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Aker Investor Presentation 2024
3526_rns_2024-07-17_5302030f-b251-475d-805e-53d943be08f9.pdf
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Second Quarter and Half-year Results 2024
July 17, 2024
Q2 2024 | Key highlights
Active ownership Solid financial metrics
FINANCIALS
Net Asset Value: NOK 63.9bn, vs. NOK 60.4bn previous quarter
Share price: NOK 615, -1.4% during the quarter (+1.1% when including dividend), OSEBX +7.1%, Brent oil price -2.4% Dividends: NOK 15.5 per share paid in Q2 2024 (NOK 1.15bn), with authorization to pay additional dividend in 2H 2024
OWNERSHIP AGENDA – A MORE FOCUSED AKER
Aker Carbon Capture closed the JV transaction with SLB
• Remaining 20% ownership in the JV and NOK 4.5 billion of cash, plus future performance-based payments of up to NOK 1.36bn
Philly Shipyard agreed to sell the business to Hanwha
• Total cash consideration of NOK 1.1 billion (USD 100 million), with closing expected in Q4 2024
Akastor – value realization well underway
- Received NOK 1.9 billion in cash from the DRU arbitration settlement (USD 176 million), allowing for repayment of debt and paving the way for potential future shareholder distribution
- Initiated a process for the potential US IPO of HMH during 2H 2024 (50/50% owned JV by Akastor and Baker Hughes)
Solstad Maritime share offering completed
- Becoming an important part of Aker's Industrial Holdings, with the intention to initiate quarterly dividends from Q3 2024
- Well positioned with strong market outlook
Aker BioMarine agreed, after quarter-end, to sell the Feed Ingredients business to AIP and Aker
- Aker will participate in the further value creation as a 40% owner of Feed Ingredients
- Aker estimates to receive net cash proceeds from the transaction in the range of NOK 0.8-1.5 billion
- Aker will actively support efforts to further streamline and focus Aker BioMarine, including exploring potential partnerships and transactions for the remaining segments
OTHER DEVELOPMENTS IN THE PORTFOLIO
Aker BP raised full-year production guidance to 420-440 mboepd following strong production and the development projects continued on-track. Delivered year-to-date production costs of USD 6.2 per boe and low emissions at 3.0kg CO2e per boe1
Cognite continued the positive commercial development with ARR and the number of monthly active users reaching record highs
Norwegian kroner
75bn Gross Asset Value
860kr Per-share NAV
Net Asset Value
615kr
75% listed assets and cash
Share price at Q2 46bn market cap
5.8bn Liquidity reserve
incl. 0.5bn cash
~5bn est. upstream
dividends in 2024
5 8 10 11 12 13 10 10 16 18 23 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 24 24 29 30 31 Dividends paid (NOK/share) Consensus 2H 1H 2H 1H 2H 1H 2H 1H 15.5
Q2 2024 | NAV per share NOK 860, value adjusted equity 85%
Net asset value (NAV) development per share vs. share price NOK per share NOK billion, % NAV as share of gross asset value Net asset value (NAV) composition 901 953 968 929 770 862 860 869 635 692 825 810 756 706 720 672 609 660 666 624 615 639 0 200 400 600 800 1 000 1 200 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Jul 16 2024 954 1 006 900 803 851 813 Share price Dividend allocated per share NAV per share (after dividend allocation) 62.8 (84%) 11.8 (16%) 0.5 Gross Asset Value Liabilities 75.1 11.1 63.9 (85%) Industrial holdings Financial investments ex. cash Cash Liabilities
Q2 2024 | Net Asset Value development
4
NAV development – Q2 2024
NOK billion, % change NOK billion, % change 1.4 Aker Solutions* 1.3 Aker Bio-Marine 1.2 Aker BP* 1.0 Listed fin. Investments (0.3) Other* Q2 2024 Q2 2024 Dividends paid (1.2) 60.4 65.1 63.9 Q1 2024 +7.7% (+4.7bn)
NAV development – first half 2024
*Incl. dividends received (from Aker BP, Aker Solutions, AMSC)
Net asset value is determined by applying the market value of exchange-listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, while book value is used for other assets
Q2 2024 | Asset Base of NOK 75 billion
Portfolio composition (GAV)
NOK billion, % share of GAV % of GAV per Q2 2024 vs. (Q2 2023) 75% listed assets and cash 6% 9% 9% Renewables and green technology Software Seafood and marine biotech (11%) (10%) Unlisted investments Listed investments Industrial Holdings Financial Investments TOTAL: 62.8 12.2 1.4 49% 36.4 Other financial investments 0.6 2% 1.3 8% 5.7 Listed financial investments 2.5 Real estate invest. 0.5 Cash 11% 8.6 9% 6.7 1% 0.7 0% 0.0 4.4 * GROSS ASSET VALUE (GAV): 75.1 Interest-bearing assets 2.9 3.5 Solstad Maritime & Solstad Offshore 5%
Sector composition (GAV)
1) Est. total combined turnover in 2023 in companies in which Aker is the largest investor (excl. Subsea in AKSO) 2) Where Aker is a shareholder directly or indirectly, incl. Aker Carbon Capture Energy services sector: Aker Solutions, Akastor, Solstad Offshore & Solstad Maritime, AMSC and AMSC TRS
*Reflecting the latest transaction value
Market value is applied for listed assets, most recent transaction value for non-listed assets subject to material transaction with third parties, and book value for other assets
5
– A world-class independent E&P company
NCS' most compelling returns-focused E&P company
Attractive Growth
- Production to grow >20% from 2024 to 2028 (to ~525 mboepd)
- New projects on-track with IRR >25%
- Johan Sverdrup with continuous outperformance since production start
- ~50% of Aker BP's production, with production costs ~2 USD/boe and emissions <1kg CO2 /boe
- Significant upside potential in existing fields through proven track-record on exploration
Attractive Industrial Value
- NCS is an attractive basin with ~50% of resources remaining and an attractive fiscal system
- Aker BP no.1 independent with a proven track record on operations, growth and innovation
- Unparallelled production efficiency2 (PE) of 94% year-to-date
- Performance enhanced through alliance models, digitalization, AI and remote operations
- World-class portfolio with the lowest costs, lowest emissions and high growth potential
- Supportive owners and a part of the unique Aker ecosystem
Attractive Returns
- Capex of USD ~5bn this year, equivalent to USD ~0.7bn post-tax
- Resilient dividend capacity with a clear ambition to grow dividends 5% annually
- Already delivering 9% increased dividends in 2024 from 2023
Industry-leading metrics
Strong commercial development
Growing revenue and strong commercials
+42% ARR1 increase year-over-year
- Reached all-time high in Q2 now makes up 75% of revenue (on 12months rolling basis)
- ARR is a key performance metric, demonstrating Cognite's strong potential for further growth and profitability
+14% Revenue growth year-over-year (IFRS revenue)
- Growth across industries, geographies and verticals, and is expected to accelerate further on the back of increasing SaaS mix
- Strategic partnerships yielding results
>100% increase in monthly active users vs. June 2023
▪ Reached all-time high during first half 2024
Cognite AI – a significant game-changer
- Enabler for increased productivity at every level of digital maturity – "the moment Cognite was built for" (Girish Rishi, CEO)
- Launched Cognite Atlas AI in June
Winner of the prestigious Microsoft Partner of the Year Award 20242
Strong increase in Annual Recurring Revenue
USD million
1ARR: annual recurring revenue, from Software-as-a-Service (SaaS) contracts (see APM in the appendix on page 34 for definition)
2Awarded the Energy and Resources 2024 Microsoft Partner of the Year Award, with former winners in the category including SLB and Schneider Electric. The Microsoft Partner of the Year Awards recognize Microsoft partners that have developed and delivered outstanding Microsoft Cloud applications, services, devices, and AI innovation in various categories, out of more than 4,700 nominations from more than 100 countries.
