringes avskrives. Dersom det finner sted en verdiendring som ikke er forbigående, foretas en nedskrivning av anleggsmidlet. Tilsvarende prinsipper legges normalt til grunn for gjeldsposter. KONTANTSTRØMOPPSTILLING Kontantstrømoppstillingen er utarbeidet etter den indirekte metoden. Kontanter og kontantekvivalenter omfatter kontanter og bankinnskudd. VARIGE DRIFTSMIDLER Varige driftsmidler føres i balansen til anskaffelseskost, fratrukket akkumulerte avskrivninger. Ordinære avskrivninger er beregnet lineært over driftsmidlenes økonomiske levetid med utgangspunkt i historisk kostpris. INVESTERING I DATTERSELSKAP I selskapsregnskapet er investering i datterselskap vurdert til laveste av anskaffelseskost og virkelig verdi. INVESTERING I TILKNYTTET SELSKAP I selskapsregnskapet er investering i tilknyttet selskap vurdert til laveste av anskaffelseskost og virkelig verdi. VARELAGER Beholdninger av varer vurderes til det laveste av kostpris etter “først inn - først ut”-prinsippet og antatt salgspris. Kostpris for innkjøpte varer er anskaffelseskost. FORDRINGER Fordringer er oppført til pålydende med fradrag for forventede tap. UTSATT SKATT Utsatt skatt beregnes på bakgrunn av midlertidige forskjeller mellom regnskapsmessige og skattemessige verdier ved utgangen av regnskapsåret. Ved beregningen benyttes nominell skattesats. Positive og negative forskjeller vurderes mot hverandre innenfor samme tidsintervall. Utsatt skattefordel oppstår dersom en har midlertidige forskjeller som gir opphav til skattemessige fradrag i fremtiden. Årets skattekostnad består av betalbar skatt for inntektsåret, samt endring i utsatt skatt.
22
NOTER // NOTES NOTE 1 ACCOUNTING PRINCIPLES The annual financial statements, which have been prepared by the company’s board and management, should be read together with the annual report and the auditor’s report. The annual financial statements, which consist of the income statement, balance sheet, cash flow statement and notes, have been prepared in accordance with the Norwegian Limited Liability Companies Act and the Norwegian Accounting Act and generally accepted accounting standards in Norway. ACCOUNTING PRINCIPLES The annual financial statements are based on fundamental principles of historical costs, comparability, going concern, congruity and prudence. Transactions are recognized at the value of the compensation at the time of the transaction. Income is recognized when it accrues and costs are matched with earned income. When applying accounting principles and presenting transactions and other items, financial realities are emphasized, not just legal form. Conditional losses that are probable and quantifiable are recorded as cost. The accounting principles have been expanded below. CONSOLIDATION PRINCIPLES Consolidated companies The group financial statements comprise the companies where the parent company and subsidiaries, directly or indirectly, have a controlling interest. The group financial statements present the financial position of the companies, the profits on activities during the year, and cash flows as one economic unit. Basically, a controlling interest is deemed to exist when a direct or indirect owner controls more than 50% of the voting capital. However, temporary owned companies are not consolidated. The accounting principles have been applied consistently for all companies comprised by the group. Newly acquired subsidiaries are included from the time a controlling interest is achieved, and divested subsidiaries are included up to the time of disposal. Elimination of intragroup transactions All significant transactions and outstanding accounts between group companies are eliminated. Elimination of ownership interests in subsidiaries In the group financial statements, ownership interests in subsidiaries