Aker Asa Class A · OSL:AKER
Aker Asa Class A — Aker Asa A Shs — Q2 2023 Earnings Presentation
27 slides from Aker Asa Class A's earnings presentation, Jul 18, 2023
Slide 1: Second Quarter and Half-year Results 2023
Second Quarter and Half-year Results 2023 18 July 2023
Slide 2: 2Q 2023 Key Highlights
2Q 2023 | Key Highlights Active ownership Solid financial metrics FINANCIALS • Net Asset Value at NOK 57.2 billion, down from NOK 59.7 billion at 1Q 2023 Share price at NOK 608.50 (-7.2% in the quarter, adj. for dividend vs. Brent -5.0% and OSEBX +1.7%) 57bn 66bn • OWNERSHIP AGENDA Delivering on str
Slide 3: Net Asset Value development in 2023
2Q 2023 | Net Asset Value development in 2023 (NOK billion) -12.8% 66.9 0.5 0.0 0.0 0.0 (0.3) (2.8) (5.5) 58.3 57.2 (0.5) (1.1) 4Q Aker Aize Cognite SalMar Aker Bio- Aker Aker BP* Other 2Q Dividends 2Q 2022 Solutions* Aker Marine Horizons 2023 paid 2023 Ocean *Incl. dividends received AKER ASA | Sec
Slide 4: NAV per share NOK 770, value adjusted equity 86%
2Q 2023 | NAV per share NOK 770, value adjusted equity 86% Net asset value (NAV) development per share vs. share price Net asset value (NAV) composition (NOK per share) (NOK billion) 1 200 66.3 1 006 1 000 953 954 968 929 901 900 838 803 799 800 770 718 825 810 756 54.1 720 57.2 692 706 (82%) 600 67
Slide 5: Portfolio composition – Asset base of NOK 66 billion
2Q 2023 | Portfolio composition – Asset base of NOK 69 billion Gross asset value (GAV) composition 2Q 2023 (NOK billion, Listed investments Real estate 1% (1%) Maritime assets 1% (1%) (2Q 2022) % share of GAV) Unlisted investments Cash 1% (2%) Industrial Holdings Financial Investments Other Seafood
Slide 6: Investing along Global Megatrends
Aker ASA | Investing along Global Megatrends ENERGY SECURITY, EFFICIENCY & TRANSITION INDUSTRIAL DIGITALIZATION SUSTAINABLE PROTEINS & NUTRITION Managed by: Industry Capital Partners MANAGED ASSETS • Listed Equities • Private Equity SOLSTAD OFFSHORE • Venture Capital • Infrastructure AKER ASA | Seco
Slide 7: Financial Investments
Financial Investments AKER ASA | Second quarter and half-year results 2023 18 Jul 2023 7
Slide 8: Financial Investments Overview
Financial Investments 2Q 2023 | Overview Total Financial Investments as share of Gross Asset Value per 30.06.2023 NOK 12.2 billion 18% NOK billion 14 12.2 12.6 12.2 12 10 7.4 7.8 7.9 Other financial investments 8 6 4 1.0 1.0 1.0 Real estate 2.5 2.6 2.4 Listed financial investments 2 1.3 1.2 0.9 Cash
Slide 9: Financial Investments: Cash
Financial Investments 2Q 2023 | Cash Cash as share of Gross Asset Value per 30.06.2023 NOK 876 million ▪ Total liquidity reserve of 1% NOK 6.3 billion, including undrawn credit facilities Cash down 286 million in the quarter to 876 million (NOK) +1 006 million dividend received -1 114 million divide
Slide 10: Listed financial investments
Financial Investments 2Q 2023 | Listed financial investments Listed financial investments as share of Gross Asset Value per 30.06.2023 NOK 2.4 billion 4% Aker’s listed financial investments NOK million 4Q 22 1Q 23 2Q 23 Developments in the quarter Akastor 927 1 148 1 112 ▪ Value decrease of investme
Slide 11: Real estate and Other financial investments
Financial Investments 2Q 2023 | Real estate and Other financial investments Real estate and Other as share of Gross Asset Value per 30.06.2023 NOK 8.9 billion 13% Aker’s real estate and other financial investments Developments in the quarter NOK million 4Q 22 1Q 23 2Q 23 ▪ All shares in Aker Energy
Slide 12: Financial Statements
Financial Statements AKER ASA | Second quarter and half-year results 2023 18 Jul 2023 12
Slide 13: Balance Sheet and fair value adjustments
Aker ASA and holding companies 2Q 2023 | Balance Sheet and fair value adjustments NOK million Book value Fair value adjusted NOK billion Combined Balance Sheet 1Q 2023 2Q 2023 1Q 2023 2Q 2023 Non-interest-bearing and fixed non-current assets 866 1 967 866 1 967 Fair value-adjusted Interest-bearing f
