Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q2 2013 Earnings Presentation
30 slides from Aker Asa Class A's earnings presentation, Aug 30, 2013
Slide 1: Second quarter results 2013
Proud ownership Second quarter results 2013 Oslo | 30 August 2013
Slide 2: Agenda
Agenda Highlights and Industrial Holdings Øyvind Eriksen President and CEO Financial Investments and Financial Statements Trond Brandsrud CFO Q&A session Q&A Øyvind Eriksen & Trond Brandsrud 30 August 2013 AKER ASA | Second quarter results 2013 2
Slide 3: Key events | Second quarter 2013
Key events | Second quarter 2013 ▪ Net asset value: NOK 21.4 billion (NOK 296 per share after NOK 12 per share dividend payment) ▪ Cash: NOK 4.1 billion. Seized opportunity to issue NOK 2 billion in bonds ▪ Upstream cash: NOK 536 million received from portfolio companies ▪ Oil and gas-related invest
Slide 4: Changes in NAV in 2Q 2013
Aker ASA and holding companies Changes in NAV in 2Q 2013 NOK billion 24 23.2 (2.0) 0.5 22.3 0.9 21.4 0.2 0.9 (0.2) 22 (0.5) 0.3 20 18 16 14 31.3.13 AKSO KVAER DETNOR AKBM OCY Funds Received 30.06 before Paid dividend 30.6.13 dividend dividend 30 August 2013 AKER ASA | Second quarter results 2013 4
Slide 5: Aker's portfolio based on different valuation approaches
Aker’s portfolio based on different valuation approaches NOK billion per 30.06.13 Industrial holdings Financial investments Debt & liabilities 25.4 Aker share price* Price MNOK 21.4 AKSO 82.65 6 383 KVAER 9.71 750 DETNOR 83.30 5 859 «Gap» AKBM - 1 836 52% HFISK 5.77 358 «Gap» 13.3 21.9 43% 17.9 OCY
Slide 6: Dividend: NOK 12 per share paid out in 2Q
Dividend: NOK 12 per share paid out in 2Q In NOK Per cent 14 5 NOK per share 12 4 % of NAV 10 3 Dividend policy 8 6 The company’s policy is to pay annual 2 dividends of 2-4 per cent of net asset 4 value (NAV), with the intention of 1 sustaining nominal increasing payments 2 0 0 2009 2010 2011 2012 2
Slide 7: Key financial indicators
Aker ASA and holding companies Key financial indicators Net asset value NOK billion 350 30 300 25 250 20 200 NAV NOK 21.4 bn 15 150 10 100 5 50 0 0 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 Gross assets Debt Industrial holdings NAV per share (NOK) ex. dividend in Q1 and Q4 Cash Dividend Receivables Ot
Slide 8: This is Aker
This is Aker As per 30.06.2013 (NOK BN) Industrial Holdings Financial Investments Aker Solutions1 40% 6.4 4.1 Cash Kvaerner1 41% 0.7 1.1 Receivables Det norske 50% 5.9 1.1 Real estate (receivables) Aker BioMarine 100% 1.8 0.1 Equity Investments Ocean Yield2 100% 2.7 2.5 Fund Investments Havfisk 73%
Slide 9: Aker ASA
Aker ASA 51 percent of investments related to oil and gas sector Other 8% Real estate Seafood & Marine BioTech 9% development 4% Cash 15% NOK E&P 23% 27.2 bn Oil and gas related 51% Maritime assets 13% Oil services 28% 30 August 2013 AKER ASA | Second quarter results 2013 9
Slide 10: Financial Investments
Overview of Aker assets Financial Investments % of total Aker assets 2Q 2013 performance: Cash - NOK 4.1 billion vs. NOK 2.8 billion in 1Q 34% Receivables - NOK 2.2 billion vs. NOK 2.0 billion in 1Q Funds Financial investments - NOK 2.5 billion vs. NOK 1.6 billion in 1Q NOK billion Equity an
Slide 11: Industrial holdings
Overview of Aker assets Industrial holdings % of total Aker assets 20% 13% 10% 11% 66% 0% -1% Industrial holdings NOK billion OSEBX -10% 20 Aker -14% Solutions Kværner -20% 15 Det norske Havfisk Havfisk Aker BioMarine 10 -30% Ocean Yield Det norske oljeselskap Kvaerner 5 -37% Aker Solutions -40% 0 2
Slide 12: Aker's dividend income 2009 – 2013
Aker’s dividend income 2009 – 2013 NOK million 800 > 750 700 600 Dividend income 500 461 400 2012 2013 2015 2020 Aker Solutions 300 Kværner 175 191 Det norske 200 137 Ocean Yield 100 Aker BioMarine Havfisk 0 2009 2010 2011 2012 2013 Aker Kværner Holding Ocean Yield
Slide 13: Industrial holdings
Aker Industrial holdings 30 August 2013 AKER ASA | Second quarter results 2013 13
Slide 14: Aker Solutions
Industrial holdings Aker Solutions Global oil services company providing services, technologies, product solutions and field life solutions % of gross asset value (30.06.13) Investment value of 23% NOK 6.4 billion Aker’s investment1 NOK million Aker’s ownership agenda Value as per 31.12.2012 8 712
