Volvo Car Group announced it is going to build a new manufacturing facility in the United States. The investment is worth some 500 million USD. The location and other details will be announced later.
Volvo dealers are satisfied with the announcement. The company aims to sell 100K units per year in USA. The worldwide goal towards 2020 is even loftier, with 800K a year, 200K of which in China. In Europe sales are expected to continue lagging, with perhaps minimal growth taking place.
Volvo recently reported record sales of almost 130 billion SEK and a 2.2 billion SEK net profit for fiscal year 2014. It sold 465 866 cars in 2014, over 80 000 of which were sold in China that has become its main market ahead of the U.S. after a manufacturing site was opened in Chengdu couple years ago. Volvo which has its roots in Sweden used to be owned by Ford Motor Company (NYSE: F). It will now start competing ever-more heavily on Ford's home turf.
Volvo Car Group's parent company is Zhejiang Geely Holding (SEHK: 0175). The subsidiary is Headquartered in Gothenburg, Sweden and production facilities are currently located in Sweden, Belgium, China and Malaysia. For Swedish operations it is good news that the company is doing well. The Chinese owners have taken a hands-off approach in regards to local operations and it has been well received. On the other hand the vision to become a premium brand car maker leaves some worrying on the importance of Swedish operations going forward.
Monday, 30 March 2015
KEVA pension agency CIO calls stock market a bubble in the making
Chief Investment Officer Ari Huotari at municipalities’ pension insurer KEVA stirred a big debate after telling YLE news that the stock market and other risky assets are creating a bubble and KEVA has reacted by selling some of its holdings. Huotari said he would not be surprised to see up to a 20-30% drop within the next 12-18 months.
Other pension insurers did not seem to agree, feeling that the quick advance is justified in the current low-interest rate environment. Former high-profile politician Raimo Ilaskivi, who is also a Doctor's degree holder in economics, utilized the old adage that this time it is different at his blog published by online newspaper Uusi Suomi.
Ilaskivi mentioned the effectively negative interest rate and European CEntral Bank operations as support for the stock market. He viewed comments from Huotari to constitute investment advice and felt that it is outside the domain of a pension insurer. Ilaskivi hinted that such an advice is potentially a big market mover in Finland and foresees discussion on the responsibilities of large investors in communications toward retail investors that can be swayed by such remarks.
Other pension insurers did not seem to agree, feeling that the quick advance is justified in the current low-interest rate environment. Former high-profile politician Raimo Ilaskivi, who is also a Doctor's degree holder in economics, utilized the old adage that this time it is different at his blog published by online newspaper Uusi Suomi.
Ilaskivi mentioned the effectively negative interest rate and European CEntral Bank operations as support for the stock market. He viewed comments from Huotari to constitute investment advice and felt that it is outside the domain of a pension insurer. Ilaskivi hinted that such an advice is potentially a big market mover in Finland and foresees discussion on the responsibilities of large investors in communications toward retail investors that can be swayed by such remarks.
Important news for Saab-Boeing team in T-X program
Former fierce competitors Boeing (NYSE: BA) and Saab (OMX: SAAB B) have recently started partnering up on a number of projects. The anticipated lucrative USAF trainer bidding process is what pushed them to join forces. Overall the worldwide demand for lowering costs has led the industry to partner more and more on big military projects. Swedish aerospace and defence company is thinking of making big moves in the United States.
In the so called T-X program, the United States Air Force is expected to replace aging two-seat jet trainer T-38 Talon with an initial order of 350 planes that could be worth 90 billion SEK. Lifetime orders from the U.S. could approach 1000 jets and its allies would then be expected to make orders as well. The number of Talons built is 1146. It is unclear when a contract award would happen, but we should have some news by 2016 on when the proposals for the new jet are requested for.
The competitive landscape just had a big shift. Defense News reported that General Dynamics (NYSE: GD) chose to withdraw as prime contractor of the T-100, a re-branding of The Alenia Aermacchi M-346 Master, bid with Italian firm Alenia Aermacchi. Alenia, which is a subsidiary of Finmeccanica (BIT: FNC) had previously considered bidding as a prime contractor but it is considered rather unlikely that notoriously protectionist USA would choose another foreign venture to tackle such a mammoth deal alone, even if Alenia would do the manufacturing on U.S. soil.
Therefore Alenia is likely to try to land a new prime contractor/integrator. It sounds as if communication from the U.S. army on the requirement heard by Alenia and General Dynamics in the pre-bidding process required for more modifications. Overall there is now more talk with the industry beforehand on such deals so companies from bids that ed up losing could instead jump ship.
Other competitors are expected to be Talon maker Northrop, now Northrop Grumman (NYSE: NOC), Lockheed Martin (NYSE: LMT) and Korea Aerospace Industries KAI (KRX: 047810) consortium with their KAI T-50 Golden Eagle. Saab-Boeing and Northrop Grumman bids are clean-sheet design from scratch which would enable better adhering to changing requirements. Northrop Grumman was previously planning to submit BAE Systems Hawk.
Saab already has 200 people working on the project mostly with Boeing in St. Louis. As SvD Näringsliv points out, Saab already warned a year ago that costs from the project will be a drag on its results for now. A perceived increase in its chances to get the order therefore had a positive impact on the share price today. Saab and Boeing expect to be able to deliver an adaptable and affordable offer. This would likely mean a smaller plane that could undercut T-50 in costs.
KAI and by presumed extension Lockheed just got good news from South Korea, winning an order of over 7 billion Euros to develop a mid-level fighter for Republic of Korea air force. KAI beat out Korean Air Lines (KRX: 003490), which had European Airbus Military as a technical partner in a last-minute bid. South Korea is also buying PAC-3 missiles from the United States and launch-systems will be upgraded by Raytheon (NYSE: RTN).
In the so called T-X program, the United States Air Force is expected to replace aging two-seat jet trainer T-38 Talon with an initial order of 350 planes that could be worth 90 billion SEK. Lifetime orders from the U.S. could approach 1000 jets and its allies would then be expected to make orders as well. The number of Talons built is 1146. It is unclear when a contract award would happen, but we should have some news by 2016 on when the proposals for the new jet are requested for.
The competitive landscape just had a big shift. Defense News reported that General Dynamics (NYSE: GD) chose to withdraw as prime contractor of the T-100, a re-branding of The Alenia Aermacchi M-346 Master, bid with Italian firm Alenia Aermacchi. Alenia, which is a subsidiary of Finmeccanica (BIT: FNC) had previously considered bidding as a prime contractor but it is considered rather unlikely that notoriously protectionist USA would choose another foreign venture to tackle such a mammoth deal alone, even if Alenia would do the manufacturing on U.S. soil.
