Transcript Slide 1

Bioethanol in Brazil – a norwegian experience
BNCC
4 November 2008
Global energy outlook
A radical change in the energy chain
•
The world must move from a
global energy system that is:
VULNERABLE
DIRTY
EXPENSIVE
• To a competitive energy future
based on new policies on :
ENERGY
EFFICIENCY
RENEWABLES
NUCLEAR
• Government action creates incentives to change existing investment patterns
• There is no single economically and technologically feasible solution – only a mix
• Biofuels is an important part of the mix
(Source: IEA World Energy Outlook 2006 and UNEP 2007)
Core knowledge
•
A significant part of the world’s fuel consumption will come from sustainable biofuels
–
•
Sustainable biodiesel and bioethanol provide energy security and climate change mitigation
Sugarcane is by far the most efficient feedstock for bioethanol
–
–
•
Highest land and energy efficiency due to efficient photosynthesis
Largest reduction in greenhouse gas emissions, generally 80% relative to emissions from fossil fuels
Brazil is currently the lowest cost producer of sugarcane ethanol in the world
–
–
–
–
•
Vast territorial expanse
Favorable climate
Technological, agricultural and industrially developed with high competency level
No direct conflicts
The domestic market in Brazil is already well established – export potential increasing
–
–
•
Increasing demand from growing flex-fuel car fleet
Infrastructure for export developing
Umoe BioEnergy is an integrated bioethanol company with growth ambitions
–
–
–
3
Value chain secured – land positions and agri-industrial assets
Production start-up in 2008 and expansion in 2009/10
Strategic growth opportunities
COMPANY PRESENTATION
Biofuels – transportation fuel derived from biomass
•
•
•
Liquid or gas transportation fuel
derived from biomass
BIOETHANOL
• Production process based on conversion of biomass into
sugars, and/or fermentation of carbon sugars with final
distillation of ethanol to fuel grade
Automotive transport the most
common use
• Feedstocks includes cereal crops, corn (maize), sugar cane,
sugar beets, potatoes, sorghum, cassava
Cost, energy efficiency and carbon
footprint varies among different
technologies and biomass
• Ethanol is used in low 5%-10% blends with gasoline (E5, E10)
but also as E-85 in flex-fuel vehicles (gasoline must contain a
minimum of 22% bioethanol in Brazil)
BIODIESEL
•
Bioethanol and biodiesel are the
most common biofuels
• Production is based on trans-esterification of vegetable oils and
fats through the addition of methanol (or other alcohols) and a
catalyst, giving glycerol as a co-product
•
Ethanol is currently accounting for
more than 90% of total biofuel
usage
• Feedstock includes rapeseeds, sunflower seeds, soy seeds,
palm oil seeds from which the oil is extracted chemically or
mechanically and algae
• Biodiesel is currently most often used in 5%-20% blends (B5,
B20) with conventional diesel, or even in pure B100 form
Source: IEA Energy Technology Essentials, January 07
4
COMPANY PRESENTATION
Sugar cane ethanol essentials
•
Cost winner among current biofuels
–
•
•
5
Economically viable >40 $/bbl oil
•
Sustainable at right location
–
High land efficiency
–
The most land efficient biomass for
bioethanol
–
~50 % more efficient than US corn
High energy efficiency
–
One of the plant kingdom’s most efficient
photosynthesis
–
By far the most energy efficient feedstock
for bioethanol
–
Energy output/input ratio 9,3
COMPANY PRESENTATION
•
•
No direct conflicts
Provide energy security
–
Renewable
–
Land and energy efficient
Significant GHG reduction
–
The largest reduction in CO2
among biofuels
–
75-90% well-to-wheels
compared to gasoline
The low cost sugar cane ethanol
ESTIMATED COST OF BIOFUELS
Compared with the prices of oil and oil products (biofuels exclusive taxes)
BIOFUEL
2006
(USD/LITRE)
1. Price of oil, USD/barrel
0.50-0.80
2. Corresponding pre-tax price of petroleum
products US cents/litre
0.35-0.60
COST WINNER
3. Correspondonding price of petroleum products
with taxes included, USD/litre (retail price)
In Europe: 1.50-200
In US: ~0.80
4. Ethanol from sugar cane
0.25-0.50
0.25-0.35
5. Ethanol from corn
0.60-0.80
0.35-0.55
6. Ethanol from beet
0.60-0.80
0.40-0.60
7. Ethanol from wheat
0.70-0.95
0.45-0.65
8. Ethanol from lignocellulose
0.80-1.10
0.25-0.65
9. Biodiesel from animal fats
0.40-0.55
0.40-0.50
10. Biodiesel from vegetable oils
0.70-1.00
0.40-0.75
11. Fischer-Tropsch synthesis liquids
0.90-1.00
0.70-0.85
Source: The Royal Society, Sustainable biofuels, January 2008
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LONG TERM ~2030
(USD/LITRE)
COMPANY PRESENTATION
Sugar cane
The leading product in terms of production cost
•
By far the most
efficient feedstock
when it comes to
production costs
•
Import barriers
through local
subsidies and import
tariffs for Brazilian
produced ethanol
apply in US and in
Europe.
