sikuki nuuk harbour a/s · 2020. 5. 28. · annual report 2019 sikuki nuuk harbour a/s 2 company:...

Sikuki Nuuk Harbour a/SCVR-nr.: 12 70 69 52

AnnuAl RepoRt 2019

ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 2

Company: Sikuki Nuuk Harbour A/S

Aqqusinersuaq 48A

Postboks 4102

3900 Nuuk

CVR: 12 70 69 52

Place of residence: Nuuk, Greenland

Ownership: Government of Greenland owns 100%

Financial Year: 1.1.2019 - 12.31.2019

Board of Directors: Lars Erik Karlsson, Chairman

Haukur Óskarsson, Deputy Chairman

Anna-Berit Koertz

Christine Marianne Fleischer Tønnesen

Lars Borris Pedersen

Management: John Rasmussen

Auditor: Deloitte Statsautoriseret Revisionspartnerselskab

Imaneq 33, 6.-7. etage

3900 Nuuk

key FigureS 3

iNtroductioN 4

StatemeNt by maNagemeNt oN tHe aNNual report 5

iNdepeNdeNt auditorS report 6

maNagemeNt commeNtary 8

Development of activities and financial affairs 8

Main Activity and background 8

Structure and activities 8

Capital base 9

Changes to the Board of Directors and Management 9

Board meetings 9

Social Responsibility 10

Expected developments 10

Events after the balance sheet date 10

accouNtiNg policieS 11

iNcome StatemeNt For 2019 13

balaNce SHeet at 12.31.2019 14

equity StatemeNt For 2019 16

NoteS 17

coNteNt compaNy detailS


Key FiguresDKK 1,000 2019 2018 2017 2016 2015

Revenue 55,237 53,008 43,320 4,368 0

Operating profit/loss 25,586 26,521 27,184 -2,951 -2,525

Depreciation and impairment losses -16,219 -17,825 -14,742 0 14

Profit/loss before tax 9,367 8,696 12,442 -2,951 -2,511

Profit/loss for the year 7,632 5,930 8,485 -2,012 -1,634

Balance Sheet Total 653,330 657,461 668,254 682,017 687,290

Investment in tangible assets 646 7,030 30,237 328,514 223,948

Equity 117,156 109,523 103,593 95,107 97,120

Subordinated loan capital 127,856 124,101 120,455 116,972 113,484

Return on Investment 3.92% 4.03% 4.07% -0.43% -0.37%

Return on Equity 8.26% 8.16% 12.52% -3.07% -2.56%

Solvency Ratio 17.93% 16.66% 15.50% 13.95% 14.13%

Solvency Ratio including subordinated loan capital 37.50% 35.53% 33.53% 31.10% 30.64%

The Key Financial Figures for 2015, 2016 and 2017 are not fully comparable with 2018 and 2019, as the company was

primarily in a construction phase until mid-2017.

Port Calls and Freight Volumes

Containerships - Port Calls 141 161 165 - -

Cruise ships - Port Calls 36 34 35 - -

Oceangoing trawlers - Port Calls 143 179 148 - -

Unloaded Volumes - Seafood (tonnes) 42,637 34,839 34,391 - -

Data for 2015 and 2016 are not disclosed since the company first took over operations and port authority in mid-2016.

Number of employees on the reporting date 6 5 6 6 4

- of which are Students 1 0 0 0 0

Definitions

Return on Investment =Revenue * 100

Total Assets

Return on Equity =Operating profit/loss* 100

Average Equity

Solvency Ratio =Equity * 100 Total Assets

Solvency Ratio incl. subordinated loan capital =(Equity + Subordinated loan capital) *100

Total Assets


John Rasmussen,

CEO

Lars Karlsson,

Chairman

of the Board of Directors

iNtroductioN

Fisheries, tourism, raw materials and land-based industries are the

four pillars on which the Greenlandic economy rests and which,

along with education, are crucial to the country’s development.

Port infrastructure is crucial to the business development we

want in Greenlandic society.

By utilizing our strategic location in the Arctic, as well as further

developing port areas and services, we create value for owners,

customers and the entire Greenlandic society.

The expanded port capacity in Nuuk plays an important role in

the future streamlining of new trade opportunities and of the

supply of Greenland.

