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Aker Solutions Investor Presentation 2023
3531_rns_2023-05-04_73a1daf6-51bf-4f05-af95-228f83d01a99.pdf
Investor Presentation
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1Q 2023
Fornebu, May 4, 2023 Kjetel Digre, CEO Idar Eikrem, CFO
2023 © Aker Solutions
1Q 2023 | Solid Performance
Revenue Excluding special items EBITDA
Excluding special items
Order Intake Order Backlog
98.9 NOK BILLION 100
Financials
- Solid increase in key financials from same period last year
- All-time high secured backlog creating good transparency
- Strong financial position with de-leveraged balance sheet, driven by pre-payments on newly awarded contracts
Transformation
- Subsea JV process with SLB and Subsea 7 progressing well
- Targeting about 2,000 new employees in 2023
- Joined the First Mover Coalition for green steel
Outlook and Developments
- Continued strong focus on delivering solid and predictable project execution
- Positive upside potential through incentives in alliance models
- Continued high tendering and FEED activity across segments
- Remain very selective in tendering and vigilant about capacity
1Q 2023 | Operational Highlights
Photo: Equinor
1Q 2023 | New Orders
Renewables and Field Development
- Rosebank EPC contract for upgrade of the Petrojarl Knarr FPSO, for Altera Infrastructure
Electrification, Maintenance and Modifications
- Modification contract, the Draugen Electrification, for Okea
- The award followed the LOI announced in December 2022
- The project is estimated to eliminate about 200,000 tonnes of CO2/year
- Topside modification, the Åsgard Berling tie-back project, for Equinor
- Growth in scope on existing contracts and frame agreements
Subsea
- Subsea production system for TotalEnergies' Lapa South West development in Brazil
- Subsea umbilicals contract for the Agogo field development in Angola, from ENI
Tender Value at NOK 79 Billion
1 i.e. the segments Renewables & Field Development (R&FD) and Electrification, Maintenance and Modifications (EMM)
Outlook
- Well positioned for long-term growth and shareholder value creation
- Solid financial position
2023 © Aker Solutions
- De-leveraged balance sheet with net cash position of NOK 6.6 bn
- Subsea JV to unlock significant shareholder value
■ All-time high secured order backlog
- ~75% of backlog related to Aker Solutions' segments excl. Subsea
- Majority related to NCS projects to be executed in well proven alliance models with balanced risk/ reward profile and shared upside potential
- Continued focus on predictable project execution
- NOK 79 billion of ongoing tenders
- Remain very selective and vigilant about capacity
Financial Performance
Idar Eikrem, CFO
2023 © Aker Solutions
1Q 2023 | Solid Performance
| NOK million | 1Q 2023 | 1Q 2022 | 4Q 2022 | 2022 |
|---|---|---|---|---|
| Revenue | 11 495 | 8 291 | 12 456 | 41 417 |
| Revenue ex. special items | 11 427 | 8 301 | 12 455 | 41 378 |
| EBITDA | 868 | 598 | 947 2 934 | |
| EBITDA margin | 7.6% | 7.2% | 7.6% | 7.1% |
| EBITDA ex. special items1 | 906 | 583 | 999 3 022 | |
| EBITDA margin ex. special items1 | 7.9% | 7.0% | 8.0% | 7.3% |
| Depreciation, amortization and impairment | (299) (267) (307) (1 077) | |||
| EBIT | 570 | 331 | 640 1 857 | |
| EBIT margin | 5.0% | 4.0% | 5.1% | 4.5% |
| EBIT ex. special items1 | 622 | 316 | 712 1 923 | |
| EBIT margin ex. special items1 | 5.4% | 3.8% | 5.7% | 4.6% |
| Net financial items | (12) | (50) | (76) (142) | |
| Income (loss) before tax | 558 | 281 | 564 1 715 | |
| Income tax | (169) (105) (129) (545) | |||
| Net income (loss) | 390 | 175 | 435 1 170 | |
| Net income (loss) ex. special items1 | 452 | 200 | 529 1 225 | |
| Earnings per share (NOK) | 0.79 | 0.34 | 0.91 | 2.42 |
| Earnings per share (NOK) ex. special items1 | 0.92 | 0.39 | 1.10 | 2.53 |
| Dividend per share (NOK) | - | - | - | 1.00 |
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 11.4 billion
- Continued good progress in project portfolio
- Quarterly revenues up by 39%
- Activity expected to increase somewhat during the year
- EBITDA1 of NOK 906 million (7.9% margin)
- Underlying margins continue to improve sequentially
- Several projects in early phases of execution, with currently lower degree of margin recognition in the Renewables and Field Development segment
- EPS1 for the quarter increased to NOK 0.92 from NOK 0.39 a year ago
- Dividend of NOK 1.00 per share paid for fiscal year 2022
Solid Finances – Net Cash Position of NOK 6.6 Billion 1
Net cash position1 of NOK 6.6 billion
Available liquidity of NOK 10.1 billion
■ Cash NOK 7.1 billion and RCF NOK 3.0 billion
Cash flow from operations at NOK 1.7 billion in quarter
■ Driven by driven by solid operational performance and pre-payment position on newly awarded contracts
Working capital2 at minus NOK 4.9 billion
■ Expected to remain 'lower for longer' related to progress on record high backlog with milestones and pre-payments
Working Capital2NOK billion
2See definition under Alternative Performance Measures in the appendix
Debt Maturity Profile1NOK billion
Net Cash Position1NOK billion
1Excluding the effects of IFRS 16 as covenants are based on frozen GAAP
Renewables and Field Development
Revenue EBITDA and Margin1
Order Intake Order Backlog
1Excluding special items
Financials and Highlights
- Revenue of NOK 4.1 billion in quarter
- Several projects in early stages of execution
- EBITDA1 of NOK 171 million (4.1% margin) in quarter
- Improvement from same period last year
- Order intake of NOK 2.9 billion (0.7x book-to-bill) in the quarter
- Mainly driven by the Rosebank project for Altera, as well as growth in scope on existing projects
- Secured backlog for 2023 and 2024 is already higher than 2022 annual revenue
