Scana — Annual Report 2013

Apr 8, 2014

Scana Group Profit & Loss Account

(thousand NOK)
Period 1 January - 31 December	2013	2012
Operating Revenues:
Sales revenues	1 843 036	1 855 449
Other revenues	20 523	18 742
Gain on disposal of fixed assets	10 629	43
Total operating revenues	1 874 188	1 874 234
Operating costs:
Raw materials and consumables	534 552	625 841
Change in stocks of FG and WIP	76 405	19 645
Wages and NI contributions	732 778	696 089
Depreciation / amortisation / writedowns	186 331	108 223
Other operating costs	590 860	553 666
Total operating costs	2 120 926	2 003 464
Operating profit / loss ( - )	-246 738	-129 230
Financial income and expenses
Income from interests in associated companies	843	2 971
Interest income	3 120	2 164
Interest expense	-32 772	-26 442
Net currency gain / loss ( - )	3 399	-9 551
Other financial income / expenses ( - )	-14 380	-9 684
Net financial income / expenses ( - )	-39 790	-40 542
Profit / loss ( - ) before tax - continued operation	-286 528	-169 772
Taxation	8 246	928
Net profit / loss ( - ) - continued operation	-294 774	-170 700
Net profit / loss ( - ) - discontinued operation	21 158	-24 012
Net profit / loss ( - ) - continued operation	-273 616	-194 712
The net profit / loss is distributed as follows:
Equity holders of the parent	-275 572	-186 744
Minority interests	1 956	-7 968
Net profit / loss ( - )	-273 616	-194 712
Earnings per share - continued operation Diluted earnings per share - continued operation	-4,65 -4,65	-6,85 -6,85

Scana Group Statement of other comprehensive income

(thousand NOK)
Period 1 January - 31 December	2013	2012
Net profit / loss ( - )	-273 616	-194 712
Other comprehensive income
Net movement in value of cash flow hedges	3 354	-589
Net gain / loss on hedge of net investment	-15 360	2 097
Exchange difference on translations of foreign operations	9 100	-12 459
Other comprehensive income	-2 906	-10 951
Total comprehensive income	-276 522	-205 663
The total comprehensive income is distributed as follows:
Equity holders of the parent	-278 478	-197 695
Minority interests	1 956	-7 968
Total comprehensive income	-276 522	-205 663

Scana Group Balance sheet

(thousand NOK)	31.12.13	31.12.12
Fixed assets:
Deferred tax assets	0	23 137
Intangible assets	68 114	101 001
Property, plant and equipment	575 271	757 900
Shares in associated companies	20 254	13 453
Non-current financial assets	22 337	634
Total fixed assets	685 976	896 125
Current assets:
Inventory	265 308	351 615
Trade debtors	403 525	441 637
Derivatives	1 245	541
Other current assets	118 934	47 578
Cash and cash equivalents	63 495	12 805
Total current assets	852 507	854 176
Total assets	1 538 483	1 750 301
Shareholders' equity:
Paid-in capital	612 435	478 403
Other equity	-207 416	71 062
Equity before minority interests	405 019	549 465
Minority interests	240	20 176
Total shareholders' equity	405 259	569 641
Non-current liabilities:
Interest-bearing loans and borrowings	16 651	14 954
Pension obligations	2 460	4 667
Deferred tax liability	32 465	47 301
Derivatives	8 545	14 384
Total non-current liabilities	60 121	81 306
Current liabilities:
Interest-bearing loans and borrowings	517 047	436 753
Trade payables	187 264	292 415
Advances from customers	125 136	120 108
Tax payable	264	140
Derivatives	11 393	15 299
Other current liabilities	231 999	234 639
Total current liabilities	1 073 103	1 099 354
Total liabilities and shareholders' equity	1 538 483	1 750 301

