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Aker Solutions Investor Presentation 2022
3531_rns_2022-10-25_92e6dc21-6488-454e-ab4b-b285998614d3.pdf
Investor Presentation
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3Q 2022
Fornebu, October 25, 2022 Kjetel Digre and Idar Eikrem
2022 © Aker Solutions
3Q 2022 | On-Track with Financial Targets
Excluding special items
10.0 NOK BILLION 0 2 4 6 8 10 12 3Q21 4Q21 1Q22 2Q22 3Q22
Revenue Excluding special items EBITDA 749 NOK MILLION 0 200 400 600 800 3Q21 4Q21 1Q22 2Q22 3Q22
Order Intake Order Backlog
50.9 NOK BILLION 20 30 40 50 60
3Q21 4Q21 1Q22 2Q22 3Q22
Financials
- On-track with financial targets
- Top and bottom lines increased from same period last year
- Strong periodic profit in Subsea positively impacted by initiating margin recognition on the Jansz subsea gas compression project
- Continued high FEED and tender activity across segments
- Supporting the potential for record high order intake in 2022
Transformation
- Subsea Joint Venture with Schlumberger and Subsea 7
- Further strengthening Engineering Consultancy services
- Around 2,300 new employees recruited year-to-date globally
Outlook and Developments
- Well-positioned for project sanctioning
- Strong focus on energy security, increasing demand
- Managing global inflation and capacity proactively
0 10
3Q 2022 | Operational Highlights
3Q 2022 | New Orders
Renewables and Field Development
- Jackdaw unmanned wellhead platform for the Jackdaw gas field in the UK for Shell
- HVDC platform for the Norfolk Boreas offshore wind farm in the UK for Vattenfall1
- NOK 4.9 billion Growth in scope on existing contracts and frame agreements
Electrification, Maintenance and Modifications
- Modification work for customers including for Shell and Aker BP
- Halten East EPCI work and growth in scope on existing contracts including Troll West NOK 1.8 billion Electrification and Johan Sverdrup phase 2 hook-up
Subsea
- Trell & Trine Subsea Production System and Umbilicals for Aker BP
- Growth in scope on existing contracts and frame agreements
1Limited notice to proceed contract with FID expected in 2Q 2023
Record High Tender Value at NOK 115 Billion
* i.e. the segments Renewables & Field Development (R&FD) and Electrification, Maintenance and Modifications (EMM)
Safeguarding Capacity in a Planned and Controlled Way
Planning and managing capacity to deliver solid project execution
Front End Planning & Prioritization Partnerships
- Strong and differentiating Front End engineering capabilities
- Early-phase studies and FEEDs 1-2 years pre-sanctioning
- De-risking and planning for capacity
2022 © Aker Solutions
- Prioritization and portfolio approach in close dialogue with customers
- Planning execution ahead of time
- Spreading out execution over time, agree schedules through 2027
- Working closely with partners and sub-contractors
- Partnering with external yards for parts of the scope, reserving capacity well in advance
Enterprise Strategy – Main Principles
Strategic Beliefs Strategic Moves 2030 Ambition
Strong growth in energy spending, transitioning into renewables over the longer term
Safeguard and deliver on project portfolio and upcoming activity increase
Customers are transitioning and looking for new commercial models in alliances and partnerships
Increasing investments into sustainable solutions, need for engineering- and project execution competence
2022 © Aker Solutions
Build and scale a digitally-driven engineering consultancy business as a catalyst for change
Transform role, offering and execution models to meet customer needs and deliver value creation
A digitally-driven engineering and project execution company
Strong Growth in Engineering Consultancy Offering
Increase in Energy Transition Studies (year-on-year)
Energy Transition Studies as proportion of all studies (year-to-date 2022)
2022 © Aker Solutions
Energy Transition Studies as proportion of all studies (2021)
Proprietary digital tools and benchmark data to predict CO2 reduction measures for a nation's major emitters
Advising on the feasibility of repurposing existing gas infrastructure for hydrogen production
Providing early assessments of large offshore wind development concepts incl. complete grid connection solutions
Evaluating feasibility of an integrated offshore wind energy- and hydrogen power generation system
Outlook
2022 © Aker Solutions
■ Well positioned in key growth markets
- Capitalize on near-term cyclical recovery
- Increase focus on alliances and partnerships within renewables
- Well positioned to capitalize on longer-term structural changes in the energy markets
- Tendering for NOK 115 billion and high ongoing FEED activity
- Potential for record-high order intake in 2022
- Deliver predictable project execution
- All supporting long-term growth and value creation
Financial Performance
Idar Eikrem, CFO
2022 © Aker Solutions
3Q 2022 | On-Track With Financial Targets
| NOK million | 3Q 2022 | 3Q 2021 | 2Q 2022 | 2021 |
|---|---|---|---|---|
| Revenue | 10,035 7,314 | 10,635 | 29,473 | |
| Revenue ex. special items1 | 10,041 7,311 | 10,581 | 29,464 | |
| EBITDA | 736 | 441 | 653 1,842 | |
| EBITDA margin | 7.3% | 6.0% | 6.1% | 6.2% |
| EBITDA ex. special items1 | 749 | 459 | 691 1,871 | |
| EBITDA margin ex. special items1 | 7.5% | 6.3% | 6.5% | 6.4% |
| Depreciation, amortization and impairment | (219) (263) (284) (1,149) | |||
| EBIT | 517 | 178 | 369 | 693 |
| EBIT margin | 5.1% | 2.4% | 3.5% | 2.4% |
| EBIT ex. special items1 | 476 | 178 | 418 | 775 |
| EBIT margin ex. special items1 | 4.7% | 2.4% | 4.0% | 2.6% |
| Net financial items | (42) | (62) | (32) (173) | |
| FX on disqualified hedging instruments | (24) | (4) | 83 | (0) |
| Income (loss) before tax | 450 | 111 | 420 | 520 |
| Income tax | (165) | (11) (145) (271) | ||
| Net income (loss) | 285 | 100 | 276 | 249 |