- New projects likely to start progressing into profit recognition phase during 2H 2023 onwards
- High order backlog of NOK 49.7 billion
- Equaling 3.3x the 2022 annual revenue and providing good visibility on activity-level all the way towards 2027
- Revenue expected to increase more than 30% in 2023
Electrification, Maintenance and Modifications (EMM)
Revenue EBITDA and Margin1
1Excluding special items
Financials and Highlights
- Revenue of NOK 2.9 billion in quarter
- 18% increase from same period last year
- EBITDA1 of NOK 161 million (5.5% margin) in quarter
- Continued good performance on ongoing projects and multi-year frame agreements
- Strong order intake of NOK 4.8 billion (1.6x book-to-bill)
- Dominated by new contract for electrification of the Draugen platform, as well as topside modification on Åsgaard for Berling tie-in
- Order intake in EMM is lumpy in nature, driven by large long-term frame agreements and timing of larger project awards
- Strong order backlog of NOK 23.7 billion
- Excluding potential growth in existing contracts and frame agreements, and value of extension options
- Solid visibility on activity-level moving forward
- Revenue in 2023 expected to continue at close to similar levels as 2022 in this segment
- Predictable revenue profile over time, driven by large multi-year frame agreements for Maintenance and Modification
Subsea
Revenue EBITDA and Margin1
Order Intake Order Backlog
Financials and Highlights
- Revenue of NOK 4.3 billion in the quarter
- Delivered revenue growth of 45% compared to same period last year
- EBITDA1 of NOK 658 million (15.2% margin) for the quarter
- Solid profits continued in the period due to strong operational performance
- Order intake of NOK 4.8 billion (1.1x book-to-bill)
- Subsea production system for Total Energies' Lapa South West development in Brazil
- Subsea umbilicals contract for the Agogo field development in Angola, from ENI
- Growth in scope on existing contracts and frame agreements
- Record high order backlog of NOK 25.3 billion
- Excluding short-cycled or book-and-turn service work
- Solid visibility on activity-level moving forward
- Revenue expected to increase more than 25% in 2023
- Progress likely to gradually ramp up on recently awarded work during the year
High Order Backlog – Solid visibility for activity forward
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, %
Strong Order Backlog Development NOK billion
Summary Outlook
- On track with strategy and targets
- Dividend of NOK 1.00 per share paid for fiscal year 2022
- Increased revenues and margins in quarter compared to last year
- Generated NOK 1.2 billion of free cash flow in the first quarter of 20232
- All-time high secured backlog of NOK 99 billion
- Solid financial position
- Subsea JV transaction with expected closing during 2nd half of 2023
- 2023 overall revenues continue to be expected up by around 15% from 2022, based on secured backlog and market activity (incl. Subsea 'as-is')
- 2023 overall underlying EBITDA-margin , at this early stage, continues to be expected to be up from 2022 (incl. Subsea 'as-is')
- Working Capital fluctuates with large project work and is expected to trend in the range around NOK -5.5 to -3.5 billion over time
- Ordinary dividend policy of 30-50% of annual net profit
- Strong focus on continued solid and predictable project execution
1 EBITDA excl. special items 2 Excluding bond repayment and dividend
2023 © Aker Solutions 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.
Q&A
2023 © Aker Solutions
2023 © Aker Solutions
Well Positioned for Shareholder Value Creation
Aker Solutions post-close of JV, ambitions
- NOK 74 billion of backlog at 1Q-2023, excl. Subsea, majority of which are lower-risk NCS projects with upside potential through alliance models
- EBITDA margin, excl. Subsea, to increase from current levels
- Free cash flow generation of around NOK 0.8 billion on average annually from 2024 to 2026 excl. Subsea JV proceeds and dividends
- Ordinary dividend policy to remain at 30-50% of annual net profit
Significant value creation through the Subsea JV
- USD 700 million from transactions (selling 20% stake)
- Retaining 20% JV ownership, which will contribute to Aker Solutions' EBITDA, and cash flow via dividend
- USD 300 million in est. cash generation from subsea business1
1Estimated cash generation until closing; 2Q'22-4Q'23
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
2023 © Aker Solutions
Timing of selected large projects in the portfolio, by Segment
Renewables and Field Development Subsea
| Project | Customer | Award year | Delivery year (est.) |
|---|---|---|---|
| Johan Castberg | Equinor | 2017 | 2024 |
| Hugin A | Aker BP | 2022 | 2026 |
| Hugin B | Aker BP | 2022 | 2026 |
| Valhall PWP |
Aker BP | 2022 | 2026 |
| Fenris UI | Aker BP | 2022 | 2026 |
| Rosebank | Altera | 2023 | 2025 |
| Jackdaw WHP | Shell | 2022 | 2024 |
| Sunrise Wind | Ørsted & Eversource |
2021 | 2025 |
| East Anglia 3 | ScottishPower | 2022 | 2025 |
| Norfolk Boreas | Vattenfall | 2022 | 2026 |
| Northern Lights, Carbon Storage | Equinor | 2020 | 2024 |
| Norcem CCUS |
Aker Carbon Capture | 2020 | 2024 |
| Hywind Tampen | Equinor | 2019 | 2023 |
Electrification, Maintenance and Modifications (EMM)
| Project | Customer | Award year | Delivery year (est.) |
|---|---|---|---|
| Aker BP EMM /Modific. Alliance (FA) | Aker BP | 2015 | 2024 |
| Equinor H (FA) | Equinor | 2016 | 2026 |
| Troll West, electrification | Equinor | 2021 | 2025 |
| Brunei (FA) | Shell Brunei | 2020 | 2025 |
| ConocoPhillips M&M (FA) | ConocoPhillips | 2016 | 2026 |
| Tommeliten Alpha, topside modification | ConocoPhillips | 2021 | 2023 |
