Aker Asa Class A · OSL:AKER

Aker Asa Class A — Q1 2013 Earnings Presentation

29 slides from Aker Asa Class A's earnings presentation, May 15, 2013

  1. Slide 1: First quarter results 2013

    Proud ownership First quarter results 2013 Oslo | 15 May 2013

  2. 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 15 May 2013 AKER ASA | First quarter results 2013 2

  3. Slide 3: Highlights | First quarter 2013

    Highlights | First quarter 2013 ▪ Net asset value increased to NOK 23.2 billion in Q1 vs. NOK 22.9 billion in Q4 ▪ Cash position reduced to NOK 2.8 million in Q1 vs. NOK 3.1 billion in Q4 ▪ Value-adjusted equity ratio unchanged at 85.7% ▪ Aker share rose 3.3% vs. 6.1% advance in OSEBX ▪ Aker AGM app

  4. Slide 4: Changes in NAV in Q1 2013

    Aker ASA and holding companies Changes in NAV in Q1 2013 NOK billion 24 22.9 (0.3) (0.3) 0.5 0,1 0.1 0.3 0,3 23,2 23.2 22,9 (0,3) (0,3) 0,5 22 20 18 16 14 31.12.12 AKSO KVAER DETNOR AKBM Other 31.3.13 15 May 2013 AKER ASA | First quarter results 2013 4

  5. Slide 5: Overview of Aker's portfolio based on different valuation approach

    Overview of Aker’s portfolio based on different valuation approach NOK billion per 31.03.13 Industrial holdings Financial investments Debt & liabilities Aker share price* 26.8 Price MNOK 23.2 AKSO 108.6 8 388 KVAER 12.1 935 DETNOR 90.1 6 334 «Gap» AKBM - 1 586 41% «Gap» HFISK 5.65 350 32% 13.5 OCY -

  6. Slide 6: Aker: A reliable dividend stock

    Aker: A reliable dividend stock 14 5 NOK per share 12 4 % of NAV 10 3 Dividend policy 8 6 The company’s policy is to pay annual 2 dividends of 2-4 per cent of net asset 4 value (NAV), with the intention of 1 sustaining nominal increasing payments 2 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 20

  7. Slide 7: Key financial indicators

    Aker ASA and holding companies Key financial indicators Net asset value NOK billion 350 30 300 25 250 20 200 15 NAV NOK 23.2 bn 150 10 100 5 50 0 0 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Gross assets Debt Industrial holdings NAV per share (NOK) ex. dividend in Q1 and Q4 Cash Dividend Receivables Ot

  8. Slide 8: This is Aker

    This is Aker As per 31.03.2013 (NOK BN) Industrial Holdings Financial Investments Aker Solutions1 40% 8.4 2.8 Cash Kvaerner1 41% 0.9 1.1 Receivables Det norske 50% 6.3 0.9 Real estate (receivables) Aker BioMarine 100% 1.6 0.2 Equity Investments Ocean Yield 100% 2.5 1.6 Fund Investments Havfisk 73% 0

  9. Slide 9: Aker ASA percent of investments related to oil and gas sector

    Aker ASA 61 percent of investments related to oil and gas sector Other 10% Seafood & Marine BioTech 9% Cash 10% NOK E&P 25% Marine assets 10% 27.0 bn Oil and gas related 61% Oil services 36% 15 May 2013 AKER ASA | First quarter results 2013 9

  10. Slide 10: Financial Investments

    Overview of Aker assets Financial Investments % of total Aker assets Q1 2013 performance:  Cash - NOK 2.8 billion vs. NOK 3.1 billion in Q4 26%  Receivables - NOK 2.0 billion vs. NOK 1.6 billion in Q4  Funds Financial investments - NOK 1.6 billion vs. NOK 1.5 billion in Q4 NOK billion  Equity an

  11. Slide 11: Industrial holdings

    Overview of Aker assets Industrial holdings % of total Aker assets 15% 10% 9% 74% 6% 5% 1% 0% Industrial holdings 01.01.2013 jan.13 feb.13 mar.13 NOK billion -4% -5% 20 OSEBX -10% Aker Solutions 15 Havfisk Kværner -15% Aker BioMarine 10 Det norske Ocean Yield Det norske oljeselskap -20% Kvaerner Hav

  12. Slide 12: Aker's dividend income 2009 – 2013

    Aker’s dividend income 2009 – 2013 NOK million 800 700 685* 600 Dividend income 500 461 400 2012 2013 2015 2020 Aker Solutions     300 Kværner     175 191 Det norske  200 137 Ocean Yield    100 Aker BioMarine   Aker Seafoods   0 2009 2010 2011 2012 2013* Aker Kværner Holding Ocean Yi