| Net income (loss) ex. special items1 | 265 | 101 | 231 | 313 |
| Earnings per share (NOK) | 0.62 | 0.21 | 0.55 | 0.52 |
| Earnings per share (NOK) ex. special items1 | 0.58 | 0.22 | 0.46 | 0.65 |
| Dividend per share (NOK) | - | - - |
0.20 |
1Special items mainly include gain/loss on sale of assets, M&A costs, restructuring costs, impairments and costs linked to the impact of currency derivatives not qualifying for hedge accounting. See the appendix for details on special items
Financials continue on-track with targets, with a strong financial position
- Revenue of NOK 10.0 billion
- Continued good progress in project portfolio
- EBITDA1 of NOK 749 million (7.5% margin)
- Strong periodic profit in Subsea positively impacted by initiating margin recognition on the Jansz subsea gas compression project, leading to a periodic catch-up effect in the period
- EPS1 for the quarter increased to NOK 0.58 from NOK 0.22 a year ago
- Positive outlook for project sanctioning in rest of 2022 and in 2023
- Very high ongoing FEED and tender activity across segments
- Strong potential to increase secured backlog significantly
Solid Finances – Net Cash Position of NOK 3.5 Billion 2
Working capital1 at minus NOK 2.3 billion
- Continued good progress triggering milestones and pre-payments
- Cash flow from operations at NOK 769 million
- Cash flow from investing activities at minus NOK 70 million
Net cash position2 of NOK 3.5 billion
Available liquidity of NOK 9.5 billion
■ Cash NOK 4.5 billion and RCF NOK 5.0 billion
Debt Maturity Profile2NOK billion
Working Capital1NOK billion
Net Interest-Bearing Debt and Leverage1,2 (covenants at 3.5x)
2Excluding the effects of IFRS 16 as covenants are based on frozen GAAP 1See definition under Alternative Performance Measures in the appendix
Renewables and Field Development
Revenue EBITDA and Margin1
Order Intake Order Backlog
1Excluding special items
Financials and Highlights
- Revenue of NOK 3.6 billion
- Continuing progress on recently awarded work
- EBITDA1 of NOK 124 million (3.5% margin)
- Several projects in early phases of execution
- Solid order intake of NOK 4.9 billion (1.4x book-to-bill)
- Jackdaw platform for Shell in the UK
- Norfolk HVDC platform for Vattenfall for the Norfolk Boreas offshore wind farm in the UK
- Growth in scope on existing contracts and frame agreements
- Solid order backlog of NOK 16.3 billion
- Revenue expected to increase more than 35% in 2022
- Progress increasing on recently awarded work
- Record high tendering activity
Electrification, Maintenance and Modifications (EMM)
Revenue EBITDA and Margin1
Order Intake Order Backlog
1Excluding special items
Financials and Highlights
- Revenue of NOK 2.9 billion
- Continued good progress on ongoing work
- EBITDA1 of NOK 146 million (5.0% margin)
- Continued good performance on ongoing projects and multiyear frame agreements
- Order intake of NOK 1.8 billion (0.6x book-to-bill)
- Order intake in EMM is lumpy in nature, driven by large longterm frame agreements and timing of larger project awards
- Various modification work and growth in existing contracts
- Strong order backlog of NOK 19.5 billion
- Excluding potential growth in existing contracts and frame agreements, and value of extension options
- Revenue expected to increase more than 25% in 2022
- EMM has a stable revenue profile over time, driven by large multi-year frame agreements for Maintenance and Modification of offshore infrastructure
- High tendering activity
Subsea
Revenue EBITDA and Margin1
Order Intake Order Backlog
Financials and Highlights
- Revenue of NOK 3.5 billion
- Continued good progress in the project portfolio
- EBITDA1 of NOK 603 million (17.5% margin)
- Strong periodic profits positively impacted by initiating margin recognition on the large Jansz subsea gas compression project after reaching 20% progress during the quarter, leading to a catch-up effect in the period
■ Order intake of NOK 1.6 billion (0.4x book-to-bill)
- Trell & Trine subsea production system for Aker BP
- Order intake in subsea can be lumpy in nature, driven by timing of larger projects, with large opportunities in the near term
■ Solid order backlog of NOK 14.9 billion
- Excluding short-cycled or book-and-turn service work
- Revenue expected to increase more than 35% in 2022
- Progress increasing on recently awarded work
- Very high tendering activity
1Excluding special items
Solid Order Backlog and Visibility
Order Backlog by Execution Year NOK billion
Strong Order Intake Over Time NOK billion
(Book-to-bill is based on revenue from customer contracts, see APM in the Appendix for details)
Renewables and Energy Transition1 NOK billion, %
Solid Order Backlog Development NOK billion
Summary Outlook
- On-track with financial targets
- Record high tendering activity
- Selective approach
- Several important large singlesource FEEDs ongoing
- Positive outlook for project sanctioning
- Potential for record high order intake in 2022
- Re-focusing renewables on alliances and partnerships
-
Solid financial position
-
2022 overall revenue is now expected to be up by more than 35% from 2021
- 2022 overall underlying EBITDA-margin continues to be expected up from 2021
- Working Capital fluctuates with large project work and is expected to trend in the range around NOK -2,500 to -1,500 million moving forward
- Annual dividends of 30-50% of Net Profit over time
Q&A
2022 © Aker Solutions
2022 © Aker Solutions
Guidance – Additional Items
- Net financial items1 about minus NOK 50 million, per quarter
- D&A2 about NOK 1.1 to 1.2 billion, per year
- 'Other' EBITDA3 about minus NOK 125 million, per quarter
This guidance is on as-is basis, until close of the subsea JV transaction expected during second half 2023
Forward-looking information and statements are subject to significant risks, uncertainties and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections.