| Johan Sverdrup Hook Up, phase 2 | Equinor | 2020 | 2023 |
| Shell Modification Contract (FA) | Shell | 2017 | 2024 |
| Draugen Electrification | OKEA | 2023 | 2026 |
| Project | Customer | Award year | Delivery year (est.) |
|---|---|---|---|
| Jansz, subsea gas compression | Chevron | 2021 | 2025 |
| Yggdrasil | Aker BP | 2022 | 2028 |
| Skarv Satellites | Aker BP | 2022 | 2025 |
| Trell & Trine Development |
Aker BP | 2022 | 2024 |
| Halten Øst | Equinor | 2022 | 2024 |
| Askeladd West | Equinor | 2020 | 2023 |
| Breidablikk | Equinor | 2020 | 2024 |
| Kristin South | Equinor | 2020 | 2023 |
| Northern Lights, Carbon Storage | Equinor | 2020 | 2023 |
| Tommeliten Alpha | ConocoPhillips | 2020 | 2023 |
| Eldfisk | ConocoPhillips | 2021 | 2024 |
| Mero 4 | Petrobras | 2021 | 2025 |
| Lapa South West | Total | 2023 | 2024 |
| Agogo Umbilicals | ENI | 2023 | 2024 |
| Dvalin North |
Wintershall | 2022 | 2025 |
(FA = frame agreement)
(Disclaimer: the tables on this slide show the estimated timing of a selection of large projects in Aker Solutions' backlog per year-end 2022. This information is unaudited and subject to change)
Ordinary Dividend Policy of 30-50% of Annual Net Profit
Priorities
Maintain sufficient Financial robustness
Invest in Profitable growth
Balanced capital allocation strategy to protect and drive growth in shareholder value
Prudent management of the balance sheet
- Financial robustness to handle business cycles
- Maintain flexibility
Re-investment in a disciplined manner
- Potential to seize value-adding opportunities
- Enabling growth aligned with strategic priorities
Return excess cash to shareholders
- Ordinary dividend policy of 30-50% of annual net profit
- Annual evaluation by the Board of Directors based on outlook and strategic priorities
Renewables and Transitional Energy Solutions
| NOK Million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Total revenue (excl. special items) | 6 469 | 7 018 | 7 311 | 8 666 | 29 464 | 8 301 | 10 581 | 10 041 | 12 455 | 41 378 | 11 427 |
| Renewables and Transitional Energy Solutions | 649 | 976 | 1 070 | 1 602 | 4 297 | 1 656 | 2 069 | 2 320 | 3 068 | 9 113 | 2 318 |
| Renewables and Transitional Energy Solutions (%) | 10 % | 14 % | 15 % | 18 % | 15 % | 20 % | 20 % | 23 % | 25 % | 22 % | 20 % |
| Order intake | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Total order intake | 9 444 | 12 232 | 9 532 | 9 257 | 40 466 | 7 039 | 13 647 | 8 208 | 59 344 | 88 238 | 12 490 |
| Renewables and Transitional Energy Solutions | 3 510 | 7 529 | 4 259 | 1 293 | 16 591 | 827 | 3 301 | 1 503 | 1 383 | 7 014 | 2 897 |
| Renewables and Transitional Energy Solutions (%) | 37 % | 62 % | 45 % | 14 % | 41 % | 12 % | 24 % | 18 % | 2 % | 8 % | 23 % |
| Order backlog | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Total order backlog | 40 507 | 45 786 | 48 436 | 49 168 | 49 168 | 48 013 | 52 722 | 50 947 | 97 316 | 97 316 | 98 869 |
| Renewables and Transitional Energy Solutions | 7 143 | 13 696 | 16 886 | 16 577 | 16 577 | 15 747 | 16 979 | 16 162 | 15 376 | 15 376 | 15 955 |
| Renewables and Transitional Energy Solutions (%) | 18 % | 30 % | 35 % | 34 % | 34 % | 33 % | 32 % | 32 % | 16 % | 16 % | 16 % |
| Definition | |||||||||||
| Revenue and order backlog from work related to renewables and transitional energy solutions. This mainly includes projects with solutions and technologies for offshore wind, hydropower, aquaculture, carbon capture and storage (CCS), hydrogen, electrification of offshore and onshore facilities, decommissioning & recycling, and subsea gas compression |
|||||||||||
| These figures are compiled from a bottom-up approach of projects and work in Aker Solutions for the relevant periods. The figures are unaudited and subject to change. |
| Order intake | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total order intake | 9 444 | 12 232 | 9 532 | 9 257 | 40 466 | 7 039 | 13 647 | 8 208 | 59 344 | 88 238 | 12 490 |
| Renewables and Transitional Energy Solutions | 3 510 | 7 529 | 4 259 | 1 293 | 16 591 | 827 | 3 301 | 1 503 | 1 383 | 7 014 | 2 897 |
| Renewables and Transitional Energy Solutions (%) | 37 % | 62 % | 45 % | 14 % | 41 % | 12 % | 24 % | 18 % | 2 % | 8 % | 23 % |
| Order backlog | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total order backlog | 40 507 | 45 786 | 48 436 | 49 168 | 49 168 | 48 013 | 52 722 | 50 947 | 97 316 | 97 316 | 98 869 |
| Renewables and Transitional Energy Solutions | 7 143 | 13 696 | 16 886 | 16 577 | 16 577 | 15 747 | 16 979 | 16 162 | 15 376 | 15 376 | 15 955 |
| Renewables and Transitional Energy Solutions (%) | 18 % | 30 % | 35 % | 34 % | 34 % | 33 % | 32 % | 32 % | 16 % | 16 % | 16 % |
Definition
Transition Journey Well Underway
Selection of work related to Renewables and Transitional Energy Solutions
| Type | Project | Main scope | Customer | Region |
|---|---|---|---|---|
| Offshore Hywind Tampen Wind |
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 |
Norcem CCUS |
Carbon capture facility at Heidelberg Cement's Norcem facility |
Aker Carbon Capture |
NOR |
| Storage (CCS) |
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) | Carbon capture facility at Keadby 3 Power plant |
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 |
| Draugen Electrification |
Electrification, from shore | OKEA | NOR | |
| Decommissioning and Recycling |
Heimdal and Veslefrikk |
Decommissioning of >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 |
Basis for Preparation
This presentation provides financial highlights for the quarter for Aker Solutions, a Norwegian limited company listed on the Oslo Stock Exchange.
The same measurement principles as presented in the Annual Report 2022 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.