We have laid foundations for increased tourism measures, space

for the raw material industry and other port-related activities, and

we have continued to work with the trawler companies and their

partners ashore, to offer better and more efficient conditions for

the fishing industry.

We look forward to further developing the Port of Nuuk and to

cooperate with our owner, customers and other stakeholders on

more port-related projects in Greenland.

ouR geogRAphicAl locAtion cReAtes vAlue

The Annual Report has been prepared in Greenlandic, Danish and English. In case of conflict, the Danish version shall take preference.


StatemeNt by maNagemeNt oN tHe aNNual report

Nuuk, February 26, 2020

Management

John Rasmussen, CEO

The Board of Directors and Management have today discussed

and approved the Annual Report for the financial year 01.01.2019

- 12.31.2019 for Sikuki Nuuk Harbour A/S.

The Annual Report has been prepared in accordance with the

Greenlandic Financial Statements Act.

In our opinion, the Annual Report presents a true and fair view

of the Company’s assets, liabilities and financial position as per

12.31.2019 and of the results of its operations for the financial

year 1.1.2019 to 12.31.2019.

The Annual Report is recommended to the Annual General

Meeting for its approval.

Board of Directors

Lars Erik Karlsson, Chairman Haukur Óskarsson, Deputy Chairman

Anna-Berit Koertz Christine Marianne Fleischer Tønnesen

Lars Borris Pedersen


to the shareholDers of sikuki nuuk harbour a/s

Opinion

We have audited the financial statements of Sikuki Nuuk Harbour

A/S for the financial year 01.01.2019 - 12.31.2019, which comprise

the income statement, balance sheet, statement of changes in

equity, cash flow statement and notes, including a summary

of significant accounting policies. The financial statements

are prepared in accordance with the Greenlandic Financial

Statements Act.

In our opinion, the financial statements give a true and fair view

of the Entity’s financial position at 12.31.2019 and of the results

of its operations and cash flows for the financial year 01.01.2019

- 12.31.2019 in accordance with the Greenlandic Financial

Statements Act.

Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (ISAs) and additional requirements

applicable in Greenland. Our responsibilities under those

standards and requirements are further described in the Auditor’s

responsibilities for the audit of the financial statements section

of this auditor’s report. We are independent of the Entity in

accordance with the International Ethics Standards Board

of Accountants’ Code of Ethics for Professional Accountants

(IESBA Code) and the additional requirements applicable in

Greenland, and we have fulfilled our other ethical responsibilities

in accordance with these requirements. We believe that the

audit evidence we have obtained is sufficient and appropriate to

provide a basis for our opinion.

Management’s responsibilities for the financial statements

Management is responsible for the preparation of financial

statements that give a true and fair view in accordance with

the Greenlandic Financial Statements Act, and for such internal

control as Management determines is necessary to enable the

preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible

for assessing the Entity’s ability to continue as a going concern,

for disclosing, as applicable, matters related to going concern,

and for using the going concern basis of accounting in preparing

the financial statements unless Management either in-tends

to liquidate the Entity or to cease operations, or has no realistic

alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about

whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee that

an audit conducted in accordance with ISAs and the additional

requirements applicable in Greenland will always detect a

material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or

in the aggregate, they could reasonably be expected to influence

the economic decisions of users taken on the basis of these

financial statements.

iNdepeNdeNt auditor’S report


As part of an audit conducted in accordance with ISAs and the

additional requirements applicable in Greenland, we exercise

professional judgement and maintain professional scepticism

throughout the audit. We also:

• Identify and assess the risks of material misstatement of the

financial statements, whether due to fraud or error, design

and perform audit procedures responsive to those risks, and

obtain audit evidence that is sufficient and appropriate to

provide a basis for our opinion. The risk of not detecting a

material misstatement resulting from fraud is higher than

for one resulting from error, as fraud may involve collusion,

forgery, intentional omissions, misrepresentations, or the

override of internal control.

• Obtain an understanding of internal control relevant to

the audit 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 Entity’s

internal control.

• Evaluate the appropriateness of accounting policies used

and the reasonableness of accounting estimates and related

disclosures made by Management.