A more focused Aker (1/2)
• Creating a diversified global carbon capture player, building on the longstanding collaboration between Aker and SLB
- Received more than 3 million shares in Odfjell Drilling from a warrant agreement from 2018 (worth NOK 176 million at end-June 2024)
- In sum, paving the way for the company's target to distribute net proceeds from realizations to shareholders
Attractive value creation journey
Sale
- Agreement to sell Philly Shipyard to Hanwha for a total cash consideration of USD 100 million (NOK 87.24 per share)
- Expected closing during Q4 2024, subject to satisfaction of closing conditions
- Over time, Aker has invested around NOK 300 million and received around NOK 690 million in aggregated dividends
- Implied value of transaction for Aker of NOK 631 million
- IRR of around 15% for Aker since the split and listing in 2007
1HMH is a global offshore and onshore drilling solutions provider which is a 50/50% owned joint venture by Akastor and Baker Hughes 2Subject to market- and other conditions
A more focused Aker (2/2)
Sale and streamlining Solid dividend potential
(announced after quarter-end, on July 3, 2024)
Sale of Feed Ingredients
EV of USD 590 million
Crystallizing value and re-investing
- Aker BioMarine plans to pay an extraordinary dividend of NOK 35-45 per share1 , worth NOK 2.4-3.1 billion to Aker2
- Aker will participate in the further value creation of Feed Ingredients, reducing its ownership from 78% to 40%, and will invest NOK ~1.4 billion of equity and provide NOK ~200 million in shareholder loan to the acquired entity
- Thus, Aker's estimated net cash proceeds from the transaction is between NOK 0.8-1.5 billion
- Aker will actively support efforts to further streamline and focus Aker BioMarine, including exploring potential partnerships and transactions for the remaining segments
Share issue completed
NOK 750 million
Attractive value creation ahead
- Offering successfully placed, raising gross proceeds of approx. NOK 750 million in Solstad Maritime
- Aker's direct ownership in Solstad Maritime is 42%, SOFF's3 direct ownership is 27.3% (Aker owns 32.9% of SOFF) and AMSC's direct ownership is 19.4%
- Well-positioned, strong market outlook
- Solstad Maritime with the intention to initiate quarterly dividends from Q3 2024
- Intention to list Solstad Maritime within 12 months from June 2024
1Based on Aker BioMarine's estimated excess cash following closing
2Subject to final purchase price adjustments and the contemplated refinancing of Aker BioMarine
Investing along attractive long-term global megatrends
Exposure to megatrends with strong potential for secular growth, good profitability and strong cash flow generation
Financial Investments
11
Financial Investments
Q2 2024 | Overview
Total Financial Investments – as share of Gross Asset Value (per 30.06.2024)
NOK billion
Aker's investments in Solstad has been moved to the Industrial Holdings segment from Q1 2024 onwards, historical numbers have been re -presented
Financial Investments
Cash – as share of Gross Asset Value
(per 30.06.2024)
| 1% NOK 0.5 billion |
|---|
| Cash decreased by NOK 240 million to NOK 459 million |
| +1 280m | Dividends received |
|---|---|
| +181m | Debt repayment from portfolio companies |
| -1 152m | Dividend paid |
| -296m | Operating expenses and net interest |
| -144m | Loans and investments in portfolio companies |
| -96m | Net debt repayment |
| -13m | Net other |
| -240m | Change in the quarter |
Financial Investments Q2 2024 | Listed financial investments
Listed financial investments – as share of Gross Asset Value (per 30.06.2024)
Developments in the quarter
- Value increase of investment in Akastor of NOK 499m and in Philly Shipyard of NOK 234m
- Value increase of AMSC equity investment of NOK 81m, and dividend income from AMSC of NOK 20m (from shares and Total Return Swaps)
- Investment in Solstad Offshore is reported as part of Industrial Holdings as of 1 January 2024 and comparative figures are re-presented correspondingly
Listed financial investments
| NOK million | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 |
|---|---|---|---|---|---|
| Akastor | 1 112 | 1 193 | 1 173 | 1 100 | 1 599 |
| Philly Shipyard |
289 | 242 | 379 | 249 | 483 |
| AMSC (excl. TRS) | 547 | 564 | 369 | 373 | 454 |
| Total value | 1 948 | 1 999 | 1 920 | 1 722 | 2 536 |
| AMSC TRS* | (120) | (90) | 4 | 9 | 137 |
(*included in interest-free liabilities if negative and other financial investments if positive)
