http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/RSS.ashxSemco Maritime PagesFri, 11 Feb 2011 09:14:42 +0100http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=1http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=1SEMCO MARITIME A/S Annual Report 2008 The annual report was submitted and approved at the Company’s annual general meeting on ______________________________ 20_____ _________________________________________ Chairman Registration No. 25 49 07 622011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=2http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=2SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Contents Statement by the Executive and Supervisory Boards . 3 Independent auditor’s report . 4 Company details . 5 Group chart . 6 Main figures and financial ratios of the group . 7 Applied accounting policies. 10 Profit and loss statement for 2008 . 18 Balance at 31 December 2008 . 19 Consolidated cash flow statement . 21 Notes. 22 22011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=3http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=3SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Statement by the Executive and Supervisory Boards Today, the Executive and Supervisory Boards have discussed and approved the annual report for the financial year 2008. The annual report has been prepared in accordance with the rules of the Danish Company Accounts Act regarding class C-companies. We consider the applied accounting policy appropriate. Accordingly, the annual report gives a true and fair view of the Group’s and Company’s assets and liabilities, financial position and result. We recommend that the annual report be approved at the annual general meeting. Esbjerg, 2 nd March 2009 Executive Board: Erik Gaj Nielsen Supervisory Board: Anders Obel, Chairman Lars Christiansen Stella Jacobsson Flemming Kolkjær Sørensen Johannes Holm Winnie Jørgensen 32011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=4http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=4SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Independent auditor’s report To the shareholders of Semco Maritime A/S We have audited the annual report of Semco Maritime A/S for the financial year 1 January – 31 December 2008, which comprises statement by the Executive Board, Management’s review, applied accounting policies, profit and loss statement, balance sheet, statement of shareholders’ equity and notes for the Group and parent company including cash flow statement for the Group. The annual report has been prepared in accordance with the Danish Company Accounts Act. Management’s responsibility for the annual report Management is responsible for the preparation and fair presentation of the annual report in accordance with the Danish Company Accounts Act. This responsibility includes designing, implementation and maintenance of internal control relevant to the preparation and fair presentation of an annual report that is free from material misstatement, whether due to fraud or error; selecting and using appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on the annual report based on our audit. We conducted our audit in accordance with Danish Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain a high level of assurance that the annual report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual report. The procedures selected depend on the auditor’s judgement including the assessment of the risk of material misstatement in the annual report, whether due to fraud or error. In making the risk assessment, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the annual report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Management, as well as evaluating the overall presentation of the annual report. We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our audit did not result in any qualification. Opinion In our opinion, the annual report gives a true and fair view of the Group’s and Company’s assets and liabilist ties as well as financial position at 31 December 2008 and of the result of the Group’s and Company’s operations and the Group’s cash flows for the financial year 1 January – 31 December 2008 in accordance with the Danish Company Accounts Act. Esbjerg, 2 March 2009 KPMG Statsautoriseret Revisionspartnerselskab nd Flemming Brokhattingen Public Accountant John Lesbo Public Accountant 42011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=5http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=5SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Management’s review Company details Semco Maritime A/S Stenhuggervej 12-14 DK-6710 Esbjerg V Telephone: Fax: Web site: Registration No.: Established: Registered office: Supervisory Board Anders Obel (Chairman) Lars Christiansen Stella Jacobsson Flemming Kolkjær Sørensen Johannes Holm (employee board member) Winnie Jørgensen (employee board member) +45 79 16 66 66 +45 75 15 65 80 www.semcomaritime.com 25 49 07 62 29 June 2000 Esbjerg Executive Board Erik Gaj Nielsen Auditors KPMG Statsautoriseret Revisionspartnerselskab Flemming Brokhattingen, Public Accountant John Lesbo, Public Accountant Annual general meeting The annual general meeting is to be held in May 2009 at C.W. Obel A/S, Vestergade 2, DK-1456 Copenhagen K. Ownership The company is 100% owned by: C.W. Obel A/S, Vestergade 2, DK-1456 Copenhagen K. The company is part of the consolidated accounts for C.W. Obel A/S, Copenhagen (smallest and largest group). 