Shareholder Information
Investor Relations policy
I.M. Skaugen SE aims to keep shareholders, analysts and investors updated to the Company’s operations in a timely fashion, both by releasing information regularly and holding presentations. The financial calendar showing publication dates for the company’s quarterly interim reporting is available on our website.
I.M. Skaugen has for several years focused on achieving and maintaining a transparent and accountable financial reporting system. Accurate and thorough information is vital for securing reasonable pricing for the company, based on underlying values and earnings. It is our policy to report promptly, within 2 weeks of the end of each quarter.
Open investor presentations are arranged on a regular basis. The CEO reviews the results and comments on the performance as well as the outlook. The Group’s Chief Financial Officer also participates at these presentations, as do other members of the corporate management from time to time.
These presentations are available at the Group’s website. Beyond this, the Group maintains a regular dialogue with and conducts presentations to analysts and investors.
Shareholder Policy
The company’s shareholder policy aims to create shareholder value through our emphasis on ”Cost and Service Leadership”, constantly improving customer service and focusing on operational efficiency, thereby growing the business profitability.
I.M. Skaugen’s goal of creating value for its shareholders means a continuous focus on ensuring that the company’s balance sheet and its financing - inclusive of its equity - is adapted to the company’s objectives, strategy and risk profile.
The Board of Directors has adopted a financial policy that amongst others have targeted an equity ratio (book equity in percent of total assets) of no less than 30 per cent.
The company favors a dividend policy based on financial performance, but the increase in share price should, over time, account for the largest part of the return on shareholder investment. When appropriate, and particularly when the share price is considered low, the company aims to buy back its own shares from the market.
In correspondence with the Norwegian code of practice for corporate governance shareholders have the opportunity at each annual general meeting to approve any mandate to the Board of Directors to issue shares or purchase own shares.
Board of Directors of I.M. Skaugen SE
Please refer to our web site www.skaugen.com for information on the members of the Board, including details related to the date of election, term of office, relevant expertise, other appointments and/or employment, as well as details of any business or personal connection to the company.
Mandates granted to the Board of Directors
On 1 March, 2007, the company's Ordinary Annual General Meeting renewed the authorization, granted to the Board of Directors, to acquire up to 2,727,588 treasury shares on behalf of the company, corresponding to 10 per cent of the current share capital (collected face value until NOK 40.913.820). The highest price that may be paid is NOK200, and the lowest price is NOK1. The authorization remains in effect for 18 months from 1 March 2007. The authorization is registered in the Register of Business Enterprises.
Repurchase of shares
At year-end 2007, I.M. Skaugen held 97,292 treasury shares, at a book value of NOK 4,784,400.
The IMSK share performance
The IMSK share price on the Oslo Stock Exchange increased by 27 per cent during 2007, from NOK44 to NOK56, with a low of NOK40 in March and a all-time high of NOK 64.50 in November. The average share price during the year was NOK 52 with a yield of 31 per cent, including the dividend of NOK1.75 per share paid in March. During the same period the Oslo Stock Exchange Benchmark Index (OSEBX) increased by 10 per cent and the OSE 2030 Transportation Index (OSE2030GI) by 10 per cent.
| IMSK Shareprice performance | 2007 |
2006 | 2005 | 2004 | 2003 |
|
|---|---|---|---|---|---|---|
| Share price (closed) | NOK | 56.00 | 44.00 | 58.90 | 38.60 | 35.50 |
| Share price (average) | NOK | 51.67 | 49.34 | 48.88 | 37.30 | 34.87 |
| No. of shares outstanding | 1000 | 27 179 | 27 187 | 25 643 | 23 909 | 31 976 |
| Share capital | MNOK | 409 | 409 | 385 | 359 | 330 |
| Market capitalization | MNOK | 1 522 | 1 196 | 1 510 | 923 | 780 |
| Total volume | 1000 | 4 497 | 3 508 | 3 776 | 1 476 | 2 108 |
| Total no. of trades | 2 365 | 2 273 | 1 381 | 730 | 1 045 | |
| No. of shareholders | 2 344 | 2 459 | 2 622 | 2 602 | 2 774 | |
| Dividend paid out | NOK | 1.75 | 2.50 | 1.88 | 1.75 | 5.00 |
| Adjusted for 4 - 1 share split on 2nd March 2006 |
Liquidity provider scheme
On the 25 April 2005, I.M. Skaugen ASA and Pareto Securities entered into a market making agreement for the IMS share. The trading was initiated on the 26 April 2005. The aim of the market making is to increase the general liquidity and interest in the share and create a stable and consistent trade. By entering into the agreement with the condition that Pareto fulfils the agreement requirements the IMS share was categorized in the Match segment on OSE. The Match categorization and the fact that Pareto is placing committed orders increase the investment confidence.
The trading has been handled by the Pareto market makers by placing committed buy/sell orders with a spread of less than 4 per cent of the share price during at least 85 per cent of the OSE opening hours.
The trading in the IMS share has increased significantly since the start up of the market making. On average the trading in 2007 has picked up compared to previous periods. 17,520 shares have been traded daily on an average basis in 2007 and the first two weeks of 2008. As seen from the figure below (volume traded from August 2004 and up until today) the period of April to August was particularly active.
| 20 Largest Shareholders as 31 December 2007 | No of shares |
Per cent |
|---|---|---|
| Alcides AS | 9 745 996 | 35.73% |
| SES Holding AS |
2 800 000 | 10.27% |
| Verdipapirfond Odin |
1 859 200 | 6.82% |
| Skagen Vekst |
1 725 000 | 6.32% |
| Krepanor AS |
1 141 600 | 4.19% |
| Verdipapirfond Odin |
655 000 | 2.40% |
| Orkla ASA |
570 100 | 2.09% |
| Teigen Frode Naka Racha TLD |
520,800 | 1.91% |
| MP Pensjon |
500 000 | 1.83% |
| AS Bemacs c/o Adv. Bertel O Steen |
400 000 | 1.47% |
| E-Invest AS v/Erik Eik |
392 724 | 1.44% |
| AP Moller Maersk AS |
318 400 | 1.17% |
| Bratrud Gudmund Joar |
291 200 | 1.07% |
| Skandinaviska Enskilda A/C Clients Account |
277 212 | 1.02% |
| SIS Segaintersettle |
272 664 | 1.00% |
| Gironde A/S | 270 000 | 0.99% |
| DNBNOR SMB VPF | 257 000 | 0.94% |
| Tekas AS | 251 904 | 0.92% |
| Thomas Fearnley, Stiftelsen Heddy og Nils Astrup | 240 000 | 0.88% |
| Theologos Investment | 200 000 | 0.73% |
| Total 20 largest shareholders |
22 688 800 | 82.45% |
| Others |
4 587 082 | 17.55% |
| Total shares |
27 275 882 | 100.00% |