Financial Investments Q2 2024 | Other financial investments
Other financial investments – as share of Gross Asset Value (per 30.06.2024)
Developments in the quarter
- Interest-bearing receivables: decreased by NOK 136m mainly due to repayment of loan from Akastor of NOK 181m in the quarter. Include a NOK 2bn loan- and a NOK 1.26bn convertible loan to Aker Horizons
- Non-interest bearing assets: increased by NOK 212m, driven by positive value adjustment of the AMSC TRS-agreements of NOK 129m and accrued interest on interest bearing receivables
Other financial investments1
| NOK million | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 |
|---|---|---|---|---|---|
| Real estate | 993 | 1 158 | 1 313 | 1 353 | 1 353 |
| Interest bearing receivables | 4 272 | 4 056 | 4 092 | 4 556 | 4 420 |
| Other equity investments | 1 640 | 1 644 | 1 647 | 2 057 | 2 081 |
| Non-interest bearing assets | 1 516 | 1 575 | 601 | 662 | 874 |
| Fixed assets | 513 | 508 | 505 | 517 | 511 |
| Total value | 8 934 | 8 942 | 8 160 | 9 145 | 9 239 |
Financial Statements
16
Q2 2024 | Balance Sheet and Fair value adjustments
| Book value | Fair value adjusted | |||
|---|---|---|---|---|
| Combined Balance Sheet |
Q1 2024 | Q2 2024 | Q1 2024 | Q2 2024 |
| Non-interest bearing and fixed non-current assets | 1 096 | 1 171 | 1 096 | 1 171 |
| Interest bearing assets | 5 226 | 5 090 | 5 226 | 5 090 |
| Investments | 27 102 |
28 289 |
64 567 |
68 120 |
| Non-interest bearing current receivables | 83 | 213 | 83 | 213 |
| Cash and cash equivalents | 699 | 459 | 699 | 459 |
| Total Assets (GAV) | 34 206 | 35 223 | 71 671 | 75 054 |
| Shareholders' equity (NAV) |
21 803 |
24 098 |
59 268 |
63 929 |
| Non-interest bearing debt | 337 | 334 | 337 | 334 |
| Interest-bearing debt | 10 914 | 10 790 | 10 914 | 10 790 |
| Allocated dividend | 1 152 | - | 1 152 | - |
| Total Equity and Liabilities | 34 206 | 35 223 | 71 671 | 75 054 |
| Net interest-bearing receivables (liabilities) | (4 989) | (5 241) | (4 989) | (5 241) |
| Equity ratio (%) | 63.7% | 68.4% | 82.7% | 85.2% |
| Equity per share (NOK) | 294 | 324 | 798 | 860 |
Q2 2024 | Robust financial position – solid liquidity, low LTV
NOK 5.2bn Net interest-bearing debt
For full details on interest-bearing items and loans, visit: www.akerasa.com/en/investors/treasury
1 External interest-bearing debt adj. for cash divided by Gross Asset Value excl. cash
2 Interest-bearing debt adj. for cash and interest-bearing receivables divided by Gross Asset Value excl. cash and interest-bearing receivables
BBB-IG rating 14% Loan-to-value (net LTV)1
75% of Gross Asset Value in listed assets and cash
Q2 2024 | Robust financial position – Debt maturity profile
For full details on interest-bearing items and loans, visit: www.akerasa.com/en/investors/treasury
1Two revolving credit facilities (RCF): NOK 10bn with NOK 5bn at 3-year maturity with two annual extension options. And NOK 5bn with 5 year maturity
Q2 2024 | Income statement
NOK million
| Combined Income statement |
Q1 2023 | Q2 2023 | First half 2023 |
Q1 2024 | Q2 2024 | First half 2024 |
|---|---|---|---|---|---|---|
| Operating revenues | - | - | - | - | - | - |
| Operating expenses | (105) | (96) | (201) | (106) | (104) | (210) |
| EBITDA | (105) | (96) | (201) | (106) | (104) | (210) |
| Depreciation | (7) | (9) | (16) | (9) | (8) | (16) |
| Dividends received | 796 | 1 038 | 1 834 | 859 | 1 290 | 2 150 |
| Value change | (1 376) | (1 662) | (3 038) | 800 | 1 099 | 1 899 |
| Net other financial items | (221) | (154) | (375) | (145) | 15 | (130) |
| Profit (loss) before tax | (914) | (883) | (1 796) | 1 400 | 2 292 | 3 692 |
Proud ownership
- Active ownership
- Megatrend-oriented
- Proven track-record
- Industrial expertise
- Financial flexibility
- Unique ecosystem
- ESG and digital focus
Appendix
A more focused Aker
Objective of long-term industrial development remains firm – but with greater focus
- Fewer and larger portfolio companies, within key global megatrends, contributing meaningfully to the Aker ecosystem
- Reinvestment opportunities supporting diversified and increased upstream cash and NAV growth
- Some exposure to high risk/high reward opportunities
- Reduce net-interest bearing debt significantly towards 2027 from NOK 5bn today
- Maintain Investment Grade (IG) credit rating
*Share price development from Sept 8, 2004 when Aker ASA was re-listed on the Oslo Stock Exchange. NAV value in the graph is per year-end, after dividends paid.