• Conclude on the appropriateness of Management’s use

of the going concern basis of accounting in preparing the

financial statements, and, based on the audit evidence

obtained, whether a material uncertainty exists related to

events or conditions that may cast significant doubt on

the Entity’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required

to draw attention in our auditor’s report to the related

disclosures in the financial statements or, if such disclosures

are inadequate, to modify our opinion. Our conclusions are

based on the audit evidence obtained up to the date of our

auditor’s report. However, future events or conditions may

cause the Entity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of

the financial statements, including the disclosures in the

notes, and whether the financial statements represent the

underlying transactions and events in a manner that gives a

true and fair view.

We communicate with those charged with governance

regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, including any

significant deficiencies in internal control that we identify during

our audit.

Statement on the management commentary

Management is responsible for the management commentary.

Our opinion on the financial statements does not cover the

management commentary, and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, our

responsibility is to read the management commentary and,

in doing so, consider whether the management commentary

is materially inconsistent with the financial statements or our

knowledge obtained in the audit or otherwise appears to be

materially misstated.

Moreover, it is our responsibility to consider whether the

management commentary provides the information required

under the Greenlandic Financial Statements Act.

Based on the work we have performed, we conclude that the

management commentary is in accordance with the financial

statements and has been prepared in accordance with the

requirements of the Greenlandic Financial Statements Act. We

did not identify any material misstatement of the management

commentary.

Nuuk, February 26, 2020

Deloitte

Statsautoriseret Revisionspartnerselskab

Business Registration No. 33 96 35 56

Claus Bech

State-Authorised Public Accountant

MNE-nr. 31453


maiN activity aNd backgrouNd

The Port of Nuuk is the largest port in Greenland and plays a

key role in container transport to, from and in Greenland. For a

number of years, the Port of Nuuk met capacity constraints that

made it relevant to expand the port.

In 2013, the Government of Greenland’s decided to establish

Sikuki Nuuk Harbor A / S to construct a new container terminal

at Qeqertanut , as well as owning, operating and developing the

port areas in Nuuk and related business on commercial terms.

Sikuki Nuuk Harbor A / S was founded on December 23, 2013 and

the company is 100% owned by the Government of Greenland.

The port expansion and the new container terminal were

inaugurated on September 22, 2017 by Premier Kim Kielsen.

maNagemeNt commeNtary

2019 is the 6th financial year for Sikuki Nuuk Harbor A / S.

Sikuki owns all primary port areas and is the Port Authority in

Nuuk. Sikuki is a commercial company, where user fees together

with land leasing and sale of services constitute the company’s

revenue base for maintenance and other expences. The port has

land that is leased to companies in need of space for activities,

storage and development.

The old port is primarily the center for trawlers, general landing of

seafood, tourism and the Arctic Command.

Royal Arctic Line, which is the company’s largest customer, leases

the new container terminal at Qeqertanut with buildings and

cranes, and the shipping company dispatches and distributes the

cargo to and from the container and settlement vessels handling

the country’s supply and export. Sikuki has, with the port

extension at Qeqertanut, established the necessary infrastructure

to support Royal Arctic Line’s activities.

The new terminal, which was handed over to Sikuki on August

14, 2017, was carried out as a turnkey contract by Per Aarsleff

Greenland ApS. According to the signed contract, the port

expansion should have been delivered in November 2016, but

the contractor was delayed.

Sikuki has claimed penalties for late delivery to which the

contractor has counterclaimed for extension of time and additional

cost. This was rejected by Sikuki Nuuk Harbour A/S, who maintain

the contract provisions on penalties for late delivery. The dispute

is expected to be settled in arbitration.

Development of activities and financial affairs

The company’s sixth financial year showed a profit of DKK 9.4

million before tax and DKK 7.6 million after tax. In 2018, the result

was a profit of DKK 8.7 million before tax and DKK 5.9 million after

tax. The Board of Directors describes the result as satisfactory.

The result in 2019 was adversely affected by significant costs of

preparing the arbitration case.

Structure and activities

In 2019, the company has continued to focus on optimizing the

operation and maintenance of both new and old port facilities.

In 2019, the port has had naming ceremonies for several major

Greenlandic trawlers.

During the 2019 cruise season, the port has had 34 cruise ships

alongside from June to September. Two scheduled calls were

canceled due to weather conditions.