EBITDA is short for earnings before interest, taxes, depreciation and amortization. EBITDA corresponds to the "operating income before depreciation, amortization and impairment" in the consolidated income statement in the annual report.
EBIT is short for earnings before interest and taxes. EBIT corresponds to "operating income" in the consolidated income statement in the annual report.
Margins such as EBITDA margin and EBIT margin are used to compare relative profit between periods. EBITDA margin and EBIT margin are calculated as EBITDA or EBIT divided by revenue.
Special items may not be indicative of the ongoing operating result of cash flows of the company. Profit measures excluding special items are presented as alternative measures to improve comparability of the underlying business performance between the periods.
| Renewables & Field Development |
Electrification, Maintenance & Modifications |
Subsea | Other/ eliminations |
Aker Solutions | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NOK million | 1Q 2023 | 1Q 2022 | 1Q 2023 | 1Q 2022 | 1Q 2023 | 1Q 2022 | 1Q 2023 | 1Q 2022 | 1Q 2023 | 1Q 2022 |
| Revenue | 4 128 | 2 795 | 2 933 | 2 490 | 4 324 | 2 983 | 111 | 23 | 11 495 | 8 291 |
| Non-qualifying hedges | - | - | - | - | - | - | (69) | 10 | (69) | 10 |
| Sum of special items excluded from revenue | - | - | - | - | - | - | (69) | 10 | (69) | 10 |
| Revenue ex. special items | 4 128 | 2 795 | 2 933 | 2 490 | 4 324 | 2 983 | 43 | 33 | 11 427 | 8 301 |
| EBITDA | 169 | 101 | 161 | 140 | 658 | 429 | (119) | (73) | 868 | 598 |
| Restructuring cost | 2 | 1 | 0 | 0 | - | 0 | (0) | (0) | 2 | 1 |
| Non-qualifying hedges | - | - | - | - | - | - | 5 | (18) | 5 | (18) |
| Other special items | - | - | - | - | - | - | 30 | 2 | 30 | 2 |
| Sum of special items excluded from EBITDA | 2 | 1 | 0 | 0 | (0) | 0 | 35 | (16) | 38 | (14) |
| EBITDA ex. special items | 171 | 102 | 161 | 140 | 658 | 429 | (84) | (88) | 906 | 583 |
| EBITDA margin | 4.1 % | 3.6 % | 5.5 % | 5.6 % | 15.2 % | 14.4 % | 7.6 % | 7.2 % | ||
| EBITDA margin ex. special items | 4.1 % | 3.6 % | 5.5 % | 5.6 % | 15.2 % | 14.4 % | 7.9 % | 7.0 % | ||
| EBIT | 87 | 31 | 132 | 114 | 498 | 282 | (147) | (96) | 570 | 331 |
| Sum of special items excluded from EBITDA | 2 | 1 | 0 | 0 | (0) | 0 | 35 | (16) | 38 | (14) |
| Impairments | 0 | - | - | - | 14 | - | - | - | 14 | - |
| Sum of special items excluded from EBIT | 3 | 1 | 0 | 0 | 14 | 0 | 35 | (16) | 52 | (14) |
| EBIT ex. special items | 90 | 32 | 132 | 114 | 512 | 282 | (111) | (111) | 622 | 316 |
| EBIT margin | 2.1 % | 1.1 % | 4.5 % | 4.6 % | 11.5 % | 9.4 % | 5.0 % | 4.0 % | ||
| EBIT margin ex. special items | 2.2 % | 1.1 % | 4.5 % | 4.6 % | 11.8 % | 9.5 % | 5.4 % | 3.8 % | ||
| Net income | 390 | 175 | ||||||||
| Sum of special items excluded from EBIT | 52 | (14) | ||||||||
| Currency options1 | 62 | - | ||||||||
| Non-qualifying hedges | (41) | 34 | ||||||||
| Tax effects on special items | (11) | 5 | ||||||||
| Net income ex. special items | 452 | 200 | ||||||||
| Net income to non-controlling interests | (2) | (11) | ||||||||
| Net income ex. non-controlling interests | 450 | 189 | ||||||||
| Average number of shares (in '000) | 488 365 488 606 | |||||||||
| Earnings per share2 | 0.79 | 0.34 | ||||||||
| Earnings per share ex. special items3 | 0.92 | 0.39 | ||||||||
| 1 Currency options represent USD put option contracts related to the possible sale of the Subsea business 2 Earnings per share is calculated using Net income, adjusted for non-controlling interests, divided by average number of shares 3 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 | 1Q 2023 | 1Q 2022 |
|---|---|---|
| Cash and cash equivalents | 7 102 | 5 198 |
| Credit facility (unused) | 3 000 | 5 000 |
| Liquidity buffer | 10 102 | 10 198 |
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 | 1Q 2023 | 1Q 2022 |
|---|---|---|
| Current tax assets | 80 | 62 |
| Inventory | 270 | 211 |
| Customer contract assets and other receivables | 5 646 | 3 833 |
| Trade receivables | 6 151 | 4 256 |
| Prepayments | 2 325 | 1 940 |
| Current tax liabilities | (66) | (73) |
| Provisions | (1 833) | (901) |
| Trade payables | (3 271) | (2 007) |
| Other payables | (9 933) | (7 568) |
| Customer contract liabilities | (4 289) | (2 542) |
| Net current operating assets (NCOA) | (4 920) | (2 791) |
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 | 1Q 2023 | 1Q 2022 |
|---|---|---|
| Non-current borrowings | 469 | 907 |
| Current borrowings | 37 | 963 |