52011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=6http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=6SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Management’s review Group chart 62011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=7http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=7SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Management’s review Main figures and financial ratios of the group 2004 2005 2006 2007 2008 Main figures (DKK million): Profit and loss statement Net turnover Result of primary operations Financial items, net Share of results of affiliated companies Result of ordinary operations before tax Results for the year Assets Intangible fixed assets Tangible fixed assets Financial fixed assets Stocks Debtors Securities and cash at bank and in hand Assets, total Liabilities Equity Provisions for liabilities Long-term debt Short-term debt Liabilities, total Financial ratios Average number of employees Profit ratio Equity share % Return on equity % 885 2,9 32,6 19,8 893 4,1 31,1 33,7 939 6,1 14,9 44,5 1.361 4,3 16,3 35,1 1.379 2,9 23,8 26,9 80,6 10,2 7,5 148,7 246,9 91,2 14,9 7,1 180,3 293,5 119,1 8,4 10,9 658,4 796,8 128,1 9,6 10,1 638,4 786,2 118,7 23,1 9,5 348,4 499,6 37,6 2,0 15,1 169,5 22,7 246,9 0,7 34,5 0,0 16,0 208,6 33,7 293,5 21,2 30,8 0,1 8,4 405,2 331,1 796,8 22,9 40,0 0,0 16,6 445,2 261,5 786,2 82,3 50,1 0,0 21,2 314,0 32,0 499,6 694,0 19,8 (2,2) 0,2 17,8 16,6 785,8 32,2 0,7 0,0 33,0 29,0 877,7 53,6 (0,3) 0,0 53,3 46,8 1.281,6 55,0 6,3 0,0 61,3 43,4 1.569,0 46,0 (0,9) 0,0 45,1 33,2 72011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=8http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=8SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Management’s review Main activities Our core activities concentrate on technical contracts comprising design, production and installations for the oil and gas industry as well as for the yard and pharmaceutical industry. To this shall be added service activities focusing on the above industries. The Company operates in the global market. The Company supplies technical solutions for the offshore industry within the following areas: piping, steel, electrical, instrumentation, communication, automation and fire protection. The complete solutions include design, production, installation and service. The key customer groups are operator and rig companies within the international offshore industry as well as international shipyards. Additionally, the Company supplies turnkey power plants for the industry and local infrastructure projects in various parts of the world. Special conditions regarding the annual accounts 2008 As of 1st July 2008 Semco Maritime acquired the Consultancy and Project Engineering Division of Delpro A/S to meet objective for additional competences in the high-voltage area. On the 30th November 2008 Semco Maritime AS in Norway acquired the Norwegian AGR Project Partner AS including subsidiary in order to bring additional engineering competences to the Norwegian activities. Development of activities and financial situation Results for the year The annual turnover amounts to DKK 1.569,0 million compared to DKK 1.281,6 million last year. Profit/loss on ordinary activities after tax amounts to DKK 33,2 million compared to DKK 43,4 million last year. The less satisfactory result in 2008 is due to a reasonable development in the parent company and an unsatisfactory outcome in the subsidiaries. The average number of employees in the financial year was 1.379 compared to 1.361 in 2007. As of 31st December 2008 the Company counted 1.461 employees compared to 1.388 employees at 31st December 2007. The development of the parent company has been as expected except that the power plant project in El Salvador is delayed, which has caused a postponement of turnover and earnings. In Norway, the amount of enquiries has been considerably lower than expected and the lack of own engineering competences in Norway has amplified the situation. This has led to an unsatisfactory result. The results from the remaining subsidiaries are as expected. The number of incoming orders in 2008 has been a little lower than expected. This is due to a delayed decision process for a number of large orders. The volume of orders at the end of 2008 is at a reasonable level. Investments During the year, investments have been made in improvements to existing production facilities and refurbishment of rented premises, a total of DKK 11,4 million. In addition, DKK 5,1 million have been invested in technical systems and other operating equipment. Capital resources Semco Maritime has a solvency ratio of 23,8% (2007: 16,3%) corresponding to an equity of DKK 118,7 million as per 31 December 2008 (2007: DKK 128,1 million). Expectations for the future The large drop in oil prices and the general lack of venture capital have reduced activity in our markets. However, the Company expects that turnover and earnings in 2009 will be on the same level as in 2008. 