Dividend Policy: annual dividends of 2-4% of value-adjusted equity (NAV) at year-end
Net Asset Value (NAV) details
| NOK million | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Asset Value (NAV) details | per 2Q 2024 | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 | ||
| Number | Ownership | Share of | ||||||||||
| of shares | share | total assets | ||||||||||
| Aker BP | 133 757 576 | 21,2% | 48,5% | 45 758 | 41 813 | 40 676 | 34 282 | 33 680 | 39 592 | 39 525 | 36 088 | 36 409 |
| Aker Solutions | 193 950 894 | 39,4% | 11,4% | 5 190 | 7 397 | 7 254 | 7 378 | 7 545 | 8 379 | 8 150 | 7 529 | 8 573 |
| Aker BioMarine | 68 132 830 | 77,7% | 7,6% | 3 386 | 3 056 | 2 592 | 2 647 | 2 320 | 2 678 | 3 134 | 4 361 | 5 703 |
| Solstad Maritime Holding | 195 450 849 | 42,0% | 3,1% | - | - | - | - | - | - | - 2 250 |
2 310 | |
| Solstad Offshore | 27 089 493 | 32,9% | 1,5% | 571 | 331 | 678 | 598 | 439 | 520 | 1 002 | 1 061 | 1 144 |
| Aker Horizons | 464 285 714 | 67,3% | 1,7% | 7 391 | 6 398 | 5 987 | 4 323 | 3 152 | 2 131 | 2 022 | 1 439 | 1 305 |
| Cognite | 7 059 549 | 50,5% | 8,9% | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 |
| SalMar Aker Ocean | 15 000 000 | 15,0% | 0,9% | 656 | 656 | 656 | 656 | 656 | 656 | 656 | 656 | 656 |
| Aize | 4 378 700 | 67,6% | 0,0% | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 |
| Total Industrial Holdings | 83,7% | 69 674 | 66 371 | 64 563 | 56 605 | 54 513 | 60 676 | 61 211 | 60 105 | 62 820 | ||
| Cash | 0,6% | 2 035 | 2 502 | 1 290 | 1 162 | 876 | 1 454 | 774 | 699 | 459 | ||
| Real Estate | 1,8% | 958 | 973 | 973 | 993 | 993 | 1 158 | 1 313 | 1 353 | 1 353 | ||
| Listed financial investments | 3,4% | 1 701 | 1 613 | 1 854 | 2 036 | 1 948 | 1 999 | 1 920 | 1 722 | 2 536 | ||
| Akastor | 100 565 292 | 36.7% | 2,1% | 838 | 869 | 927 | 1 148 | 1 112 | 1 193 | 1 173 | 1 100 | 1 599 |
| AMSC (direct investment)* | 13 701 416 | 19.1% | 0,6% | 474 | 405 | 598 | 569 | 547 | 564 | 369 | 373 | 454 |
| Philly Shipyard | 7 237 631 | 57.6% | 0,6% | 389 | 339 | 329 | 318 | 289 | 242 | 379 | 249 | 483 |
| Interest-bearing assets (see slide 30 for details) | 5,9% | 4 064 | 4 169 | 4 172 | 4 297 | 4 272 | 4 056 | 4 092 | 4 556 | 4 420 | ||
| Other equity investments (see slide 30 for details) | 2,8% | 2 172 | 2 417 | 2 379 | 2 610 | 1 640 | 1 644 | 1 647 | 2 057 | 2 081 | ||
| Fixed and other interest-free assets | 1,8% | 1 002 | 908 | 882 | 921 | 2 029 | 2 083 | 1 107 | 1 179 | 1 385 | ||
| Total Financial Investments | 16,3% | 11 932 | 12 583 | 11 551 | 12 019 | 11 758 | 12 395 | 10 854 | 11 566 | 12 234 | ||
| Gross Asset Value (GAV) | 100,0% | 81 607 | 78 954 | 76 114 | 68 624 | 66 271 | 73 071 | 72 064 | 71 671 | 75 054 | ||
| External interest-bearing debt | (9 489) | (9 760) | (8 976) | (8 668) | (8 743) | (8 680) | (8 615) | (10 914) | (10 790) | |||
| Non-interest bearing debt | (166) | (192) | (263) | (301) | (353) | (321) | (246) | (337) | (334) | |||
| Net Asset Value (NAV) before dividend allocation | 71 951 | 69 002 | 66 875 | 59 655 | 57 176 | 64 070 | 63 204 | 60 420 | 63 929 | |||
| Number of outstanding shares | 74 296 629 | 74 286 629 | 74 293 373 | 74 293 373 | 74 293 373 | 74 288 622 | 74 296 637 | 74 296 637 | 74 296 637 | |||
| Net Asset Value (NAV) per share before dividend allocation | 968 | 929 | 900 | 803 | 770 | 862 | 851 | 813 | 860 |
• Net asset value ("NAV") is Gross asset value ("GAV") less liabilities.
• Net asset value is a core performance indicator at Aker ASA. NAV expresses Aker's underlying value and is a key determinant of the company's dividend policy (annual dividend payments of 2-4 percent of NAV).
• Net asset value is determined by applying the market value of exchange-listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, while book value is used for other assets.
• Aker's assets (Aker ASA and holding companies) consist largely of equity investments in the Industrial Holdings segment, and of cash, receivables and other equity investments in the Financial Investments segment. Other assets consist mainly of fixed and other interest-free assets. The financial tables in this appendix show the composition of Aker's assets.
*Aker ASA holds direct exposure to 13 701 416 shares in AMSC ASA, equivalent to 19.07% of the shares and votes of the company, and financial exposure to 22 155 088 underlying shares through two total return swap agreements, equivalent to 30.83% of the share capital in the company. As per 30 June 2024, the value of the swap agreements was positive by NOK 137 million.
