Aker Asa Class A · OSL:AKER

Aker Asa Class A — Q2 2015 Earnings Presentation

28 slides from Aker Asa Class A's earnings presentation, Jul 17, 2015

  1. Slide 1: Second-quarter results 2015

    Proud ownership Aker ASA Second-quarter results 2015 Oslo | 17 July 2015

  2. Slide 2: Highlights | Second-quarter 2015

    Highlights | Second-quarter 2015 ▪ Net asset value: NOK 21.0 billion in 2Q 2015 vs. NOK 19.1 billion in 1Q 2015, representing a 12.2% increase in the quarter (after cash dividend allocation) ▪ Dividend: NOK 399 million disbursed in dividend to shareholders. 84% of rights exercised in favour of parti

  3. Slide 3: NAV increased by 12.2% in 2Q 2015

    Aker ASA and holding companies NAV increased by 12.2% in 2Q 2015 Net asset value change in the period NOK billion 21.0 1.1 12,2% 19.1 1.1 (0.4) 18.7 (0.2) 0.3 (0.1) (0.1) 0.2 1Q 15 Cash dividend 1Q 15 AKA HFISK Other Other public AKSO OCY DETNOR 2Q 15 adjusted for investments cash dividend (AMSC/AKP

  4. Slide 4: Share price gained 1.4%, strong balance sheet

    Aker ASA and holding companies Share price gained 1.4%, strong balance sheet Net asset value Net asset value NOK per share NOK billion1) 28.6 350 Industrial Holdings +1.4% Other Financial Investments 300 Cash and liquid fund investments 250 71% 20.4 +21.0 bn 73% 200 150 NOK bn NAV 100% 21.0 100 7.6

  5. Slide 5: 42% of gross assets related to oil and gas

    Aker ASA and holding companies 42% of gross assets related to oil and gas Cash and liquid fund investments Portfolio mix E&P 20% 12% Other 20% (3.4bn) Oil Services 22% (5.6bn) 6% Maritime assets 24% Real estate (1.6bn) development Seafood and Marine biotech 14% 3% (0.7bn)1) Real Estate 3% Cash and o

  6. Slide 6: This is Aker

    Aker ASA and holding companies This is Aker NOK billion, as per 30.06.2015 Listed investments Unlisted investments Industrial Holdings Financial Investments Det norske 50.0% 5.6 3.4 Cash and liquid fund investments Aker Solutions1)) 34.8% 4.2 2.0 Other public investments Akastor1)) 34.5% 1.3 0.7 Rea

  7. Slide 7: Growth in underlying pro-rata financials

    Aker ASA and holding companies Growth in underlying pro-rata financials Operating revenues1) EBITDA1) Dividend to Aker Pro-rata, NOK billion Pro-rata, NOK billion NOK billion 1.0 26.8 0.9 21.4 20.2 3.5 0.5 1.6 1.6 2012 2013 2014 2015E 2012 2013 2014 2015E 2012 2013 2014 2015E 279 296 370 22.6 22.7 4

  8. Slide 8: Industrial Holdings

    Aker Industrial Holdings 17 July 2015 AKER ASA | Second-quarter and half-year results 2015 8

  9. Slide 9: Share price performances

    Industrial Holdings Share price performances 90% 80% 70% 60% 50% 40% 39% Ocean Yield1) 30% 29% Det norske 25% 20% 21% 15% 10% 8% 6% Brent crude oil 2% 5% OSEBX 0% -2% Havfisk1) -7% -3% Aker Solutions1) -10% -8% -10% Kvaerner1) -14% -16% Akastor -20% -30% -40% -50% 1Q 2015 2Q 2015 16.07.2015 1) Share

  10. Slide 10: Det norske

    Industrial Holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (30.06.15) Investment value of 20% NOK 5.6 billion Aker’s ownership agenda Aker’s investment NOK million  Conclude Johan Sverdrup unitisation Value as per 31.03.15 4 504 Investe

  11. Slide 11: 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 (30.06.15) Investment value of 15% NOK 4.2 billion Aker’s ownership agenda Aker’s investment1) NOK million  Improve operationa