| Cash and cash equivalents | (7 102) | (5 198) |
| Net interest-bearing debt | (6 596) | (3 327) |
| Trailing four quarters: | ||
| EBITDA | 3 205 | 2 010 |
| IFRS 16 effects excl. onerous lease cost | 610 | 547 |
| EBITDA excl. IFRS 16 effects and onerous lease cost | 2 595 | 1 463 |
| Onerous lease cost (IAS 17) | (0) | (0) |
| Restructuring cost | 4 | 23 |
| Non-qualifying hedges | 35 | (18) |
| Adjusted EBITDA | 2 634 | 1 468 |
| Net interest-bearing debt to EBITDA (leverage ratio) | -2.5x | -2.3x |
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 | 1Q 2023 | 1Q 2022 | ||||||
|---|---|---|---|---|---|---|---|---|
| Order intake | Revenue from customer |
Book-to-bill | Order intake | Revenue from customer |
Book-to-bill | |||
| contracts | contracts | |||||||
| Renewables and Field Development | 2 851 | 4 128 | 0.7x | 1 543 | 2 794 | 0.6x | ||
| Electrification, Maintenance and Modifications | 4 827 | 2 933 | 1.6x | 4 459 | 2 490 | 1.8x | ||
| Subsea | 4 792 | 4 323 | 1.1x | 1 094 | 2 981 | 0.4x | ||
| Other/eliminations | 20 | 74 | (57) | (26) | ||||
| Aker Solutions | 12 490 | 11 457 | 1.1x | 7 039 | 8 240 | 0.9x |
Special Items
NOK million, (Gain) / Loss
| Special items (EBITDA) | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restructuring | 2 | 3 | 19 | 0 | 25 | 1 | 0 | (0) | 1 | 3 | 2 |
| Non-qualifying hedges | (7) | (2) | (1) | 3 | (7) | (18) | 32 | (4) | 2 | 12 | 5 |
| Other special items | 2 | 3 | 1 | 6 | 12 | 2 | 6 | 17 | 48 | 73 | 30 |
| Total special items EBITDA | (2) | 4 | 18 | 9 | 29 | (14) | 38 | 13 | 51 | 88 | 38 |
| Special items (EBIT) | |||||||||||
| Impairments | 2 | 11 | (19) | 58 | 52 | - | 11 | (54) | 20 | (22) | 14 |
| Total special items EBIT | (1) | 16 | (0) | 67 | 81 | (14) | 49 | (41) | 71 | 65 | 52 |
Income Statement
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement consolidated | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Revenue | 6 470 | 7 020 | 7 314 | 8 668 | 29 473 | 8 291 | 10 635 | 10 035 | 12 456 | 41 417 | 11 495 |
| Operating expenses | (6 041) | (6 632) | (6 873) | (8 085) (27 631) | (7 693) | (9 982) | (9 299) (11 508) (38 482) (10 627) | ||||
| EBITDA | 429 | 388 | 441 | 583 | 1 842 | 598 | 653 | 736 | 947 | 2 934 | 868 |
| Of which related to hedging | 7 | 2 | 1 | (3) | 7 | 18 | (32) | 4 | (2) | (12) | (5) |
| Depreciation and amortization | (259) | (266) | (282) | (289) | (1 097) | (267) | (273) | (273) | (287) | (1 100) | (284) |
| Impairment | (2) | (11) | 19 | (58) | (52) | - | (11) | 54 | (20) | 22 | (14) |
| EBIT | 169 | 110 | 178 | 237 | 693 | 331 | 369 | 517 | 640 | 1 857 | 570 |
| Net interest cost | 62 | (75) | (67) | (61) | (141) | (67) | (57) | (27) | (16) | (168) | 3 |
| Net other financial items | (24) | 2 | 0 | (10) | (32) | 17 | 108 | (39) | (60) | 26 | (15) |
| Net financial cost | 38 | (73) | (67) | (71) | (173) | (50) | 51 | (67) | (76) | (142) | (12) |
| Net income (loss) before tax | 206 | 37 | 111 | 166 | 520 | 281 | 420 | 450 | 564 | 1 715 | 558 |
| Income tax | (180) | 22 | (11) | (103) | (271) | (105) | (145) | (165) | (129) | (545) | (169) |
| Net income (loss) for the period | 27 | 60 | 100 | 63 | 249 | 175 | 276 | 285 | 435 | 1 170 | 390 |
| Net income attributable to: | |||||||||||
| Equity holders of the parent company | 27 | 61 | 104 | 62 | 254 | 164 | 269 | 305 | 441 | 1 179 | 387 |
| Non-controlling interests | (0) | (1) | (5) | 1 | (5) | 11 | 7 | (20) | (6) | (8) | 2 |
| EBITDA margin | 6.6 % | 5.5 % | 6.0 % | 6.7 % | 6.2 % | 7.2 % | 6.1 % | 7.3 % | 7.6 % | 7.1 % | 7.6 % |
| Basic earnings per share (NOK) | 0.05 | 0.12 | 0.21 | 0.13 | 0.52 | 0.34 | 0.55 | 0.62 | 0.91 | 2.42 | 0.79 |
| Dividend per share (NOK) | - | - | - | - | 0.20 | - | - | - | - | 1.00 | - |
Cash Flow
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flow | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| EBITDA | 429 | 388 | 441 | 583 | 1 842 | 598 | 653 | 736 | 947 | 2 934 | 868 |
| Change in cash flow from operating activities | 53 | (129) | 135 | 898 | 957 | 986 | (681) | 33 | 1 245 | 1 584 | 832 |
| Net cash flow from operating activities | 482 | 259 | 576 | 1 481 | 2 799 | 1 584 | (28) | 769 | 2 193 | 4 518 | 1 701 |
| Acquisition of property, plant and equipment | (25) | (26) | (42) | (125) | (218) | (33) | (91) | (151) | (233) | (507) | (217) |
| Payments for capitalized development | (29) | (32) | (34) | (48) | (144) | (29) | (26) | (25) | (33) | (113) | (61) |
| Acquisition of subsidiaries, net of cash acquired | - | - | - | - | - | (126) | 8 | (4) | (47) | (169) | (13) |
