Aker Asa Class A · OSL:AKER

Aker Asa Class A — Q4 2012 Earnings Presentation

31 slides from Aker Asa Class A's earnings presentation, Feb 22, 2013

  1. Slide 1: Fourth quarter and preliminary annual results 2012

    Proud ownership Fourth quarter and preliminary annual results 2012 Oslo | 22 February 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 Q&A Trond Brandsrud 22 February 2013 AKER ASA | Fourth quarter and preliminary annual results 2012 2

  3. Slide 3: Highlights | Q4 and preliminary annual results 2012

    Highlights | Q4 and preliminary annual results 2012 Q4 Financials: 2012 Financials: ▪ Net asset value valued at NOK 22.9 ▪ Net asset value gained 18% from NOK billion in Q4 vs. NOK 23.3 billion in Q3 19.4 billion in 2011, biggest annual advance since 2006 ▪ Value-adjusted equity ratio stood at 86% i

  4. Slide 4: Changes in NAV in 2012

    Aker ASA and holding companies Changes in NAV in 2012 NOK billion 24 0,5 (0,3) 0,4 0,0 (0,8) 0,0 3,9 (0,2) 22,9 22 20 19,4 18 16 14 31.12.11 AKSO KVAER DETNOR AKBM Other value Other Paid dividend Own shares 31.12.12 22 February 2013 AKER ASA | Fourth quarter and preliminary annual results 2012 4

  5. Slide 5: Aker's stock performance in 2012

    Aker’s stock performance in 2012 240 220 200 180 160 140 120 31.12.11 31.01.12 29.02.12 31.03.12 30.04.12 31.05.12 30.06.12 31.07.12 31.08.12 30.09.12 31.10.12 30.11.12 31.12.12 22 February 2013 AKER ASA | Fourth quarter and preliminary annual results 2012 5

  6. Slide 6: Overview of Aker's portfolio based on different valuation approach

    Overview of Aker’s portfolio based on different valuation approach NOK billion per 31.12.12 Industrial holdings Financial investments Debt & liabilities Aker share price* 27.3 Price MNOK AKSO 112.8 8 712 22.9 KVAER 16.2 1 251 DETNOR 82.5 5 803 AKBM 1.3 1 361 «Gap» AKS 5.88 365 45% «Gap» O YIELD 2 53

  7. Slide 7: 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

  8. Slide 8: 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 22.9 bn 150 10 100 5 50 0 0 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Gross assets Debt Industrial holdings NAV per share (NOK) ex. dividend in Q1 and Q4 Cash Dividend Receivables Ot

  9. Slide 9: This is Aker

    This is Aker As per 31.12.2012 Industrial Financial Holdings Investments Aker Solutions1 40% 8.7 3.1 Cash Kvaerner1 41% 1.3 0.9 1.7 Receivables Det norske 50% 5.8 0.7 Real estate (receivables) Aker BioMarine2 89% 1.4 0.2 Equity Investments Ocean Yield 100% 2.5 1.5 Fund Investments Aker Seafoods 73%

  10. Slide 10: Aker ASA percent of investments related to oil and gas sector

    Aker ASA 71 percent of investments related to oil and gas sector Other 10% Seafood & Marine BioTech 7% Cash 12% NOK E&P 23% 26.8 bn Oil and gas related 71% Oil services 49% 22 February 2013 AKER ASA | Fourth quarter and preliminary annual results 2012 10

  11. Slide 11: Financial Investments

    Overview of Aker assets Financial Investments % of total Aker assets 4Q 2012 performance:  Cash - NOK 3.1 billion vs. NOK 4.3 billion in Q3 25%  Receivables - NOK 1.6 billion vs. NOK 1.1 billion in Q3  Funds Financial investments - Unchanged at NOK 1.5 billion NOK billion  Equity and other finan

  12. Slide 12: Industrial holdings

    Overview of Aker assets Industrial holdings % of total Aker assets 100% 87% 80% 84% 75% 60% Industrial holdings NOK billion 40% 20 OSEBX Aker Solutions 20% 15 15% Kværner 11% Aker Seafoods Aker BioMarine 0% -2% Det norske 10 Ocean Yield 01.01.2012 1Q 2012 2Q 2012 3Q 2012 4Q 2012 Aker BioMarine Det n

  13. Slide 13: Changes in NAV in Q4

    Aker ASA and holding companies Changes in NAV in Q4 NOK billion 24 0,3 0,1 (0,8) 23,3 0,1 0,1 (0,2) 22,9 22 20 18 16 14 30.9.12 AKSO KVAER DETNOR AKBM Net other value Net other, incl 31.12.12 changes purchase own shares 22 February 2013 AKER ASA | Fourth quarter and preliminary annual results 2012 1