82011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=9http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=9SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Management’s review Special risks General risks The oil and gas industry is characterised by a cyclical level of activity, affected by the price on crude oil and the dollar rate. Traditionally, the global marine and yard industry is sensitive to the states of the market. All in all this affects the operating risk of the business units. It is essential to the Company to be ahead of the technological development within all business areas. Financial risks The loan financing of the Company is exposed to changes in the level of interest. Foreign exchange risks The continuous operation is exposed to foreign exchange risks. The Company invoices in DKK, USD, EUR, NOK, SGD and GBP while a considerable part of the purchasing is in DKK, EUR and NOK. Foreign exchange risks are mainly hedged by forward exchange contracts, but also by purchasing and invoicing in the same currency. Knowledge resources The knowledge level achieved by the Company is based on competence development, supplementary education, retention of staff and an inspiring, developing and challenging working environment as well as employment of employees with complementary expertise. The Group continuously develops the knowledge level, so that it becomes a positive part of the group image, thus amplifying the market opportunities for the Group. Knowledge is the Group’s natural formula for success. Consequently, Semco Maritime wishes to develop a knowledge level, which can increase the possibilities of the Company to achieve new business areas within existing and new areas. Environmental considerations Based on the major environmental impacts and from a technological and financial point of view we will reduce the impacts to a minimum by ensuring the most effective utilisation of resources through reduction of energy consumption, volumes of waste and discharge into the environment. The Group will ensure that all new energy intensive equipment is as energy efficient as possible. The internal consumption of energy is attempted reduced by means of various initiatives. Semco Maritime will maintain an efficient waste separation system, which ensures that the maximum amount of waste is recycled. Finally, Semco Maritime will try to reduce the number of chemicals by means of well-structured chemical control. 92011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=10http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=10SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Applied accounting policies Accounts 2008 in general The annual accounts 2008 for the Group and Company have been prepared in accordance with the rules of the Danish Company Accounts Act for major class C-companies. Reclassification As a result of a change in the Danish Company Accounts Act passed in 2008, the inclusion of profit shares in subsidiaries and associated companies has been changed in the profit and loss statement. Our profit shares in subsidiaries and associated companies have so far been included in two entries on the profit and loss statement divided into results before tax and tax on results for the year. In future, profit shares in subsidiaries and associated companies are to be included in one line as results after tax. Comparative figures from previous years have also been adjusted to the revised classification. Foreign currency translation Foreign currency transactions are translated to the rate at the transaction date. Foreign currency differences arising between the transaction date and at the date of payment are recognised in the profit and loss statement as a financial item. Receivables, debts and other monetary items denominated in foreign currencies, which have not been settled at the balance sheet date, are translated to the rate of exchange at the balance sheet date. The difference between the exchange rates at the balance sheet date and at the date at which the receivables or debts arose is recognised in the profit and loss statement as financial income and expenses. Fixed assets with another currency than DKK are translated to the rate of exchange at the transaction date. All the present foreign subsidiaries of the Company are considered independent units. The profit and loss statements of the subsidiaries are translated to an average rate of exchange for the year and the balance sheet items are translated to the rates of exchange at the balance sheet date. Foreign exchange differences arising on translation of the opening balance of equity of foreign operations to the exchange rates at the balance sheet date and on translation of the profit and loss statements from the average exchange rates at the transaction date to the exchange rates at the balance sheet date are recognised directly in equity. Exchange differences related to hedging transactions, which serve to hedge a net investment in foreign subsidiaries, are recognised directly in equity. Derivative financial instruments Derivative financial instruments are recognised in the balance sheet at cost price the first time and subsequently measured at fair value. Changes of the fair value of the derivative financial instruments, classified as and fulfilling the criteria of securing the fair value of a recognised asset or liability, are included in the profit and loss statement together with changes of the fair value of the secured asset or liability. Changes of the fair value of derivative financial instruments, classified as and fulfilling the criteria of securing the future assets and liabilities, are recognised in other assets/liabilities or in the equity capital. In case the future transaction results in assets or liabilities being recognised, the amount, which has been set aside in the equity capital, is transferred from the equity capital and recognised in the cost price for the asset or liability. In case the future transaction results in profits or costs, the amount, which has been set aside under the equity capital, is transferred to the profit and loss statement in the period during which the provision is recognised in the profit and loss statement. 