| Change in current interest-bearing receivables | 20 | (16) | - | (0) | 4 | (9) | (0) | 9 | - | - | - |
| Sub-lease income received | 32 | 31 | 31 | 31 | 125 | 28 | 32 | 33 | 16 | 110 | 28 |
| Interest received | 153 | 7 | 13 | 16 | 190 | 14 | 28 | 38 | 49 | 128 | 51 |
| Interest received on sub-leases | 8 | 7 | 7 | 7 | 30 | 5 | 5 | 5 | 14 | 29 | 8 |
| Cash flow from other investing activities | 9 | 1 | 1 | 8 | 18 | 3 | 1 | 25 | 16 | 46 | 1 |
| Net cash flow from investing activities | 168 | (28) | (23) | (111) | 6 | (147) | (44) | (70) | (216) | (476) | (203) |
| Change in external borrowings | (41) | (47) | (222) | (42) | (352) | (491) | (22) | (950) | 19 | (1 444) | (499) |
| Lease installments paid | (194) | (126) | (158) | (201) | (680) | (175) | (166) | (169) | (186) | (695) | (201) |
| Paid dividends | - | - | - | (3) | (3) | - | (97) | (0) | 0 | (97) | 0 |
| Interest paid | (44) | (33) | (34) | (33) | (144) | (37) | (37) | (27) | (22) | (124) | (18) |
| Interest paid on leases | (53) | (43) | (50) | (50) | (196) | (50) | (49) | (48) | (47) | (195) | (48) |
| Other financing activities | (22) | 0 | (26) | (2) | (49) | (0) | 0 | (2) | (9) | (11) | (0) |
| Net cash flow from financing activities | (354) | (249) | (490) | (331) (1 424) | (753) | (372) (1 196) | (245) (2 566) | (767) | |||
| Net increase (decrease) in cash and cash equivalents | 296 | (18) | 63 | 1 040 | 1 381 | 685 | (443) | (497) | 1 732 | 1 476 | 731 |
| Cash and cash equivalents as at the beginning of the period | 3 171 | 3 457 | 3 459 | 3 504 | 3 171 | 4 560 | 5 198 | 5 026 | 4 469 | 4 560 | 6 170 |
| Effect of exchange rate changes on cash and cash equivalents | (10) | 19 | (17) | 16 | 8 | (47) | 272 | (60) | (31) | 134 | 201 |
| Cash and cash equivalents at the end of the period | 3 457 | 3 459 | 3 504 | 4 560 | 4 560 | 5 198 | 5 026 | 4 469 | 6 170 | 6 170 | 7 102 |
Balance Sheet – Assets
| NOK million | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Assets | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 |
| Property, plant and equipment | 3 400 | 3 397 | 3 262 | 3 231 | 3 269 | 3 424 | 3 533 | 3 596 | 3 762 |
| Intangible assets including Goodwill | 5 806 | 5 768 | 5 743 | 5 724 | 5 808 | 6 101 | 6 064 | 5 949 | 5 958 |
| Right-of-use assets and investment property | 2 926 | 2 837 | 2 623 | 2 803 | 2 746 | 2 824 | 2 693 | 2 723 | 2 764 |
| Deferred tax assets | 527 | 500 | 520 | 581 | 540 | 671 | 593 | 584 | 543 |
| Non-current lease receivables | 582 | 551 | 708 | 634 | 569 | 572 | 580 | 561 | 560 |
| Investments in other companies | 313 | 296 | 336 | 262 | 221 | 94 | 101 | 128 | 116 |
| Interest-bearing receivables | 200 | 202 | 250 | 206 | 209 | 212 | 215 | 201 | 205 |
| Other non-current assets | 10 | 5 | 5 | 22 | 19 | 28 | 20 | 26 | 27 |
| Total non-current assets | 13 764 | 13 556 | 13 446 | 13 463 | 13 381 | 13 927 | 13 800 | 13 768 | 13 936 |
| Current tax assets | 81 | 76 | 89 | 69 | 62 | 79 | 97 | 67 | 80 |
| Inventories | 285 | 280 | 252 | 293 | 211 | 229 | 258 | 275 | 270 |
| Trade receivables | 3 816 | 3 762 | 3 727 | 4 677 | 4 256 | 4 782 | 5 546 | 5 857 | 6 151 |
| Customer contract assets and other receivables | 3 686 | 3 632 | 4 027 | 3 713 | 3 833 | 4 648 | 4 630 | 4 419 | 5 646 |
| Prepayments | 1 359 | 1 507 | 2 039 | 1 774 | 1 940 | 1 652 | 1 917 | 1 981 | 2 325 |
| Derivative financial instruments | 162 | 290 | 168 | 175 | 450 | 502 | 484 | 406 | 550 |
| Interest-bearing receivables | 174 | 173 | 137 | 143 | 143 | 150 | 133 | 146 | 157 |
| Cash and cash equivalents | 3 457 | 3 459 | 3 504 | 4 560 | 5 198 | 5 026 | 4 469 | 6 170 | 7 102 |
| Total current assets | 13 021 | 13 179 | 13 943 | 15 405 | 16 091 | 17 068 | 17 534 | 19 320 | 22 282 |
| Total assets | 26 785 | 26 735 | 27 389 | 28 868 | 29 472 | 30 995 | 31 334 | 33 088 | 36 218 |
Balance Sheet – Liabilities and Equity
| NOK million | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Liabilities and equity | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 |
| Total equity attributable to the parent | 7 784 | 7 903 | 7 870 | 7 833 | 8 011 | 8 727 | 9 129 | 9 244 | 9 940 |
| Non-controlling interests | 38 | 37 | 35 | 28 | 39 | 64 | 41 | -4 | -3 |
| Total equity | 7 822 | 7 940 | 7 904 | 7 861 | 8 050 | 8 791 | 9 169 | 9 240 | 9 938 |
| Non-current borrowings | 2 503 | 2 498 | 944 | 925 | 907 | 958 | 960 | 962 | 469 |
| Non-current lease liabilities | 4 339 | 4 183 | 4 048 | 4 056 | 3 874 | 3 942 | 3 707 | 3 679 | 3 729 |