| NOK million | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Industrial Holdings | Ownership | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | Net | Dividend | Other | Value | 2Q 2024 |
| per 2Q 2024 | investments | income | changes | change | Value | |||||||||
| Aker BP | 21,2% 45 758 | 41 813 | 40 676 | 34 282 | 33 680 | 39 592 | 39 525 | 36 088 | - | (882) | - | 1 203 | 36 409 | |
| Aker Solutions | 39,4% | 5 190 | 7 397 | 7 254 | 7 378 | 7 545 | 8 379 | 8 150 | 7 529 | - | (388) | - | 1 431 | 8 573 |
| Aker BioMarine | 77,7% | 3 386 | 3 056 | 2 592 | 2 647 | 2 320 | 2 678 | 3 134 | 4 361 | - | - | - | 1 342 | 5 703 |
| Solstad Maritime Holding** | 42,0% | - | - | - | - | - | - | - | 2 250 | 60 | - | - | - | 2 310 |
| Solstad Offshore | 32,9% | 571 | 331 | 678 | 598 | 439 | 520 | 1 002 | 1 061 | - | - | - | 83 | 1 144 |
| Aker Horizons | 67,3% | 7 391 | 6 398 | 5 987 | 4 323 | 3 152 | 2 131 | 2 022 | 1 439 | - | - | - | (135) 1 305 | |
| Cognite* | 50,5% | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | 6 684 | - | - | - | - | 6 684 |
| SalMar Aker Ocean** | 15,0% | 656 | 656 | 656 | 656 | 656 | 656 | 656 | 656 | - | - | - | - | 656 |
| Aize** | 67,6% | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 | - | - | - | - | 37 |
| Total Industrial Holdings | 69 674 | 66 371 | 64 563 | 56 605 | 54 513 | 60 676 | 61 211 | 60 105 | 60 | (1 270) |
- | 3 925 |
62 820 |
*Reflecting the latest transaction value
**At book value
Shareholder return, incl. dividend (29,7%) (13,4%) (6,4%)
| USD million | ENERGY | SECURITY | EFFICIENCY , |
& | TRANSITION | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aker BP (ticker: AKRBP) | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | |
| Net Production Volume (mboepd) | 181 | 412 | 432 | 309 | 453 | 481 | 450 | 444 | 457 | 448 | 444 | |
| Revenue | 2 026 | 4 866 | 3 826 | 13 010 | 3 310 | 3 291 | 3 513 | 3 556 13 670 | 3 078 | 3 377 | ||
| EBITDAX | 1 816 | 4 621 | 3 523 12 024 | 3 031 | 3 031 | 3 249 | 3 241 12 552 | 2 855 | 3 074 | |||
| EBITDAX margin | 89,6% | 95,0% | 92,1% | 92,4% | 91,6% | 92,1% | 92,5% | 91,1% | 91,8% | 92,8% | 91,0% | |
| Net profit continued operations | 206 | 763 | 112 | 1 603 | 187 | 397 | 588 | 164 | 1 336 | 531 | 561 | |
| Share price at closing (NOK per share) | 342,10 | 312,60 | 304,10 | 304 10 , |
256,30 | 251,80 | 296,00 | 295,50 | 295 50 , |
269,80 | 272,20 | |
| Shareholder return, incl. dividend | 4,8% | (7,1%) | (1,0%) | 19 0% , |
(13,9%) | 0,6% | 19,8% | 1,9% | 8% 4 , |
(6,6%) | 3,3% | |
| NOK million | (NOTE: | historical periods |
are here | re-presented | as excl . the |
Subsea | business . The |
OneSubsea | closed in JV |
4Q-2023) | ||
| Aker Solutions (ticker: AKSO) | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | |
| Revenue | 7 283 | 6 613 | 8 275 | 27 500 | 7 213 | 8 881 | 9 102 | 11 066 | 36 262 | 11 481 | 12 826 | |
| EBITDA | 121 | 150 | 220 | 647 | 229 | 193 | 194 | 551 | 1 166 | 967 | 1 206 | |
| EBITDA margin | 1,7% | 2,3% | 2,7% | 0 | 3,2% | 2,2% | 2,1% | 5,0% | 3,2% | 8,4% | 9,4% | |
| Net profit continued operations | (45) | (61) | 54 | (142) | 22 | 27 | (88) | 23 | (15) | 894 | 532 | |
| Share price at closing (NOK per share) | 26,76 | 38,14 | 37,40 | 37 40 , |
38,04 | 38,90 | 43,20 | 42,02 | 42 02 , |
38,82 | 44,20 | |
| Shareholder return, incl. dividend | (11,6%) | 42,5% | (1,9%) | 60 8% , |
1,7% | 4,9% | 11,1% | (2,7%) | 15 0% , |
(7,6%) | 19,0% | |
| NOK million | ||||||||||||
| Aker Horizons (ticker: AKH) | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | |
| Net capital employed | 11 108 | 12 000 | 9 030 | 9 030 | 9 252 | 6 500 | 5 802 | 5 319 | 5 319 | 5 201 | 7 107 | |
| Equity attributable to the parent | 9 573 | 10 404 | 7 096 | 7 096 | 6 908 | 3 907 | 3 031 | 2 328 | 2 328 | 2 020 | 3 748 | |
| Revenue and other income | 1 950 | 462 | 707 | 3 508 | 494 | 658 | 505 | 585 | 2 242 | 514 | 757 | |
| EBITDA | 889 | (656) | (381) | (596) | (613) | (441) | (281) | (569) (1 904) | (186) | (3) | ||
| Net profit continued operations | 74 | (1 244) (3 476) (5 047) | (745) (5 274) | (902) | (127) (7 048) | (771) | (506) | |||||
| Share price at closing (NOK per share) | 15,92 | 13,78 | 12,90 | 12 90 , |
9,31 | 6,79 | 4,59 | 4,36 | 4 36 , |
3,10 | 2,81 |
(27,8%) (27,1%) (32,4%) (5,1%)
(66,2%)
(28,8%) (9,4%)
(61,0%)
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Solstad Offshore (ticker: SOFF) | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 |
| Revenue | 1 363 | 1 914 | 1 679 | 2 023 | 6 979 | 768 | 746 | ||||
| EBITDA | 1 062 | 903 | 445 | 914 | 3 324 | 392 | 364 | ||||
| EBITDA margin | 77,9% | 47,2% | 26,5% | 45,2% | 47,6% | 51,0% | 48,7% | ||||
| Net profit continued operations | 252 | 155 | (15) | (104) | 288 | (21) | (2) | ||||
| Share price at closing (NOK per share) | 29,75 | 17,22 | 35,30 | 35 30 , |
38,85 | 34,05 | 39,30 | 46,00 | 46 00 , |
39,18 | 42,24 |
| Shareholder return, incl. dividend | 72,0% | (42,1%) | 105,0% | 546 5% , |
(11,8%) | (26,5%) | 18,3% | 36,7% | 8% 4 , |
5,9% | 7,8% |
| NOK million | |||||||||||
| Solstad Maritime Holding | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 |
| Revenue | 3 493 | 1 033 | 1 353 | 1 252 | 1 457 | 5 096 | 1 060 | 1 560 | |||