7
COMPANY PRESENTATION
Sugar cane
The leading product in terms of land efficiency
YIELD PER REGION/FEEDSTOCK
Liter ethanol/ha
7000
6000
5000
4000
3000
-52.3%
-60.0%
2000
1000
0
Sugar cane,
Brazil
Sugar beet, Sugar cane,
EU
India
Corn, US
Source:
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COMPANY PRESENTATION
Wheat, EU
Sugar cane
By far the most energy efficient feedstock
ENERGY OUTPUT/INPUT RATIO
The ratio describes units of energy created using 1 unit of energy in production
8,5
Sugarcane ethanol 8.0-9.0
vs.
US corn ethanol 1.5-1.8
2,9
Sugar
cane
ethanol
2,5
2
Soybean Rapeseed Palm oil
biodiesel biodiesel biodiesel
2
Jatropha
biodiesel
Source: Goldman Sachs
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COMPANY PRESENTATION
1,7
Sugar
beets
ethanol
1,6
Corn
ethanol
1,2
Wheat
ethanol
Current bioethanol market
GLOBAL SUPPLY MARKET
Illustration
Net importer
Net exporter
New
technology
Domestic supply
US
Scale and
experience
efficiencies
France
Brazil
China
Spain
Germany
Sweden
India
South Africa
Start-up
industry
Thailand
Italy
Argentina
Nigeria
Austria
Poland
Transition
Ukraine
Japan
UK
Domestic
market
Bilateral deals
(Few trading partners)
International market
(Few trading partners)
Source: Accenture primary analysis
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COMPANY PRESENTATION
Global
market
Why sugar cane ethanol from Brazil?
• Economically, socially and environmentally sustainable transportation
fuel
– Cost competitive in a growing fuel market
– No direct conflicts with food, water or biodiversity
– Particularly energy and land efficient feedstock utilizing renewable solar
energy
– Significant greenhouse gas emissions reduction
– Unique production environment in tropical Brazil, in a well established
industry
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COMPANY PRESENTATION
Brazil has stabilised politically and economically
•
More than 20 years of military rule ended in 1985
•
A new constitution was ratified in 1988
•
The government of Fernando Henrique Cardoso (1995-2002)
•
–
Ended hyperinflation and advanced reforms to liberalise the economy
–
But public-debt indicators deteriorated amid low economic growth
The current government, under the president, Luiz Inacio Lula da Silva
–
Has been successful in consolidating macroeconomic stability
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Stepping up social spending
•
Implementation of deeper reforms needed to accelerate growth
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Source: The Economist Intelligence Unit, August 2008
COMPANY PRESENTATION
A changing business environment in Brazil
The emergence of a new private market economy
NEW PARADIGMS
OLD PARADIGMS
•
Hyperinflation
•
Massive shortages
•
Financial turmoil
•
•
Declined interest rates and rising market
competition acts as defense against inflation
•
Economy resistant to turbulence due to structural
demand and focus on commodities
Low capital inflow
•
Reduced public debt and regained investmentgrade status
•
Devaluation of the real in 1999
•
High capital inflow
•
Heavy and complex tax burdens
•
Program of large infrastructure investments
•
Underdeveloped bank structure and
little opportunity to manage risks
locally
•
Economic reforms and sound macroeconomic
policies
•
Relaxation of restrictions on investment
•
Local and international banks increase presence
•
New equity and debt issues expected
•
M&A activity
•
Increased focus on environment and
sustainability
•
Little investments in infrastructure
•
By 2001-02, the economy was stable
but hibernate, at the same time as
inflation again threatened…
13
Source: The Economist Intelligence Unit, August 2008, McKinsey, Newsweek, CIA, UN
Brazilian economy accelerating without overheating
•
South America's leading economic power
–
–
Macroeconomic outlook of 4-5 percent GDP
growth
A floating exchange rate, an inflation-targeting
regime, and a tight fiscal policy are the three
pillars of the present economic program
•
Expanding presence in world markets
•
Vast natural resources and a large labor pool
•
Industrial and agricultural growth and
development
–
•
