Akastor Asa · OSL:AKAST

Akastor Asa — Q4 2017 Earnings Presentation

18 slides from Akastor Asa's earnings presentation, Feb 13, 2018

  1. Slide 1: Fourth Quarter Results 2017

    Fourth Quarter Results 2017 Webside endring Karl Erik Kjelstad and Leif Borge Fornebu | February 13, 2018 Q2 & 1H Results 2016 Kristian Røkke and Leif H. Borge © 2018 Akastor Oslo | July 14, 2016 First Quarter Results 2017 3 May 2017 Slide 1

  2. Slide 2: Highlights

    Highlights EBITDA NOK 167 million  EBITDA of NOK 167 million MHWirth 83  Net bank debt of NOK 0.9 billion, cash and undrawn credit facilities of NOK 1.6 billion AKOFS 80  Order intake of NOK 1.3 billion Other Holdings 4 EBITDA Net debt Order Backlog NOK 167 million NOK 2.4 billion NOK 6.9 billion

  3. Slide 3: Portfolio Highlights

    Portfolio Highlights  Newbuild market continues to be challenging  Quarterly EBITDA of 83 million, EBITDA margin 11%  Stable DLS activity in Q4  Aker Wayfarer commenced 5 year + 5 year contract with Petrobras 1 st of January 2018  Skandi Santos operated at high utilization  Seafarer remains id

  4. Slide 4: Condensed Consolidated Income Statement

    Condensed Consolidated Income Statement Fourth Quarter Full year NOK million 2017 2016 2017 2016 Operating revenues and other income 1 098 1 288 4 348 4 975 Operating expenses (932) (1 096) (4 055) (4 884) Operating profit before depreciation, amortization 167 193 293 91 and impairment (EBITDA) Depr

  5. Slide 5: The Akastor Portfolio

    The Akastor Portfolio NET CAPITAL EMPLOYED OF NOK 7.6 BILLION NOK million Investments 559 NCOA 1 043 Other 628 2 363 NIBD MHWirth Intangible 2 096 2 783 assets AKOFS 4 154 Fixed 5 203 Equity1) assets 4 419 4 094 Other -551 NET CAPITAL EMPLOYED OF NOK 7.6 billion Net Capital Funding Market Cap as of

  6. Slide 6: Capital Structure

    Capital Structure  Net debt of NOK 2 364 million as of FUNDING fourth quarter SIZE MATURITY MARGIN − Gross Debt of NOK 2 533 million, of which REVOLVING USD 147 July 1.65%–4.5% million 2019 financial lease NOK 1 494 million and bank REVOLVING NOK 1 005 July 1.65%–4.5% debt NOK 1 039 million million

  7. Slide 7: MHWirth

    MHWirth  Revenues of NOK 739 million in the quarter BUSINESS SPLIT YTD BASED ON REVENUE − Revenues from the total year were NOK 3 030 million Projects and DLS/service Products 55 %  EBITDA of NOK 83 million in the quarter; 45 % INSTALLED BASE (84 UNITS) − MHWirth delivered EBITDA margin of 11% JU

  8. Slide 8: AKOFS Offshore

    AKOFS Offshore Revenue and EBITDA  EBITDA of NOK 80 million in the quarter NOK million 344  Skandi Santos with excellent utilization in the quarter 213  Aker Wayfarer commenced 5+5 year contract with Petrobras on 196 186 187 193 1st January 2018 80 62  AKOFS Seafarer remains idle 33 37 Q4 16 Q1

  9. Slide 9: Other Holdings

    Other Holdings  Step Oiltools, Cool Sorption and First Geo: Total EBITDA of NOK 2 million  Reduced provision for onerous lease commitments for office leases with EBITDA effect of NOK 24 million Revenue and EBITDA NOK million 155 143 151 142 159 13 4 -35 -19 Q4 16-63 Q1 17 Q2 17 Q3 17 Q4 17 Revenue

  10. Slide 10: Additional information

    Additional information © 2018 Akastor Fourth Quarter Results 2017 13 February 2018 Slide 10

  11. Slide 11: Condensed Consolidated Income Statement

    Condensed Consolidated Income Statement Fourth Quarter Full year NOK million 2017 2016 2017 2016 Operating revenues and other income 1 098 1 288 4 348 4 975 Operating expenses (932) (1 096) (4 055) (4 884) Operating profit before depreciation, amortization 167 193 293 91 and impairment (EBITDA) Depr

  12. Slide 12: Condensed Consolidated Statement of Financial Position

    Condensed Consolidated Statement of Financial Position NOK million 31.12.2017 31.12.2016 Deferred tax asset 661 600 Intangible assets 1 435 1 731 Property, plant and equipment 4 419 5 198 Other non-current assets 99 104 Equity accounted investees and other Investments 546 213 Non-current interest-be

  13. Slide 13: Key Figures

    Key Figures AKASTOR GROUP (continuing operations) Full year Amounts in NOK million Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 2017 Operating revenue and other income 1 288 943 873 1 433 1 098 4 348 EBITDA 193 53 18 54 167 293 EBIT (382) (96) (159) (194) 11 (438) CAPEX and R&D capitalization 15 15 15 30 35 95 NCO

  14. Slide 14: Split per Company: MHWirth

    Split per Company MHWIRTH Full year Amounts in NOK million Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 2017 Operating revenue and other income 800 627 550 1 113 739 3 030 EBITDA 59 55 - (21) 83 118 EBIT (293) 9 (71) (160) 33 (189) CAPEX and R&D capitalization 8 3 8 16 19 46 NCOA 1 091 1 250 1 119 1 086 995 995 Ne

  15. Slide 15: Split per Company: AKOFS Offshore

    Split per Company AKOFS OFFSHORE Full year Amounts in NOK million Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 2017 Operating revenue and other income 344 186 187 193 213 778 EBITDA 196 33 37 62 80 213 EBIT (3) (48) (46) (25) (2) (121) CAPEX and R&D capitalization 7 12 7 6 15 40 NCOA 121 192 221 225 186 186 Net ca

  16. Slide 16: Split per Company: Other Holdings

    Split per Company OTHER HOLDINGS Full year Amounts in NOK million Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 2017 Operating revenue and other income 155 143 151 142 159 596 EBITDA (63) (35) (19) 13 4 (38) EBIT (86) (58) (41) (8) (20) (127) CAPEX and R&D capitalization 1 - - 7 1 9 NCOA (258) (175) (112) (149) (13

  17. Slide 17: © 2018 Akastor Fourth Quarter Results 2017 13 February 2018

    © 2018 Akastor Fourth Quarter Results 2017 13 February 2018 Slide 17

  18. Slide 18: Copyright and disclaimer

    Copyright and disclaimer Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Akastor and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor u

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