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Aker Solutions Investor Presentation 2025
3531_rns_2025-02-11_3358840a-29a9-4cb7-b4f8-99e7173926d9.pdf
Investor Presentation
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4Q and FY 2024
Kjetel Digre, CEO Idar Eikrem, CFO February 11, 2025
4Q 2024 | Proven Track Record for Shareholder Value Creation Since Merger
28% annual average revenue1 growth
1Revenues and EBITDA excluding special items and net income from OneSubsea 2Accumulated dividends and share buybacks 2020-2024 Source: Factset
4Q 2024 | Enabled by our People
- Diverse workforce of 11,800 people
- ~5,000 engineers (of which 1,000 in India)
- 2# most attractive employer in Norway1
- 1,700 new employees hired in 2024
- Investing in People and Capabilities
- Training and on-the-job experience
- Digital solutions and tools
- Purpose-Driven Organization
- "Solving global energy challenges for future generations"
1 Universum's 2024 survey for Engineering and Natural Science Students and Professionals in Norway
2024 | Improved Financial Performance and Solid Backlog
4Q 2024 | Solid Backlog of Projects with Balanced Risk
1 Alliance model: Contracts under the Aker BP alliance model with balanced risk and upside potential through incentives 2 Reimbursable: Contracts with less than 40% lump sum exposure as share of contract value
3 Lump sum: Contracts with more than 40% lump sum exposure as share of contract value – mainly related to legacy renewables projects
Fourth-Quarter Presentation
4Q 2024 | Tender Value at about NOK 86 Billion
Several new orders announced in the first quarter of 2025
4Q 2024 | Balanced Risk-Reward in New Contracts
4Q 2024 | Strong Growth in our Consulting Business
Aker Solutions' dedicated consultancy arm launched in 2Q 2024
4Q 2024 | Outlook
- Solid secured backlog
- Majority being executed in well-proven alliance model
- Continued focus on predictable project execution
▪ Positive market outlook
- Early access to key customers through early-phase studies and technology development projects
- Large tender profile across energy verticals
- New awards with balanced risk-reward profiles
- Attractive capital allocation strategy
- Paid out NOK 11.5 billion in 2024
- Proposed ordinary dividend of NOK 3.30 per share for 2024
Financial Performance
Idar Eikrem, CFO February 11, 2025
4Q 2024 | Key Figures
| NOK million | 4Q 2024 | 4Q 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Total revenue | 15,710 | 11,066 | 53,201 | 36,262 |
| Total revenue ex. special items1 | 15,708 11,021 53,193 36,107 | |||
| Net Income from OneSubsea | 166 | 172 | 789 | 172 |
| Total revenue excl. special items and Net Income from OneSubsea | 15,542 10,849 52,403 35,935 | |||
| EBITDA | 1,191 | 551 | 4,568 | 1,166 |
| EBITDA ex. special items1 | 1,221 | 615 | 4,632 | 1,295 |
| Net Income from OneSubsea | 166 | 172 | 789 | 172 |
| EBITDA ex. special items1 and Net Income from OneSubsea |
1,055 | 443 | 3,843 | 1,123 |
| EBITDA margin | 7.6% | 5.0% | 8.6% | 3.2% |
| EBITDA margin ex. special items1 | 7.8% | 5.6% | 8.7% | 3.6% |
| EBITDA margin ex. special items1 and Net Income from OneSubsea |
6.8% | 4.1% | 7.3% | 3.1% |
| EBIT | 849 | 274 | 3,388 | 422 |
| EBIT ex. special items1 | 888 | 393 | 3,474 | 611 |
| Net Income from OneSubsea | 166 | 172 | 789 | 172 |
| EBIT ex. special items1 and Net Income from OneSubsea |
722 | 221 | 2,684 | 439 |
| EBIT margin | 5.4% | 2.5% | 6.4% | 1.2% |
| EBIT margin ex. special items1 | 5.7% | 3.6% | 6.5% | 1.7% |
| EBIT margin ex. special items1 and Net Income from OneSubsea |
4.6% | 2.0% | 5.1% | 1.2% |
| Net income ex. special items1 | 837 | 385 | 3,201 | 2,428 |
| Earnings per share ex. special items1 (NOK) |
1.70 | 0.96 | 6.62 | 5.20 |
| Dividend per share (NOK) | - | - | 3.30 | 2.00 |
1Special items mainly include M&A costs, restructuring costs, impairments, costs linked to the impact of currency derivatives not qualifying for hedge accounting and changes in value of SLB shares. See the appendix for details on special items
| Financials and Highlights |
|---|
| Revenue1 of NOK 15.7 billion for the quarter ■ ▪ High activity across segments and locations ▪ Quarterly revenues up by 43% compared to last year ▪ Annual revenues of NOK 53.2 billion, representing a growth of 47% from 2023 |
| EBITDA1 of NOK 1.2 billion (7.8% margin) in the quarter ■ ▪ Strong performance in Life Cycle ▪ Additional losses on legacy renewables projects negatively impacting Renewables and Field Development ▪ Net Income from OneSubsea of NOK 166 million ▪ Full-year EBITDA margin of 7.3% excluding net income from OneSubsea |
| EPS1 for the full year of NOK 6.62 ■ This represents a 27% increase from 2023 ▪ |
| Proposed cash dividend of NOK 3.30 per share for 2024 ■ Approximately 50% of net profit excluding special items ▪ |
4Q 2024 | Renewables and Field Development
Order Intake
| 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | ||
|---|---|---|---|---|---|---|
| 820 | NOK MILLION | |||||
| Order Backlog | ||||||
| 60 | ||||||
| 50 | ||||||
| 40 | ||||||
| 30 | ||||||
| 20 | ||||||
| 10 | ||||||
| 0 |
4Q23 1Q24 2Q24 3Q24 4Q24
37.5 NOK BILLION
Financials and Highlights
- Revenue of NOK 11.5 billion in quarter
- 54% increase compared to same period last year
- Annual revenues of NOK 38.1 billion
- EBITDA of NOK 820 million (7.2% margin) in quarter
- Losses in legacy renewables projects related to increased carry-over work from sub-contractor
- Full-year EBITDA of NOK 3.1 billion (8.1% margin)
- Order intake of NOK 8.3 billion (0.7x book-to-bill) in quarter
- Mainly driven by growth in existing projects
- Order backlog of NOK 37.5 billion
- Majority related to projects executed under the well-proven alliance model with Aker BP
- Several new orders in 1Q 2025 with balanced risk-reward profiles
- Revenues expected to remain relatively stable in 2025
4Q 2024 | Life Cycle
Order Intake
| 0 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 |
|---|---|---|---|---|---|
| 277 | NOK MILLION | ||||
| Order Backlog |
Financials and Highlights
- Revenue of NOK 3.8 billion in quarter
- 6% increase from same period last year
- High activity both in Norway and international hubs
- Annual revenue was NOK 13.2 billion
- EBITDA of NOK 277 million (7.3% margin) in quarter
- Continued solid performance on ongoing projects and multi-year frame agreements
- Full-year EBITDA of NOK 920 million (6.9% margin)
- Order intake of NOK 3.0 billion (0.8x book-to-bill)
- Mainly related to extension of long term-frame agreements with Aker BP and Vår Energi
- Continued solid order backlog of NOK 22.5 billion
- Increased by 9% from same period last year.