JV Transaction Unlocking Significant Shareholder Value
2022 © Aker Solutions 2The initial ownership of the joint venture is 60/40 percent between Schlumberger and Aker Solutions, respectively. Aker Solutions has previously guided a revenue-level of NOK 13 billion for 2022 from its subsea business, with an EBITDA-margin of about 15%
Renewables and Energy Transition
| Revenue | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue (excl. special items) | 6.4 | 6.8 | 28.5 | 6.5 | 7.0 | 7.3 | 8.7 | 29.5 | 8.3 | 10.6 | 10.0 |
| Renewables and Energy Transition revenue | 0.3 | 0.5 | 1.6 | 0.6 | 1.0 | 1.1 | 1.6 | 4.3 | 1.6 | 1.9 | 2.1 |
| Renewables revenue |
0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.8 | 0.3 | 0.5 | 0.8 |
| Energy Transition revenue | 0.2 | 0.4 | 1.4 | 0.6 | 0.8 | 0.9 | 1.3 | 3.5 | 1.2 | 1.4 | 1.3 |
| Renewables and Energy Transition share | 4 % | 7 % | 6 % | 10 % | 14 % | 15 % | 18 % | 15 % | 19 % | 18 % | 21 % |
| Renewables share | 1 % | 1 % | 1 % | 1 % | 2 % | 3 % | 4 % | 3 % | 4 % | 5 % | 8 % |
| Energy Transition share | 4 % | 6 % | 5 % | 9 % | 12 % | 12 % | 15 % | 12 % | 15 % | 13 % | 13 % |
| Order Backlog | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Total Order Backlog | 38.1 | 38.0 | 38.0 | 40.5 | 45.8 | 48.4 | 49.2 | 49.2 | 48.0 | 52.7 | 50.9 |
| Renewables and Energy Transition backlog | 2.9 | 4.3 | 4.3 | 7.1 | 13.7 | 16.9 | 16.6 | 16.6 | 15.7 | 17.1 | 16.3 |
| Renewables backlog | 0.2 | 1.9 | 1.9 | 2.3 | 2.3 | 6.0 | 5.7 | 5.7 | 5.5 | 8.1 | 8.2 |
| Energy Transition backlog | 2.7 | 2.4 | 2.4 | 4.9 | 11.4 | 10.9 | 10.9 | 10.9 | 10.3 | 9.0 | 8.1 |
| Renewables and Energy Transition share | 8 % | 11 % | 11 % | 18 % | 30 % | 35 % | 34 % | 34 % | 33 % | 32 % | 32 % |
| Renewables share | 1 % | 5 % | 5 % | 6 % | 5 % | 12 % | 12 % | 12 % | 11 % | 15 % | 16 % |
| Energy Transition share | 7 % | 6 % | 6 % | 12 % | 25 % | 22 % | 22 % | 22 % | 21 % | 17 % | 16 % |
| Definition | |||||||||||
| Revenue and order backlog from work related to renewables and transitional solutions incl. advanced and cleaner fossil-fuel solutions (ref. UN SDG 7.a) • Renewables mainly include projects with solutions and technologies for offshore wind, carbon capture and storage (CCS), hydropower and green hydrogen • Energy Transition mainly include projects within subsea gas compression, electrification of offshore and onshore facilities, decommissioning & recycling, and blue hydrogen These figures are compiled from a bottom-up approach of projects and work in Aker Solutions for the the relevant periods. The figures are unaudited and subject to change. |
| Order Backlog | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Order Backlog | 38.1 | 38.0 | 38.0 | 40.5 | 45.8 | 48.4 | 49.2 | 49.2 | 48.0 | 52.7 | 50.9 |
| Renewables and Energy Transition backlog | 2.9 | 4.3 | 4.3 | 7.1 | 13.7 | 16.9 | 16.6 | 16.6 | 15.7 | 17.1 | 16.3 |
| Renewables backlog | 0.2 | 1.9 | 1.9 | 2.3 | 2.3 | 6.0 | 5.7 | 5.7 | 5.5 | 8.1 | 8.2 |
| Energy Transition backlog | 2.7 | 2.4 | 2.4 | 4.9 | 11.4 | 10.9 | 10.9 | 10.9 | 10.3 | 9.0 | 8.1 |
| Renewables and Energy Transition share | 8 % | 11 % | 11 % | 18 % | 30 % | 35 % | 34 % | 34 % | 33 % | 32 % | 32 % |
| Renewables share | 1 % | 5 % | 5 % | 6 % | 5 % | 12 % | 12 % | 12 % | 11 % | 15 % | 16 % |
| Energy Transition share | 7 % | 6 % | 6 % | 12 % | 25 % | 22 % | 22 % | 22 % | 21 % | 17 % | 16 % |
Definition
Transition Journey Well Underway
Selection of Work Related to Renewables and Energy Transition
| Type | Project | Main scope | Customer | Region |
|---|---|---|---|---|
| Offshore Wind |
Hywind Tampen | Floating foundations for wind turbine generators |
Equinor | NOR |
| Sunrise Wind | 1 HVDC platform | Ørsted and Eversource |
US | |
| East Anglia 3 | 1 HVDC platform | ScottishPower Renewables |
UK | |
| Norfolk Boreas (awarded notice to proceed contract) |
1-3 HVDC platforms | Vattenfall | UK | |
| Carbon Capture and Storage (CCS) |
Norcem CCUS |
Carbon capture facility at HeidelbergCement's Norcem facility |
Aker Carbon Capture |
NOR |
| Northern Lights | Storage of captured CO2. In EPC for Phase 1 and FEED awarded for Phase 2 |
Equinor, with Shell and Total |
NOR | |
| Net Zero Teesside (FEED) |
Carbon capture facility at Net Zero Teesside Power plant |
BP and partners |
UK | |
| Keadby 3 (FEED) | SSE Thermal | UK | ||
| Hydrogen | Undisclosed (study) |
200-600 MW green hydrogen and ammonia plant |
Aker Clean Hydrogen |
NOR |
| Hydrogen Technology center Mongstad (study) |
Blue hydrogen, CO2 liquefaction and test qualification for conversion of gas power generator |
Equinor | NOR |
| Type | Project | Main scope | Customer | Region |
|---|---|---|---|---|
| Subsea Gas Compression |
Jansz-Io | Subsea Gas Compression | Chevron | AUS |
| Electrification | Troll West Electrification |
Electrification, from shore | Equinor | NOR |
| Decommissioning and Recycling |
Heimdal and Decommissioning of Veslefrikk >65,000 tons, 98% recycling target |
Heerema Marine Contractors |
NOR | |
| Valhall and Hod | Decommissioning of >30,000 tons, 98% recycling target |
Allseas | NOR | |
| Gyda | Decommissioning with 98% recycling target (>25,000 tons) |
Allseas | NOR | |
| Aquaculture | Arctic Offshore Farming |
Offshore fish farming facility |
Norway Royal Salmon |
NOR |
| Ocean Farm 1 | Offshore fish farm upgrades and net replacement |
SalMar Aker Ocean |
NOR | |
| Ocean Farm 2 (FEED) |
Offshore fish farming facility |
SalMar Aker Ocean |
NOR |
(HVDC = high-voltage, direct current electricity conversion)
Basis for Preparation
This presentation provides financial highlights for the quarter for Aker Solutions, a Norwegian limited company listed on the Oslo Stock Exchange.
Aker Solutions ASA merged with Kværner ASA in November 2020. The consolidated financial statements in this report include financial performance and position of both companies and its subsidiaries from the earliest period presented (January 1, 2019) based on the bookvalue approach.
The same measurement principles as presented in the Annual Report 2021 have been used when preparing this report. The report does not meet all disclosure requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited.
Alternative Performance Measures
Aker Solutions discloses alternative performance measures in addition to those normally required by IFRS as such performance measures are frequently used by securities analysts, investors and other interested parties.
Alternative performance measures are meant to provide an enhanced insight into the operations, financing and future prospects of the company.
