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ANNUAL REPORT 2011
AN OIL COMPANY WITHOUT OIL
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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.
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CONTENT
02 This is Acona04 CEO’S statement06 Drilling & Well Technology08 HSE & Risk10 Subsurface & Flow Technology12 Incident Coordination Centre14 Board of directors report 201118 Income statement20 Equity and liabilities22 Notes32 Auditor’s report
2011
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// CEO’S STATEMENTODDBJØRN KOPPERSTAD, CEO
PASSIONATE PARTNERAccording 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 chal-lenges 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
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 com-petencies 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 manage-ment 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.
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ODDBJØRN 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.
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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 com-plete 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
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 pro-vides 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, approxi-mately 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.
# DRILLING & WELL TECHNOLOGYTHORLEIF “TOTTE” LAGER, VP DRILLING AND WELL TECHNOLOGY
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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.
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# 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 chal-lenges 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,
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 assess-ments, 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.
SVEIN OLAV DRANGEID, VP HSE & RISK
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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.
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# SUBSURFACE & FLOW TECHNOLOGY
ACONA FLOW TECHNOLOGYAcona 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.
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
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 re-turning, and we more and more often get new clients based on our track record.
Trygve Rinde, General Manager Acona Flow Technology
GEOLOGY AND GEOPHYSICSAcona 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:
• 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.
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.
TRYGVE RINDE, GENERAL MANAGER, ACONA FLOW TECHNOLOGY AS ARILD HAUGEN, PRINCIPAL ADVISOR, GEOLOGY & GEOPHYSICS
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SINCE 2006 ACONA HAS
BUILT A UNIQUE EXPERT TEAM WITHIN FLOW
MODELLING AND SIMULATIONS
ARILD HAUGEN
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.
TRYGVE RINDE, GENERAL MANAGER, ACONA FLOW TECHNOLOGY AS ARILD HAUGEN, PRINCIPAL ADVISOR, GEOLOGY & GEOPHYSICS
TRYGVE RINDE
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 stra-tegic 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 ENVIRONMEN-TALLY SOUND AND COST EFFICIENT DRILLING
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# INCIDENT COORDINATION CENTREVIDAR 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 manage-ment 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
Acona ICC provides training and education based on confidence, competence and professionalism within the following areas of the concept:
• 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 sub-stantially increased our activities during 2011. New requests from existing and new clients for ICC’s services are increasing.
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.
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VIDAR GADE
Vidar Gade, graduated at Norwegian Defence Command & Staff college, Norwegian Army Staff college, Police Academy and Nor-wegian army Academy of war. Positions as commander in chief for different units within the armed forces In Norway & NATO. Staff officer 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.
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OUR COMPANYAcona 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
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.
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 STATEMENTAcona 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.
BALANCE SHEETConsolidated 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.
PERSONNEL AND WORK ENVIROMENTAcona 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.
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 DEVELOPMENTDuring 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 AUDITORThe 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 Chairman of the BoardOle Rettedal Director of the BoardAina Berg Director of the BoardMartin Sigmundstad Director of the BoardBernt Gjellestad Director of the Board – Employee representativePer Atle Flytlie Director of the Board – Employee representative
BOARD OF DIRECTORS REPORT 2011
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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 AS auditor is Erga Revisjon AS with chartered accountant Mr. Sven Erga, Stavanger, Norway.
OUTLOOK AND RISKThe 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.
Acona has a low exposure to financial risk. Currency risk is low and almost all pay-ments are in Norwegian kroner. The company has low interest bearing debt and hence there is low exposure to changes in interest rates.
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. 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.
ALLOCATION OF PROFITThe 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.
Stavanger, 31st December 2011 / 28th March 2012The Board of Directors Acona Holding AS
Per Terje Vold Ole Rettedal Aina Berg Chairman Director Director
Martin Sigmundstad Bernt Gjellestad Per Atle Flytlie Director Director Director
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VÅRT SELSKAPACONA er et kompetanse- og konsulentselskap som spesialiserer seg på følgende fire forretnings områder:
• Boring og brønnteknologi• HMS og Risikostyring• Beredskap• Subsurface og strømningsteknologi
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.
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.
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.
Selskapets hjemmeside finner du på www.acona.com
RESULTATREGNSKAPACONA 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.
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.
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.
BALANSEKonsoliderte 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
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. ANSATTE OG ARBEIDSMILJØACONA 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 under-leverandører som jobber som konsulenter på kundeprosjekter. Samlet sykefravær i 2011 var 1,8 %, samme nivå som i 2010.
