Aker Asa Class A · OSL:AKER

Aker Asa Class A — Q4 2015 Earnings Presentation

28 slides from Aker Asa Class A's earnings presentation, Feb 23, 2016

  1. Slide 1: Fourth-quarter and preliminary annual results 2015

    Proud ownership Aker ASA Fourth-quarter and preliminary annual results 2015 Fornebu | 23 February 2016

  2. Slide 2: Highlights | Fourth-quarter 2015

    Highlights | Fourth-quarter 2015 ▪ Net asset value: NOK 20.9 billion in 4Q 2015 vs. NOK 18.9 billion in 3Q 2015, representing a 11% increase in the quarter ▪ Cash and liquid fund inv.: NOK 1.9 billion in 4Q 2015 vs. NOK 3.3 billion in 3Q 2015 ▪ Return: Aker share rose 11% in 4Q 2015 to NOK 164 vs. 4

  3. Slide 3: NAV increased by 11% in 4Q 2015

    Aker ASA and holding companies NAV increased by 11% in 4Q 2015 Net asset value change in the period NOK billion 0.1 (0.1) 0.1 0.1 (0.3) 20.9 0.3 0.5 0.5 +11% 0.8 18.9 3Q 15 DETNOR OCY Fornebuporten KVAER HFISK AKA AKSO Other Listed financial 4Q 15 Holding investments (AMSC/AKPS) Note: Changes includ

  4. Slide 4: Share price rose 11%, balance sheet remains solid

    Aker ASA and holding companies Share price rose 11%, balance sheet remains solid Net asset value Net asset value NOK per share NOK billion1) 27.9 300 Industrial Holdings Other Financial Investments 250 Cash and liquid fund investments 200 72% 20.2 20.9 bn 75% 150 NOK bn NAV 100% 20.9 100 Discount 42

  5. Slide 5: 38% of gross assets related to oil and gas

    Aker ASA and holding companies 38% of gross assets related to oil and gas Other Cash and - Philly Shipyard E&P liquid fund investments - Det norske 7% 7% 20% Real Estate investments - Fornebuporten - Akastor industrial properties 7% NOK Seafood & Oil Services Marine Biotech 15% 27.9bn 18% - Aker Sol

  6. Slide 6: This is Aker

    Aker ASA and holding companies This is Aker NOK billion, as per 31.12.2015 Listed investments Unlisted investments Industrial Holdings Financial Investments Det norske 50.0% 5.6 1.5 Cash Aker Solutions1)) 34.8% 2.9 0.4 Liquid fund investments Akastor1)) 36.7% 1.2 1.9 Listed financial investments Kva

  7. Slide 7: NOK 10/shr dividend proposed, i.e. 3.6% of NAV

    Aker ASA and holding companies NOK 10/shr dividend proposed, i.e. 3.6% of NAV NOK per share (left axis) and % (right axis) NOK per share Per cent 20 8.0 7.1% 7.1% 18 7.0 5.9% 6.1% 6.1% 16 5.7% 6.0 14 5.0% Dividend policy 12 5.0  Annual dividend 10 3.6% 4.0 payment of 2-4 per cent of net 8 5.00 3.0

  8. Slide 8: Industrial Holdings

    Aker Industrial Holdings 23 February 2016 AKER ASA | Fourth-quarter and preliminary annual results 2015 8

  9. Slide 9: Share price performances

    Industrial Holdings Share price performances 100% Havfisk1) 90% 90% 80% 70% 68% 60% 50% Det norske 39% 40% 30% 20% Ocean Yield1) 10% 6% 0% OSEBX 2% -10% -20% -24% -30% Kvaerner1) -35% -40% -44% Brent crude oil -50% Aker Solutions1) -60% -70% Akastor -80% -90% -100% 31.12.14 31.12.15 22.02.2016 1) Sh

  10. Slide 10: Det norske

    Industrial Holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (31.12.2015) Investment value of 20% NOK 5.6 billion Aker’s ownership agenda Aker’s investment NOK million  Optimise company’s financing structure Value as per 30.09.15 4 811 Va

  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 (31.12.2015) Investment value of 10% NOK 2.9 billion Aker’s ownership agenda Aker’s investment1) NOK million  Deliver project