Profit Measures
EBITDA and EBIT terms are presented as they are used by financial analysts and investors. Special items are excluded from EBITDA and EBIT as alternative measures to provide enhanced insight into the financial development of the business operations and to improve comparability between different periods.
| and investors. Special items are excluded from EBITDA and EBIT as | Renewables & Field |
Electrification, Maintenance & |
Other/ | Aker Solutions | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| alternative measures to provide enhanced insight into the financial | Development | Modifications | Subsea | eliminations | |||||||
| development of the business operations and to improve comparability | NOK million | 3Q 2022 | 3Q 2021 | 3Q 2022 | 3Q 2021 | 3Q 2022 | 3Q 2021 | 3Q 2022 | 3Q 2021 | 3Q 2022 | 3Q 2021 |
| between different periods. | Revenue | 3,551 2,499 2,938 2,406 3,451 2,385 | 96 | 25 10,035 7,314 | |||||||
| Non-qualifying hedges | - | - | - | - | - | - | 6 | (3) | 6 | (3) | |
| EBITDA is short for earnings before interest, taxes, depreciation and |
Sum of special items excluded from revenue | - | - | - | - | - | - | 6 | (3) | 6 | (3) |
| Revenue ex. special items | 3,551 2,499 2,938 2,406 3,451 2,385 | 101 | 21 10,041 7,311 | ||||||||
| amortization. EBITDA corresponds to the "operating income before | EBITDA | 124 | 89 | 146 | 113 | 603 | - 330 (137) |
- (91) |
736 | 441 | |
| depreciation, amortization and impairment" in the consolidated income | Restructuring cost | 0 | 0 | (0) | 13 | (0) | 5 | - | 0 | (0) | 19 |
| statement in the annual report. | Non-qualifying hedges | - | - | - | - | - | - | (4) | (1) | (4) | (1) |
| Other special items | - | - | - | - | - | - | 17 | 1 | 17 | 1 | |
| EBIT is short for earnings before interest and taxes. EBIT corresponds to |
Sum of special items excluded from EBITDA | 0 | 0 | (0) | 13 | (0) | 5 | 13 | (0) | 13 | 18 |
| "operating income" in the consolidated income statement in the annual report. | EBITDA ex. special items | 124 | 89 | 146 | 126 | 603 | 336 (123) | (92) | 749 | 459 | |
| EBITDA margin | 3.5 % | 3.6 % | 5.0 % | 4.7 % | 17.5 % | 13.8 % | 7.3 % | 6.0 % | |||
| EBITDA margin ex. special items | 3.5 % | 3.6 % | 5.0 % | 5.2 % | 17.5 % | 14.1 % | 7.5 % | 6.3 % | |||
| Margins such as EBITDA margin and EBIT margin are used to compare |
|||||||||||
| relative profit between periods. EBITDA margin and EBIT margin are | EBIT | 48 | 19 | 120 | 84 | 458 | 169 (109) | (94) | 517 | 178 | |
| calculated as EBITDA or EBIT divided by revenue. | Sum of special items excluded from EBITDA Impairments |
0 0 |
0 - |
(0) - |
13 0 |
(0) - |
5 2 |
13 (54) |
(0) (20) |
13 (54) |
18 (19) |
| Sum of special items excluded from EBIT | 0 | 0 | (0) | 13 | (0) | 7 | (41) | (21) | (41) | (0) | |
| Special items may not be indicative of the ongoing operating result of cash | EBIT ex. special items | 48 | 19 | 120 | 97 | 458 | 176 (150) (115) | 476 | 178 | ||
| flows of the company. Profit measures excluding special items are presented | |||||||||||
| as alternative measures to improve comparability of the underlying business | EBIT margin | 1.3 % | 0.8 % | 4.1 % | 3.5 % | 13.3 % | 7.1 % | 5.1 % | 2.4 % | ||
| EBIT margin ex. special items | 1.3 % | 0.8 % | 4.1 % | 4.0 % | 13.3 % | 7.4 % | 4.7 % | 2.4 % | |||
| performance between the periods. | Net income | 285 | 100 | ||||||||
| Sum of special items excluded from EBIT | (41) | (0) | |||||||||
| Non-qualifying hedges | 24 | 4 | |||||||||
| Tax effects on special items | (3) | (3) | |||||||||
| Net income ex. special items Net income to non-controlling interests |
265 20 |
101 5 |
|||||||||
| Net income ex. non-controlling interests | 285 | 106 | |||||||||
| Average number of shares (in '000) | 489,128 | 489,740 | |||||||||
| 1) Earnings per share is calculated using Net income, adjusted for non-controlling interests, | Earnings per share1) Earnings per share ex. special items2) |
0.62 | 0.21 | ||||||||
| divided by average number of shares | 0.58 | 0.22 | |||||||||
| 2) Earnings per share ex. special items is calculated using Net income ex. Special items, adjusted for non-controlling interests, divided by average number of shares |
Financing Measures
Alternative financing and equity measures are presented as they are indicators of the company's ability to obtain financing and service its debts.
Liquidity buffer (available liquidity) is a measure of available cash and is calculated by adding together the cash and cash equivalents and the unused credit facility.
| NOK million | 3Q 2022 | 3Q 2021 |
|---|---|---|
| Cash and cash equivalents | 4,469 | 3,504 |
| Credit facility (unused) | 5,000 | 5,000 |
| Liquidity buffer | 9,469 | 8,504 |
Net Current Operating Assets (NCOA) or Working Capital is a measure of the current capital necessary to maintain operations. Working capital includes trade receivables, trade payables, accruals, provisions and current tax assets and liabilities.
| NOK million | 3Q 2022 | 3Q 2021 |
|---|---|---|
| Current tax assets | 97 | 89 |
| Inventory | 258 | 252 |
| Customer contract assets and other receivables | 4,630 | 4,027 |
| Trade receivables | 5,546 | 3,727 |
| Prepayments | 1,917 | 2,039 |
| Current tax liabilities | (70) | (72) |
| Provisions | (1,774) | (721) |
| Trade payables | (2,660) | (1,906) |
| Other payables | (7,963) | (6,676) |
| Customer contract liabilities | (2,329) | (1,426) |
| Net current operating assets (NCOA) | (2,347) | (666) |
Net interest-bearing debt to EBITDA (leverage ratio) is a key financial measure that is used by management to assess the borrowing capacity of a company. The ratio shows how many years it would take for a company to pay back its debt if net debt and EBITDA are held constant. The ratio is one of the debt covenants of the company.
The ratio is calculated as net interest-bearing debt (total principal debt outstanding less unrestricted cash) divided by EBITDA. If a company has more cash than debt, the ratio can be negative. The leverage ratio for Aker Solutions does not include the effects of IFRS 16 Leasing, as the debt covenants are based on frozen GAAP.
