Erria A/S ÅRSRAPPORT ANNUAL REPORT 2012
Forretningsområder Business areas SHIPMANAGEMENT Selskabet teknisk management, som forestår bemanding, supply management, dokninger, ombygninger og rapportering for rederiets egne skibe samt 17 skibe for eksterne kunder. Afdelingen har 9 ansatte. SHIPMANAGEMENT The Company technical management, crewing, supply management, dockings, conversions and reporting for the Company s own vessels and 17 vessels for external clients. The department has 9 employees. CONSULTING Rederiets afdeling for Shipdesign og Consulting har betydelig ekspertise inden for projektdesign, herunder nybygningstilsyn, inspektioner, dokninger og anden teknisk rådgivning. Der ydes p.t. nybygningstilsyn på 12 skibe. Afdelingen har 5 fastansatte i København og et antal projektansatte. CONSULTING The Company s department for Shipdesign and Consulting has a considerable expert knowledge within project design, including newbuilding supervision, inspections, dockings and other types of technical consultancy. Presently, newbuilding supervision is performed on 12 vessels. The department has 5 permanent employees in Copenhagen and a number of project employees. 2 ÅRSRAPPORT ANNUAL REPORT 2012
Indholdsfortegnelse Table of contents Indhold Contents LEDELSESBERETNING Selskabsoplysninger...4 Hoved- og nøgletal...5 Beretning...7 Aktionærinformation...18 Bestyrelse, direktion og ledelse...22 Overblik over ERRIAs historie...30 Selskabsstruktur...31 PÅTEGNINGER Ledelsespåtegning...32 Revisionspåtegning...34 REGNSKABER Totalindkomstopgørelse...36 Balance...38 Egenkapitalopgørelse...40 Pengestrømsopgørelse...42 Noter...44 MANAGEMENT REVIEW Company details...4 Key figures and financial ratios...5 Review...7 Shareholder information...18 Board of Directors, Executive Management and Management...22 History of ERRIA in brief...30 Company structure...31 STATEMENT Management s statement...32 Auditor s report...35 FINANCIAL STATEMENT Statement of Comprehensive Income...36 Balance sheet...38 Change in equity...40 Cash flow statement...42 Notes...44 Den danske tekst står som regel i venstre kolonne eller på den venstre side. The English text is usually found in the column or the page to the right. I finansielle oversigter findes de danske tekster over de engelske tekster. In the financial overviews the English text is found below the Danish text. Please note In the event of discrepancy between the meanings of the Danish language version and the English language version of the Annual Report 2012, the Danish version prevails. The Danish decimal and digit grouping symbols have been used in the financial statements. 3
Selskabsoplysninger Company details Selskab Erria A/S CVR nr. 15 30 05 74 Hjemstedskommune Tårnby, Danmark Company Erria A/S Danish Central Business Registration No. 15 30 05 74 Registered in Tårnby, Denmark Amager Strandvej 390, 2 nd DK-2770 Kastrup Amager Strandvej 390, 2 nd DK-2770 Kastrup Telefon 3336 4400 Telefax 3336 4401 Internet www.erria.dk Email info@erria.dk Bestyrelse Kaare Vagner (Bestyrelsesformand) Finn Buus Nielsen (Næstformand) Claus Jarlgaard Jensen Peter Jein Direktion Administrerende Direktør Henrik N. Andersen Revision PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Phone 3336 4400 Fax 3336 4401 Internet www.erria.dk Email info@erria.dk Board of Directors Kaare Vagner (Chairman) Finn Buus Nielsen (Deputy Chairman) Claus Jarlgaard Jensen Peter Jein Executive Board CEO and managing director Henrik N. Andersen Auditors PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Godkendt på selskabets generalforsamling, 24. april 2013 The Annual General Meeting approved the annual report on 24 April 2013 Dirigent Chairman of the Annual General Meeting 4 ÅRSRAPPORT ANNUAL REPORT 2012