102011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=11http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=11SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Changes of the fair value of any derivative financial instruments, which do not fulfil the criteria for hedging instruments, are recognised in the profit and loss statement under financial items. Consolidated accounts The consolidated accounts comprise the parent company Semco Maritime A/S and all companies of which the parent company holds more than 50% of the share capital or which it, in some other way, controls. The consolidated accounts have been prepared as a consolidation of the parent company’s and the individual subsidiaries’ financial accounts prepared according to the Group accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Investments in associated companies are measured at the pro rata share of these companies’ book net asset value reduced by a proportionate part of unrealised intercompany gains. Jointly managed joint ventures are consolidated pro rata. Companies over which the Group exercises significant influence, but which it does not control, are considered associates. Significant influence is generally obtained by direct or indirect ownership or control of more than 20% of the voting rights / share capital / ownership share, but less than 50%. Companies acquired or formed during the year are recognised in the consolidated accounts from the date of acquisition or formation. Sold or ceased companies are included in the consolidated accounts to the date of sale or date of expiry. Comparative figures and main figures will not be corrected for newly acquired or sold companies. At the date of acquisition the difference between the acquisition price and the net asset value of the acquired company is assessed after the various assets and liabilities have been adjusted to values, which reflect the fair value of the assets and liabilities to Semco Maritime A/S. Where the acquisition price surpasses the stated net asset value at the date of acquisition, the difference of the acquisition year is used as consolidated goodwill and is depreciated over 10-20 years. Any negative balance (badwill), which can be related to future losses, is recognised under accrued expenses and credited concurrently with the realisation of the loss. Upon statement of consolidated result and consolidated net capital, the pro rata share of the result and net capital of associated companies, which can be related to minority interests, is stated separately. 112011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=12http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=12SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Profit and loss statement Net turnover The company carries out a large amount of contract work, which is why the production criteria are used. In accordance herewith the sales value of the annual production is recognised in the profit and loss statement concurrently with the completion of the production. Expected losses on unfinished contracts are fully recognised. Other income from sale of goods and services is recognised in the profit and loss statement, in case delivery has taken place before the end of the year. Result of investments in affiliated/associated companies The result of investments in affiliated/associated companies includes the proportional shares of the results before tax in affiliated/associated companies after full elimination of internal profit/loss and deduction of depreciation of goodwill. Financial income and expenses Dividend on shares is credited in the year when the dividend is adopted and distributed. Interest income and interest expenditures are included in the profit and loss statement with the amounts of the financial year. Profits and losses due to fluctuation in securities are included in the profit and loss statement. Depreciations Tangible and intangible fixed assets are straight-line depreciated over their estimated lives. Depreciations are made on the basis of acquisition prices pro rata: Consolidated goodwill Development projects Buildings Fixtures in buildings Leasehold improvements Technical plants and machinery Operating equipment, furniture and fittings Motorcars Rental material Taxes Semco Maritime is jointly taxed with the parent company C.W. Obel A/S and a number of Danish subsidiaries. The current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income (full allocation with reimbursement concerning tax losses). The jointly taxed companies are part of the prepaid tax arrangement. Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to income and expenses recognised in equity is recognised directly in equity. Tax recognised in the profit and loss statement is classified as tax of ordinary activities and tax of extraordinary items respectively. The change in deferred tax as a result of changes in tax rates is recognised in the profit and loss statement. 