19 April 2005
| |
Year 2004
million DKK |
Year 2005
million DKK |
| Turnover |
1,448 |
1,333 |
| Result before financing |
151.1 |
175.1 |
| Year's result |
117.8 |
118.6 |
| Number of employees (average) |
1,568 |
1,416 |
The year was characterized by consistent focus on meeting the strategic objectives of significant organic growth and market leadership and by allocation of considerable funds to development activities. These were primarily concentrated on new products and technologies as well as product standardisation and order processing efficiency involving further development of existing high-level IT tools. In addition, investments have been made in competence development and training of our employees in the global organisation.
The year’s turnover has grown by 8.6% against last year’s turnover, and in the light of the mentioned investments and a significant increase in steel prices, the result of the year is very satisfactory.
Aalborg Industries’ core business is marine-related activities with three focus areas: marine boiler plants, heat exchangers and inert gas systems, all of them including after sales service. In addition to this, we have focused on small-scale industrial boiler installations in selected markets where we enjoy market leadership.
As a result of the expansion of our production facilities in China we have succeeded in strengthening our global market position in the Far Eastern markets within maritime boiler installations. In 2004, construction of production facilities in Vietnam was also begun, and the first boilers are expected to be produced in the beginning of 2006. Furthermore, our Indonesian subsidiary has now exclusively become a subsupplier for the Group’s marine-based companies.
Great efforts to improve the efficiency in the boiler factory in Aalborg have been successfully accomplished, and a considerably larger number of boilers than last year were produced for the European market.
Overall, all companies of the Group have achieved satisfactory results. In the light of the very positive order situation at the closing of 2004 and recent years’ large investments in improving our competitive situation, we expect to return a satisfactory result in 2005.
The annual report for 2004 was adopted by the board of directors at the general meeting on
19 April 2005. The chairman of the board, Mr. Otto B. Christensen, and Mr. Ebbe Funk resigned from the board as part of the planned generational shift in the company. Other board members appointed at the general meeting are Carsten Bjerg, Søren Lindberg, Georg Poulsen and Bjarne Hansen (new chairman). The employees’ representatives are Kjeld Arendt, John Jørgensen and Henrik Riise.
Finally, it should be mentioned that the generational shift in the management of Aalborg Industries will take place by the end of April 2005 when the president/CEO, Mr. Freddy Frandsen, retires. Mr. Jan Vestergaard Olsen will take up the position as new president/CEO. Furthermore, Vice President Jørn M. Nielsen will retire from corporate management and Mr. Sameer Kalra will be his successor as the Aalborg Industries Group’s president of sales & marketing.
The corporate management will as at 1 May 2005 consist of president/CEO Jan Vestergaard Olsen, executive vice president/CFO Svend Ole Aagren and president of sales & marketing Sameer Kalra.
For further information regarding this press release, please contact:
Aalborg Industries A/S, Aalborg, Denmark
President/CEO Freddy Frandsen, tel. +45 99 30 40 00.
Aalborg Industries is the global market leader within marine boiler plants for all types of commercial ships. Aalborg Industries is an international group with subsidiaries in Denmark, Sweden, Finland, the Netherlands, Dubai, Singapore, Japan, China, Indonesia, Korea, Brazil, Vietnam and the USA.
A network of agents support the sales activities. The turnover outside Denmark was 93% in 2004.
Production of the Group’s products takes place at its own factories in Denmark, China, Brazil and Indonesia as well as at selected external outsourcing partners.