  13. Slide 13: Industrial holdings

    Aker Industrial holdings 15 May 2013 AKER ASA | First quarter results 2013 13

  14. 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 (31.03.13) Investment value of 31% NOK 8.4 billion Aker’s investment* Aker’s ownership agenda NOK million Value as per 31.12.2012 8 712 

  15. Slide 15: Kvaerner

    Industrial holdings Kvaerner Specialised EPC oil and gas company % of gross asset value (31.03.13) 3% Investment value of NOK 0.9 billion Aker’s investment* Aker’s ownership agenda NOK million Value as per 31.12.2012 1 251  Extract value from backlog through flawless execution Invested / divested i

  16. Slide 16: Det norske

    Industrial holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (31.03.13) Investment value of 23% NOK 6.3 billion ©Statoil Aker’s ownership agenda Aker’s investment NOK million  Recruit CEO and strengthen organisation in order Value as per

  17. Slide 17: Ocean Yield

    Industrial holdings Ocean Yield A marine assets company with focus on long-term contracts % of gross asset value (31.03.13) 9% Investment value of NOK 2.5 billion Aker’s ownership agenda Aker’s investment NOK million  Expand and diversify portfolio within oil services Value as per 31.12.2012 2 532

  18. Slide 18: Aker BioMarine

    Industrial holdings Aker BioMarine Integrated biotech company – uniquely positioned for krill harvesting and processing % of gross asset value (31.03.13) 6% Share investment value of NOK 1.6 billion Aker’s ownership agenda Aker’s investment NOK million  Maintain focus on krill oil business, expandi

  19. Slide 19: Havfisk

    Industrial holdings Havfisk Leading whitefish harvesting company % of gross asset value (31.03.13) 1% Investment value of NOK 0.4 billion Aker’s ownership agenda Aker’s investment NOK million  Deliver the fleet renewal program to improve Value as per 31.12.2012 365 harvesting and general capacity I

  20. Slide 20: Financial investments

    Aker Financial investments 15 May 2013 AKER ASA | First quarter results 2013 20

  21. Slide 21: Cash and receivables

    Financial investments Cash and receivables % of gross asset value (31.03.13) Investment value of NOK 3.9 billion, excl. real estate receivable 14% Key events Q1  Cash decreased by NOK 0.3 billion to NOK 2.8 billion: - Additional funding extended to Fornebuporten - Share issue conducted by Aker BioM

  22. Slide 22: Real estate

    Financial investments Real estate % of gross asset value (31.03.13) Loan from Aker of NOK 0.9 billion (receivable) 3% Key events Q1  Construction activity commenced at Fornebuporten  Agreement entered for external financing of office project  Successful launch of Fornebuporten Bolig’s first resid

  23. Slide 23: Fund investments

    Financial investments Fund investments % of gross asset value (31.03.13) Investment value of NOK 1.6 billion 6% Key events Q1 Key figures* 1Q12 1Q13 2012  Value of Fund investments rose to NOK 1.6 billion Asset value 1 180 1 597 1 503 from NOK 1.5 billion in previous quarter * In NOK million  Conv

  24. Slide 24: Financial Statements

    Aker Financial Statements 15 May 2013 AKER ASA | First quarter results 2013 24

  25. Slide 25: Balance sheet

    Aker ASA and holding companies Balance sheet 31.03 31.12 31.03 (in NOK million) 2012 2012 2013 Tangible and non-tangible fixed asset 285 264 263 Long-term interest bearing items 1 430 1 321 1 872 Long-term financial assets 11 373 12 034 12 256 Other current assets 66 56 79 Short-term interest bearin

  26. Slide 26: Interest bearing items and loan guarantees

    Aker ASA and holding companies Interest bearing items and loan guarantees 1200 5 000 Net interest bearing 1000 4 000 receivables NOK 1.3 billion 800 3 000 600 Bank debt Bond 2 000 Cash 400 Interest-bearing receivables 1 000 200 Debt 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Interest

  27. Slide 27: Income statement

    Aker ASA and holding companies Income statement 1Q 4Q 1Q Year (in NOK million) 2012 2012 2013 2012 Sales gains 47 - - 47 Operating expenses (65) (65) (52) (235) EBITDA (18) (65) (52) (189) Depreciation (4) (4) (4) (15) Value change (49) 88 128 (17) Net other financial items (3) 6 21 309 Profit befor

  28. Slide 28: Well positioned for further growth

    Industrial Financial Holdings investments Well positioned for further growth 15 May 2013 AKER ASA | First quarter results 2013 28

  29. Slide 29: 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

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