Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q1 2015 Earnings Presentation
27 slides from Aker Asa Class A's earnings presentation, May 13, 2015
Slide 1: First-quarter results 2015
Proud ownership Aker ASA First-quarter results 2015 Oslo | 13 May 2015
Slide 2: Highlights | First-quarter 2015
Highlights | First-quarter 2015 ▪ Net asset value: NOK 19.1 billion in 1Q 2015 vs. NOK 17.7 billion in 4Q 2014, representing a 8.1% increase in the quarter ▪ Cash and liquid fund investments: NOK 3.2 billion in 1Q 2015, on par with prior quarter ▪ Return: Aker share increased 7.3% to NOK 176.50, in
Slide 3: NAV increased by 8.1% in 1Q 2015
Aker ASA and holding companies NAV increased by 8.1% in 1Q 2015 Net asset value change in the period NOK billion 19.1 0.9 8.1% 17.7 0.7 (0.5) 0.5 (0.2) (0.2) 0.3 0.0 4Q 14 Akastor Other Kvaerner Aker Solutions Other public Det norske Havfisk Ocean Yield 1Q 15 investments (AMSC/AKPS) Note: Changes in
Slide 4: Share price increased 7% and strong balance sheet
Aker ASA and holding companies Share price increased 7% and strong balance sheet Net asset value Net asset value NOK per share NOK billion1) 26.3 350 Industrial Holdings Other Financial Investments 300 Cash and liquid fund investments 250 71% 18.6 +19.1 bn 73% 200 7.3% 150 NOK bn NAV 100% 19.1 7.2 D
Slide 5: 42% of gross assets related to oil and gas
Aker ASA and holding companies 42% of gross assets related to oil and gas Cash and liquid fund investments Portfolio mix E&P 18% 12% Other 17% (3.2bn) Oil Services 24% (4.5bn) 6% Maritime assets 22% Real estate (1.5bn) development Seafood and Marine biotech 15% 3%1) (0.7bn) Real Estate 3% Cash and o
Slide 6: This is Aker
Aker ASA and holding companies This is Aker NOK billion, as per 31.03.2015 Listed investments Unlisted investments Industrial Holdings Financial Investments Det norske 50.0% 4.5 3.2 Cash and liquid fund investments Aker Solutions1)) 34.8% 4.0 1.8 Other public investments Akastor1)) 34.5% 1.5 0.7 Rea
Slide 7: Industrial Holdings
Aker Industrial Holdings 13 May 2015 AKER ASA | First-quarter results 2015 7
Slide 8: Share price performances
Industrial Holdings Share price performances 90% 80% 77% 70% 70%, Havfisk1) 60% 50% 42%, Det norske 40% 30% 30%, Ocean Yield1) 20% 20% 16%, Oil prices 12% 16%, Aker Solutions1) 13%, OSEBX 10% 7% 1% 0% -4% -10% -20% -27%, Kvaerner1) -25% -30% -33% -35%, Akastor -40% -50% 4Q 2014 1Q 2015 12.05.2015 1)
Slide 9: Det norske
Industrial Holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (31.03.15) Investment value of 17% NOK 4.5 billion Aker’s ownership agenda Aker’s investment NOK million Johan Sverdrup unitisation and project execution Value as per 31.12.14
Slide 10: 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 (31.03.15) Investment value of 15% NOK 4.0 billion Aker’s ownership agenda Aker’s investment1) NOK million Operational excell
Slide 11: Akastor
Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long-term value creation % of gross asset value (31.03.15) Investment value of 6% NOK 1.5 billion Aker’s ownership agenda Aker’s investment1) NOK million Portfolio allocation Value as per 31.12.14 2 043 In
Slide 12: Kvaerner
Industrial Holdings Kvaerner Specialised oil and gas-related EPC company % of gross asset value (31.03.15) Investment value of 2% NOK 0.5 billion Aker’s ownership agenda Aker’s investment1) NOK million Review delivery model and enhance Value as per 31.12.14 687 competitiveness Invested / divested
Slide 13: Ocean Yield
Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (31.03.15) Investment value of 19% NOK 5.1 billion Aker’s ownership agenda Aker’s investment NOK million Expand and diversify portfolio Value as per 31.12.14 4 323 Invested / divested