are eliminated pursuant to the acquisition method. The difference between the cost price of the shares and the book value of net assets at the time of acquisition, is analyzed and allocated to separate balance sheet items according to their fair value. Any further share premium due to expectations of future earnings, are capitalized and depreciated in the income statement in line with the underlying conditions and its expected economic life. Recognition of associates Associates are companies in which the group has an ownership interest of 20-50%, where the investment is of a long-term and strategic character and where the group is able to exercise substantial influence. In the company financial statements, the associate is valued according to the cost method. The equity method is used in the group financial statements. The group’s share of the profits of an associate is based on profits after taxes of the associate after deduction of any depreciation of share premiums due to the cost price of the assets being higher than the acquired share of book equity. In the income statement, the share of profits of associates is recognized under financial items. In the balance sheet, shares in associates are recognized under fixed assets. INCOME AND COST ACCRUAL (MATCHING) In general, income is recognized upon accrual. Expenses are matched with and recognized at the same time as the income the expenses may be attributed to. Expenses that cannot be attributed directly to income are recognized upon accrual. ASSETS AND LIABILITIES Assets/liabilities related to the circulation of goods and items due for payment within one year from the date of the balance sheet, are classified as current assets/liabilities. Current assets/liabilities are valued at acquisition cost or fair value, whatever is lower/higher. Fair value is defined as the assumed future sale price reduced by expected cost of sale. Other assets are classified as fixed assets. Fixed assets are valued at acquisition cost. Fixed assets with diminishing value are subject to depreciation. If there is a change in value that cannot be considered temporary, the fixed asset is written down to its fair value. Similar principle normally applies also to liability items. CASH FLOW STATEMENT The cash flow statement has been prepared according to the indirect method. Cash and cash equivalents comprise cash and bank deposits. FIXED ASSETS Fixed assets are recognized in the balance sheet at acquisition cost with the deduction of accumulated depreciation. Ordinary depreciation is calculated on a linear basis over the expected useful life of the asset based on its historical cost. INVESTMENTS IN SUBSIDIARIES In the company financial statements, investments in subsidiaries are valued to acquisition cost or fair value, whichever is lower. INVESTMENTS IN ASSOCIATES In the company financial statements, investments in associates are valued at acquisition cost or fair value, whichever is lower. INVENTORY Inventories of goods are valued at purchasing cost according to the “first in – first out” principle, or the estimated sale price, whichever is lower. The cost price of purchased goods is the acquisition cost. RECEIVABLES Receivables are recognized at nominal value with deduction for expected losses. DEFERRED TAXES Deferred taxes are estimated on the basis of temporary differences between financial and tax-related values at the end of the financial year. Nominal tax rates are used in the calculations. Positive and negative differences are off-set during the same time period. Deferred tax benefits arise if there are temporary differences that will cause tax deductions in the future. The tax cost of the year is comprised of taxes payable and changes in deferred taxes.
23
