Aker ASA Status and Outlook

Transcription

1 Proud ownership Aker ASA Status and Outlook Trond Brandsrud, CFO, Copenhagen

2 This is Aker As per (NOK BN) Industrial Holdings Financial Investments Aker Solutions 1 40% Cash Kvaerner 1 41% Receivables Det norske 50% Real estate (receivables) Aker BioMarine 100% Equity Investments Ocean Yield % Fund Investments Havfisk 73% Other Financial Investments 1 Held by Aker Kvaerner Holding, in which Aker has a 70% ownership interest. Subsequently, Aker acquired million shares (~6%) in Aker Solutions in 4Q13. 2 Ownership stake reduced to 73.4% in 4Q

3 A portfolio of both listed and unlisted assets Unlisted listed unlisted

4 Positioned in attractive industry segments Oil and gas Maritime assets Seafood and Marine BioTech Deepwater and subsea U.S. Jones Act Krill

5 Aker ASA 50 percent of investments related to oil & gas sector per 3Q13 Other 8% Real estate development 4% Seafood & Marine BioTech 8% Cash 17% BNOK 27.6 E&P 22% Oil and gas related 50% Maritime assets 13% Oil services 28%

6 Aker ASA and holding companies Key financial indicators per 3Q13 Net asset value NOK billion NAV NOK 22 bn Q Q Q Q Q Gross assets Debt NAV per share (NOK) ex. dividend in Q1 and Q4 Industrial holdings Cash Dividend Receivables Share price development Other assets Interest bearing liabilities 6

7 Aker s dividend income NOK million ~ Aker Kværner Holding Ocean Yield Other Dividend income Aker Solutions Kværner Det norske Ocean Yield Aker BioMarine Havfisk

8 Aker: A reliable dividend stock NOK per share % of NAV Dividend policy The company s policy is to pay annual dividends of 2-4 per cent of net asset value (NAV), with the intention of sustaining nominal increasing payments Dividend payment (NOK) % of NAV % of share price (direct yield) 1) 1) As per end of the preceding year

9 Aker Industrial holdings

10 Aker Solutions Opportunities Subsea factory - high system integration Strong presence on the NCS Challenges Execution challenges Asset-intensive units Ownership agenda Subsea leadership High ROCE Promote operational excellence Streamline portfolio around growing offshore regions and segments Strong presence in growth regions

11 Det norske Opportunities Ownership stake in Johan Sverdrup Building operatorship experience Challenges Financing requirements Young organisation whose capabilities need to be enhanced Ownership agenda Secure financing for Johan Sverdrup and participate without dilution Highgrade portfolio Grow through focused exploration Introduce annual dividend following Johan Sverdrup production start

12 Ocean Yield Opportunities Cost-efficient operation, low WACC High revenue visibility Solid demand for ship leasing Challenges Portfolio insufficiently diversified Risk of growing competition Ownership agenda Maintain high dividend yield Grow and diversify portfolio through regular acquisitions Ensure optimal capital structure

13 Aker BioMarine Opportunities High margin business Strong global growth in krill oil Challenges Legal disputes over patents Risk of increased competition Ownership agenda Expand krill oil production capacity Expand market for krill derived products Generate upstream cash flow for Aker Gradually realise remaining pharmaceutical assets

14 Kvaerner Havfisk Ownership agenda Restructure and focus the business model Maintain operational excellence Focus on NCS and Concrete Ownership agenda Optimise portfolio of quotas & trawlers Enhance profitability Generate upstream cash flow to Aker

15 Aker Financial investments

16 Fornebuporten Fund Investments Ownership agenda Conclude marketing and sales Complete building constructions on schedule and on budget Opportunistically sell assets prior to or upon building completion Ownership agenda Develop and maximise values Gradually reduce exposure through exits / realisations

17 Conclusion Active and committed ownership Portfolio of investments in attractive growth segments Solid balance sheet and strong equity position Sustainable and increasing dividend with competitive yield Continue divestments and focus portfolio

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