Konsernet har ikke hatt noen ulykker på arbeidsplassen i løpet av 2011. Styret mener at arbeidsmiljøet er godt.
Arbeidet som utføres av konsernet er knyttet til kontordrift og noen forretnings-reiser. 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.
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 UTVIKLINGI 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:
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.
Disse FoU-prosjekter blir gjennomført i samarbeid med ulike industrielle partnere.
STYRE OG REVISORStyret 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 StyrelederOle Rettedal StyremedlemAina Berg StyremedlemMartin Sigmundstad StyremedlemBernt Gjellestad Styremedlem – Ansatte representantPer Atle Flytlie Styremedlem – Ansatte representant
Honorarer til styrets medlemmer i 2011 var kr 674 164. Styremedlemmenes aksjepost i ACONA Holding AS er gitt i note 9 til årsregnskapet.
Selskapets revisor er Erga Revisjon AS med statsautorisert revisor Mr. Sven Erga, Stavanger, Norge.
ÅRSBERETNING 2011
16 17
FREMTIDSUTSIKTER OG RISIKOStyret 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. 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. 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.
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.
RESULTATDISPONERINGStyret 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.
Stavanger, 31. desember 2011 / 28. mars 2012 I styret for ACONA Holding AS
Per Terje Vold Ole Rettedal Aina Berg Styrets formann Styremedlem Styremedlem
Martin Sigmundstad Bernt Gjellestad Per Atle Flytlie Styremedlem Styremedlem Styremedlem
.
18
RESULTATREGNSKAP // INCOME STATEMENT
Mor / Parent Konsern / Group
2010 2011 NOTE 2011 2010
0 0 Salgsinntekt / Revenues 1,16 653 536 401 644 580 438
0 0 Annen driftsinntekt / Other income 0 0
0 0 Sum inntekter / Total revenues 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 Tap på krav / Loss on receivables 0 -216 042
816 055 541 390 Andre driftskostnader / Other oper.costs 1 48 889 634 57 740 618
1 716 507 643 942 Sum driftskostnader / Total opr.costs 646 470 318 637 738 776
-1 716 507 -643 942 Driftsresultat / Operating result 17 7 066 083 6 841 662
4 722 546 3 084 722 Renteinntekt / Interest received 4 484 095 6 779 705
24 500 000 24 000 000 Mottatt konsernbidr / Received Group Contr. 0 0
0 3 306 726 Aksjeinntekter / Income from shares 2 682 218 0
0 2 000 000 Mottatt utbytte / Dividend received 0 0
1 029 3 767 Annen finansinntekt / Other fin.income 15 528 396 167 959
-5 586 255 -5 867 767 Rentekostnad / Interest costs -6 402 574 -10 299 967
-40 866 -3 624 Annen finanskostnad / Other fin. Costs 15 -664 064 -1 311 665
23 596 454 26 523 824 Resultat av finansk. / Net fin. Items 628 071 -4 663 968
21 879 947 25 879 882 Ordinært resultat før skattekostnad / 7 694 154 2 177 694
Result before taxes
-6 202 639 -5 895 005 Skattekostnad på ordinært resultat / Taxes 7 -8 060 737 -7 987 217
15 677 308 19 984 877 Årsesultat før minoritetsinteresser / -366 583 -5 809 523
Profit before min.interests
0 0 Minoritetsinteresser / Min. interests 8 -444 048 0
15 677 308 19 984 877 Årsresultat etter minoritetsinteresser / -810 631 -5 809 523
Net profit for the year
Anvend. av overskudd / Dispositions
15 677 308 19 372 877 Til annen egenkapital / Other equity 8 -810 631 -5 809 523
850 000 Avgitt konsernbidrag / Contribution to subs.
