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Aker ASA Annual Report 2013 Beskjæres 76 Mm Fra Venstre Før Trykk >> Aker ASA Annual Report 2013 3 Aker ASA Annual report 2013 Beskjæres 76 mm fra venstre før trykk >> Aker ASA annual report 2013 3 Financial calendar 2014 Annual general meeting 11 April Interim report Q1 2014 15 May Contents Interim report Q2 2014 18 July Interim report Q3 2014 14 November Aker reserves the right to revise the dates. Beskjæres 76 mm fra venstre før trykk >> 4 This is Aker 4 Aker in brief 5 Highlights 2013 6 Key performance indicators 7 Aker ASA and holding companies 8 Letter from the chairman 18 Letter from the president and CEO 22 Operations 22 Investment overview 23 Industrial holdings 38 Financial investments 40 Board of directors’ report 52 Annual accounts 53 Aker group 118 Aker ASA 134 Aker ASA and holding companies 143 Shareholder information 143 Dialogue builds trust 146 Analytical information 147 Board and management 147 Board of directors 149 Management and key personnel 150 Contact information President and CEO Øyvind Eriksen presents at Aker’s 2013 Capital Markets Day in Oslo. 4 Aker ASA annual report 2013 This is Aker Aker in brief Aker ASA is an industrial investment company that exercises active ownership. Aker combines industrial expertise, know­ has an ownership agenda for each of December 2013, NAV amounted to NOK Ownership ledge of the capital markets and financial these companies that strengthens the 24.0 billion, compared with NOK 22.9 bil­ Aker was listed on the Oslo Stock strength. business and creates value. lion at the close of 2012.The company’s Exchange on 8 September 2004. Since list­ As an active owner, Aker develops and ■ The financial investments comprise dividend policy is to pay annual dividends ing, the company’s shares have generated strengthens the companies in its portfolio, cash, real estate, investments in of between two and four per cent of NAV to an average annual return of 29 per cent, Beskjæres 76 mm fra venstre før trykk >> working through the boards of the opera­ funds and other financial assets of shareholders, and the intention is to including dividends. In 2013, Aker ASA’s tional entities and ensuring close follow­up Aker ASA and holding companies, increase the dividend on a yearly basis. share price rose by 10 per cent, including a by Aker’s investment teams. Aker drives with the exception of industrial equity dividend per share of NOK 12. At the operational improvements, strategy, financ­ investments. Investment strategy beginning of 2014, the company had ing, restructuring and industrial transac­ Aker’s ownership interests are concen­ 14 064 shareholders. Aker’s main share­ tions forward. Size trated in the oil and gas, fisheries/marine holders are Anne Grete Eidsvig and Kjell Aker organises its business activities in At the end of February 2014, Aker was the biotechnology , maritime assets and Inge Røkke, who own 67.8 per cent of Aker two segments: largest shareholder, directly or indirectly, in finance sectors – all key Norwegian indus­ stock through their company TRG. Øyvind seven listed companies. The companies tries that are international in scope. Each Eriksen owns 0.2 per cent of the B shares ■ The industrial holdings comprise Aker’s employ approximately 27 900 people in 29 company in Aker’s investment portfolio is in TRG through a private company. Eriksen ownership interests in Aker Solutions, countries, including 15 900 in Norway. well positioned to benefit from continued also owns 100 000 shares in Aker ASA. Kvaerner, Det norske oljeselskap, Ocean Net asset value (NAV) is a key perfor­ growth in demand for sustainable produc­ Some 43 of Aker ASA’s 51 employees own Yield, Aker BioMarine and Havfisk. Aker mance indicator for Aker ASA. As at 31 tion of energy and seafood. shares in the company. 1850 1900 1950 2000 Kvaerner 1853 Peter Steenstrup Olaf A. Onsum Kjell Inge Røkke Founded Aker in Founded Aker’s main 1841. Kvaerner in RGI owner since 1996. 1853. JM Johansen 1876 – Fisheries Norcem 1892 – Offshore and cement Aker 1841 1987 1996 2001 Aker ASA annual report 2013 5 This is Aker Highlights 2013 Value and dividend growth Great confidence in the Norwegian continental shelf The net asset value of Aker ASA and holding compa­ At the end of 2013, the oil and gas sector accounted for nies – jointly referred to as Aker – increased by 4.7 approximately 56 per cent of the value of Aker’s assets. per cent in 2013, to NOK 24 billion. This corresponds The Norwegian and UK continental shelves constitute to NOK 332 per share, up from NOK 321 per share at the world’s largest offshore oil and gas market. Beskjæres 76 mm fra venstre før trykk >> the end of 2012, before dividend payments. According to Statistics Norway, investments on the In April 2013, a dividend of NOK 12 per share was Norwegian continental shelf alone are expected to paid, up from NOK 11 one year previously. A divi­ reach a new all­time high in 2014 – NOK 223 billion. dend of NOK 13 per share has been proposed for Maritime assets represented 14 per cent of Aker’s the financial