| EBITDA | 1 214 | 463 | 632 | 585 | 703 | 2 383 | 536 | 445 | |||
| EBITDA margin | 34,8% | 44,8% | 46,7% | 46,7% | 48,2% | 46,8% | 50,6% | 28,5% | |||
| Net profit continued operations | (314) | (98) | 154 | 77 | 295 | 427 | 170 | 533 |
| USD million | (NOTE: | historical periods |
are here | re-presented | as excl. | Feed Ingredients) |
SUSTAINABLE | PROTEINS & |
NUTRITION | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aker BioMarine (ticker: AKBM) | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | |
| Revenue | 47 | 47 | 53 | 49 | 197 | 49 | 49 | |||||
| EBITDA | 3 | 7 | 8 | (5) | 12 | 2 | 6 | |||||
| EBITDA margin | 5,9% | 15,5% | 14,2% | (10,8%) | 6,3% | 4,3% | 13,0% | |||||
| Net profit continued operations | (5) | 0 | (7) | (20) | (33) | (4) | (3) | |||||
| Share price at closing (NOK per share) | 49,70 | 44,85 | 38,05 | 38 05 , |
38,85 | 34,05 | 39,30 | 46,00 | 46 00 , |
64,00 | 83,70 | |
| Shareholder return, incl. dividend | (0,3%) | (9,8%) | (15,2%) | (29 9%) , |
2,1% | (12,4%) | 15,4% | 17,0% | 20 9% , |
39,1% | 30,8% | |
| NOK million | ||||||||||||
| SalMar Aker Ocean | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | |
| Revenue | - | - | - | - | - | - | - | 173 | 173 | 428 | (0) | |
| Operational EBIT | (39) | (34) | (48) | (121) | (45) | (10) | (8) | 11 | (53) | (28) | (30) | |
| Operational EBIT margin | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0 | (30,4%) | (0) | n/a | |
| Net profit continued operations | (29) | (25) | (39) | (118) | (35) | (9) | (8) | 107 | 55 | (34) | (26) | |
| USD million | INDUSTRIAL | DIGITALIZATION | ||||||||||
| Cognite | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | |
| Annual Recurring Revenue (ARR) | 38 | 45 | 54 | 54 | 55 | 57 | 64 | 68 | 68 | 73 | 81 | |
| Revenue | 21 | 21 | 29 | 92 | 26 | 26 | 26 | 27 | 105 | 27 | 30 | |
| EBITDA | (8) | (16) | (3) | (46) | (9) | (4) | (9) | (7) | (28) | (8) | (4) | |
| EBITDA margin | (38,6%) | (75,5%) | (10,9%) | (50,6%) | (32,4%) | (15,2%) | (34,3%) | (26,0%) | (27,0%) | (30,4%) | (12,0%) | |
| Net profit continued operations | (3) | (14) | (18) | (56) | (11) | (7) | (13) | (17) | (48) | (12) | (12) | |
| NOK million | ||||||||||||
| Aize | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 | |
| Revenue | 109 | 89 | 102 | 378 | 149 | 144 | 331 | 127 | 752 | 128 | 106 | |
| EBITDA | 47 | 29 | 16 | 106 | 62 | 46 | 242 | 1 | 351 | 26 | 36 | |
| EBITDA margin | 43,1% | 32,6% | 15,7% | 28,0% | 41,6% | 31,9% | 73,1% | 0,6% | 46,7% | 20,0% | 34,2 % | |
| Net profit continued operations | 35 | 20 | (38) | 15 | 50 | 37 | 167 | (57) | 197 | (2) | 17 |
29
Segment information – Financial Investments
Financial Investments Ownership 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024
Cash 2 035 2 502 1 290 1 162 876 1 454 774 699 459 Real Estate 958 973 973 993 993 1 158 1 313 1 353 1 353 Aker Property Group 100.0% 958 973 973 993 993 1 158 1 313 1 353 1 353 Listed financial investments 1 701 1 613 1 854 2 036 1 948 1 999 1 920 1 722 2 536 Akastor 36.7% 838 869 927 1 148 1 112 1 193 1 173 1 100 1 599 AMSC (direct investment)* 19.1% 474 405 598 569 547 564 369 373 454 Philly Shipyard 57.6% 389 339 329 318 289 242 379 249 483
per 2Q 2024
NOK million
| Interest-bearing assets | 4 064 | 4 169 | 4 172 | 4 297 | 4 272 | 4 056 | 4 092 | 4 556 | 4 420 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Aker Horizons | 1 993 | 1 993 | 1 994 | 1 994 | 1 995 | 1 995 | 1 996 | 1 996 | 1 997 | |
| Aker Horizons convertible bond | 1 218 | 1 227 | 1 227 | 1 236 | 1 236 | 1 246 | 1 246 | 1 255 | 1 255 | |
| Clara Ventures AS | 67 | 50 | 156 | 228 | 237 | 247 | 265 | 283 | 329 | |
| Cognite | - | - | - | - | - | - | - | 282 | 278 | |
| Ghana FPSO Company | 195 | 213 | 191 | 203 | 208 | 206 | 197 | 209 | 206 | |
| Other interest-bearing assets | 590 | 686 | 605 | 636 | 595 | 362 | 388 | 531 | 355 | |
| Other financial investments | 2 172 | 2 417 | 2 379 | 2 610 | 1 640 | 1 644 | 1 647 | 2 057 | 2 081 | |
| ICP | 95 | 314 | 314 | 453 | 453 | 453 | 425 | 585 | 585 | |
| Seetee | 198 | 223 | 156 | 237 | 241 | 222 | 326 | 450 | 450 | |
| Gaia Salmon Holding | - | - | 155 | 155 | 155 | 189 | 189 | 189 | 189 | |
| Clara Ventures | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 155 | |
| Abelee | 387 | 387 | 217 | 217 | 217 | 217 | 113 | 113 | 113 | |
| Aker Energy | 990 | 990 | 990 | 990 | - | - | - | - | - | |
| Other investments | 347 | 348 | 392 | 404 | 419 | 408 | 439 | 565 | 589 | |
| Fixed and other interest-free assets | 1 002 | 908 | 882 | 921 | 2 029 | 2 083 | 1 107 | 1 179 | 1 385 | |
| Pecan Energies - Earn out | - | - | - | - | 1 049 | 1 034 | - | - | - | |
| Other fixed and interest-free assets | 1 002 | 908 | 882 | 921 | 980 | 1 049 | 1 107 | 1 179 | 1 385 | |
| Total Financial Investments | 11 932 | 12 583 | 11 551 | 12 019 | 11 758 | 12 395 | 10 854 | 11 566 | 12 234 |
*Aker ASA holds direct exposure to 13 701 416 shares in AMSC ASA, equivalent to 19.07% of the shares and votes of the company, and financial exposure to 22 155 088 underlying shares through two total return swap agreements, equivalent to 30.83% of the share capital in the company. As per 30 June 2024, the value of the swap agreements was positive by NOK 137 million.