Therefore Alenia is likely to try to land a new prime contractor/integrator. It sounds as if communication from the U.S. army on the requirement heard by Alenia and General Dynamics in the pre-bidding process required for more modifications. Overall there is now more talk with the industry beforehand on such deals so companies from bids that ed up losing could instead jump ship.
Other competitors are expected to be Talon maker Northrop, now Northrop Grumman (NYSE: NOC), Lockheed Martin (NYSE: LMT) and Korea Aerospace Industries KAI (KRX: 047810) consortium with their KAI T-50 Golden Eagle. Saab-Boeing and Northrop Grumman bids are clean-sheet design from scratch which would enable better adhering to changing requirements. Northrop Grumman was previously planning to submit BAE Systems Hawk.
Saab already has 200 people working on the project mostly with Boeing in St. Louis. As SvD Näringsliv points out, Saab already warned a year ago that costs from the project will be a drag on its results for now. A perceived increase in its chances to get the order therefore had a positive impact on the share price today. Saab and Boeing expect to be able to deliver an adaptable and affordable offer. This would likely mean a smaller plane that could undercut T-50 in costs.
KAI and by presumed extension Lockheed just got good news from South Korea, winning an order of over 7 billion Euros to develop a mid-level fighter for Republic of Korea air force. KAI beat out Korean Air Lines (KRX: 003490), which had European Airbus Military as a technical partner in a last-minute bid. South Korea is also buying PAC-3 missiles from the United States and launch-systems will be upgraded by Raytheon (NYSE: RTN).
Hoist Finance returns
Poorly performing consumer loans are what Hoist Finance AB (STO:HOFI) acquires and manages from commercial banks and financial institutions. The Swedish financial services firm was de-listed in 2004. Now more than a decade later it has returned to be a listed company as the largest pan-European purchaser of debt originated by financial institutions. Trading in the shares commenced on the Nasdaq OMX Stockholm main list on March 25th 2015.
Hoist Finance has debt purchase and debt collecting activities for non-performing loans in eight European countries. It also has an on-line savings retail deposit operation called HoistSpar which has a total deposit base of some 11 billion SEK from 65 000 active accounts in Sweden. This activity is managed through wholly owned subsidiary Hoist Kredit AB. Some of those proceeds can then finance the loan acquisition side. Hoist Kredit has also issued three series of public notes quoted on Nasdaq OMX Stockholm.
In 2014 gross cash collections were about 2.5 billion SEK while the total carrying value of acquired loans stood at 8.6 billion SEK at the end of the year with 1570 active loan portfolios and about 6.5 million active claims. Total revenue has grown by 140 % in two years from 667 million SEK in 2012 to 1.6 billion plus in 2014 through big recent acquisitions. Margins have also improved with EBIT% rising from below 20% in 2012 to 31.9% in 2014. Earnings per share for last year on the 79,238,014 shares post IPO is about 2.27 SEK.
EBIT margin target is to reach above 40%. Common equity Tier 1 ratio CET1 is now around 10% with stated target to exceed 12%. Medium-term dividend distribution aim is 25-30% while longer term view is to pay about 50% of annual net profit as dividends. Hoist Finance competes with Lindorff, Intrum Justitia, EOS and Portfolio Recovery Associates (now owner of of Aktiv Kapital) as well as a number of smaller local players.
Initial Public Offering was expected to provide proceeds for further growth and raise the company profile. Company was issuing some shares and large shareholders were selling some of their shares in it. Implementation of Basel III regulations is expected to provide growth opportunities as banks reduce their balance sheets. The rationale for banks to sell non-performing loans at a considerable discount is multifaceted. Their capital ratio strengthens immediately, instant cash-in provides liquidity, level of risk is reduced and debt-collection is in general a non-core business.
British hedge fund Toscafund was on both sides of the offering. It bought into Hoist Finance in a 30 million GBP deal that netted it a 10% holding several months ago. Hence at that time Hoist Finance was valued 300 million GBP or 3.84 billion SEK at current exchange rate. With a further 750 million gross or about 675 million net coming in the offering, the market value after the IPO, which at 58 SEK per share was 4.55 billion, was rather close to cash received in the IPO plus earlier valuation. After days of trading and another post-IPO jump, the market value is now closer to 5.3 billion. The IPO range was 50-60 SEK and it was over-subscribed multiple times.
Toscafund had told the company it was intending purchase through different funds at least the same number of shares it was selling, but had made no such guarantee. In addition to Toscafund, other major institutional shareholders post IPO are Carve Capital AB (9%), Lancelot Asset Management AB (5%) and Zenit Asset Management AB (4%) Regarding other shareholders selling shares in the IPO, post-holdings were expected to be as follows; Beagle Investments (7.5%) Deciso AB (7%) and Costas Thoupos (4.2%)
Hoist Finance has debt purchase and debt collecting activities for non-performing loans in eight European countries. It also has an on-line savings retail deposit operation called HoistSpar which has a total deposit base of some 11 billion SEK from 65 000 active accounts in Sweden. This activity is managed through wholly owned subsidiary Hoist Kredit AB. Some of those proceeds can then finance the loan acquisition side. Hoist Kredit has also issued three series of public notes quoted on Nasdaq OMX Stockholm.
In 2014 gross cash collections were about 2.5 billion SEK while the total carrying value of acquired loans stood at 8.6 billion SEK at the end of the year with 1570 active loan portfolios and about 6.5 million active claims. Total revenue has grown by 140 % in two years from 667 million SEK in 2012 to 1.6 billion plus in 2014 through big recent acquisitions. Margins have also improved with EBIT% rising from below 20% in 2012 to 31.9% in 2014. Earnings per share for last year on the 79,238,014 shares post IPO is about 2.27 SEK.
EBIT margin target is to reach above 40%. Common equity Tier 1 ratio CET1 is now around 10% with stated target to exceed 12%. Medium-term dividend distribution aim is 25-30% while longer term view is to pay about 50% of annual net profit as dividends. Hoist Finance competes with Lindorff, Intrum Justitia, EOS and Portfolio Recovery Associates (now owner of of Aktiv Kapital) as well as a number of smaller local players.
