Post on 02-Feb-2021
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 3
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 4
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.
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 5
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 6
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 7
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 8
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.
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 9
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.
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 10
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.
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 11
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.
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 12
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%
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 13
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 14
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 15
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 16
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 17
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
ANNUAL REPORT 2019 SIKUKI NUUK HARBOUR A/S 18
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
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