Slide 1: 1Q16 Fornebu, April 28, 2016
1Q16 Fornebu, April 28, 2016 Luis Araujo and Svein Stoknes © 2016 Aker Solutions |
Slide 2: Agenda | 1Q 2016
Agenda | 1Q 2016 Introduction Luis Araujo Chief Executive Officer Q&A Session Luis Araujo Svein Stoknes Financials Svein Stoknes Chief Financial Officer © 2016 Aker Solutions First-Quarter Results 2016 April 28, 2016 | Slide 2
Slide 3: Key Developments | 1Q 2016
Key Developments | 1Q 2016 Order backlog Major projects steady at NOK progress as planned 38.5 billion versus 4Q 2015 Major MMO agreement in Key contracts Norway with ConocoPhillips secured in all Top line weakens on global market Subsea services business areas Capacity contracts with
Slide 4: Key Figures | 1Q 2016
Key Figures | 1Q 2016 Revenue EBIT Order Intake Order Backlog 6.5 NOK BILLION 0.3 NOK BILLION 6.0 NOK BILLION 38.5 NOK BILLION Reported Excl. special items 10 0,6 10 50 0,5 8 0,4 8 40 0,3 6 6 30 0,2 4 0,1 4 20 0 2 -0,1 2 10 -0,2 0 0 0 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 1Q 15
Slide 5: New State-of-the-Art Subsea Facility in Brazil
New State-of-the-Art Subsea Facility in Brazil © 2016 Aker Solutions First-Quarter Results 2016 April 28, 2016 | Slide 5
Slide 6: A Collaboration to Propel and Power Subsea Production
A Collaboration to Propel and Power Subsea Production ■ Builds on strengths in subsea, power, automation technologies ■ Will optimize interfaces to deliver more effective, reliable and flexible solutions ■ Will enhance how subsea production units are powered and controlled to reduce costs, enable lo
Slide 7: Global Improvement Program – #thejourney
Global Improvement Program – #thejourney Simplifying work methods, organizational set-up, geographic footprint and products and services Leaner and more efficient processes that reduce overall costs of projects Targeting minimum 30 percent and products while boosting quality improvement in cost-effi
Slide 8: Outlook
Outlook ■ Market uncertainty persists amid concern over capital, oil prices ■ Commercial environment remains tough ■ Steady tendering in key markets, though seeing projects postponed ■ Norway market seen subdued this year ■ Decreasing break-even costs may spur project sanctions ■ Decent order backlo
Slide 9: Agenda | 1Q 2016
Agenda | 1Q 2016 Introduction Luis Araujo Chief Executive Officer Q&A Session Luis Araujo Svein Stoknes Financials Svein Stoknes Chief Financial Officer © 2016 Aker Solutions First-Quarter Results 2016 April 28, 2016 | Slide 9
Slide 10: 1Q 2016 | Income Statement
1Q 2016 | Income Statement ■ Revenue for 1Q 2016 down 24% versus 1Q last year, reflecting project phasing and lower order intake ■ Underlying 1Q 2016 EBITDA reached NOK 521 million, a margin of 8.0% versus 7.8% a year earlier (NOK million) 1Q 2016 1Q 2015 2015 2014 Revenue 6,463 8,500 31,896 32,971
Slide 11: 1Q 2016 | Cashflow and Financial Position
1Q 2016 | Cashflow and Financial Position ■ 1Q 2016 cashflow from operations was negative NOK 327 million, reflecting NCOA normalization ■ Continue to see NCOA moving over time towards more normalized level of NOK 1.5 - 2 billion ■ Robust 1Q 2016 financial position with net debt of NOK 406 million a
Slide 12: Subsea
Subsea ■ Good progress on major projects, ■ 1Q 2016 EBITDA margin at 9.5%, ■ 1Q 2016 order intake similar year-on- according to plan slightly lower year-on-year year at NOK 2 billion, equivalent to ■ 1Q 2016 revenue down 24% vs. ■ 1Q 2016 EBIT margin decreased to 0.5x book-to-bill last year to NOK 3
