Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q4 2017 Earnings Presentation
25 slides from Aker Asa Class A's earnings presentation, Feb 19, 2018
Slide 1: Fourth-quarter and preliminary annual results 2017
Proud ownership Aker ASA Fourth-quarter and preliminary annual results 2017 19 February 2018 | Fornebu
Slide 2: Highlights | Fourth quarter 2017
Highlights | Fourth quarter 2017 ▪ Net asset value: up 20.4% to NOK 41.8 billion (NOK 34.7 billion) ▪ Return: Aker share up 23.2% to NOK 403 vs. OSEBX up 4.0% ▪ Cash and liquid fund inv.: NOK 1.7 billion, slightly up from third quarter. Liquidity reserve of NOK 4.0 billion when including undrawn cre
Slide 3: Aker's NAV up 20.4% in fourth quarter and 21.7% for the full year 2017
Aker ASA and holding companies Aker’s NAV up 20.4% in fourth quarter and 21.7% for the full year 2017 Net asset value change in 4Q 2017 Net asset value change in 2017 NOK billion NOK billion 3Q 17 34.7 4Q 16 34.3 AKER BP 7.4 AKER BP 6.8 OCY 1.0 AKSO 0.4 AKSO 0.5 KVAER 0.2 +20% KVAER 0.3 +22% OCY 0.0
Slide 4: NAV stood at NOK 41.8bn in fourth quarter. Value adjusted equity ratio of 83%
Aker ASA and holding companies NAV stood at NOK 41.8bn in fourth quarter. Value adjusted equity ratio of 83% NAV per share vs. share price Net asset value composition NOK per share NOK billion 50.4 600 562 554 Industrial Holdings 500 462 467 Other Financial Investments 439 Cash and liquid fund inves
Slide 5: E&P exposure up due to favourable share price development of Aker BP
Aker ASA and holding companies E&P exposure up due to favourable share price development of Aker BP and Aker’s NOK 1.6bn investment Portfolio composition Gross asset value distribution NOK billion, as per 4Q 2017 Per 4Q 2017 (3Q 2017) Listed investments Other 2% (3%) Cash and liquid Real estate inve
Slide 6: NOK 4.0 billion in liquidity reserves and growing upstream cash generation
Aker ASA and holding companies NOK 4.0 billion in liquidity reserves and growing upstream cash generation Investment capacity potential Upstream dividend NOK billion NOK billion Havfisk Kvaerner 1.6 Increased gearing 1.4 1.4 Increased dividends Aker 6.0 Divestments Solutions/Akastor 1.0 Aker B
Slide 7: NOK 18 per share in cash dividend proposed (3.2% of NAV)
Aker ASA and holding companies NOK 18 per share in cash dividend proposed (3.2% of NAV) NOK per share Per cent 20 8.0 7.1% 7.1% 18 7.0 16 5.9% 6.1% 6.1% 5.7% 6.0 14 5.0% 5.0% 5.0 Dividend policy 12 4.5% Annual dividend 10 3.6% 4.0 payment of 2-4 18.0 per cent of net 8 16.0 asset value (NAV) 5.0 3.
