Slide 1: Second-quarter and half year results 2019
Proud ownership Aker ASA Q2 Second-quarter and half year results 2019 2019 18 July 2019
Slide 2: Highlights
Highlights First half 2019: ▪ Net asset value: Increased NOK 4.7 billion (11.3%) to NOK 44.8 billion ▪ Return: Aker share price increased 11.1% to NOK 491, dividend adjusted vs. OSEBX up 8.2% ▪ Liquidity reserve: NOK 6.1 billion, cash amounted to NOK 3.4 billion ▪ Dividend: NOK 22.50 per share cash
Slide 3: 11.3% return on NAV in first half when adjusted for dividend paid
Aker ASA and holding companies 11.3% return on NAV in first half when adjusted for dividend paid Net asset value change in 1H 2019 Net asset value change in 2Q 2019 NOK billion NOK billion 4Q18 41.7 1Q19 56.2 Aker BP 5.1 Aker BP (8.3) Ocean Yield 0.1 Ocean Yield (0.5) Aker Solutions (0.5) Aker Solut
Slide 4: Share price up 11.1% dividend adjusted - continued strong balance sheet
Aker ASA and holding companies Share price up 11.1% dividend adjusted - continued strong balance sheet NAV per share vs. share price Net asset value composition NOK per share NOK billion, per 2Q 2019 900 852 800 769 757 56.8 700 603 607 600 562 Industrial Holdings Other Financial Investments 500 44.
Slide 5: Portfolio composition
Aker ASA and holding companies Portfolio composition Portfolio composition Gross asset value distribution NOK billion, per 2Q 2019 Per 2Q 2019 (1Q 2019) Listed investments Other 3% (2%) Unlisted investments Real estate investments 1% (1%) Cash 6% (5%) Industrial Holdings Financial Investments Seafoo
Slide 6: Strong liquidity position - upstream cash expected to exceed NOK 3.0 billion in 2019
Aker ASA and holding companies Strong liquidity position - upstream cash expected to exceed NOK 3.0 billion in 2019 Investment capacity potential Upstream dividend NOK billion NOK billion Havfisk Kvaerner 2.2 Aker Solutions/Akastor 1.6 1.4 Aker BioMarine 1.4 2.6 1.0 Financial Investments 3.4 0.9 Ake
Slide 7: Aker BP
Industrial Holdings Aker BP Exploration & Production company on the Norwegian continental shelf % of gross asset value (2Q 2019) Investment value of NOK 35.2 billion 62% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.19 44 223 Value change in 2Q (8 336) ▪ Organic and struct
Slide 8: Aker Energy
Industrial Holdings Aker Energy Exploration & Production company in Ghana % of gross asset value (2Q 2019) Book value of NOK 0.9 billion 2% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.19 (book value) 722 Value change in 2Q - ▪ Approval of Plan for Development and Operati
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 (2Q 2019) Investment value of NOK 3.3 billion 6% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.19 4
Slide 10: Akastor
Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long- term value creation % of gross asset value (2Q 2019) Investment value of NOK 1.2 billion 2% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.19 1 319 ▪ Operational excellence, c
Slide 11: Kvaerner
Industrial Holdings Kvaerner Oil and gas-related EPC company % of gross asset value (2Q 2019) Investment value of NOK 1.1 billion 2% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.19 976 Value change in 2Q 83 ▪ Enhance competitiveness through operational excellence and cost
Slide 12: Ocean Yield
Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (2Q 2019) Investment value of NOK 5.6 billion 10% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.19 6 278 Value change in 2Q (494) ▪ Growth and diversification
Slide 13: Aker BioMarine
Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (2Q 2019) Book value of NOK 2.4 billion 4% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.19 (book value) 2 411 ▪ Operational excellence and
Slide 14: Cognite
Industrial Holdings Cognite Software & digitalisation company % of gross asset value (2Q 2019) Book value < NOK 0.1 billion <1% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.19 (book value) 42 ▪ Expand customer base in oil and gas and other asset- Value change in 2Q - inte
Slide 15: Financial Investments
Aker Financial Investments 18 July 2019 AKER ASA | Second-quarter and half-year results 2019 15
Slide 16: Overview
Financial Investments Overview % of gross asset value (30.06.2019) Value of NOK 7.1 billion 13% NOK billion 7 6 Other financial investments 5 Real estate 4 Listed financial investments 3 Cash 2 *) 31.12.18 figures have been restated to 1 reflect that share investments in Aker Energy and Cognite from
Slide 17: Cash
Financial Investments Cash % of gross asset value (30.06.2019) Value of NOK 3.4 billion 6% ▪ Cash up NOK 0.3 billion in the quarter to NOK 3.4 billion: + NOK 1 724 million drawn on credit facility + NOK 898 million in dividend received in cash – NOK 1 671 million in dividend paid – NOK 253 million i
Slide 18: Listed financial investments
Financial Investments Listed financial investments % of gross asset value (30.06.2019) Value of NOK 0.8 billion 1% Aker’s investment ▪ Philly Shipyard value decrease of NOK 12 million. 4Q 18 1Q 19 2Q 19 NOK million ▪ Value increase of American Shipping Company shares with Philly Shipyard 203 279 267
Slide 19: Real estate and other financial investments
Financial Investments Real estate and other financial investments % of gross asset value (30.06.2019) Value of NOK 2.9 billion 5% Aker’s investment ▪ NOK 220 million in funding to Aker BioMarine. 4Q 18* 1Q 19 2Q 19 NOK million ▪ Prepayment for a new airplane of NOK 100 million. Real estate 568 568 5
Slide 20: Financial Statements
Aker Financial Statements 18 July 2019 AKER ASA | Second-quarter and half-year results 2019 20
Slide 21: Balance sheet at 30.06.2019
Aker ASA and holding companies Balance sheet at 30.06.2019 Value-adjusted (MNOK) 51 331 56 780 Book value (MNOK) 11 988 44 791 30 896 30 896 20 435 3 448 13 895 507 1 068 425 Tangible and non- Interest- Non interest-bearing Cash and cash Investments Liabilities Shareholders tangible fixed assets bea
Slide 22: Interest-bearing items as of 30.06.2019
Aker ASA and holding companies Interest-bearing items as of 30.06.2019 NOK million 12 000 NOK million 11 000 6000 10 000 Bank loans 9 000 5000 Bonds Net interest-bearing debt of 8 000 NOK 7.2 billion 4000 7 000 6 000 3000 AKER 10 5 000 2000 4 000 Cash AKER 10 3 000 1000 AKER 14 Interest-bearing rece
Slide 23: Income statement
Aker ASA and holding companies Income statement Amounts in NOK million 2Q 2018 2Q 2019 1H 2018 1H 2019 Year 2018 Sales gains 194 - 194 - 194 Operating expenses (62) (69) (130) (135) (254) EBITDA 132 (69) 64 (135) (60) Depreciation and impairment (4) (6) (8) (11) (18) Value change 526 (190) 347 (138)
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