12 10-20 years 5 years max. 50 years 10 - 25 years max. 10 years 5 years 3-5 years 5-7 years 10 years2011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=13http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=13SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Current tax receivables and liabilities are entered in the balance with an amount based on the expected tax income of the year adjusted for tax of taxable income of previous years and for prepaid tax. Deferred tax of all temporary differences between book value and tax value of assets and liabilities is recognised. However, no deferred tax is booked of tax liabilities on investments in affiliated and associated companies. Deferred tax value of loss, which should be carried forward for balancing of future tax income, is included with expected value. The deferred tax is calculated in accordance with current tax rules and the current tax rate. 132011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=14http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=14SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Balance sheet Intangible fixed assets Consolidated goodwill is recognised as an asset at cost price in the year of purchase and is depreciated over 10-20 years. Tangible fixed assets Tangible fixed assets are measured at cost price less depreciations made. Expenses incurred in order to improve the buildings compared to their standard at the time of acquisition are activated and depreciated as supplement to the acquisition price of the buildings. Leasing Leasing contracts concerning tangible fixed assets, in which the company has all essential risks and advantages involved in the proprietary right (financial leasing), are included in the balance sheet at current value of the leasing asset and the present value of the future leasing fees at the time of acquisition. When calculating the current value, the internal interest rate of the leasing agreement is used as discounting factor or an approximate value hereof. Financially leased assets are depreciated like the other fixed tangible assets of the company. The remaining capitalised leasing liability is included in the balance sheet as a liability, and the interest of the leasing liability is currently recognised in the profit and loss statement. All other leasing contracts are considered operational leasing. Payments in connection with operational leasing are included in the profit and loss statement in the leasing period. Affiliated/associated companies Investments in affiliated companies and associates are measured according to the equity method, i.e. at a value corresponding to the proportionate share of such companies’ equity less unrealised intercompany profits. Affiliated companies with negative equity value are measured at DKK 0. In addition, amounts owed by such affiliated companies are written down by the parent company’s share of the negative equity value. Any remaining amount is recognised in the balance sheet under provisions. Stocks Stocks are measured at the lower of historical cost in accordance with the FIFO method or the net realisable value. Obsolete or slow-moving items are written down. Debtors Debtors are measured at amortised cost price or at a lower net realisable value, which corresponds to nominal value less write-down for meeting losses. The write-downs are made on the basis of an individual estimate of the various creditors. Work in progress against customers’ contracts is measured at sales value based on the degree of completion at balance day. The degree of completion of contracts is determined as the relation between costs paid to date and the total costs expected for completion of the contract. The sales value is reduced by progress billings and provisions against estimated losses. Progress billings in excess of the completed share of the contracts are recorded separately and recognised as prepayments under short-term creditors. 142011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=15http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=15SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Guaranteed commitments Guarantee commitments are made according to the number of unsettled demands from customers, or risk of concrete demands at the end of the financial year. Financial liabilities Mortgage debt, with properties as security, is measured at amortised cost price. Other liabilities are measured at amortised cost price. 152011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=16http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=16SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Cash flow statement The cash flow statement of the company is made according to the so-called indirect method. The cash flow is divided into the following main areas: operation, investment and financing. The statement shows the cash and cash equivalents at the beginning and end of the year. The cash flow statement of the company is adjusted in accordance with additions and disposals of assets and liabilities as well as with acquisitions and sale of businesses. Cash flow from operating activities - is based on the financial result before depreciations and adjusted for non-cash transactions and changes of the working capital. Deductions are made for taxes paid. Cash flow from investing activities - includes payments in connection with acquisition and sale of fixed assets and securities related to investing activities. Furthermore, net investments for acquisitions and sale of businesses are included. Cash flow from financing activities - comprises payments to and from shareholders and raising and repayment of mortgage loans and other long-term debts. Available funds - comprises cash at bank and in hand and other items included in the short-term cash management including listed securities and bank loans. Segment information Information is provided on geographical markets. Segment information is based on the accounting policies, risks and financial management of the Company. 