Passengers and local tourism players have made extensive use of

the Info Center, the floating pontoons at Tidevandstrapen as well

as the improved parking and bus conditions.

Among the port calls were the MSC Orchestra and the Carribean

Princess , with lengths of about 300 meters, nearly 3,000

passengers and 1,000 crew members - the largest ships to have

called Nuuk.

In 2019, Sikuki continued to work on a number of necessary

renovation tasks , security measures, signage, clean-up and waste

management in the existing areas.

In 2018, Sikuki launched a maintenance program aimed at

ensuring an improved maintenance standard for all Nuuk port

facilities over a number of years. 2019 included renovation of

Feederkaj and Kutterkaj as well as replacing rescue ladders at Gl.

Atlantkaj. A planned asphalt pavement on the New Atlantic Quay

and the Feeder Quay had to be postponed until 2020 due to

delivery problems.

At the end of 2019, the company’s organization consists of a CEO,

a CFO, a technical manager, a port captain, a port assistant and

an AU student.

Capital base

The Government of Greenland has contributed a capital base for

Sikuki of a total of DKK 100 million as equity in the form of DKK 70

million in cash and DKK 30 million as non-cash equity in the form

of existing port areas.

In addition, in 2015 the Government of Greenland provided a

subordinated loan of EUR 110 million. The loan has a term of 26.5

years and is interest-only until the end of 2021.

Finally, in 2015, SIKUKI achieved external financing in the form of

loans for EUR 59 million, equivalent to DKK 440 million. The loans

have a term of 21.5 years and was interest-only until the end of

2016.

Changes to the Board of Directors and Management

No changes have been made to the Board of Directors or to

Management in 2019.

Board meetings

The company held 5 board meetings in 2019.


Social Responsibility and Sustainability

Sikuki and the port of Nuuk is an essential hub in the Greenlandic

infrastructure, and plays a key role in linking the country together

and connecting the country with the outside world. Sikuki has

a great responsibility to maintain the port infrastructure for

posterity.

Security, occupational health and safety are essential focus areas

for Sikuki , and priority is being given to improving safety and

security in both the new terminal and the other areas.

The company’s overall social responsibility policy is available in

full at sikuki.com and explains the company’s initiatives.

At Sikuki, we work with the UN’s World Sustainable Development

Goals, with special focus on five of the Global Goals

Global Goal 7

Utilization of the country’s renewable energy for shore power for

cranes and ships respectively.

Global Goal 9

Develop and maintain port infrastructure as an essential

prerequisite for development in Greenland.

Global Goals 12 og 14

Sustainable waste management in the port environment.

Global Goal 17

Sikuki is eager to enter into partnerships on sustainable

infrastructure work.

Expected development

Sikuki is operating on commercial terms. The company’s income

consists of renting out land, buildings and cranes as well as user

fees for ships and cargo.

In 2015, the Government of Greenland introduced legislation on

ports in order to allow for the introduction and regulation of user

fees for ships and goods in Greenlandic ports, where Nuuk is the

first. Tariffs for use of the Port of Nuuk are stated in the Company’s

Terms of Business. The Terms of Business is available at

www.sikuki.com.

In the coming years, Sikuki looks forward to collaborating on

several port-related tasks in Greenland together with our owner,

customers and partners.

Sikuki expects a profit margin in 2020 at the 2019-level.

Events after the balance sheet date

From the balance sheet date and until today, no events have

occurred which affect the assessment of the Annual Report.


accouNtiNg policieS

Accounts clAssThe Annual Report has been prepared in accordance with the

provisions applying to reporting class B with the option of

individual provisions for reporting class C.

The Annual Report has been prepared using the same

accounting policies as last year.

recognition And meAsurementAssets are recognized in the balance sheet when, as a result of a

past event, it is probable that future economic benefits will flow

to the Company, and the value of the asset can be measured

reliably.

Liabilities are recognized in the balance sheet when, as a result

of a past event, a legal or actual obligation has arisen and it

is probable that future economic benefits will flow out of the

company, and the value of the liability can be measured reliably.

On initial recognition assets and liabilities are valued at cost.

Valuation after initial recognition is carried out as described for

each item below.