  12. Slide 12: Akastor

    Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long-term value creation % of gross asset value (31.12.2015) Investment value of 4% NOK 1.2 billion Aker’s ownership agenda Aker’s investment1) NOK million  Reduce cost and complexity, adjust capacity in Va

  13. Slide 13: Kvaerner

    Industrial Holdings Kvaerner Specialised oil and gas-related EPC company % of gross asset value (31.12.2015) Investment value of 2% NOK 0.6 billion Aker’s ownership agenda Aker’s investment1) NOK million  Improve cost efficiency, increase productivity Value as per 30.09.15 303 Dividend received in

  14. Slide 14: Ocean Yield

    Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (31.12.2015) Investment value of 24% NOK 6.7 billion Aker’s ownership agenda Aker’s investment NOK million  Expand and diversify portfolio, with long-term Value as per 30.09.15 6 386 c

  15. Slide 15: Aker BioMarine

    Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (31.12.2015) 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 a

  16. Slide 16: Havfisk

    Industrial Holdings Havfisk Leading whitefish harvesting company % of gross asset value (31.12.2015) Investment value of 6% NOK 1.7 billion Aker’s ownership agenda Aker’s investment NOK million  Drive operational excellence and improved Value as per 30.09.15 1 600 profitability Value change in 4Q 1

  17. Slide 17: Financial Investments

    Aker Financial Investments 23 February 2016 AKER ASA | Fourth-quarter and preliminary annual results 2015 17

  18. Slide 18: Overview

    Financial Investments Overview % of gross asset value (31.12.2015) Key events 4Q:  Sale of Fornebuporten’s commercial real estate and subsequent dividend to Aker Value of NOK 7.7 billion of NOK 0.5 billion 28%  Acquisition of real estate from Akastor  Cash reduced to NOK 1.5 billion. NOK 1.9 bill

  19. Slide 19: Cash and Liquid fund investments

    Financial Investments Cash and Liquid fund investments % of gross asset value (31.12.2015) Value of NOK 1.9 billion 7% Key events 4Q  Cash decreased to NOK 1.5 billion: + NOK 683 million in dividends received – NOK 1 176 million from Akastor property acquisition – NOK 498 million in net repayment o

  20. Slide 20: Listed financial investments

    Financial Investments Listed financial investments % of gross asset value (31.12.2015) Value of NOK 1.9 billion 7% Key events 4Q  Value of listed financial investments decreased by Key figures 4Q14 3Q15 4Q15 NOK million NOK 299 million due to value decrease of American PHLY (Philly Shipyard) 711 1

  21. Slide 21: Real estate investments

    Financial Investments Real estate investments % of gross asset value (31.12.2015) Book value of NOK 1.9 billion 7% Hovlandsveien, Egersund Key events 4Q  Sale of Fornebuporten’s commercial real estate concluded in 4Q. Aker retained 25% ownership in the consortium (Fornebu Gateway AS)  Dividend of

  22. Slide 22: Other financial investments

    Financial Investments Other financial investments % of gross asset value (31.12.2015) Value of NOK 2.0 billion 7% Key events 4Q  Increased by NOK 250 million to NOK 2.0 billion, Key figures 4Q14 3Q15 4Q15 NOK million mainly due to new receivable of NOK 176 million and Other financial investments 2

  23. Slide 23: Financial Statements

    Aker Financial Statements 23 February 2016 AKER ASA | Fourth-quarter and preliminary annual results 2015 23

  24. Slide 24: Balance Sheet

    Aker ASA and holding companies Balance Sheet (after allocation of NOK 10 per share dividend) Value-adjusted 27 879 Book value 8 304 7 743 8 304 16 184 11 831 1 488 986 508 408 Tangible and non- Long-term interest Other current assets Cash and cash Investments Liabilities Shareholders equity tangible

  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 1800 5 000 Net interest bearing 1600 liabilities of 1400 4 000 NOK 3.8 billion 1200 3 000 1000 Cash 2 000 800 Interest-bearing 1 000 600 receivables 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 4Q 2014 3Q 2015 4Q 2015 Year 2014 Year 2015 Operating expenses (52) (60) (56) (223) (219) EBITDA (52) (60) (56) (223) (219) Depreciation and impairment (4) (15) (8) (15) (31) Non-recurring operating items 38 - - 1 - Value change

  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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