| Pension obligations | 1 049 | 1 025 | 1 002 | 1 010 | 987 | 982 | 962 | 1 031 | 1 009 |
| Deferred tax liabilities | 405 | 336 | 296 | 333 | 320 | 517 | 524 | 459 | 549 |
| Other non-current liabilities | 6 | 2 | 2 | 4 | 30 | 25 | 26 | 36 | 36 |
| Total non-current liabilities | 8 304 | 8 043 | 6 292 | 6 327 | 6 118 | 6 423 | 6 179 | 6 168 | 5 792 |
| Current tax liabilities | 61 | 59 | 72 | 69 | 73 | 55 | 70 | 65 | 66 |
| Current borrowings | 160 | 125 | 1 454 | 1 434 | 963 | 996 | 40 | 60 | 37 |
| Current lease liabilities | 617 | 649 | 679 | 692 | 665 | 707 | 705 | 734 | 737 |
| Provisions | 627 | 720 | 721 | 784 | 901 | 1 519 | 1 774 | 1 719 | 1 833 |
| Trade payables | 2 137 | 1 338 | 1 906 | 1 429 | 2 007 | 2 360 | 2 660 | 2 645 | 3 271 |
| Other payables | 5 320 | 6 206 | 6 676 | 7 372 | 7 568 | 7 790 | 7 963 | 9 066 | 9 931 |
| Customer contract liabilities | 1 201 | 1 332 | 1 426 | 2 656 | 2 542 | 1 974 | 2 329 | 3 134 | 4 289 |
| Derivative financial instruments | 535 | 323 | 260 | 242 | 585 | 380 | 446 | 255 | 324 |
| Total current liabilities | 10 658 | 10 752 | 13 193 | 14 679 | 15 305 | 15 781 | 15 985 | 17 679 | 20 488 |
| Total liabilities and equity | 26 785 | 26 735 | 27 389 | 28 868 | 29 472 | 30 995 | 31 334 | 33 088 | 36 218 |
Split Per Segment
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Renewables and Field Development | 2 750 | 2 655 | 2 499 | 2 721 10 625 | 2 795 | 3 958 | 3 551 | 4 553 14 857 | 4 128 | ||
| Electrification, Maintenance and Modifications | 1 863 | 2 360 | 2 406 | 2 568 | 9 197 | 2 490 | 3 160 | 2 938 | 3 576 12 164 | 2 933 | |
| Subsea | 1 907 | 2 046 | 2 385 | 3 374 | 9 712 | 2 983 | 3 386 | 3 451 | 4 236 14 055 | 4 324 | |
| Other | 31 | 22 | 70 | 81 | 204 | 51 | 152 | 119 | 135 | 457 | 158 |
| Eliminations | (81) | (64) | (45) | (76) | (266) | (27) | (20) | (24) | (44) | (116) | (47) |
| Revenue | 6 470 | 7 020 | 7 314 | 8 668 29 473 | 8 291 10 635 10 035 12 456 41 417 11 495 | ||||||
| EBITDA | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Renewables and Field Development | 248 | 94 | 89 | 104 | 535 | 101 | 76 | 124 | 185 | 487 | 169 |
| Electrification, Maintenance and Modifications | 74 | 124 | 113 | 92 | 402 | 140 | 189 | 146 | 188 | 663 | 161 |
| Subsea | 172 | 224 | 330 | 518 | 1 244 | 429 | 525 | 603 | 748 | 2 305 | 658 |
| Other | (64) | (53) | (91) | (131) | (340) | (73) | (137) | (137) | (174) | (520) | (119) |
| EBITDA | 429 | 388 | 441 | 583 | 1 842 | 598 | 653 | 736 | 947 | 2 934 | 868 |
| EBITDA margin | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Renewables and Field Development | 9.0 % | 3.5 % | 3.6 % | 3.8 % | 5.0 % | 3.6 % | 1.9 % | 3.5 % | 4.1 % | 3.3 % | 4.1 % |
| Electrification, Maintenance and Modifications | 4.0 % | 5.2 % | 4.7 % | 3.6 % | 4.4 % | 5.6 % | 6.0 % | 5.0 % | 5.3 % | 5.5 % | 5.5 % |
| Subsea | 9.0 % | 10.9 % | 13.8 % | 15.4 % | 12.8 % | 14.4 % | 15.5 % | 17.5 % | 17.7 % | 16.4 % | 15.2 % |
| EBITDA margin | 6.6 % | 5.5 % | 6.0 % | 6.7 % | 6.2 % | 7.2 % | 6.1 % | 7.3 % | 7.6 % | 7.1 % | 7.6 % |
| EBIT | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Renewables and Field Development | 193 | 28 | 19 | 78 | 317 | 31 | 0 | 48 | 106 | 185 | 87 |
| Electrification, Maintenance and Modifications | 44 | 94 | 84 | 51 | 273 | 114 | 163 | 120 | 161 | 558 | 132 |
| Subsea | 27 | 69 | 169 | 362 | 627 | 282 | 377 | 458 | 593 | 1 710 | 498 |
| Other | (96) | (81) | (94) | (254) | (524) | (96) | (171) | (109) | (220) | (596) | (147) |
| EBIT | 169 | 110 | 178 | 237 | 693 | 331 | 369 | 517 | 640 | 1 857 | 570 |
| EBIT margin | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Renewables and Field Development | 7.0 % | 1.0 % | 0.8 % | 2.9 % | 3.0 % | 1.1 % | 0.0 % | 1.3 % | 2.3 % | 1.2 % | 2.1 % |
| Electrification, Maintenance and Modifications | 2.4 % | 4.0 % | 3.5 % | 2.0 % | 3.0 % | 4.6 % | 5.1 % | 4.1 % | 4.5 % | 4.6 % | 4.5 % |
| Subsea | 1.4 % | 3.4 % | 7.1 % | 10.7 % | 6.5 % | 9.4 % | 11.1 % | 13.3 % | 14.0 % | 12.2 % | 11.5 % |
| EBIT margin | 2.6 % | 1.6 % | 2.4 % | 2.7 % | 2.4 % | 4.0 % | 3.5 % | 5.1 % | 5.1 % | 4.5 % | 5.0 % |
Split Per Segment
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NCOA | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | ||
| NCOA | (118) | (398) | (666) (1 784) | (2 791) (2 307) (2 347) (4 032) | (4 920) | ||||||
| Order intake | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Renewables and Field Development | 2 630 | 1 231 | 4 952 | 5 214 14 028 | 1 543 | 6 040 | 4 881 38 934 51 398 | 2 851 | |||