NOTER // NOTES NOTE 2 LØNNSKOSTNADER / ANTALL ANSATTE / GODTGJØRELSER / LÅN TIL ANSATTE / PENSJONER MED MER/ SALARIES/EMPLOYEES/REMUNERATION/LOANS/PENSIONS AND OTHER Mor | Parent 01.01 -31.12 Lønnskostnader mm. / Payroll costs
Konsern | Group 01.01 -31.12
2011
2010
2011
2010
Lønninger / Salaries
0
0
315 128 406
338 798 275
Arbeidsgiveravgift / Social security
0
0
41 411 570
46 007 121
Andre personalkostnader / Other person. costs
0
797 897
6 656 294
14 343 273
Lønnskostnader / Total payroll costs
0
797 897
363 196 270
399 148 669
Antall årsverk / Total man years
0
34
285
384
Daglig leder President
Directors
1 863 337
0
171 811
0
129 980
674 164
2 165 128
674 164
Obligatorisk tjenestepensjon/Mandatory pension obligation Selskapet har plikt til å ha tjenestepensjonsordning og har gjennomført dette etter lovens krav./ The company is obliged to have pension arrangements and has fulfilled this according to regulations. Godtgjørelser/ Remunerations Ytelser til ledende personell / Remuneration of CEO and Directors Lønn og bonus / Salaries and bonus* Pensjon / Pension Andre godtgjørelser / Other remuneration Sum lønn og andre godtgjørelser / Total salaries and bonuses
*Selskapet opererer som et holdingselskap og har ikke ansatte pr 31.12. Lønn til daglig leder og styret gjøres fra datterselskapet Acona Alfa. / The company is a holding companywith no employees as of 31 December 2011. Remuneration to managing director and the Board is paid from subsidiary Acona Alpha. Mor / Parent 01.01 -31.12 Revisor / Auditor Revisjonshonorar / Audit fee
Konsern / Group 01.01 -31.12
2011
2010
2011
2010
78 175
71 850
311 126
413 350
Regnskap og ligningspapirer / Financial statements and tax reurns
70 650
78 300
128 175
180 025
DD kostnader og andre konsulentoppd / DD costs and other consultancy fee
20 325
219 338
20 325
230 338
169 150
369 488
459 626
823 713
Sum / Total
NOTE 3 MELLOMVÆRENDE MED SELSKAP I SAMME KONSERN M.V. (MOR)/INTERCOMPANY BALANCES (PARENT) Kundefordringer/ Accounts receivables 2011 0
Andre fordringer/ Other receivables 2011 50 156 960
Tilknyttet selskap / Other affiliated companies
0
0
Sum / Total
0
50 156 960
Leverandørgjeld/ Accounts payable 2011 0
Annen gjeld/ Other liabilities 2011 850 000
Foretak i samme konsern / Group companies
Foretak i samme konsern / Group companies Tilknyttet selskap / Affiliated companies
0
0
Sum / Total
0
850 000
24
NOTER // NOTES NOTE 4 VARIGE DRIFTSMIDLER OG IMMATERIELLE EIENDELER/FIXED ASSETS AND INTAGIBLES Maskiner og inventar / Equipment
Goodwill
Mor / Parent
Konsern / Group
Mor / Parent
Konsern / Group
Anskaffelseskost 01.01 / Purchase costs
0
31 100 478
1 025 563
236 479 049
Tilgang / Additions 2010
0
3 295 228
0
0
Avgang v fisjon / Disposals
0
0
0
0
Anskaffelseskost 31.12 / Year end purchase value
0
34 395 706
1 025 563
236 479 049
Akkummulerte avskrivninger 01.01 / Acc. depr. Jan 1st
0
15 212 787
205 112
54 333 752
Årets avskrivninger / Deprec.
0
8 775 431
102 552
23 750 458
Avgang ved fisjon / Disposals
0
0
0
Akkumulerte avskrivninger 31.12 / Acc. depreciation 31 Dec.
0
23 988 218
307 663
78 084 210
Bokført verdi 31.12 / Book value
0
10 407 488
717 900
158 394 839
3-5 år
3-5 år
10 år
10 år
Lineær
Lineær
Økonomisk levetid / Economic life time Avskrivningsplan / Depr. Method
Goodwillposten utgjør differansen av kostpris på aksjene og bokført egenkapital i selskapet på oppkjøpstidspunktet. Styret mener at det er forsvarlig med en avskrivningstid på 10 år , sett med bakgrunn i historisk inntjening og fremtidsutsikter. / Goodwill in group accounts is related to shares in subsidiaries through a merger in 2009. The item is the difference between purchase price and booked shareholders equity of the compnay at time of purchase. The Board is of the opinion that a depreciation period of 10 years is accurate, based on historic profits and future prospects.
