Aker Horizons Asa · SWB:7QF
Aker Horizons Asa — Q2 2024 Earnings Presentation
32 slides from Aker Horizons Asa's earnings presentation, Jul 16, 2024
Slide 1: Second-quarter results 2024
Second-quarter results 2024 16 July 2024
Slide 2: Main developments
Main developments Aker Carbon Capture ASA completed transaction to combine carbon capture business with SLB • Received NOK 4.1bn in cash consideration from SLB, increasing Q2 2024 cash position to NOK 4.5bn • Net accounting gain of NOK 4.9bn • SLB-ACC JV combination and integration work progressing
Slide 3: Aker Carbon Capture completed transaction to combine carbon capture business with SLB
Aker Carbon Capture completed transaction to combine carbon capture business with SLB 80/20 JV with SLB ACC ASA Q2 2024 cash of 4.5bn Highlights • Strategically combines technology portfolios, NOKbn • ACC ASA received NOK 4.1bn in cash expertise, and operational platforms to 0.4 4.5 consideration, i
Slide 4: Aker Horizons focusing on three Net-Zero levers
Aker Horizons focusing on three Net-Zero levers Active owner of Developer of industrial- industry-leading scale decarbonization companies driving projects decarbonization Carbon capture Renewable power & transmission Hydrogen and derivatives Aker Horizons Asset Development 4
Slide 5: Mainstream Renewable Power
| jie Mainstream Renewable Power |
Slide 6: Mainstream Renewable Power
Mainstream Renewable Power Leading pure-play renewable energy company Highlights • Andes Renovables platform (1.0 GW fully operational) maintained positive commercial margin in Q2 • Chile - Ckhúri 109 MW onshore wind project construction has resumed • Australia – Awarded 2.5 GW offshore feasibility
Slide 7: Andes operational update
Andes operational update Andes commercial margin1 Andes commercial margin (EURm)2 • Positive commercial margin continued in Q2, mainly due to lower internodal price differences on a year-on-year basis. The positive effect from the lower internodal price differences was somewhat offset by decreased t
Slide 8: Tariff Stabilization Law
Tariff Stabilization Law Positive recognition in Q2 Tariff Stabilization Law • Power purchase agreements (PPA) of Mainstream and other IPPs with similar contracts have seen indexation adjustments from US CPI and exchange rate differentials delayed by the authorities since Q2 2022, resulting in reduc
Slide 9: Key portfolio updates
Key portfolio updates • Gippsland Skies awarded a feasibility license, along with our consortium partners, for a 2.5 GW bottom fixed offshore wind farm • Sunny Corner awarded an investigative permit in a state plantation forest for a potential 500 MW onshore wind project in partnership with Someva R
Slide 10: Gippsland Skies' feasibility license granted
Gippsland Skies’ feasibility license granted Gippsland Skies Offshore Wind Consortium of Australian and international companies, comprising Australia1 Mainstream Renewable Power (35%), Reventus Power (35%), AGL Energy (20%) and DIRECT Infrastructure (10%) Net development 2.5 GW Brisbane Sydney April
Slide 11: Sunny Corner's investigative permit secured
Sunny Corner’s investigative permit secured Sunny Corner Onshore Wind Partnership between Mainstream Renewable Power (51%) and Australia1 Someva Renewables (49%), an Australian-based renewable energy developer. The project will be hosted in a State Plantation Forest Net development 2.5 GW Brisbane S
Slide 12: Freja Offshore
Freja Offshore Growing renewable opportunity for Mainstream driven by supportive policies Sweden • Developer-led market supported by government’s target to double energy production combined with 100% fossil free electricity by 2040 • With approximately 3,200 kilometers of coastline, Sweden offers un
Slide 13: Asset Development
Asset Development
Slide 14: Aker Horizons Asset Development
Aker Horizons Asset Development Developing hydrogen-based projects Highlights • Rjukan project upscaled to 40 MW gaseous hydrogen capacity leveraging existing allocation of 50 MW grid capacity • Narvik Green Ammonia: Strong market interest to execute the project from offtakers and supply chain - ITT
Slide 15: Key developments for first-mover projects
Key developments for first-mover projects LARGE-SCALE AMMONIA PRODUCTION NARVIK RJUKAN FIRST MOVER GREEN HYDROGEN Part of Narvik green industrial hub PROJECT DATA PROJECT DATA • ITT responses received confirming strong • Allocated 50 MW grid capacity in Lede’s new market interest to execute project
