Slide 1: Status & Outlook 1Q 2011
Agenda ▪ Status and outlook Proud ownership • Øyvind Eriksen, President and CEO ▪ Financials 1Q 2011 • Trond Brandsrud, CFO Status & Outlook ▪ Q&A 1Q 2011 11.05.2011 AKER ASA │1Q 2011 │Status & Outlook 2 1
Slide 2: Growth in Net Asset Value: 15.2 per cent
First quarter 2011 Aker ASA and holding companies Growth in Net Asset Value: 15.2 per cent Key financial indicators ▪ Industrial holdings • Portfolio increased by 35.2 per cent NAV per share Gross asset per Gross asset per sector • Market value of listed shares appriciated significantly more than th
Slide 3: This is Aker
Aker ASA This is Aker 59 per cent of investments related to oil and gas Ownership as of 31.03.11 Funds investment 8% Seafood & Marine BioTech 11% Other 2% Industrial Financial Funds Holdings Investments Aker Drilling1 (41%) Cash Converto Capital Mgmt (90%) Cash 20% Aker Solutions1, 2 (24%) Receivabl
Slide 4: NAV changes in 1Q 2011
Aker ASA and holding companies NAV changes in 1Q 2011 This is Aker Distribution of assets 1 22,0 21.2 0.3 (0.3) 0.7 Industrial Financial Funds 20,0 Holdings Investments 2.1 See slide 9 See slide 11 See slide 10 18.4 18,0 Net other finance and operating expenses 1.2 b 1.5 b 31.12.10 9.5bn 10.2 bn(48%
Slide 5: Overview of Aker assets: Industrial holdings and Funds
Overview of Aker assets Overview of Aker assets Industrial holdings Funds % of total Aker assets 1Q 2011 performance: % of Aker ASA assets 1Q 2011 performance: Aker Solutions | NOK 8.1 billion Investment portfolio increased from NOK • Value increase of NOK 2.2 billion (36 per cent) 1 560 million
Slide 6: Overview of Aker assets: Financial Investments
Overview of Aker assets Financial Investments % of Aker ASA assets 1Q 2011 performance: Strong liquidity position 35% • NOK 4.8 billion in cash, up from NOK 2.9 billion Long-term interest-bearing items Financial investments (NOK bn) • Reduced from NOK 5.7 billion to NOK Aker 2.7 billion Industri
Slide 7: Aker Solutions
Industrial holdings Aker Solutions Aker Solutions deliverables and value drivers Global engineering & construction services, technology Products and services Value drivers products and integrated solutions Product ■ Subsea trees, controls, manifolds, umbilicals ■ Deepwater development NOK bn. soluti
Slide 8: Aker Drilling and Kvaerner
Industrial holdings Kvaerner deliverables and value drivers Aker Drilling Products and services Value drivers Offshore drilling company with sophisticated drilling units for harsh environment and ultradeep water markets Upstream ■ Topside and floaters North Sea and selected ■ Deepwater and harsh int
Slide 9: Aker's investment in Det norske
Aker Drilling Industrial holdings Aker’s investment Det norske Second largest oil company on Norwegian continental Before listing After listing shelf in terms of exploration acreage and drilling Ownership 100% 41.1% NOK bn. Equity 1 767 2 432 NOK million Equity 1.3 Shareholder loan 2 800 - NOK milli
Slide 10: Aker BioMarine and Aker Clean Carbon
Industrial holdings Industrial holdings Aker BioMarine Aker Clean Carbon Integrated biotech company – uniquely positioned for krill Provider of cost-effective CO2 capture technology and harvesting and processing solutions NOK bn. NOK bn. Equity 1.9 Equity 0.1 8% 0.6% % of gross asset value % of gros
Slide 11: Funds overview
Funds Overview Converto Capital Management Oslo Asset Management Norron Asset Management Aker owns 90 percent Aker owns 50.1 percent Aker owns 51 percent Aker Established in 2009 to manage Converto Specialized global long/short equity fund Lauching of three funds: Norron Target, Capital
Slide 12: Converto Capital Fund 1Q 2011 highlights
Funds Converto Capital Fund 1Q 2011 highlights ▪ Aker Seafoods/Norway Seafoods • Improved operations in Harvesting ▪ Aker Philadelphia Shipyard • Agreement confirmed: Basis for building two product tankers until the first half of 2013 • Aker`s guarantee commitment reduced from USD Aker 170 million t
Slide 13: Balance sheet; Interest bearing debt and loan guarantees
Aker ASA and holding companies Aker ASA and holding companies Balance sheet Interest bearing debt and loan guarantees 31.12 31.03 (in NOK million) 2010 2011 Interest bearing debt Loan guarantees NOK mill Maturity 4Q’10 1Q’11 Tangible and non-tangible fixed asset 301 310 Bond AKER 02 190 2012 Aker Dr
Slide 14: Income statement
Aker ASA and holding companies Aker ASA and holding companies Income statement Income statement 900 40 (113) 1Q Year 1Q 81 800 (40) (in NOK million) 2010 2010 2011 98 709 1 Sales gains - - - 700 700 Operating expenses (49) (214) (58) 600 EBITDA (49) (214) (58) 500 Depreciation (4) (15) (4) Exception
Slide 15: Well positioned for further value creation
Aker group Highlights Group Accounts ▪ Equity issue and IPO in Aker Drilling led to dilution of Aker’s shareholding and “loss of control”; from fully consolidated company to equity method of accounting as an associated company Industrial Financial ▪ Net loss from discontinued operations in Income St
Slide 16: Q&A
Q&A 11.05.2011 AKER ASA │1Q 2011 │Status & Outlook 11.05.2011 AKER ASA │1Q 2011 │Status & Outlook 16
Slide 17: 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