- Excluding potential growth in existing contracts and frame agreements, and value of extension options
- Solid visibility on activity level moving forward
- Revenue in 2025 expected to grow by about 10%
4Q 2024 | OneSubsea
Net income Before PPA 1,3
51.0 NOK BILLION
Financials and Highlights
- Revenue1 of NOK 10.2 billion in quarter
- Positive subsea market outlook
- EBITDA1,2 of NOK 1.8 billion in the quarter
- Representing an EBITDA margin of 17.4%
- Increased one-off integration costs in period
- Target synergies of USD 100 million annually over time
- Net Income before PPA1,3 of NOK 0.9 billion
- Aker Solutions has recognized NOK 166 million in the quarter
- Order backlog4 of NOK 51.0 billion
- Signed global frame agreement with bp to combine capabilities across portfolio of future opportunities
- Attractive dividend policy
- Aker Solutions received first dividend payment in 4Q 2024 of NOK 77 million
- OneSubsea target to distribute dividends exceeding USD 250 million in 2025, representing more than USD 50 million for Aker Solutions' 20% ownership
Third-quarter results 2024 Using average exchange rate in 4Q 2024 of USD/NOK 10.7 EBITDA excluding special items, US GAAP Net Income before Purchase Price Allocation (PPA) adjustments Using exchange rate from December 29, 2024 of USD/NOK 11.3
Fourth-Quarter Presentation 14
4Q 2024 | Net Cash Position of NOK 2.9 Billion
Net Cash Position1 of NOK 2.9 billion
- Robust financial position after payment of extraordinary dividend of NOK 10 billion in December 2024
- NOK 1.3 billion positive one-off effect from cash in transit
CAPEX1 in the quarter was NOK 197 million
■ Safeguarding investment program completed
Working Capital2 of minus NOK 7.8 billion
■ Normalization expected over time to a level of negative NOK 4-6 billion
1Excluding the effects of IFRS 16 as covenants are based on frozen GAAP
2See definition under Alternative Performance Measures in appendix
Net Cash Position1 NOK BILLION
Working Capital CAPEX 2 NOK BILLION 1 NOK BILLION
2024 | Cash Generation
Financials and Highlights
- Cash flow from operations of NOK 3.1 billion in 2024
- Mainly driven by EBITDA contribution
- Working capital slightly negative
- CAPEX investments of NOK 1.4 billion
- Mainly related to upgrades and modifications of yards in connection with major awards
- Subsea proceeds of NOK 3.3 billion during the year
- No outstanding proceeds per year-end
- Total shareholder distribution of NOK 11.5 billion
- NOK 500 million in share buybacks
- NOK 11 billion in ordinary and extraordinary dividends
- Positive effect from exchange rate adjustments
Summary
- Significant increase in revenues and improved margins in 2024 compared to last year
- Additional losses in our legacy renewables portfolio impacting quarterly and yearly performance
- Continued high backlog of NOK 61 billion ensuring good visibility on activity levels in 2025
- High tendering and early-phase study activity positioning the company for future profitable growth
- Solid financial position
Outlook
- Revenues in 2025 is expected to be between NOK 50 and 55 billion
- 2025 EBITDA-margin expected to be between 7.0% and 7.5% excluding the net income from OneSubsea
- OneSubsea target to distribute dividends of more than USD 250 million in 2025
- Working Capital is expected to normalize over time to a level of between negative NOK 4 and 6 billion
- CAPEX is expected to be between 1.0% and 1.5% of revenues going forward
- Proposed ordinary dividend of NOK 3.30 per share to be paid in 2025, pending approval in the Annual General Meeting in April
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
Additional Information
February 11, 2025
4Q 2024 | Order Intake and Backlog
(Book-to-bill is based on revenue from customer contracts, see APM for details)
Quarterly Order Backlog NOK BILLION
1 Alliance model: Contracts under the Aker BP alliance model with balanced risk and upside potential through incentives 2 Reimbursable: Contracts with less than 40% lump sum exposure as share of contract value
3 Lump sum: Contracts with more than 40% lump sum exposure as share of contract value – mainly related to legacy renewables projects 4 See appendix for definition
Quarterly Order Intake NOK BILLION
Timing of Selected Large Projects in the Portfolio, by Segment
Renewables and Field Development Life Cycle
| Project | Customer | Award year | Delivery year (est.) |
|---|---|---|---|
| Johan Castberg FPSO |
Equinor | 2017 | 2025 |
| Hugin A Platform | Aker BP | 2022 | 2026 |
| Hugin B Platform | Aker BP | 2022 | 2026 |
| Valhall PWP Platform |
Aker BP | 2022 | 2026 |
| Fenris UI | Aker BP | 2022 | 2026 |
| Rosebank FPSO | Altera | 2023 | 2025 |
| Jackdaw WHP | Shell | 2022 | 2025 |
| Sunrise Wind HVDC | Ørsted & Eversource | 2021 | 2025 |
| East Anglia 3 HVDC | ScottishPower | 2022 | 2025 |
