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TABLE OF CONTENTS
SCANA OFFSHORE AS
HISTORY
STRATEGIC CHANGE
INCUS INVESTOR ASA
SCANA STEEL AB
SCANA PROPERTY AS
SCANA VALVE CONTROL AS
SCANA STEEL BOOFORGE AB
Incus Investor ASA
2
Established in 1987 through the merger of Scan Armatur AS and Scan Paint AS
Acquisition and development of several businesses throughout the 1990-2000s
Oldest portfolio company established in 1652 in Karlskoga, Sweden
Listed on the Oslo Stock Exchange in 1995
Strong growth until 2009
Challenges and restructurings in recent years
Reformation and strategic reorganization in 2015
History
3
The subsidiaries would have a better chance of a positive value
development as independent portfolio companies with Scana
Industrier ASA as an active and competent owner.
During spring 2015, the Board of Scana Industrier ASA voted to
convert the business from a Nordic industrial group to an
industrial investment company. At the 2016 general assembly,
a name change to Incus Investor ASA was decided.
Scana Group was in reality a collection of relatively different
companies and business areas, only bound together by
ownership and financing.
Strategic change
4
Focus on value development
Active ownership
Less shared functions
Influence through the boards of directors
INVESTMENT COMPANY
Fully consolidated capital
Under direct control from parent
Access to shared functions
Chasing synergies
BUSINESS AREAS
Direct involvement
PARENT COMPANY
Shared functions
Integrated reporting systems
PORTFOLIO COMPANY
Independently responsible
Complete organization
Active and professional board of directors
Strong focus on improvement in all parts
Direct operational responsibility
Internal reporting procedures
From industrial group to investment company
5
Management and allocation of financial resources
TOOLS AVAILABLE FOR AN ACTIVE OWNER
Financial reporting to shareholders, lenders and capital markets
Acquisitions and divestments
INVESTMENT COMPANY – KEY TASKS
Restructuring and operational improvements
INDIVIDUAL MANAGMENT OF EACH INVESTMENT
Active work through BOD and dialogue with CEO/CFO
Simplified and clear processes
Maximizing the value of the company portfolio and setting strategic direction
Financial engineering
Strategic repositioning
Investor network and M&A competence
Defined value creation plan
Designated investment team
Defined ownership agenda
Optimal board and management composition
Strategy based on ownership agenda
Close follow-up of management team
Incus as an active owner
6
KEY FIGURES
INCUS TODAY
MNOK
• Diversified portfolio of industrial companies.
• Enterprises engaged in the manufacturing of high
quality steel products and solutions, valve control
systems, offshore mooring and offloading systems
and real estate.
• 352 employees (Incus with portfolio companies).
Incus Investor ASA – Snapshot
7
854718
-38 25
2015 2016
OPERATING INCOME EBITDA
Portfolio companies
8
Scana Steel Scana Steel BooforgeScana Property VestbyScana Offshore
Systems and
equipment for
mooring and
offloading
Systems for valve
controls
Management and
development of
properties
High quality steel
and solutions
Production of forks
for lifting solutions
and forging and
heat treatment of
steel products
(50,1%)
Scana Steel
Björneborg
Scana Subsea
Scana Eiendom
Jørpeland
Scana Eiendom
Volda
Fjordbris
Scana Valve Control
Skarpenord
Hydraulics Korea
(49%)
Incus Board Of Directors
CEO
Bjørn Torkildsen
INVESTMENT
DIRECTOR
INVESTMENT
DIRECTOR
INVESTMENT
DIRECTOR
INVESTMENT
DIRECTOR
Board of Directors
CEO
Board of Directors
CEO
Board of Directors
CEO
Board of Directors
CEO
Board of Directors
CEO
Raymond GabrielsenSören Andersson Torkjell Lisland Anders Johanson
Kjetil Flesjå - CFO
Financial Department
Scana Steel Scana Steel BooforgeScana Property VestbyScana Valve Control Scana Offshore
Tom Sætremyr Kjetil Flesjå Øyvind Tørlen Leif RosénLeif Rosén
Organization and key resources
INVESTMENT
DIRECTOR
9
Steel; 247
Property; 65
Skarpenord; 38
Offshore; -11 Booforge; 28
HQ/Elim; 32
282
212
1187
86
30
Sysselsatt kapital Finansiering Markedsverdi Incus
399 399
NWC
INT. ASSETS
TANGIBLE
ASSETS
OTHER
EMPLOYED CAPITAL - BREAKDOWN
NIBD
EQUITY
MNOKMNOK
Invested capital – Per Dec 2016
10
EMPLOYED CAPITAL FINANCING
KEY FIGURES
COMPANY OVERVIEW
MNOK
• High-quality steel products, applications and
complete solutions with various degrees of
completion in a variety of shapes and steel
grades.
