Aker Solutions Asa · OSL:AKSO
Aker Solutions Asa — Q2 2008 Earnings Presentation
20 slides from Aker Solutions Asa's earnings presentation, Jul 31, 2008
Slide 1: 2nd Quarter Results 2008
2nd Quarter Results 2008 31 July 2008 Agenda Topic Speaker ■ Introduction Simen Lieungh, President & CEO ■ Financials Leif Borge, EVP & CFO ■ Business areas Simen Lieungh, President & CEO ■ Update on P&T Mads Andersen, EVP ■ Closing remarks Simen Lieungh, President & CEO ■ Q&A session Front page pho
Slide 2: Good, steady performance
Good, steady performance ■ Good operations, steady performance: ● EBITDA increased by 13% ● EBITDA margin of 7.5% ● EPS increased by 4.3% ■ Strengthening of well services with acquisition of Qserv ■ 5 drilling equipment packages awarded YTD 2008 ■ Continued strong markets and high activity Safe and
Slide 3: Key indicators; Order intake and backlog
Key indicators Operating EBITDA EPS revenues NOK million NOK million NOK 16000 15 073 1200 2,50 2.40 1 126 1100 2,25 1000 2,00 12000 900 1,75 800 1,50 700 8000 600 1,25 500 1,00 400 0,75 4000 300 0,50 200 100 0,25 0 0 0,00 2Q 3Q 4Q 1Q 2Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 4Q 1Q 2Q 07 07 07 08 08 07 07 07 08 08 07
Slide 4: Income statement consolidated
Agenda Topic Speaker ■ Introduction Simen Lieungh, President & CEO ■ Financials Leif Borge, EVP & CFO ■ Business areas Simen Lieungh, President & CEO ■ Update on P&T Mads Andersen, EVP ■ Closing remarks Simen Lieungh, President & CEO ■ Q&A session 2nd Quarter Results - 31 July 2008 Slide 7 © 2008 Ak
Slide 5: Energy Development & Services (ED&S) and Subsea
Energy Development & Services (ED&S) EBITDA Maintenance work (in NOK millions) ongoing on Statfjord, North Sea 378 345 332 325 281 ■ YTD negative revenue growth 9% ■ EBITDA negatively affected by acceleration costs 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 (in NOK millions) 2Q07 3Q07 4Q07 1Q08 2Q08 YTD07 YTD08
Slide 6: Products & Technologies; Process & Construction
Products & Technologies EBITDA Seadrill’s “West Hercules” (in NOK millions) 313 294 278 245 218 ■ YTD revenue growth 26% ■ YTD EBITDA growth 41% ■ 9.4% EBITDA margin in Q2 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 ■ Solid order intake (in NOK millions) 2Q07 3Q07 4Q07 1Q08 2Q08 YTD07 YTD08 2007 Operating revenue
Slide 7: Cash flow and Assets
Cash flow (in NOK millions) 2Q07 3Q07 4Q07 1Q08 2Q08 YTD07 YTD08 2007 Net c/f from operating activities -492 1 673 3 055 -848 105 -2 053 -743 2 675 Net c/f from investing activities -278 -369 -635 -435 -277 -572 -712 -1 576 Net c/f from financial activities -298 -1 381 -1 009 -31 1 094 -623 1 063 -3
Slide 8: Debt and equity
Debt and equity (in NOK millions) 2Q07 3Q07 4Q07 1Q08 2Q08 Shareholders' equity 6 443 6 745 7 099 7 439 7 191 Minority interests 144 132 168 170 189 Non IB liabilities (non-current) 1 311 1 845 2 124 2 277 2 053 Interest bearing debt (non-current) 3 110 2 860 1 998 2 036 3 933 Dividend payable 24 25
Slide 9: Energy Development & Services (ED&S) and Subsea outlook
Energy Development & Services (ED&S) Market ■ High tendering activity ■ Strong market potential in all target regions, well positioned for new orders ■ Several opportunities in the modification market North Sea Operations ■ Important milestones reached on the H6-e drilling rigs ■ High activity and g
Slide 10: Products & Technologies; Process & Construction
