Aker Asa Class A · OSL:AKER
Aker Asa Class A — Aker Asa A Shs — Q4 2023 Earnings Presentation
32 slides from Aker Asa Class A's earnings presentation, Feb 20, 2024
Slide 1: Fourth Quarter and Preliminary Annual Results 2023
Fourth Quarter and Preliminary Annual Results 2023 February 20, 2024
Slide 2: Q4 2023 Key highlights
Q4 2023 | Key highlights Active ownership Solid financial metrics FINANCIALS Norwegian kroner Net Asset Value: NOK 63.2bn, down from NOK 64.1bn at Q3 2023 Share price: NOK 666.00, an increase of +3.3% in the quarter incl. dividend, vs. Brent oil price -16%, OSEBX +1.2% 63bn 72bn Total shareholder re
Slide 3: Net Asset Value development
Q4 2023 | Net Asset Value development NAV development – 4Q 2023 NAV development – full-year 2023 NOK billion, % NOK billion, % -2.2% +0.4% (-1.4bn) (+0.2bn) 1.1 0.5 0.5 (0.2) (0.1) (0.6) 64.3 66.9 2.0 (4.0) 64.1 0.8 65.4 (1.1) 63.2 (1.1) (2.2) 63.2 Q3 Aker BP* Aker Bio- Aker Aker Other* Q4 Dividends
Slide 4: NAV per share NOK 851, value adjusted equity 88%
Q4 2023 | NAV per share NOK 851, value adjusted equity 88% Net asset value (NAV) development per share vs. share price Net asset value (NAV) composition NOK per share NOK billion, % 1 200 72.1 1 006 1 000 953 954 968 929 900 901 838 862 851 803 790 800 770 718 825 810 756 60.2 63.2 706 720 (84%) 692
Slide 5: Positive Net Asset Value and Share price development
Positive Net Asset Value and Share price development Aker has delivered +25% avg. annual shareholder return, with dividend added back since 2004 (vs. OSEBX +10%) 90 1 000 Share price Financial investments 70bn 900 80 67bn Industrial holdings 63bn 70 Debt 800 50bn 53bn 700 60 42bn 42bn 600 50 34bn Sh
Slide 6: Aker ASA – Paying a steadily rising dividend
Aker ASA – Paying a steadily rising dividend Aker ASA has delivered +13.7% average annual growth in dividends paid over the last 15 years 35 Dividend policy: annual dividends of 2-4% of value-adjusted equity (NAV) 31kr 30kr 30 29kr Consensus 25 23.5kr 23.5kr 22.5kr 2H +13.7% 2H Dividend per share 20
Slide 7: Asset Base of NOK 72 billion
Q4 2023 | Asset Base of NOK 72 billion Portfolio composition (GAV) Sector composition (GAV) NOK billion, % share of GAV % of GAV per Q4 2023 vs. (per Q4 2022) Listed investments Unlisted investments Real estate 2% (1%) Maritime assets 1% (1%) Cash 1% (2%) Other Seafood and Marine biotech 4% (3%) Ind
Slide 8: Solstad refinancing completed
Solstad refinancing completed Refinancing completed after quarter-end ▪ A robust capital structure established in a critical situation ▪ Refinanced NOK 11.4bn of secured bank debt maturing 31 March 2024, in cooperation with DNB and Eksfin ▪ Injection of NOK 4bn of new equity in Solstad • NOK 2.25bn
Slide 9: Aker invests along global megatrends
Aker invests along global megatrends ENERGY SECURITY, EFFICIENCY & TRANSITION INDUSTRIAL DIGITALIZATION SUSTAINABLE PROTEINS & NUTRITION Managed by: Other equity investments, including: MANAGED ASSETS SOLSTAD OFFSHORE 9
Slide 10: Financial Investments
Financial Investments 10
Slide 11: Financial Investments Overview
Financial Investments Q4 2023 | Overview Total Financial Investments – as share of Gross Asset Value (per 31.12.2023) NOK 12 billion 16% 14 12.9 12.6 12.2 1.0 1.2 11.9 12 1.0 1.2 1.5 1.3 Real estate 0.9 10 0.8 Cash 2.6 2.4 2.5 Listed financial NOK billion 8 2.9 investments 6 4 7.8 7.9 7.8 Other fina
Slide 12: Cash
Financial Investments Q4 2023 | Cash Cash – as share of Gross Asset Value (per 31.12.2023) 1% NOK 0.8 billion Cash decreased by 680m to NOK 774 million +1,841m Dividends received -1,114m Dividends paid -655m Loans and investments in portfolio companies -479m Settlement of AMSC TRS-agreements -237m O
Slide 13: Listed financial investments
Financial Investments Q4 2023 | Listed financial investments Listed financial investments – as share of Gross Asset Value (per 31.12.2023) NOK 2.9 billion 4% Listed financial investments Developments in the quarter NOK million 1Q 23 2Q 23 3Q 23 4Q 23 ▪ Investment in Solstad Offshore of NOK 404m and
Slide 14: Other financial investments