| Electrification, Maintenance and Modifications | 4 068 | 2 202 | 2 180 | 1 432 | 9 882 | 4 459 | 3 858 | 1 766 | 6 108 16 190 | 4 827 | |
| Subsea | 2 788 | 8 829 | 2 481 | 2 738 16 837 | 1 094 | 3 686 | 1 550 14 206 20 536 | 4 792 | |||
| Other and eliminations | (43) | (29) | (81) | (128) | (281) | (57) | 64 | 11 | 96 | 114 | 20 |
| Order intake | 9 444 12 232 | 9 532 | 9 257 40 466 | 7 039 13 647 | 8 208 59 344 88 238 12 490 | ||||||
| Order backlog | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | ||
| Renewables and Field Development | 10 063 | 8 818 11 599 14 058 | 12 590 15 139 16 255 50 790 | 49 656 | |||||||
| Electrification, Maintenance and Modifications | 18 954 18 769 18 576 17 553 | 19 345 20 626 19 542 21 617 | 23 716 | ||||||||
| Subsea | 11 675 18 365 18 470 17 826 | 16 145 16 705 14 927 24 654 | 25 296 | ||||||||
| Other and eliminations | (185) | (167) | (209) | (269) | (67) | 252 | 223 | 255 | 202 | ||
| Order backlog | 40 507 45 786 48 436 49 168 | 48 013 52 722 50 947 97 316 | 98 869 | ||||||||
| Own employees | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | ||
| Renewables and Field Development | 4 535 | 4 550 | 4 452 | 4 553 | 4 795 | 4 962 | 5 274 | 5 484 | 5 607 | ||
| Electrification, Maintenance and Modifications | 5 925 | 6 200 | 6 216 | 6 085 | 5 792 | 4 435 | 4 408 | 4 381 | 4 464 | ||
| Subsea | 3 431 | 3 428 | 3 465 | 3 607 | 3 736 | 3 927 | 4 281 | 4 271 | 4 459 | ||
| Other | 600 | 611 | 755 | 767 | 802 | 1 007 | 1 034 | 1 259 | 1 273 | ||
| Own employees | 14 491 14 789 14 888 15 012 | 15 125 14 331 14 997 15 395 | 15 803 |
Split Per Segment – Excluding Special Items
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA (excl. special items) | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Renewables and Field Development | 248 | 95 | 89 | 108 | 540 | 102 | 76 | 124 | 185 | 488 | 171 |
| Electrification, Maintenance and Modifications | 76 | 126 | 126 | 92 | 420 | 140 | 189 | 146 | 188 | 663 | 161 |
| Subsea | 172 | 224 | 336 | 512 | 1 244 | 429 | 525 | 603 | 750 | 2 307 | 658 |
| Other | (69) | (53) | (92) | (120) | (333) | (88) | (99) | (123) | (125) | (435) | (84) |
| EBITDA (excl. special items) | 427 | 392 | 459 | 593 | 1 871 | 583 | 691 | 749 | 999 | 3 022 | 906 |
| EBITDA margin (excl. special items) | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Renewables and Field Development | 9.0 % | 3.6 % | 3.6 % | 4.0 % | 5.1 % | 3.6 % | 1.9 % | 3.5 % | 4.1 % | 3.3 % | 4.1 % |
| Electrification, Maintenance and Modifications | 4.1 % | 5.3 % | 5.2 % | 3.6 % | 4.6 % | 5.6 % | 6.0 % | 5.0 % | 5.3 % | 5.5 % | 5.5 % |
| Subsea | 9.0 % | 11.0 % | 14.1 % | 15.2 % | 12.8 % | 14.4 % | 15.5 % | 17.5 % | 17.7 % | 16.4 % | 15.2 % |
| EBITDA margin (excl. special items) | 6.6 % | 5.6 % | 6.3 % | 6.8 % | 6.4 % | 7.0 % | 6.5 % | 7.5 % | 8.0 % | 7.3 % | 7.9 % |
| EBIT (excl. special items) | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Renewables and Field Development | 193 | 29 | 19 | 44 | 285 | 32 | 3 | 48 | 106 | 189 | 90 |
| Electrification, Maintenance and Modifications | 46 | 96 | 97 | 52 | 291 | 114 | 163 | 120 | 161 | 558 | 132 |
| Subsea | 22 | 72 | 176 | 359 | 630 | 282 | 377 | 458 | 603 | 1 720 | 512 |
| Other | (93) | (71) | (115) | (152) | (431) | (111) | (125) | (150) | (158) | (544) | (111) |
| EBIT (excl. special items) | 168 | 126 | 178 | 303 | 775 | 316 | 418 | 476 | 712 | 1 923 | 622 |
| EBIT margin (excl. special items) | 1Q 2021 | 2Q 2021 | 3Q 2021 | 4Q 2021 | FY 2021 | 1Q 2022 | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 |
| Renewables and Field Development | 7.0 % | 1.1 % | 0.8 % | 1.6 % | 2.7 % | 1.1 % | 0.1 % | 1.3 % | 2.3 % | 1.3 % | 2.2 % |
| Electrification, Maintenance and Modifications | 2.5 % | 4.1 % | 4.0 % | 2.0 % | 3.2 % | 4.6 % | 5.1 % | 4.1 % | 4.5 % | 4.6 % | 4.5 % |
| Subsea | 1.2 % | 3.5 % | 7.4 % | 10.6 % | 6.5 % | 9.5 % | 11.1 % | 13.3 % | 14.2 % | 12.2 % | 11.8 % |
| EBIT margin (excl. special items) | 2.6 % | 1.8 % | 2.4 % | 3.5 % | 2.6 % | 3.8 % | 4.0 % | 4.7 % | 5.7 % | 4.6 % | 5.4 % |
Order Backlog by Market
NOK billion, %
| Order Backlog by Market | 1Q 2022 | 1Q 2023 |
|---|---|---|
| Africa | 2 % | 1 % |
| Asia Pacific | 19 % | 6 % |
| North America | 11 % | 5 % |
| Norway | 62 % | 76 % |
| Europe | 1 % | 8 % |
| South America | 4 % | 3 % |
| Total | 100 % | 100 % |
| Total backlog (NOK billion) | 48.0 | 98.9 |
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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.
