Slide 1: Second-quarter and half-year results 2018
Proud ownership Aker ASA Second-quarter and half-year results 2018 18 July 2018 | Fornebu
Slide 2: Highlights | Second quarter 2018
Highlights | Second quarter 2018 ▪ Net asset value: up NOK 14.7 billion (34.6%) to NOK 57.1 billion ▪ Return: Aker share up 45.5%, dividend adjusted, to NOK 623 vs. OSEBX up 9.2% ▪ Cash and liquid fund inv.: NOK 1.4 billion, down from NOK 2.9 billion per end of first quarter. Liquidity reserve of NO
Slide 3: Aker BP the main contributor to the value increase in second quarter
Aker ASA and holding companies Aker BP the main contributor to the value increase in second quarter Net asset value change in 2Q 2018 NOK billion +34.6% 0.3 0.3 0.2 (1.3) 57.1 1.5 0.7 13.1 42.4 1Q 18 AKER BP AKSO OCY KVAER AKA OTHER Dividend 2Q 18 18 July 2018 AKER ASA | Second-quarter and half-year
Slide 4: Solid performance and a strong balance sheet
Aker ASA and holding companies Solid performance and a strong balance sheet NAV per share vs. share price Net asset value composition NOK per share NOK billion 66.3 800 769 725 700 Industrial Holdings Other Financial Investments 600 562 571 Cash and liquid fund investments 500 467 57.1bn 388 92% 61.
Slide 5: No major changes made to the portfolio
Aker ASA and holding companies No major changes made to the portfolio Portfolio composition Gross asset value distribution NOK billion, as per 2Q 2018 Per 2Q 2018 (1Q 2018) Listed investments Other 2% (2%) Cash and liquid Real estate investments 1% (1%) Unlisted investments fund investments 2% (6%)
Slide 6: On track to deliver over NOK 2.0 billion in upstream cash in 2018
Aker ASA and holding companies On track to deliver over NOK 2.0 billion in upstream cash in 2018 Investment capacity potential Upstream dividend NOK billion NOK billion Havfisk 1.6 Kvaerner Increased gearing 1.4 1.4 Increased dividends 6.0 Aker Divestments Solutions/Akastor 1.0 Aker BioMarine
Slide 7: Aker BP
Industrial Holdings Aker BP Exploration & Production company on the Norwegian continental shelf % of gross asset value (2Q 2018) Investment value of NOK 43.3 billion 65% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.18 30 567 Value change in 2Q 13 125 Growth; organic (gr
Slide 8: 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 (2Q 2018) Investment value of NOK 5.4 billion 8% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.18 3
Slide 9: Akastor
Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long- term value creation % of gross asset value (2Q 2018) Investment value of NOK 1.8 billion 3% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.18 1 533 Operational excellence, c
Slide 10: Kvaerner
Industrial Holdings Kvaerner Oil and gas-related EPC company % of gross asset value (2Q 2018) Investment value of NOK 1.3 billion 2% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.18 1 001 Enhance competitiveness through operational Value change in 2Q 326 excellence and c
Slide 11: Ocean Yield
Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (2Q 2018) Investment value of NOK 7.0 billion 11% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.18 6 484 Growth by new investments and M&A Value change in 2
Slide 12: Aker BioMarine
Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (2Q 2018) Investment value of NOK 2.4 billion 4% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.18 (book value) 1 411 Operational excellen
Slide 13: Key developments in Aker Energy and Cognite
Aker ASA and holding companies Key developments in Aker Energy and Cognite Key developments ▪ Formally approved as Operator and closing of Hess Ghana acquisition end May ▪ Agreement to acquire Hess Ghana from Hess Corporation for USD 100 million, of which USD 75 ▪ Established presence million payabl
Slide 14: Financial Investments
Aker Financial Investments 18 July 2018 AKER ASA | Second-quarter and half-year results 2018 14
Slide 15: Overview
Financial Investments Overview % of gross asset value (30.06.2018) Value of NOK 5.1 billion 8% NOK billion 8 Other financial investments 6 Real estate 4 Listed financial investments Liquid fund investments 2 Cash 0 31.12.17 31.03.18 30.06.18 18 July 2018 AKER ASA | Second-quarter and half-year resul
Slide 16: Cash and Liquid fund investments
Financial Investments Cash and Liquid fund investments % of gross asset value (30.06.2018) Value of NOK 1.4 billion 2% Cash decreased to NOK 1.2 billion: + NOK 544 million in dividends received + NOK 498 million from tap issue on AKER14 bond + NOK 614 million from realised assets – NOK 1338 millio
Slide 17: Listed financial investments
Financial Investments Listed financial investments % of gross asset value (30.06.2018) Value of NOK 1.3 billion 2% Source: Solstad Farstad Net value increase of AMSC and Solstad Farstad with NOK Aker’s investment 186 million and NOK 77 million, respectively. NOK million 4Q 17 1Q 18 2Q 18 Dividen
Slide 18: Real estate and other financial investments
Financial Investments Real estate and other financial investments % of gross asset value (30.06.2018) Value of NOK 2.4 billion 4% Aker’s investment Established residential development company FP Bolig 4Q 17 1Q 18 2Q 18 NOK million Holding with an Aker ownership of 37.55%. Real estate 674 694 538
Slide 19: Financial Statements
Aker Financial Statements 18 July 2018 AKER ASA | Second-quarter and half-year results 2018 19
Slide 20: Balance sheet at 30.06.2018
Aker ASA and holding companies Balance sheet at 30.06.2018 Value-adjusted (MNOK) 63 579 66 305 Book value (MNOK) 9 200 57 105 42 912 42 912 20 667 14 193 349 1 223 279 875 Tangible and non- Interest Non-interest Cash and cash Investments Liabilities Shareholders tangible fixed assets bearing assets
Slide 21: Interest-bearing items as of 30.06.2018
Aker ASA and holding companies Interest-bearing items as of 30.06.2018 NOK million 10 000 NOK million 9 000 3000 Bank loans 8 000 2500 Bonds 7 000 2000 6 000 Net interest-bearing liabilities 5 000 of NOK 6.8 billion 1500 AKER 10 4 000 1000 AKER 10 3 000 Cash 500 2 000 AKER 11 AKER AKER11 12 AKER AKE
Slide 22: Income statement
Aker ASA and holding companies Income statement Amounts in NOK million 2Q 2017 2Q 2018 1H 2017 1H 2018 Year 2017 Sales gains - 194 - 194 - Operating expenses (54) (62) (118) (130) (244) EBITDA (54) 132 (118) 64 (244) Depreciation and impairment (4) (4) (7) (8) (14) Value change (392) 526 (258) 347 (
Slide 23: Proud ownership
Proud ownership
Slide 24: 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