-238 000 Skatt på avgitt KB / Tax on contribution
0 0 Utbytte / Dividend 8 0 0
15 677 308 19 984 877 Sum anvendelse / Total dispositions -810 631 -5 809 523
1918
EIENDELER // ASSETS
Mor / Parent Konsern / Group
2010 2011 NOTE 2011 2010
Anleggsmidler / Fixed assets
Immaterielle eiendeler / Intangibles
820 451 717 900 Goodwill / Goodwill 1,4,7 158 394 839 184 203 587
Varemerker / Trademark 200 000 282 000
0 0 Utsatt skattefordel / Deferred tax asset 7 7 803 619 7 394 321
820 451 717 900 Sum immaterielle eiendeler / Total intangible 166 398 458 191 879 908
Varige driftsmidler / Tangibles fix.assets
0 0 Maskiner, anlegg, inventar, verktøy ol. / 4 10 407 488 16 903 488
Machinery and equipment
0 0 Sum varige driftsmidler / Total tang.assets 10 407 488 16 903 488
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 0 0
268 416 927 266 436 913 Sum finansielle anleggsmidler / 139 500 296 840
Total fiancial assets
269 237 378 267 154 813 Sum anleggsmidler / Total fixed assets 176 945 446 209 080 236
Omløpsmidler / Current assets
Fordringer / Receivables
0 0 Kundefordringer / Accounts receivables 13 134 543 632 162 855 647
0 0 Opptjent inntekter / Work in progress 1 5 085 390 2 403 540
24 500 000 24 000 000 Fordring konsernb. / Rec. Group contr.
0 2 000 000 Fordring utbytte / Rec. Dividend 0 0
23 062 24 156 960 Fordring datterselskap / Receivable subs. 3 0 0
72 083 0 Andre fordringer / Other receivables 4 6 474 945 5 333 424
24 595 145 50 156 960 Sum fordringer / Total receivables 146 103 967 170 592 611
Investeringer / Investments0 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 / 12 26 449 519 48 383 657
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
20
EGENKAPITAL OG GJELD // EQUITY AND LIABILITIES
Mor / Parent Konsern / Group2010 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
151 423 366 151 423 366 Overkursfond / Share premium reserve 8 151 423 366 151 423 366
175 027 692 173 653 658 Sum innskutt egenkapital / Total paid-in capital 173 653 658 175 027 692
Opptjent egenkapital / Retain. Earnings
34 546 580 36 740 839 Annen egenkapital / Other equity 8 -26 836 275 -8 847 026
Min.interesser / Min. interests 730 443 286 395
34 546 580 36 740 839 Sum opptjent egenkapital / Total retained earnings -26 105 832 -8 560 631
209 574 272 210 394 497 Sum egenkapital/Total equity 147 547 826 166 467 061
Gjeld / Liabilities
Avsetn. for forplikt. / Provisions
82 702 83 392 Utsatt skattegjeld / Deferred taxes 83 392 682 869
0 0 Pensjonsforpl. / Pension obl. 14 23 088 833 25 167 279
Annen langsiktig gjeld / Other long-term liabilities49 714 284 29 828 568 Gjeld til kredittinstitusjoner / 6,10 29 828 568 49 714 284
Liabilities to financial institutions
49 796 986 29 911 960 Sum annen langsiktig gjeld / 53 000 793 75 564 432
Total other long-term liabilities
Korts. gjeld / Current liabilities1 262 008 81 289 047 Kassekreditt/Overdraft 10,11 0 38 933 655
218 294 2 297 Leverandørgjeld / Trade creditors 4 47 570 617 36 233 836
6 119 937 5 643 352 Betalbar skatt / Tax payable 7 9 143 769 8 721 927
0 850 000 Skyldig KB / Contribution payable 8 0 0
39 475 363 0 Gjeld til datterselskap / Liab. subsid. 3 0 0
0 -10 025 Skyldige off. avgifter / Public duties 42 724 670 51 875 475
0 0 Forskudd fra kunder / Prepayments 0 1 016 694
1 792 438 137 153 Annen kortsiktig gjeld / Other curr. liab. 4 49 940 416 49 723 611
48 868 040 87 911 824 Sum kortsiktig gjeld / Total curr. liab. 149 379 472 186 505 198
98 665 026 117 823 784 Sum gjeld / Total liabilities 202 380 265 262 069 630
308 239 298 328 218 281 Sum egenkapital og gjeld / Total equity and liabilities 349 928 091 428 536 686
100 000 000 100 000 000 Pantstillelser / Mortgages 10 100 000 000 100 000 000
Stavanger, 28.mars 2012I styret for Acona Holding AS/The Board of Directors of Acona Holding AS
Per Terje Wold Styreformann
Ole RettedalStyremedlem
Aina Berg Styremedlem
Martin Sigmundstad Styremedlem
Bernt Gjellestad Styremedlem
Per Atle Flytlie Styremedlem
2120
KONTANTSTRØMANALYSE // CASH FLOW ANALYSIS
Mor / Parent Konsern / Group01.01-31.12
201001.01-31.12
201101.01-31.12
201101.01-31.12
2010Kontantstrømmer 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
Nedskrivning aksjer / Write down shares 284 340 1 000 000