Large and well-developed agricultural, mining,
manufacturing, and service sectors
Fiscal problems persist, preventing a steeper
decline in interest rates
–
Public debt remains high at around 41.2% of
GDP
Source: The Economist Intelligence Unit, August 2008 and McKinsey
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COMPANY PRESENTATION
Annual data
2007
Population (million)
189.3
GDP (US$ bn; market exchange rate)
Historical averages (%)
1,313.7
2003-07
Population growth
1.1
Real GDP growth
3.6
Real domestic demand gorwth
4.1
Inflation
4.2
Current-account balance (% of GDP)
1.1
FDI inflows (% of GDP)
2.1
Major exports (% of total)
2007
Transport equipment&parts
12.5
Metallurgical products
11.6
Soybeans, meal&oils
8.2
Chemical products
1.9
Brazil offers sustainable bioethanol production
•
No direct conflicts with food; rainforests;
water; biodiversity
•
The most productive land areas in the world
for sugar cane production
–
–
–
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Resource rich – sun, water and high yield
arable land
Longer harvest cycles
Greater cane production per hectare
Brazilians sugar cane has higher sugar content
•
Capable of expanding sugarcane operations
multiple times
•
Highest cane crop competence
•
Established domestic industry and market for
ethanol production and consumption
•
Increasing demand from growing domestic
flex-fuel car fleet
•
BRAZIL’S VAST TERRITORIAL EXPANSE
Arable land of 550 million ha equates to 33 countries in
Europe
Only 22 % of available arable land is utilized
Forest preservation requirements of 20-30%
Infrastructure developing – export potential
increasing
Source: Infoamricas, MB Agro
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COMPANY PRESENTATION
Brazil is the world’s leading sugarcane producer
•
2007/2008 harvest 487Mtons from 350
plants
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•
Re-use of bagasse new power source for
electricty supply
Industry developed over the last 30 years
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South-Central 85% of production
Sao Paulo > 60% of production
Sugar mills in Brazil are becoming
power/electricity self-sufficient
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•
Less than 50% of this goes to ethanol, rest
become sugar.
Sugarcane is grown mainly in SouthCentral and North-easthern regions, with
two different harvest periodes
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–
•
Areas marked in red indicate where sugarcane is harvested and
sugar, ethanol and bioelectricity plants are located.
Sugarcane cultivation covers 7.8M ha,
2.3% of domestic arable land
–
•
Of which 250 were combined mills and
distilleries and 100 pure play ethanol
SUGARCANE PRODUCING REGIONS IN BRAZIL
Continual technological improvements
Source: UNICA, NIPE-Unicamp, IBGE, CTC
COMPANY PRESENTATION
Brazilian industry’s impact on the environment
•
•
Soil occupation not in conflict with food production or rain forests
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1,0% of Brazil’s territory is used for sugar cane for ethanol – supports 54% of all car fuel
consumption
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Sao Paulo production areas not in conflict with the Amazon Rain Forest; the Pantanal;
Atlantic Forest
Reduction of greenhouse gas emissions
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•
75-90% wheels-to-wheels compared to gasoline
Limited impact on water supply
–
Brazil has the greatest availability of water in the world
•
Biodiversity secured through regional area planning and forest preservation
requirements
•
Improved air quality in cities and rural area
–
Ethanol utilization has led to improved quality reducing; lead compounds in gasoline; sulphur;
CO2 emissions; reactivity and toxicity of organic compound emissions
Source: ‘Sugar Cane’s Energy’. 2007. UNICA
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COMPANY PRESENTATION
‘OUR MISSION IS TO SUPPLY THE WORLD WITH
EFFICIENT, CLEAN AND SUSTAINABLE BIOENERGY’
‘OUR VISION IS TO BECOME A MAJOR AND
SUSTAINABLE PRODUCER AND PREFERRED
SUPPLIER OF ETHANOL TO THE INTERNATIONAL
MARKETS FOR BIOFUEL.