NOTE 5 DATTERSELSKAPER/SUBSIDIARIES Forretningskontor/Office
Eierandel/ Share
Stemmeandel/ Voting share
Resultat 2010/ Result 2010
Acona AS
Stavanger
100 %
100 %
13 308 940
73 082 070
Acona Alfa AS
Stavanger
100 %
100 %
472 914
-12 859 491
Acona Beta AS
Stavanger
100 %
100 %
3 388 397
6 568 451
Skien
74 %
74 %
2 017 626
3 627 177
Datterselskaper / Subsidiary
Acona Flow Technology AS*
Egenkapital 31.12.10/ Equity
*Acona Flow Technology AS er eiet av Acona AS/Acona Flow Technology AS is owned by Acona AS
NOTE 6 GJELD OG OBLIGASJONER/LIABILITIES AND BONDS Gjeld som forfaller til betaling mer enn fem år etter regnskapsårets slutt/ : Liabilities due for payment more than five years after accounting period Mor / Parent 31.12.2011 Gjeld til kredittinstitusjoner / Liabilities to financial institutions
Konsern / Group 31.12.2011 0
25
0
NOTER // NOTES NOTE 7 SKATT/TAXES Mor / Parent 01.01 - 31.12 2011
2010
Ordinært resultat før skattekostnad / Result b/taxes
25 879 882
21 879 947
Gevinst salg aksjer / Profit sale of shares
-3 306 725
0
-2 000 000
0
159 202
0
Betalbar skatt fremkommer slik: Taxes payable are calculated as follows:
Mottatt utbytte / Dividend received 3 % skattefritt salg aksjer / Tax free profit shares Avgitt KB / Contribution to subs. Permanente forskjeller / Permanent differences Endring midlertidige forskjeller / Change in temporary differences
-850 000
0
274 937
5 688
-2 467
-28 717
20 154 829
21 856 918
Betalbar skatt på årets resultat / Taxes payable
5 643 352
6 119 937
Sum Betalbar skatt / Total taxes payable
5 643 352
6 119 937
Grunnlag betalbar skatt / Base for calculating taxes payable
Konsern / Group 01.01 -31.12
Mor / Parent 01.01 - 31.12 Årets skattekostnad fremkommer slik: / This year`s tax is calculated as follows: Betalbar skatt på årets resultat / Taxes payable Skatt på KB / Tax on contribution For lite skatt tidligere år / Tax previous year Brutto endring utsatt skatt / Change in def. tax
2011
2010
2011
2010
5 643 352
6 119 937
9 143 769
8 721 927
238 000
0
12 963
0
690
82 702
-1 083 032
-734 710
5 895 005
6 202 639
8 060 737
7 987 217
297 830
295 363
-3 753 617
-800 424
Pensjon / Pension
0
0
-23 088 833
-25 167 279
Andre forskjeller / Other
0
0
-729 788
0
Årets totale skattekostnad / This years taxes Spesifikasjon av grunnlag for utsatt skatt: / Specification of deferred tax Midlert. Forskj. Anlegg og omløpsmidler / Fixed assets
Underskudd til fremføring / Deficit carry forward Sum / Total
0
0
0
0
297 830
295 363
-27 572 238
-25 967 703
7 803 619
7 394 321
83 392
682 869
Utsatt skattefordel / Deferred tax asset Utsatt skattegjeld / Deferred tax liability
83 392
82 702
Sammenheng mellom skattekostnad og skatt beregnet som gjennomsnittelig nominell skattesats på resultat før skatt:/ Reconciliation between tax cost and tax calculated as average nominel tax rate on result before taxes: Mor / Parent Skatt beregnet som gjennomsnittlig nominell skattesats på resultat før skatt/
Kroner
%
7 246 367
28,0 %
-1 441 307
-5,6 %
Computed tax as an average nominel tax rate on result before taxes Skattemessig effekt av aksjer / utbytte / Tax effect on shares and dividend Skattemessig effekt av mottatt Konsernb. / Tax effect on group contribution
0
Effekt av perman. Forskj. / Effect perm. diff.
76 982
Effekt av for lite skatt tidligere år / tax previous year
12 963
0,3 %
Effect of permanent differences Skattekostnad i henhold til resultatregnskap / Taxes according to income statement
5 895 005
26
22,8 %
NOTER // NOTES NOTE 8 EGENKAPITAL OG AKSJONÆRINFORMASJON/EQUITY AND SHAREHOLDER INFORMATION Mor / Parent Egenkapital 01.01. / Equity 01.01
Aksjekapital/ Share capital 23 798 642
Over-kursfond/ Share P.Fund 151 423 365
Egne aksjer/ Own shares
Annen EK/ Other E.
Min. interesse/ Minority interests
Sum/ Total
-194 316
34 546 580
209 574 271
-612 000
-612 000
-17 178 618
-18 552 652
19 984 877
19 984 877
Årets endring i egenkapital /: Change in equity 2011 Avgitt KB netto / Contribut subs.
