Aker Asa Class A · OSL:AKER
Aker Asa Class A — Aker Asa A Shs — Q1 2024 Earnings Presentation
32 slides from Aker Asa Class A's earnings presentation, May 8, 2024
Slide 1: First Quarter Results 2024
First Quarter Results 2024 May 8, 2024
Slide 2: Q1 2024 Key highlights
Q1 2024 | Key highlights Active ownership Solid financial metrics FINANCIALS Norwegian kroner Net Asset Value: NOK 60.4bn, vs. NOK 63.2bn previous quarter Share price: NOK 623.50, -6.4% during the quarter, OSEBX +1.6%, Brent oil price +12.7% 60bn 72bn Dividends: NOK 15.5 per share has been paid in Q
Slide 3: A more focused Aker
A more focused Aker Objective of long-term industrial development remains firm – but with greater focus Prioritizing cash- 10% yielding investments Annual growth in NAV, ▪ Fewer and larger portfolio companies, within key after dividend payments global megatrends, contributing meaningfully ▪ Reinvest
Slide 4: A more focused Aker – recent events
A more focused Aker – recent events Aker Carbon Capture – Combining with SLB Solstad Maritime – Timeline ▪ Creating a diversified, global carbon capture player ▪ June 2024: NOK 750 million share issue ▪ Combining their complimentary technology portfolios, ▪ Directed at all shareholders in Solstad Of
Slide 5: Asset Base of NOK 72 billion
Q1 2024 | Asset Base of NOK 72 billion Portfolio composition (GAV) Sector composition (GAV) NOK billion, % share of GAV % of GAV per Q1 2024 vs. (per Q1 2023) Listed investments Real estate Cash Unlisted investments Other 2% (1%) Seafood and 5% 1% (2%) marine biotech (4%) 8% Industrial Holdings Fina
Slide 6: Net Asset Value development
Q1 2024 | Net Asset Value development NOK billion, % change -4.4% (-2.8bn) 1.2 63.2 (2.6) (0.6) (0.6) 60.4 60.4 (0.2) 0.0 Q4 Aker Bio- Aker BP* Aker Aker Other* Q1 Dividends Q1 2023 Marine Solutions Horizons 2024 paid 2024 *Incl. dividends received from Aker BP and AMSC during Q1 2024 Net asset valu
Slide 7: NAV per share NOK 813, value adjusted equity 84%
Q1 2024 | NAV per share NOK 813, value adjusted equity 84% Net asset value (NAV) development per share vs. share price Net asset value (NAV) composition NOK per share NOK billion, % NAV as share of gross asset value 1 200 71.7 1 006 1 000 953 954 968 929 900 901 838 862 851 843 803 813 800 770 825 8
Slide 8: Investing along attractive long-term global megatrends
Investing along attractive long-term global megatrends Exposure to megatrends with strong potential for secular growth, good profitability and strong cash flow generation ENERGY SECURITY, EFFICIENCY & Solstad Maritime & TRANSITION Solstad Offshore INDUSTRIAL DIGITALIZATION SUSTAINABLE PROTEINS & NUT
Slide 9: Financial Investments
Financial Investments 9
Slide 10: Financial Investments Overview
Financial Investments Q1 2024 | Overview Total Financial Investments – as share of Gross Asset Value (per 31.03.2024) NOK 11.6 billion 16% NOK billion 14 12.0 12.4 12 11.8 11.6 1.0 1.2 10.9 Real estate 1.0 1.4 1.2 0.9 1.5 1.3 10 0.7 Cash 2.0 1.9 2.0 0.8 1.7 Listed financial 8 1.9 investments 6 4 7.8
Slide 11: Financial Investments: Cash
Financial Investments Q1 2024 | Cash Cash – as share of Gross Asset Value (per 31.03.2024) 1% NOK 0.7 billion Cash decreased by NOK 75 million to NOK 699 million +2,181m Issuance of new bond and net changes in debt +855m Dividends received -2,434m Investments in portfolio companies -449m Loans to po
Slide 12: Listed financial investments
Financial Investments Q1 2024 | Listed financial investments Listed financial investments – as share of Gross Asset Value (per 31.03.2024) NOK 1.7 billion 2% Listed financial investments Developments in the quarter NOK million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 ▪ Investment in Solstad Offshore is reporte
Slide 13: Other financial investments
Financial Investments Q1 2024 | Other financial investments Other financial investments – as share of Gross Asset Value (per 31.03.2024) NOK 9.1 billion 13% Photo: Aker Tech House Other financial investments Developments in the quarter NOK million Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 ▪ Real estate: increas
Slide 14: Financial Statements
Financial Statements 14
Slide 15: Balance Sheet and Fair value adjustments
Aker ASA and holding companies Q1 2024 | Balance Sheet and Fair value adjustments (after dividend allocation of NOK 15.50 per share) NOK million NOK billion Book value Fair value adjusted Fair value adjusted Combined Balance Sheet Q4 2023 Q1 2024 Q4 2023 Q1 2024 Non-interest bearing and fixed non-cu
Slide 16: Robust financial position – solid liquidity, low LTV
