Slide 1: Second-quarter and half-year results 2017
Proud ownership Aker ASA Second-quarter and half-year results 2017 18 July 2017 | Fornebu
Slide 2: Highlights | Second-quarter 2017
Highlights | Second-quarter 2017 ▪ Net asset value: down 7.9%, dividend adjusted, to NOK 28.8 billion (NOK 32.6 billion) ▪ Return: Aker share down 12.7%, dividend adjusted, to NOK 274 vs. OSEBX up 1.6% ▪ Dividend: Distribution of NOK 16 per share dividend for 2016 ▪ Cash and liquid fund inv.: NOK 2.
Slide 3: NAV decreased 11.5% in 2Q 2017 and 7.9% dividend adjusted
Aker ASA and holding companies NAV decreased 11.5% in 2Q 2017 and 7.9% dividend adjusted Net asset value change in 2Q 2017 Total return portfolio companies in 2Q 2017 NOK billion Percentage change, adjusted for dividends 1Q 17 32.6 AKSO -27% AKER BP (1.7) AKER BP -9% AKSO (1.3) KVAER 0.0 KVAER -6% O
Slide 4: Share price up 36.5% year-on-year, dividend adjusted, despite a 12.7% decrease in Q2
Aker ASA and holding companies Share price up 36.5% year-on-year, dividend adjusted, despite a 12.7% decrease in Q2 NAV per share vs. share price Net asset value composition NOK per share NOK billion 500 36.1 Industrial Holdings Other Financial Investments 400 Cash and liquid fund investments 300 28
Slide 5: Portfolio distribution largely unchanged
Aker ASA and holding companies Portfolio distribution largely unchanged Portfolio composition Gross asset value distribution NOK billion, as per 2Q 2017 Per 2Q 2017 (1Q 2017) Listed investments Other 3% (2%) Cash and liquid Real estate investments 1% (1%) Unlisted investments fund investments 6% (11
Slide 6: Ample investment capacity and continued strong upstream cash generation
Aker ASA and holding companies Ample investment capacity and continued strong upstream cash generation Investment capacity potential Upstream dividend NOK billion NOK billion Havfisk 1.4 1.4 Kvaerner Increased gearing Aker 1.0 Solutions/Akastor Increased dividends 6.0 Aker BioMarine Divestment
Slide 7: Industrial Holdings
Aker Industrial Holdings 18 July 2017 AKER ASA | Second-quarter and half-year results 2017 7
Slide 8: Aker BP
Industrial Holdings Aker BP Exploration & Production company on the Norwegian continental shelf % of gross asset value (2Q 2017) Investment value of NOK 16.7 billion 46% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.17 18 590 Growth; organic (greenfield projects, IOR and
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 2017) Investment value of NOK 3.6 billion 10% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.17 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 2017) Investment value of NOK 1.4 billion 4% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.17 1 302 Operational excellence, c
Slide 11: Kvaerner
Industrial Holdings Kvaerner Oil and gas-related EPC company % of gross asset value (2Q 2017) Investment value of NOK 0.8 billion 2% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.17 834 Enhance competitiveness through operational Value change in 2Q (46) excellence and co
Slide 12: Ocean Yield
Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (2Q 2017) Investment value of NOK 6.4 billion 18% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.17 5 993 Growth by incremental, accretive investments Value
Slide 13: Aker BioMarine
Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (2Q 2017) Investment value of NOK 1.4 billion 4% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.17 (book value) 1 405 Operational excellen
Slide 14: Financial Investments
Aker Financial Investments 18 July 2017 AKER ASA | Second-quarter and half-year results 2017 14
Slide 15: Overview
Financial Investments Overview Financial Investments NOK billion % of gross asset value (30.06.2017) 8 Other financial investments Value of NOK 5.8 billion Real estate 16% 6 Listed financial 4 investments Liquid fund investments Cash and liquid fund investments at NOK 2.1 billion 2 Cash Debt rep
Slide 16: Cash and Liquid fund investments
Financial Investments Cash and Liquid fund investments % of gross asset value (30.06.2017) Value of NOK 2.1 billion 6% Cash decreased to NOK 1.6 billion: + NOK 376 million in dividends received – NOK 1 188 million in dividend paid – NOK 730 million in debt repayments (incl. call premium) – NOK 380
Slide 17: Listed financial investments
Financial Investments Listed financial investments % of gross asset value (30.06.2017) Value of NOK 1.5 billion 4% Completion of the merger between Solstad Offshore, Aker’s investment Farstad Shipping and Deep Sea Supply, including NOK 250 NOK million 4Q 16 1Q 17 2Q 17 million loan conversion into
Slide 18: Real estate and other financial investments
Financial Investments Real estate and other financial investments % of gross asset value (30.06.2017) Value of NOK 2.3 billion 6% Increased investment in Fornebuporten of NOK 133 million Aker’s investment 4Q 16 1Q 17 2Q 17 USD 45 million loan issued to Aker BioMarine NOK million Real estate (inc
Slide 19: Financial Statements
Aker Financial Statements 18 July 2017 AKER ASA | Second-quarter and half-year results 2017 19
Slide 20: Balance sheet
Aker ASA and holding companies Balance sheet Value-adjusted (MNOK) 33 025 36 065 Book value (MNOK) 7 238 15 264 15 264 17 761 13 563 1 630 962 210 238 Tangible and non- Long-term interest Other current assets Cash and cash Investments Liabilities Shareholders tangible fixed asset bearing items equiv
Slide 21: Interest-bearing items and loan guarantees
Aker ASA and holding companies Interest-bearing items and loan guarantees 9 000 8 000 7 000 4000 6 000 Net interest-bearing 3500 5 000 liabilities of NOK 4.2 billion Bank loans 4 000 3000 3 000 2500 Bonds Cash 2 000 Interest-bearing receivables 2000 1 000 Interest-bearing debt 1500 0 1000 Interest-b
Slide 22: Income statement
Aker ASA and holding companies Income statement Amounts in NOK million 2Q 2016 2Q 2017 1H 2016 1H 2017 Year 2016 Sales gains 90 - 278 - 1 906 Operating expenses (48) (54) (108) (118) (198) EBITDA 42 (54) 171 (118) 1 708 Depreciation and impairment (21) (4) (26) (7) (32) Value change 326 (392) 11 (25
Slide 23: Proud ownership
Proud ownership
Slide 24: 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