Initial Public Offering was expected to provide proceeds for further growth and raise the company profile. Company was issuing some shares and large shareholders were selling some of their shares in it. Implementation of Basel III regulations is expected to provide growth opportunities as banks reduce their balance sheets. The rationale for banks to sell non-performing loans at a considerable discount is multifaceted. Their capital ratio strengthens immediately, instant cash-in provides liquidity, level of risk is reduced and debt-collection is in general a non-core business.
British hedge fund Toscafund was on both sides of the offering. It bought into Hoist Finance in a 30 million GBP deal that netted it a 10% holding several months ago. Hence at that time Hoist Finance was valued 300 million GBP or 3.84 billion SEK at current exchange rate. With a further 750 million gross or about 675 million net coming in the offering, the market value after the IPO, which at 58 SEK per share was 4.55 billion, was rather close to cash received in the IPO plus earlier valuation. After days of trading and another post-IPO jump, the market value is now closer to 5.3 billion. The IPO range was 50-60 SEK and it was over-subscribed multiple times.
Toscafund had told the company it was intending purchase through different funds at least the same number of shares it was selling, but had made no such guarantee. In addition to Toscafund, other major institutional shareholders post IPO are Carve Capital AB (9%), Lancelot Asset Management AB (5%) and Zenit Asset Management AB (4%) Regarding other shareholders selling shares in the IPO, post-holdings were expected to be as follows; Beagle Investments (7.5%) Deciso AB (7%) and Costas Thoupos (4.2%)
Saturday, 28 March 2015
Evolution gaming starts strong
Live casino systems provider Evolution Gaming Group AB (STO: EVO) started trading on Nasdaq First North Stockholm on March 20th 2015. In one week the stock advanced 6,13% from the start of trading to close at 95.15% and is thusly almost 20% above the IPO price of SEK 80 per share. The 80 SEK per share was also the upper bound of the range in the IPO, continuing a trend of wildly successful Initial Public Offerings in Nordic countries as of late.
At 95.15 per share, the company is valued nearly 3.5 billion SEK as it has 35 970 377 shares. No new cash came toward the company in the IPO, it was the case of founders and management selling shares. Instead Evolution Gaming estimated the IPO will cost a lofty maximum of 4.5 million Euros as commission to managers and other advisors. The clean balance sheet containing very little debt certainly did not require cash-in.
Largest owners before the IPO were British billionaire Richard Livingstone, whose billionaire brother Ian is in the Board of Directors, company founder % CEO Jens von Bahr, Fredrik Österberg and Richard Hadida. After the offering the first 3 maintain slightly over 10% of shares each and Richard Hadida still has slightly over 5% holding. Swedbank Rober Fonder became another large shareholder in the IPO as it committed to acquire about 9.5% of shares. Other high profile investors buying shares were Staffan Persson, Peter Lindell, Erik Selin and Niclas Eriksson, who combined had committed to acquiring about 8% of shares. Further information of the current shareholder structure is promised in April.
The business to business focused group enables real time casino game table dealing to be provided via live streaming video to electronical devices (tablets, smartphones, computers). It aims to be the world leader in the field and currently employs about 1300 people. Some examples from over 70 total customers are Betsson, Poker Stars, Unibet and William Hill.
The company targets faster growth than the industry average in Europe. Global gambling industry market data provider H2 Gambling Capital estimates market to grow by 18% per annum until 2018. Profitability target is to maintain an EBITDA margin above 35%. Dividend policy is to distribute a minimum of 50% of net profit as dividends.
Thus far revenue target has been met with growth from 31 million SEK in 2012 to 49 million in 2014 while Operating Margin has been hovering at or slightly below 35%. With earning per share of 0.35 SEK last year, trailing earnings per share is astronomical. Forward estimates however do seem a lot more reasonable. Morningstar expects Price/prospective earnings to be close to 30 whereas Remium estimates EBIT this year may reach 150 million SEK, which would suggest EV/EBIT of about 23 and sees further upside in the share. Important deals signed in Q4 2014 suggest growth may well pick up this year.
Some of the revenue comes from fixed monthly fees. Variable fees are commissions by operators, with Evolution Gaming typically getting a share of the net profit of the live casino operators' net profit. Both the revenue and cost side debend on which sort of service is to be provided, with Evolution Gaming operating the live casino with their own professional dealers working on two live studios (one in Latvia and one in Malta) and then providing some additional services. Gambling industry is a cyclical consumer industry that carries some regulatory risks.
At 95.15 per share, the company is valued nearly 3.5 billion SEK as it has 35 970 377 shares. No new cash came toward the company in the IPO, it was the case of founders and management selling shares. Instead Evolution Gaming estimated the IPO will cost a lofty maximum of 4.5 million Euros as commission to managers and other advisors. The clean balance sheet containing very little debt certainly did not require cash-in.
Largest owners before the IPO were British billionaire Richard Livingstone, whose billionaire brother Ian is in the Board of Directors, company founder % CEO Jens von Bahr, Fredrik Österberg and Richard Hadida. After the offering the first 3 maintain slightly over 10% of shares each and Richard Hadida still has slightly over 5% holding. Swedbank Rober Fonder became another large shareholder in the IPO as it committed to acquire about 9.5% of shares. Other high profile investors buying shares were Staffan Persson, Peter Lindell, Erik Selin and Niclas Eriksson, who combined had committed to acquiring about 8% of shares. Further information of the current shareholder structure is promised in April.
The business to business focused group enables real time casino game table dealing to be provided via live streaming video to electronical devices (tablets, smartphones, computers). It aims to be the world leader in the field and currently employs about 1300 people. Some examples from over 70 total customers are Betsson, Poker Stars, Unibet and William Hill.
The company targets faster growth than the industry average in Europe. Global gambling industry market data provider H2 Gambling Capital estimates market to grow by 18% per annum until 2018. Profitability target is to maintain an EBITDA margin above 35%. Dividend policy is to distribute a minimum of 50% of net profit as dividends.
Thus far revenue target has been met with growth from 31 million SEK in 2012 to 49 million in 2014 while Operating Margin has been hovering at or slightly below 35%. With earning per share of 0.35 SEK last year, trailing earnings per share is astronomical. Forward estimates however do seem a lot more reasonable. Morningstar expects Price/prospective earnings to be close to 30 whereas Remium estimates EBIT this year may reach 150 million SEK, which would suggest EV/EBIT of about 23 and sees further upside in the share. Important deals signed in Q4 2014 suggest growth may well pick up this year.