Aker ASA and holding companies Q1 2024 | Robust financial position – solid liquidity, low LTV NOK 5.5 bn NOK 5.0 bn BBB- Total liquidity reserve Net interest-bearing debt IG rating 5.5 10.9 Cash 0.7 14% 5.2 Loan-to-value (net LTV)1 0.7 5.0 8% Undrawn 4.8 credit facilities NIBD2 74% Total Gross Inter
Slide 17: Robust financial position – Debt maturity profile
Aker ASA and holding companies Q1 2024 | Robust financial position – Debt maturity profile NOK 3.1 Years NOK billion average debt maturity 5.7bn 5 Bonds 4.5 4 3 Bank loans 5.2bn 2.6 Bank loans 2 1.9 1.5 Bank AKER18 AKER16 loans 1 Rating & Outlook AKER15 AKER20 0.5 AKER17 AKER19 Aker ASA: BBB-/Stable
Slide 18: Income statement
Aker ASA and holding companies Q1 2024 | Income statement NOK million Combined Year Year Income statement 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Q1 2024 Operating revenues - - - - - - - Operating expenses (370) (105) (96) (97) (106) (404) (106) EBITDA (370) (105) (96) (97) (106) (404) (106) Depre
Slide 19: Q&A – Proud ownership
Proud ownership Q&A ▪ Active ownership ▪ Megatrend-oriented ▪ Proven track-record ▪ Industrial expertise ▪ Financial flexibility ▪ Unique ecosystem ▪ ESG and digital focus 19
Slide 20: Appendix
Appendix 20
Slide 21: Consensus: shareholder return and dividend growth
90 +25% avg. annual shareholder return (2004-2023), 1 000 70bn 80 with dividend added back vs. OSEBX +10% 67bn 63bn 900 70 800 50bn 53bn Net Asset Value (NOK bn) 60 700 42bn 42bn 600 Share price (NOK) 50 34bn 36bn 500 40 33bn 23bn 24bn 18bn 21bn 400 30 21bn 20bn 19bn 18bn 18bn 300 20 8bn 200 10 100
Slide 22: Net Asset Value (NAV) details
Net Asset Value (NAV) details NOK million Net Asset Value (NAV) details per 1Q 2024 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Number Ownership Share of of shares share total assets Aker BP 133 757 576 21,2% 50,4% 44 220 45 758 41 813 40 676 34 282 33 680 39 592 39 525 3
Slide 23: Segment information – Industrial Holdings
Segment information – Industrial Holdings NOK million Industrial Holdings Ownership 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Net Dividend Other Value 1Q 2024 per 1Q 2024 investments income changes change Value Aker BP 21,2% 44 220 45 758 41 813 40 676 34 282 33 680 39 592 39 5
Slide 24: Segment information – Industrial Holdings (Aker BP)
Segment information – Industrial Holdings USD million ENERGY SECURITY, EFFICIENCY & TRANSITION Aker BP (ticker: AKRBP) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 Net Production Volume (mboepd) 208 181 412 432 309 453 481 450 444 457 448 Revenue 2 291 2 02
Slide 25: Segment information – Industrial Holdings (Aker BioMarine)
Segment information – Industrial Holdings USD million SUSTAINABLE PROTEINS & NUTRITION Aker BioMarine (ticker: AKBM) 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 Offshore Krill Production Volume (MT) 20 809 16 534 12 737 1 963 52 042 19 852 17 846 12 073 87
Slide 26: Segment information – Financial Investments
Segment information – Financial Investments NOK million Financial Investments Ownership 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 per 1Q 2024 Cash 4 406 2 035 2 502 1 290 1 162 876 1 454 774 699 Real Estate 958 958 973 973 993 993 1 158 1 313 1 353 Aker Property Group 1
Slide 27: Income statement and Balance sheet
Income statement and Balance sheet NOK million Combined Income Statement 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 Operating revenues* - - - - - - - - - - - Operating expenses (108) (94) (82) (85) (370) (105) (96) (97) (106) (404) (106) The balance sheet
Slide 28: External interest-bearing debt
External interest-bearing debt NOK million External interest-bearing debt 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 AKER09 1 000 1 000 AKER14 2 000 2 000 1 581 AKER15 2 000 2 000 2 000 2 000 2 000 2 000 2 000 2 000 1 494 AKER16 1 300 1 300 1 300 1 300 1 300 1 300 1 300
Slide 29: Alternative Performance Measures (APM)
Alternative Performance Measures (APM) Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies’ financial results and those of FINANCIAL CALENDAR its portfolio companies, as a supplement to the financial statements prepared in accordance with IFRS. Such per
Slide 30: About Aker ASA
About Aker ASA Who we are Sustainability Aker ASA (“Aker”) is an industrial investment company founded in 1841 developing Aker has a long tradition of being a responsible enterprise and owner of companies. Aker industrial front-runners and creating shareholder value through active ownership. Aker is
Slide 31: Disclaimer
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
Slide 32: To learn more, please visit: www.akerasa.com
To learn more, please visit: www.akerasa.com 32