Further, the EBITDA is calculated based on the last four quarter period and it excludes certain special items as defined in the loan agreements, such as restructuring of offices (onerous leases) and other restructuring costs.
| NOK million, x times | 3Q 2022 | 3Q 2021 |
|---|---|---|
| Non-current borrowings | 960 | 944 |
| Current borrowings | 40 | 1,454 |
| Cash and cash equivalents | (4,469) | (3,504) |
| Net interest-bearing debt | (3,469) | (1,106) |
| Trailing four quarters: | ||
| EBITDA | 2,571 | 1,341 |
| IFRS 16 effects excl. onerous lease cost | 584 | 508 |
| EBITDA excl. IFRS 16 effects and onerous lease cost | 1,986 | 833 |
| Onerous lease cost (IAS 17) | (0) | 0 |
| Restructuring cost | 1 | 85 |
| Non-qualifying hedges | 13 | (15) |
| Gain on non-cash dividend distribution and sale of PPE | - | (45) |
| Net operating cost, divested businesses | - | - |
| Adjusted EBITDA | 2,001 | 859 |
| Net interest-bearing debt to EBITDA (leverage ratio) | -1.7x | -1.3x |
Order Intake Measures
Order intake, order backlog and book-to-bill ratios are presented as alternative performance measures, as they are indicators of the company's revenues and operations in the future.
Order intake includes new agreed customer contracts in the period in addition to expansion of existing contracts. For construction contracts, the order intake includes the value of agreed contracts and options, and value of agreed change orders and options. It does not include potential options and change orders. For service contracts, the order intake is based on estimated customer revenue in periods that are firm in the contracts.
Order backlog represents the estimated value of remaining work on agreed customer contracts. The order backlog does not include parts of the services contracts, which is short-cycled or book-and-turn in nature. The order backlog does also not include potential growth or value of options in existing contracts.
Book-to-bill ratio is calculated as order intake divided by revenue in the period. A book-to-bill ratio higher than 1 means that the company has secured more contracts in the period than what has been executed in the same period.
| NOK million, x times | 3Q 2022 | 3Q 2021 | |||||
|---|---|---|---|---|---|---|---|
| Revenue | Revenue | ||||||
| Order intake | from customer | Book-to-bill | Order intake | from customer | Book-to-bill | ||
| contracts | contracts | ||||||
| Renewables and Field Development | 4,881 | 3,551 | 1.4x | 4,952 | 2,498 | 2.0x | |
| Electrification, Maintenance and Modifications | 1,766 | 2,938 | 0.6x | 2,180 | 2,408 | 0.9x | |
| Subsea | 1,550 | 3,450 | 0.4x | 2,481 | 2,383 | 1.0x | |
| Other/eliminations | 11 | 56 | (81) | (39) | |||
| Aker Solutions | 8,208 | 9,994 | 0.8x | 9,532 | 7,250 | 1.3x |
Special Items
NOK million, (Gain) / Loss
| Special items (EBITDA) | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restructuring | 183 | 61 | 516 | 2 | 3 | 19 | 0 | 25 | 1 | 0 | (0) |
| Non-qualifying hedges | (1) | (5) | (4) | (7) | (2) | (1) | 3 | (7) | (18) | 32 | (4) |
| Gain on dividend distribution of CCUS and AOW shares | (804) | (3) | (808) | - | - | - | - | - | - | - | - |
| (Gain) loss on sale of subsidiaries | - | (42) | (42) | - | - | - | - | - | - | - | - |
| (Gain) loss on sale of PPE | (3) | 0 | (3) | - | - | - | - | - | - | - | - |
| Other special items | (1) | 27 | 39 | 2 | 3 | 1 | 6 | 12 | 2 | 6 | 17 |
| Total special items EBITDA | (626) | 38 | (302) | (2) | 4 | 18 | 9 | 29 | (14) | 38 | 13 |
| Special items (EBIT) | |||||||||||
| Impairments | 19 | 457 | 1,027 | 2 | 11 | (19) | 58 | 52 | - | 11 | (54) |
| Total special items EBIT | (607) | 495 | 725 | (1) | 16 | (0) | 67 | 81 | (14) | 49 | (41) |
The table shows the Special items to be added to reported figures to get underlying figures
Income Statement
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement consolidated | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Revenue | 7,198 | 6,875 29,396 | 6,470 | 7,020 | 7,314 | 8,668 29,473 | 8,291 10,635 | 10,035 | |||
| Operating expenses | (6,122) (6,792) (27,857) (6,041) (6,632) (6,873) (8,085) (27,631) (7,693) (9,982) (9,299) | ||||||||||
| EBITDA | 1,077 | 83 | 1,539 | 429 | 388 | 441 | 583 | 1,842 | 598 | 653 | 736 |
| Of which related to hedging | 1 | 5 | 4 | 7 | 2 | 1 | (3) | 7 | 18 | (32) | 4 |
| Depreciation and amortization | (302) | (303) (1,287) | (259) | (266) | (282) | (289) (1,097) | (267) | (273) | (273) | ||
| Impairment | (19) | (457) (1,027) | (2) | (11) | 19 | (58) | (52) | - | (11) | 54 | |
| EBIT | 755 | (677) | (776) | 169 | 110 | 178 | 237 | 693 | 331 | 369 | 517 |
| Net interest cost | (99) | (103) | (404) | 62 | (75) | (67) | (61) | (141) | (67) | (57) | (27) |
| Net other financial items | (16) | (61) | (134) | (24) | 2 | 0 | (10) | (32) | 17 | 108 | (39) |
| Net financial cost | (115) | (165) | (538) | 38 | (73) | (67) | (71) | (173) | (50) | 51 | (67) |
| Net income (loss) before tax | 641 | (842) (1,314) | 206 | 37 | 111 | 166 | 520 | 281 | 420 | 450 | |
| Income tax | (350) | (2) | (206) | (180) | 22 | (11) | (103) | (271) | (105) | (145) | (165) |
| Net income (loss) for the period | 291 | (844) (1,520) | 27 | 60 | 100 | 63 | 249 | 175 | 276 | 285 | |