Hoved- og nøgletal Key figures and financial ratios KONCERN GROUP tdkk 2012 2011 2010 2009 2008 Hovedtal Key Figures Omsætning Revenue 49.591 53.097 35.716 66.762 80.454 Resultat af primær drift Operating profit (24.781) (40.642) 1.363 (151.813) (15.017) Finansielle poster, netto Financials, net (2.037) (11.814) (5.110) (8.187) (17.865) Årets resultat fra fortsættende aktiviteter Profit for the year continuing activities (27.318) (54.328) 962 Årets resultat fra ophørende aktiviteter Profit for the year from discontinuing activities 256.531 (280.861) (60.348) Årets resultat Profit for the year 229.213 (335.189) (59.386) (156.423) (33.235) Årets totalindkomst Total Comprehensive Income for the year 229.397 (332.802) (62.128) (155.573) (24.612) Egenkapital Equity 4.559 (224.872) 63.579 123.726 287.267 Balancesum Balance sheet total 61.384 320.947 510.282 515.487 603.399 Køb af skibe Purchase of vessels - - - - 255.288 Investeret kapital inkl. goodwill Invested Capital including goodwill 10.400 16.012 374.813 367.637 377.620 Gennemsnitlig antal aktier Average number of shares 7.896.686 4.254.920 4.108.810 4.108.810 4.108.810 Nøgletal Ratios Overskudsgrad EBIT (%) EBIT margin (%) Neg. Neg. 4 Neg. Neg. Afkast af investeret kapital inklusive goodwill EBIT (%) Return on invested capital including goodwill EBIT (%) Neg. Neg. 0 Neg. Neg. Egenkapitalens forrentning (%) Return on Equity (%) Neg. Neg. Neg. Neg. Neg. Egenkapitalandel (%) Equity ratio (%) 7 Neg. 12 24 48 Indtjening pr. aktie, moderselskabets aktionærer (DKK) Earning per share, equity holders of the company (DKK) 26 (74) (14) (37) (7) Udbytte pr. aktie (DKK) Dividend per share (DKK) - - - - - Hoved- og nøgletal for 2008 til 2009 er ikke tilpasset mht. ophørende aktiviteter. Hoved- og nøgletal for 2008 til 2009 er derfor identiske med de aflagte årsrapporter for perioden. Financial highlights for 2008 to 2009 are not adjusted with respect to discontinued operations. Financial highlights for 2008 to 2009 are identical to the annual reports for the period. 5
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Beretning Review Strategi og forretningsområder Erria A/S fortsættende aktivitetsområder er Consulting og Ship Management. Strategy and business areas Erria A/S s continuing activities comprise Consulting and Ship Management. Det er selskabets mål at fastholde og udvikle ekspertisen indenfor Consulting og Ship Management på nicheområder og herigennem udvide selskabets gunstige markedsposition The object of the Company is to maintain and develop the expertise within Consulting and Ship Management in niches and through this expand the Company s favourable market position. Selskabets overordnede strategi er at differentiere sig fra konkurrenterne, ved at tilbyde en komplet vifte af Shipping Services i et tæt samarbejde med kunderne. The overall strategy of the Company is to differentiate itself from its competitors by offering a complete range of Shipping Services in close partnership with customers. Selskabet har ekspertise indenfor: The Company has expertise within: Skibsdesign og consulting Teknisk management Bemanding Skibsselskabsadministration Supply management Køb og salg af skibe Skibs og værftsinspektioner Ship design and consulting Technical management Crew management Ship Company administration Supply management Purchase and sale of vessels Ships and yardinspections Erria A/S er en maritim one stop shop. Selskabet kan internationalt tilbyde services i flere lande, hvor de lokale kompetencer og ressourcer udnyttes optimalt. Dette er for at sikre en dynamisk organisation indenfor skibsadministration bemanding, skibsteknisk rådgivning, nybygningstilsyn, skibsinvestering, indkøb og forsyning samt et internationalt service- og reparationsteam. Transaktion med Uni-Tankers A/S Som beskrevet i sidste årsrapport og fondsbørsmeddelelse er ejerskabet af tankskibene og Ibex Maritime Ltd. overgået til Uni- Tankers A/S i 1. halvår 2012, og skibene blev overdraget som en kontant handel. Som vederlag for Ibex Maritime Ltd. modtog Erria A/S et ejerskab i Uni-Tankers A/S svarende til 15% af den nominelle aktiekapital. Salget skete den 6. januar 2012 og medførte en avance på ca. 12 mio. DKK. I 2. halvår 2012 gennemførte Uni-Tankers A/S en kapitaludvidelse hvor Erria A/S andel blev reduceret til 12,8% af