Slide 14: Robust financial position – high liquidity
Aker ASA and holding companies 2Q 2023 | Robust financial position – high liquidity NOK 6.3bn NOK 3.3bn BBB- Total liquidity reserve Net interest-bearing debt IG rating 12% 6.3 8.7 Cash 0.9 Loan-to-value (net LTV)1 4.6 Undrawn credit facilities 5.4 0.9 3.3 5.4% NIBD2 Total Gross Interest- Cash Net 7
Slide 15: Debt maturity profile
Aker ASA and holding companies 2Q 2023 | Debt maturity profile 3.1 Years Average debt maturity NOK billion 4 5bn Bonds 3.2 3 3.8bn 2.6 2.0 2 Bank and AKER16 Schuldschein loans 1 AKER15 0.5 0.5 AKER17 AKER18 AKER19 Scope Ratings Rating & Outlook 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Ake
Slide 16: Income Statement
Aker ASA and holding companies 2Q 2023 | Income Statement NOK million Combined income statement 2Q 2022 2Q 2023 1H 2022 1H 2023 Year 2022 Operating revenues - - - - - Operating expenses (94) (96) (203) (201) (370) EBITDA (94) (96) (203) (201) (370) D&A and impairment (8) (9) (16) (16) (32) Dividend
Slide 17: Appendix
Appendix AKER ASA | Second quarter and half-year results 2023 18 Jul 2023 17
Slide 18: Net Asset Value details
Net Asset Value details NOK million Net Asset Value (NAV) details per 2Q 2023 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 Number Ownership Share of of shares share total assets Aker BP 133 757 576 21,2% 50,8% 39 527 41 068 36 329 44 220 45 758 41 813 40 676 34 282 33 680
Slide 19: Segment information – Industrial Holdings
Segment information – Industrial Holdings NOK million Industrial Holdings Ownership 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Net Dividend Other Value 2Q 2023 per 2Q 2023 investments income changes change Value Aker BP 21,2% 39 527 41 068 36 329 44 220 45 758 41 813 40 676 34 2
Slide 20: Segment information – Industrial Holdings
Segment information – Industrial Holdings Energy Security, Efficiency & Transition USD million Aker BP (ticker: AKRBP) 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 Net Production Volume (mboepd) 199 210 207 209 208 181 412 432 309 453 481 Revenue 1 124 1 56
Slide 21: Segment information – Industrial Holdings
Segment information – Industrial Holdings Sustainable Proteins & Nutrition USD million Aker BioMarine (ticker: AKBM) 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 Offshore Krill Production Volume (MT) 13 920 7 195 3 101 43 756 20 809 16 534 12 737 1 963 52 0
Slide 22: Segment information – Financial Investments
Segment information – Financial Investments NOK million Financial Investments Ownership 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 per 2Q 2023 Cash 529 713 4 025 4 406 2 035 2 502 1 290 1 162 876 Real Estate 683 708 908 958 958 973 973 993 993 Aker Property Group 100,0%
Slide 23: Income Statement and Balance Sheet
Income Statement and Balance Sheet NOK million Combined Income Statement 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 Operating revenues - - 4 072 4 072 - - - - - - - Operating expenses (68) (85) (141) (369) (108) (94) (82) (85) (370) (105) (96) EBITDA (68)
Slide 24: External Interest-Bearing Debt
External Interest-Bearing Debt NOK million External interest-bearing debt 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 AKER09 1 000 1 000 1 000 1 000 1 000 AKER14 2 000 2 000 2 000 2 000 2 000 1 581 AKER15 2 000 2 000 2 000 2 000 2 000 2 000 2 000 2 000 2 000 AKER16 1 300
Slide 25: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies’ Financial calendar 2023 financial results and those of its portfolio companies, as a supplement to the financial statements prepared in accordance with IFRS. Suc
Slide 26: 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 globa
Slide 27: AKER ASA | Second quarter and half-year results 2023 18 Jul 2023
AKER ASA | Second quarter and half-year results 2023 18 Jul 2023 27