Slide 8: Aker BP
Industrial Holdings Aker BP Exploration & Production company on the Norwegian continental shelf % of gross asset value (4Q 2017) Investment value of NOK 29.1 billion 58% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.17 20 805 Net investments 1 634 Growth; organic (greenf
Slide 9: Aker Solutions
Industrial Holdings Aker Solutions Global oil services company providing services, technologies, and product solutions within subsea and field design % of gross asset value (4Q 2017) Investment value of NOK 4.4 billion 9% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.17 3
Slide 10: Akastor
Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long- term value creation % of gross asset value (4Q 2017) Investment value of NOK 1.6 billion 3% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.17 1 750 Operational excellence, c
Slide 11: Kvaerner
Industrial Holdings Kvaerner Oil and gas-related EPC company % of gross asset value (4Q 2017) Investment value of NOK 1.2 billion 2% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.17 989 Enhance competitiveness through operational Value change in 4Q 232 excellence and cos
Slide 12: Ocean Yield
Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (4Q 2017) Investment value of NOK 6.8 billion 14% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.17 7 024 Growth by new investments and M&A Value change in 4
Slide 13: Aker BioMarine
Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (4Q 2017) Investment value of NOK 1.4 billion 3% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.17 (book value) 1 411 Operational excellen
Slide 14: Aker to explore E&P opportunities in Ghana
Aker to explore E&P opportunities in Ghana Overview ▪ Aker Energy, a company owned 50-50 by Aker and TRG, has entered into an agreement to acquire Hess Ghana Exploration Limited (“Hess Ghana”) ▪ Hess Ghana holds a 50% participating interest in the Deepwater Tano Cape Three Points block. Multiple dis
Slide 15: Financial Investments 2017
Aker Financial Investments 19 February 2018 AKER ASA | Fourth-quarter and preliminary annual results 2017 15
Slide 16: Overview
Financial Investments Overview % of gross asset value (31.12.2017) Value of NOK 5.8 billion 12% NOK billion 8 Other financial investments 6 Real estate Listed financial 4 investments Liquid fund investments 2 Cash 0 31.12.16 30.09.17 31.12.17 19 February 2018 AKER ASA | Fourth-quarter and preliminar
Slide 17: Cash and Liquid fund investments
Financial Investments Cash and Liquid fund investments % of gross asset value (31.12.2017) Value of NOK 1.7 billion 3% Total cash movements in 2017 and liquidity reserve at 31.12.2017 Cash remained at NOK 1.2 billion: NOK billion + NOK 408 million in dividends received + NOK 1 649 million in new d
Slide 18: Listed financial investments
Financial Investments Listed financial investments % of gross asset value (31.12.2017) Value of NOK 1.2 billion 2% AMSC exposure increased by NOK 75 million – partly due Aker’s investment to TRS rollover NOK million 4Q 16 3Q 17 4Q 17 Dividends received of NOK 20 million Philly Shipyard 447 644 4
Slide 19: Real estate and other financial investments
Financial Investments Real estate and other financial investments % of gross asset value (31.12.2017) Value of NOK 2.9 billion 6% Increased USD loan to Aker BioMarine equal to NOK 106 million Aker’s investment NOK million 4Q 16 3Q 17 4Q 17 Fornebuporten investment in residential projects, partly
Slide 20: Financial Statements 2017
Aker Financial Statements 19 February 2018 AKER ASA | Fourth-quarter and preliminary annual results 2017 20
Slide 21: Balance sheet at 31.12.2017
Aker ASA and holding companies Balance sheet at 31.12.2017 (after dividend allocation of NOK 18 per share) Value-adjusted (MNOK) 47 232 50 389 Book value (MNOK) 8 618 40 434 1 337 27 655 27 655 19 578 12 779 1 232 295 1 503 127 Tangible and non- Interest Non-interest Cash and cash Investments Liabil
Slide 22: Interest-bearing items as of 31.12.2017
Aker ASA and holding companies Interest-bearing items as of 31.12.2017 NOK million 9 000 NOK million 8 000 5000 7 000 4500 4000 Bank loans 6 000 3500 Net interest-bearing liabilities 3000 Bonds 5 000 of NOK 5.6 billion 2500 4 000 2000 AKER 10 Cash 1500 3 000 AKER 10 1000 Interest-bearing receivables
Slide 23: Income statement
Aker ASA and holding companies Income statement Amounts in NOK million 3Q 2017 4Q 2017 Year 2016 Year 2017 Sales gains - - 1 906 - Operating expenses (51) (76) (198)* (244) EBITDA (51) (76) 1 708 (244) Depreciation and impairment (4) (4) (32) (14) Value change (38) 7 (8) (289) Net other financial it
Slide 24: Proud ownership
Proud ownership
Slide 25: 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