| Net income attributable to: | |||||||||||
| Equity holders of the parent company | 296 | (852) (1,540) | 27 | 61 | 104 | 62 | 254 | 164 | 269 | 305 | |
| Non-controlling interests | (6) | 8 | 20 | (0) | (1) | (5) | 1 | (5) | 11 | 7 | (20) |
| EBITDA margin | 15.0 % | 1.2 % | 5.2 % | 6.6 % | 5.5 % | 6.0 % | 6.7 % | 6.2 % | 7.2 % | 6.1 % | 7.3 % |
| Basic earnings per share (NOK) | 0.60 | (1.73) | (3.13) | 0.05 | 0.12 | 0.21 | 0.13 | 0.52 | 0.34 | 0.55 | 0.62 |
| Dividend per share (NOK) | - | - | - | - | - | - | - | 0.20 | - | - | - |
Cash Flow
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flow | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Net profit | 291 | (844) (1,520) | 27 | 60 | 100 | 63 | 249 | 175 | 276 | 285 | |
| Change in cash flow from operating activities | 604 | 1,455 | 2,421 | 455 | 200 | 476 | 1,418 | 2,549 | 1,409 | (303) | 484 |
| Net cash flow from operating activities | 894 | 611 | 901 | 482 | 259 | 576 | 1,481 | 2,799 | 1,584 | (28) | 769 |
| Acquisition of property, plant and equipment | (47) | (74) | (431) | (25) | (26) | (42) | (125) | (218) | (33) | (91) | (151) |
| Payments for capitalized development | (59) | (9) | (197) | (29) | (32) | (34) | (48) | (144) | (29) | (26) | (25) |
| Acquisition of subsidiaries, net of cash acquired | - | - | - | - | - | - | - | - | (126) | 8 | (4) |
| Change in current interest-bearing receivables | - | (0) | (0) | 20 | (16) | - | (0) | 4 | (9) | (0) | 9 |
| Sub-lease income received | (1) | 45 | 107 | 32 | 31 | 31 | 31 | 125 | 28 | 32 | 33 |
| Interest received | 20 | 17 | 95 | 161 | 14 | 21 | 24 | 220 | 19 | 32 | 43 |
| Cash flow from other investing activities | 193 | 74 | 155 | 9 | 1 | 1 | 8 | 18 | 3 | 1 | 25 |
| Net cash flow from investing activities | 107 | 53 | (271) | 168 | (28) | (23) | (111) | 6 | (147) | (44) | (70) |
| Change in external borrowings | (29) (2,053) | (733) | (41) | (47) | (222) | (42) | (352) | (491) | (22) | (950) | |
| Lease installments paid | (148) | (204) | (669) | (194) | (126) | (158) | (201) | (680) | (175) | (166) | (169) |
| Paid dividends | (19) | - | (19) | - | - | - | (3) | (3) | - | (97) | (0) |
| Interest paid | (115) | (94) | (451) | (97) | (75) | (85) | (83) | (340) | (87) | (87) | (76) |
| Other financing activities | (5) | (16) | (86) | (22) | 0 | (26) | (2) | (49) | (0) | 0 | (2) |
| Net cash flow from financing activities | (316) (2,367) (1,958) | (354) | (249) | (490) | (331) (1,424) | (753) | (372) (1,196) | ||||
| Net increase (decrease) in cash and cash equivalents | 685 | (1,703) (1,328) | 296 | (18) | 63 | 1,040 | 1,381 | 685 | (443) | (497) | |
| Cash and cash equivalents as at the beginning of the period | 4,392 | 5,037 | 4,483 | 3,171 | 3,457 | 3,459 | 3,504 | 3,171 | 4,560 | 5,198 | 5,026 |
| Effect of exchange rate changes on cash and cash equivalents | (41) | (163) | 16 | (10) | 19 | (17) | 16 | 8 | (47) | 272 | (60) |
| Cash and cash equivalents at the end of the period | 5,037 | 3,171 | 3,171 | 3,457 | 3,459 | 3,504 | 4,560 | 4,560 | 5,198 | 5,026 | 4,469 |
Balance Sheet – Assets
| NOK million | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Assets | 3Q 2020 | 4Q 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Property, plant and equipment | 3,912 | 3,567 | 3,400 | 3,397 | 3,262 | 3,231 | 3,269 | 3,424 | 3,533 |
| Intangible assets including Goodwill | 6,002 | 5,825 | 5,806 | 5,768 | 5,743 | 5,724 | 5,808 | 6,101 | 6,064 |
| Right-of-use assets and investment property | 3,451 | 2,938 | 2,926 | 2,837 | 2,623 | 2,803 | 2,746 | 2,824 | 2,693 |
| Deferred tax assets | 837 | 464 | 527 | 500 | 520 | 581 | 540 | 671 | 593 |
| Non-current lease receivables | 720 | 668 | 582 | 551 | 708 | 634 | 569 | 572 | 580 |
| Investments in other companies | 159 | 318 | 313 | 296 | 336 | 262 | 221 | 94 | 101 |
| Interest-bearing receivables | 229 | 196 | 200 | 202 | 250 | 206 | 209 | 212 | 215 |
| Other non-current assets | 22 | 9 | 10 | 5 | 5 | 22 | 19 | 28 | 20 |
| Total non-current assets | 15,332 13,984 13,764 | 13,556 | 13,446 | 13,463 | 13,381 | 13,927 | 13,800 | ||
| Current tax assets | 98 | 83 | 81 | 76 | 89 | 69 | 62 | 79 | 97 |
| Inventories | 237 | 255 | 285 | 280 | 252 | 293 | 211 | 229 | 258 |
| Trade receivables | 3,120 | 2,945 | 3,816 | 3,762 | 3,727 | 4,677 | 4,256 | 4,782 | 5,546 |
| Customer contract assets and other receivables | 5,965 | 4,655 | 3,686 | 3,632 | 4,027 | 3,713 | 3,833 | 4,648 | 4,630 |
| Prepayments | 1,656 | 1,312 | 1,359 | 1,507 | 2,039 | 1,774 | 1,940 | 1,652 | 1,917 |
| Derivative financial instruments | 186 | 223 | 162 | 290 | 168 | 175 | 450 | 502 | 484 |
| Interest-bearing receivables | 211 | 200 | 174 | 173 | 137 | 143 | 143 | 150 | 133 |
| Cash and cash equivalents | 5,037 | 3,171 | 3,457 | 3,459 | 3,504 | 4,560 | 5,198 | 5,026 | 4,469 |
| Total current assets | 16,510 12,843 13,021 | 13,179 | 13,943 | 15,405 | 16,091 | 17,068 | 17,534 | ||
| Total assets | 31,842 26,827 26,785 | 26,735 | 27,389 | 28,868 | 29,472 | 30,995 | 31,334 |
Balance Sheet – Liabilities and Equity
| NOK million | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Liabilities and equity | 3Q 2020 | 4Q 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Total equity attributable to the parent | 9,141 | 7,870 | 7,784 | 7,903 | 7,870 | 7,833 | 8,011 | 8,727 | 9,129 |
