Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q1 2009 Earnings Presentation
19 slides from Aker Asa Class A's earnings presentation, May 11, 2009
Slide 1: Status and outlook January – March 2009
Aker Status and outlook January – March 2009 Oslo, 11 May 2009 The preferred partner Aker ASA Aker 1Q09 Agenda Highlights 1Q09 Streamlining and focused Aker Aker Holding • Øyvind Eriksen, President & CEO Financial details and operating company overview • Bengt A Rem, CFO, Aker The preferred part
Slide 2: 1Q09 headlines and market and net asset values
Aker ASA and holding companies | 1Q09 headlines Streamlining and focused Aker Solutions • Aker Solutions acquired building blocks for accellerated growth from Aker. Transactions confirmed by UBS. Agreement with Aker Holding shareholders Aker takes new strategic position in exploration & producti
Slide 3: Strong balance sheet and investments
Aker ASA and holding companies Strong balance sheet Changes in 1Q09 Long-term interest-bearing NOK mill assets grow, cash reduced 30 000 • Aker Drilling • AMSC bonds • Aker Ghana 25 000 Other cash uses • AMSC TRS to NOK 7 strike 20 000 • Aker Exploration shares 1 780 2 023 • Parent company op co
Slide 4: Agreed and expected funding; outlook remains unchanged
Aker supporting industrial growth Agreed and expected funding Interest- NOK mill bearing assets 9 000 8 000 + 2 bn in 2009 as stated before Changes 1Q09 Projections 7 000 Aker Drilling lending Aker Drilling lending increased as forecast, will continue to grow as 6 000 currently approx NOK previo
Slide 5: This is Aker
was This 8 is Aker Workforce of 35 000 Energy, maritime, Operations in 35 countries seafoods & marine NOK 65 bn revenues biotech industries 41.0 % Aker Solutions 72.3 % 100 % 82.9 % 64.9 % Aker Floating Aker Aker Production Aker Drilling BioMarine Seafoods 77 2 % 76.1 % 100 2 % 50.3 % 100 % Aker Oil
Slide 6: Focused active ownership going forward
Aker going forward Focused active ownership Industrial holdings Financial holdings Aker role Active owner Active owner Main objective Long-term value creation Financially and strategically opportunistic Investment horizon Indefinite Flexible Transaction frequency Aker: Rarely, but substantial Freque
Slide 7: Aker Solutions acquisitions: cash consideration and future financing
Aker Solutions acquisitions Cash consideration and future financing Aker Solutions acquired assets Future Future from Aker on 1 April 2009 financing financing 5000 4500 4000 3500 3000 Before After transactions transactions 2500 2000 1500 1000 500 0 Asset Consider- Aker Aker Aker Aker value ation Sol
Slide 8: Aker Solutions value creation; transactions confirmed
Value creation in Aker Solutions Premier growth segments Energy Development & Products & Process & Services Subsea Technologies Construction ■ Harsh ■ Deepwater ■ Drilling packages ■ Metals environment ■ Well intervention ■ Topside and ■ Process ■ Cold climate ■ Marine handling products ■ Constructi
Slide 9: Financials January – March 2009
Aker Financials January – March 2009 The preferred partner Aker ASA Aker ASA and holding companies Balance sheet 31.3 31.12 31.3 (in NOK million) 2008 2008 2009 Tangible and non-tangible fixed asset 1 054 1 483 1 482 Long-term interest bearing items 1 886 3 834 4 605 Long-term financial assets 14 59
Slide 10: Debt and liabilities overview; profit and loss statements
Aker ASA and holding companies Debt and liabilities overview Interest bearing debt Interest bearing assets NOK mill Maturity NOK mill Bond AKER 01 358 2010 Cash + cash eqiv. + short- Bond AKER 02 410 2012 term interest-bear. rec. 4 914 Bank debt and other 258 Interest-bearing fixed assets 4 605 Tota
Slide 11: Group income statement and balance sheet
Aker group consolidated Income statement 1Q 1Q Year (in NOK million) 2008 2009 2008 Operating revenues 1 705 1 460 6 395 Operating profit (EBITDA) (151) (130) (881) Depreciation, impairment changes (64) (194) (397) Non-recurring items - (24) 98 Operating profit (216) (349) (1 180) Net financial item
Slide 12: Balance sheet effect Project Ren; Operating companies
Aker ASA and holding companies Balance sheet – effect Project Ren Before After (in NOK million) 1Q 2009 1Q 2009 Tangible and non-tangible fixed asset 1 482 1 482 Long-term interest bearing items 4 605 5 512 Long-term financial assets 8 297 7 299 Other current assets 541 541 Cash and interest bearing
Slide 13: Organized for value creation; Aker Solutions
Aker going forward Organized for value creation Chairman, Chairman, President & CEO 1) Industrial holdings Treasury, CFO Financial holdings Aker Aker Drilling Bank deposits Portfolio investments Solutions Bonds American Shipping Other loans Aker Floating Production Currency mgmt Aker Philpadelphia S
Slide 14: Aker Exploration and Aker Drilling
Industrial holdings Aker Exploration Aker Exploration licences on the Norwegian Preparing for drilling operations continental shelf May 2009 • Participating in drilling in May • Drilling schedule for Aker Barents in process • Funds secured for 3-year drilling campaign Attractive porfolio • 21 li
Slide 15: Aker Clean Carbon and Aker BioMarine
Industrial holdings Aker Clean Carbon Signed Mongstad contract • Building European CO2 Technology Centre • Important recognition of technology in Norway Developing more cost effective technology • R&D cooperation with NTNU and Sintef in SOLVit The Mobile Test Unit en route to the Longannet • New
Slide 16: Aker Floating Production, Bjørge and Aker Seafoods
Portfolio investments Aker Floating Bjørge Back in production Good order intake, improved • Recommenced on March 8 after contract reserve FPSO repairs • Solid foundation for meeting Long term contract challenging markets • Dhirubhai-1 the first FPSO in India Strong results for Safety & • KG
Slide 17: Aker Philadelphia, American Shipping, key holdings
Portfolio investments Aker Philadelphia American Shipping Continuing profitability growth Sixth vessel delivered on • Delivered sixth of twelve product schedule on February 19 tanker series • US freight rates under pressure, • Order backlog takes production but long-term outlook remains to Q1 20
Slide 18: IR Contacts
Aker group IR Contacts Company (Ticker) Name Phone (dir line) E-mail Aker Geir Arne Drangeid +47 24 13 00 65 gad@akerasa.com (AKER) Senior Partner & EVP Bengt A Rem +47 24 13 00 30 bar@akerasa.com Senior Partner & CFO Aker Solutions Lasse Torkildsen +47 67 51 30 39 lasse.torkildsen@akersolutions.com
Slide 19: 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