Recognition and measurement take into account predictable

losses and risks that arise before the Annual Report is presented

and that confirm or invalidate circumstances existing on the

reporting date.

Income is recognized in the income statement as it is earned,

whereas costs are recognized by the amounts attributable to the

financial year.

Transactions in foreign currencies are initially recognized at the

transaction date. Receivables and payables and other monetary

items in foreign currencies are converted at the closing exchange

rate of the balance sheet date. Realized and unrealized foreign

exchange differences between the rate of the transaction date,

the rate at the date of payment or the rate on the balance sheet

date are recognized in the income statement under financial

income and expenses.

income stAtementNet revenue

Revenues from services, which include user fees for ships and

goods, storage of goods, land rent, etc., are recognized linearly as

the services are rendered.

Revenues from sale of goods, etc. are recognized in the income

statement when delivery and transfer of risk to the buyer has

taken place and if the income can be measured reliably and is

expected to be received.

Revenue is measured at the fair value of the agreed

consideration, fees collected on behalf of third parties excluded.

Other external costs

Other external costs include costs relating to the company’s

core activities, including the cost of premises, office costs,

promotional costs, etc. This item also includes impairment losses

on receivables recognized in current assets.

Employment costs

Employment costs include board fees, wages and salaries as well

as social security costs, pensions and similar for the Company’s

employees.

Depreciation and impairment loss

Depreciation and impairment loss on tangible assets consists of

depreciation and impairment loss carried out in the financial year

based on the fixed residual values and useful lives respectively

of the individual assets and impairment testing carried out, and

gains and losses on the sale of tangible assets.

Financial income

Financial income consists of interest income and exchange rate

changes.

Finacial costs

Financial expenses consist of interest expenses and exchange

rate changes.

Tax

Tax for the year, which is comprised of current tax for the year and

changes in deferred tax, is recognized in the income statement

with the portion attributable to the profit for the year that can

be attributed, and directly in equity with the portion that can be

attributed to items directly in equity.


BAlAnce sheetTangible assets

Port facilities and other fixtures and fittings, tools and equipment

is valued at cost with accumulated depreciation and impairment

losses deducted. Cost is comprised of the acquisition price,

costs directly attributable to the acquisition and preparation

costs of the asset until the time when the asset is ready to be

commissioned.

The basis for depreciation is cost with estimated residual value

after the end of useful life deducted. Straight-line depreciation is

based on the following assessment of the assets’ estimated useful

lives:

Indirect costs in terms of indirectly attributable costs that are

used in connection with the acquisition, are included in the

cost, based on an estimate of the consumption incurred by the

acquisition.

Interest expenses and foreign currency translation of loans to

finance the acquisition of tangible fixed assets are included in

the cost if they relate to the period. All other financing costs are

recognized in the income statement.

Tangible assets are depriciated to the recoverable amount if this

is lower than the carrying value.

Receivables

Receivables are valued at amortized cost, which usually

corresponds to nominal value with provisions for bad debts

deducted.

Deferred tax

Deferred tax is measured using the balance sheet liability method

on temporary differences between the accounting carrying

amount and tax base of assets and liabilities, where the tax value

of the assets is calculated based on the basis of the planned use

of each asset or settlement of the liability.

Deferred tax assets including the tax value of tax loss

carryforwards are recognized in the balance sheet at the value at

which the asset is expected to be realized, either by elimination

in tax on future earnings or against deferred tax liabilities. Any

deferred net tax assets are measured at net realizable value.

Cash and cash equivalents

Cash and cash equivalents consists of cash and bank balances,

including deposits and security accounts.

Liabilities

Financial liabilities are recognized initially at the net proceeds

after deduction of transaction costs. In subsequent periods,

financial liabilities are measured at amortized cost.

The long-term debt is measured at amortized cost, which

corresponds to an outstanding debt calculated as the loan’s

underlying cash value at time of loan, regulated with an

amortization over the loan period of loan value adjustment at the

time of the loan.

Other liabilities, which comprise trade payables and other

payables are measured at amortized cost, which usually

corresponds to nominal value.