162011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=17http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=17SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Key figures Key figures are calculated as follows: Profit ratio Operating profit x 100 Net turnover Equity less minority interests, at year end x 100 Liabilities, total, at year end Profit on ordinary activities after tax Result for analyses x 100 Average equity Equity ratio Result for analyses Return on equity 172011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=18http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=18SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Profit and loss statement for 2008 Group Note 1 (DKK ’000) Net turnover Cost of sales Gross profit 2 3 4 Other operating income Staff costs Other external costs Profit before depreciation and revaluation 7 Depreciation on fixed assets Operating profit 8 5 5 Shares of profit from affiliated companies Financing income Financing expenses Profit on ordinary operations before tax 6 Tax on profit for the year Profit for the year 13.818 (14.688) 45.069 (11.891) 33.178 14.409 (8.092) 61.305 (17.857) 43.448 2008 1.569.039 (595.930) 973.109 631 (818.623) (98.860) 56.257 (10.318) 45.939 2007 1.281.601 (405.875) 875.726 5.220 (733.580) (84.064) 63.302 (8.314) 54.988 Parent company 2008 1.253.348 (515.601) 737.747 531 (609.501) (79.898) 48.879 (9.013) 39.866 4.932 13.065 (14.666) 43.197 (10.019) 33.178 2007 958.120 (326.952) 631.168 140 (528.823) (64.788) 37.697 (7.670) 30.027 17.831 13.066 (7.438) 53.486 (10.038) 43.448 Proposal for distribution of the profit for the year Proposed dividend Profit carried forward 24.000 9.178 33.178 32.000 11.448 43.448 182011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=19http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=19SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Balance at 31 December 2008 Group Note (DKK ’000) Assets: Fixed assets: 7 Intangible fixed assets: Goodwill 7 Tangible fixed assets: Land and buildings Improvement of leasehold premises Plant and machinery Other plant, operating equipment, fixtures and fittings 8 Investments: Holdings in affiliated companies Fixed assets, total Current assets: Stocks etc.: 9 Stocks Debtors: 10 11 Trade debtors Work in progress against customers’ contracts Amounts owed to affiliated companies Other debtors 12 Prepayments and accrued income 207.767 91.177 6.398 8.647 313.989 Cash at bank and in hand Current assets, total Assets, total 31.999 367.187 499.599 231.907 54.310 9.663 149.322 445.202 261.570 723.340 786.202 135.597 92.812 30.170 4.122 6.534 269.235 1.669 291.925 412.753 175.296 54.799 11.995 6.611 129.044 377.745 205.328 599.641 717.001 21.199 21.199 16.568 16.568 21.021 21.021 16.568 16.568 132.412 62.862 47.080 47.080 120.828 57.727 57.727 117.360 32.454 5.768 6.744 5.101 50.067 29.783 274 5.466 4.449 39.972 32.454 5.538 4.517 3.490 45.999 29.783 4.163 2.797 36.743 82.345 82.345 22.890 22.890 27.749 27.749 22.890 22.890 2008 2007 Parent company 2008 2007 192011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=20http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=20SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Balance at 31 December 2008 Group Note (DKK ’000) Liabilities: 13 Shareholders’ equity: Share capital Other reserves and retained profit Shareholders’ equity, total 14 Provisions Deferred tax Guarantee commitments Other commitments Provisions, total Creditors: Long-term creditors: 15 Mortgage debt Other debts Long-term creditors, total Short-term creditors: Short-term portion of long-term creditors Bank debt 11 Prepayments from customers Trade creditors Amounts owed by affiliated companies Corporate tax Other creditors Short-term creditors, total Creditors, total Liabilities, total 16 17 18 Securities pledged Contingent and other liabilities Connected parties 699 30.770 24.839 53.669 100.389 3.149 134.867 348.382 357.853 499.599 799 15.412 338.799 74.261 78.472 5.182 125.471 638.396 648.534 786.202 683 14.022 16.943 44.002 102.911 91.418 269.979 279.450 412.753 766 15.057 302.658 64.030 102.599 2.754 84.895 572.759 582.878 717.001 9.471 9.471 9.858 280 10.138 9.471 9.471 9.858 261 10.119 10.226 1.267 11.581 23.074 1.219 2.550 5.832 9.601 13.743 888 14.631 4.441 1.615 6.056 15.500 103.172 118.672 15.500 112.567 128.067 15.500 103.172 118.672 15.500 112.567 128.067 2008 2007 Parent company 2008 2007 202011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=21http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=21SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Consolidated cash flow statement Note (DKK ’000) Result for the year before depreciations Financial items, net Change of provisions etc. Taxes paid Cash flow from operating activities before change of working capital Change of stocks Change of amounts receivable Change of short-term debts Change of work in progress Change of prepayments Change of working capital Cash flow from operating activities, total Cash flow concerning investing activities: Acquisition and sale of companies and activities Investment in tangible fixed assets Sales of tangible fixed assets Fixed asset investment, net Cash flow concerning investing activities 2008 56.257 (3.995) (175) (3.315) 48.772 (4.631) (25.701) 39.656 (192.633) (16.025) (199.334) (150.562) 2007 63.406 4.762 (52) (10.809) 57.307 (8.131) (56.333) 41.000 (394.471) (88.473) (106.297) (48.990) (71.205) (16.549) 257 (87.497) (15.504) 183 (3.920) (19.241) Operative cash flow Cash flow from financing activities: Repayment of long-term loans Dividend paid Cash flow from financing activities, total Cash flow of the year: (238.058) (68.231) (767) (32.000) (32.767) (270.825) 167.686 (7.867) 11.847 (99.160) (747) (37.000) (37.747) (105.978) 271.979 1.685 0 167.686 Cash funds, beginning of year Revaluation of cash flow, beginning of year Cash flow in acquired and sold companies Cash funds at the end of the year Consisting of: Cash funds Debts owed to affiliated