den nominelle aktiekapital. Kapitalforhøjelse og rekonstruktion Rekonstruktionen af Erria A/S, som har indeholdt ovennævnte afhændelse af tankskibene mv. blev endeligt afsluttet i december. Danske Bank har eftergivet gældsforpligtelserne til banken, løst selskabet for resthæftelserne i kommanditselskaberne og gennemført en refinansiering som Erria A/S har mulighed for at honorere. Erria A/S is a maritime one stop shop. The Company offers its services Internationally in several countries with optimal use of local competencies and resources, this ensures a dynamic organisation within administrative ship and crew management, technical consultancy concerning ships and newbuilding supervision, ship investment, purchase and procurement as well as an international service and repair team. Transaction with Uni-Tankers A/S As described in last year s annual report and OMX release, the ownership of the vessels and Ibex Maritime Ltd. has been transferred to Uni-Tankers A/S in 1. half of 2012 and the vessels was transferred as a cash transaction. As consideration for Ibex Maritime Ltd. Erria A/S received shares of Uni-Tankers A/S corresponding to 15% of the nominal share capital. The sale was effected on 6 January 2012 and resulted in a gain of approx. DKK 12 mio. In 2. half of 2012 Uni-Tankers A/S completed a capital increase where Erria A/S share was reduced to 12.8% of the nominal share capital. Capital increase and reconstruction The reconstruction of Erria A/S, which included above mentioned disposal of the chemical vessel etc., was finally concluded in December. Danske Bank has waived debt obligations to the bank, resolved the company of the remaining liabilities in the limited partnerships and implemented a refinancing which Erria A/S is able to honor. 7
Beretning Review Den resterende gæld på 15 mio. DKK til Danske Bank vil efter planen være fuldt afviklet i 2016. The remaining debt of DKK 15 mio. to Danske Bank will according to plan be fully settled in 2016. Erria A/S egenkapital udgør pr. 31. december 2012 5 mio. DKK. On 31 December 2012 Erria A/S equity amounts to DKK 5 mio. Bestyrelsen vil på den ordinære generalforsamling stille forslag til nedsættelse af aktiekapitalen til dækning af underskud. Aktiviteterne i det fortsættende Erria A/S Det fortsættende Erria A/S vil udbygge forretningsområderne Consulting og Ship Management. The Board of Directors will on the annual general meeting propose a reduction of the share capital in order to cover deficit. Activities in the continuing Erria A/S The continuing Erria A/S will expand the business segments Consulting and Ship Management. Organisationen er i 2012 blevet slanket og fokus er rettet mod udviklingen af selskabets kernekompetancer: Consulting og Ship Management ydelser til nye og eksisterende kunder. The organisation has been streamlined and focus is on the development of the company s core competence: Consulting and Ship management services to new and existing customers. Ultimo 2012 ejer Erria A/S datterselskabet Erria Latinoamerica S.A., samt kapitalandele i Saigon Shipping Joint Stock Company Ltd. (associeret) og Uni-Tankers A/S. Udvikling i året 2012 Koncern Årets resultat af de fortsættende aktiviteter er på -27 mio. DKK (2011: -54 mio. DKK), heraf udgør 25 mio. DKK nedskrivninger af kapitalandele i Saigon Shipping Joint Stock Company og Uni- Tankers A/S. Nedskrivningerne sker som følge af et mere konservativt syn på fremtidsudsigterne inden for de shipping segmenter, som de to virksomheder opererer i. At the end of 2012 Erria A/S owns the subsidiaries Erria Latinoamerica S. A. and shares in Saigon Shipping Joint Stock Company Ltd. (associate) and Uni-Tankers A/S. Development in the year 2012 Group The loss for the year for continuing activities is DKK -27 mio. (2011: DKK -54 mio.), of which DKK 25 mio. is impairments of investments in Saigon Shipping Joint Stock Company and Uni-Tankers A/S. The impairment occurs as a result of a more conservative view on prospects within the shipping segments in which