AND FURTHER CREATE A STATE OF THE ART
INTERNATIONALLY FOCUSED OPERATION’
18
COMPANY PRESENTATION
Umoe BioEnergy is an integrated bioethanol
company
Bioethanol
+
power
LAND
19
AGRICULTURAL
OPERATIONS
INDUSTRIAL
OPERATIONS
SALES
•
Sustainable value chain – no conflicts, land control, target 100% mechanized agri-operations
•
Competitive business model – low cost, energy and land efficient sugar cane ethanol
•
Unique production environment in Sao Paulo, Brazil – well established industry
•
Production start-up fall 2008 and full production in 2009 – reaching 2.9M tons/annum
•
~1700 employees
COMPANY PRESENTATION
History
2003
• PROJECT INITIATION
Acquisition of a 0.3Mtons per annum crushing capacity distillery
by Brazilian ethanol investor (Valencia)
2006
• STRATEGIC GROWTH ALLIANCE
Brazilian ethanol investor and Norwegian energy investors
• LAND POSITIONS SECURED
Long term lease contracts in the Paranapanema region
• EPC TURNKEY CONTRACT NEW MILL
Signed with consortium of leading Brazilian suppliers
• EXPANSION CAPITAL RAISED
USD 85 million bonds / USD 55 million equity, in June
• OTC LISTED
In July on the NOTC list in Oslo, Norway
• CONSTRUCTION STARTED ON MILLS
Works 1 restructuring and Works 2 green field project started
• FURTHER LAND POSITION SECURED
Land secured with ownership and long-term lease contracts
• UMOE MAJOR SHAREHOLDER
USD 27 million equity private placement in January
• FURTHER LAND POSITIONS SECURED
Land secured and agricultural mechanical equipment delivered
• EXECUTIVE MANAGEMENT IN PLACE
Strengthened project management and control capabilities
• CONSTRUCTION IN PROGRESS
Phase 1: Works 1 (1.0Mtons) and Works 2 (1.9Mtons)
• FURTHER CAPITAL RAISED
USD 67 million in equity in May
• SCHEDULED PRODUCTION START-UP
Works 1 in September 2008 and Works 2 in November 2008
2007
2008
20
COMPANY PRESENTATION
Value chain integrated bioethanol company
LAND
AGRICULTURAL
INDUSTRIAL
12 - 18 months
0 - 9 months
OWN
FORMING
LEASE
PLANTING
THIRD PARTY
CARING
ETHANOL PRODUCTION
- RECEPTION
- CRUSHING
- FERMENTATION
- DISTILLATION
HARVESTING
COGENERATION / POWER
• Secure high-yield areas is
a key success factor for
bioethanol companies
• Reputation and CSR are
transaction agents
• Land survey
• Approx 70% of the value
chain costs are related to
the agricultural part
• Bio-engineering technology
• Requires high expertise in
the industry
Key success factors:
• Proven technology
• Operational excellence
• Equipment sourcing
• Sophisticated logistic
management
21
SALES
COMPANY PRESENTATION
MARKETING
DISTRIBUTION
• Bioethanol sold
through gasoline
distributors:
–
Petrobras
–
Shell
–
Exxon
–
Texaco++
Umoe BioEnergy is a industry frontrunner
SUGAR CANE ETHANOL IS A FRONTRUNNER WITHIN THE BIOETHANOL MARKET
•
Energy and cost efficient sugar cane ethanol
•
Highly competent bioethanol industry in Brazil
•
Brazilian business and industry environment continually improving
•
Already well established domestic bioethanol market in Brazil
•
Export potential growing
UMOE BIOENERGY A FRONTRUNNER WITHIN THE SUGAR CANE ETHANOL INDUSTRY
LAND
•
•
•
•
•
•
•
22
AGRICULTURAL
INDUSTRIAL
Land positions secured in Brazil
High agricultural competence
+95% mechanized agri-operations
Significant HR and HSE focus
High project execution competence
No direct conflicts with food, rainforests, water, biodiversity
Active and long term industrial owner
COMPANY PRESENTATION
SALES
Company growth vision
EXPANSION IN PHASES
Growth
•
Become a major, long term and sustainable
producer of bio-ethanol
•
Create an international business operation based
on best practice governance principles
PHASE 3
•
Become a preferred supplier of bio-ethanol to
international oil companies and other buyers
