Nordic Conglomerate Posts 2012 Loss, Renegotiates Loan Terms

MarineLink.com
Monday, April 22, 2013

Scana lndustrier ASA, supplier of products & system solutions to energy-related businesses, including the offshore sector has released its 2012 financial report.

Scana lndustrier ASA has companies in Norway, Sweden, China, U.S., Poland, Singapore, Brazil and South Korea with the Group’s head office in Stavanger. Their key business is supplying products and system solutions to energy-related businesses. This encompasses oil and gas, other energy and marine businesses related to the offshore market.

Global recession caused a reduction in revenue in 2009 and 2010. 2011 did show a slight increase in revenue and 2012 ended on the same level as 2011. Revenue amounted to NOK 2,039 million with an operating loss of NOK 152 million. A write downs of goodwill and postponed tax benefits have charged the accounts with NOK 77 million.

The order inflow of NOK 1,965 million is a decrease of 16% compared with 2011. The order reserve at the end of the year was NOK 1,113 million.

Going concern
The challenges for the Group as a result of the financial crisis and the subsequent European debt crisis have been greater than the Group expected. This is due to the scope and duration of the market decline, coupled with a very strong Norwegian and Swedish Krone.

There is uncertainty as to whether the Group will be able to comply with the adjusted loan conditions related to EBITDA in 2013 and the market development. However, the Board assesses the Group to gradually regain profitability through a well diversified and niche oriented product portefolio that are leading in their market segments, and through ongoing and completed strategic and operational initiatives.  In this regard, the private placement, which was completed in February 2013, and the planned repair issue, combined with the adjusted loan conditions incl. a grace period in amortisations, are important.

The newly negotiated loan terms require that share issues with an aggregate net proceeds of NOK 135 million are implemented. Of this amount, a private placement with gross proceeds of NOK 100 million has already been completed. The subscription period for the subsequent repair offering of up to NOK 67.9 million will begin in early May.
 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Line Gets New Head in China

Maersk Line on May 21 announced that Mike Fang become the company's new chief of east - and central China. He joins with effect from 1 July 2015.    Fang has

Navios in Red, but Beats Estimates

Navios Maritime Holdings, vertically integrated seaborne shipping and Logistics Company, slumped to a loss in the Q1 although the result beat by $0.10 per share

Conrad Announces Management Team Changes

Conrad Industries, Inc. announced the appointment of Scott J. Theriot as Executive Vice President and Chief Operating Officer.   Johnny Conrad, President and Chief Executive Officer,

Offshore

Two Hurt in Petrobras Platform Accident; Output Halted

Brazil's state-led oil company Petrobras was forced to stop output at its P-56 offshore oil production ship on Wednesday in the Marlim Sul field after an explosion

Dynamic Positioning Training Center Launched in Shanghai

C-MAR, an international marine and offshore services provider, and the Shanghai Maritime University (SMU) has officially launched the Dynamic Positioning training

US: South China Sea Reclamations Stoke Instability

China's land reclamation around reefs in the disputed South China Sea is undermining freedom and stability, and risks provoking tension that could even lead to conflict, U.

Finance

HSH Nordbank Looking to Split Off Bad Shipping Loans

HSH Nordbank AG, the world’s second-largest financier of ships, plans to split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model,

Navios in Red, but Beats Estimates

Navios Maritime Holdings, vertically integrated seaborne shipping and Logistics Company, slumped to a loss in the Q1 although the result beat by $0.10 per share

Carrier Schedule Reliability Improves in April

Transport consultant Drewry’s Carrier Performance Insight (CPI) for April records 67.6%, up by 4.1 percentage improvement on the previous month in the aggregate

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2166 sec (5 req/sec)