the two companies operates. Årets resultat af ophørende aktiviteter blev på 257 mio. DKK mod -281 mio. DKK i 2011. Resultatet for 2012 er væsentligt påvirket af: Indtægt som følge af gældseftergivelser Indtægt pga. medhold i voldgiftssag mod Rushan Shipyard samt kompensation af tilbagebetalte forudbetalinger Avance ved salg af Ibex Maritime Ltd. Nedskrivning af M/V Erria Vietnam i forbindelse med indgåelse af salgsaftale Som følge af afhændelsen af M/V Erria Vietnam er det i 2011 særskilte segment Skibsreder i 2012 medtaget under ophørende aktiviteter. Sammenligningstallene i resultatopgørelsen er tilpasset. M/V Erria Vietnam er leveret til køber 11. marts 2013. Årets resultat blev på 229 mio. DKK mod -335 mio. DKK i 2011. Koncernens totalindkomst blev 229 mio. DKK mod -333 mio. DKK i 2011, hvilket, omstændighederne taget i betragtning, anses for tilfredsstillende. Koncernens egenkapital udgjorde ultimo 2012 5 mio. DKK mod -225 mio. DKK ved udgangen af 2011. Egenkapitalen er således genetableret. Selskabet beskæftigede ved regnskabsårets afslutning 59 medarbejdere på kontorerne i Danmark og i udlandet. The profit from discontinued operations amounted to DKK 257 mio. against DKK -281 mio. in 2011. The 2012 result is significantly influenced by: Income as a result of remissions of debt Income due to succesful arbitration against Rushan shipyard and compentation from detained prepayments Gain on sale of Ibex Maritime Ltd. Impairment loss of M/V Erria Vietnam related to concluded bill of sale As consequence of the disposal of M/V Erria Vietnam, the 2011 separate segment Shipowner, is in 2012 included under discontinuing activities. The comparative figures in the statement of comprehensive income are adapted. M/V Erria Vietnam has been delivered to the buyer 11. March 2013. The profit for the year amounted to DKK 229 mio. against a loss of DKK 335 mio. in 2011. The consolidated comprehensive income amounted to a DKK -229 mio. against a negative comprehensive income of DKK 333 mio. in 2011, which, given the circumstances is considered satisfactory. Consolidated equity amounted to DKK 5 mio. against DKK -225 mio. at the end of 2011. Equity is thus restored. The Company employed 59 people at year end at the offices in Denmark and abroad. 8 ÅRSRAPPORT ANNUAL REPORT 2012
Året der gik Selskabet har overdraget kemikalietankskibene til Uni-Tankers A/S og afviklet shipping relaterede aktiviteter i selskabet. The past year The company has transferred the chemical tankers to Uni-Tankers A/S and settled shipping related activities in the company. Det sidste skib M/V Erria Vietnam er solgt ultimo 2012 og leveres til køber 11. marts 2013. The last vessel M/V Erria Vietnam is sold by the end of 2012 and will be delivered to the buyer 11. March 2013. ERRIAs containerskib M/V Erria Vietnam er nedskrevet til nettosalgsprisen på 2,5 mio. USD. ERRIA s containervessel M/V Erria Vietnam is impaired to the net sale value of USD 2.5 mio.. Der er således udelukkende selskabets fortsættende forretningsområder tilbage, hvilket nu giver mulighed for fuld fokus på selskabets kernekompetanceområder. There is thus only the company s continuing business segments left, which now allows full focus on the company s core competence areas. Organisationen er blevet slanket og fokus er rettet mod udviklingen af consulting og ship management ydelser til nye og eksisterende kunder. The organisation has been streamlined and focus is on the development of Consulting and Ship management services to new and existing customers. Erria A/S annullerede i 2012 den 3. og sidste nybygning på det kinesiske værft i Rushan. Voldgiftssagen mod Erria A/S vedrørende uretmæssig annullering af nybygningskontrakterne blev afgjort til ERRIAs fordel. Alle forudbetalinger til Rushan samt sagsomkostningerne er udbetalt til ERRIA, som derved kunne indtægtsføre 85 mio. i regnskabsåret. Erria A/S cancelled the 3. and last newbuilding from the chinese yard in Rushan. The arbitration against Erria A/S concering cancellation of the newbuilding