Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q2 2014 Earnings Presentation
27 slides from Aker Asa Class A's earnings presentation, Jul 18, 2014
Slide 1: Second-quarter results 2014
Proud ownership Second-quarter results 2014 Oslo | 18 July 2014
Slide 2: Highlights | Second-quarter results
Highlights | Second-quarter results ▪ Dividend : NOK 940 million paid in accordance with our dividend policy ▪ Net asset value: NOK 24.2 billion in 2Q 2014 vs. NOK 22.9 billion in 1Q 2014, representing a 10% increase when adjusted for dividend paid in the quarter ▪ Cash: NOK 3.1 billion in 2Q 2014 v
Slide 3: NAV increased by 10% in 2Q 2014 (adj. for dividend)
Aker ASA and holding companies NAV increased by 10% in 2Q 2014 (adj. for dividend) NOK billion 26 24.2 1.6 22.9 24 (0.9) 0.3 (0.1) (0.1) 0.3 0.1 +10% 22 20 18 16 14 31.3.14 Paid dividend Converto Other HFISK DETNOR OCY AKSO 30.6.14 Note: Changes in share values include the effect of dividend receive
Slide 4: Shareholder return of 32%, strong balance sheet
Aker ASA and holding companies Shareholder return of 32%, strong balance sheet Net asset value Net asset value NOK per share NOK billion 350 35 300 30 250 25 32% 200 20 NOK 24.2bn 150 15 100 10 50 5 0 0 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 Gross assets Debt NAV per share (NOK) Dividend Cash Non-i
Slide 5: 53% of gross assets related to oil and gas
Aker ASA and holding companies 53% of gross assets related to oil and gas Other 6% (Other) 16% (E&P) 12% (Cash and liquid fund investments) 5% (Real estate dev.) NOK Oil and gas related Seafood & 8% 31.2 Marine Biotech billion 37% (Oil services) 16% Maritime assets 18 July 2014 AKER ASA | Second-qua
Slide 6: This is Aker
Aker ASA and holding companies This is Aker NOK billion, as per 30.06.2014 Industrial Holdings Financial Investments Aker Solutions1)) 34.5% 10.1 3.1 Cash Det norske 50% 4.7 0.7 Liquid fund investments Ocean Yield 73.2% 3.9 0.4 Receivables excl. Fornebuporten Aker BioMarine2) 99% 1.7 1.6 Fornebuport
Slide 7: Growing dividend supported by accelerating upstream cash flow
Aker ASA and holding companies Growing dividend supported by accelerating upstream cash flow NOK million 1200 ~1 000 1000 852 Upstream dividend payments 800 2014 2015 2020 Aker Solutions 600 Akastor ? ? 461 Kvaerner 400 Ocean Yield Aker BioMarine Havfisk 175 191 200 137 Det
Slide 8: NOK 2.4bn underlying value increase in 2Q 2014
Industrial Holdings NOK 2.4bn underlying value increase in 2Q 2014 35% % of gross assets 30% 29% 71% 25% 24% OSEBX 1) Aker Solutions 21% Det norske 2) 1) 20% Ocean Yield 19% 1) Kvaerner 17% Havfisk Industrial Holdings 15% NOK billion 25 10% 11% 21.6 22.1 10% 10% 20.1 7% 20 5% 3% Havfisk 15 Kvaerner
Slide 9: Industrial Holdings
Aker Industrial Holdings 18 July 2014 AKER ASA | Second-quarter and first-half results 2014 9
Slide 10: Aker Solutions
Industrial Holdings Aker Solutions Global oil services company providing services, technologies, product solutions and field life solutions % of gross asset value (30.06.14) Investment value of 32% NOK 10.1 billion Aker’s ownership agenda Aker’s investment1) NOK million Ensure successful implement
Slide 11: Det norske
Industrial Holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (30.06.14) Investment value of 15% NOK 4.7 billion Aker’s ownership agenda Aker’s investment NOK million Implement financing program as planned Value as per 31.03.2014 4 410 In
Slide 12: Ocean Yield
Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (30.06.14) Investment value of 12% NOK 3.9 billion Aker’s ownership agenda Aker’s investment NOK million Expand and diversify portfolio of maritime assets Value as per 31.03.2014 3 60
Slide 13: Aker BioMarine
Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (30.06.14) Book value of 6% NOK 1.7 billion Aker’s ownership agenda Aker’s investment NOK million Build and expand the market for krill-derived Book value as per 31