| Heidelberg Brevik Carbon Capture |
Aker Carbon Capture |
2020 | 2025 |
| Norfolk Vanguard West HVDC (final notice to proceed awarded 1Q'25) |
RWE | 2023 | 2027 |
| Norfolk Vanguard East HVDC (final notice to proceed awarded 1Q'25) |
RWE | 2023 | 2028 |
| Life | Cycle | |
|---|---|---|
| Project | Customer | Award year | Delivery year (est.) |
|---|---|---|---|
| Aker BP EMM /Modific. Alliance (FA) | Aker BP | 2024 | 2026 |
| Equinor H (FA) | Equinor | 2016 | 2026 |
| Vår Energi M&M (FA) |
Vår Energi |
2024 | 2029 |
| Brunei (FA) | Brunei Shell Petr. | 2020 | 2025 |
| ConocoPhillips M&M (FA) | ConocoPhillips | 2016 | 2026 |
| Shell Modification Contract (FA) | Shell | 2017 | 2028 |
| Draugen Electrification | OKEA | 2023 | 2027 |
| Troll West, electrification | Equinor | 2021 | 2026 |
| Hebron Brownfield EPCM | Exxon | 2015 | 2025 |
| Angola EPC Services | Azule Energy (BP/ENI) |
2024 | 2027 |
| Mongstad Waste-Water Upgrade | Equinor | 2024 | 2026 |
| Bestla tie-in to Brage |
OKEA | 2024 | 2027 |
(FA = frame agreement)
(Disclaimer: the tables show the estimated timing of a selection of large projects in Aker Solutions' backlog per 4Q 2024. This information is unaudited and subject to change)
Renewables and Transitional Energy Solutions
| NOK million |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
| Total (excl . special items) revenue |
8 274 , |
27 461 , |
145 7 , |
8 826 , |
9 114 , |
11 021 , |
36 107 , |
11 477 , |
12 827 , |
13 181 , |
15 708 , |
53 193 , |
| Renewables and Transitional Energy Solutions |
2 136 , |
6 100 , |
1 756 , |
1 668 , |
1 585 , |
1 736 , |
6 744 , |
1 856 , |
2 071 , |
2 737 , |
3 155 , |
9 820 , |
| Renewables and Transitional Energy Solutions (%) |
26% | 22% | 25% | 19% | 17% | 16% | 19% | 16% | 16% | 21% | 20% | 18% |
| Order intake |
4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
| Total order intake |
45 165 , |
67 811 , |
7 805 , |
7 889 , |
4 963 , |
14 646 , |
35 303 , |
6 981 , |
15 532 , |
6 014 , |
11 559 , |
40 085 , |
| Renewables and Transitional Energy Solutions |
1 113 , |
6 611 , |
2 965 , |
902 | 717 | 227 5 , |
9 810 , |
285 | 3 805 , |
1 099 , |
1 279 , |
6 468 , |
| Renewables and Transitional Energy Solutions (%) |
2% | 10% | 38% | 11% | 14% | 36% | 28% | 4% | 24% | 18% | 11% | 16% |
| Order backlog |
4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
| Total order backlog |
72 784 , |
72 784 , |
73 761 , |
73 080 , |
68 918 , |
72 680 , |
72 680 , |
68 669 , |
71 417 , |
64 661 , |
60 885 , |
60 885 , |
| Solutions Renewables and Transitional Energy |
10 652 , |
10 652 , |
11 861 , |
11 095 , |
10 227 , |
13 718 , |
13 718 , |
12 147 , |
13 881 , |
12 243 , |
10 367 , |
10 367 , |
| Renewables and Transitional Energy Solutions (%) |
15% | 15% | 16% | 15% | 15% | 19% | 19% | 18% | 19% | 19% | 17% | 17% |
| Definition | ||||||||||||
| Revenue, order intake 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, and decommissioning & recycling. |
||||||||||||
| These figures are compiled from a bottom-up approach of projects and work in Aker Solutions for the relevant periods. The figures |
Definition
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.
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 2023 have been used when preparing this presentation. The presentation 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 and 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.
| Field Development | Renewables & | Life Cycle | Other/ eliminations |
Aker Solutions | Aker Solutions | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| NOK million | 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 4Q 2024 4Q 2023 FY 2024 FY 2023 | |||||||||
| Revenue | 11,469 | 7,025 | 3,776 | 3,547 | 292 | 298 15,537 10,870 52,410 36,057 | ||||
| Net profit equity accounted investees | - | 29 | - | - | 173 | 168 | 173 | 197 | 790 | 205 |
| Non-qualifying hedges | - | - | - | - | (2) | (45) | (2) | (45) | (8) (155) | |
| Sum of special items excluded from revenue | - | - | - | - | (2) | (45) | (2) | (45) | (8) (155) | |
| Total revenue and other income ex. special items | 11,469 | 7,054 | 3,776 | 3,547 | 463 | 420 15,708 11,021 53,193 36,107 | ||||
| EBITDA | 819 | 361 | 277 | 197 | 95 | (7) | 1,191 | 551 4,568 1,166 | ||
| Restructuring cost | 1 | (0) | 0 | 0 | 4 | 19 | 5 | 19 | 9 | 24 |
| Non-qualifying hedges | - | - | - | - | 1 | (0) | 1 | (0) | (3) | 17 |
| Other special items | - | 1 | - | - | 24 | 45 | 24 | 46 | 58 | 87 |
| Sum of special items excluded from EBITDA | 1 | 1 | 0 | 0 | 29 | 63 | 30 | 64 | 63 | 128 |
| EBITDA ex. special items | 820 | 362 | 277 | 197 | 124 | 56 | 1,221 | 615 4,632 1,295 | ||
| EBITDA margin | 7.1% | 5.1% | 7.3% | 5.6% | 7.6% | 5.0% 8.6% 3.2% | ||||
| EBITDA margin ex. special items | 7.2% | 5.1% | 7.3% | 5.6% | 7.8% | 5.6% 8.7% 3.6% | ||||
