Incus Investor ASA 1
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1 1 Incus Investor ASA
2 Incus Investor ASA TABLE OF CONTENTS HISTORY STRATEGIC CHANGE INCUS INVESTOR ASA SCANA STEEL AB SCANA PROPERTY AS SCANA VALVE CONTROL AS SCANA OFFSHORE AS SCANA STEEL BOOFORGE AB 2
3 History Established in 1987 through the merger of Scan Armatur AS and Scan Paint AS Acquisition and development of several businesses throughout the s Oldest portfolio company established in 1652 in Karlskoga, Sweden Listed on the Oslo Stock Exchange in 1995 Strong growth until 2009 Challenges and restructurings in recent years Reformation and strategic reorganization in
4 Strategic change Scana Group was in reality a collection of relatively different companies and business areas, only bound together by ownership and financing. The subsidiaries would have a better chance of a positive value development as independent portfolio companies with Scana Industrier ASA as an active and competent owner. During spring 2015, the Board of Scana Industrier ASA voted to convert the business from a Nordic industrial group to an industrial investment company. At the 2016 general assembly, a name change to Incus Investor ASA was decided. 4
5 From industrial group to investment company INVESTMENT COMPANY PARENT COMPANY Direct involvement Shared functions Integrated reporting systems Direct operational responsibility BUSINESS AREAS Fully consolidated capital Under direct control from parent Access to shared functions Internal reporting procedures Chasing synergies Focus on value development Active ownership Less shared functions Influence through the boards of directors PORTFOLIO COMPANY Independently responsible Complete organization Active and professional board of directors Strong focus on improvement in all parts 5
6 Incus as an active owner INVESTMENT COMPANY KEY TASKS Maximizing the value of the company portfolio and setting strategic direction Financial reporting to shareholders, lenders and capital markets Management and allocation of financial resources Acquisitions and divestments INDIVIDUAL MANAGMENT OF EACH INVESTMENT Designated investment team Strategy based on ownership agenda Defined value creation plan Optimal board and management composition Defined ownership agenda Close follow-up of management team TOOLS AVAILABLE FOR AN ACTIVE OWNER Active work through BOD and dialogue with CEO/CFO Strategic repositioning Restructuring and operational improvements Financial engineering Simplified and clear processes Investor network and M&A competence 6
7 Incus Investor ASA Snapshot INCUS TODAY Diversified portfolio of industrial companies. Enterprises engaged in the manufacturing of high quality steel products and solutions, valve control systems, offshore mooring and offloading systems and real estate. 352 employees (Incus with portfolio companies). KEY FIGURES OPERATING INCOME EBITDA MNOK
8 Portfolio companies Scana Steel Scana Property Scana Valve Control Scana Vestby Offshore Scana Steel Booforge Scana Steel Björneborg Scana Eiendom Jørpeland Skarpenord Scana Subsea Scana Eiendom Volda Hydraulics Korea Fjordbris (49%) (50,1%) High quality steel and solutions Management and development of properties Systems for valve controls Systems and equipment for mooring and offloading Production of forks for lifting solutions and forging and heat treatment of steel products 8