Products & Technologies Market ■ New wave of drilling equipment orders ■ Record high backlog for “Pusnes” technologies of NOK 1.5 billion ■ Strong demand for upstream process systems to FPSO conversions and new builds Operations ■ Successful acquisition of Qserv ■ High activity in all business segme
Slide 11: Update on the Products & Technologies business area
Agenda Topic Speaker ■ Introduction Simen Lieungh, President & CEO ■ Financials Leif Borge, EVP & CFO ■ Business areas Simen Lieungh, President & CEO ■ Update on P&T Mads Andersen ■ Q&A session 2nd Quarter Results - 31 July 2008 Slide 21 © 2008 Aker Solutions part of Aker part of Aker Update on the
Slide 12: Offshore products and technologies; Strong demand continues
Offshore products and technologies Drilling equipment & Upstream process technology technology Mooring technology Crude loading & & systems offloading technology Marine operations & Drilling risers subsea installation Steel tube umbilicals Subsea technologies and Reservoir evaluation systems service
Slide 13: 90+ drilling floaters under construction
90+ drilling floaters under construction Cumulative # of floaters in order book and share of these with contract1 # of ordered floaters 91 # of ordered floaters under contract Market Fundamentals 75 ■ Global oil production increasing 71 69 ~2% annually towards 2015 65 58 75% ■ 7% growth in mid- and
Slide 14: Well intervention doubles with Qserv
Well intervention doubles with Qserv ■ Main office and workshop in Aberdeen ■ Provides well services such as wireline, coil tubing, fluid pumping and subsea intervention ■ A leading intervention player on the UK Continental Shelf ■ 2007 revenues were NOK 500 million ■ Employs around 400 people, incl
Slide 15: Summary; Additional information
Summary ■ Good operations, steady performance: ● EBITDA increased by 13% ● EBITDA-margin of 7.5% ● EPS increased by 4.3% ■ Strengthening of well services with acquisition of Qserv ■ 5 drilling equipment packages awarded YTD 2008 ■ Continued strong markets and high activity RapidSolution ™ is a fast-
Slide 16: Order intake and Order backlog
Order intake (in NOK millions) 2Q07 3Q07 4Q07 1Q08 2Q08 YTD07 YTD08 2007 Energy Dev. & Services 1 730 6 542 3 964 3 431 3 503 9 286 6 934 19 792 Subsea 4 200 1 905 4 006 2 972 3 045 6 466 6 017 12 377 Products & Technologies 3 476 1 872 3 496 2 760 4 089 5 365 6 849 10 733 Process & Construction 3 2
Slide 17: Net current operating assets
Net current operating assets (in NOK millions) 2Q07 3Q07 4Q07 1Q08 2Q08 Energy Dev. & Services 890 501 -776 291 205 Subsea 1 066 1 383 849 867 925 Products & Technologies 150 210 323 713 1 227 Process & Construction -788 -942 -1 357 -1 167 -969 Other 302 78 -100 24 -198 Total net current operating a
Slide 18: Subsea; Products & Technologies
Subsea (in NOK millions) 2Q07 3Q07 Q407 Q108 Q208 YTD07 YTD08 2007 Operating revenues 2 429 2 571 2 715 3 038 2 550 4 565 5 588 9 851 EBITDA 222 282 285 295 288 393 583 960 EBIT 198 250 250 265 236 348 501 848 Order intake 4 200 1 905 4 006 2 972 3 045 6 466 6 017 12 377 Order backlog 10 618 9 706 1
Slide 19: Process & Construction; Other and eliminations
Process & Construction (in NOK millions) 2Q07 3Q07 4Q07 1Q08 2Q08 YTD07 YTD08 2007 Operating revenues 2 929 2 992 2 834 2 205 2 649 5 771 4 854 11 597 EBITDA 221 201 186 175 230 389 405 776 EBIT 216 195 181 169 225 376 394 752 Order intake 3 281 3 462 1 839 4 265 3 657 9 695 7 922 14 996 Order backl
Slide 20: Copyright Disclaimer
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