contracts was decided in favour of ERRIA. All prepayments to Rushan legal costs has been paid to ERRIA, and thereby could recognise a revenue of DKK 85 mio. in the financial year. Det associerede selskab Saigon Shipping Company Ltd. er nedskrevet med yderligere 5,0 mio. DKK og Uni-Tankers A/S aktierne med 20,0 mio. DKK. Risici Styring af risici Aktiv vurdering af risici spiller en central rolle i Koncernens strategi om at sikre en stabil indtjening. Selskabets direktion og Bestyrelse vurderer løbende de risici, som Selskabet er eksponeret for og vurderer ligeledes, om der bør tages forholdsregler i forhold til eksponeringen. Rådgivningsaftaler Koncernen har indgået en række aftaler indenfor Consulting og Ship Management. Koncernen har en række store kontrakter indenfor hvert forretningsområde, som udgør en væsentlig del af omsætningen, hvorfor koncernen har en afhængighed af få enkeltkunder og enkeltprojekter. Fragtraterisici Koncernen er fremadrettet hovedsagligt eksponeret over for skibsdrift gennem aktieposterne i Uni-Tankers A/S og Saigon Shipping Joint Stock Company. Forsikring Der er en række risici forbundet med operation af skibe. De værdimæssigt væsentligste begivenheder, der er omfattet af forsikringsdækning er olieudslip og totalforlis (mistet værdi for egne skibe samt den ombordværende kommercielle last). Selskabet sikrer sig mod disse ved at tegne forsikringer hos anerkendte internationale selskaber. The associate Saigon Shipping Company Ltd. is impaired with additional DKK 5.0 mio. and the Uni-Tankers A/S shares with DKK 20.0 mio. Risks Risk management Active risk assessment plays a key role in the Group s strategy to ensure stable earnings. The Board of Directors and the Executive Management of the Company currently assess the exposure of the Company and moreover consider whether any measures should be taken with respect to this exposure. Consultancy agreements The Group has concluded a number of agreements within Consulting and Ship Management. The Group has a number of large contracts within each business area, which form a major part of the turnover. It gives the Group a dependence of few individual customers and projects. Freight risks In the future the Group will primarily be exposed to operation risks through its shareholdings in Uni-Tankers A/S and Saigon Shipping Joint Stock Company. Insurance There are a number of risks associated with the operation of vessels. The most important events in terms of value covered by insurance are oil spills and total losses (lost value of own vessels and the occupants of commercial cargo). The Company protects itself against such risks by taking out insurance policies with recognised international companies. 9
Beretning Review IT IT-afdelingen har etableret et teknisk beredskab. Dermed er der planer for, hvorledes Selskabet fortsat kan fungere ved selv kritiske nedbrud på IT-området. Beredskabet lever op til det ledelsesmæssigt besluttede beredskabsniveau om at levere nøddrift indenfor henholdsvis 8 til 24 timer afhængig af systemnedbrud. Administrationsaftaler Selskabet har administrationsaftaler på eksternt ejede skibe, som er i management. I sagens natur foreligger der en operationel risiko for, at selskabet kan miste en eller flere aftaler på dette område. Selskabet vil i en sådan situation tilstræbe at tilpasse organisationen. Finansielle risici Der henvises til regnskabets note 3. Forventninger til 2013 Selskabet kan som følge af sine kompetencer og omdømme forstærke sin indtjening på hovedforretningsområder. Da Erria A/S efter afvikling af kemikalietankskibene er fokuseret på Consulting og Ship Management, forventes i 2013 en væsentlig positiv udvikling af totalindkomsten og et positivt cash-flow. Kapital- og likviditetsforhold - fortsat drift Der henvises til redegørelsen i regnskabets note 2. Usikkerhed ved indregning eller måling Der henvises til regnskabets note 2 Væsentlige valg i anvendt regnskabspraksis samt væsentlige regnskabsmæssige skøn, afsnittet om væsentlige regnskabsmæssige skøn vedrørende