9 Organization and key resources Incus Board Of Directors CEO Bjørn Torkildsen Kjetil Flesjå - CFO Financial Department INVESTMENT DIRECTOR Leif Rosén INVESTMENT DIRECTOR INVESTMENT DIRECTOR INVESTMENT DIRECTOR INVESTMENT DIRECTOR Tom Sætremyr Kjetil Flesjå Øyvind Tørlen Leif Rosén Scana Steel Scana Property Scana Valve Control Vestby Scana Offshore Scana Steel Booforge Board of Directors Board of Directors Board of Directors Board of Directors Board of Directors CEO CEO CEO Sören Andersson Raymond Gabrielsen Torkjell Lisland Anders Johanson CEO CEO 9
10 Invested capital Per Dec 2016 MNOK MNOK OTHER 30 NWC INT. ASSETS 86 1 NIBD 187 Skarpenord; 38 Offshore; -11 Booforge; 28 HQ/Elim; 32 Property; 65 TANGIBLE ASSETS 282 EQUITY 212 Steel; 247 EMPLOYED Sysselsatt CAPITAL kapital Finansiering FINANCING Markedsverdi Incus EMPLOYED CAPITAL - BREAKDOWN 10
11 Scana Steel Snapshot COMPANY OVERVIEW High-quality steel products, applications and complete solutions with various degrees of completion in a variety of shapes and steel grades. Headquarter: Björneborg, Sweden. 198 employees. 539 KEY FIGURES OPERATING INCOME EBITDA 409 MNOK
12 Scana Steel Products and services PRODUCTS & SERVICES FORGED COMPONENTS WITH HIGH TECHNICAL CONTENT STEEL MAKING FORGING RAW FORGED SEMI-FINISHED SHAFTS ROTORS HEAT TREATM. TURNING RISERS JOINTS FORGED STEEL FOR TOOL MANUFACTURERS UP TO 45 TONNES OF MACHINED WEIGHT MILLING DRILLING MARKET Oil & Gas Power Gen Steel WELDING THREADING SURFACE TREATM. ASSEMBLY Marine Industry Defence 12
13 Scana Property Snapshot COMPANY OVERVIEW Ownership, management, development and realization of real estate in Norway. Approx m2 industrial property plus large land areas for further development. 1 employee. KEY FIGURES OPERATING INCOME EBITDA MNOK Ryfast
14 Scana Property Portfolio REAL ESTATE PORTFOLIO 74,000 M2 LAND FOR DEVELOPMENT - JØRPELAND 9,000 M2 INDUSTRY - VOLDA RECREATIONAL LAND AREA JØRPELAND INTERNAL AND EXTERNAL TENANTS INDUSTRY VOLDA LAND AREA JØRPELAND 14
15 Scana Valve Control Snapshot COMPANY OVERVIEW Hydraulic and pneumatic valve control systems for oil, gas and shipbuilding industry. Headquarter: Rjukan, Norway. Strategic ownership in Scana Korea Hydraulics. 67 employees. KEY FIGURES * OPERATING INCOME EBITDA MNOK * Results from Scana Skarpenord 15
16 Scana Valve Control Products and services PRODUCTS & SERVICES COMPLETE VALVE CONTROL SYSTEMS HYDRAULIC AND PNEUMATIC ACTUATORS CONTROL SYSTEMS CLOSED CONTROL UNITS CABINETS SERVICE AND AFTER MARKET MARKET SHIPS AND FLOATING INSTALLATIONS GAS FREIGHT IS THE LARGEST MARKET SEGMENT INCREASING SALES AND MARKET SHARES IN CHINA AND USA STRONG POSITION IN SOUTH KOREA LARGE INSTALLED BASE ON NORWEGIAN OFFSHORE INSTALLATIONS 16
17 Scana Offshore Snapshot COMPANY OVERVIEW System solutions for offloading, mooring, swivels and other turret-related equipment for floating production and storage vessels. Headquarter: Vestby, Norway. 20 employees. 108 KEY FIGURES OPERATING INCOME EBITDA MNOK
18 Scana Offshore Products and services PRODUCTS & SERVICES OFFLOADING SYSTEMS MOORING SOLUTIONS TURRET SOLUTIONS SWIVEL STACKS FEASIBILITY STUDIES AND SPECIAL DESIGNS SERVICE MARKET FPSO FSO FSU LNG PROCESSING UNITS 18
19 Scana Steel Booforge Snapshot COMPANY OVERVIEW Manufacturer of larger forklift truck arms and other forged products with high strength requirements. Heat treatment of large steel components. Headquarter: Karlskoga, Sweden. 60 employees. KEY FIGURES OPERATING INCOME EBITDA MNOK
20 Scana Steel Booforge Products and services PRODUCTS & SERVICES FORGED ARMS FOR FORKLIFT TRUCKS LIFTING EQUIPMENT FOR FORKLIFT TRUCKS HEAT TREATMENTS FOR LARGER GOODS FREE FORM FORGED COMPONENTS SERVICE AND REPAIR MARKET TRUCK MANUFACTURERS MACHINE MANUFACTURERS STEEL MANUFACTURERS SUPPLIERS TO THE OIL AND GAS INDUSTRY 20
21 21 Incus Investor ASA
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