Income statement and Balance sheet
| NOK million | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Combined Income Statement | 2Q 2022 | 3Q 2022 | 4Q 2022 | FY 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | FY 2023 | 1Q 2024 | 2Q 2024 |
| Operating revenues* | - | - | - | - | - | - | - | - | - | - | |
| Operating expenses | (94) | (82) | (85) | (370) | (105) | (96) | (97) | (106) | (404) | (106) | (104) |
| EBITDA | (94) | (82) | (85) | (370) | (105) | (96) | (97) | (106) | (404) | (106) | (104) |
| Depreciation | (8) | (8) | (8) | (32) | (7) | (9) | (8) | (9) | (33) | (9) | (8) |
| EBIT | (102) | (90) | (93) | (402) | (112) | (105) | (106) | (114) | (437) | (114) | (112) |
| Dividend received | 664 | 718 | 772 | 2 765 | 796 | 1 038 | 787 | 1 786 | 4 407 | 859 | 1 290 |
| Value change | (2 084) | (1 507) | (711) | (4 114) | (1 376) | (1 662) | (533) | 337 | (3 234) | 800 | 1 099 |
| Net other financial items | (121) | (209) | 167 | (149) | (221) | (154) | 30 | (1 425) | (1 770) | (145) | 15 |
| Profit (loss) before tax | (1 643) (1 088) | 135 | (1 900) | (914) | (883) | 179 | 584 | (1 034) | 1 400 | 2 292 |
NOK million, after dividend distribution
| 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 |
|---|---|---|---|---|---|---|---|---|
| 755 | 793 | 826 | 1 023 | 1 097 | 1 171 | |||
| 4 462 | 4 722 | 5 226 | 5 090 | |||||
| 246 | 115 | 56 | 56 | 62 | 85 | 84 | 83 | 213 |
| 1 290 | 1 162 | 1 454 | 774 | 699 | 459 | |||
| 36 513 | 35 718 | 34 053 | 32 872 | 31 006 | 31 089 | 30 411 | 34 206 | 35 223 |
| 166 | 1 378 | 1 415 | 353 | 1 397 | 1 489 | 334 | ||
| 8 976 | 8 615 | |||||||
| 36 513 | 35 718 | 34 053 | 32 872 | 31 006 | 31 089 | 30 411 | 34 206 | 35 223 |
| (2 799) | (3 224) | (3 119) | (4 989) (5 241) | |||||
| 73,6 % | 72,0 % | 69,6 % | 69,3 % | 70,7 % | 71,1 % | 67,1 % | 67,1 % | 68,4 % |
| 362 | 347 | 319 | 307 | 295 | 297 | 275 | 293 | 324 |
| 4 339 2 035 9 489 (3 115) |
4 459 29 138 27 849 27 419 2 502 26 857 25 766 23 699 192 9 760 |
866 4 607 8 668 (2 899) |
1 967 4 582 876 8 743 (3 285) |
1 998 4 531 26 182 23 519 23 021 23 808 22 789 21 910 22 088 20 399 321 8 680 (2 695) |
27 102 28 289 21 803 24 098 10 914 10 790 |
The balance sheet and income statement for Aker ASA and holding companies show the financial position as a holding company.
*Aker ASA and holding companies prepares and presents its accounts in accordance with the Norwegian Accounting Act and generally accepted accounting principles (GAAP), to the extent applicable. Accordingly, exchange-listed shares owned by Aker ASA and holding companies are recorded in the balance sheet at the lower of market value and cost price. In accordance with Aker ASA and holding companies' accounting principles, acquisitions and disposals of companies are a part of the ordinary business. Consequently, gains from sales of shares are classified as operating revenues in the combined profit and loss statement of the accounts. Gains and losses are only recognized to the extent assets are sold to third parties. Aker's accounting principles are presented in the company's 2023 annual report.
External interest-bearing debt
| NOK million | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| External interest-bearing debt | 2Q 2022 | 3Q 2022 | 4Q 2022 | 1Q 2023 | 2Q 2023 | 3Q 2023 | 4Q 2023 | 1Q 2024 | 2Q 2024 |
| AKER09 | 1 000 | ||||||||
| AKER14 | 2 000 | 1 581 | |||||||
| AKER15 | 2 000 | 2 000 | 2 000 | 2 000 | 2 000 | 2 000 | 2 000 | 1 494 | 1 422 |
| AKER16 | 1 300 | 1 300 | 1 300 | 1 300 | 1 300 | 1 300 | 1 300 | 1 300 | |
| AKER17 | 700 | 700 | 700 | 700 | 700 | 700 | 700 | 700 | |
| AKER18 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | ||
| AKER19 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | ||
| AKER20 | 1 250 | 1 250 | |||||||
| AKER21 | 500 | ||||||||
| Total bond loans | 5 000 | 5 581 | 5 000 | 5 000 | 5 000 | 5 000 | 5 000 | 5 744 | 6 172 |
| Bank credit facilities | 3 491 | 3 171 | 2 971 | 2 572 | 2 616 | 2 593 | 2 526 | 5 220 | 4 671 |
| Schuldschein loan (EUR 100m) | 1 035 | 1 058 | 1 051 | 1 139 | 1 170 | 1 125 | 1 124 | - | - |
| Total bank loans | 4 526 | 4 229 | 4 023 | 3 711 | 3 786 | 3 719 | 3 650 | 5 220 | 4 671 |
| Capitalised loan fees | (36) | (50) | (47) | (43) | (43) | (39) | (35) | (51) | (52) |
| Total interest-bearing debt | 9 489 | 9 760 | 8 976 | 8 668 | 8 743 | 8 680 | 8 615 | 10 914 | 10 790 |
NOK million
| Debt maturity profile | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 |
|---|---|---|---|---|---|---|---|---|---|
| Bank loans | 4 671 | ||||||||
| AKER15 | 1 422 | ||||||||
| AKER16 | 1 300 | ||||||||
| AKER17 | 700 | ||||||||
| AKER18 | 500 | ||||||||
| AKER19 | 500 | ||||||||
| AKER20 | 1 250 | ||||||||
| AKER21 | 500 | ||||||||
| Total | 1 422 | - | - | 6 671 | - | 1 750 | - | 500 | 500 |
Alternative Performance Measures (APM)
Aker ASA refers to alternative performance measures with regards to Aker ASA and holding companies' financial results and those of its portfolio companies, as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are frequently used by securities analysts, investors and other interested parties, and they are meant to provide an enhanced insight into operations, financing and future prospects of the group. The definitions of these measures are as follows:
- Aker Horizons' share of net capital employed is a measure of all assets employed in the operation of a business. The number reflects Aker Horizons' share of the portfolio companies net capital employed, calculated as total assets less debt.
