Aker Solutions Asa · OSL:AKSO
Aker Solutions Asa — Q2 2009 Earnings Presentation
18 slides from Aker Solutions Asa's earnings presentation, Aug 13, 2009
Slide 1: 2nd quarter results 2009
part of Aker 2nd quarter results 2009 13 August 2009 © 2009 Aker Solutions Agenda Topic Speaker ■ Introduction Simen Lieungh, President & CEO ■ Financials Leif Borge, EVP & CFO ■ Business areas Simen Lieungh, President & CEO ■ Q&A session Front page photo: Phase I development of the Kashagan field i
Slide 2: Highlights
Highlights ■ Financial performance: ● EBITDA of NOK 1 192 million ● EBITDA margin of 8.3% ■ Contract awards on Kashagan hook-up ■ Design, construction and delivery of the GBS for the Sakhalin 1 project ■ Important well service contract with StatoilHydro ■ Acquisitions completed, subsequent sale of O
Slide 3: Key indicators
Key indicators Operating revenues EBITDA Earnings per share (NOK million) (NOK million) (NOK) 16000 1200 1 192 3,25 14 324 2.87 1000 2,75 12000 2,25 800 1,75 1,25 8000 600 0,75 400 0,25 4000 -0,25 200 -0,75 0 0 -1,25 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 08 08 08 09 09 08 08 08 09 09 08 08 08
Slide 4: Major contracts awarded in Q2 2009
Major contracts awarded in Q2 2009 Sakhalin-1 GBS, Kashagan field hook-up, Exxon Neftegas Agip KCO Limited Contract value ~ Contracts value ~ NOK 10.2 billion NOK 3.6 billion Image: Sakhalin II Mechanical wireline Oselvar subsea EPC, services, Dong E&P Norge StatoilHydro Contract value ~ Estimated r
Slide 5: Consolidated income statement
Consolidated income statement (NOK million) Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 YTD08 YTD09 2008 Operating revenues 15 073 13 507 15 455 14 975 14 324 29 290 29 299 58 252 EBITDA 1 126 1 151 103 1 124 1 192 2 128 2 316 3 382 Of which related to hedging -4 84 217 18 -35 -40 -17 261 Depreciation and amortis
Slide 6: Subsea and Products & Technologies
Subsea EBITDA (NOK million) ■ Q2 revenue growth 29% 589 ■ Q2 EBITDA growth 35% 507 ■ 12.8% EBITDA margin in Q2 426 376 364 A wireline operator preparing a tool for Q2 Q3 Q4 Q1 Q2 deployment on StatoilHydro’s Heidrun 08 08 08 09 09 platform, Haltenbanken. (NOK million) Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Y
Slide 7: Process & Construction and cash flow statement
Process & Construction EBITDA (NOK million) ■ Q2 09 revenue in line with 217 205 Q2 08 revenue 184 ■ Q2 EBITDA minus 57% ■ 3.2% EBITDA margin in Q2 131 80 More than doubling production capacity: Aker Q2 Q3 Q4 Q1 Q2 Solutions’ new 90 000 square foot manufacturing 08 08 08 09 09 facility in Pickering,
Slide 8: Net current operating assets
Net current operating assets NOK 3.4B ■ Working capital in ED&S and P&C on an acceptable level P&C -1 258M ■ Working capital in P&T and Subsea on a high level ED&S 371M ■ Caused by delayed payments on a few P&T 1 525M projects ■ Normalised working capital of NOK 1-2 billion Subsea 2 770M 0 2nd quart
Slide 9: Consolidated debt and equity
Consolidated debt and equity (NOK million) Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Shareholders' equity 7 191 7 700 8 450 8 241 9 150 Minority interests 189 175 156 143 164 Non IB liabilities (non-current) 2 444 3 014 2 783 2 886 3 174 Interest bearing debt (non-current) 3 542 5 898 6 163 6 201 9 311 Non IB l
Slide 10: Energy Development & Services
Agenda Topic Speaker ■ Introduction Simen Lieungh, President & CEO ■ Financials Leif Borge, EVP & CFO ■ Business areas Simen Lieungh, President & CEO ■ Q&A session 2nd quarter results - 13 August 2009 Slide 19 © 2009 Aker Solutions part of Aker Energy Development & Services Market ■ Strong order int
Slide 11: Subsea and Products & Technologies
Subsea Market ■ Important 3+2+2 year contract with StatoilHydro to supply well services on Norwegian continental shelf ■ Awarded NOK 350 million EPC contract for Dong Energy’s Oselvar field Operations ■ Successful delivery of Morvin and Lavrans manifold and templates to StatoilHydro ■ Moss site deli
Slide 12: Process & Construction
Process & Construction Market ■ Metals ● Market outlook for capital and maintenance projects improving in metals and steel ● Awarded contract at Codelco's El Teniente mine in Chile ■ Construction ● Strong position in US LNG regasification and power sectors continues, with healthy backlog for 2009 ■
Slide 13: Additional information: Order intake
part of Aker Additional information © 2009 Aker Solutions Order intake (NOK million) Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 YTD08 YTD09 2008 Energy Dev. & 3 645 5 377 4 436 5 467 15 337 7 124 20 804 16 937 Services Subsea 3 114 1 973 2 168 2 598 2 915 6 396 5 513 10 537 Products & 4 019 6 351 4 230 1 836 1 4
Slide 14: Order backlog and net current operating assets
Order backlog (NOK million) Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Energy Development & Services 18 853 18 741 18 625 18 335 28 816 Subsea 13 073 13 162 11 204 9 429 11 431 Products & Technologies 9 976 13 922 15 377 14 213 12 843 Process & Construction 12 730 12 775 12 988 10 604 9 130 Other 33 33 33 33 33
Slide 15: Energy Development & Services and Subsea
Energy Development & Services (NOK million) Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 YTD08 YTD09 2008 Operating revenues 6 774 5 623 4 737 5 479 5 020 12 714 10 499 23 074 EBITDA 326 251 -1 254 350 186 674 536 -329 EBIT 306 214 -1 279 320 152 633 472 -432 Order intake 3 645 5 377 4 436 5 467 15 337 7 124 20 80
Slide 16: Products & Technologies and Process & Construction
Products & Technologies (NOK million) Q208 Q308 Q408 Q1 09 Q2 09 YTD08 YTD09 2008 Operating revenues 2 804 2 433 3 556 3 363 3 071 5 702 6 434 11 691 EBITDA 225 195 292 240 403 480 643 967 EBIT 211 181 264 208 351 455 559 900 Order intake 4 019 6 351 4 230 1 836 1 414 6 469 3 250 17 050 Order backlo
Slide 17: Other and Eliminations
Other (NOK million) Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 YTD08 YTD09 2008 Operating revenues 1 247 1 189 1 312 946 870 2 489 1 816 4 990 EBITDA 15 74 259 39 16 -57 55 276 EBIT -10 48 192 13 -5 -108 8 132 Order intake 1 247 1 189 1 312 941 874 2 489 1 815 4 990 Order backlog 33 33 33 33 33 33 33 33 Employee
Slide 18: Copyright and Disclaimer
Copyright Copyright of all published material including photographs, drawings and images in this document remains vested in Aker Solutions and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner