Aker Asa Class A · OSL:AKER
Aker Asa Class A — Aker Asa A Shs — Q3 2023 Earnings Presentation
28 slides from Aker Asa Class A's earnings presentation, Nov 3, 2023
Slide 1: Third Quarter Results 2023
Third Quarter Results 2023 November 3, 2023
Slide 2: 3Q 2023 Key highlights
3Q 2023 | Key highlights Active ownership Solid financial metrics FINANCIALS • Net Asset Value of NOK 64.1bn, up 6.9bn from NOK 57.2bn at Q2 2023 NOK billion 64bn 73bn • Share price at NOK 659.50 (+8.4% in the quarter, vs. Brent +22.6% and OSEBX +6.3%) • Dividend of NOK 15 per share approved for Q4
Slide 3: Net Asset Value development
3Q 2023 | Net Asset Value development NAV development – 3Q 2023 NAV development – YTD 2023 NOK billion, % NOK billion, % +12% -3% (+6.9bn) (-1.7bn) 6.7 0.8 0.4 0.0 0.0 0.0 0.1 64.1 64.1 1.3 1.2 0.0 0.0 0.0 66.9 (1.0) 0.0 0.1 65.2 64.1 57.2 (3.9) (0.4) (1.1) 2Q Aker BP* Aker Aker Aize Cognite SalMar
Slide 4: NAV per share NOK 862, value adjusted equity 88%
3Q 2023 | NAV per share NOK 862, value adjusted equity 88% Net asset value (NAV) development per share vs. share price Net asset value (NAV) composition NOK per share NOK billion 1 200 73.1 1 006 1 000 953 954 968 929 909 901 900 838 862 803 800 770 718 825 810 756 60.2 706 720 (82%) 64.1 692 672 (8
Slide 5: Portfolio composition – Asset base of NOK 73 billion
3Q 2023 | Portfolio composition – Asset base of NOK 73 billion Gross asset value (GAV) composition 3Q 2023 (NOK billion, Listed investments Real estate 2% (1%) Maritime assets 1% (1%) (3Q 2022) % share of GAV) Unlisted investments Cash 2% (3%) Industrial Holdings Financial Investments Other Seafood
Slide 6: Aker invests along global megatrends
Aker invests along global megatrends ENERGY SECURITY, EFFICIENCY & TRANSITION INDUSTRIAL DIGITALIZATION SUSTAINABLE PROTEINS & NUTRITION Managed by: MANAGED ASSETS SOLSTAD OFFSHORE AKER ASA | Third quarter results 2023 03 Nov 2023 6
Slide 7: Financial Investments
Financial Investments AKER ASA | Third quarter results 2023 03 Nov 2023 7
Slide 8: Financial Investments Overview
Financial Investments 3Q 2023 | Overview Total Financial Investments as share of Gross Asset Value per 30.09.2023 NOK 12.9 billion 18% NOK billion 14 12.9 12.6 12.2 12 10 7.8 7.8 Other financial investments 8 7.9 6 1.0 1.2 Real estate 4 1.0 2.6 2.5 Listed financial investments 2 2.4 1.2 0.9 1.5 Cash
Slide 9: Financial Investments: Cash
Financial Investments 3Q 2023 | Cash Cash as share of Gross Asset Value per 30.09.2023 NOK 1.5 billion ▪ Total liquidity reserve of 2% NOK 6.9 billion, including undrawn credit facilities Cash increased by NOK 578 million to NOK 1.5 billion +777 million Dividends received +235 million Loans repaid f
Slide 10: Listed financial investments
Financial Investments 3Q 2023 | Listed financial investments Listed financial investments as share of Gross Asset Value per 30.09.2023 NOK 2.5 billion 3% Aker’s listed financial investments NOK million 1Q 23 2Q 23 3Q 23 Developments in the quarter Akastor 1 148 1 112 1 193 ▪ Value increase of invest
Slide 11: Other financial investments
Financial Investments 3Q 2023 | Other financial investments Other financial investments as share of Gross Asset Value per 30.09.2023 NOK 8.9 billion 12% Other financial investments Developments in the quarter NOK million 1Q 23 2Q 23 3Q 23 ▪ Real estate increase by NOK 165 million Real estate 993 993
Slide 12: Financial Statements
Financial Statements AKER ASA | Third quarter results 2023 03 Nov 2023 12
Slide 13: Balance Sheet and Fair value adjustments
Aker ASA and holding companies 3Q 2023 | Balance Sheet and Fair value adjustments NOK billion NOK million Book value Fair value adjusted Combined Balance Sheet 2Q 2023 3Q 2023 2Q 2023 3Q 2023 Non-interest bearing and fixed non-current assets 1 967 1 998 1 967 1 998 Fair value-adjusted Interest beari
Slide 14: Robust financial position – High liquidity
Aker ASA and holding companies 3Q 2023 | Robust financial position – High liquidity NOK bn6.9 NOK bn 2.7 BBB- Total liquidity reserve Net interest-bearing debt IG rating 10% 6.9 8.7 Cash 1.5 Loan-to-value (net LTV)1 4.5 Undrawn credit 5.4 1.5 4% facilities 2.7 NIBD2 Total Gross Interest- Cash Net 78
Slide 15: Debt maturity profile
Aker ASA and holding companies 3Q 2023 | Debt maturity profile NOK 2.9 Years Average debt maturity 5bn NOK billion Bonds 4 3.1 3 Schuld- schein 2.6 3.7bn 2.0 Bank- and 2 Schuldschein loans Bank AKER16 loans 1 AKER15 0.5 0.5 Rating & Outlook AKER17 AKER18 AKER19 Aker ASA: BBB-/Stable 0 2023 2024 2025
Slide 16: Income statement
Aker ASA and holding companies 3Q 2023 | Income statement NOK million Combined Year Income statement 3Q 2022 4Q 2022 2022 1Q 2023 2Q 2023 3Q 2023 Operating revenues - - - - - - Operating expenses (82) (85) (370) (105) (96) (97) EBITDA (82) (85) (370) (105) (96) (97) D&A and impairment (8) (8) (32) (
Slide 17: Megatrend-oriented Active ownership Q&A
Megatrend-oriented Active ownership Q&A Proven track-record Financial flexibility Unique ecosystem ESG and digital focus
Slide 18: Appendix
Appendix AKER ASA | Third quarter results 2023 03 Nov 2023 18
Slide 19: Net Asset Value (NAV) details
Net Asset Value (NAV) details NOK million Net Asset Value (NAV) details per 3Q 2023 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Number Ownership Share of of shares share total assets Aker BP 133 757 576 21,2% 54,2% 41 068 36 329 44 220 45 758 41 813 40 676 34 282 33 680 3
Slide 20: Segment information – Industrial Holdings
Segment information – Industrial Holdings NOK million Industrial Holdings Ownership 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 Net Dividend Other Value 3Q 2023 per 3Q 2023 investments income changes change Value Aker BP 21,2% 41 068 36 329 44 220 45 758 41 813 40 676 34 282 33 6
Slide 21: Segment information – Industrial Holdings
Segment information – Industrial Holdings Energy Security, Efficiency & Transition USD million Aker BP (ticker: AKRBP) 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 Net Production Volume (mboepd) 210 207 209 208 181 412 432 309 453 481 450 Revenue 1 563 1 84
Slide 22: Segment information – Industrial Holdings
Segment information – Industrial Holdings Sustainable Proteins & Nutrition USD million Aker BioMarine (ticker: AKBM) 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 Offshore Krill Production Volume (MT) 7 195 3 101 43 756 20 809 16 534 12 737 1 963 52 042 19 8
Slide 23: Segment information – Financial Investments
Segment information – Financial Investments NOK million Financial Investments Ownership 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 per 3Q 2023 Cash 713 4 025 4 406 2 035 2 502 1 290 1 162 876 1 454 Real Estate 708 908 958 958 973 973 993 993 1 158 Aker Property Group 100
Slide 24: Income statement and Balance sheet
Income statement and Balance sheet NOK million Combined Income Statement 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 Operating revenues* - 4 072 4 072 - - - - - - - - Operating expenses (85) (141) (369) (108) (94) (82) (85) (370) (105) (96) (97) EBITDA (85
Slide 25: External interest-bearing debt
External interest-bearing debt NOK million External interest-bearing debt 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 AKER09 1 000 1 000 1 000 1 000 AKER14 2 000 2 000 2 000 2 000 1 581 AKER15 2 000 2 000 2 000 2 000 2 000 2 000 2 000 2 000 2 000 AKER16 1 300 1 300 1 300
Slide 26: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies’ FINANCIAL CALENDAR financial results and those of its portfolio companies, as a supplement to the financial statements prepared in ▪ Feb 20 2024 – Q4 results acc
Slide 27: 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 globa
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