Aker Asa Class A · OSL:AKER
Aker Asa Class A — Q1 2020 Earnings Presentation
17 slides from Aker Asa Class A's earnings presentation, May 8, 2020
Slide 1: First-quarter results 2020
Proud ownership Q1 Aker ASA First-quarter results 2020 2020 8 May 2020
Slide 2: Highlights
Highlights ▪ Net asset value: Decreased by 52 per cent to NOK 24.1 billion. Per-share NAV amounted to NOK 325. ▪ Return: Aker share price decreased 57 per cent, to NOK 235.60 vs. OSEBX down 24 per cent and the Brent price down 65.5 per cent. ▪ Liquidity reserve: NOK 6.1 billion, cash amounted to NOK
Slide 3: Net asset value down 52% in the quarter to NOK 24.1 billion
Aker ASA and holding companies Net asset value down 52% in the quarter to NOK 24.1 billion Net asset value change in Q1 2020 NOK billion 4Q19 50.0 50.0 Aker BP (21.6) Ocean Yield (2.5) Aker Solutions (1.8) Akastor (0.6) Kvaerner (0.4) -52% Currency effects (0.9) Listed Financial Investments (0.4) Ot
Slide 4: Share price down 57%, continued strong cash holding
Aker ASA and holding companies Share price down 57%, continued strong cash holding NAV per share vs. share price Net asset value composition NOK per share NOK billion, per 1Q 2020 900 37.7 800 757 700 673 603 600 580 Industrial Holdings Other Financial Investments 500 24.1bn 64% Cash 402 77% 29.0 40
Slide 5: Portfolio composition
Aker ASA and holding companies Portfolio composition Portfolio composition Gross asset value distribution NOK billion, per 1Q 2020 Per 1Q 2020 (4Q 2019) Listed investments Oil Unlisted investments services 4% (7%) Real estate investments 2% (1%) Industrial Holdings Financial Investments Other 5% (3%
Slide 6: Aker's portfolio of listed Industrial Holdings
Listed Industrial Holdings Aker’s portfolio of listed Industrial Holdings - Share of Aker’s GAV in circle colour – return in the quarter (incl. received dividend) inside the circle - and key highlights • Successful issuance of USD 1.5 billion • Significant reduction in activity. Focus notes, at a ve
Slide 7: Aker's portfolio of non-listed Industrial Holdings
Non-listed Industrial Holdings Aker’s portfolio of non-listed Industrial Holdings – These companies are at book value in Aker’s accounts – key highlights shown below Exploration & Production company in Ghana Industrial software and digitalisation company Integrated biotech company – specialised in k
Slide 8: Financial Investments
Aker Financial Investments 8 May 2020 AKER ASA | First-quarter results 2020 8
Slide 9: Financial Investments Overview
Financial Investments Overview % of gross asset value (31.03.2020) Value of NOK 8.7 billion 23% NOK billion 9 8 Other financial investments 7 6 Real estate 5 Listed financial investments 4 3 Cash 2 1 0 30.09.19 31.12.19 31.03.20 8 May 2020 AKER ASA | First-quarter results 2020 9
Slide 10: Cash
Financial Investments Cash % of gross asset value (31.03.2020) Value of NOK 4.4 billion 12% ▪ Cash up NOK 673 million in the quarter to NOK 4.4 billion: + NOK 1006 million in dividend received in cash – NOK 253 million in net increased receivables from portfolio companies – NOK 202 million in operat
Slide 11: Listed financial investments
Financial Investments Listed financial investments % of gross asset value (31.03.2020) Value of NOK 0.7 billion 2% Aker’s investment ▪ Value decrease of AMSC of NOK 157 million in the quarter. NOK million 3Q 19 4Q 19 1Q 20 In addition, negative value development of AMSC TRS Philly Shipyard 280 309 3
Slide 12: Real estate and other financial investments
Financial Investments Real estate and other financial investments % of gross asset value (31.03.2020) Value of NOK 3.6 billion 9% Aker’s investment ▪ Other financial investments mainly consist of receivables 3Q 19 4Q 19 1Q 20 NOK million against Aker BioMarine and Estremar Invest, airplanes, and unl
Slide 13: Financial Statements
Aker Financial Statements 8 May 2020 AKER ASA | First-quarter results 2020 13
Slide 14: Balance sheet at 31.03.2020
Aker ASA and holding companies Balance sheet at 31.03.2020 Value-adjusted (MNOK) 37 677 Book value (MNOK) 10 485 13 542 24 135 10 485 20 036 4 388 13 651 1 674 27 1 067 Tangible and non- Interest-bearing assets Non interest-bearing Cash and cash Investments Liabilities Shareholders tangible fixed as
Slide 15: Interest-bearing items as of 31.03.2020
Aker ASA and holding companies Interest-bearing items as of 31.03.2020 NOK million 13 000 12 000 11 000 10 000 NOK million 9 000 Net interest-bearing debt of 7000 Bank loans NOK 6.7 billion 8 000 6000 Bonds 7 000 6 000 5000 AKER 10 5 000 4000 4 000 3000 AKER 10 Cash 3 000 Interest-bearing receivable
Slide 16: Income statement
Aker ASA and holding companies Income statement Amounts in NOK million 1Q 2019 4Q 2019 1Q 2020 Year 2019 Sales gains - - - - Operating expenses (66) (64) (62) (267) EBITDA (66) (64) (62) (267) Depreciation and impairment (5) (8) (9) (25) Value change 51 (63) (677) (435) Net other financial items 797
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