Slide 16: Powered Land – 80/20 owned JV with Nordkraft
Sites located in Powered Land – 80 / 20 owned JV with Northern Norway regional electric utility company Nordkraft • Eight sites located in Northern Norway • Strategically located close to the 420 kv central grid Attractive • Proximity to air, rail, road and port infrastructure industrial sites… •
Slide 17: Financials
Financials
Slide 18: AKH consolidated income statement Q2 2024
AKH consolidated income statement Q2 2024 Amounts in NOKm ACC MRP AAD Other & elim. Q2 24 Total Q1 24 Total Operating revenues and other income - 757 - - 757 514 Operating expenses (7) (702) (36) (16) (761) (700) EBITDA (7) 55 (36) (16) (3) (186) Depreciation, amortizations and impairments - (150) (
Slide 19: Net capital employed
Net capital employed Net capital employed1 Development in net capital employed Book value per share NOK NOK million, Q2 2024 NOK million, Q1 to Q2 2024 3.5 5.5 0.7 0.3 0.3 10.3 -4.9 5.4 Net profit / loss AKH investment Other 2,111 7 7,107 7,107 201 58 203 57 38 27 12 23 174 -258 4 -12 517 2,116 3,36
Slide 20: External financing and commitments
External financing and commitments Overview of debt financing facilities and commitments Debt maturities NOK million incl. PIK as of 30 June 2024 Total facility Debt Key terms 8,198 incl. PIK RCF Subordinated 6.0% coupon per annum, with deferral option against a NOK 2,479m Green bond shareholder loa
Slide 21: Liquidity and net interest-bearing debt
Liquidity and net interest-bearing debt Cash and undrawn RCF as of 30 June 2024 Net interest-bearing debt as of 30 June 2024 NOK million NOK million 8,780 Undrawn RCF 5,698 3,082 5,698 3,082 3,360 Interest-bearing 6,442 debt Undrawn RCF Cash Cash and undrawn RCF Debt Cash Net interest-bearing debt 3
Slide 22: Q&A
Q&A
Slide 23: Appendix
Appendix
Slide 24: 24.8 GW net global pipeline
24.8 GW net1 global pipeline Global portfolio of 35 GW net Prioritizing 10 GW with greatest near-term value creation potential Pre-Development Development Construction Operational 10+ GW 23.5 GW 0.3 GW 1.0 GW Change since +4.0 GW - -0.1 GW Q2 2023 Addition of early-stage offshore development project
Slide 25: Mainstream Project Overview
Mainstream Project Overview Asset Portfolio Country Technology Gross Capacity Economic Net Capacity P50 Production FC COD PPA Tariff PPA Volume PPA Tenor (MW) interest (MW) (GWh/y) (GWh) (years) Operational Alena Andes – Condor Chile Wind 86 90% 77.4 291 2019 2021 USD 43 5281 20 Rio Escondido Andes
Slide 26: Global pipeline of wind and solar assets
Global pipeline of wind and solar assets Pipeline reflects assets in development, construction and operational Capacity distribution by geography Europe APAC LatAm (4.5 GW) Development 4.7 GW (3.4 GW) 14% Total net 4.7 GW 18% 19% 24.8 GW Europe Asia Pacific (4.7 GW) 49% Development 4.5 GW Constructi
Slide 27: Mainstream Financial Information
Mainstream Financial Information Main developments • Mainstream’s income statement is reflective of the principal activities of development, construction and operation of projects. • Positive commercial margin continued in Q2, mainly due to lower internodal Amounts in EURm Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘2
Slide 28: Aker Horizons Asset Development financial information
Aker Horizons Asset Development financial information1 Main developments • Income statement reflective of the key activities in the period Amounts in NOKm Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 2023 Q1 ‘24 Q2 ‘24 Revenue 14 - - 2 17 1 1 o Continuing to mature the projects in the pipeline EBITDA (57) (63) (45)
Slide 29: Aker Horizons and holding companies per Q2 2024
Aker Horizons and holding companies per Q2 2024 NOK million Income statement Q2 2024 Balance sheet Q2 2024 Cash flow statement Q2 2024 Operating revenue (net) 21 Interest-bearing assets 29 Cash flow from operating activities -63 Operating expenses -39 Investments1 11,987 EBITDA -18 Current operating
Slide 30: Sustainability integrated in all we do
Sustainability integrated in all we do Sustainability commitment across four core themes Alignment with international frameworks1 Planet-positive impact • Our investment thesis is grounded in a desire to be planet-positive • We commit to accelerating Net Zero commitments and decarbonization of indus
Slide 31: Disclaimer
Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections abo
Slide 32: To learn more about Aker Horizons visit akerhorizons.com
To learn more about Aker Horizons visit akerhorizons.com