year 2013. assets at the end of 2013. Marine biotechnology and The dividends received from Aker’s portfolio com­ seafood totalled 9 per cent, cash holdings 8 per cent panies totalled NOK 852 million in 2013, representing and property development 4 per cent. Other assets an increase of 85 per cent on 2012. accounted for 9 per cent in total. Companies are being streamlined Adjusting the financial portfolio The Aker­owned portfolio companies are being stream­ Aker is on schedule as regards its plan to free up at lined and focused on selected core areas. Aker Solu­ least NOK 3 billion from the financial investments tions is being further refined as a technology and portfolio by the end of 2015. Thus far, NOK 800 mil­ knowledge company. In 2013, it sold two business lion has been released. areas: Mooring and Loadings System and Well­Inter­ Converto Capital Fund accounts for a considera­ vention Services. ble proportion of Aker’s financial investments. In In 2013, Kvaerner sold its onshore construction busi­ 2013, the fund contributed NOK 1.4 billion in growth ness in North America. Aker BioMarine sold its stake in to Aker’s net asset value, primarily driven by Epax, and is now focused on refining its krill business. increases in the values of Aker Philadelphia Shipyard Aker’s industrial portfolio also includes Det norske and American Shipping Company. oljeselskap, Ocean Yield and Havfisk. Det norske is Aker Philadelphia Shipyard and American Ship­ concentrating on the Norwegian continental shelf. ping Company have been refinanced, while Stream Ocean Yield leases ships to solid counterparties on has been sold. long­term contracts. Havfisk is engaged in the harvest­ ing of white fish. 6 Aker ASA annual report 2013 This is Aker Key performance indicators Aker’s key performance indicators are net asset value, NAV per share before dividend Allocated dividend per share shareholder dividends and the company’s cash balance. (NOK) ■ Allocated dividend (NOK) ■ NAV ■ Share price ■ Dividend ■ Per cent of NAV before dividend To understand value creation at Aker, it is Net asset value (NAV) expresses Aker’s 360 18 important to examine the balance sheet of underlying value, and is a key determinant 300 15 Aker ASA and holding companies. of the company’s dividend policy (two to 240 12 The Aker ASA and holding company four per cent of NAV per year). Net asset 180 9 structure encompasses pure holding com­ value is based on market value for listed 120 6 Beskjæres 76 mm fra venstre før trykk >> panies and companies that supply services shares and book value for other assets. 60 3 to the group. The holding structure’s bal­ 0 0 ance sheets is a more relevant tool for 2011 2012 2013 2011 2012 2013 monitoring value creation than the balance sheet of the parent company or of the Aker Gross assets per business segment group. Nevertheless, Aker’s Annual Report (NOK billion) contains all three types of accounts. ■ Financial Investments ■ Industrial Holdings 30 Distribution of Aker’s NOK 29.8 billion gross asset value as of 31 December 2013 25 (NOK billion) 20 15 10 Other financial investments 5 Receivables and bonds 0 2011 2012 2013 Havfisk Kvaerner Gross asset per sector (NOK billion) Equity investments ■ Other ■ Aker BioMarine Cash ■ Seafood, dietary supplements and nutrition ■ Cash Oil-industry related 30 OceanYield 25 Funds 20 15 Det norske 10 Aker Solutions 5 0 0 2 4 6 8 10 12 2011 2012 2013 Aker ASA annual report 2013 7 This is Aker Aker ASA and holding companies In 2013, net asset value (NAV) increased from NOK 22 933 million to NOK Net asset value (NAV) 24 003 million before allocations for dividends to shareholders. This represents As at As at an increase in NAV-per-share from NOK 321 to NOK 332. The following tables 31 December 31 December show Aker’s investments and NAV per Aker ASA share. 2013 2012 Owner­ NOK NOK NOK NOK ship per share million per share million Industrial Holdings: Beskjæres 76 mm fra venstre før trykk >> Net asset value development – Aker ASA and holding companies Aker Solutions 34.2% 140 10 154 122 8 712 Kvaerner 28.7% 12 888 18 1 251 In NOK million 2013 2012 2011 Aker BioMarine 100.0% 24 1 760 19 1 361 Det norske 50.0% 65 4 692 81 5 803 Havfisk 73.2% 10 732 5 365 Dividends received 852 461 191 Ocean Yield 73.4% 47 3 409 35 2 532 Operating expenses (236) (235) (225) Total Industrial holdings 299 21 635 280 20 023 Other financial expenses (30) (152) (162) Tax expense (13) (22) (22) Financial investments: Total 573 52 (218) Cash 34 2 459 43 3 106 Dividend payments (868) (794) (724) Interest­bearing receivables Sale/(purchase) treasury shares 150 (179) ­ subsidiaries and associates 8 548 22 1 565 Value changes 1) 1 215 4 422 2 008 Bonds and other interest­bearing Change in net asset value 1 070 3 501 1 066 receivables 1 73 1 41 Converto Capital Fund 99.8% 38 2 776 13 896 Net asset value before dividend 24 003 22 933 19 432 AAM Absolute Return Fund 13.6% 5 370 5 343 Norron 8.1% 5 338 4 264 1) Value changes include depreciation and write-downs of fixed assets, and sales gains.
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