Facts & Figures

Aalborg Industries returned very good results in 2010, being the best results in the company’s history. In spite of a downturn in the shipbuilding markets in 2008 and 2009, which for Aalborg Industries meant a decline in revenue in 2010, the Group achieved a 19% increase in result before depreciation. The focus on operational excellence and cost adaptation continued in all the Group entities resulted in very satisfactory earnings.

In 2010 we noted increased stabilisation and growth in the maritime new building markets, and the continued focus on product development and operation stabilisation allowed the company to maintain – and in several segments expand – its market leadership.

Consolidated revenue amounted to DKK 2,620m in 2010 compared to last year’s DKK 2,761m, which is equivalent to a fall in revenue of 5%. The profit before depreciation and amortisation (EBITDA) totalled DKK 559m in 2010 compared to DKK 469m in 2009, representing an increase of 19%. The EBITDA represents 21.3% of the revenue in 2010.

The ongoing global financial crisis in 2008, together with the shipping owners' major new building portfolio amassed up to the start of the crisis, led to significantly more cancellations than normal being received in 2010 in business areas related to shipbuilding. Equipment cancellations were received in 2010 corresponding to approx. 9% of the order book as it was at the start of 2010. In spite of the cancellations in the maritime sector the total order intake increased in 2010 by 4%, and the order book, as of the end of 2010, totalled DKK 2.5bn.

In 2010, the growth in orders received for industrial boilers was significantly higher than in 2009, and derives mainly from waste heat recovery (WHR) boilers for diesel-driven power stations, and industrial boilers for the Brazilian market.

In the maritime service field, a significant growth was achieved in 2010, and not least new environmental legislation has had a significant impact on the level of activities in the entire service organisation.

During the past 4-5 years, the Aalborg Industries Group has achieved a very positive development with increase in profits from 2006 to 2010 of almost one hundred percent. The global business structure with focus on seven selected and diversified market segments, combined with geographically spread, competitive organisation have been a robust source of earnings in spite of the global crisis. Concurrently, investments have been made in a number of new products to promote lower energy consumption, reduced CO2 emissions and cleaning of exhaust gas from ship engines. It is expected that these products will represent a considerable part of the Group’s business basis, and thus further diversify its earning power.

During the past 4-5 years, the Aalborg Industries Group has achieved a very positive development with increase in profits from 2006 to 2010 of almost one hundred percent. The global business structure with focus on seven selected and diversified market segments, combined with geographically spread, competitive organisation have been a robust source of earnings in spite of the global crisis. Concurrently, investments have been made in a number of new products to promote lower energy consumption, reduced CO2 emissions and cleaning of exhaust gas from ship engines. It is expected that these products will represent a considerable part of the Group’s business basis, and thus further diversify its earning power.

The Group’s global production facilities were further expanded in 2010 with the inauguration of a new factory department in China for the production of inert gas systems (IGS). This is anticipated to significantly improve competitiveness within this market segment, since these systems - like the Group’s other core products –will now be coming from own factories in China, Vietnam, Brazil or Denmark.

In 2011, we expect revenue on a par with 2010 and a minor decrease in profits before depreciation and amortisation as a result of developments in production costs. The order intake from the conventional ship-building market is expected to be higher than in 2010, which we also anticipate in our other business areas.

On 20 December 2010, our shareholders concluded a share transfer agreement with Alfa Laval AB to acquire the shares in Aalborg Industries Holding A/S. The agreement is dependent on authorisation by the competition authorities, and the required permits are expected to be obtained in the second quarter of 2011.

The annual report for 2010 was approved by the Board of Directors at the general meeting on 28 February 2011. Board members are Sigge Haraldsson (chairman), Jørgen Ajslev, Bjarne Hansen, Denis Viet-Jacobsen and Svend Sigaard. The members elected by the company employees are Henrik Lilholt, Nina Heidelbach and Per B. Strauss.

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Aalborg Industries is an international group with subsidiaries in Denmark, Finland, the Netherlands, Dubai, Singapore, Japan, China, Korea, Brazil, Vietnam, Australia and the USA. A network of agents support the sales activities. The revenue amounts to DKK 2.6bn, of which 95% is outside Denmark.

Production of the Group’s products takes place at its own factories in Denmark, China, Brazil and Vietnam and those of selected external outsourcing partners. The number of employees in 2010 totalled about 2,600.

Aalborg Industries’ core business areas are the production, supply and maintenance of steam, heat and safety solutions for marine and maritime oil and gas applications, i.e. steam boilers, waste heat recovery boilers, thermal oil heaters, burners, control systems, heat exchangers and inert gas systems. As a supplement to the activities in the global marine and offshore markets, Aalborg Industries also supplies boiler plants and services within selected land-based sectors.