companies Debts to the bank concerning operating finance Total 31.999 (100.389) (30.770) (99.160) 261.570 (78.472) (15.412) 167.686 212011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=22http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=22SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Notes Group (DKK ’000) 1. Net turnover Market value of completed contracts Market value of work in progress, year end Market value of work in progress, beginning of year Currency translation adjustments Turnover concerning contracting Segment information 2008 2007 Parent company 2008 2007 1.356.743 848.559 (655.930) 19.667 1.569.039 888.604 655.930 (261.459) (1.474) 1.281.601 929.001 727.726 (403.379) 1.253.348 759.778 403.379 (205.037) 958.120 Geographical markets: Present activities Denmark Abroad 701.215 867.824 1.569.039 2. Other operating income Selling of fixed assets Payments on earlier depreciated debts 69 562 631 3. Staff costs Wages and salaries Pensions and pension contributions Social security costs Total remuneration of: The board members The management Average number of fulltime employees 4. Fees paid to the auditors appointed at the annual general Fee for statutory audit Services other than audit 736 957 669 214 475 115 448 196 223 3.677 1.379 263 3.390 1.361 223 3.677 1.041 263 3.390 1.009 (725.449) (52.223) (40.951) (818.623) (649.119) (42.808) (41.653) (733.580) (552.980) (45.635) (10.886) (609.501) (483.417) (35.746) (9.660) (528.823) 140 5.080 5.220 58 473 531 140 140 653.298 628.303 1.281.601 701.215 552.133 1.253.348 653.298 304.822 958.120 222011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=23http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=23SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Notes Group (’000) 5. Financing income and expenses Interest received Capital gains and dividends Of which attributable to affiliated companies Interest paid Capital losses and write-downs Of which attributable to affiliated companies 6. Taxation Current tax of the year: Current tax Deferred tax Adjustment, previous years (13.181) 1.290 (11.891) Deferred tax: Deferred tax 1 January Adjustment, previous years Addition by acquisition of companies Adjustment of deferred tax, profit items Adjustment of deferred tax, equity items Value adjustment of deferred tax Deferred tax 31 December Corporate tax payable: Corporate tax payable 1 January Adjustment, previous years Current tax of the year Appropriated to shareholders’ equity Addition by acquisition of companies Value adjustment of corporate tax payable Tax paid in 2007 Tax payable as on 31 December 5.182 (1.374) 1.106 1.545 5 (3.315) 3.149 10.854 (240) 5.847 (435) (35) (10.809) 5.182 2.754 (333) (2.421) 9.676 34 2.754 (9.710) 2.754 1.219 (1.537) 13.181 (3.250) 613 10.226 (10.670) 135 12.036 (282) 1.219 4.441 10.352 (1.050) 13.743 (2.164) 136 6.469 4.441 (5.847) (12.036) 26 (17.857) (10.352) 333 (10.019) (9.467) (571) (10.038) 4.151 9.667 13.818 (5.423) (9.265) (14.688) (546) 11.289 3.120 14.409 (3.043) (5.049) (8.092) (595) 3.979 9.086 13.065 1.056 (5.401) (9.265) (14.666) (546) 10.128 2.938 13.066 284 (3.020) (4.418) (7.438) (595) 2008 2007 Parent company 2008 2007 Deferred tax is in all materiality incumbent on tangible fixed assets, work in progress etc. 232011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=24http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=24SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Notes Group (’000) 7. Intangible fixed assets Cost at 1/1/2008 Additions during the year Cost at 31/12/2008 Depreciations at 1/1/2008 Depreciations for the year Depreciations at 31/12/2008 Book value at 31/12/2008 25.867 62.275 88.142 2.977 2.820 5.797 82.345 21.947 3.920 25.867 732 2.245 2.977 22.890 25.867 7.450 33.317 2.977 2.591 5.568 27.749 21.947 3.920 25.867 732 2.245 2.977 22.890 2008 2007 Parent company 2008 2007 Group 7. Tangible fixed assets Improvement Land and buildings Cost at 1/1/2008 Exchange rate adjustment Additions/disposals by acquisition/selling of companies Additions during the year Disposals during the year Cost at 31/12/2008 Depreciations at 1/1/2008 Exchange rate adjustment Additions/disposals by acquisition/selling of companies Depreciations for the year Exch. rate adjustment, depreciations Reversed depreciations Depreciations at 31/12/2008 60.199 5.427 (116) 65.510 30.416 2.640 of leasehold premises 471 20 5 5.972 6.468 197 8 495 Plant and machinery 28.317 (770) 13.721 2.201 (293) 43.176 22.851 (517) 12.193 2.237 (45) (287) Other plants, operating equipment, fixtures and fittings 16.337 (973) (86) 2.931 (812) 17.397 11.888 (1.036) (12) 2.126 (40) (630) 33.056 700 36.432 12.296 Book value at 31/12/2008 32.454 5.768 6.744 5.101 Book value at 31/12/2007 29.783 274 5.466 4.449 The public valuation of the properties at 1/1/2008 amounts to DKK 22,270,000. 242011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=25http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=25SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Notes Parent company (DKK ’000) 7. Tangible fixed assets Improvement Land and buildings Cost at 1/1/2008 Additions during the year Disposals during the year Cost at 31/12/2008 Depreciations at 1/1/2008 Depreciations for the year Reversed depreciations Depreciations at 31/12/2008 Book value at 31/12/2008 Book value at 31/12/2007 60.199 5.427 (116) 65.510 30.416 2.640 33.056 32.454 29.783 of leasehold premises 5.972 5.972 434 434 5.538 Plant and machinery 24.503 2.201 (293) 26.411 20.340 1.841 (287) 21.894 4.517 4.163 Other plants, operating equipment fixtures and fittings 8.678 2.433 (812) 10.299 5.881 1.506 (578) 6.809 3.490 2.797 The public valuation of the properties at 1/1/2008 amounts to DKK 22,270,000. 