Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q2 2005 Earnings Presentation
23 slides from Aker Asa Class A's earnings presentation, Aug 18, 2005
Slide 1: 2nd quarter 2005: Status and outlook
2nd quarter 2005: Status and outlook Oslo, 18 August 2005
Slide 2: Agenda
Agenda • Aker – Group update Leif-Arne Langøy, CEO – Details 2Q05 financials Bengt A Rem, CFO • Aker Seafoods – 2Q status and outlook Yngve Myhre, CEO • Aker American Shipping – 2Q status and outlook Dave Meehan, CEO • Concluding remarks Leif-Arne Langøy, CEO – Followed by Q&A The accounts in this p
Slide 3: Current group structure
Aker ASA Current group structure Ownership 50.01% 55.6% 66.7% 53.2% 100% 100% Illustration Aker Aker Aker Aker American Aker Material Aker Capital Kværner Yards Seafoods Shipping Handling = Listed Aker 2Q05 presentation | 3 Aker ASA August 2005
Slide 4: Group highlights
Second quarter 2005 Group highlights • Progress in all areas – Order backlog up 78 % to NOK 87 billion – 2Q profits (EBITDA) up 22 % to NOK 725 million • Strong financial platform – Listed investments worth more than NOK 17 billion. – Net interest bearing items NOK +385 mill • Positive outlook – Goo
Slide 5: Key indicators
Second quarter 2005 Key indicators Backlog Revenues EBITDA (NOK bn) (NOK bn) (NOK million) 100 16 800 90 14 700 80 12 600 70 60 10 500 50 8 400 40 6 300 30 4 200 20 10 2 100 0 0 0 1Q04 2Q05 1Q04 2Q05 1Q04 2Q05 Aker 2Q05 presentation | 5 Aker ASA August 2005
Slide 6: Share price development of listed investments
Share price development Relative growth NOK 17 bn Time of listing = 100% KVI 410 % NOK 12 bn AKY 350 % AKVER 271 % Market value Aker shares NOK 8 bn investments Book value AKS 118 % 100 % AKASA 105 % Market value 16.8.05 Listed investments Aker 2Q05 presentation | 6 Aker ASA August 2005
Slide 7: Aker Yards
Status 2Q05 Aker Yards • Order backlog more than doubled in past 12 months • Increased activity, operational improvements • Outlook for 2005 and beyond Color Magic ordered in 2Q confirmed Key figures 2Q 2Q YTD YTDYear (in NOK million) 2004 2005 2004 2005 2004 Revenues 3 317 4 053 5 962 7 491 12 514
Slide 8: Aker Seafoods
Status 2Q05 Aker Seafoods • Improved operations in 2Q • Merger process on schedule, synergies will be achieved • Strategic shift towards fresh fish products White fish prices up Key figures 2Q 2Q YTD YTDYear (in NOK million) 2004 2005 2004 2005 2004 Revenues 592 680 1 398 1 347 2 467 EBITDA* 19 40 1
Slide 9: Aker Seafoods, Corp.
Status 2Q05 Aker Seafoods, Corp. • Surimi market develops Positive surimi markets positively • Argentina long-liners impacted by strikes • Krill project according to plan, shift to more efficient vessel Atlantic Navigator to Færøyane this Autumn • Promising surimi project at Færøyane Aker Seafoods,
Slide 10: Aker Material Handling
LTM EBITDA Status 2Q05 LTM EBITDA Aker Material Handling 4040 2020 0- -20(20) • Profits continued to increase -40(40) • Positive trend in order -60(60) backlog, important contracts secured -80(80) -100(10 ) • Margin improvements expected to continue (120) Dec Dec Mar J un Sep Dec Mar J un June Sep D
Slide 11: Aker Kværner
Status 2Q05 Aker Kværner • Operations continued to improve in all business areas • Strong order intake, record order backlog Ill: QNI • EBITDA target for 2006 will be E&C markets develop positively achieved ahead of time Key figures 2Q 2Q YTD YTDYear (in NOK million) 2004 2005 2004 2005 2004 Revenue
Slide 12: Aker American Shipping
Status 2Q05 Aker American Shipping • Contract with OSG formalised, take- out financing in place for ships 5-9 • NB003 delivered to Matson in May ahead of time • Positive dayrate development in US product tanker market Efficient construction Key figures 2Q 2Q YTD YTDYear (in NOK million) 2004 2005 20
Slide 13: Special events
Review 2Q05 Special events • Integrating Aker American Shipping – Acquired from Kværner ASA after share issue – Subsequent listing and secondary sale of shares • Merger and listing of Aker Seafoods – West Fish-Aarsæther acquired – Merged company listed after secondary sale and share issue • Establis
Slide 14: Details 2Q financials
Details 2Q financials Bengt A Rem Executive Vice President & CFO
Slide 15: EBITDA by main business
Aker group consolidated EBITDA by main business 2Q 2Q YTD YTD Year 2004 2005 2004 2005 2004 Revenues 13 321 14 894 24 747 27 560 51 692 EBITDA 594 725 1 196 1 281 2 315 Aker Kværner 325 441 639 817 1 362 Aker Yards 216 240 438 399 791 Aker American Shipping * (1) 41 (71) 65 80 Aker Seafoods 30 40 15
Slide 16: Income statement
Aker group consolidated Income statement 2Q 2Q YTD YTD Year (in NOK million) 2004 2005 2004 2005 2004 Operating revenues 13 321 14 894 24 747 27 560 51 692 Operating profit (EBITDA) 594 725 1 196 1 281 2 315 Depreciation (207) (195) (393) (384) (776) Impairment changes (1) (6) (27) (6) (35) Operatin
Slide 17: Balance sheet
Aker group consolidated Balance sheet 31.12 31.03 30.06 (in NOK million) 2004 2005 2005 Tangible and non-tangible fixed assets 14 619 14 488 16 051 Other fixed assets 1 270 1 487 2 258 Cash and interest bearing receivables 9 013 7 806 7 439 Other current assets 14 529 16 778 21 432 Total assets 39 4
Slide 18: Balance sheet - Aker ASA and holding companies
Aker ASA and holding companies Balance sheet 31.12 31.03 30.06 (in NOK million) 2004 2005 2005 Tangible and non-tangible fixed asset 773 837 1 006 Long-term interest bearing items 1 236 1 186 1 558 Long-term financial assets 8 304 7 165 7 978 Other current assets 384 376 69 Cash and interest bearing
Slide 19: Key financials - Aker ASA and other activities
Aker ASA and other activities Key financials 2Q 2Q YTDYTDYear 2004 2005 2004 2005 2004 Revenues 233 (278) 230 (1 301) (68) EBITDA 24 (49) 45 (132) (141) Profit before tax (234) (181) (288) (258) (475) Comments year to date This segment includes • Includes parent companies • Aker Seafoods, Corp. Deep
Slide 20: Concluding remarks
AKER ASA Concluding remarks
Slide 21: Strategic group priorities
Strategic group priorities • Operational focus – Predictable performance • Aker Drilling – First Aker H-6 semisub drilling rig in the market at end of 2007, more will follow • Aker Hus – Will be syndicated • Kværner and Aker merger – Scheduled for completion in November 2005 – Cash payment to shareh
Slide 22: Good progress, strong markets, positive outlook
Aker American Aker Capital Shipping Good progress Strong markets - Positive outlook Aker 2Q05 presentation | 22 Aker ASA August 2005
Slide 23: 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 abo