Useful life Residual value

Buildings 25 years 30%

Port facilities 50 years 0 - 30%

Other fixtures and fittings, tools and equipment 2-20 years 0%


Income statement 2019 2018

DKK

note

Revenue 55,236,707 53,007,892

Other external costs -9,106,512 -5,767,081

Gross margin 46,130,195 47,240,811

1 Staff costs -5,463,008 -5,850,111

2 Depreciation and impairment losses -15,081,407 -14,870,073

Operating profit/loss 25,585,780 26,520,627

Financial income 0 2,608

Financial expense -16,219,023 -17,827,595

Profit/loss before tax 9,366,757 8,695,640

3 Tax on profit/loss for the year -1,734,353 -2,765,185

Profit/loss for the year 7,632,404 5,930,455

Proposed distribution of profit/loss

Retained earnings 7,632,404

7,632,404

INCOME STATEMENTfor 2019


Assets as per 12.31.2019 2019 2018

DKK

note

Buildings 227,215,797 234,041,264

Port areas 311,314,844 316,022,877

Other fixtures and fittings, tools and equipment 55,152,469 58,054,416

4 Property, plant and equipment 593,683,110 608,118,557

Fixed assets 593,683,110 608,118,557

Trade receivables 1,048,306 671,459

Other receivables 30,899 27,413

Accrued income and deferred expenses 1,981,444 352,616

Receivables 3,060,649 1,051,488

5 Cash 56,586,480 48,290,623

Current assets 59,647,129 49,342,111

Assets 653,330,239 657,460,668

BALANCE SHEETAssets as per 12.31.2019


BALANCELiabilities as per 12.31.2019

Liabilities as per 12.31.2019 2019 2018

DKK

note

Share capital 100,000,000 100,000,000

Retained earnings 17,155,687 9,523,283

Equity 117,155,687 109,523,283

Subordinated loan capital 127,856,405 124,100,538

2,59 % Senior Secured notes 375,968,170 393,993,077

6 Long-term liabilities 503,824,575 518,093,615

Current portion of long-term liabilities 18,154,561 17,612,866

Deferred tax 6,221,276 4,486,923

Trade payables 3,968,204 3,385,109

Other liabilities 3,970,368 4,346,562

Accrued expences and deferred income 35,568 12,310

Short-term liabilities 32,349,977 29,843,770

Liabilities 536,174,552 547,937,385

Equity and liabilities 653,330,239 657,460,668

7 Contingent liability

8 Ownership


Share capital Retained earnings Total

Equity at 01.01.2019 100,000,000 9,523,283 109,523,283

Profit/loss for the year 0 7,632,404 7,632,404

Equity at 12.31.2019 100,000,000 17,155,687 117,155,687

EQUITY STATEMENTFor 2019

DKK


DKK

1 Staff costs 2019 2018

Salaries and wages 5,014,939 5,352,789

Pension contributions 240,488 309,926

Other social security expenses 45,347 39,514

Other employment costs 162,234 147,882

5,463,008 5,850,111

Of which are remuneration of Board of Directors and

management

Salery and pension 1,361,872 1,361,872

Discretionary bonus 113,300 113,300

Management remuneration 1,475,172 1,475,172

Board of Directors 575,275 950,000

Remuneration total 2,050,447 2,425,172

The remuneration of management consists of salary and pension. In addition, management has free car, telephone and

internet as well as an annual travel. The employment contract can be terminated with 12 months’ notice by the company

and with 5 months’ notice by management.

Number of employees on the reporting date 6 5

Average number of employees 6 6

- of which are students 1 0

DKK

2 Depreciation and impairment losses 2019 2018

Depreciation on fixed assets -15,081,407 -14,870,073

Profits from sale of assets 0 0

-15,081,407 -14,870,073

DKK

3 Tax on profit/loss for the year 2019 2018

Change in deferred tax 2,482,173 2,765,185

Adjustment of deferred tax for previous years -747,820 0

1,734,353 2,765,185

NOTES


DKK

Buildings Port areas

Other fixtures and fittings, tools and

equipment

4 Property, plant and equipment

Cost at 01.01.2019 243,651,083 323,268,788 63,134,351

Additions 0 0 645,959

Disposals 0 0 0

Cost at 12.31.2019 243,651,083 323,268,788 63,780,310

Depreciation and impairment losses at 01.01.2019 -9,609,818 -7,245,911 -5,079,935

Depreciation for the year -6,825,468 -4,708,033 -3,547,906

Reversals relating to disposals 0 0 0

Depreciation and impairment losses at 12.31.2019

-16,435,286 -11,953,944 -8,627,841

Carrying amount at 12.31.2019 227,215,797 311,314,844 55,152,469

5 Cash

Of the Company’s cash total DKK 15,1 million are held in deposits and security accounts.

