Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q3 2015 Earnings Presentation
29 slides from Aker Asa Class A's earnings presentation, Nov 18, 2015
Slide 1: Third-quarter results 2015
Proud ownership Aker ASA Third-quarter results 2015 Oslo | 18 November 2015
Slide 2: Highlights | Third-quarter 2015
Highlights | Third-quarter 2015 ▪ Net asset value: NOK 18.9 billion in 3Q 2015 vs. NOK 21.0 billion in 2Q 2015, representing a 10% decline in the quarter ▪ Cash and liquid fund inv.: NOK 3.3 billion in 3Q 2015 vs. NOK 3.4 billion in 2Q 2015 ▪ Return: Aker share fell 12% in 3Q 2015 to NOK 148 vs. 7.5
Slide 3: NAV decreased by 10% in 3Q 2015
Aker ASA and holding companies NAV decreased by 10% in 3Q 2015 Net asset value change in the period NOK billion 21.0 (1.4) -10% (0.8) 18.9 (0.5) 0.5 (0.3) 0.3 0.1 2Q 15 AKSO DETNOR Other AKA HFISK Other public OCY 3Q 15 investments (AMSC/AKPS) Note: Changes include the effect of dividend received 18
Slide 4: Share price fell 12%, balance sheet still solid
Aker ASA and holding companies Share price fell 12%, balance sheet still solid Net asset value Net asset value NOK per share NOK billion1) 26.4 350 Industrial Holdings Other Financial Investments 300 Cash and liquid fund investments 250 70% 18.4 +18.9 bn 72% 200 -12.4% NOK bn 150 NAV 100% 18.9 7.5 D
Slide 5: 35% of gross assets related to oil and gas
Aker ASA and holding companies 35% of gross assets related to oil and gas Other - Aker Philadelphia Shipyard E&P Cash and 7% - Det norske liquid investments 18% 12% Real Estate - Fornebuporten 3% NOK Oil Services 17% - Aker Solutions 26.4bn - Kværner - Akastor 15% Seafood & - Align Marine Bio Tech -
Slide 6: This is Aker
Aker ASA and holding companies This is Aker NOK billion, as per 30.09.2015 Listed investments Unlisted investments Industrial Holdings Financial Investments Det norske 50.0% 4.8 2.9 Cash Aker Solutions1)) 34.8% 2.8 0.4 Liquid fund investments Akastor1)) 36.7% 1.1 2.2 Other public investments Kvaerne
Slide 7: Industrial Holdings
Aker Industrial Holdings 18 November 2015 AKER ASA | Third-quarter results 2015 7
Slide 8: Share price performances
Industrial Holdings Share price performances 90% 96% Kvaerner 80% 70% 60% 50% 40% 30% 27% Aker Solutions 20% Det norske 20% 19% Havfisk 10% Akastor 10% 7% 7% OSEBX 7% 7% Ocean Yield1) 0% -8% -10% -9% Brent crude oil -14% -21% -20% -21% -24% -30% -33% -40% -50% 2Q 2015 3Q 2015 17.11.2015 1) Share pri
Slide 9: Det norske
Industrial Holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (30.09.2015) Investment value of 18% NOK 4.8 billion Aker’s ownership agenda Aker’s investment NOK million Conclude Johan Sverdrup unitisation Value as per 30.06.15 5 622 Value
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 (30.09.2015) Investment value of 11% NOK 2.8 billion Aker’s ownership agenda Aker’s investment1) NOK million Deliver project
Slide 11: Akastor
Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long-term value creation % of gross asset value (30.09.2015) Investment value of 4% NOK 1.1 billion Aker’s ownership agenda Aker’s investment1) NOK million Reduce cost and complexity in portfolio Value as
Slide 12: Kvaerner
Industrial Holdings Kvaerner Specialised oil and gas-related EPC company % of gross asset value (30.09.2015) Investment value of 1% NOK 0.3 billion Aker’s ownership agenda Aker’s investment1) NOK million Improve cost efficiency, increase productivity Value as per 30.06.15 381 Value change in 3Q (7
Slide 13: Ocean Yield
Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (30.09.2015) Investment value of 24% NOK 6.4 billion Aker’s ownership agenda Aker’s investment NOK million Expand and diversify portfolio, with long-term Value as per 30.06.15 6 042 c
Slide 14: Aker BioMarine
Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (30.09.2015) Book value of 5% NOK 1.4 billion Aker’s ownership agenda Aker’s investment NOK million Build and expand market for krill-derived products, Book value a