opgørelse af dagsværdi af kapitalandele. Her redegøres for usikkerhederne vedrørende værdiansættelsen af kapitalandele til dagsværdi. Begivenheder efter balancedagen M/V Erria Vietnam er leveret til køber den 11. marts 2013. Derudover er der efter balancedagen ikke indtruffet forhold som har væsentlig indflydelse på bedømmelsen af årsrapporten. Fremadrettede udsagn Denne årsrapport indeholder fremadrettede udsagn, som afspejler ledelsens nuværende opfattelse af fremtidige begivenheder og økonomiske resultater. Udsagn om 2013 og årene fremover er i sagens natur forbundet med usikkerhed, og selskabets faktiske resultater kan derfor afvige fra forventningerne. Årsrapporten er ikke en opfordring til at købe eller sælge aktier i Erria A/S. IT The IT department has set up technical emergency preparedness. Thus, there are plans in place to enable the Shipping Company to continue operation even with critical IT breakdowns. The preparedness meets the level determined by Management to provide emergency operation within 8 to 24 hours, respectively, depending on the system. Management agreements The Shipping Company has management agreements on both its own vessels and externally owned vessels under management. Naturally, there is an operational risk that the Shipping Company may lose one or more agreements in this area. The Shipping Company will in such a situation make an effort to adjust the organisation accordingly. Financial risks Reference is made to note 3 to the financial statement. Expectations for 2013 Due to its competencies and reputation the Company can strengthen its earnings in the main business areas. Following the disposal of the chemical tankers Erria A/S is focused on Consulting and Ship Management, And expects in 2013 a significant positive development in the Comprehensive income and a positive cash flow. Capital and cash situation going concern Reference is made to the statement in note 2 of the financial statement. Uncertainty concering recognition or measurement Reference is made to the financial statement note 2 Significant choices in accounting policies and substantial accounting estimates, the section regarding significant accounting estimates regarding statement of fair value adjustment of investment. This presents the uncertainties regarding fair value assessment of investments. Subsequent events M/V Erria Vietnam has been delivered to buyer on 11 March 2013. In addition, there has been no events after the balance sheet day, which has significance influence on the appraisal of the annual report. Forward-looking statements This Annual Report contains forward-looking statements that reflect Management s current view of future events and financial performance. Statements regarding 2013 and future years are inherently subject to uncertainties and the Company s actual results may therefore differ from expectations. The Annual Report is not a solicitation to buy or sell shares of Erria A/S. 10 ÅRSRAPPORT ANNUAL REPORT 2012
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Beretning Review Corporate Governance Selskabets bestyrelse forholder sig løbende til rammerne og principperne for den overordnede styring af Koncernen. Målet er at sikre, at Koncernen ledes på en sådan måde, at Koncernen kan opnå målet om en langsigtet værditilvækst for aktionærerne. Selskabet lever op til hovedparten af komitéens anbefalinger, men følger ikke anbefalingerne på følgende områder: Selskabet har ikke en politik vedr. samfundsansvar. Selskabets oplysninger til markedet udfærdiges ikke fuldt ud på engelsk. Selskabet er dog opmærksom på de enkelte tilfælde, hvor en oversættelse til engelsk kan være hensigtsmæssig. Selskabet har ikke en egentlig arbejds- og opgavebeskrivelse af formandens og næstformandens opgaver, pligter og ansvar. Selskabet har i stedet valgt at anvende den vedtagne forretningsorden. Selskabets bestyrelse har ikke medarbejdervalgte medlemmer grundet sin størrelse og begrænsede antal medarbejdere Selskabet har ikke en aldersgrænse for bestyrelsesmedlemmer. Selskabet