| EBIT | 583 | 241 | 240 | 166 | 26 | (134) | 849 | 274 3,388 | 422 | |
| Sum of special items excluded from EBITDA | 1 | 1 | 0 | 0 | 29 | 63 | 30 | 64 | 63 | 128 |
| Impairments | 1 | 0 | - | 0 | 7 | 55 | 8 | 55 | 22 | 60 |
| Sum of special items excluded from EBIT | 3 | 1 | 0 | 0 | 36 | 118 | 39 | 119 | 85 | 189 |
| EBIT ex. special items | 585 | 242 | 240 | 166 | 62 | (15) | 888 | 393 3,474 | 611 | |
| EBIT margin | 5.1% | 3.4% | 6.4% | 4.7% | 5.4% | 2.5% | 6.4% | 1.2% | ||
| EBIT margin ex. special items | 5.1% | 3.4% | 6.4% | 4.7% | 5.7% | 3.6% | 6.5% | 1.7% | ||
| Net income (loss) from continuing operations | 678 | 23 2,665 | (15) | |||||||
| Net income from discontinued operations | - | 9,695 | - | 11,540 | ||||||
| Net income from total operations | 678 | 9,719 2,665 11,525 | ||||||||
| Sum of special items excluded from EBIT | 39 | 119 | 85 | 189 | ||||||
| Financial items1 | 169 | 337 | 601 | 455 | ||||||
| Non-qualifying hedges | (3) | 2 | 0 | (34) | ||||||
| Tax effects on special items | (46) | (98) (150) (125) | ||||||||
| Net income continuing operations ex. special items | 837 | 384 3,201 | 469 | |||||||
| Gain from disposal of discontinued operations | - | (9,723) | - | (9,723) | ||||||
| Other special items on discontinued operations | - | 28 | - | 142 | ||||||
| Net income discontinued operations ex. special items | - | 0 83 |
- | 1,959 112 |
||||||
| Net income to non-controlling interests Net income continuing operations ex. special items and non-controlling interests |
(16) 821 |
(9) 468 3,192 |
581 | |||||||
| Average number of shares (in '000) | 481,905 488,829 481,905 488,829 | |||||||||
| Earnings per share from continuing operations2 | 1.37 | 0.22 5.51 0.20 | ||||||||
| Earnings per share from discontinued operations2 | - 1.37 |
19.83 | - | 23.61 20.05 5.51 23.81 |
||||||
| Earnings per share from total operations2 Earnings per share from continuing operations ex. special items3 |
1.70 | 0.96 6.62 1.19 | ||||||||
| Earnings per share from discontinued operations ex. special items3 | - | 0.00 | - | 4.01 | ||||||
| Earnings per share from total operations ex. special items3 | 1.70 | 0.96 6.62 5.20 | ||||||||
| 1 Financial items include shares in SLB and related currency derivatives | ||||||||||
| 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 from total operations ex. special items, adjusted for non-controlling interests, divided by average | ||||||||||
| number of shares |
3Earnings per share ex. special items is calculated using Net income from total operations 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 | 4Q | 4Q |
|---|---|---|
| million | 2024 | 2023 |
| Cash and cash equivalents |
2 860 , |
6 003 , |
| Credit | 3 | 3 |
| facility | 000 | 000 |
| (unused) | , | , |
| Liquidity buffer |
5 860 , |
9 003 , |
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.
| million NOK |
4Q 2024 |
4Q 2023 |
|---|---|---|
| Current tax assets |
106 | 75 |
| Inventory | 46 | 44 |
| Customer and other receivables contract assets |
4 925 , |
2 317 , |
| Trade receivables |
6 208 , |
5 268 , |
| Prepayments | 1 288 , |
1 214 , |
| Current liabilities tax |
(122) | (62) |
| Provisions | (3 690) , |
(3 405) , |
| Trade payables |
(2 769) , |
(2 554) , |
| Other payables |
(9 411) , |
(6 550) , |
| Customer liabilities contract |
(4 428) , |
(4 831) , |
| (NCOA) Net operating current assets |
(7 848) , |
(8 484) , |
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.
| million, x times NOK |
4Q 2024 |
4Q 2023 |
|---|---|---|
| Non-current borrowings |
- | (0) |
| Current borrowings |
- | (0) |
| Cash and cash equivalents |
(2,860) | (6,003) |
| Net interest-bearing debt |
(2,860) | (6,003) |
| Trailing four quarters: |
||
| EBITDA | 4,568 | 1,166 |
| IFRS effects excl. onerous lease 16 cost |
560 | 550 |
| IFRS EBITDA excl. 16 effects and onerous lease cost |
4,009 | 617 |
| Restructuring cost |
9 | 24 |
| Non-qualifying hedges |
(3) | 17 |
| Adjusted EBITDA |
4,014 | 658 |
| Net interest-bearing debt EBITDA (leverage ratio) to |
-0.7x | -9.1x |
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 |
4Q 2024 |
4Q 2023 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Revenue | |||||||||
| Order intake |
from customer |
Book-to-bill | Order intake |
from customer |
Book-to-bill | |||||
| contracts | contracts | |||||||||
| Renewables & Field Development |
8,265 | 11,449 | 0.7x | 11,890 | 7,025 | 1.7x | ||||
| Cycle Life |
2,996 | 3,775 | 0.8x | 2,554 | 3,543 | 0.7x | ||||
| Other/eliminations | 298 | 250 | 203 | 241 | ||||||
| Solutions Aker |
11,559 | 15,474 | 0.7x | 14,646 | 10,808 | 1.4x |
| NOK million, x times |
FY 2024 |
FY 2023 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Revenue | |||||||||
| Order intake |
from customer |
Book-to-bill | Order intake |
from customer |
Book-to-bill | |||||
