Slide 1: Second-quarter and half-year results 2020
Proud ownership Aker ASA Q2 Second-quarter and half-year results 2020 2020 17 July 2020
Slide 2: Highlights
Highlights ▪ Net asset value: Increased by 42 per cent to NOK 34.3 billion in the quarter, including NOK 7.8 billion for Aker BioMarine. Per-share NAV amounted to NOK 461 prior to dividend allocation, up from NOK 325 as per 31 March. ▪ Return: Aker share price increased 49 per cent, to NOK 350.40 vs
Slide 3: 42% return on NAV in the second quarter
Aker ASA and holding companies 42% return on NAV in the second quarter Net asset value change in 2Q 2020 Net asset value change in 1H 2020 NOK billion NOK billion 1Q20 24.1 Q419 50.0 Aker BP 6.4 Aker BP (15.2) Aker BioMarine 2.9 Ocean Yield (2.6) Other 0.6 Aker Solutions (1.5) Aker Solutions 0.3 +42
Slide 4: Share price up 49% in the quarter, value adjusted equity 75%
Aker ASA and holding companies Share price up 49% in the quarter, value adjusted equity 75% NAV per share vs. share price Net asset value composition NOK per share NOK billion, per 2Q 2020 45.7 900 800 757 700 673 603 600 580 Industrial Holdings 34.3bn Other Financial Investments 500 461 471 84% 38.
Slide 5: Portfolio composition
Aker ASA and holding companies Portfolio composition Portfolio composition Gross asset value distribution NOK billion, per 2Q 2020 Per 2Q 2020 (1Q 2020) Listed investments Unlisted investments Oil services 4% (4%) Real estate investments 2% (2%) Industrial Holdings Financial Investments Other 5% (5%
Slide 6: Aker's portfolio of listed Industrial Holdings
Listed Industrial Holdings Aker’s portfolio of listed Industrial Holdings - Share of Aker’s GAV in circle colour – return in the quarter (incl. received dividend) inside the circle - and key highlights • Strong operational performance • Awarded contracts for subsea and • Reduced activity in MHWirth
Slide 7: Aker's portfolio of non-listed Industrial Holdings
Non-listed Industrial Holdings Aker’s portfolio of non-listed Industrial Holdings – These companies are at book value in Aker’s accounts – key highlights shown below Exploration & Production company in Ghana Industrial software and digitalisation company ▪ Project put on hold due to COVID-19, in lin
Slide 8: Unlocking shareholder value in a new era for oil service
Unlocking shareholder value in a new era for oil service Merging to form optimised supplier company Spin off Spin-Off: Aker Offshore Wind Spin-Off: Aker Carbon Capture Slide 8 July 17, 2020 8
Slide 9: Aker Horizons – long-term growth platform
Aker Horizons – long-term growth platform ▪ Aker Horizons’ mission - Drive accelerated decarbonization - Develop industrialized solutions - Attractive financial returns 100% ▪ Establish Aker Horizons as long-term growth platform Aker Horizons where technology, industrial and software capabilities of
Slide 10: Aker Horizons established with dedicated team
Aker Horizons established with dedicated team Øyvind Eriksen, Chairman of the Board Henrik O. Madsen, Chairman of the Board Aker Offshore Wind Øyvind Eriksen is President & CEO of Aker ASA. He has held several board Henrik O. Madsen has worked more than 25 years for DNV GL in a number of positions i
Slide 11: Aker Offshore Wind
Aker Offshore Wind From Aker Solutions stock exchange notice 17 July 2020 ▪ Aker Solutions to capitalize Aker Offshore Wind through private placement in support of new business plan as stand- alone company; to be spun-off and listed on Merkur Market ▪ Aker Horizons to be principal shareholder of Ake
Slide 12: Aker Carbon Capture
Aker Carbon Capture From Aker Solutions stock exchange notice 17 July 2020 ▪ Aker Solutions to capitalize Aker Carbon Capture through private placement in support of new business plan as stand- alone company; to be spun-off and listed on Merkur Market ▪ Aker Horizons to be principal shareholder of C
Slide 13: Aker Onshore Wind
Aker Onshore Wind ▪ Aker reached conditional agreement to acquire shares of NBT AS* 2023 - Implied equity value of NOK 3.1bn Diversified portfolio 2022 with scale - Consideration in form of cash and convertible instrument Europe’s largest onshore wind farm - Acquisition of NBT and financing of Zophi
Slide 14: Aker Horizons Summary
Aker Horizons Summary ▪ Establish Aker Horizons ▪ List Aker Offshore Wind and Aker Carbon Capture as stand-alone companies on Merkur Market ▪ Conclude confirmatory Due Diligence of NBT in August ▪ Close NBT transaction in Q4 in conjunction with securing Zophia project financing 17 July 2020 AKER ASA
Slide 15: Financial Investments
Aker Financial Investments 17 July 2020 AKER ASA | Second-quarter and half-year results 2020 15
Slide 16: Cash
Financial Investments Cash % of gross asset value (30.06.2020) Value of NOK 2.9 billion 6% ▪ Cash down NOK 1.5 billion in the quarter to NOK 2.9 billion: + NOK 354 million in dividend received in cash – NOK 1344 million in net repayment of debt – NOK 105 million in increased receivables from portfol
Slide 17: Listed financial investments
Financial Investments Listed financial investments % of gross asset value (30.06.2020) Value of NOK 1.0 billion 2% Aker’s investment ▪ NOK 224 million value increase of Philly Shipyard in the NOK million 4Q 19 1Q 20 2Q 20 quarter. The yard announced the contract award for the Philly Shipyard 309 304
Slide 18: Real estate and other financial investments
Financial Investments Real estate and other financial investments % of gross asset value (30.06.2020) Value of NOK 3.6 billion 8% Aker’s investment ▪ Other financial investments mainly consist of receivables 4Q 19 1Q 20 2Q 20 NOK million against Aker BioMarine and Estremar Invest, airplanes, and unl
Slide 19: Financial Statements
Aker Financial Statements 17 July 2020 AKER ASA | Second-quarter and half-year results 2020 19
Slide 20: Balance sheet at 30.06.2020
Aker ASA and holding companies Balance sheet at 30.06.2020 (after dividend allocation of NOK 11.75 per share) Value-adjusted (MNOK) 45 715 Book value (MNOK) 11 449 19 757 33 393 873 19 757 20 325 2 861 13 636 1 657 44 1 071 Tangible and non- Interest-bearing assets Non interest-bearing Cash and cash
Slide 21: Interest-bearing items as of 30.06.2020
Aker ASA and holding companies Interest-bearing items as of 30.06.2020 NOK million 13 000 12 000 11 000 NOK million 10 000 7000 Bank loans 9 000 6000 Bonds 8 000 Net interest-bearing debt of 5000 7 000 NOK 6.4 billion 4000 6 000 3000 AKER 10 5 000 4 000 2000 Cash 3 000 Interest-bearing receivables 1
Slide 22: Income statement
Aker ASA and holding companies Income statement Amounts in NOK million 2Q 2019 2Q 2020 1H 2019 1H 2020 Year 2019 Operating expenses (69) (79) (135) (141) (267) EBITDA (69) (79) (135) (141) (267) Depreciation and impairment (6) (8) (11) (16) (25) Value change (190) 191 (138) (486) (435) Net other fin
Slide 23: Proud ownership
Proud ownership
Slide 24: Disclaimer
Disclaimer ▪ This Document 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 Document are based on current expectations, estimates and projections about glo