lægger vægt på, at Bestyrelsen består af medlemmer med en betydelig relevant erhvervsmæssig erfaring og medlemmer til bestyrelsen vælges for et år ad gangen. Henset til selskabets størrelse finder bestyrelsen det mest hensigtsmæssigt, at den samlede bestyrelse forestår opgaverne, og har derfor ikke nedsat et nomineringsudvalg eller et vederlagsudvalg. Bestyrelsen har ikke udformet en egentlig vederlagspolitik, men har og vil løbende vurdere Bestyrelsens og direktionens vederlag i forhold til de stillede opgaver og ansvar, som er forbundet hermed. Selskabet har valgt ikke at have en whistleblower-ordning. som følge af, at de relativt få medarbejdere har mulighed for direkte og uformel adgang til både Bestyrelse og direktion. Med udgangspunkt i anbefalinger fra Komitéen for god selskabsledelse (Corporate Governance), har Erria A/S ønsket at foretage en grundig individuel gennemgang i kommentarform, af hver enkelt anbefaling. Dette kan læses i sin helhed på www.erria.dk, under Investor Relations i punktet Corporate Governance, hvor den fulde redegørelse kan hentes (downloades) nederst på siden, samt ved at benytte dette link: http://www.erria.dk/fileadmin/fabricius_root/company_announcements/corporate_governance_januar_2012.pdf Corporate governance The Company s Board of Directors currently considers the framework and principles for the overall management of the Group. The objective is to ensure that the Group is managed in such a way that it will meet its target of a long-term increase in value for the shareholders. The Company complies with the majority of the Committee s recommendations but does not follow the recommendations in the below areas: The Company does not have a policy on corporate social responsibility. The Company s announcements to the market are not prepared in English in all cases. However, the Company is aware of the cases where translation into English may be appropriate. The Company does not have an actual description of the work, duties and responsibilities of the Chairman and the Deputy Chairman. The Company has instead chosen to apply the rules of procedure already adopted. There are no board members elected by the employees on the Company s Board of Directors due to its size and the limited number of employees. The Company has no age limits for board members as the Company emphasises that the Board of Directors includes members with important, relevant business experience and as board members are elected for one year at a time. In view of the Company size, the Board of Directors finds is appropriate that the entire Board of Directors carry out the tasks, and has therefore not appointed a rating committee or a remuneration committee. The Board of Directors has not laid down any actual remuneration policy but has assessed, and will continue to assess, the remuneration of the Board of Directors and the Executive Management in the light of the work and responsibilities related to the office. Due to the fairly few employees having the possibility of direct and informal access to both the Board of Directors and the Executive Management, the Company has chosen not to have any whistleblower system. Based on the recommendations on corporate governance issued by the Committee on Corporate Governance in Denmark Erria A/S wanted to make a thorough individual review by commenting on every single recommendation. This can be read in its entirety on www.erria.dk under Investor Relations in the Corporate Governance section where the complete statement can be downloaded either at the bottom of the page or by using the below link: http://www.erria.dk/fileadmin/fabricius_root/company_announcements/corporate_governance_januar_2012.pdf 12 ÅRSRAPPORT ANNUAL REPORT 2012