Some of the revenue comes from fixed monthly fees. Variable fees are commissions by operators, with Evolution Gaming typically getting a share of the net profit of the live casino operators' net profit. Both the revenue and cost side debend on which sort of service is to be provided, with Evolution Gaming operating the live casino with their own professional dealers working on two live studios (one in Latvia and one in Malta) and then providing some additional services. Gambling industry is a cyclical consumer industry that carries some regulatory risks.
Friday, 27 March 2015
PA Resources tries to continue going concern, seeks corporate restructuring
Oil and gas sector companies are really starting to feel the pinch. PA Resources (STO: PAR), which explores, acquires, develops and sells oil and gas from the said resources has been in negotiations with its creditors to restructure debt. Those aren't progressing quickly enough. The company has today filed for corporate restructuring to attempt to shield it from its creditors. Previously the lenders had agreed to defer interest payments until March 31st. PA Resources had been proposing further delay and waiver on covenants.
After deep losses and a massive impairment in 2014, its equity had fallen deep into negative territory. The company thus had to prepare balance sheet for liquidation purposes. That showed a mildly positive equity. Shareholders voted against liquidation in the ensuing extraordinary general meeting. In eight months from the EGM, the situation will be revisited and equity needs to be more than half of the registered share capital. Obviously the company has been attempting some sort of conversion of debt into equity that would mitigate the situation.
Some bondholders however seem to be more willing to take the hit in liquidation rather than make an uncertain bet in sector revival. PA Resources has two big unsecured bond loans. The 900 million NOK bond loan issued in 2011 has part of its principal to be amortized in April 5th 2015 and the loan matures on April 5th 2016. That loan currently has 675 million NOK outstanding (12.25% margin). The 1 billion SEK loan from 2013 has 750 million SEK outstanding (margin 13.5%). Its date of maturity is on March 3 2016.
Global commodity trading company Gunvor is both the largest shareholder and largest creditor of PA Resources. Gunvor has also been in the news since it used to be part-owned by Gennady Timchenko, a citizen of Russia, Finland and Armenia, who was included in the United States sanction list. Timchenko therefore sold his stake in Gunvor to his co-founder, Swedish billionaire Torbjorn Tornqvist, to ensure continued operations.
In current operating environment, PA Resources is cash-flow negative. The firm however maintains that it can significantly reduce operating expenses and has assets in Denmark (central North Sea) and Congo (plus one such field in Tunisia despite other delays and write-downs there) that can be developed further with quite little cost. The business model is to actively develop asset value through exploration, appraisal, planning and development and then divest some assets while take in operational cash flow from producing fields to allow constant continued investments.
In regards to producing fields, PA company President & CEO said in Q4 2014 report, that Block I in Equatorial Guinea and the three small onshore DST fields in Tunisia are cash-flow positive at current oil prices (hovering around 50 USD). The Didon field however is cash-flow negative. That offshore field is 75km offshore Tunisia in in the Gulf of Gabes at water depth of 75 metres. It was already in decline phase but has potential for further discovery. Some 500 boed has been produced from 2 MMboe net producing oil reserves and net contingent resources in Zarat field are over 40 MMboe. Going forward it will be 100% in PA Resource's hands with termination of the farm-out agreement with EnQuest (LSE: ENQ, OMXS: ENQ). The companies entered an agreement in 2013 whereupon EnQuest got a 70% stake. Tunisian authorities slow response provided EnQuest the opportunity to exit the project as the environment changed.
In both 2011 and 2012 PA resources produced an average of about 8000 bpd of oil equivalentss. The number has come down rapidly from there to about on average of 3150 boepd in 2014. The subsidiaries continue to function and the share is still trading in Nasdaq OMX Stockholm, likely providing for some decent trading opportunities as news flow continues.
After deep losses and a massive impairment in 2014, its equity had fallen deep into negative territory. The company thus had to prepare balance sheet for liquidation purposes. That showed a mildly positive equity. Shareholders voted against liquidation in the ensuing extraordinary general meeting. In eight months from the EGM, the situation will be revisited and equity needs to be more than half of the registered share capital. Obviously the company has been attempting some sort of conversion of debt into equity that would mitigate the situation.
Some bondholders however seem to be more willing to take the hit in liquidation rather than make an uncertain bet in sector revival. PA Resources has two big unsecured bond loans. The 900 million NOK bond loan issued in 2011 has part of its principal to be amortized in April 5th 2015 and the loan matures on April 5th 2016. That loan currently has 675 million NOK outstanding (12.25% margin). The 1 billion SEK loan from 2013 has 750 million SEK outstanding (margin 13.5%). Its date of maturity is on March 3 2016.
Global commodity trading company Gunvor is both the largest shareholder and largest creditor of PA Resources. Gunvor has also been in the news since it used to be part-owned by Gennady Timchenko, a citizen of Russia, Finland and Armenia, who was included in the United States sanction list. Timchenko therefore sold his stake in Gunvor to his co-founder, Swedish billionaire Torbjorn Tornqvist, to ensure continued operations.
In current operating environment, PA Resources is cash-flow negative. The firm however maintains that it can significantly reduce operating expenses and has assets in Denmark (central North Sea) and Congo (plus one such field in Tunisia despite other delays and write-downs there) that can be developed further with quite little cost. The business model is to actively develop asset value through exploration, appraisal, planning and development and then divest some assets while take in operational cash flow from producing fields to allow constant continued investments.
In regards to producing fields, PA company President & CEO said in Q4 2014 report, that Block I in Equatorial Guinea and the three small onshore DST fields in Tunisia are cash-flow positive at current oil prices (hovering around 50 USD). The Didon field however is cash-flow negative. That offshore field is 75km offshore Tunisia in in the Gulf of Gabes at water depth of 75 metres. It was already in decline phase but has potential for further discovery. Some 500 boed has been produced from 2 MMboe net producing oil reserves and net contingent resources in Zarat field are over 40 MMboe. Going forward it will be 100% in PA Resource's hands with termination of the farm-out agreement with EnQuest (LSE: ENQ, OMXS: ENQ). The companies entered an agreement in 2013 whereupon EnQuest got a 70% stake. Tunisian authorities slow response provided EnQuest the opportunity to exit the project as the environment changed.
In both 2011 and 2012 PA resources produced an average of about 8000 bpd of oil equivalentss. The number has come down rapidly from there to about on average of 3150 boepd in 2014. The subsidiaries continue to function and the share is still trading in Nasdaq OMX Stockholm, likely providing for some decent trading opportunities as news flow continues.
