Aker Solutions Asa · OSL:AKSO

Aker Solutions Asa — Aker Kværner — Q1 2004 Earnings Presentation

18 slides from Aker Solutions Asa's earnings presentation, May 18, 2004

  1. Slide 1: 1st Quarter Results 2004

    1st Quarter Results 2004 Inge K. Hansen Finn Berg Jacobsen Group President & CEO Group EVP & CFO 18 May 2004 Agenda Topic Speaker „ Group update Inge K. Hansen „ Financials Finn Berg Jacobsen „ Closing remarks Inge K. Hansen „ Q & A session In the first quarter this year Kværner ASA announced a thre

  2. Slide 2: Aker Kvaerner refinanced; Highlights first quarter 2004

    Aker Kvaerner refinanced Public Aker RGI/ AMA 25% 75% Public Kværner Public (29%¹) 42% (71%¹) 58% 79%1,2 21%1,2 Aker Yards „ Successfully refinanced „ EUR 260 million international bond placed „ EUR 150 million revolving credit facility arranged „ NOK 2.1 billion IPO „ Separate listing on Oslo Stock

  3. Slide 3: Safety; Key indicators

    Safety Quarterly Annual Number of lost time Number of lost time incidents per million incidents per million hours worked hours worked 3 3 2,8 2,8 2,5 2,5 2,2 2 2,0 2 2,0 2,0 1,5 1,5 1,4 1 1 0,9 0,5 0,5 0 0 2Q03 3Q03 4Q03 1Q04 2000 2001 2002 2003 Page 5 Key indicators Operating EBITDA Cash Net curren

  4. Slide 4: Good order backlog

    Good order backlog Order intake Order reserve 12000 35000 30000 10000 25000 8000 20000 Other Process 6000 Pulping and Power 15000 Subsea and P&T 4000 MMO 10000 Field Development 2000 5000 0 0 1Q03 2Q03 3Q03 4Q03 1Q04 1Q03 2Q03 3Q03 4Q03 1Q04 -2000 -5000 Page 7 Agenda Topic Speaker „ Group update Ing

  5. Slide 5: Financial reporting structure; Income statement consolidated

    Financial reporting structure Aker Kvaerner Oil & Gas Maintenance, Subsea and Pulping Field Modifications Products & Process and Development and Operations Technologies Power Field Development MMO Europe Subsea and Process, Pharma, Pulping and Power Europe and Oil, Products & Metals, Chemetics Gas &

  6. Slide 6: Income statement consolidated; Cashflow

    Income statement consolidated (in NOK million) 1Q03 2Q03 3Q03 4Q03 1Q04 2003 Operating revenues 7,239 7,563 7,459 9,066 7,715 31,327 EBITDA 209¹ 194 257 343 324 1,003 Depreciation -74 -87 -81 -91 -74 -333 EBITA 135 107 176 252 250 670 Amortisation -76 -76 -77 -86 -89 -315 EBIT bef. except. 59 31 99

  7. Slide 7: Assets; Debt and equity

    Assets (in NOK million) 1Q03 2Q03 3Q03 4Q03 1Q04 Property, plant and equipment 1,792 1,577 1,556 1,422 1,395 Other fixed assets 4,823 4,817 4,676 4,627 4,583 Long-term financial assets 251 238 223 212 195 Long-term int. bearing receivables 104 91 41 30 29 Cash & short-term interest bearing receivabl

  8. Slide 8: Field Development; Maintenance, Modifications and Operations

    Field Development EBITDA 96 94 (in NOK million) „ Operations ƒ Revenues stable, profits improved ƒ US business improved 33 „ Market 22 ƒ Few new large orders decided 7 ƒ Preliminary work on LNG 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 terminals continues (in NOK million) 1Q03 2Q03 3Q03 4Q03 1Q04 2003 Operating

  9. Slide 9: Subsea, Products & Technologies; Process

    Subsea, Products & Technologies 111 EBITDA 101 94 93 94 (in NOK million) „ Operations ƒ Revenues and profit stable¹ ƒ Good order reserve ƒ Houston subsea workshop phased-out ƒ Pusnes subsidiaries sold „ Market ƒ Good order intake in subsea, deepwater 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 mooring and marine