| contracts | contracts | |||||||||
| Renewables & Field Development |
24,011 | 38,069 | 0.6x | 22,523 | 22,095 | 1.0x | ||||
| Life Cycle |
14,951 | 13,240 | 1.1x | 11,781 | 13,065 | 0.9x | ||||
| Other/eliminations | 1,123 | 892 | 999 | 722 | ||||||
| Aker Solutions |
40,085 | 52,202 | 0.8x | 35,303 | 35,882 | 1.0x |
Special Items
NOK million, (Gain) / Loss
| Special (EBITDA) items |
4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restructuring | (0) | 1 | 2 | 0 | 3 | 19 | 24 | 0 | 3 | 1 | 5 | 9 |
| Non-qualifying hedges |
2 | 12 | 5 | 10 | 3 | (0) | 17 | (2) | 0 | (3) | 1 | (3) |
| Other special items |
7 | 10 | 11 | 16 | 15 | 46 | 87 | 22 | 7 | 6 | 24 | 58 |
| Total special items EBITDA |
9 | 23 | 19 | 25 | 21 | 64 | 128 | 20 | 10 | 4 | 30 | 63 |
| Impairments | 12 | (30) | 0 | 2 | 2 | 55 | 60 | 4 | 9 | 1 | 8 | 22 |
| Total special items EBIT |
21 | (8) | 19 | 27 | 23 | 119 | 189 | 23 | 19 | 4 | 39 | 85 |
| items1 Financial |
- | - | 62 | 2 | 54 | 337 | 455 | (285) | 405 | 312 | 169 | 601 |
| Non-qualifying hedges |
8 | (15) | (41) | (25) | 29 | 2 | (34) | (0) | (0) | 3 | (3) | 0 |
| Tax effects on special items |
29 | 26 | (3) | (5) | (20) | (98) | (125) | 58 | (93) | (69) | (46) | (150) |
| Total special items income net |
58 | 3 | 38 | 0 | 86 | 361 | 484 | (204) | 330 | 250 | 160 | 536 |
1Financial items include shares in SLB and related currency derivatives
Income Statement
| NOK million |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income consolidated statement |
4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
| Revenue | 8 248 , |
27 468 , |
7,213 | 8 880 , |
9 094 , |
10 870 , |
36 057 , |
11 273 , |
12 661 , |
12 940 , |
15 ,537 |
52 410 , |
| Net profit equity accounted investees |
27 | 33 | 0 | 1 | 8 | 197 | 205 | 207 | 166 | 245 | 173 | 790 |
| Total revenue and other income |
8 275 , |
27 ,500 |
7,213 | 8 881 , |
9 102 , |
11 066 , |
36 262 , |
11 481 , |
12 826 , |
13 184 , |
15 ,710 |
53 201 , |
| Operating expenses |
(8 055) , |
(26 854) , |
(6 985) , |
(8 688) , |
(8 908) , |
(10 ,515) |
(35 096) , |
(10 ,514) |
(11 620) , |
(11 980) , |
(14 ,519) |
(48 632) , |
| EBITDA | 220 | 647 | 229 | 193 | 194 | 551 | 1,166 | 967 | 1,206 | 1,204 | 1,191 | 4,568 |
| Of which related hedging to |
(2) | (12) | (5) | (10) | (3) | 0 | (17) | 2 | (0) | 3 | (1) | 3 |
| Depreciation and amortization |
(134) | (559) | (135) | (158) | (155) | (222) | (670) | (264) | (258) | (304) | (333) | (1 158) , |
| Impairment | (20) | 22 | (14) | (2) | (2) | (55) | (74) | (4) | (9) | (1) | (8) | (22) |
| EBIT | 66 | 109 | 79 | 33 | 36 | 274 | 422 | 700 | 940 | 900 | 849 | 3,388 |
| Net interest |
(22) | (185) | (17) | (3) | 42 | 104 | 126 | 83 | 49 | 22 | (9) | 145 |
| Net other financial items |
8 | 26 | (16) | 63 | (109) | (391) | (453) | 341 | (321) | (210) | 6 | (184) |
| Net financial items |
(15) | (160) | (32) | 60 | (68) | (288) | (328) | 423 | (272) | (188) | (3) | (39) |
| Net income (loss) before tax |
51 | (50) | 47 | 93 | (32) | (14) | 95 | 1,123 | 668 | 712 | 846 | 3,349 |
| Income tax |
3 | (92) | (25) | (67) | (56) | 37 | (110) | (229) | (136) | (150) | (169) | (684) |
| Net income (loss) from continuing operations |
54 | (142) | 22 | 27 | (88) | 23 | (15) | 894 | 532 | 562 | 678 | 2 665 , |
| Net income from discontinued operations |
381 | 1 312 , |
367 | 513 | 965 | 9 695 , |
11 ,540 |
- | - | - | - | - |
| Net income from total operations |
435 | 1,170 | 390 | 539 | 877 | 9,719 | 11,525 | 894 | 532 | 562 | 678 | 2,665 |
| income attributable Net to: |
||||||||||||
| Equity holders of the parent company |
441 | 1 179 , |
387 | 528 | 920 | 9 802 , |
11 637 , |
890 | 535 | 570 | 661 | 2 656 , |
| Non-controlling interests |
(6) | (8) | 2 | 12 | (43) | (83) | (112) | 4 | (3) | (8) | 16 | 9 |
| EBITDA margin |
2 .7% |
2 4% |
3 2% |
2 2% |
2 1% |
5.0% | 3 2% |
8 4% |
9 4% |
9 1% |
7.6% | 8 6% |
| from (NOK) Basic earnings per share continuing operations |
0 12 |
(0 27) |
0 04 |
0 03 |
(0 09) |
0 22 |
0 20 |
1 82 |
1 10 |
1 18 |
1 37 |
5.51 |
| Basic earnings per share from discontinued operations (NOK) |
0 .78 |
2 .70 |
0 .75 |
1 05 |
1 98 |
19 83 |
23 61 |
- | - | - | - | - |
| Basic earnings per share from total operations (NOK) |
0 91 |
2 42 |
0 .79 |
1 08 |
1 88 |
20 05 |
23 81 |
1 82 |
1 10 |
1 18 |
1 37 |
5.51 |
| (NOK) Dividend per share |
- | 1 00 |
- | - | - | - | 2 00 |
- | - | - | - | 3 30 |
Cash Flow
| NOK million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flow | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| EBITDA continuing operations | 220 | 647 | 229 | 193 | 194 | 551 | 1,166 | 967 | 1,206 | 1,204 | 1,191 | 4,568 |
| EBITDA discontinued operations | 727 | 2,288 | 640 | 906 | 1,225 | 0 | 2,772 | - | - | - | - | - |
| Change in cash flow from operating activities | 1,245 | 1,584 | 832 | 695 | 434 | 317 | 2,278 | 52 | 217 | (1,723) | (7) | (1,461) |