Slide 15: Havfisk
Industrial Holdings Havfisk Leading whitefish harvesting company % of gross asset value (30.09.2015) Investment value of 6% NOK 1.6 billion Aker’s ownership agenda Aker’s investment NOK million Drive operational excellence and improved Value as per 30.06.15 1 494 profitability Value change in 3Q 1
Slide 16: Financial Investments
Aker Financial Investments 18 November 2015 AKER ASA | Third-quarter results 2015 16
Slide 17: Overview
Financial Investments Overview % of gross asset value Key events 3Q: (30.09.2015) Cash largely stable at NOK 2.9 billion. NOK 3.3 billion incl. liquid fund 30% Value of NOK 8.0 billion investments Reduction of NOK 196 million in the quarter Financial Investments NOK billion 10 8 Other financial
Slide 18: Cash and Liquid fund investments
Financial Investments Cash and Liquid fund investments % of gross asset value (30.09.2015) Value of NOK 3.3 billion 12% Key events 3Q Cash decreased to NOK 2.9 billion: + NOK 159 million in dividends received + NOK 176 million in repayment of Setanta receivable – NOK 202 million from purchase of o
Slide 19: Public financial investments
Financial Investments Public financial investments % of gross asset value (30.09.2015) Value of NOK 2.2 billion 8% Key events 3Q Value of public financial investments increased by Key figures 4Q 14 2Q15 3Q15 NOK million NOK 253 million due to value increase in Aker AKPS 711 1 078 1 339 Philadelphi
Slide 20: Real estate investments
Financial Investments Real estate investments % of gross asset value (30.09.2015) Book value of NOK 0.7 billion 3% Key events 3Q First office building at Fornebuporten completed on schedule, most tenants have moved in Construction of second office building at Fornebuporten progressing as planned
Slide 21: Fornebuporten Holding office buildings sale in 4Q
Financial investments Fornebuporten Holding office buildings sale in 4Q Fornebu Gateway sale – key figures (MNOK) Forward sale structure Transaction is structured as forward sale that Gross property value 3 200 makes seller, Fornebuporten Holding AS, Grosscost Est. project External - 225M 2 800 re
Slide 22: Fornebuporten Holding remaining portfolio
Financial Investments Fornebuporten Holding remaining portfolio Fornebuporten Fornebuporten Gateway Aberdeen International Business Park 25% Bilia 10,000 SQM Divested property 18 November 2015 AKER ASA | Third-quarter results 2015 22
Slide 23: Other financial investments
Financial Investments Other financial investments % of gross asset value (30.09.15) Value of NOK 1.8 billion 7% Key events 3Q Other financial investments decreased by NOK 0.3 Key figures 4Q14 2Q15 3Q15 NOK million billion to NOK 1.8 billion in 3Q, mainly due to Other financial investments 2 123 2
Slide 24: Financial Statements
Aker Financial Statements 18 November 2015 AKER ASA | Third-quarter results 2015 24
Slide 25: Balance Sheet
Aker ASA and holding companies Balance Sheet Book value Value-adjusted 31.12 30.06 30.09 30.09 Amounts in NOK million 2014 2015 2015 2015 Tangible and non-tangible fixed asset 262 278 376 376 Long-term interest bearing items 285 347 406 406 Long-term financial assets 14 742 15 345 15 596 22 281 Othe
Slide 26: Interest-bearing items and loan guarantees
Aker ASA and holding companies Interest-bearing items and loan guarantees 7 000 2000 6 000 Net interest bearing 1800 liabilities of 1600 5 000 NOK 3.7 billion 1400 4 000 Cash 1200 3 000 Interest-bearing 1000 receivables 2 000 800 1 000 600 400 0 200 Loan amount Outstanding Interest bearing debt Matu
Slide 27: Income statement
Aker ASA and holding companies Income statement Amounts in NOK million 3Q 2014 3Q 2015 YTD 2014 YTD 2015 Year 2014 Operating expenses (63) (60) (171) (163) (223) EBITDA (63) (60) (171) (163) (223) Depreciation and impairment (4) (15) (11) (23) (15) Non-recurring operating items - - (37) - 1 Value ch
Slide 28: Proud ownership
Proud ownership
Slide 29: 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