  10. Slide 10: Pulping & Power

    Pulping & Power 91 EBITDA 73 „ Operations (in NOK million) ƒ Continued high activity 50 ƒ Profits sustained at comfortable levels 34 34 „ Market ƒ Satisfactory order intake in 1Q ƒ Major fiberline and power contract 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 confirmed in 2Q (in NOK million) 1Q03 2Q03 3Q03 4Q03 1

  11. Slide 11: Oil & Gas - Market perspective; E&C - Market perspective

    Oil & Gas - Market perspective Market perspective „ Continued interest for LNG receiving terminals „ Continued uncertainty with respect to Ill: ConocoPhillips timing of large projects in emerging markets „ Growing study activity in Deepwater Gulf of Mexico „ Sustainable onshore Oil & Gas Ill: Chevro

  12. Slide 12: Outlook: on track, EBITDA target NOK 1,750 million

    Outlook On track! „ Oil & Gas EBITDA ƒ Performance continues to (in NOK billion) 1,75 improve 1,5 „ Eng & Construction Annual ƒ Continues to improve as run-rate¹ 1,3 new orders come into 1,0 effect „ Phasing ƒ Second half of the year 0,6 normally stronger than 0,3 first half „ Dividend policy establ

  13. Slide 13: Additional information: Order intake

    Additional information Page 25 Order intake (in NOK million) 1Q03 2Q03 3Q03 4Q03 1Q04 2003 Field Development 2,543 1,003 2,406 2,564 1,343 8,516 MMO 2,289 1,323 1,169 1,729 1,065 6,510 Subsea and P&T 1,592 2,809 1,528 1,507 1,908 7,436 Process 3,143 2,638 1,249 2,160 2,403 9,190 Pulping & Power 1,09

  14. Slide 14: Order reserve; Net current operating assets

    Order reserve (in NOK million) 1Q03 2Q03 3Q03 4Q03 1Q04 Field Development 7,777 6,892 7,187 7,701 6,779 MMO 8,871 8,691 8,302 8,283 7,864 Subsea and P&T 4,038 5,101 5,149 4,897 5,213 Process 7,435 8,460 7,632 7,310 8,194 Pulping and Power 1,977 3,340 3,421 4,178 3,897 Other -819 -915 -893 -878 -842

  15. Slide 15: Field Development; Maintenance, Modifications and Operations

    Field Development (in NOK million) 1Q03 2Q03 3Q03 4Q03 1Q04 2003 Operating revenues 2,077 1,908 2,064 2,195 2,034 8,244 EBITDA 22 7 33 96 94 158 EBITA 2 -18 12 74 79 70 EBIT bef. except. -15 -35 -5 54 62 -1 Exceptionals 0 0 0 0 0 0 EBIT -15 -35 -5 54 62 -1 Order intake 2,543 1,003 2,406 2,564 1,343

  16. Slide 16: Subsea, Products & Technologies; Process

    Subsea, Products & Technologies (in NOK million) 1Q03 2Q03 3Q03 4Q03 1Q04 2003 Operating revenues 1,514 1,779 1,507 1,941 1,614 6,741 EBITDA 94 93 111 101 94 399 EBITA 68 62 80 67 67 277 EBIT bef. except. 55 50 67 52 42 224 Exceptionals 0 0 0 0 0 0 EBIT 55 50 67 52 42 224 Order intake 1,592 2,809 1,

  17. Slide 17: Pulping & Power; Other and eliminations

    Pulping & Power (in NOK million) 1Q03 2Q03 3Q03 4Q03 1Q04 2003 Operating revenues 621 918 892 1,251 1,148 3,682 EBITDA 34 34 50 91 73 209 EBITA 25 24 39 80 63 168 EBIT bef. except. 17 17 32 74 54 140 Exceptionals 0 -87 0 -3 0 -90 EBIT 17 -70 32 71 54 50 Order intake 1,099 2,138 1,043 1,950 874 6,230

  18. Slide 18: Employees; Disclaimer

    Employees 1Q03 2Q03 3Q03 4Q03 1Q04 Field Development 5,865 5,633 5,507 5,200 4,798 MMO 5,524 5,503 5,490 5,224 5,183 Subsea and P&T 3,832 3,697 3,599 3,468 3,441 Process 5,906 5,513 5,621 5,528 4,944 Pulping and Power 1,924 1,877 1,905 1,938 1,965 Other 923 929 912 890 1,012 Total number of employee

Aker Kværner — Q1 2004 Earnings Presentation on 6ix