Slide 14: Kvaerner
Industrial Holdings Kvaerner Specialised oil and gas-related EPC company % of gross asset value (30.06.14) Investment value of 3% NOK 1.0 billion Aker’s ownership agenda Aker’s investment1) NOK million Prioritise securing key topside and jacket contracts Value as per 31.03.2014 989 in the home mar
Slide 15: Havfisk
Industrial Holdings Havfisk Leading whitefish harvesting company % of gross asset value (30.06.14) Investment value of 2% NOK 0.7 billion Aker’s ownership agenda Aker’s investment NOK million Continue to improve operational performance and Value as per 31.03.2014 614 profitability Invested / dives
Slide 16: Financial Investments
Aker Financial Investments 18 July 2014 AKER ASA | Second-quarter and first-half results 2014 16
Slide 17: NOK 3.0bn realisation target on track
Financial Investments NOK 3.0bn realisation target on track % of gross assets Key events 2Q: Cash decreased to NOK 3.1 billion vs. NOK 3.5 billion in 1Q 29% Underlying value decrease of approximately NOK 130 million related to Financial Investments the other financial investments NOK billion 9.9
Slide 18: Cash and Liquid fund investments
Financial Investments Cash and Liquid fund investments % of gross asset value (30.06.14) Value of NOK 3.8 billion 12% Key events 2Q Cash decreased by NOK 0.4 billion to NOK 3.1 billion: - NOK 940 million paid in dividends to shareholders + NOK 500 million dividend from Industrial Holdings + NOK 43
Slide 19: Fornebuporten real estate
Financial Investments Fornebuporten real estate % of gross asset value (30.06.14) Receivable and equity 5% investment of NOK 1.6 billion Key events 2Q Construction of office and residential buildings at Fornebuporten progressing as planned More than 75% of retail and office space leased out by e
Slide 20: Converto Capital Fund
Financial Investments Converto Capital Fund % of gross asset value (30.06.14) Value of NOK 2.8 billion 9% Key events 2Q Key figures 2013 1Q14 2Q14 NOK million Total assets under management reduced by NOK 0.5 AKPS 1 017 1 411 1 151 billion to NOK 2.8 billion, primarily due to capital AMSC (incl. TR
Slide 21: Financial Statements
Aker Financial Statements 18 July 2014 AKER ASA | Second-quarter and first-half results 2014 21
Slide 22: Balance sheet
Aker ASA and holding companies Balance sheet 31.12 31.03 30.06 Amounts in NOK million 2013 2014 2014 Intangible, fixed, and non-interest-bearing assets 237 243 250 Interest-bearing fixed assets 605 598 534 Investments 15 762 15 621 15 678 Non-interest-bearing short-term receivables 59 41 21 Interest
Slide 23: Interest bearing items and loan guarantees
Aker ASA and holding companies Interest bearing items and loan guarantees 2000 7 000 1800 6 000 Net interest bearing 1600 liabilities 5 000 1400 NOK 2.9 billion 1200 4 000 1000 Bank debt 3 000 Bonds 800 Cash 600 2 000 Interest-bearing receivables 400 1 000 Debt 200 0 0 2014 2015 2016 2017 2018 2019
Slide 24: Income statement
Aker ASA and holding companies Income statement Amounts in NOK million 2Q 2013 2Q 2014 1H 2013 1H 2014 Year 2013 Sales gains - - - - - Operating expenses (57) (50) (109) (108) (236) EBITDA (57) (50) (109) (108) (236) Depreciation (4) (4) (7) (7) (14) Non recurring operating - - - (37) - items Value
Slide 25: Financials
Aker BioMarine Financials Balance Sheet Amounts in USD million 31.12.2013 31.3.2014 30.6.2014 Property, plant and equipment 116 112 110 Intangible assets 67 66 67 Investments in joint ventures 65 64 62 Other assets 64 76 79 Cash and cash equivalents 7 5 4 Total assets 319 323 322 Total equity 144 14
Slide 26: 18 July 2014 AKER ASA | Second-quarter and first-half results 2014
18 July 2014 AKER ASA | Second-quarter and first-half results 2014 26
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