Slide 15: Kvaerner
Industrial holdings Kvaerner Specialised EPC oil and gas company % of gross asset value (30.06.13) 3% Investment value of NOK 0.7 billion Foto: Lundin Norway AS Aker’s investment1 NOK million Aker’s ownership agenda Value as per 31.12.2012 1 251 Extract value from backlog through flawless Invested
Slide 16: Det norske
Industrial holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (30.06.13) 22% Investment value of NOK 5.9 billion Aker’s investment NOK million Aker’s ownership agenda Value as per 31.12.2012 5 803 Continue to build a strong organisation i
Slide 17: Ocean Yield
Industrial holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (30.06.13) 10% Investment value of NOK 2.7 billion Aker’s investment NOK million Aker’s ownership agenda Value as per 31.12.2012 2 532 Expand and diversify portfolio within oil servic
Slide 18: Aker BioMarine
Industrial holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (30.06.13) 7% Share investment value of NOK 1.8 billion Aker’s investment NOK million Aker’s ownership agenda Value as per 31.12.2012 1 361 Maintain focus on krill
Slide 19: Havfisk
Industrial holdings Havfisk Leading whitefish harvesting company % of gross asset value (30.06.13) 1% Investment value of NOK 0.4 billion Aker’s investment NOK million Aker’s ownership agenda Value as per 31.12.2012 365 Deliver the fleet renewal program to enhance Invested / divested in 1H 2013 -
Slide 20: Financial investments
Aker Financial investments 30 August 2013 AKER ASA | Second quarter results 2013 20
Slide 21: Cash and receivables
Financial investments Cash and receivables % of gross asset value (30.06.13) Investment value of NOK 5.2 billion, excl. real estate receivable 19% Key events 2Q Cash increased by NOK 1.3 billion to NOK 4.1 billion: + Placement of two bond loans totaling NOK 2 billion + Received NOK 536 million in
Slide 22: Real estate
Financial investments Real estate % of gross asset value (30.06.13) Loan from Aker of NOK 1.1 billion (receivable) 4% Key events 2Q Fornebuporten construction progressing as planned Successful sale of Fornebuporten Bolig’s first housing project: 90% of 290 residential units sold External finan
Slide 23: Fund investments
Financial investments Fund investments % of gross asset value (30.06.13) Investment value of NOK 2.5 billion 9% Key events 2Q Key figures* 1Q13 2Q13 2012 Value of Fund investments rose to NOK 2.5 billion Asset value 1 597 2 545 1 503 from NOK 1.6 billion in previous quarter: * In NOK million Conve
Slide 24: Financial Statements
Aker Financial Statements 30 August 2013 AKER ASA | Second quarter results 2013 24
Slide 25: Balance sheet
Aker ASA and holding companies Balance sheet 31.12 31.03 30.06 (in NOK million) 2012 2013 2013 Intangible, fixed, and non-interest-bearing assets 264 263 270 Interest-bearing fixed assets 1 321 1 872 2 040 Investments 12 034 12 256 12 520 Non-interest-bearing short-term receivables 56 79 56 Interest
Slide 26: Interest bearing items and loan guarantees
Aker ASA and holding companies Interest bearing items and loan guarantees 1400 7 000 Net interest bearing 1200 6 000 receivables NOK 0.9 billion 1000 5 000 4 000 800 Bank debt 3 000 600 Bond Cash 2 000 400 Interest-bearing receivables 1 000 Debt 200 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
Slide 27: Income statement
Aker ASA and holding companies Income statement 2Q 2Q 1H 1H Year (in NOK million) 2012 2013 2012 2013 2012 Sales gains - - 47 - 47 Operating expenses (48) (57) (112) (109) (235) EBITDA (48) (57) (66) (109) (189) Depreciation (4) (4) (8) (7) (15) Value change (315) 281 (364) 409 (17) Net other financ
Slide 28: Financials
Aker BioMarine Financials Balance Sheet (in USD million) 30.06.2012 30.06.2013 Property, plant and equipment 104 115 Intangible assets 74 74 Investments in joint ventures 113 136 Other assets 45 73 Cash and cash equivalents 6 1 Total assets 341 400 Total equity 224 197 Non-interest bearing debt 30 1
Slide 29: 30 August 2013 AKER ASA | Second quarter results 2013
30 August 2013 AKER ASA | Second quarter results 2013 29
Slide 30: 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