0
Netto kjøp egne aksjer / Net purchase own shares
-1 374 034
Årsresultat / This year`s result Avsatt utbytte / Dividend provision Egenkapital 31.12. / Equity 31.12
Egenkapital 01.01./Equity 01.01
23 798 642
151 423 365
0
0
-1 568 350
36 740 839
210 394 497
Aksjekapital/ Share capital
Over-kursfond/ Share P.Fund
Egne aksjer/ Own shares
Annen EK/ Other E.
Min. interesse/ Minority interests
Sum/ Total
23 798 643
151 423 365
-194 316
-8 847 026
286 395
166 467 061
-1 374 034
-17 178 618
Årets endring i egenkapital/: Change in equity 2011 premium fund from prev. years Netto purchase egne aksjer / Net purchase own shares Omregningsdifferanse / Currency differences
0
Årsresultat / This years`s result Egenkapital 31.12. / Equity 31.12
-18 552 652
23 798 643
151 423 365
27
-1 568 350
0
-810 631
444 048
-366 583
-26 836 275
730 443
147 547 826
NOTER // NOTES NOTE 9 AKSJEKAPITAL OG AKSJONÆRINFORMASJON / SHARE CAPITAL AND SHAREHOLDER INFORMATION Selskapets aksjekapital består av 237 986 434 aksjer hver pålydende kr 0,10. Alle aksjene har samme rettigheter. The company`s share capital consists of 237 986 434 shares with each a face value of NOK 0,10. All shares have the same rights. Selskapets 20 største aksjonærer pr. 31.12. er: /The company`s 20 largest shareholders are: Antall aksjer No. of shares
Eierandel % share
IKM Invest AS
49 249 883
20,69 %
IKM Industri-Invest AS
31 560 981
13,26 %
Acona Holding AS
15 683 502
6,59 %
5 891 642
2,48 %
Navn / Name
TNTVN AS Fang AS*
4 674 331
1,96 %
Fatona Invest AS
4 475 996
1,88 %
Upstream Consultants AS
4 416 365
1,86 %
LTG Invest AS
4 389 100
1,84 %
4 311 365
1,81 %
Techlimit Consultants AS
4 198 613
1,76 %
T.S.Holding AS
4 076 143
1,71 %
Roy`s Invest AS
4 026 286
1,69 %
Ravnflåget AS
3 094 757
1,30 %
Mansi AS
3 089 010
1,30 %
Sweben AS
3 000 947
1,26 %
Edalene AS
Vektor Management AS
2 953 551
1,24 %
Jarus Invest AS
2 904 799
1,22 %
Cryptex AS
2 880 348
1,21 %
Holteøy AS
2 865 249
1,20 %
Oppconsult AS
2 656 393
1,12 %
77 587 173
32,60 %
237 986 434
100,00 %
Øvrige/Other Sum alle aksjonærer / Total
*Ole Rettedal, styremedlem, eier 389 657 aksjer gjennom selskapet Rettedal Prosjekt AS *Ole Rettedal, director, controls 389 657 shares through Rettedal Prosjekt AS. *Bernt Gjellestad, styremedlem eier 242 000 aksjer *Bernt Gjellestad, director, owns 242 000 shares *Per Atle Flytlie, styremedlem eier 270 000 aksjer *Per Atle Flytlie, director, owns 270 000 shares
Egne aksjer / Own shares Status pr. 31.12.11 er / Status as of 31 December 2011: Salg aksjer / Sale of shares
Antall No.
Pris pr. aksje Price per share
Kostpris Purch.price
-390 000
1,53
-596 700
Kjøp aksjer / Purchase of shares
9 469 833
1,53
14 488 843
Kjøp aksjer / Purchase of shares
4 660 506
1,00
4 660 509
Netto kjøp aksjer 2011 / Net purch. of shares 2011
13 740 339
Egne aksjer 1/1-11 / Own shares 1 January 2011
1 943 161
Egne aksjer 31/12-11 / Own shares 31 December 11
15 683 500
Selskapet har ervervet eller solgt aksjene fordi ansatte har sluttet i selskapet./ The company has acquired shares mainly because employees have terminated/started their employment.