- ARR (Annual Recurring Revenue) in a Software-as-a-Service (SaaS) business models represents the next 12 months' value of expected revenue from all active recurring software subscription contracts, including software solution support, that are active or signed as at a specific point in time (e.g. at the end of a month/quarter/year).
- EBITDA is operating profit before depreciation, amortization and impairment charges
- EBITDA margin is EBITDA divided by revenue
- EBITDAX is operating profit before depreciation, amortization, impairment charges and exploration expenses
- EBIT is operating profit before interests and taxes
- Operational EBIT is operating profit before fair value adjustment
- Equity ratio is total equity divided by total assets
- Gross asset value is the sum of all assts determined by applying the market value of listed shares, most recent transaction value for nonlisted assets subject to material transaction with third parties, and the book value of other assets
- Mboepd is thousand barrels of oil equivalents per day
- Mmboe is million barrels of oil equivalents
- Net Asset Value ("NAV") is gross asset value less liabilities
- NAV per share is NAV divided by the total number of outstanding Aker ASA shares
- Net interest-bearing receivable/debt is cash, cash equivalents and interest-bearing receivables (current and non-current), minus interest-bearing debt (current and non-current)
- Order intake includes new signed contracts in the period, in addition to expansion of existing contracts. The estimated value of potential options and change orders is not included
- Order backlog represents the estimated value of remaining work on signed contracts
- Value-adjusted equity ratio is NAV divided by gross asset value
FINANCIAL CALENDAR
- Jul 17 2024 Q2 results/ half-year report
- Nov 6 2024 Q3 results
CONTACTS
- Fredrik Berge Head of Investor Relations Tel: +47 45032090 [email protected]
- Atle Kigen Head of Media Relations and Public Affairs Tel: +47 90784878 [email protected]
ADDRESS
- Oksenøyveien 10 1366 Lysaker, Norway
- Tel: +47 24130000
- Web: akerasa.com
TICKERS
- Bloomberg: AKER:NO
- Reuters: AKER.OL
Quarterly presentations and related material, incl. financial tables in Excel-format, are available at akerasa.com and newsweb.no
About Aker ASA
Who we are
Aker ASA ("Aker") is an industrial investment company founded in 1841 developing industrial front-runners and creating shareholder value through active ownership. Aker is listed on the Oslo Stock Exchange and is owned 68% by TRG, a company controlled by Mr. Kjell Inge Røkke, Chairman of the Board. Aker's President & CEO is Mr. Øyvind Eriksen.
Aker's ownership interests are concentrated within the sectors oil & gas, energy services, renewable energy and green technologies, industrial software, seafood, and marine biotechnology. In 2022, Aker established active assets management as a business area. Aker is the largest shareholder, directly or indirectly, in 9 companies listed on the Oslo Stock Exchange and Euronext Expand Oslo. In addition, Aker is invested in several privately held companies. In 2023, Aker and companies in which Aker is the largest investor had a total turnover of more than NOK 200 billion with a workforce of 29,300 in more than 50 locations globally, including temporary hires. About 22,700 people were employed in Norway. Aker ASA has 47 employees, located at the head office at Fornebu, Norway.
How we operate
As an industrial investment company, Aker exercises active ownership to create value, combining deep industrial knowledge with capital market expertise and financial strength. Aker drives operational and strategic improvements through active board participation in the portfolio companies, assists in financing structures and assesses and evaluates M&A and restructuring cases. Aker has a strong focus on working in close strategic partnerships and has developed a unique partner ecosystem.
Annual reports: www.akerasa.com/en/investors/financial-reports-presentations/annual-reports Sustainability website: www.akerasa.com/en/sustainability Sustainability library: www.akerasa.com/en/sustainability/sustainability-library Global framework agreement: www.akerasa.com/en/sustainability/social/#global-frame-agreement
Sustainability
Aker has a long tradition of being a responsible enterprise and owner of companies. Aker considers Environmental, Social and Governance ("ESG") impacts throughout the investment and business decision-making processes. Aker's ambition is to ensure that Aker Group represent profitable, safe, and sustainable operations. Aker contributes to the development of companies by using its shareholder influence. Through the Global Framework Agreement, Aker and its industrial companies have committed to respecting and supporting fundamental human rights and trade union rights. Read more about our commitments to sustainability considerations in our Annual Report 2023.
Risk management
Aker and its portfolio companies are exposed to different types of risk. Aker has a long track-record of handling industrial and financial risks. Aker has established a risk management model based on the identification, assessment, and monitoring of major risk factors. Contingency plans have been prepared for these risk factors and their implementation is ensured and monitored. For further information on Aker ASA's risk management, please see the annual report 2023 and corporate governance report 2023.
Business development and investments
Responsible value creation and ESG principles are integrated into Aker's investment policy and are addressed in investment analysis and decision-making processes. By identifying risks and potentially adverse impacts, this approach improves the resilience of Aker's portfolio positions and enables the company to identify investment opportunities with satisfactory ESG profiles.
For further information about how Aker and its portfolio companies are working systematically to promote sustainability across investments and operations, please refer to the 2023 Annual Report available on Aker's website
Disclaimer
Disclaimer
This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker ASA and Aker 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's 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 Document. Although Aker ASA believes that its expectations and the Document 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 Document. Aker ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. The Aker group consists of many legally independent entities, constituting their own separate identities. Aker is used as the common brand or trademark for most of this entities. In this document we may sometimes use "Aker", "Group, "we" or "us" when we refer to Aker companies in general or where no useful purpose is served by identifying any particular Aker company.
Copyright
Copyright of all published material including photographs, drawings and images in this document remains vested in Aker ASA 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.