• Headquarter: Björneborg, Sweden.
• 198 employees.
Scana Steel – Snapshot
11
539
409
-26 -6
2015 2016
OPERATING INCOME EBITDA
DRILLING
THREADING
ASSEMBLYSURFACE TREATM.
WELDING
PRODUCTS & SERVICES
MARKET
FORGED COMPONENTS WITH HIGH TECHNICAL CONTENT
RAW FORGED SEMI-FINISHED
SHAFTS ROTORS
RISERS JOINTS
FORGED STEEL FOR TOOL MANUFACTURERS
UP TO 45 TONNES OF MACHINED WEIGHT
Oil & Gas
Industry Defence
Power Gen Steel
Marine
MILLING
STEEL MAKING FORGING
HEAT TREATM. TURNING
Scana Steel – Products and services
12
KEY FIGURES
COMPANY OVERVIEW
MNOK
• Ownership, management, development and
realization of real estate in Norway.
• Approx. 9 000 m2 industrial property plus large
land areas for further development.
• 1 employee.
Scana Property – Snapshot
Ryfast
13
22
76
9
66
2015 2016
OPERATING INCOME EBITDA
LAND AREA
JØRPELAND
Scana Property – PortfolioREAL ESTATE PORTFOLIO
INTERNAL AND EXTERNAL TENANTS
INDUSTRY
VOLDA
74,000 M2 LAND FOR DEVELOPMENT - JØRPELAND
9,000 M2 INDUSTRY - VOLDA
RECREATIONAL LAND AREA JØRPELAND
14
KEY FIGURES
COMPANY OVERVIEW
MNOK
• Hydraulic and pneumatic valve control systems
for oil, gas and shipbuilding industry.
• Headquarter: Rjukan, Norway.
• Strategic ownership in Scana Korea Hydraulics.
• 67 employees.
Scana Valve Control – Snapshot
15
122108
4 -2
2015 2016
OPERATING INCOME EBITDA
* Results from Scana Skarpenord
*
Scana Valve Control – Products and services
PRODUCTS & SERVICES
MARKET
COMPLETE VALVE CONTROL SYSTEMS
LARGE INSTALLED BASE ON NORWEGIAN OFFSHORE INSTALLATIONS
SHIPS AND FLOATING INSTALLATIONS
GAS FREIGHT IS THE LARGEST MARKET SEGMENT
INCREASING SALES AND MARKET SHARES IN CHINA AND USA
STRONG POSITION IN SOUTH KOREA
SERVICE AND AFTER MARKET
HYDRAULIC AND PNEUMATIC ACTUATORS
CONTROL SYSTEMS
CLOSED CONTROL UNITS
CABINETS
16
KEY FIGURES
COMPANY OVERVIEW
MNOK
• System solutions for offloading, mooring,
swivels and other turret-related equipment for
floating production and storage vessels.
• Headquarter: Vestby, Norway.
• 20 employees.
Scana Offshore – Snapshot
17
108
59
13-2
2015 2016
OPERATING INCOME EBITDA
Scana Offshore – Products and servicesPRODUCTS & SERVICES
MARKET
OFFLOADING SYSTEMS
TURRET SOLUTIONS
SWIVEL STACKS
FEASIBILITY STUDIES AND SPECIAL DESIGNS
SERVICE
MOORING SOLUTIONS
FPSO
FSO
FSU
LNG PROCESSING UNITS
18
KEY FIGURES
COMPANY OVERVIEW
MNOK
• Manufacturer of larger forklift truck arms and
other forged products with high strength
requirements.
• Heat treatment of large steel components.
• Headquarter: Karlskoga, Sweden.
• 60 employees.
Scana Steel Booforge – Snapshot
19
98
81
0 -3
2015 2016
OPERATING INCOME EBITDA
Scana Steel Booforge – Products and services
PRODUCTS & SERVICES
MARKET
TRUCK MANUFACTURERS
MACHINE MANUFACTURERS
SERVICE AND REPAIR
FORGED ARMS FOR FORKLIFT TRUCKS
SUPPLIERS TO THE OIL AND GAS INDUSTRY
LIFTING EQUIPMENT FOR FORKLIFT TRUCKS
HEAT TREATMENTS FOR LARGER GOODS
FREE FORM FORGED COMPONENTS
STEEL MANUFACTURERS
20