| Net cash flow from operating activities | 2,193 | 4,518 | 1,701 | 1,794 | 1,853 | 868 | 6,216 | 1,019 | 1,423 | (519) | 1,184 | 3,107 |
| Acquisition of property, plant and equipment | (233) | (507) | (217) | (414) | (624) | (579) | (1,833) | (567) | (399) | (242) | (187) | (1,396) |
| Payments for capitalized development | (33) | (113) | (61) | (20) | (288) | (20) | (388) | (16) | (14) | (12) | (9) | (51) |
| Acquisition of subsidiaries, net of cash acquired | (47) | (169) | (13) | (0) | 0 | (0) | (13) | - | (44) | (29) | 7 | (66) |
| Disposal of subsidiaries | - | 17 | - | (0) | (0) | 621 | 621 | 0 | 1,943 | 1,344 | 5 | 3,292 |
| Change in current interest-bearing receivables | - | - | - | - | - | (106) | (106) | - | 58 | 0 | 0 | 58 |
| Change in current investments | - | - | - | - | (1,001) | (1,999) | (3,000) | (3,000) | (0) | (1,000) | 7,326 | 3,326 |
| Sub-lease income received | 16 | 110 | 28 | 32 | 31 | 27 | 119 | 30 | 30 | 27 | 35 | 122 |
| Interest received | 49 | 128 | 51 | 102 | 108 | 107 | 368 | 71 | 136 | 133 | 68 | 408 |
| Interest received on sub-leases | 14 | 29 | 8 | 5 | 6 | 10 | 27 | 7 | 8 | (2) | 14 | 27 |
| Cash flow from other investing activities | 16 | 29 | 1 | 1 | 10 | 45 | 58 | (33) | 4 | 32 | 154 | 157 |
| Net cash flow from investing activities | (216) | (476) | (203) | (294) | (1,758) | (1,893) | (4,147) | (3,509) | 1,721 | 252 | 7,412 | 5,876 |
| Change in external borrowings | 19 | (1,444) | (499) | (31) | (0) | (437) | (967) | 0 | - | (0) | 0 | 0 |
| Lease installments paid | (186) | (695) | (201) | (188) | (204) | (180) | (774) | (173) | (160) | (164) | (174) | (671) |
| Paid dividends | 0 | (97) | 0 | (489) | - | 0 | (489) | - | (970) | - | (10,048) (11,018) | |
| Acquisition of treasury shares | (0) | (0) | 0 | 0 | 0 | 0 | 0 | (152) | (302) | (46) | 0 | (501) |
| Interest paid | (22) | (124) | (18) | (17) | 0 | (30) | (64) | (8) | (9) | (9) | (8) | (33) |
| Interest paid on leases | (47) | (195) | (48) | (48) | (47) | (38) | (181) | (40) | (40) | (39) | (38) | (156) |
| Other financing activities | (9) | (11) | (0) | (0) | (8) | (0) | (8) | (0) | (0) | (0) | (8) | (8) |
| Net cash flow from financing activities | (245) | (2,566) | (767) | (773) | (259) | (685) | (2,483) | (373) | (1,481) | (258) (10,275) (12,387) | ||
| Net increase (decrease) in cash and cash equivalents | 1,732 | 1,476 | 731 | 727 | (163) | (1,710) | (415) | (2,863) | 1,663 | (524) | (1,680) | (3,404) |
| Cash and cash equivalents at the beginning of the period | 4,469 | 4,560 | 6,170 | 7,102 | 8,078 | 7,787 | 6,170 | 6,003 | 3,293 | 4,857 | 4,472 | 6,003 |
| Effect of exchange rate changes on cash and cash equivalents | (31) | 134 | 201 | 249 | (128) | (75) | 248 | 153 | (98) | 139 | 67 | 261 |
| Cash and cash equivalents at the end of the period | 6,170 | 6,170 | 7,102 | 8,078 | 7,787 | 6,003 | 6,003 | 3,293 | 4,857 | 4,472 | 2,860 | 2,860 |
Balance Sheet – Assets
| NOK million |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Assets | 4Q 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
| Property , plant and equipment |
3 596 , |
3 762 , |
4 246 , |
2 883 , |
3 487 , |
3 830 , |
3 956 , |
4 043 , |
4 053 , |
| Goodwill Intangible including assets |
949 5 , |
958 5 , |
933 5 , |
3 413 , |
3 563 , |
3 536 , |
3 510 , |
3 514 , |
3 487 , |
| Right-of-use and investment assets property |
2 723 , |
2 764 , |
2 809 , |
1 904 , |
1 911 , |
1 862 , |
1 832 , |
1 809 , |
1 807 , |
| Deferred tax assets |
584 | 543 | 605 | 345 | 491 | 317 | 380 | 323 | 225 |
| Non-current lease receivables |
561 | 560 | 561 | 501 | 529 | 511 | 461 | 448 | 445 |
| Equity accounted investees |
103 | 94 | 95 | 99 | 6 555 , |
6 845 , |
7 090 , |
7 354 , |
7 870 , |
| Investments in other companies |
25 | 22 | 21 | 39 | 19 | 17 | 17 | 17 | 16 |
| Interest-bearing receivables |
201 | 205 | 209 | 211 | 197 | 200 | 204 | 207 | 193 |
| Other non-current assets |
26 | 27 | 61 | 55 | 506 | 425 | 204 | 263 | 187 |
| Total non-current assets |
13 768 , |
13 936 , |
14 540 , |
9 450 , |
17 258 , |
17 542 , |
17 653 , |
17 977 , |
18 281 , |
| Current tax assets |
67 | 80 | 88 | 68 | 75 | 73 | 67 | 76 | 106 |
| Inventories | 275 | 270 | 353 | 49 | 44 | 48 | 44 | 44 | 46 |
| Trade receivables |
857 5 , |
6 151 , |
6 046 , |
3 271 , |
268 5 , |
915 5 , |
442 5 , |
460 7 , |
6 208 , |
| Customer and other receivables contract assets |
4 419 , |
5 646 , |
5 748 , |
2 685 , |
2 317 , |
2 526 , |
3 162 , |
3 960 , |
4 925 , |
| Prepayments | 1 981 , |
2 325 , |
2 601 , |
786 | 1 214 , |
1 091 , |
1 281 , |
1 192 , |
1 288 , |
| Derivative financial instruments |
406 | 550 | 565 | 240 | 258 | 388 | 307 | 379 | 151 |
| Interest-bearing receivables |
146 | 157 | 167 | 1 160 , |
3 103 , |
3 367 , |
1 562 , |
