Slide 1: 2Q16
2Q16 Fornebu, July 13, 2016 Luis Araujo and Svein Stoknes © 2016 Aker Solutions |
Slide 2: Agenda | 2Q 2016
Agenda | 2Q 2016 Introduction Luis Araujo Chief Executive Officer Q&A Session Luis Araujo Svein Stoknes Financials Svein Stoknes Chief Financial Officer © 2016 Aker Solutions Second-Quarter Results 2016 July 13, 2016 | Slide 2
Slide 3: Key Developments | 2Q 2016
Key Developments | 2Q 2016 Robust order Major projects backlog of NOK 35 progress as planned billion Subsea wins contract for Steady margins New orders its longest-ever umbilical for year-on-year secured in all Egypt’s Zohr field Solid financial position business areas Top line weakens
Slide 4: Key Figures | 2Q 2016
Key Figures | 2Q 2016 Revenue EBIT Order Intake Order Backlog 7.0 NOK BILLION 0.3 NOK BILLION 3.4 NOK BILLION 35.0 NOK BILLION Reported Excl. special items 10 0.6 7 50 0.5 6 8 0.4 40 5 0.3 6 4 30 0.2 4 0.1 3 20 0 2 2 -0.1 10 1 -0.2 0 0 0 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 2Q
Slide 5: Global Improvement Program – #thejourney
Global Improvement Program – #thejourney Targeting minimum 30 percent Simplifying work methods, Leaner and more efficient improvement in cost-efficiency organizational set-up, processes that reduce overall across company and building geographic footprint and costs of projects and products culture of
Slide 6: Collaborations From Reservoir to Topside
Collaborations From Reservoir to Topside FPSO SURF Compression Power and Reservoir Automation © 2016 Aker Solutions Second-Quarter Results 2016 July 13, 2016 | Slide 6
Slide 7: Outlook
Outlook ■ Market uncertainty persists amid concern over capital, oil prices ■ Commercial environment still tough ■ Steady tendering in key markets, though seeing projects postponed ■ Norway market seen subdued this year, may see gradual recovery from 2017 ■ Lower break-even costs may spur project sa
Slide 8: Agenda | 2Q 2016
Agenda | 2Q 2016 Introduction Luis Araujo Chief Executive Officer Q&A Session Luis Araujo Svein Stoknes Financials Svein Stoknes Chief Financial Officer © 2016 Aker Solutions Second-Quarter Results 2016 July 13, 2016 | Slide 8
Slide 9: 2Q 2016 | Income Statement
2Q 2016 | Income Statement ■ Revenue for 2Q 2016 down 13% versus 2Q last year, reflecting project phasing and lower order intake ■ Underlying 2Q 2016 EBITDA reached NOK 590 million, a margin of 8.5% versus 8.1% a year earlier (NOK million) 2Q 2016 2Q 2015 1H 2016 1H 2015 Revenue 6,969 8,048 13,432 1
Slide 10: 2Q 2016 | Cashflow and Financial Position
2Q 2016 | Cashflow and Financial Position ■ 2Q 2016 cashflow from operations was negative NOK 530 million, reflecting NCOA normalization ■ Expect NCOA to move over time towards more normalized level of around NOK 1.5 billion ■ Robust 2Q 2016 financial position with net debt of NOK 1.3 billion and gr
Slide 11: Subsea
Subsea ■ Good progress on major projects, ■ 2Q 2016 EBITDA1 margin at 9.6%, ■ 2Q 2016 order intake at NOK 2.2 according to plan slightly lower year-on-year billion, equivalent to 0.5x book-to-bill ■ 2Q 2016 revenue down 12% vs. ■ 2Q 2016 EBIT1 margin decreased to ■ End 2Q 2016 order backlog at NOK l
Slide 12: Field Design
Field Design ■ Impacted by continued activity ■ 2Q 2016 EBITDA1 margin of 7.4% driven ■ 2Q 2016 order intake at NOK 1.3 slowdown on the NCS by strong operational performance billion, equivalent to 0.5x book-to-bill ■ 2Q 2016 revenue down 17% vs. ■ 2Q 2016 EBIT1 margins of 6.1%, up ■ End 2Q 2016 orde
Slide 13: Good Visibility From Substantial Order Backlog
Good Visibility From Substantial Order Backlog1 2Q 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 Field Design backlog 60 44.0 Subsea backlog 40.7 39.7 38.5 35.0 50 40 7.
Slide 14: Financial Guidance
Financial Guidance Revenue Balance sheet Positive long-term offshore, deepwater outlook Capex and 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 design mar
Slide 15: Agenda | 2Q 2016
Agenda | 2Q 2016 Introduction Luis Araujo Chief Executive Officer Q&A Session Luis Araujo Svein Stoknes Financials Svein Stoknes Chief Financial Officer © 2016 Aker Solutions Second-Quarter Results 2016 July 13, 2016 | Slide 15
Slide 16: Additional information
Additional information Additional information © 2016 Aker Solutions |
Slide 17: Special items
Special items NOK million Special items (EBITDA) 1Q 2015 2Q 2015 3Q 2015 4Q 2015 FY 2015 1Q 2016 2Q 2016 Onerous leases1 52 58 40 114 265 - 4 Restructuring2 0 2 41 373 416 15 19 Non-qualifying hedges 18 36 25 15 94 -4 -11 Demerger and other costs4 4 4 4 11 22 3 15 Special items (EBIT) Impairments3 2
Slide 18: Income statement
Income statement NOK million Income statement consolidated 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 FY 2015 1Q 2016 2Q 2016 Revenue 8,060 8,274 9,155 32,971 8,500 8,048 7,484 7,864 31,896 6,463 6,969 EBITDA 608 615 786 2,675 591 547 521 182 1,841 508 563 Of which related to he
Slide 19: Balance sheet
Balance sheet NOK million Assets 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 Property, plant and equipment 3,180 3,203 3,603 3,586 3,754 3,792 3,962 3,882 3,934 Intangible assets 5,731 5,810 6,143 6,238 6,388 6,518 6,539 6,403 6,306 Financial assets (non-current) 23 17 17
Slide 20: Cashflow
Cashflow NOK million Cashflow 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 FY 2015 1Q 2016 2Q 2016 EBITDA continuing operations 587 617 785 2,675 591 547 521 182 1,841 508 563 Change in cashflow from operating activities 1,239 (968) 1,271 (30) (1,005) (627) 311 1,414 93 (836) (1,0
Slide 21: Split per segment
Split per segment NOK million Revenues 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 FY 2015 1Q 2016 2Q 2016 Subsea 4,672 5,054 5,461 19,293 5,077 4,820 4,452 4,752 19,101 3,864 4,264 Field Design 3,408 3,210 3,688 13,710 3,467 3,293 2,990 3,170 12,920 2,650 2,725 Other 31 62 90 20
Slide 22: Split per segment
Split per segment NCOA 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 Subsea 327 742 (332) 18 724 611 (472) (124) 640 Field Design 250 532 71 212 54 (238) (861) (538) (456) Other (241) (394) (427) (140) (122) (58) (275) (271) (283) NCOA 336 880 (688) 90 656 315 (1,607) (933)
Slide 23: 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