Thursday, 26 March 2015
Sandvik plans to close in Turku
Swedish engineering group Sandvik (OMX: SAND) continues to move its operations closer to growth markets. About 500 jobs are now threatened in Finland as the entire 470-employee site in Runosmäki, Turku is facing closure. Another 30 jobs are at risk in Tampere unit. Sandvik entered Finland in 1997 when it bought the iconic Tampella Tamrock Oy and later renamed the unit Sandvik Mining and Construction Oy and employs about 1700 people at this time.
Turku factory manufactures underground loaders such as Sandvik Lh514 and underground trucks (dumpers etc). It has been at the forefront in bringing new innovative products to the market with machining, assembly, welding, painting and testing done at the site. Sandvik Mining business unit has provided most challenges to the company in the last couple of years as the sector downturn persists. In total up to 10 Sandvik factories worldwide may be closed.
Turku factory manufactures underground loaders such as Sandvik Lh514 and underground trucks (dumpers etc). It has been at the forefront in bringing new innovative products to the market with machining, assembly, welding, painting and testing done at the site. Sandvik Mining business unit has provided most challenges to the company in the last couple of years as the sector downturn persists. In total up to 10 Sandvik factories worldwide may be closed.
Wednesday, 18 March 2015
Dannemora bankrupt
Mining and exploration company Dannemora Mineral AB (STO: DMAB B, OSE: DMABB) has filed for bankruptcy. The stock is suspended from trading. The company, which was founded in 2005, had been in reorganization proceedings since May 2014 and in special observation since late 2013. In 2014 1.2 Mton of ore was produced and in last month the company said it was EBITDA positive. Continuing operations would however require investments in mass recovery and the transfer of the crusher underground.
In the current extremely low iron ore price environment, no financing could be found and customers were starting to prepare for finding new suppliers. On Monday the company announced ceasing of all production until liquidity situation could be resolved. This precipitated a gradual 50% slide in Swedish exchange to 0.33 SEK per upon Tuesday close. In 2012 the stock traded near 60 SEK. Dannemora had been supplying ThyssenKrupp Steel Europe AG, Salzgitter AG, and Stemcor UK Ltd.
The historic Dannemora Mine was reopened in the Summer of 2012. It had last been closed in 1992 by SSAB after the mine had been running for over 500 years. The last mineral resource update showed probable resources of just under 35 Mton remaining with measured resources below 20 Mton. With those estimates, the mine was supposed to have under 10 years remaining in operation as is. Its magnetite iron ore could be crushed and processed into high purity with low levels of phosphorus and vanadium. Recent recovery rate was around 40% with target above 50%.
In the current extremely low iron ore price environment, no financing could be found and customers were starting to prepare for finding new suppliers. On Monday the company announced ceasing of all production until liquidity situation could be resolved. This precipitated a gradual 50% slide in Swedish exchange to 0.33 SEK per upon Tuesday close. In 2012 the stock traded near 60 SEK. Dannemora had been supplying ThyssenKrupp Steel Europe AG, Salzgitter AG, and Stemcor UK Ltd.
The historic Dannemora Mine was reopened in the Summer of 2012. It had last been closed in 1992 by SSAB after the mine had been running for over 500 years. The last mineral resource update showed probable resources of just under 35 Mton remaining with measured resources below 20 Mton. With those estimates, the mine was supposed to have under 10 years remaining in operation as is. Its magnetite iron ore could be crushed and processed into high purity with low levels of phosphorus and vanadium. Recent recovery rate was around 40% with target above 50%.
Monday, 16 March 2015
Anttila to be sold nearly for free
Kesko Oyj (OMXH: KESBV) announced has decided to sell its Anttila department stores for one million Euros to German-led investment company 4K Invest International Ltd. The company is taking a 150 million charge on Q1 2015 for the deal. In 2014 Anttila had sales of 324 million Euros and posted a 64 million loss before exctraordinary items.
Tte Finnish retailing conglomerate also updates its outlook on the account of the deal. Profit without extraordinary items is now expected to improve on 2014, implying Kesko expected Anttila's losses to continue this year. Sales are now naturally projected to be down from last year. Some 1500 employees and 23 Anttila plus 9 Kodin1 stores continue operations as usual for now. Last year Kesko announced closures of several Anttila's.
4K invest acquires medium to large companies performing poorly and attempts to create value through restructuring or carve-out. It has a track record of deals in retail. There has been some overlap with the brands. Some Kodin1 and Anttila shops work in the same cities and eat into each other's sales. There is also a separate online store for both, netanttila.com and kodin1.com are a part of the deal. Kesko's K-Citymarket stores also have competing products on offering.
Tte Finnish retailing conglomerate also updates its outlook on the account of the deal. Profit without extraordinary items is now expected to improve on 2014, implying Kesko expected Anttila's losses to continue this year. Sales are now naturally projected to be down from last year. Some 1500 employees and 23 Anttila plus 9 Kodin1 stores continue operations as usual for now. Last year Kesko announced closures of several Anttila's.
4K invest acquires medium to large companies performing poorly and attempts to create value through restructuring or carve-out. It has a track record of deals in retail. There has been some overlap with the brands. Some Kodin1 and Anttila shops work in the same cities and eat into each other's sales. There is also a separate online store for both, netanttila.com and kodin1.com are a part of the deal. Kesko's K-Citymarket stores also have competing products on offering.
Tuesday, 10 March 2015
Business information services provider Suomen Asiakastieto Oy is contemplating stock market listing in Nasdaq OMX Helsinki main list. If the market value estimates north of 100 million Euros hold water, the Finnish credit information market dominator's IPO is likely to be the largest for Helsinki stock exchange since NASDAQ's acquisition of OMX in February 2008
In pure margins, the company is among the most profitable in Finland. Since only some key numbers and ratios have been made available and IPO details are scarce, the value proposition is to be determined. Supposedly listing has been planned for at least a year. Credit rating business doesn't mind recessions and with the misfortunes of people and businesses seemingly constantly in the rise in Finland, Asiakastieto continues to benefit from its near monopoly position. CEO Juha Ruuska told newspaper Talouselämä that a positive credit registry should be allowed in Finland as well and foresees that as one potential future growth area.