214 | 142 |
| Financial investments |
- | - | - | - | 5 714 , |
9 106 , |
8 717 , |
9 516 , |
2 197 , |
| Cash and cash equivalents |
6 170 , |
102 7 , |
8 078 , |
272 7 , |
6 003 , |
3 293 , |
4 857 , |
4 472 , |
2 860 , |
| classified for Assets held sale as |
- | - | - | 14 230 , |
- | - | - | - | - |
| Total current assets |
19 320 , |
22 282 , |
23 646 , |
29 760 , |
23 996 , |
25 807 , |
25 439 , |
27 313 , |
17 922 , |
| Total assets |
33 088 , |
36 218 , |
185 38 , |
39 210 , |
253 41 , |
43 349 , |
43 092 , |
45 290 , |
36 203 , |
Balance Sheet – Liabilities and Equity
| NOK million |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Liabilities and equity |
4Q 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
| Total equity attributable the to parent |
9 244 , |
9 940 , |
10 506 , |
11 187 , |
19 082 , |
20 176 , |
19 379 , |
20 070 , |
11 270 , |
| Non-controlling interests |
(4) | (3) | (3) | (56) | (129) | (134) | (134) | (141) | (144) |
| Total equity |
9 240 , |
9 938 , |
10 502 , |
11 132 , |
18 953 , |
20 042 , |
19 245 , |
19 928 , |
11 126 , |
| Non-current borrowings |
962 | 469 | 417 | (0) | (0) | - | - | (0) | - |
| Non-current lease liabilities |
3 679 , |
3 729 , |
3 792 , |
2 795 , |
2 921 , |
2 869 , |
2 722 , |
2 653 , |
2 637 , |
| Pension obligations |
1 031 , |
1 009 , |
1 039 , |
1 019 , |
895 | 875 | 859 | 845 | 945 |
| Deferred liabilities tax |
459 | 549 | 647 | 39 | 140 | 150 | 335 | 394 | 304 |
| Other liabilities non-current |
36 | 36 | 36 | 36 | 119 | 127 | 83 | 83 | 0 |
| Total liabilities non-current |
6 168 , |
5 792 , |
5 931 , |
3 889 , |
4 074 , |
4 021 , |
3 998 , |
3 975 , |
3 886 , |
| Current liabilities tax |
65 | 66 | 128 | 51 | 62 | 48 | 53 | 44 | 122 |
| Current borrowings |
60 | 37 | 6 | 426 | (0) | - | - | (0) | - |
| Current lease liabilities |
734 | 737 | 736 | 586 | 619 | 616 | 649 | 709 | 708 |
| Provisions | 1 719 , |
1 833 , |
2 389 , |
2 285 , |
3 405 , |
3 536 , |
3 917 , |
3 361 , |
3 690 , |
| Trade payables |
2 645 , |
3 271 , |
3 463 , |
2 273 , |
2 554 , |
2 767 , |
3 269 , |
3 665 , |
2 769 , |
| Other payables |
9 066 , |
9 931 , |
10 165 , |
5 008 , |
6 550 , |
6 948 , |
7 395 , |
7 899 , |
9 411 , |
| Customer liabilities contract |
3 134 , |
4 289 , |
4 443 , |
3 873 , |
4 831 , |
5 129 , |
4 260 , |
5 419 , |
4 428 , |
| Derivative financial instruments |
255 | 324 | 422 | 193 | 204 | 242 | 306 | 290 | 63 |
| classified for Liabilities held sale as |
- | - | - | 9 495 , |
- | - | - | - | - |
| Total liabilities current |
17 679 , |
20 488 , |
21 752 , |
24 190 , |
18 226 , |
19 286 , |
19 849 , |
21 387 , |
21 192 , |
| liabilities equity Total and |
33 088 , |
36 218 , |
38 185 , |
39 210 , |
41 253 , |
43 349 , |
43 092 , |
45 290 , |
36 203 , |
Split per Segment
| NOK million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Renewables and Field Development | 4,553 | 14,857 | 4,128 | 5,369 | 5,576 | 7,447 | 22,520 | 8,003 | 9,402 | 9,217 | 11,469 | 38,090 |
| Life Cycle | 3,576 | 12,164 | 2,933 | 3,343 | 3,249 | 3,547 | 13,072 | 3,031 | 2,988 | 3,453 | 3,776 | 13,249 |
| Net Income from OneSubsea | - | - | - | - | - | 172 | 172 | 195 | 185 | 244 | 166 | 789 |
| Other | 165 | 544 | 177 | 215 | 512 | 124 | 1,029 | 276 | 277 | 300 | 332 | 1,185 |
| Eliminations | (20) | (64) | (24) | (47) | (235) | (224) | (531) | (23) | (26) | (30) | (34) | (113) |
| Revenue | 8,275 | 27,500 | 7,213 | 8,881 | 9,102 | 11,066 | 36,262 | 11,481 | 12,826 | 13,184 | 15,710 | 53,201 |
| EBITDA | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Renewables and Field Development | 185 | 487 | 169 | 208 | 236 | 361 | 973 | 617 | 887 | 774 | 819 | 3,097 |
| Life Cycle | 188 | 663 | 161 | 164 | 163 | 197 | 686 | 195 | 205 | 244 | 277 | 920 |
| Net Income from OneSubsea | - | - | - | - | - | 172 | 172 | 195 | 185 | 244 | 166 | 789 |
| Other | (153) | (504) | (101) | (179) | (205) | (179) | (664) | (40) | (70) | (57) | (71) | (237) |
| EBITDA | 220 | 647 | 229 | 193 | 194 | 551 | 1,166 | 967 | 1,206 | 1,204 | 1,191 | 4,568 |
| EBITDA margin | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Renewables and Field Development | 4.1% | 3.3% | 4.1% | 3.9% | 4.2% | 4.9% | 4.3% | 7.7% | 9.4% | 8.4% | 7.1% | 8.1% |
| Life Cycle | 5.3% | 5.5% | 5.5% | 4.9% | 5.0% | 5.6% | 5.2% | 6.4% | 6.8% | 7.1% | 7.3% | 6.9% |
| EBITDA margin | 2.7% | 2.4% | 3.2% | 2.2% | 2.1% | 5.0% | 3.2% | 8.4% | 9.4% | 9.1% | 7.6% | 8.6% |
| EBIT | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Renewables and Field Development | 106 | 185 | 87 | 120 | 149 | 241 | 597 | 449 | 724 | 556 | 583 | 2,312 |
| Life Cycle | 161 | 558 | 132 | 133 | 134 | 166 | 565 | 163 | 170 | 209 | 240 | 782 |
| Net Income from OneSubsea | - | - | - | - | - | 172 | 172 | 195 | 185 | 244 | 166 | 789 |