28
18 552 652
NOTER // NOTES NOTE 10 PANTSTILLELSER OG GARANTIANSVAR/MORTGAGES AND GUARANTEES Selskapet har trekk på kassekreditten. Konsernet har konsernkonto system og i konsernregnskapet er denne konto nettet./ The company has used the overdraft facility. The Group manages a group account system for the facility and these accounts are reported net in the consolidated accounts. Mor / Parent 31.12.2011
Konsern / Group 31.12.11
Mor / Parent 31.12.2010
Konsern / Group 31.12.10
Balanseført gjeld som er sikret ved pant ol./ Book value of debt secured by mortgage: Kassakreditt / Overdraft facility
81 289 047
0
1 262 008
38 933 655
Gjeld til kredittinstitusjoner / Debt to financial institutions
29 828 568
29 828 568
49 714 284
49 714 284
Langsiktig gjeld - finansiell leasing / Financal leasing long term
0
0
0
0
111 117 615
29 828 568
50 976 292
88 647 939
Maskiner og driftsløsøre / Machinery and equipment
0
0
Aksjer / Shares
0
0
Sum / Total Balanseført verdi av eiendeler stilt som sikkerhet for pantesikret gjeld:/ Book value assets as security for debt
Kundefordringer / Accounts receivables
0
134 543 632
0
162 855 647
Sum
0
134 543 632
0
162 855 647
40 000 000
40 000 000
NOTE 11 TREKKRETTIGHETER MED MER / OVERDRAFT FACILITY Kassekreditt limit / Ovedraft facility limit
NOTE 12 BANKINNSKUDD / BANK BALANCE Av selskapets bankinnskudd er kr 0 bundne skattetrekksmidler. Av konsernets bankinnskudd er kr 8 731 907 bundne skattetrekksmidler. / In total bank balance kr 0 is related to deposits for employee tax as payable. In total bank balance kr 8 731 907 is related to deposits for employee tax as payable.
NOTE 13 KUNDEFORDRINGER / ACCOUNTS RECEIVABLES Mor / Parent 2011
Konsern / Group 2011
Kundefordringer / Accounts receivables
0
134 693 632
Delkredereavsetning / Provision for loss on receivables
0
-150 000
Bokførte kundefordringer 31.12 / Book value as of 31.12.
0
134 543 632
29
NOTER // NOTES NOTE 14 PENSJONER/PENSIONS Selskapet er pliktig til å ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordninger tilfredsstiller kravene i denne lov./ The company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (lov om obligatorisk tjenestepensjon). The company`s pension scheme meets the requirements of that law. Sammensetning av samlede pensjoner og pensjonsforpliktelser/Composition og total pension obligations Selskapet har ytelsesbasert pensjonsordning. Denne ordningen behandles regnskapsmessig i henhold til NRS 6 og omfatter i alt 104 personer. Ordningene gir rett til definerte fremtidige ytelser. Disse er i hovedsak avhengig av antall opptjeningsår, lønnsnivå ved oppnådd pensjonsalder og størrelsen på ytelsene fra folketrygden. Forpliktelsene er dekket gjennom forsikringsselskap./ The company has an additional pension scheme that covers a total of 104 employees. The pension scheme gives the right to defined future bebefits, which are mainly dependent on numbers of years worked, salary level at time of retirement and the amount of payment from the national insurance fund. The obligations are covered through an insurance company.