DKK Outstanding debts after 5 years

Outstanding debts after 5 years

6 Long-term liabilities 2019 2018

Subordinated loan capital 126,799,525 124,100,538

2,59 % Senior Secured notes 297,707,191 318,044,303

424,506,716 442,144,841

7 Contingent liability

The port expansion was carried out as a turnkey contract by Per Aarsleff Greenland ApS. The contractor has made claims for

extension of time and additional cost. This is rejected by Sikuki Nuuk Harbour A/S, who claims the contract provisions on

penalties for late delivery. The dispute is expected to be settled in arbitration.

8 Ownership

The Company has registered the following shareholders with 100% of the share capital’s voting

rights or nominal value:

The Government of Greenland, Nuuk

board oF directorS

maNagemeNt

Lars Karlsson is Senior Consultant and owner of PortHow AB specialising in shipping companies, ports and logistics. Lars is a board member of several boards, including four port companies, the Port of Ronne, the Port of Frederikshavn, Smålandshamnar AB (Ports of Smaland), as well as Sikuki. Lars Karlsson has worked in shipping and port companies throughout his career. Between 2001 and 2009, Lars was CEO of Copenhagen Malmö Port (CMP). Lars has been Chairman of Sikuki Nuuk Harbour A/S since its establishment in December 2013.

Haukur Oskarsson has a background in the maritime industry and in the oil and gas industry, as well as experience with project management and management in general. Haukur Oskarsson is the CEO of his own consulting firm Refskegg. Over the years, Haukur Oskarsson has worked with oil and engineering companies with responsibilities in operations, marketing, negotiation, contracting and management of project managers. Haukur is on the board of the Greenland-Icelandic Chamber of Commerce, Eykon Energy and the Icelandic Arctic Chamber of Commerce. Haukur has been Vice Chairman of Sikuki Nuuk Harbour A/S since the company was established in December 2013. He is a member of the audit committee.

Throughout her career, Berit Koertz has worked within finance, and since 1994, has been employed at Danmarks Skibskredit A/S, where she currently holds the position of Senior Relationship Manager with independent responsibility for international customers and outreach sales, negotiation of financing terms, credit assessments, setting up and preparing a decision basis for the Board of Directors as well as conducting contract negotiations and documentation with clients and lawyers at a high international level. Berit has been on the Board of Directors of Sikuki Nuuk Harbour A/S since the company was established in December 2013. She is Chairman of the audit committee in Sikuki.

Christine Tønnesen has a Master of Arts in Management and Leadership, and she currently works for the Greenland Self-Government as Centre Leader for the Centre for National Guidance in the Department of Education, Culture, Research and Church. Christine has previously been office manager in the Department of Housing and Infrastructure in the Greenland Self-Government, HR Manager at Pisiffik and Customer Director at INI A/S. Christine has been on the Board of Directors for Sikuki Nuuk Harbour A/S since the company was established in December 2013.

John Rasmussen has worked in ports and terminal operations, shipping, shipping operations, project management, infrastructure, administration, security and crisis management in senior positions for more than 35 years in Denmark, West Africa, the Netherlands and Greenland. He has a professional background from the East Asiatic Company (EAC), Sea-Land Service Inc. and Royal Arctic Line, and holds an Executive MBA from IMD, Switzerland. John has lived in Greenland since 1993 and has been CEO of Sikuki since October 2016.

Lars Borris Pedersen is CCO/Senior Director Sales at Royal Arctic Line A/S and Chairman of the Board of Directors of KNI A/S. Lars was originally trained within shipping at Royal Arctic Line A/S, where he has worked since 1999 in various functions. Lars has been on the Board of Directors of Sikuki since May 2016.

sikuki nuuk harbour a/s · 2020. 5. 28. · annual report 2019 sikuki nuuk harbour a/s 2 company:...

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