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
Change in inventory, acc. rec. and acc. payable
Endring i pensjonsforpliktelse / Cnage in pension obligations -2 078 446 3 558 393
-33 352 623 -65 109 261 Endring i konsernmellomværende / change intercomp. 0 0
-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
Net cash flow from operating activities
Kontantstrømmer fra investeringsaktiviteter /
Cash flow from investment activities
0 0 Utbetalinger ved kjøp av varige driftsmidler / -548 443 -11 258 373
0 Payment related to purchase of fixed assets
0 Tilgang datterselskap / Addition subsidiary -127 000 0
10 000 5 286 740 Utbetaling kjøp av aksjer / Payment purchase of shares 3 501 141 -66 659
0 0 Endring i konsernsammens. / Change in Group 0 0
10 000 5 286 740 Netto kontantstrøm fra investeringsaktiviteter / 2 825 698 -11 325 032
Net cash flow from investment activities
Kontantstrømmer fra finansieringsaktiviteter/
Cash flow from financing activities
0 0 Innbetalinger ved opptak av ny kortsiktig gjeld / 0 0
Cash-in from new long-term loans 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 0
-821 619 -18 552 652 Kjøp av egne aksjer / Purchase of own shares -18 552 652 -821 619
18 993 316 41 588 671 Netto kontantstrøm fra finansieringsaktiviteter / -77 372 023 8 488 552
Net cash flow from financing activities
7 432 384 -3 500 266 Netto endring i kontanter og kontantekvivalenter / -21 934 138 2 320 396
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.
22
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.
REGNSKAPSPRINSIPPERÅrsregnskapet 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.
KONSOLIDERINGSPRINSIPPERKonsoliderte selskapKonsernregnskapet 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 transaksjonerAlle vesentlige transaksjoner og mellomværende mellom selskaper i konsernet er eliminert.
Eliminering av eierandeler i datterselskapEierandeler 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 fremtidiginntjening, aktiveres som goodwill og avskrives i resultatregnskapet i takt med de underliggende forhold og forventet økonomisk levetid.
Behandling av tilknyttede selskapMed 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 GJELDEiendeler/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 medforventede 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.
KONTANTSTRØMOPPSTILLINGKontantstrømoppstillingen er utarbeidet etter den indirekte metoden. Kontanter og kontantekvivalenter omfatter kontanter og bankinnskudd.
VARIGE DRIFTSMIDLERVarige 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 SELSKAPI selskapsregnskapet er investering i tilknyttet selskap vurdert til laveste av anskaffelseskost og virkelig verdi.
VARELAGERBeholdninger av varer vurderes til det laveste av kostpris etter “først inn - først ut”-prinsippet og antatt salgspris. Kostpris for innkjøpte varer er anskaffelseskost.
FORDRINGERFordringer er oppført til pålydende med fradrag for forventede tap.
UTSATT SKATTUtsatt 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.
2322
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 PRINCIPLESThe 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 PRINCIPLESConsolidated companiesThe 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 transactionsAll significant transactions and outstanding accounts between group companies are eliminated.
Elimination of ownership interests in subsidiariesIn 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 associatesAssociates 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 LIABILITIESAssets/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 STATEMENTThe cash flow statement has been prepared according to the indirect method. Cash and cash equivalents comprise cash and bank deposits.
FIXED ASSETSFixed 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 ASSOCIATESIn the company financial statements, investments in associates are valued at acquisition cost or fair value, whichever is lower.
INVENTORYInventories 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.
RECEIVABLESReceivables are recognized at nominal value with deduction for expected losses.
DEFERRED TAXESDeferred 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.