| Non-controlling interests | 58 | 38 | 38 | 37 | 35 | 28 | 39 | 64 | 41 |
| Total equity | 9,199 | 7,908 | 7,822 | 7,940 | 7,904 | 7,861 | 8,050 | 8,791 | 9,169 |
| Non-current borrowings | 4,535 | 2,513 | 2,503 | 2,498 | 944 | 925 | 907 | 958 | 960 |
| Non-current lease liabilities | 4,757 | 4,468 | 4,339 | 4,183 | 4,048 | 4,056 | 3,874 | 3,942 | 3,707 |
| Pension obligations | 974 | 1,082 | 1,049 | 1,025 | 1,002 | 1,010 | 987 | 982 | 962 |
| Deferred tax liabilities | 553 | 223 | 405 | 336 | 296 | 333 | 320 | 517 | 524 |
| Other non-current liabilities | 3 | 5 | 6 | 2 | 2 | 4 | 30 | 25 | 26 |
| Total non-current liabilities | 10,822 | 8,291 | 8,304 | 8,043 | 6,292 | 6,327 | 6,118 | 6,423 | 6,179 |
| Current tax liabilities | 223 | 108 | 61 | 59 | 72 | 69 | 73 | 55 | 70 |
| Current borrowings | 250 | 202 | 160 | 125 | 1,454 | 1,434 | 963 | 996 | 40 |
| Current lease liabilities | 627 | 643 | 617 | 649 | 679 | 692 | 665 | 707 | 705 |
| Provisions | 632 | 590 | 627 | 720 | 721 | 784 | 901 | 1,519 | 1,774 |
| Trade payables | 2,725 | 2,125 | 2,137 | 1,338 | 1,906 | 1,429 | 2,007 | 2,360 | 2,660 |
| Other payables | 6,359 | 5,696 | 5,320 | 6,206 | 6,676 | 7,372 | 7,568 | 7,790 | 7,963 |
| Customer contract liabilities | 824 | 1,010 | 1,201 | 1,332 | 1,426 | 2,656 | 2,542 | 1,974 | 2,329 |
| Derivative financial instruments | 180 | 254 | 535 | 323 | 260 | 242 | 585 | 380 | 446 |
| Total current liabilities | 11,821 10,628 10,658 | 10,752 | 13,193 | 14,679 | 15,305 | 15,781 | 15,985 | ||
| Total liabilities and equity | 31,842 26,827 26,785 | 26,735 | 27,389 | 28,868 | 29,472 | 30,995 | 31,334 |
Split Per Segment
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Renewables and Field Development | 2,538 | 2,879 10,829 | 2,750 | 2,655 | 2,499 | 2,721 10,625 | 2,795 | 3,958 | 3,551 | ||
| Electrification, Maintenance and Modifications | 1,877 | 2,052 | 8,733 | 1,863 | 2,360 | 2,406 | 2,568 | 9,197 | 2,490 | 3,160 | 2,938 |
| Subsea | 2,091 | 1,939 | 9,457 | 1,907 | 2,046 | 2,385 | 3,374 | 9,712 | 2,983 | 3,386 | 3,451 |
| Other | 861 | 52 | 982 | 31 | 22 | 70 | 81 | 204 | 51 | 152 | 119 |
| Eliminations | (168) | (48) | (606) | (81) | (64) | (45) | (76) | (266) | (27) | (20) | (24) |
| Revenue | 7,198 | 6,875 29,396 | 6,470 | 7,020 | 7,314 | 8,668 29,473 | 8,291 10,635 10,035 | ||||
| EBITDA | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Renewables and Field Development Electrification, Maintenance and Modifications |
123 64 |
245 (188) |
434 27 |
248 74 |
94 124 |
89 113 |
104 92 |
535 402 |
101 140 |
76 189 |
124 146 |
| Subsea | 238 | (11) | 569 | 172 | 224 | 330 | 518 | 1,244 | 429 | 525 | 603 |
| Other | 652 | 37 | 509 | (64) | (53) | (91) | (131) | (340) | (73) | (137) | (137) |
| EBITDA | 1,077 | 83 | 1,539 | 429 | 388 | 441 | 583 | 1,842 | 598 | 653 | 736 |
| EBITDA margin | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Renewables and Field Development | 4.9 % | 8.5 % | 4.0 % | 9.0 % | 3.5 % | 3.6 % | 3.8 % | 5.0 % | 3.6 % | 1.9 % | 3.5 % |
| Electrification, Maintenance and Modifications | 3.4 % | -9.2 % | 0.3 % | 4.0 % | 5.2 % | 4.7 % | 3.6 % | 4.4 % | 5.6 % | 6.0 % | 5.0 % |
| Subsea | 11.4 % | -0.6 % | 6.0 % | 9.0 % | 10.9 % | 13.8 % | 15.4 % | 12.8 % | 14.4 % | 15.5 % | 17.5 % |
| EBITDA margin | 15.0 % | 1.2 % | 5.2 % | 6.6 % | 5.5 % | 6.0 % | 6.7 % | 6.2 % | 7.2 % | 6.1 % | 7.3 % |
| EBIT | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Renewables and Field Development | 88 | 189 | 153 | 193 | 28 | 19 | 78 | 317 | 31 | 0 | 48 |
| Electrification, Maintenance and Modifications | 23 | (185) | (234) | 44 | 94 | 84 | 51 | 273 | 114 | 163 | 120 |
| Subsea | 34 | (304) | (623) | 27 | 69 | 169 | 362 | 627 | 282 | 377 | 458 |
| Other | 610 | (377) | (72) | (96) | (81) | (94) | (254) | (524) | (96) | (171) | (109) |
| EBIT | 755 | (677) | (776) | 169 | 110 | 178 | 237 | 693 | 331 | 369 | 517 |
| EBIT margin | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Renewables and Field Development | 3.5 % | 6.6 % | 1.4 % | 7.0 % | 1.0 % | 0.8 % | 2.9 % | 3.0 % | 1.1 % | 0.0 % | 1.3 % |
| Electrification, Maintenance and Modifications | 1.2 % | -9.0 % | -2.7 % | 2.4 % | 4.0 % | 3.5 % | 2.0 % | 3.0 % | 4.6 % | 5.1 % | 4.1 % |
| Subsea | 1.6 % | -15.7 % | -6.6 % | 1.4 % | 3.4 % | 7.1 % | 10.7 % | 6.5 % | 9.4 % | 11.1 % | 13.3 % |
| EBIT margin | 10.5 % | -9.8 % | -2.6 % | 2.6 % | 1.6 % | 2.4 % | 2.7 % | 2.4 % | 4.0 % | 3.5 % | 5.1 % |
Split Per Segment
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NCOA | 3Q 2020 | 4Q 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | ||
| NCOA | 312 | (280) | (118) | (398) | (666) (1,784) | (2,791) (2,307) (2,347) | |||||
| Order intake | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Renewables and Field Development | 2,304 | 3,368 11,402 | 2,630 | 1,231 | 4,952 | 5,214 14,028 | 1,543 | 6,040 | 4,881 | ||
| Electrification, Maintenance and Modifications | 4,353 | 1,910 13,792 | 4,068 | 2,202 | 2,180 | 1,432 | 9,882 | 4,459 | 3,858 | 1,766 | |
| Subsea | 2,331 | 1,948 | 9,076 | 2,788 | 8,829 | 2,481 | 2,738 16,837 | 1,094 | 3,686 | 1,550 | |
| Other and eliminations | 147 | (453) | (107) | (43) | (29) | (81) | (128) | (281) | (57) | 64 | 11 |