252011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=26http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=26SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Notes (DKK ’000) 8. Financial fixed assets, holdings in associated companies Parent company 2008 2007 Cost at 1/1/2008 Additions during the year Cost at 31/12/2008 Revaluation at 1/1/2008 Exchange rate adjustment Revaluation of the year: Profit for the year Other revaluation Revaluation at 31/12/2008 Provisions to cover negative asset value Book value at 31/12/2008 98.017 6.568 104.585 (57.222) (5.397) 4.932 (17.081) (74.768) 17.263 47.080 98.017 98.017 (26.087) (2.019) 17.831 (46.947) (57.222) 16.932 57.727 Group 2008 9. Stocks Finished products and products for resale 10. Trade debtors Of the total trade debtors, the following amounts are due more than one year after expiration of the financial year 11. Work in progress for third parties Market value at 31/12 Invoicing on account Included in balance sheet: Work in progress Prepayments from customers 12. Prepayments and accrued income 91.177 (24.839) 66.338 54.310 (338.799) (284.489) 848.561 (782.223) 66.338 655.928 (940.417) (284.489) 21.199 16.568 2007 Parent company 2008 2007 21.021 16.568 - - 727.726 (651.857) 75.869 92.812 (16.943) 75.869 403.379 (651.238) (247.859) 54.799 (302.658) (247.859) Prepayments and accrued income include advance payments to suppliers, prepaid costs regarding rent, IT-licenses, rentals etc. 262011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=27http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=27SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Notes (DKK ’000) 13. Shareholders’ equity Group and parent company Shareholders’ equity at 1/1/2008 Exchange rate adjustment of subsidiaries Change of financial derivatives Currency translation adjustment of loan for financing interests in subsidiaries Tax of exchange rate adjustment of loan for financing interests in subsidiaries and derivative financial instruments Retained profit Dividend for the year (suggested) Distributed dividend for 2007 Shareholders’ equity as per 31/12/2008 15.500 (2.666) 1.050 9.178 24.000 (32.000) 103.172 (2.666) 1.050 9.178 24.000 (32.000) 118.672 (1.555) 435 11.448 32.000 (37.000) 128.067 Share capital 15.500 Retained profit 112.567 (5.397) (3.560) Total 128.067 (5.397) (3.560) 2007 119.114 2.019 1.606 Share capital comprises (DKK ’000): 1 share of 10.000 1 share of 5.000 1 share of 500 14. Other guarantee commitments Group Contingent liabilities 2.550 0 (1.283) 1.267 Pension liabilities 5.832 930 0 5.928 (1.110) 11.581 Parent company Contingent liabilities 1.615 0 (727) 0 888 Book value at 1/1 2008 Additions during the year Expenditure during the year Additions, acquisitions of companies Other adjustments Book value at 31/12 2008 Expected maturity: Within 1 year After 1 year 1.267 1.267 11.581 11.581 888 888 2008 15. Mortgage debt Mortgage debt maturing more than 5 years after the balance sheet date amounts to 2007 2008 2007 7.981 8.478 7.622 7.981 272011-02-11T09:14:42+01:00http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=28http://ipaper.ipapercms.dk/SemcoMaritime/Annualaccounts/Annualaccounts2008/?Page=28SEMCO MARITIME A/S Annual Report 2008 Registration No. 25 49 07 62 Annual accounts for the period 1 January – 31 December 2008 Notes Group (DKK ’000) 16. Securities pledged Consisting of: As security for mortgage loans properties have been mortgaged at a book value of (DKK ‘000) DKK ’000 of cash funds are provided as security for banker’s guarantees 9.877 32.454 0 10.280 29.783 114.028 9.877 32.454 0 10.280 29.783 114.028 2008 2007 Parent company 2008 2007 17. Contingent and other liabilities The company has undertaken contractual obligations customary to the line of business. These obligations have been partially covered by guarantees from banks and credit insurance companies by (DKK ’000) 80.590 368.898 73.020 355.692 Guarantees for work performed usually cover a period of 1 to 5 years. From time to time the company enters into joint ventures with different companies on execution of large projects. As of 31 December 2008 the company participated in a joint venture with a Danish company. The participants have joint and several liability for the total contract. The total contractual value amounts to DKK 159 mill. of which the company share is 31,5%. Guarantees for bank debt in subsidiaries, max. Guarantees for the commitments of subsidiaries towards customers for contracts with a total value of Leasing obligations: Leasing instalments for payment 2009-2015 70.623 65.850 70.623 65.850 3.441 78.943 4.567 98.727 Financial instruments: In order to secure debtors and creditors in foreign exchange, and future transactions for signed sale agreements, forward transactions have been entered into as per 31/12 2008 in USD, GBP, SEK, NOK, EUR and SGD. The counter value is: The forward transactions are expected to be implemented in 2009-2010 The company has entered into a cash pool arrangement with the Norwegian subsidiaries. The drawing right of the subsidiaries is limited to NOK 50 mill., but can be increased to NOK 100 mill. when certain conditions are met. 18. Connected parties 44.663 51.293 44.663 51.293 Connected parties are the principal shareholder C.W. Obel A/S, Copenhagen, and the management and board of the company. There is trading with other companies within the C.W. Obel Group. Settlement is made on market-based conditions. 282011-02-11T09:14:42+01:00