Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q4 2007 Earnings Presentation
19 slides from Aker Asa Class A's earnings presentation, Feb 29, 2008
Slide 1: Aker 4th quarter 2007 Status and outlook
Aker 4th quarter 2007 Status and outlook Oslo, 29 February 2008 The preferred partner AKER ASA Welcome Agenda Aker 2007 overview • Leif-Arne Langøy, Chairman and CEO, Aker Aker 4Q07 and financial details • Bengt A Rem, EVP and CFO, Aker Outlook and perspectives • Leif-Arne Langøy, Chairman and
Slide 2: Aker tradition / This is Aker
Aker tradition Innovation throughout generations Est 1841 Peter Steenstrup Kjell I Røkke First CEO Main owner Norcem (offshore, cement) Aker Kværner J M Johansen (fisheries) Aker Seafoods Aker Am Shipping RGI Aker Philadelphia Aker Drilling Davy/John Brown/Trafalgar Aker Float Prod Aker BioMarine Ak
Slide 3: Highlights Aker ASA and holding companies
Highlights Aker ASA and holding companies Strengthened for further growth Shareholder values demonstrated • Net profit of NOK 12.7 bn for 2007 (2006: NOK 4.2 bn) • Equity value NOK 23.4 bn at end 2007 (end 2006: NOK 12.2 bn) Financially robust • NOK 12.3 bn cash at end of 2007 (end 2006: NOK 0.9
Slide 4: Financial details / Highlights 4th quarter
Aker 4th quarter 2007 Financial details The preferred partner AKER ASA Highlights 4th quarter Concluding an eventful year Aker Holding transaction formally concluded • Strategic sale of shares for NOK 6.4 billion to Norwegian State, Saab and Investor Aker Material Handling turnaround concluded •
Slide 5: Balance sheet / Debt and liabilities overview
Aker ASA and holding companies Balance sheet 31.12 30.09 31.12 Market (in NOK million) 2006 2007 2007 value 1 Tangible and non-tangible fixed asset 1 232 1 324 1 076 1 076 Long-term interest bearing items 1 688 2 122 1 515 1 515 Long-term financial assets 13 965 13 174 12 069 18 404 Other current as
Slide 6: Profit and loss statements / Dividends for 2007
Aker ASA and Holding companies Profit and loss statements 4Q 4Q Year Year (in NOK million) 2006 2007 2006 2007 Sales gains 3 839 5 321 4 643 11 740 Operating expenses (37) (49) (131) (151) EBITDA 3 802 5 272 4 512 11 589 Depreciation (3) (3) (8) (8) Net financial items (423) (136) 334 1 126 Profit b
Slide 7: Income statement / Balance sheet group consolidated
Aker group consolidated Income statement 4Q 4Q Year Year (in NOK million) 2006 2007 2006 2007 Operating revenues 15 546 1 319 52 791 3 745 Operating profit (EBITDA) 739 (78) 2 875 30 Depreciation, impairment changes (135) (110) (504) (307) Non-recurring items (39) (119) (40) (95) Operating profit 56
Slide 8: Outlook and perspectives / Key holdings as of Dec. 2007
Business overview Key holdings as of 31 Dec. 2007 Year Year Selected key figures Aker Market Revenues EBITDA1 (All amounts in NOK milllion) holding value 2006 2007 2006 2007 Aker Kværner (OSE) 41.0 % 8 474 50 592 57 957 2 872 3 913 Aker BioMarine (OSE) (C)2 76.3 % 1 368 460 403 26 (75) Aker American
Slide 9: Aker companies share prices
The Economist 26 Jan 2008 The preferred partner Status and outlook 4Q07 | 17 AKER ASA © Aker | February 2008 It’s rough out there Aker companies share prices Relative development Ticker (rel value 1.1.2007 = 100 as of 18.2.2008) 180 AKER (73) 160 AKASA (91) AKVER (81) 140 AKS (108) 120 AKBM (37) AKF
Slide 10: Balance sheet shift / Key resources
Aker strengthened Balance sheet shift Relative composition of assets 2.6 % Cash and equivalents 36 % Investments, listed assets 90 % at market price 52 % Long-term interest bearing items Tangible and non- tangible fixed asset 4Q06 2Q07 4Q07 Market adjusted - NAV*/share (NOK) 503 478 462 - Net int.be
Slide 11: Aker Kværner / Aker Drilling
Business overview Aker Kværner Best year ever • Revenue increased by 15% • EBITDA increased by 36% • EPS increased by 95% Record profit in subsea Continued strong markets Financial guidance for 2008: • Revenue of NOK 58-60 billion • EBITDA margin of approx. 8% Key figure 4Q 4Q Year Year (in NO
Slide 12: Aker Floating Production
Business overview Aker Floating Production Aker Smart 1 on fast track • Revised delivery in 2Q 2008 • Fast track conversion, only 15 months conversion USD 1.1 billion bare-boat contract • The agreement is extended to 10 years Separation module to Aker Smart 1 • One of the world’s largest FPSO co
Slide 13: Aker Exploration / Aker American Shipping and Aker Philadelphia Shipyard
Business overview Aker Exploration Significant progress • Attractive portfolio of 15 licenses on NCS • Awarded interests in 6 licenses in APA 2007 • Operator in 2 licences Positioned to discover more oil and gas • 154 million boe risked reserves Investing in 3D seismic Attractive partner • Far
Slide 14: Aker American Shipping / Aker Philadelphia Shipyard
Business overview Aker American Shipping Strengthened and focused • Creating a leading US shipowner • The shipyard was successfully sold Robust US Jones Act market • Building the premier ownership position Ambitious growth plans Promising markets • Placed optional 13 product tanker order • Exp
Slide 15: Aker Seafoods / Aker BioMarine
Business overview Aker Seafoods Strong market, reduced fishing • Prices increase for frozen and fresh fillets • Reduced whitefish landings in Norway by 7% Strategic growth direction proven • Acquisitions in Europe; processing • Acquisitions of quotas; Spain and Norway • Improved product mix Qual
Slide 16: Clean Carbon: bringing carbon capture technology early to the market
Aker Clean Carbon Bringing carbon capture technology early to the market The preferred partner Status and outlook 4Q07 | 31 AKER ASA © Aker | February 2008 A global challenge, world-wide opportunites CO2 emission sources 1 4000 sources represent 40% of global CO2 emissions More than 2000 power plant
Slide 17: Commercialization of CCS technology / Taking the long view
Aker Clean Carbon partnership ambition Commercialization of CCS technology Aker Aker Kværner Rationale 70 % 30 % Great future demand of CO2 capture technology Accelerated technology development and Investments in further development commercialization of existing and new technology • Focus Ke
Slide 18: Business idea / IR Contacts
Business idea We create long-term value for all stakeholders by building premier companies in sectors where we have strong knowledge and execution capabilities The preferred partner Status and outlook 4Q07 | 35 AKER ASA © Aker | February 2008 Aker group IR Contacts Company (Ticker) Name Phone (dir l
Slide 19: 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