| Order intake | 9,135 | 6,774 34,163 | 9,444 12,232 | 9,532 | 9,257 40,466 | 7,039 13,647 | 8,208 | ||||
| Order backlog | 3Q 2020 | 4Q 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | ||
| Renewables and Field Development | 8,001 10,632 | 10,063 | 8,818 11,599 14,058 | 12,590 15,139 16,255 | |||||||
| Electrification, Maintenance and Modifications | 18,760 16,527 | 18,954 18,769 18,576 17,553 | 19,345 20,626 19,542 | ||||||||
| Subsea | 11,198 10,912 | 11,675 18,365 18,470 17,826 | 16,145 16,705 14,927 | ||||||||
| Other and eliminations | 182 | (91) | (185) | (167) | (209) | (269) | (67) | 252 | 223 | ||
| Order backlog | 38,142 37,979 | 40,507 45,786 48,436 49,168 | 48,013 52,722 50,947 | ||||||||
| Own employees | 3Q 2020 | 4Q 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | ||
| Renewables and Field Development | 4,002 | 4,675 | 4,535 | 4,550 | 4,452 | 4,553 | 4,795 | 4,962 | 5,274 | ||
| Electrification, Maintenance and Modifications | 5,624 | 5,694 | 5,925 | 6,200 | 6,216 | 6,085 | 5,792 | 4,435 | 4,408 | ||
| Subsea | 3,169 | 3,500 | 3,431 | 3,428 | 3,465 | 3,607 | 3,736 | 3,927 | 4,281 | ||
| Other | 2,024 | 625 | 600 | 611 | 755 | 767 | 802 | 1,007 | 1,034 | ||
| Own employees | 14,819 14,494 | 14,491 14,789 14,888 15,012 | 15,125 14,331 14,997 |
Split Per Segment – Excluding Special Items
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA (excl. special items) | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
| Renewables and Field Development | 193 | 259 | 549 | 248 | 95 | 89 | 108 | 540 | 102 | 76 | 124 |
| Electrification, Maintenance and Modifications | 66 | (124) | 161 | 76 | 126 | 126 | 92 | 420 | 140 | 189 | 146 |
| Subsea | 242 | 16 | 748 | 172 | 224 | 336 | 512 | 1,244 | 429 | 525 | 603 |
| Other | (50) | (30) | (222) | (69) | (53) | (92) | (120) | (333) | (88) | (99) | (123) |
| EBITDA (excl. special items) | 451 | 121 | 1,236 | 427 | 392 | 459 | 593 | 1,871 | 583 | 691 | 749 |
| EBITDA margin (excl. special items) | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Renewables and Field Development | 7.6 % | 9.0 % | 5.1 % | 9.0 % | 3.6 % | 3.6 % | 4.0 % | 5.1 % | 3.6 % | 1.9 % | 3.5 % |
| Electrification, Maintenance and Modifications | 3.5 % | -6.1 % | 1.8 % | 4.1 % | 5.3 % | 5.2 % | 3.6 % | 4.6 % | 5.6 % | 6.0 % | 5.0 % |
| Subsea | 11.6 % | 0.8 % | 7.9 % | 9.0 % | 11.0 % | 14.1 % | 15.2 % | 12.8 % | 14.4 % | 15.5 % | 17.5 % |
| EBITDA margin (excl. special items) | 7.0 % | 1.8 % | 4.3 % | 6.6 % | 5.6 % | 6.3 % | 6.8 % | 6.4 % | 7.0 % | 6.5 % | 7.5 % |
| EBIT (excl. special items) | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Renewables and Field Development | 153 | 206 | 324 | 193 | 29 | 19 | 44 | 285 | 32 | 3 | 48 |
| Electrification, Maintenance and Modifications | 20 | (123) | 22 | 46 | 96 | 97 | 52 | 291 | 114 | 163 | 120 |
| Subsea | 61 | (208) | (45) | 22 | 72 | 176 | 359 | 630 | 282 | 377 | 458 |
| Other | (86) | (57) | (351) | (93) | (71) | (115) | (152) | (431) | (111) | (125) | (150) |
| EBIT (excl. special items) | 148 | (182) | (51) | 168 | 126 | 178 | 303 | 775 | 316 | 418 | 476 |
| EBIT margin (excl. special items) | 3Q 2020 | 4Q 2020 | FY 2020 | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Renewables and Field Development | 6.0 % | 7.1 % | 3.0 % | 7.0 % | 1.1 % | 0.8 % | 1.6 % | 2.7 % | 1.1 % | 0.1 % | 1.3 % |
| Electrification, Maintenance and Modifications | 1.1 % | -6.0 % | 0.3 % | 2.5 % | 4.1 % | 4.0 % | 2.0 % | 3.2 % | 4.6 % | 5.1 % | 4.1 % |
| Subsea | 2.9 % | -10.7 % | -0.5 % | 1.2 % | 3.5 % | 7.4 % | 10.6 % | 6.5 % | 9.5 % | 11.1 % | 13.3 % |
| EBIT margin (excl. special items) | 2.3 % | -2.7 % | -0.2 % | 2.6 % | 1.8 % | 2.4 % | 3.5 % | 2.6 % | 3.8 % | 4.0 % | 4.7 % |
Order Backlog by Market
NOK billion, %
| Order Backlog by Market | 3Q 2021 | 3Q 2022 |
|---|---|---|
| Africa | 3 % | 2 % |
| Asia Pacific | 21 % | 16 % |
| North America | 13 % | 11 % |
| Norway | 60 % | 54 % |
| Europe | 1 % | 14 % |
| South America | 3 % | 4 % |
| Total | 100 % | 100 % |
| Total backlog (NOK billion) | 48.4 | 50.9 |
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Copyright and Disclaimer
Copyright
Copyright of all published material including photographs, drawings and images in this document remains vested in Aker Solutions and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.
Disclaimer
This Presentation 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 Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Solutions ASA and Aker Solutions ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Solutions' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Aker Solutions ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Aker Solutions ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Solutions ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.
Aker Solutions consists of many legally independent entities, constituting their own separate identities. Aker Solutions is used as the common brand or trade mark for most of these entities. In this presentation we may sometimes use "Aker Solutions", "we" or "us" when we refer to Aker Solutions companies in general or where no useful purpose is served by identifying any particular Aker Solutions company.