Finnish banks Nordea Bank (32.3%), Sampo Bank (16.1%), OP Bank Group Central Cooperative (16.1%) and payments provider Luottokunta (16.1%), and minority shareholders sold Asiakastieto to private equity firm GMT Communications Partners in 2006 citing focus on core business. Financial details were not made public, but the company was valued way south of 50 million. GMT cashed out less than two years after that with an IRR of about 70% on their investments. The buyer then was the current majority owner AKT Holdings S.à r.l, a Luxemburg-registered holding company which is owned by Bahraini alternative investment provider Investcorp International (BSE: INVCORP). Now Investcorp appears to be gradually making its exit at still a hefty profit. According to its own Q4 2014 report, . It already made a partial exit in Q4 2014, but more details are not available. It is just known that the IPO would consists of the sale of shares from AKT, Investcorp clients and some members of Asiakastieto's Board of Directors and management.
In pure margins, the company is among the most profitable in Finland. Since only some key numbers and ratios have been made available and IPO details are scarce, the value proposition is to be determined. Supposedly listing has been planned for at least a year. Credit rating business doesn't mind recessions and with the misfortunes of people and businesses seemingly constantly in the rise in Finland, Asiakastieto continues to benefit from its near monopoly position. CEO Juha Ruuska told newspaper Talouselämä that a positive credit registry should be allowed in Finland as well and foresees that as one potential future growth area.
Finnish banks Nordea Bank (32.3%), Sampo Bank (16.1%), OP Bank Group Central Cooperative (16.1%) and payments provider Luottokunta (16.1%), and minority shareholders sold Asiakastieto to private equity firm GMT Communications Partners in 2006 citing focus on core business. Financial details were not made public, but the company was valued way south of 50 million. GMT cashed out less than two years after that with an IRR of about 70% on their investments. The buyer then was the current majority owner AKT Holdings S.à r.l, a Luxemburg-registered holding company which is owned by Bahraini alternative investment provider Investcorp International (BSE: INVCORP). Now Investcorp appears to be gradually making its exit at still a hefty profit. According to its own Q4 2014 report, . It already made a partial exit in Q4 2014, but more details are not available. It is just known that the IPO would consists of the sale of shares from AKT, Investcorp clients and some members of Asiakastieto's Board of Directors and management.
Thursday, 5 March 2015
Presentations at 10th North Atlantic Seafood Conference
10th North Atlantic Seafood Conference takes place in Bergen from 3-5th of March. The event is the largest seafood conference in the world. Several listed companies typically release their presentations held in the finance and investor seminar portion. Direct pdf links for the presentations are listed below as they become available:
Marine Harvest (OSE: MHG) here and here
Bakkafrost (OSE: BAKKA) here
Norway Royal Salmon (OSE: NRS) here
Salmar (OSE: SALM) here
EWOS Group AS, here and here
Marine Harvest (OSE: MHG) here and here
Bakkafrost (OSE: BAKKA) here
Norway Royal Salmon (OSE: NRS) here
Salmar (OSE: SALM) here
EWOS Group AS, here and here
Bavarian Nordic lands a deal from partner after positive early results
Danish biotechnology firm Bavarian Nordic (OMX: BAVA, OTC: BVNRY) has gotten a big piece of the ongoing biotech deal frenzy. Bristol-Myers Squibb (NYSE: BMY) has signed an exclusive deal for Prostvac worth up to 975 million USD. An upfront fee of 60 million USD is already coming their way. The cancer immunotherapy and infectious disease vaccine maker already has one approved drug and several others in early clinical development. Its stock market price is up by 50% following the news.
Prostvac cancer immunotherapy candidate is currently in pivotal phase 3 trials under an SPA protocol from the FDA for asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer (mCRPC). Target enrolment was reached last December and a total of 1298 patients are on the trial. The three arm-study has a stand-alone, combination treatment arm with adjuvant dose of GM-CSF (Granulocyte-Macrophage Colony Stimulating Factor, used as an immunostimulator) and Placebo control group.
Bristol-Myers Squibb has an option to exercise the deal once phase 3 results are available. Upside fof 50 million to 230 million plus on top of the 80 million exercise milestone hinges on median OS data exceeding results from phase 2 study [in combination phase 2 study with GM-CSF the overall survival for the treatment arm was 8.5 months longer than the in the control group (25.1 vs 16.6 months]. Regulatory milestone are a maximum of 110 million and sales milestones of a maximum of 495 million plus double-digit royalties could come on top of all that. Here is the summarized agreement:
60 million upfront
80 million after phase 3 fs BMS exercises option
230 million max based on phase 3 data
110 million max in regulatory milestones
495 million max plus royalties from sales
-----------
For a maximum total of 975 million plus royalties
BRISTOL-MYERS SQUIBB is going to further research combination with its monoclonal antibody Yervoy (Ipilimumab), that is already on the market in melanoma and is in phase 3 for mCRPC. About a week ago Bavarian reported promising Phase 1 trial results for Prostvac- Ipilimumab combination. An investigator sponsored trial combining the drugs has already been in the works. Bavarian's US subsidiary is called BN ImmunoTherapeutics
Prostvac cancer immunotherapy candidate is currently in pivotal phase 3 trials under an SPA protocol from the FDA for asymptomatic or minimally symptomatic metastatic castration-resistant prostate cancer (mCRPC). Target enrolment was reached last December and a total of 1298 patients are on the trial. The three arm-study has a stand-alone, combination treatment arm with adjuvant dose of GM-CSF (Granulocyte-Macrophage Colony Stimulating Factor, used as an immunostimulator) and Placebo control group.
Bristol-Myers Squibb has an option to exercise the deal once phase 3 results are available. Upside fof 50 million to 230 million plus on top of the 80 million exercise milestone hinges on median OS data exceeding results from phase 2 study [in combination phase 2 study with GM-CSF the overall survival for the treatment arm was 8.5 months longer than the in the control group (25.1 vs 16.6 months]. Regulatory milestone are a maximum of 110 million and sales milestones of a maximum of 495 million plus double-digit royalties could come on top of all that. Here is the summarized agreement:
60 million upfront
80 million after phase 3 fs BMS exercises option
230 million max based on phase 3 data
110 million max in regulatory milestones
495 million max plus royalties from sales
-----------
For a maximum total of 975 million plus royalties
BRISTOL-MYERS SQUIBB is going to further research combination with its monoclonal antibody Yervoy (Ipilimumab), that is already on the market in melanoma and is in phase 3 for mCRPC. About a week ago Bavarian reported promising Phase 1 trial results for Prostvac- Ipilimumab combination. An investigator sponsored trial combining the drugs has already been in the works. Bavarian's US subsidiary is called BN ImmunoTherapeutics
Wednesday, 4 March 2015
On Nordic countries in renewable energy attractiveness index and companies involved
Ernst & Young Global Limited has released its annual Renewable Energy Country Attractiveness Index (RECAI) where top 40 countries for investing in renewable energy sources are listed. The methodology takes into account market stability measures, energy policy and market demand and technological issues. Despite some environmental and market-size challenges, Nordic countries have amassed high-level expertize in renewable energy segment. Four Nordic countries once again make it into the top 40.