  12. Slide 12: Akastor

    Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long-term value creation % of gross asset value (30.06.15) Investment value of 5% NOK 1.3 billion Aker’s ownership agenda Aker’s investment1) NOK million  Reduce costs and adjust capacity Value as per 31.03

  13. Slide 13: Kvaerner

    Industrial Holdings Kvaerner Specialised oil and gas-related EPC company % of gross asset value (30.06.15) Investment value of 1% NOK 0.4 billion Aker’s ownership agenda Aker’s investment1) NOK million  Improve cost efficiency, increase productivity Value as per 31.03.15 463 Invested / divested in

  14. Slide 14: Ocean Yield

    Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (30.06.15) Investment value of 21% NOK 6.0 billion Aker’s ownership agenda Aker’s investment NOK million  Expand and diversify portfolio, with long-term Value as per 31.03.15 5 084 cha

  15. Slide 15: Aker BioMarine

    Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (30.06.15) 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 as

  16. Slide 16: Havfisk

    Industrial Holdings Havfisk Leading whitefish harvesting company % of gross asset value (30.06.15) Investment value of 5% NOK 1.5 billion Aker’s ownership agenda Aker’s investment NOK million  Drive operational excellence and improved Value as per 31.03.15 1 668 profitability Invested / divested in

  17. Slide 17: Financial Investments

    Aker Financial Investments 17 July 2015 AKER ASA | Second-quarter and half-year results 2015 17

  18. Slide 18: Overview

    Financial Investments Overview % of gross asset value Key events 2Q: (30.06.15)  Cash increased to NOK 3.0 billion (NOK 3.4 billion incl. liquid fund 29% Value of NOK 8.2 billion investments)  Total value up by NOK 436 million in the quarter Financial Investments NOK billion 10 8 Other financial i

  19. Slide 19: Cash and Liquid fund investments

    Financial Investments Cash and Liquid fund investments % of gross asset value (30.06.15) Value of NOK 3.4 billion 12% Key events 2Q  Cash increased to NOK 3.0 billion: + NOK 354 million in dividends received + NOK 392 million in net changes to interest-bearing debt – NOK 399 million in dividends pa

  20. Slide 20: Public financial investments

    Financial Investments Public financial investments % of gross asset value (30.06.15) Value of NOK 2.0 billion 7% Key events 2Q  The value of public financial investments increased Key figures 4Q 14 1Q15 2Q15 NOK million by NOK 199 million, mainly due to a value increase AKPS 711 1 057 1 078 in Amer

  21. Slide 21: Real estate development (Fornebuporten)

    Financial Investments Real estate development (Fornebuporten) % of gross asset value (30.06.15) Book value of NOK 0.7 billion 3% Key events 2Q  Office building B completed as planned, tenants have started moving in  Construction of office building A and residential buildings progressing as planned

  22. Slide 22: Other financial investments

    Financial Investments Other financial investments % of gross asset value (30.06.15) Value of NOK 2.1 billion 7% Key events 2Q  Other financial investments increased by NOK 0.1 Key figures 4Q 14 1Q15 2Q15 NOK million billion to NOK 2.1 billion in 2Q Other financial investments 2 123 2 049 2113  Lar

  23. Slide 23: Financial Statements

    Aker Financial Statements 17 July 2015 AKER ASA | Second-quarter and half-year results 2015 23

  24. Slide 24: Balance sheet

    Aker ASA and holding companies Balance sheet Amounts in NOK million 31.12.2014 31.03.2015 30.06.2015 Intangible, fixed, and non-interest bearing assets 262 267 278 Interest-bearing fixed assets 285 182 347 Investments 14 742 15 128 15 345 Non-interest bearing short-term receivables 19 22 20 Interest

  25. Slide 25: 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

  26. Slide 26: Income statement

    Aker ASA and holding companies Income statement Amounts in NOK million 2Q 2014 2Q 2015 1H 2014 1H 2015 Year 2014 Operating expenses (50) (52) (108) (103) (223) EBITDA (50) (52) (108) (103) (223) Depreciation (4) (4) (7) (8) (15) Non-recurring operating items - - (37) - 1 Value change 227 264 (30) 64

  27. Slide 27: Proud ownership

    Proud ownership

  28. Slide 28: 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

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