| Other | (201) | (634) | (140) | (220) | (246) | (306) | (912) | (107) | (139) | (110) | (140) | (496) |
| EBIT | 66 | 109 | 79 | 33 | 36 | 274 | 422 | 700 | 940 | 900 | 849 | 3,388 |
| EBIT margin | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | 3Q 2024 | 4Q 2024 | FY 2024 |
| Renewables and Field Development | 2.3% | 1.2% | 2.1% | 2.2% | 2.7% | 3.2% | 2.7% | 5.6% | 7.7% | 6.0% | 5.1% | 6.1% |
| Life Cycle | 4.5% | 4.6% | 4.5% | 4.0% | 4.1% | 4.7% | 4.3% | 5.4% | 5.7% | 6.0% | 6.4% | 5.9% |
| EBIT margin | 0.8% | 0.4% | 1.1% | 0.4% | 0.4% | 2.5% | 1.2% | 6.1% | 7.3% | 6.8% | 5.4% | 6.4% |
Split per Segment
| 4Q 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
|||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (4,032) | (4,920) | (5,753) | (6,631) | (8,484) | (8,774) | (8,898) | (7,655) | (7,848) | |||
| 4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
| 38 934 , |
51 398 , |
2 851 , |
6 ,716 |
1 066 , |
11 890 , |
22 ,523 |
3 956 , |
8 ,789 |
3 001 , |
8 265 , |
24 011 , |
| 6 108 , |
16 190 , |
4 827 , |
933 | 3 467 , |
2 ,554 |
11 ,781 |
2 644 , |
6 ,595 |
2 ,717 |
2 996 , |
14 951 , |
| 123 | 222 | 128 | 240 | 429 | 203 | 999 | 381 | 148 | 296 | 298 | 1 123 , |
| 45,165 | 67,811 | 7,805 | 7,889 | 4,963 | 14,646 | 35,303 | 6,981 | 15,532 | 6,014 | 11,559 | 40,085 |
| 4Q 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
|||
| 50 ,790 |
49 656 , |
51 ,556 |
46 ,596 |
51 405 , |
47 499 , |
46 802 , |
40 602 , |
37 ,508 |
|||
| 21 617 , |
23 ,716 |
21 464 , |
21 630 , |
20 ,579 |
20 297 , |
23 814 , |
23 177 , |
22 454 , |
|||
| 377 | 390 | 60 | 692 | 696 | 874 | 801 | 882 | 924 | |||
| 72,784 | 73,761 | 73,080 | 68,918 | 72,680 | 68,669 | 71,417 | 64,661 | 60,885 | |||
| 4Q 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
|||
| 5,484 | 5,607 | 5,876 | 6 037 , |
6 121 , |
6 204 , |
6 364 , |
6 396 , |
6 449 , |
|||
| 4 381 , |
4 464 , |
4 224 , |
4 361 , |
4 220 , |
4 015 , |
4 078 , |
4 163 , |
4 134 , |
|||
| 1 139 , |
1 159 , |
1 119 , |
1 122 , |
1 132 , |
1 137 , |
1 163 , |
1 166 , |
1 194 , |
|||
| - | - | - | - | ||||||||
| 11,004 | 11,230 | 11,219 | 11,520 | 11,473 | 11,356 | 11,605 | 11,725 | 11,777 | |||
| - | - | - | - | - |
Split per Segment – Excluding Special Items
| NOK million |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (excl. special items) EBITDA |
4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
| Renewables and Field Development |
185 | 488 | 171 | 208 | 239 | 362 | 979 | 617 | 887 | 774 | 820 | 3 097 , |
| Life Cycle |
188 | 663 | 161 | 164 | 163 | 197 | 686 | 195 | 205 | 244 | 277 | 920 |
| Net Income from OneSubsea |
- | - | - | - | - | 172 | 172 | 195 | 185 | 244 | 166 | 789 |
| Other | (145) | (481) | (85) | (153) | (187) | (116) | (542) | (20) | (60) | (53) | (42) | (175) |
| EBITDA (excl. special items) |
229 | 669 | 247 | 218 | 214 | 615 | 1,295 | 987 | 1,216 | 1,208 | 1,221 | 4,632 |
| EBITDA margin (excl. special items) |
4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
| Renewables and Field Development |
4 1% |
3 3% |
4 1% |
3 9% |
4 3% |
4 9% |
4 3% |
7.7% | 9 4% |
8 4% |
7.2% | 8 1% |
| Life Cycle |
5.3% | 5.5% | 5.5% | 4 9% |
5.0% | 5.6% | 5.2% | 6 4% |
6 8% |
7.1% | 7.3% | 6 9% |
| EBITDA margin (excl. special items) |
2.8% | 2.4% | 3.5% | 2.5% | 2.4% | 5.6% | 3.6% | 8.6% | 9.5% | 9.2% | 7.8% | 8.7% |
| EBIT (excl. special items) |
4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
| Renewables and Field Development |
106 | 189 | 90 | 119 | 152 | 242 | 603 | 448 | 724 | 557 | 585 | 2 315 , |
| Life Cycle |
161 | 558 | 132 | 133 | 134 | 166 | 565 | 163 | 170 | 209 | 240 | 783 |
| Net Income from OneSubsea |
- | - | - | - | - | 172 | 172 | 195 | 185 | 244 | 166 | 789 |
| Other | (181) | (645) | (123) | (192) | (226) | (187) | (729) | (83) | (121) | (106) | (104) | (413) |
| EBIT (excl. special items) |
86 | 102 | 98 | 60 | 59 | 393 | 611 | 723 | 959 | 904 | 888 | 3,474 |
| EBIT margin (excl. special items) |
4Q 2022 |
FY 2022 |
1Q 2023 |
2Q 2023 |
3Q 2023 |
4Q 2023 |
FY 2023 |
1Q 2024 |
2Q 2024 |
3Q 2024 |
4Q 2024 |
FY 2024 |
| Renewables and Field Development |
2 3% |
1 3% |
2 2% |
2 2% |
2 .7% |
3 3% |
2 .7% |
5.6% | 7.7% | 6 0% |
5.1% | 6 1% |
| Cycle Life |
4 .5% |
4 6% |
4 .5% |
4 0% |
4 1% |
4 .7% |
4 3% |
5.4% | 5.7% | 6 0% |
6 4% |
5.9% |
| EBIT margin (excl. special items) |
1.0% | 0.4% | 1.4% | 0.7% | 0.6% | 3.6% | 1.7% | 6.3% | 7.5% | 6.9% | 5.7% | 6.5% |
Order Backlog by Market
NOK billion, %
| Order Backlog by Market |
4Q 2023 |
4Q 2024 |
|---|---|---|
| Norway | 82% | 88% |
| Europe | 11% | 7% |
| Americas | 4% | 3% |
| Asia Pacific |
2% | 1% |
| Africa | 0% | 2% |
| Total | 100% | 100% |
| (NOK billion) Total backlog |
72 7 |
60 9 |
Copyright and Disclaimer
Copyright
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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.