Production expansion + Cogeneration
•
By 2013 sustainably control
Organic growth in region
PHASE 4
Growth through acquisitions
PHASE 2
–
1,000M liters/year bioethanol production
Create foundation
–
12.0Mtons per annum sugarcane crushing capacity
PHASE 1
–
150.000 ha land
–
1,000 MW electric power production capacity
2007
23
2008
2009
2010
2011
2012
2013
COMPANY PRESENTATION
Regional focus within the Sao Paulo state
•
Operational assets in Paranapanema region
–
•
Agricultural assets
–
–
SAO PAULO
•
•
WORKS 2 - SANDOVALINA
24
Crushing capacity 2.9Mtons (3.6Mtons in 2010)
Output volume 240.000 m3 hydrous ethanol (295.000 m3 in 2010)
Production Works 1 - Remodeled distillery
–
–
–
WORKS 1 - NARANDIBA
Securing of total 36.000 ha (89.000 acres)
28.000 ha pt secured (21.800 leased / 1.400 owned/ 4.800 3rd party)
Consolidated industrial capacity:
–
–
•
Brazilian head office in city of Ribeirao Preto
Municipality: Narandiba
Crushing capacity: 1.0Mtons
Production start Sep’08 / 100% complete
Production works 2 - Greenfield mill constructed (EPC)
–
–
–
Municipality : Sandovalina
Crushing capacity : 1.9Mtons (2.6Mtons in 2010)
Ramp-up Nov’08 / 99% complete
COMPANY PRESENTATION
Sao Paulo
25
COMPANY PRESENTATION
Agricultural operations
•
Key strategic part of the value chain
–
•
•
70% of the company’s ’strategic value’
100% mechanized operations
–
Vs. 30% average in Brazilian agriculture
–
Vs. 60% average in Sao Paulo
–
No cane burning
Operational exellence emphazise
–
Agri-technical experienced management
–
Highly competent workforce
–
Educational programmes
–
Minimum salary protection
•
Feedstock flexibility with crop alternatives
•
High competency and complex industry
–
26
High level of R&D in agri-industry
COMPANY PRESENTATION
Agricultural equipment
27
Industrial operations
PRODUCTION CAPACITY
PRODUCTION WORKS 1
•
Remodeled distillery
•
Municipality: Narandiba
•
Crushing capacity:
–
•
•
Tons crushing capacity/annum
1000
Works 1
1.0Mtons in 2008
Started production Sep’08
100% complete
1900 700
Works 2
PRODUCTION WORKS 2
•
Greenfield mill constructed (EPC)
•
Municipality : Sandovalina
•
Crushing capacity
–
–
•
•
2900
Total
1.9Mtons in 2009
2.6Mtons in 2010)
Ramp-up Nov.’08
100% complete
0
1000 2000 3000 4000
Phase 1
28
700
COMPANY PRESENTATION
Phase 2
Industrial operations Narandiba
29
Industrial operations Sandovalina
30
Current manning
5%
17%
Industrial
Agricultural
Central administration
78%
INDUSTRIAL
Operators, management,
supervisiors, project managers
296
AGRICULTURAL
Rural employees, agricultural
management and supervisiors
1346
ADMINISTRATION
All inclusive
Total
31
COMPANY PRESENTATION
95
1737
Paranapanema project – Phase 1 and 2
EXPANSION IN PHASES
Growth
Production expansion + Cogeneration
PHASE 2
AGRICULTURAL ASSETS
10,000 ha land
INDUSTRIAL ASSETS
0.7M tons/annum
284,000 Mwh
SUBJECT TO FINANCING
Create foundation
PHASE 1
AGRICULTURAL ASSETS
36,000 ha land
INDUSTRIAL ASSETS
2.9M tons/annum
CONSTRUCTION TO BE COMPLETED IN 2008
2007
32
2008
2009
COMPANY PRESENTATION
2010
Phase 1 - ongoing project
CONSTRUCTION TO BE COMPLETED IN 2008
PROJECT LOCATION
Sao Paulo, Brazil
AGRICULTURAL ASSETS
36,000 ha land
INDUSTRIAL ASSETS
2.9M tons/annum
PARANAPANEMA REGION
LAND
PRODUCTION WORKS 1
Works 1 and 2 are approx. 30 km apart
28,000 ha presently secured :
- 21,800 leased
- 1,400 owned
- 4,800 third party)
- Remodeled distillery
-1.0M tons/annum crushing capacity
-100% compl. Prod.started sept’08
- Municipality of Narandiba
36,000 ha totally to be secured to
support 2.9M tons/year crushing
capasity
PRODUCTION EQUIPMENT
33
PRODUCTION WORKS 2
- Greenfield mill constructed (EPC)
- 1.9M tons/annum crushing capacity
- 100% completed; ramp up Nov’08.
