Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q4 2013 Earnings Presentation
30 slides from Aker Asa Class A's earnings presentation, Feb 28, 2014
Slide 1: Fourth quarter and annual results 2013
Proud ownership Fourth quarter and annual results 2013 Oslo | 28 February 2014
Slide 2: Agenda
Agenda Highlights and Industrial Holdings Øyvind Eriksen President and CEO Financial Investments and Financial Statements Trond Brandsrud CFO Q&A session Øyvind Eriksen & Trond Brandsrud Q&A 28 February 2014 AKER ASA | Fourth quarter and annual results 2013 2
Slide 3: Highlights | Fourth quarter and annual results 2013
Highlights | Fourth quarter and annual results 2013 4Q Financials: 2013 Financials: ▪ Net asset value: NOK 24 billion in 4Q ▪ Net asset value: gained 4.7% from NOK vs. NOK 21.8 billion in 3Q 22.9 billion in 2012 ▪ Cash: NOK 2.5 billion in 4Q vs. NOK ▪ Returns: total annual shareholder return 4.8 bil
Slide 4: Changes in NAV in 4Q
Aker ASA and holding companies Changes in NAV in 4Q NOK billion 26 0,6 (0,1) 0,1 1,7 0,1 (1,0) 0,4 24,0 0,3 24 21,8 22 20 18 16 14 30.9.13 AKSO KVAER DETNOR HFISK OCY Funds Other Received 31.12.13 dividend 28 February 2014 AKER ASA | Fourth quarter and annual results 2013 4
Slide 5: Key financial indicators
Aker ASA and holding companies Key financial indicators NAV per share Net asset value NOK NOK billion 350 30 300 25 250 20 200 NAV NOK 24 bn 15 150 10 100 5 50 0 0 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 Gross assets Debt Industrial holdings NAV per share (NOK) Dividend Other assets Receivables Shar
Slide 6: Overview of Aker assets: Financial Investments
Overview of Aker assets Financial Investments % of total Aker assets 4Q 2013 performance: Cash - NOK 2.5 billion vs. NOK 4.8 billion in 3Q 27% Receivables - NOK 0.6 billion vs. NOK 1.7 billion in 3Q Funds Financial investments - NOK 3.5 billion vs. NOK 2.5 billion in 3Q NOK billion Equity an
Slide 7: Overview of Aker assets: Industrial holdings
Overview of Aker assets Industrial holdings % of total Aker assets 120% 100% 101% 73% 80% OSEBX 60% Aker Solutions Kværner Industrial holdings Det norske NOK billion 40% Havfisk 25 Ocean Yield 29% 20% 24% 20 Havfisk 15 0% 01.01.2013 feb.13 apr.13 jun.13 aug.13 oct. 13 dec. 13 Aker BioMarine -4% Ocea
Slide 8: This is Aker
This is Aker As per 31.12.2013 (NOK BN) Industrial Holdings Financial Investments Aker Solutions1)) 34.2% 10.2 2.5 Cash Kvaerner2) 28.7% 0.9 0.4 Receivables excl. Fornebuporten Det norske 50% 4.7 1.2 Real estate (receivables and invest.) Aker BioMarine 100% 1.8 0.2 Equity Investments excl. Fornebupo
Slide 9: Aker ASA: investments related to oil and gas sector
Aker ASA 56 percent of investments related to oil and gas sector Other 9% Real estate Seafood & Marine BioTech 9% development 4% Cash 8% E&P 17% NOK 29.8 bn Maritime assets 14% Oil and gas related 56% Oil services 39% 28 February 2014 AKER ASA | Fourth quarter and annual results 2013 9
Slide 10: Highlights | Fourth quarter and annual results 2013
Highlights | Fourth quarter and annual results 2013 Q4 Financials: 2013 Financials: ▪ Net asset value: NOK 24 billion in Q4 ▪ Net asset value: gained 4.7% from NOK vs. NOK 21.8 billion in Q3 22.9 billion in 2012 ▪ Cash: NOK 2.5 billion in Q4 vs. NOK ▪ Returns: total annual shareholder return 4.8 bil
Slide 11: Changes in NAV in 2013
Aker ASA and holding companies Changes in NAV in 2013 NOK billion 26 0,9 (0,9) 24,0 (0,1) 1,5 24 22,9 (0,5) (0,4) 0,9 (1,1) 0,3 0,4 22 20 18 16 14 31.12.12 AKSO KVAER DETNOR HFISK AKBM OCY Funds Other Received Paid 31.12.13 dividend dividend 28 February 2014 AKER ASA | Fourth quarter and annual resu
Slide 12: Aker's M&A capabilities: continued value creation
Established Aker’s M&A capabilities: continued value creation 1Q 2Q 3Q 4Q Acquisition of 6% of Aker Solutions IPO and listing Demerger and listing Acquisition: Streamling: Forward sales of Streamlining and - 2 pure car truck - Sale of MLS lease contracts relisting carriers - Sale of WIS Streamlining
Slide 13: Industrial holdings 2013
Aker Industrial holdings 28 February 2014 AKER ASA | Fourth quarter and annual results 2013 13
Slide 14: Aker Solutions
