Aker Solutions Asa · OSL:AKSO

Aker Solutions Asa — Aker Kvaerner — Q1 2005 Earnings Presentation

19 slides from Aker Solutions Asa's earnings presentation, Apr 26, 2005

  1. Slide 1: 1st Quarter Results 2005

    1st Quarter Results 2005 Inge K. Hansen Bjørn Erik Næss Group President & CEO Group EVP & CFO 26 April 2005 Agenda Topic Speaker „ Group update Inge K. Hansen „ Financials Bjørn Erik Næss „ Closing remarks Inge K. Hansen „ Q & A session In the first quarter of 2004 Kværner ASA announced a three-way

  2. Slide 2: 1Q05: First financial target achieved

    1Q05: First financial target achieved „ Annualised EBITDA of NOK 1.5 billion achieved ƒ 1Q EBITDA: NOK 376 million „ Record-high order backlog of NOK 37.7 billion ƒ NOK 9.7 billion in order intake „ Comfortable liquidity buffer of NOK 4 billion including undrawn credit facilities ƒ Cash position of

  3. Slide 3: Key indicators / Record-high order backlog

    Key indicators Operating EBITDA Net current Cash revenues operating assets NOK million NOK million NOK million NOK million 390 1000 4000 10000 380 800 3500 370 600 3000 8000 360 400 350 200 2500 6000 340 0 2000 330 -200 4000 320 -400 1500 310 -600 1000 2000 300 -800 500 290 -1000 0 280 -1200 0 1Q 2Q

  4. Slide 4: Income statement consolidated

    Agenda Topic Speaker „ Group update Inge K. Hansen „ Financials Bjørn Erik Næss „ Closing remarks Inge K. Hansen „ Q & A session Page 7 Income statement consolidated (in NOK million) 1Q04 2Q04 3Q04 4Q04 1Q05 2004 Operating revenues 7 715 8 857 8 921 10 060 8 407 35 553 EBITDA 314 325 354 369 376 1 3

  5. Slide 5: Income statement consolidated / Cashflow

    Income statement consolidated (in NOK million) 1Q04 2Q04 3Q04 4Q04 1Q05 2004 Operating revenues 7 715 8 857 8 921 10 060 8 407 35 553 EBITDA 314 325 354 369 376 1 362 EBITDA specified Field Development 90 90 80 149 123 409 MMO 50 53 78 48 56 229 Subsea and P&T 92 101 167 130 110 490 Process 50 52 3

  6. Slide 6: Assets / Debt and equity

    Assets (in NOK million) 1Q04 2Q04 3Q04 4Q04 1Q05 Property, plant and equipment 1 395 1 346 1 370 1 403 1 403 Other fixed assets 4 841 4 861 4 838 5 056 5 037 Financial assets (long-term) 195 164 138 182 211 I B receivables (long-term) 29 38 21 103 147 Other current assets 9 657 10 809 10 683 9 828 1

  7. Slide 7: Field Development / Maintenance, Modifications and Operations

    Field Development EBITDA (in NOK million) „ Operations 149 ƒ Strong performance in Norway and continued improvements in the US 123 ƒ Kristin Semi successfully completed ƒ Ormen Lange contracts merged into one EPC contract 90 90 80 ƒ Strategic acquisition in RR Offshore Oy „ Market ƒ LNG market appro

  8. Slide 8: Subsea, Products & Technologies / Process

    Subsea, Products & Technologies EBITDA (in NOK million) „ Operations 167 ƒ Healthy backlog and performance in most businesses 130 ƒ Service business continues to grow 110 101 „ Market 92 ƒ Steady flow of orders ƒ Overall good market expected throughout 2005 ƒ Letter of intent worth NOK 500 million r

  9. Slide 9: Pulping & Power / IFRS - main changes

    Pulping & Power EBITDA (in NOK million) „ Operations 73 ƒ Service activity is increasing 69 64 64 ƒ Continued high activity level 58 „ Market ƒ Positive market for newbuild activity ƒ Strong market for Power Generation ƒ Several power boiler contracts secured from clients in North America and Europe