  14. Slide 14: Aker's dividend income 2009 – 2013

    Aker’s dividend income 2009 – 2013 NOK million 800 700 >650* 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 Y

  15. Slide 15: Industrial holdings

    Aker Industrial holdings 22 February 2013 AKER ASA | Fourth quarter and preliminary annual results 2012 15

  16. Slide 16: Aker Solutions

    Industrial holdings Aker Solutions Global oil services company providing services, technologies, product solutions and field life solutions % of gross asset value (31.12.12) Investment value of 33% NOK 8.7 billion Aker’s investment* Aker’s view NOK million Value as per 31.12.2011 4 862  Most busine

  17. Slide 17: Kvaerner

    Industrial holdings Kvaerner Specialized EPC oil and gas company % of gross asset value (31.12.12) 5% Investment value of NOK 1.3 billion Aker’s investment* Aker’s view NOK million Value as per 31.12.2011 753  Extract value from strong backlog through Invested / divested in 4Q 2012 - flawless execu

  18. Slide 18: Det norske

    Industrial holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (31.12.12) Investment value of 22% NOK 5.8 billion ©Statoil Aker’s view Aker’s investment* Value as per 31.12.2011 5 719  Recruit CEO and strengthen organisation’s capacity to h

  19. Slide 19: Ocean Yield

    Industrial holdings Ocean Yield A marine assets company with focus on long-term contracts % of gross asset value (31.12.12) 9% Investment value of NOK 2.5 billion Aker’s investment Aker’s view NOK million Invested / divested in 1H 2012 2 532*  Expand and diversify portfolio within oil services Inve

  20. Slide 20: Aker BioMarine

    Industrial holdings Aker BioMarine Integrated biotech company – uniquely positioned for krill harvesting and processing % of gross asset value (31.12.12) 5% Share investment value of NOK 1.4 billion Aker’s view Aker’s share investment* Value as per 31.12.2011 1 053  Merger between Aker BioMarine an

  21. Slide 21: Aker Seafoods

    Industrial holdings Aker Seafoods Leading whitefish harvesting company % of gross asset value (31.12.12) 1% Investment value of NOK 0.4 billion Aker’s investment Aker’s view NOK million Invested / divested in 1H 2012 371*  Deliver the fleet renewal program to improve Invested / divested in 4Q 2012

  22. Slide 22: Financial investments

    Aker Financial investments 22 February 2013 AKER ASA | Fourth quarter and preliminary annual results 2012 22

  23. Slide 23: Cash and receivables

    Financial investments Cash and receivables % of gross asset value (31.12.12) Investment value of NOK 4.0 billion, excl. real estate receivable 15% Key events Q4  Cash decreased by NOK 1.2 billion to NOK 3.1 billion: - Participation in Det norske share issue - Repayment of matured bond loan (AKER04)

  24. Slide 24: Real estate

    Financial investments Real estate % of gross asset value (31.12.12) Loan from Aker of NOK 0.7 billion (receivable) 3% Key events Q4 Fornebuporten as a development project  Dialogue with tenants for commercial real estate ongoing, 90 per cent of retail space let out Divestment (partly or fully)  Aw

  25. Slide 25: Fund investments

    Financial investments Fund investments % of gross asset value (31.12.12) Investment value of NOK 1.5 billion 6% Key events Q4 Key figures* 3Q12 4Q12 4Q11  Value of Fund investments unchanged from Asset value 1 531 1 503 1 410 previous quarter at NOK 1.5 billion * In NOK million  Converto Capital F

  26. Slide 26: Financial Statements

    Aker Financial Statements 22 February 2013 AKER ASA | Fourth quarter and preliminary annual results 2012 26

  27. Slide 27: Balance sheet

    Aker ASA and holding companies Balance sheet 31.12 30.09 31.12 (in NOK million) 2011 2012 2012 Tangible and non-tangible fixed asset 297 266 264 Long-term interest bearing items 4 021 862 1 321 Long-term financial assets 9 049 11 654 12 034 Other current assets 32 61 56 Short-term interest bearing i

  28. Slide 28: 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 1.2 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

  29. Slide 29: Income statement

    Aker ASA and holding companies Income statement 3Q 4Q Year Year (in NOK million) 2012 2012 2011 2012 Sales gains - - 1191 47 Operating expenses (58) (65) (225) (235) EBITDA (58) (65) 966 (189) Depreciation (4) (4) (15) (15) Value change 259 88 55 (17) Net other financial items (99) 6 30 309 Profit b

  30. Slide 30: Well positioned for further growth

    Industrial Financial Holdings investments Well positioned for further growth 22 February 2013 AKER ASA | Fourth quarter and preliminary annual results 2012 30

  31. Slide 31: 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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