- Municipality of Sandovalina
CLT equipment:
- Cutting
- Loading
- Transport
CONSOLIDATED CAPACITY
PRODUCTIVITY
PRODUCTIVITY
Average farm productivity:
97 tons/ha (07/08 harvest)
Average industrial productivity 2008/09:
85 l. ethanol / ton sugar cane
COMPANY PRESENTATION
- 2.9M tons / annum crushing capacity
- 240.000 m3 hydrous ethanol
Phase 2 - investment plan project
SUBJECT TO FINANCING
PROJECT LOCATION
Sao Paulo, Brazil
AGRICULTURAL ASSETS
10,000 ha land
PARANAPANEMA REGION
LAND
Works 2 and cogeneration
Need to secure 10.000 ha additional
land to support additional 0.7M tons
crushing capacity and totally 3.6M
tons crushing capacity
INDUSTRIAL ASSETS
0.7M tons/annum
284,000 Mwh
EXPANSION WORKS 2
Capacity expansion of Production
Works 2 with 0.7M tons crushing
capacity to 3,6 million tons
COGENERATION PLANT
Cogeneration plant with excess output
capacity up to 284,000 Mwh
PRODUCTION EQUIPMENT
CLT equipment:
- Cutting
- Loading
- Transport
34
COMPANY PRESENTATION
CONSOLIDATED CAPACITY
3.6M tons / annum crushing capacity
298.000 m3 hydrous ethanol
284,000 Mwh production capacity
Experiences
Project specific:
•
Poor initial project planning
•
Project execution challenges and delays
•
Lack of financial control and planning
•
Lack of adherence to required licences and permits
•
Poor quality control
35
Experiences
General framework and conditions:
•
Generally well regulated
•
Strengthened regulations and permits (environment and social responsibility
focus)
•
Rules not always well enforced and policed – lead to unbalanced conditions
and requirements across country
•
Bureaucracy is a huge time and effort cost to industries
•
Unpredictable tax regime
•
Sugar industry cleaning up still required to secure 100% stamp of
sustainability
•
Easy to differentiate ourself from the average industry
36
Shareholders
PER 2008-09-08
NUMBER OF SHARES
%
UMOE INVEST AS
VALENCIA S.A.R.L
CAMILLO ENERGY AS
RBC DEXIA INVESTOR SERVICES BANK
SAF INVEST AS
MATHIAS HOLDING AS
VERDIPAPIRFONDETFNVEKS
AMROTH AS
PECUNIA FORVALTNING AS
CAIANO AS
WARRENWICKLUND NORGE
JACO INVEST AS
SJØINVEST AS
NB AKSJEFOND
FARINVEST AS
JPMORGAN CHASE BANK
AUDLEY A/S
CLIPPER A/S
STRAEN A/S
MORGAN STANLEY & CO. INC.
37496120
6242285
1275000
1000000
800000
656246
568154
550000
355096
250000
200024
165000
165000
128099
127835
120360
100000
100000
100000
81362
72.4
12.0
2.5
1.9
1.5
1.3
1.1
1.1
0.7
0.5
0.4
0.3
0.3
0.2
0.2
0.2
0.2
0.2
0.2
0.2
TOPP 20
REST
50480581
1334981
97.4
2.6
TOTAL OUTSTANDING SHARES
51815562
SHAREHOLDERS
37
85
COMPANY PRESENTATION
The Umoe Group
•
Norwegian investment company and one of Norway’s largest private companies
•
An active long-term owner and investor
•
–
develop new companies through acquisition, restructuring and organic growth
–
counter-cyclically investments and willingly accept the risks associated
–
see management as co-owners in the companies in which they invest
Investments include
–
marine transportation
–
maritime equipment industries
–
Shipyards
–
oil & gas services
–
catering services
–
IT/telecom
•
Founded in 1984, by sole owner and president and CEO Jens Ulltveit-Moe
•
www.umoe.no
38
COMPANY PRESENTATION