  10. Slide 10: Pension assets / liabilities; Subordinated loan

    Pension assets / liabilities Amounts in NOK million 31.12.2004 „ Unrecognised losses included in pension liability Unrecognised losses 224 Reduced discount rate 454 „ Reduced discount rate leads Increased pension liability 678 to increased pension liability Increased deferred tax asset -188 „ Reduce

  11. Slide 11: E&C - Market perspective

    Agenda Topic Speaker „ Group update Inge K. Hansen „ Financials Bjørn Erik Næss „ Closing remarks Inge K. Hansen „ Q & A session Page 21 E&C - Market perspective Most markets strong and developing positively „ Pulping and Power with both newbuild and modification opportunities „ Chemicals markets de

  12. Slide 12: Oil & Gas - Market perspective / Outlook

    Oil & Gas - Market perspective High oil price and gas deficit driving markets „ North Sea modification, tie-back and decommissioning markets heating up „ Norwegian onshore market strong and with new opportunities within gas power plants „ Global LNG market approaching the execution phase. Higher rel

  13. Slide 13: First financial target achieved / Additional information

    Status 1Q05 First financial target achieved Record-high order backlog Comfortable liquidity buffer Continuing good market opportunities Page 25 Additional information Page 26 13

  14. Slide 14: Order intake / Order backlog

    Numbers for 1st quarter 2004 are proforma Order intake (in NOK million) 1Q04 2Q04 3Q04 4Q04 1Q05 2004 Field Development 1 343 2 864 5 098 4 650 2 624 13 955 MMO 1 065 1 039 3 131 2 624 1 353 7 859 Subsea and P&T 1 908 2 458 1 645 2 321 2 157 8 332 Process 2 403 2 581 1 961 1 520 2 083 8 465 Pulping

  15. Slide 15: Net current operating assets / Field Development

    Numbers for 1st quarter 2004 are proforma Net current operating assets (in NOK million) 1Q04 2Q04 3Q04 4Q04 1Q05 Field Development -114 -80 44 -697 -529 MMO 286 346 328 -86 129 Subsea and P&T 785 856 880 653 807 Process -334 -119 34 -125 174 Pulping and Power -723 -777 -666 -623 -388 Other 132 312 1

  16. Slide 16: Maintenance, Modifications and Operations / Subsea, Products & Technologies

    Numbers for 1st quarter 2004 are proforma Maintenance, Modifications and Operations (in NOK million) 1Q04 2Q04 3Q04 4Q04 1Q05 2004 Operating revenues 1 525 1 594 1 636 1 572 1 383 6 327 EBITDA 50 53 78 48 56 229 EBIT 48 52 76 46 52 222 Order intake 1 065 1 039 3 131 2 624 1 353 7 859 Order backlog 7

  17. Slide 17: Process / Pulping & Power

    Numbers for 1st quarter 2004 are proforma Process (in NOK million) 1Q04 2Q04 3Q04 4Q04 1Q05 2004 Operating revenues 1 607 2 053 2 155 2 308 1 785 8 123 EBITDA 50 52 3 5 38 110 EBIT 45 51 -3 -7 33 86 Order intake 2 403 2 581 1 961 1 520 2 083 8 465 Order backlog 8 194 8 691 7 896 6 667 7 316 6 667 Em

  18. Slide 18: Other and eliminations / Employees

    Numbers for 1st quarter 2004 are proforma Other and eliminations (in NOK million) 1Q04 2Q04 3Q04 4Q04 1Q05 2004 Operating revenues -213 -228 -248 -299 -3 -988 EBITDA -41 -40 -32 -27 -15 -140 EBIT -54 -61 -45 -39 -29 -199 Order intake -270 -126 -130 -701 33 -1 227 Order backlog -842 -644 -558 -981 -9

  19. Slide 19: Disclaimer

    Disclaimer „ This Presentation 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 Presentation are based on current expectations, estimates and projections a

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