Denmark as the traditional heart of offshore wind investments as well as manufacturing and research led by Vestas Wind Systems (OMX: VWS) is still near the top in attractiveness in investing in power generation in that field, lifting the country to 17th place in overall rankings. Sweden's small climb is explained by the continued political drive to move away from nuclear power and switch those to renewable energy sources. Swedish stock-market listed wind farm developer Eolus Vind (STO: EOLU B) won a big project from Norway within the last year. Finland also makes the top ten as a target in onshore and offshore wind and biomass investments.
Norway's large hydropower capacity is a big player in Nord pool electricity market. Investments to that sector continue to have potential. Stock-market listed Hafslund (OSA:HNA) owns several hydroelectric power plants. The country also has solar power expertize as evidenced by being the home of Renewable Energy Corporation (OSE: REC) but investments in the generation side there seem to bear little fruit.
Some companies listed in the Nordic exchanges providing products and services directly into renewable energy generation include power and automation technology provider ABB (SIX: ABBN, NYSE: ABB, OMX: ABB) and presumably soon delisting Vacon (OMXH: VAC1V). Other firms such as Wärtsilä (OMXH: WRT1V) and Metso (OMXH: MEO1V) provide solutions for intermittent energy needs to supplement the industry as well as serving those industries. Many other engineering firms subcontract into the industry
New entrants from the field, such as solar thermal (heat) generation firm Savo-Solar, are expected to come to stock market in the near future. Nordic consulting firms such as ÅF AB (OMXS: AF B), Tieto (OMXH: TIE1V, OMXS: TIEN), Pöyry (OMXH: POY1V) and Rejlers AB (OMXS: REJL B) have reaped the auxiliary rewards of public sector support to renewable energy developments.
Pulp & paper companies have dabbled into biomass generation and petrol and environmental services companies from the region have been investing in similar ventures with varying levels of success. Wind farms in particular are important for steel companies. Some construction companies such as MT Højgaard (owned by listed Højgaard Holding (CPH: HOEJ B) and Monberg & Thorsen (CPH: MT B) which is market leader in offshore wind turbine foundations are involved in building the structures.
Denmark as the traditional heart of offshore wind investments as well as manufacturing and research led by Vestas Wind Systems (OMX: VWS) is still near the top in attractiveness in investing in power generation in that field, lifting the country to 17th place in overall rankings. Sweden's small climb is explained by the continued political drive to move away from nuclear power and switch those to renewable energy sources. Swedish stock-market listed wind farm developer Eolus Vind (STO: EOLU B) won a big project from Norway within the last year. Finland also makes the top ten as a target in onshore and offshore wind and biomass investments.
Norway's large hydropower capacity is a big player in Nord pool electricity market. Investments to that sector continue to have potential. Stock-market listed Hafslund (OSA:HNA) owns several hydroelectric power plants. The country also has solar power expertize as evidenced by being the home of Renewable Energy Corporation (OSE: REC) but investments in the generation side there seem to bear little fruit.
Some companies listed in the Nordic exchanges providing products and services directly into renewable energy generation include power and automation technology provider ABB (SIX: ABBN, NYSE: ABB, OMX: ABB) and presumably soon delisting Vacon (OMXH: VAC1V). Other firms such as Wärtsilä (OMXH: WRT1V) and Metso (OMXH: MEO1V) provide solutions for intermittent energy needs to supplement the industry as well as serving those industries. Many other engineering firms subcontract into the industry
New entrants from the field, such as solar thermal (heat) generation firm Savo-Solar, are expected to come to stock market in the near future. Nordic consulting firms such as ÅF AB (OMXS: AF B), Tieto (OMXH: TIE1V, OMXS: TIEN), Pöyry (OMXH: POY1V) and Rejlers AB (OMXS: REJL B) have reaped the auxiliary rewards of public sector support to renewable energy developments.
Pulp & paper companies have dabbled into biomass generation and petrol and environmental services companies from the region have been investing in similar ventures with varying levels of success. Wind farms in particular are important for steel companies. Some construction companies such as MT Højgaard (owned by listed Højgaard Holding (CPH: HOEJ B) and Monberg & Thorsen (CPH: MT B) which is market leader in offshore wind turbine foundations are involved in building the structures.
Tuesday, 3 March 2015
Nordic billionaires 2015
Forbes list of billionaires 2015 has been released. There are 44 Nordic people listed. These include 23 Swedes, 10 Norwegians, 5 Danish, 5 Finnish and one Icelandic person. Although still by far the richest person in Sweden and in the Nordic countries, Stefan Persson’s wealth has come down somewhat as his three children all join the list.
Lego's Kjeld Kirk Kristiansen is firmly entreched as the richest man in Denmark. The title of Norway’s richest person changes hands for the second year running as Olav Thon trusted most of his wealth in 2013 to his charitable foundation exiting the list a year ago and this year Odd Reitan overtaking Stein Erik Hagen.