Financial Investments Q4 2023 | Other financial investments Other financial investments – as share of Gross Asset Value (per 31.12.2023) NOK 8.2 billion 11% Photo: Aker Tech House Other financial investments Developments in the quarter NOK million 1Q 23 2Q 23 3Q 23 4Q 23 ▪ Real estate: increased by
Slide 15: Financial Statements
Financial Statements 15
Slide 16: Balance Sheet and Fair value adjustments
Aker ASA and holding companies Q4 2023 | 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 Q3 2023 Q4 2023 Q3 2023 Q4 2023 Non-interest bearing and fixed non-cu
Slide 17: Robust financial position, strong liquidity
Aker ASA and holding companies Q4 2023 | Robust financial position, strong liquidity NOK 6.3 bn NOK 3.1 bn BBB- Total liquidity reserve Net interest-bearing debt IG rating 6.3 11% 8.6 Cash 0.8 Loan-to-value (net LTV)1 4.7 5% Undrawn 5.5 credit facilities 0.8 3.1 NIBD2 78% Total Gross Interest- Cash
Slide 18: Debt maturity profile
Aker ASA and holding companies Q4 2023 | Debt maturity profile Norwegian kroner 2.6 Years 5bn NOK billion average debt maturity Bonds 4 3.1 3 Schuld- 2.5 3.6bn schein 2.0 Bank- and 2 Schuldschein loans Bank AKER16 loans 1 AKER15 0.5 0.5 Rating & Outlook AKER17 AKER18 AKER19 0 Aker ASA: BBB-/Stable 2
Slide 19: Income statement
Aker ASA and holding companies Q4 2023 | Income statement NOK million Combined Year Year Income statement Q4 2022 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Operating revenues - - - - - - - Operating expenses (85) (370) (105) (96) (97) (106) (404) EBITDA (85) (370) (105) (96) (97) (106) (404) Depreci
Slide 20: Proud ownership / Q&A
Proud ownership Q&A ▪ Active ownership ▪ Megatrend-oriented ▪ Proven track-record ▪ Industrial expertise ▪ Financial flexibility ▪ Unique ecosystem ▪ ESG and digital focus 20
Slide 21: Appendix
Appendix 21
Slide 22: Net Asset Value (NAV) details
Net Asset Value (NAV) details NOK million Net Asset Value (NAV) details per 4Q 2023 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Number Ownership Share of of shares share total assets • Net asset value (“NAV”) is Gross asset value Aker BP 133 757 576 21,2% 54,8% 36 329 44
Slide 23: Segment information – Industrial Holdings
Segment information – Industrial Holdings NOK million Industrial Holdings Ownership 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 Net Dividend Other Value 4Q 2023 per 4Q 2023 investments income changes change Value Aker BP 21,2% 36 329 44 220 45 758 41 813 40 676 34 282 33 680 39 5
Slide 24: Segment information – Industrial Holdings (Aker BP)
Segment information – Industrial Holdings USD million ENERGY SECURITY, EFFICIENCY & TRANSITION Aker BP (ticker: AKRBP) 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 Net Production Volume (mboepd) 207 209 208 181 412 432 309 453 481 450 444 457 Revenu
Slide 25: Segment information – Industrial Holdings (Aker BioMarine)
Segment information – Industrial Holdings USD million SUSTAINABLE PROTEINS & NUTRITION Aker BioMarine (ticker: AKBM) 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 Offshore Krill Production Volume (MT) 3 101 43 756 20 809 16 534 12 737 1 963 52 042 19
Slide 26: Segment information – Financial Investments
Segment information – Financial Investments NOK million Financial Investments Ownership 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 per 4Q 2023 Cash 4 025 4 406 2 035 2 502 1 290 1 162 876 1 454 774 Real Estate 908 958 958 973 973 993 993 1 158 1 313 Aker Property Group 1
Slide 27: Income statement and Balance sheet
Income statement and Balance sheet NOK million Combined Income Statement 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 Operating revenues* 4 072 4 072 - - - - - - - - - - Operating expenses (141) (369) (108) (94) (82) (85) (370) (105) (96) (97) (106)
Slide 28: External interest-bearing debt
External interest-bearing debt NOK million External interest-bearing debt 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 AKER09 1 000 1 000 1 000 AKER14 2 000 2 000 2 000 1 581 AKER15 2 000 2 000 2 000 2 000 2 000 2 000 2 000 2 000 2 000 AKER16 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’s ambition is to ensure that portfolio companies represent profitable, safe, and industrial front-runners and creating shareholder value through active ownership. Aker is su
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