Bestyrelsen Ifølge selskabets vedtægter vælger generalforsamlingen mellem tre og syv medlemmer til Bestyrelsen. Bestyrelsen består pt. af fire generalforsamlingsvalgte medlemmer, som vælges for et år ad gangen med mulighed for genvalg. Bestyrelsen vælger af sin midte en formand og en næstformand. Direktionen deltager sædvanligvis i bestyrelsesmøderne, som afholdes minimum 5 gange årligt. Bestyrelsen har mødtes 9 gange i 2012. Bestyrelsen modtager en løbende orientering om Koncernens forhold, herunder en fast månedlig rapportering. Bestyrelsens medlemmer modtager et fast årligt honorar, som godkendes af generalforsamlingen i forbindelse med godkendelsen af årsrapporten. Bestyrelsen er ikke omfattet af bonus- eller optionsordninger. Ingen af Bestyrelsens medlemmer har ret til særligt vederlag i forbindelse med fratræden. Direktion Direktionen ansættes af Bestyrelsen, der fastsætter direktionens ansættelsesvilkår. Direktionen er ansvarlig for den daglige drift af Koncernen under iagttagelse af de retningslinjer og anvisninger, som Bestyrelsen angiver. Aflønningen af direktionen, der frem til 7. marts 2012 bestod af to medlemmer, fastsættes af bestyrelsen. Ved væsentlige ændringer i selskabets ejerforhold har direktionen ret til at oppebære særligt vederlag. Der er ikke fremadrettet indgået konkrete aftaler om incitamentsaflønning af direktionen. Forhandlingsudvalg Bestyrelsen besluttede at nedsætte et forhandlingsudvalg bestående af bestyrelsesformanden og direktionen. Forhandlingsudvalget har forhandlet med Uni-Tankers A/S på vegne af K/S erne, Erria Tankers Ltd. og Erria A/S med det formål at opnå de bedst mulige forhandlingsresultater ud fra de afgivne fuldmagter og mandater fra K/S-selskaberne og Erria A/S. Udvalget er nedlagt efter forhandlingsafslutning. Revisionsudvalg Selskabet har genoprettet et revisionsudvalg bestående af et bestyrelsesmedlem, der fungerer som formand for udvalget, og bestyrelsesformanden. Udvalget har i 2012 afholdt 2 møder. The Board of Directors According to the Articles of Association of the Company the General Meeting elects between three and seven members to the Board of Directors. At present, the Board of Directors has four members elected by the General Meeting who are elected for one year at a time with the possibility of re-election. The Board of Directors appoints its Chairman and Deputy Chairman from among its members. The Executive Management normally participates in the meetings of the Board of Directors which are held at least five times a year. The Board of Directors met 9 times in 2012. The Board is regularly briefed on the Group s circumstances and receives reports on a monthly basis. Board members receive a fixed annual fee as approved by the General Meeting in connection with the adoption of the Annual Report. The Board of Directors is not covered by any bonus or share option schemes. None of the board members are entitled to special consideration when resigning. Executive Management The Executive Management is appointed by the Board of Directors which lays down the terms of employment. The Executive Management is responsible for the day-to-day operation of the Group in compliance with the guidelines and directions determined by the Board of Directors. The remuneration of the Executive Management, which up to 7 March 2012 consisting of two members, is determined by the Board of Directors. Where substantial changes take place in company ownership, the Executive Management has the right to receive special remuneration. No specific agreements have been concluded on incentive remuneration of the Executive Management. Negotiating committee The Board of Directors decided to appoint a negotiating committee consisting of the Chairman and executive management. The negotiating committee has negotiated with Uni-Tankers A/S on behalf of the K/S companies, Erria Tankers Ltd. and Erria A/S in order to achieve the best possible outcome based on the vote proxies and mandates from the K/S companies and Erria A/S. The committee is resignated after the end of the negotiations. Accounting committee The Board of Directors has restored an accounting committee, consisting of a member of the Board of Directors, in the function of chairman, and the chairman of the Board of Directors. The Committee has in 2012 held 2 meetings. 13