In Finland the Herlin family is the richest in country history, with good fortunes for Kone and Cargotec bringing in more members to the list. Antti Herlin is still the richest in the nation. Thor Bjorgolfsson of Iceland rejoins the list as the lone representative of his country after a tumultuous period of restoring his finances following the crisis of 2008 and onwards. Below is the complete listing of Nordic billionaires in 2015:
28. Stefan Persson (24,5 billion $, H&M, SWE)
92. Hans Rausing (12,5 B, Tetra Laval, SWE)
129. Kjeld Kirk Kristiansen (9,7 B, Lego, DEN)
220. Melker Schörling (6,4 B, Melker Schörling AB, SWE)
271. Jorn Rausing (5.5 billion, Tetra Laval, SWE)
271. Anders Holch Povlsen (5.5 B, Bestseller, DEN)
283. Antonia Ax:son Johnson (5,3 B, Axel Johnson Group, SWE)
291. Odd Reitan (5.2 B, Reitan Group, NOR)
301. Dan Olsson (5.1 B, Stene Sphere, SWE)
301. Finn Rausing (5.1 billion, Tetra Laval, SWE)
301. Kirsten Rausing (5.1 billion, Tetra Laval, SWE)
309. Bertil Hult (5 B, EF Education SWE)
318. Frederik Paulsen (4.9 B, Ferring Pharmaceuticals, SWE)
341. Stein Erik Hagen & family ($4.7 B , RIMI, NOR)
381. Liselott Tham (4.3 B, H&M, SWE)
393. Gustaf Douglas (4.2 B, Investment AB Latour SWE)
435. Lars Larsen (3.9 B, JYSK, DEN)
435. Niels Peter Louis-Hansen (3,9 B, Coloplast, DEN)
462. Fredrik Lundberg (3.7 B, L E Lundbergforetagen AB SWE)
481. Antti Herlin (3.6 B, Kone, FIN)
497. Ingvar Kamprad & family ($3.5 B, Ikea, SWE)
577. Johan Johannson (3.1B, NorgesGruppen,NOR)
603. Karl-Johan Persson (3.0 B, H&M, SWE)
603. Tom Persson (3.0 B, H&M, SWE)
603. Charlotte Söderström (3.0 B, H&M, SWE)
663. Andreas Halvorsen (2.8 B, Viking Global Investors ,NOR)
690. Hanni Toosbuy Kasprzak (2,7 B, ECCO, DEN)
714. Carl Bennet (2.6 B, Carl Bennet AB, SWE)
737. Stefan Olsson (2.5 B, Stene Sphere, SWE)
782. Arne Wilhelmsen & family (2.4 B, Royal Caribbean, NOR)
949. Torbjorn Tornqvist ($2 B, Gunvor Group, SWE)
1006. Kjell Inge Rokke (1.9 B, Aker, NOR)
1006. Madeleine Olsson Ericksson (1.9 B, Stene Sphere, SWE)
1226. Petter Stordalen (1.6 B, Nordic Choice Hotels, NOR)
1415 Markus Persson (1.3 B, Mojang, SWE)
1415 Björgólfur Thor Bjorgolfsson(1.3 B , Novator, ICE)
1415. Gjert Wilhelmsen & family ($1.3 B, Royal Caribbean NOR)
1533. Ilkka Herlin (1.2 B, Kone, FIN)
1415. Thomas Sandell (1.3 B, Sandell Asset Management, SWE)
1605. Niklas Herlin (1.2 B, Kone, FIN)
1638. Ilona Herlin (1.1 B, Kone, FIN)
1712. Alexander Vik (1.1 B, Xcelera etc, NOR)
1741. Antti Aarnio-Wihuri ($1 B, Wihuri, FIN)
1741. Trond Mohn (1 B, Frank Mohn AS,NOR)
Lego's Kjeld Kirk Kristiansen is firmly entreched as the richest man in Denmark. The title of Norway’s richest person changes hands for the second year running as Olav Thon trusted most of his wealth in 2013 to his charitable foundation exiting the list a year ago and this year Odd Reitan overtaking Stein Erik Hagen.
In Finland the Herlin family is the richest in country history, with good fortunes for Kone and Cargotec bringing in more members to the list. Antti Herlin is still the richest in the nation. Thor Bjorgolfsson of Iceland rejoins the list as the lone representative of his country after a tumultuous period of restoring his finances following the crisis of 2008 and onwards. Below is the complete listing of Nordic billionaires in 2015:
28. Stefan Persson (24,5 billion $, H&M, SWE)
92. Hans Rausing (12,5 B, Tetra Laval, SWE)
129. Kjeld Kirk Kristiansen (9,7 B, Lego, DEN)
220. Melker Schörling (6,4 B, Melker Schörling AB, SWE)
271. Jorn Rausing (5.5 billion, Tetra Laval, SWE)
271. Anders Holch Povlsen (5.5 B, Bestseller, DEN)
283. Antonia Ax:son Johnson (5,3 B, Axel Johnson Group, SWE)
291. Odd Reitan (5.2 B, Reitan Group, NOR)
301. Dan Olsson (5.1 B, Stene Sphere, SWE)
301. Finn Rausing (5.1 billion, Tetra Laval, SWE)
301. Kirsten Rausing (5.1 billion, Tetra Laval, SWE)
309. Bertil Hult (5 B, EF Education SWE)
318. Frederik Paulsen (4.9 B, Ferring Pharmaceuticals, SWE)
341. Stein Erik Hagen & family ($4.7 B , RIMI, NOR)
381. Liselott Tham (4.3 B, H&M, SWE)
393. Gustaf Douglas (4.2 B, Investment AB Latour SWE)
435. Lars Larsen (3.9 B, JYSK, DEN)
435. Niels Peter Louis-Hansen (3,9 B, Coloplast, DEN)
462. Fredrik Lundberg (3.7 B, L E Lundbergforetagen AB SWE)
481. Antti Herlin (3.6 B, Kone, FIN)
497. Ingvar Kamprad & family ($3.5 B, Ikea, SWE)
577. Johan Johannson (3.1B, NorgesGruppen,NOR)
603. Karl-Johan Persson (3.0 B, H&M, SWE)
603. Tom Persson (3.0 B, H&M, SWE)
603. Charlotte Söderström (3.0 B, H&M, SWE)
663. Andreas Halvorsen (2.8 B, Viking Global Investors ,NOR)
690. Hanni Toosbuy Kasprzak (2,7 B, ECCO, DEN)
714. Carl Bennet (2.6 B, Carl Bennet AB, SWE)
737. Stefan Olsson (2.5 B, Stene Sphere, SWE)
782. Arne Wilhelmsen & family (2.4 B, Royal Caribbean, NOR)
949. Torbjorn Tornqvist ($2 B, Gunvor Group, SWE)
1006. Kjell Inge Rokke (1.9 B, Aker, NOR)
1006. Madeleine Olsson Ericksson (1.9 B, Stene Sphere, SWE)
1226. Petter Stordalen (1.6 B, Nordic Choice Hotels, NOR)
1415 Markus Persson (1.3 B, Mojang, SWE)
1415 Björgólfur Thor Bjorgolfsson(1.3 B , Novator, ICE)
1415. Gjert Wilhelmsen & family ($1.3 B, Royal Caribbean NOR)
1533. Ilkka Herlin (1.2 B, Kone, FIN)
1415. Thomas Sandell (1.3 B, Sandell Asset Management, SWE)
1605. Niklas Herlin (1.2 B, Kone, FIN)
1638. Ilona Herlin (1.1 B, Kone, FIN)
1712. Alexander Vik (1.1 B, Xcelera etc, NOR)
1741. Antti Aarnio-Wihuri ($1 B, Wihuri, FIN)
1741. Trond Mohn (1 B, Frank Mohn AS,NOR)
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