Industrial holdings Aker Solutions Global oil services company providing services, technologies, product solutions and field life solutions % of gross asset value (31.12.13) Investment value of 34% NOK 10.2 billion Aker’s ownership agenda Aker’s investment1 NOK million Focus on operational improve
Slide 15: Kvaerner
Industrial holdings Kvaerner Specialised EPC oil and gas company % of gross asset value (31.12.13) 3% Investment value of NOK 0.9 billion Aker’s ownership agenda Aker’s investment1 NOK million Extract value from backlog through flawless Value as per 30.09.2013 765 execution Invested / divested in
Slide 16: Det norske
Industrial holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (31.12.13) 16% Investment value of NOK 4.7 billion Aker’s ownership agenda Aker’s investment NOK million Ensure Ivar Aasen project is executed on schedule Value as per 30.09.20
Slide 17: Ocean Yield
Industrial holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (31.12.13) 11% Investment value of NOK 3.4 billion Aker’s ownership agenda Aker’s investment NOK million Expand and diversify portfolio within oil services Value as per 30.09.2013 3 0
Slide 18: Aker BioMarine
Industrial holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (31.12.13) 6% Share investment value of NOK 1.8 billion Aker’s ownership agenda Aker’s investment NOK million Expand krill oil production capacity Value as per 30.0
Slide 19: Havfisk
Industrial holdings Havfisk Leading whitefish harvesting company % of gross asset value (31.12.13) 2% Investment value of NOK 0.7 billion Aker’s ownership agenda Aker’s investment NOK million Deliver the fleet renewal program to enhance Value as per 30.09.2013 434 harvesting and general capacity I
Slide 20: Financial investments 2013
Aker Financial investments 28 February 2014 AKER ASA | Fourth quarter and annual results 2013 20
Slide 21: Cash and receivables
Financial investments Cash and receivables % of gross asset value (31.12.13) Investment value of NOK 2.9 billion, excl. real estate receivable 10% Key events 4Q Cash decreased by NOK 2.3 billion to NOK 2.5 billion: - Acquisition of Aker Solutions shares for NOK 1.9 billion - Capital call of NOK 17
Slide 22: Real estate
Financial investments Real estate % of gross asset value (31.12.13) Receivable and equity investment from Aker of NOK 4% 1.2 billion Key events 4Q Construction of Fornebuporten and Fornebuporten Bolig progressing as planned Two-thirds of retail and office space leased out by year-end 2013 Cons
Slide 23: Fund investments
Financial investments Fund investments % of gross asset value (31.12.13) Investment value of NOK 3.5 billion 12% Key events 4Q Key figures* 3Q13 4Q13 2012 Asset value 2 503 3 484 1 503 Value of Fund investments rose to NOK 3.5 billion from NOK 2.5 billion in previous quarter: * In NOK million Conv
Slide 24: Financial Statements 2013
Aker Financial Statements 28 February 2014 AKER ASA | Fourth quarter and annual results 2013 24
Slide 25: Balance sheet
Aker ASA and holding companies Balance sheet 31.12 30.09 31.12 (in NOK million) 2012 2013 2013 Intangible, fixed, and non-interest-bearing assets 264 267 237 Interest-bearing fixed assets 1 321 1 662 605 Investments 12 034 12 466 15 762 Non-interest-bearing short-term receivables 56 38 59 Interest-b
Slide 26: Interest bearing items and loan guarantees
Aker ASA and holding companies Interest bearing items and loan guarantees 2500 7 000 6 000 2000 5 000 Net interest bearing liabilities 1500 4 000 New bond* NOK 2.3 billion Bank debt 3 000 1000 Bond Cash 2 000 Interest-bearing receivables 500 1 000 Debt 0 0 2013 2014 2015 2016 2017 2018 2019 2020 202
Slide 27: Income statement
Aker ASA and holding companies Income statement (in NOK million) 3Q 2013 4Q 2013 Year 2012 Year 2013 Sales gains - - 47 - Operating expenses (57) (70) (235) (236) EBITDA (57) (70) (189) (236) Depreciation (4) (4) (15) (14) Value change (29) (128) (17) 252 Net other financial items 167 158 309 822 Pr
Slide 28: Aker BioMarine Financials
Aker BioMarine Financials Balance Sheet (in USD million) 31.12.2012 31.12.2013 Property, plant and equipment 121 121 Intangible assets 80 69 Deferred tax asset 0 34 Investments in joint ventures 123 106 Other assets 49 63 Cash and cash equivalents 1 7 Total assets 374 401 Total equity 181 230 Non-in
Slide 29: 2013
28 February 2014 AKER ASA | Fourth quarter and annual results 2013 29
Slide 30: 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