Slide 14: Aker BioMarine
Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (31.03.15) Book value of 5% NOK 1.4 billion Aker’s ownership agenda Aker’s investment NOK million Build and expand the market for krill-derived Book value as per 31
Slide 15: Havfisk
Industrial Holdings Havfisk Leading whitefish harvesting company % of gross asset value (31.03.15) Investment value of 6% NOK 1.7 billion Aker’s ownership agenda Aker’s investment NOK million Operational excellence and improved profitability Value as per 31.12.14 942 Invested / divested in 1Q -
Slide 16: Financial Investments
Aker Financial Investments 13 May 2015 AKER ASA | First-quarter results 2015 16
Slide 17: Overview
Financial Investments Overview Key events 1Q: % of gross asset value (31.03.15) Cash remained stable at NOK 2.8 billion (NOK 3.2 billion incl. liquid fund inv.) Value of NOK 7.7 billion 29% Total value up by NOK 170 million in the quarter Financial Investments NOK billion 10 8 Other financial in
Slide 18: Cash and Liquid fund investments
Financial Investments Cash and Liquid fund investments % of gross asset value (31.03.15) Value of NOK 3.2 billion 12% Key events 1Q Cash remained stable at NOK 2.8 billion: + NOK 113 million in dividend from OCY - NOK 153 million in operating expenses and net - interest costs Underlying value in
Slide 19: Public financial investments
Financial Investments Public financial investments % of gross asset value (31.03.15) Value of NOK 1.8 billion 7% Key events 1Q The value of public financial investments increased Key figures 3Q 14 4Q14 1Q15 NOK million by NOK 277 million, due to a value increase in Aker AKPS 1 122 711 1 057 Philad
Slide 20: Real estate development (Fornebuporten)
Financial Investments Real estate development (Fornebuporten) % of gross asset value (31.03.15) Book value of NOK 0.7 billion 3% Key events 1Q Construction of office buildings at Fornebuporten progressing as planned Approximately 90% of retail and office space leased out Favourable development
Slide 21: Other financial investments
Financial Investments Other financial investments % of gross asset value (31.03.15) Value of NOK 2.0 billion 8% Key events 1Q Other financial investments decreased by NOK 0.1 Key figures 3Q 14 4Q14 1Q15 NOK million billion to NOK 2.0 billion in 1Q, mainly due to a Other financial investments 1 608
Slide 22: Financial Statements
Aker Financial Statements 13 May 2015 AKER ASA | First-quarter results 2015 22
Slide 23: Balance sheet
Aker ASA and holding companies Balance sheet Amounts in NOK million 31.12.2014 31.03.2015 Intangible, fixed, and non-interest-bearing assets 262 267 Interest-bearing fixed assets 285 182 Investments 14 742 15 128 Non-interest-bearing short-term receivables 19 22 Interest-bearing short-term receivabl
Slide 24: Interest bearing items and loan guarantees
Aker ASA and holding companies Interest bearing items and loan guarantees 2500 7 000 6 000 2000 5 000 Net interest bearing liabilities of 1500 4 000 NOK 3.5 billion Bank debt 3 000 Bonds 1000 2 000 Cash Interest-bearing receivables 500 1 000 Interest-bearing debt 0 0 2015 2016 2017 2018 2019 2020 20
Slide 25: Income statement
Aker ASA and holding companies Income statement Amounts in NOK million 1Q 2014 4Q 2014 1Q 2015 Year 2014 Operating expenses (58) (52) (51) (223) EBITDA (58) (52) (51) (223) Depreciation (4) (4) (4) (15) Non recurring operating items (37) 38 - 1 Value change (257) (1 142) 385 (1 432) Net other financ
Slide 26: Proud ownership
Proud ownership
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 glo