24
NOTE 2 LØNNSKOSTNADER / ANTALL ANSATTE / GODTGJØRELSER / LÅN TIL ANSATTE / PENSJONER MED MER/ SALARIES/EMPLOYEES/REMUNERATION/LOANS/PENSIONS AND OTHER
Mor | Parent01.01 -31.12
Konsern | Group01.01 -31.12
Lønnskostnader mm. / Payroll costs 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
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
Daglig lederPresident DirectorsYtelser til ledende personell / Remuneration of CEO and Directors
Lønn og bonus / Salaries and bonus* 1 863 337 0
Pensjon / Pension 171 811 0
Andre godtgjørelser / Other remuneration 129 980 674 164
Sum lønn og andre godtgjørelser / Total salaries and bonuses 2 165 128 674 164
*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 / Parent01.01 -31.12
Konsern / Group01.01 -31.12
Revisor / Auditor 2011 2010 2011 2010
Revisjonshonorar / Audit fee 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
Sum / Total 169 150 369 488 459 626 823 713
NOTE 3 MELLOMVÆRENDE MED SELSKAP I SAMME KONSERN M.V. (MOR)/INTERCOMPANY BALANCES (PARENT)
Kundefordringer/Accounts receivables
2011
Andre fordringer/Other receivables
2011 Foretak i samme konsern / Group companies 0 50 156 960
Tilknyttet selskap / Other affiliated companies 0 0
Sum / Total 0 50 156 960
Leverandørgjeld/ Accounts payable
2011
Annen gjeld/ Other liabilities
2011Foretak i samme konsern / Group companies 0 850 000
Tilknyttet selskap / Affiliated companies 0 0
Sum / Total 0 850 000
NOTER // NOTES
2524
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
Økonomisk levetid / Economic life time 3-5 år 3-5 år 10 år 10 år
Avskrivningsplan / Depr. Method Lineær Lineær
Goodwillposten utgjør differansen av kostpris på aksjene og bokført egenkapital i selskapet på oppkjøpstidspunktet. Styret mener at det er forsvarlig med en avskrivning-stid 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 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 / Parent31.12.2011
Konsern / Group31.12.2011
Gjeld til kredittinstitusjoner / Liabilities to financial institutions 0 0
NOTE 5 DATTERSELSKAPER/SUBSIDIARIES
Forretnings-kontor/Office
Eierandel/Share
Stemmeandel/Voting share
Resultat 2010/Result 2010
Egenkapital 31.12.10/Equity Datterselskaper / Subsidiary
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
Acona Flow Technology AS* Skien 74 % 74 % 2 017 626 3 627 177
*Acona Flow Technology AS er eiet av Acona AS/Acona Flow Technology AS is owned by Acona AS
NOTER // NOTES
26
NOTER // NOTES
NOTE 7 SKATT/TAXES
Mor / Parent01.01 - 31.12
2011 2010
Betalbar skatt fremkommer slik:
Taxes payable are calculated as follows:
Ordinært resultat før skattekostnad / Result b/taxes 25 879 882 21 879 947
Gevinst salg aksjer / Profit sale of shares -3 306 725 0
Mottatt utbytte / Dividend received -2 000 000 0
3 % skattefritt salg aksjer / Tax free profit shares 159 202 0
Avgitt KB / Contribution to subs. -850 000 0
Permanente forskjeller / Permanent differences 274 937 5 688
Endring midlertidige forskjeller / Change in temporary differences -2 467 -28 717
Grunnlag betalbar skatt / Base for calculating taxes payable 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
Mor / Parent01.01 - 31.12
Konsern / Group01.01 -31.12
Årets skattekostnad fremkommer slik: / This year s tax is calculated as follows: 2011 2010 2011 2010
Betalbar skatt på årets resultat / Taxes payable 5 643 352 6 119 937 9 143 769 8 721 927
Skatt på KB / Tax on contribution 238 000 0
For lite skatt tidligere år / Tax previous year 12 963 0
Brutto endring utsatt skatt / Change in def. tax 690 82 702 -1 083 032 -734 710
Årets totale skattekostnad / This years taxes 5 895 005 6 202 639 8 060 737 7 987 217
Spesifikasjon av grunnlag for utsatt skatt: / Specification of deferred tax
Midlert. Forskj. Anlegg og omløpsmidler / Fixed assets 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
Underskudd til fremføring / Deficit carry forward 0 0 0 0
Sum / Total 297 830 295 363 -27 572 238 -25 967 703
Utsatt skattefordel / Deferred tax asset 7 803 619 7 394 321
Utsatt skattegjeld / Deferred tax liability 83 392 82 702 83 392 682 869
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
Kroner %
Skatt beregnet som gjennomsnittlig nominell skattesats på resultat før skatt/ 7 246 367 28,0 %
Computed tax as an average nominel tax rate on result before taxes
Skattemessig effekt av aksjer / utbytte / Tax effect on shares and dividend -1 441 307 -5,6 %
Skattemessig effekt av mottatt Konsernb. / Tax effect on group contribution 0
Effekt av perman. Forskj. / Effect perm. diff. 76 982 0,3 %
Effekt av for lite skatt tidligere år / tax previous year 12 963
Effect of permanent differences
Skattekostnad i henhold til resultatregnskap / 5 895 005 22,8 %
Taxes according to income statement
2726
NOTER // NOTES
NOTE 8 EGENKAPITAL OG AKSJONÆRINFORMASJON/EQUITY AND SHAREHOLDER INFORMATION
Aksjekapital/ Share capital
Over-kursfond/Share P.Fund
Egne aksjer/Own shares
Annen EK/Other E.