Periodens pensjonskostnad / This years pension cost Nåverdi av årets pensjonsopptjening / Present value of pension Rentekostnad av pensjonsforpl. / Interest of pension obligations Forventet avkastn. på pensjonsmidler / Return on pens. plan assets
2011
2010
9 124 685
10 110 160
1 479 321
223 097
-1 068 121
-342 275
Administrasjonskostnad / Service cost
254 751
82 639
Resultatførte estimatendringer / Change in estimations
-250 811
25 070
9 539 825
10 098 691
31.12.11
31.12.10
Netto pensjonskostnad / Net pension cost Avstemming av pensjonsordningenes finansierte status mot beløp i balansen / Reconciliation of the financial status of the pension scheme towards the balance sheet Beregnede pensjonsforpliktelser / Accrued pension obligations
27 987 150
37 191 032
Pensjonsmidl. (til markedsverdi) / Pension plan assets (market value)
15 225 000
17 705 000
Netto pensjonsforpliktelse / Net pension obligations
-12 762 150
-19 486 032
Ikke resultatførte estimatendringer / Unrecognised effects of actuarialgains/losses
-10 326 683
-5 681 247
Arbeidsgiveravgift / Social security Balanseført pensjonsforpliktelse / pension obligations in balance sheet
0
0
-23 088 833
-25 167 279
Økonomiske forutsetninger / Actuarial assumptions: Diskonteringsrente / Discount rate
4,6 %
4,6 %
Forventet lønnsregulering / Salary increase
4,0 %
4,0 %
Forventet pensjonsøkning / Expected pension increase
1,3 %
1,3 %
Forventet G-regulering / Expected G-regulation
3,8 %
3,8 %
Forventet avkastning på fondsmidler / Return on plan assets
5,4 %
5,4 %
Som aktuarmessige forutsetninger for demografiske faktorer og avgang er lagt til grunn vanlig benyttede forutsetninger innen forsikring/ The actuarial assumptions are based on assumptions of demographical factors normally used within the insurance industry.
30
NOTER // NOTES NOTE 15 FINANSIELL RISIKO / MARKEDSRISIKO/FINANCIAL AND MARKET RISKS Selskapet har ingen vesentlige transaksjoner i utenlandsk valuta, og er således ikke eksponert for valutasvingninger. Aktiviteten i konsulentbransjen varierer i takt med endringer i rammebetingelsene og utviklingen i næringslivet generelt. / The company has no major transactions in foreign currency and is for this reason not subject to risks related to change in foreign currencies. The activity in the consultancy business varies in line with the development in business life in general.
NOTE 16 VIRKSOMHETSOMRÅDE OG GEOGRAFISK MARKED/LINE OF BUSINESS AND GEOGRAFIC AREAS Acona Holding AS med datterselskaper driver innen konsulentbransjen. Selskapets kundegruppe består i hovedsakelighet av norske og internasjonale oljeselskaper, og utførelsen av oppdragene skjer over hele verden, med hovedbase fra Stavanger området./ Acona Holding AS including subsidaries is delivering cosultancy services. The customers are mainly Norwegian and international oil companies and Acona has assignments all over the world. The main office is located in Stavanger, Norway.
NOTE 17 DRIFTSRESULTAT FØR AVSKRIVNINGER/EBITDA Konsernet har følgende utvikling på driftsresultat før avskrivninger / The Group has the following development of EBITDA
Driftsresultat før avskrivninger/EBITDA
31
2011
2010
2009
39 591 976
38 248 412
50 518 797
REVISORS BERETNING
32
AUDITOR´S REPORT
33
RESULTATREGNSKAP // INCOME STATEMENT
WHERE DO WE GO FROM HERE?
34
RESULTATREGNSKAP // INCOME STATEMENT
WE ARE POSITIONED FOR CONTINIOUS GROWTH
Acona is well positioned in a growing oil and gas industry. We have more than 300 competent, dedicated and passionate employees. We have a complete set of services, the capabilities and capacity to efficient operate on behalf of upstream oil and gas license operators. We wish to serve the oil industry in all areas and disciplines associate with exploration for and production of hydrocarbons.
35
RESULTATREGNSKAP // INCOME STATEMENT
PASSIONATE PARTNER
ACONA AS LABERGET 24 PB 216 STAVANGER TEL: (+47) 52 97 76 00 WWW.ACONA.COM
36