Scana Group Statement of Cash Flow

(thousand NOK)	2013	2012
Cash flow from operating activites
Profit/loss ( - ) before tax - continued operation	-286 528	-169 771
Profit/loss ( - ) before tax - discontinued operation	8 755	-26 351
Tax paid	-903	1 642
Gain (-) / loss - continued operation	-11 448	-3 055
Gain (-) / loss - discontinued operation	-226	-1 898
Depreciation and write-downs	189 980	117 409
Share based payment (non cash element)	473	1 386
Unrealized foreign currency gain / loss and derivates	-14 744	20 776
Interest income	-3 120	-2 165
Interest costs	33 644	30 438
Differences between paid and expenced pension cost	-2 239	-1 781
Change in trade debtors / advances from customers	-30 473	-23 272
Change in inventories	67 934	21 911
Change in trade payables	-59 672	25 049
Change in other current liabiities and accruals	15 091	7 627
Net cash - operating activities	-93 476	-2 055
Cash flow from investing activities
Proceeds from sale of property, plant and equipment	12 464	6 247
Purchase of property, plant and equipment	-50 719	-86 853
Proceeds from sale of shares	71 799	0
Cash disposed as a part of discontinued operation	-19 893	0
Investments in shares and paid in equity	-5 000	0
Dividend associated companies	516	253
Net cash - investing activities	9 167	-80 353
Cash flow from financing activities
Procees from LT borrowings	0	348 591
Repayments of LT borrowings	-1 204	-396 216
Procees from ST borrowings	135 000	0
Net increase ( decrease ) in ST borrowings	-96 822	9 916
Payment to/from minority interests	239	0
Proceeds from issue of new share capital	131 429	141 021
Paid other finance costs	-10 890	-17 055
Interest received	3 121	2 164
Interest paid	-27 840	-30 074
Net cash - financing activities	133 032	58 347
Net cash flows	48 723	-24 061
Cash and cash equiv. at beg. of period	12 805	37 727
Exch diff in cash and cash equiv	1 967	-861
Cash and cash equiv. at end of period	63 495	12 805
Change in cash and cash equivalents	48 723	-24 061

Scana Group Statement of change in shareholders equity

			Sh are	Ot he r		Re fo se rve r
	Sh are	Ow n	mi pre um	id- in pa	Re tai d ne	lat ion tra ns	Re s f se rve or		Mi rity no
( NO K 100 0)	Ca ita l p	sh are s	res erv e	Ca ita l p	rni ea ng s	diff ere nce s	ch in lue an ge va	To tal	inte ts res	To tal uity eq
Eq uity 01 Ja 20 12 at nu ary	20 9 8 39	14 1 -	2 8 22	12 0 9 62	25 7 8 75	28 31 2	17 43 0 -	60 2 2 39	28 14 4	63 0 3 83
To tal reh siv e i co mp en nco me					-18 6 7 44	10 36 2 -	58 9 -	197 69 5 -	7 9 68 -	20 5 6 63 -
Sh tio are op n p rog ram me				1 3 86				1 3 86		1 3 86
Ch id- in c ita l an ge s - pa ap	15 0 0 00		2 8 22 -	3 6 43 -				143 53 5		143 53 5
uit Eq t 3 1 D be r 2 01 2 y a ec em	35 9 8 39	-14 1	0	11 8 7 05	71 13 1	17 95 0	-18 01 9	54 9 4 65	20 17 6	56 9 6 41

( NO K 0) 100	Sh are Ca ita l p	Ow n sh are s	Sh are mi pre um res erv e	Ot he r id- in pa Ca ita l p	Re tai d ne rni ea ng s	fo Re se rve r lat ion tra ns diff ere nce s	Re s f se rve or ch in lue an ge va	To tal	Mi rity no inte ts res	To tal uity eq
Eq uity at 01 Ja 20 13 nu ary	35 9 8 39	14 1 -	0	11 8 7 05	71 13 1	17 95 0	18 01 9 -	54 9 4 65	20 17 6	56 9 6 41
To tal reh siv e i co mp en nco me					-27 5 5 72	6 2 60 -	3 3 54	27 8 4 78 -	1 9 56	27 6 5 22 -
Sh tio are op n p rog ram me				48 6				48 6		48 6
Mi rity - d isc tin d o ion rat no on ue pe								0	21 89 2 -	21 89 2 -
Ch id- in c ita l an ge s - pa ap	28 4 7 21 -		41 8 2 67	0				133 54 6		133 54 6
Eq uit t 3 1 D be r 2 01 3 y a ec em	75 11 8	-14 1	41 8 2 67	11 9 1 91	-20 4 4 41	11 69 0	-14 66 5	40 5 0 19	24 0	40 5 2 59