Slide 13: Field Design
Field Design ■ Impacted by continued activity ■ 1Q 2016 EBITDA margin of 6.1% driven ■ 1Q 2016 order intake was down year- slowdown on the NCS by strong operational performance but on-year to NOK 4.1 billion, equivalent ■ 1Q 2016 revenue down 24% vs. offset by low volume and capacity costs to 1.6 ti
Slide 14: Good Visibility From Substantial Order Backlog
Good Visibility From Substantial Order Backlog1 1Q 2016 Order backlog by execution date Order backlog and intake evolution NOK billion NOK billion Potential additional revenue from existing agreements Order backlog Order intake 48,3 Field Design backlog 60 44,0 Subsea backlog 40,7 39,7 38,5 50 40 9,
Slide 15: Financial Guidance
Financial Guidance Revenue Balance sheet Positive long-term offshore, deepwater outlook Maintenance capex/R&D ≈ 3% of revenue Near-term uncertainty on timing of awards Current major capex investment plans to be finished Aim to at least maintain market share in main subsea, in 2016 field de
Slide 16: Agenda | 1Q 2016
Agenda | 1Q 2016 Introduction Luis Araujo Chief Executive Officer Q&A Session Luis Araujo Svein Stoknes Financials Svein Stoknes Chief Financial Officer © 2016 Aker Solutions First-Quarter Results 2016 April 28, 2016 | Slide 16
Slide 17: Additional information
Additional information Additional information © 2016 Aker Solutions |
Slide 18: Special items
Special items NOK million Special items (EBITDA) 1Q 2015 2Q 2015 3Q 2015 4Q 2015 YTD 2015 1Q 2016 Onerous leases 52 58 40 114 265 - Restructuring1 0 2 41 373 416 15 Non-qualifying hedges 18 36 25 15 94 -4 Demerger and other costs 4 4 4 11 22 3 Special items (EBIT) Impairments 26 3 11 123 163 - Total
Slide 19: Income statement
Income statement NOK million Income statement consolidated FY 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 FY 2015 1Q 2016 Revenue 29,058 7,482 8,060 8,274 9,155 32,971 8,500 8,048 7,484 7,864 31,896 6,463 EBITDA 2,079 666 608 615 786 2,675 591 547 521 182 1,841 508 O
Slide 20: Balance sheet
Balance sheet NOK million Assets 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 Property, plant and equipment 3,072 3,067 3,180 3,203 3,603 3,586 3,754 3,792 3,962 3,882 Intangible assets 5,524 5,585 5,731 5,810 6,143 6,238 6,388 6,518 6,539 6,403 Financial assets (n
Slide 21: Cashflow
Cashflow NOK million Cash flow FY 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 FY 2015 1Q 2016 EBITDA continuing operations 2,162 623 587 617 785 2,675 591 547 521 182 1,841 508 Change in cash flow from operating activities 497 (1,510) 1,239 (968) 1,271 (30) (1,005) (
Slide 22: Split per segment
Split per segment NOK million Revenues FY 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 FY 2015 1Q 2016 Subsea 15,703 4,105 4,672 5,054 5,461 19,293 5,077 4,820 4,452 4,752 19,101 3,864 Field Design 12,502 3,404 3,408 3,210 3,688 13,710 3,467 3,293 2,990 3,170 12,920 2
Slide 23: Split per segment
Split per segment NCOA 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 Subsea 1,322 327 742 (332) 18 724 611 (472) (124) Field Design 275 250 532 71 212 54 (238) (861) (538) Other (105) (241) (394) (427) (140) (122) (58) (275) (271) NCOA 1,492 336 880 (688) 90 656 315 (1,607)
Slide 24: Copyright and Disclaimer
Copyright and Disclaimer Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Aker Solutions and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any for