Min. interesse/Minority interests
Sum/TotalMor / Parent
Egenkapital 01.01. / Equity 01.01 23 798 642 151 423 365 -194 316 34 546 580 209 574 271
Årets endring i egenkapital /:
Change in equity 2011
Avgitt KB netto / Contribut subs. 0 -612 000 -612 000
Netto kjøp egne aksjer / Net purchase own shares -1 374 034 -17 178 618 -18 552 652
Årsresultat / This year s result 19 984 877 19 984 877
Avsatt utbytte / Dividend provision 0 0
Egenkapital 31.12. / Equity 31.12 23 798 642 151 423 365 -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
Egenkapital 01.01./Equity 01.01 23 798 643 151 423 365 -194 316 -8 847 026 286 395 166 467 061
Årets endring i egenkapital/:
Change in equity 2011
premium fund from prev. years
Netto purchase egne aksjer / Net purchase own shares -1 374 034 -17 178 618 -18 552 652
Omregningsdifferanse / Currency differences 0 0
Årsresultat / This years s result -810 631 444 048 -366 583
Egenkapital 31.12. / Equity 31.12 23 798 643 151 423 365 -1 568 350 -26 836 275 730 443 147 547 826
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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 aksjerNo. of shares
Eierandel% shareNavn / Name
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 %
TNTVN AS 5 891 642 2,48 %
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 %
Edalene AS 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 %
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 %
Øvrige/Other 77 587 173 32,60 %
Sum alle aksjonærer / Total 237 986 434 100,00 %
*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 AntallNo.
Pris pr. aksjePrice per share
KostprisPurch.priceStatus pr. 31.12.11 er / Status as of 31 December 2011:
Salg aksjer / Sale of shares -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 18 552 652
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.
2928
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 / Parent31.12.2011
Konsern / Group31.12.11
Mor / Parent31.12.2010
Konsern / Group31.12.10
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
Sum / Total 111 117 615 29 828 568 50 976 292 88 647 939
Balanseført verdi av eiendeler stilt som sikkerhet for pantesikret gjeld:/
Book value assets as security for debt
Maskiner og driftsløsøre / Machinery and equipment 0 0
Aksjer / Shares 0 0
Kundefordringer / Accounts receivables 0 134 543 632 0 162 855 647
Sum 0 134 543 632 0 162 855 647
NOTE 13 KUNDEFORDRINGER / ACCOUNTS RECEIVABLES
Mor / Parent2011
Konsern / Group2011
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
NOTE 11 TREKKRETTIGHETER MED MER / OVERDRAFT FACILITY Kassekreditt limit / Ovedraft facility limit 40 000 000 40 000 000
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.
30
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 2011 2010
Nåverdi av årets pensjonsopptjening / Present value of pension 9 124 685 10 110 160
Rentekostnad av pensjonsforpl. / Interest of pension obligations 1 479 321 223 097
Forventet avkastn. på pensjonsmidler / Return on pens. plan assets -1 068 121 -342 275
Administrasjonskostnad / Service cost 254 751 82 639
Resultatførte estimatendringer / Change in estimations -250 811 25 070
Netto pensjonskostnad / Net pension cost 9 539 825 10 098 691
Avstemming av pensjonsordningenes finansierte status mot beløp i balansen /Reconciliation of the financial status of the pension scheme towards the balance sheet
31.12.11 31.12.10
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 0 0
Balanseført pensjonsforpliktelse / pension obligations in balance sheet -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.
NOTER // NOTES
3130
NOTE 17 DRIFTSRESULTAT FØR AVSKRIVNINGER/EBITDA Konsernet har følgende utvikling på driftsresultat før avskrivninger / The Group has the following development of EBITDA
2011 2010 2009
Driftsresultat før avskrivninger/EBITDA 39 591 976 38 248 412 50 518 797
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.
NOTER // NOTES
REVISORS BERETNING
32
AUDITOR´S REPORT
3332
RESULTATREGNSKAP // INCOME STATEMENT
34
WHERE DOWE GO FROM HERE?
RESULTATREGNSKAP // INCOME STATEMENT
3534
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.
RESULTATREGNSKAP // INCOME STATEMENT
36
ACONA ASLABERGET 24PB 216 STAVANGERTEL: (+47) 52 97 76 00WWW.ACONA.COM
PASSIONATE PARTNER
