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Oiling the Aker Machinery 2016 1 THE CHAIRMAN’S LETTER TO SHAREHOLDERS Oiling the Aker machinery We have a diversified portfolio, a strong balance sheet and considerable manoeuvrability, but for the Aker machine to gain full speed it has always been and will continue to be dependent on higher oil prices and activity levels. “My formula for success is rise early, RETURN WITH AN X-FACTOR the past couple of years has significa- work late, and strike oil.” 2015 was in fact a good year for Aker’s ntly altered Aker’s portfolio compositi- shareholders. The company’s net asset on. At the beginning of 2016, maritime I have borrowed the above quote from value grew from NOK 17.7 billion to NOK assets accounted for 27 per cent of the Jean Paul Getty (1892-1976), the foun- 20.9 billion, corresponding to a rise in portfolio, and both Ocean Yield and der of Getty Oil and one of the world’s value per share from NOK 244 to NOK American Shipping have substantial first dollar billionaires. He is also known 282. In addition, a dividend of NOK 10 future dividend capacity. Det norske re- for penning articles for early editions per share was paid, resulting in a total presented 20 per cent, while the oil ser- of Playboy magazine. In these articles, increase in shareholder value of 20 per vice companies Aker Solutions, Akastor Getty provided colourful advice on how cent in a year in which the Oslo Stock and Kvaerner combined amounted to 18 to become wealthy, described his own Exchange Benchmark Index (OSEBX) per cent of Aker’s total assets. Seafood investments and how he managed his rose six per cent. We created NOK 3.6 and marine biotechnology (Havfisk and wealth, and discussed his cooperation billion in shareholder value in 2015, Aker BioMarine) have risen to 15 per with trade unions. compared to NOK -5.4 billion in 2014. cent. Cash/liquid fund investments, real estate and other financial investments I am honest enough to admit that it Aker made a difference and created ad- each represented seven per cent. wasn’t articles written by Getty – or ded value in 2015. This X-factor is ea- anyone else for that matter – that sily calculated by dividing the percen- This mix tells me two things: the port- prompted me to pick up my first Play- tage change in Aker’s net asset value, folio is spread across sectors in which boy magazine in the early 1970s, but including dividends, by the percentage Aker has knowledge and experience, I have come to realise that there are change in the OSEBX. When the fracti- and the companies have considerable many lessons to be learned and much on exceeds 1, Aker has made a differen- upside potential. inspiration to be taken from Getty. At ce. The figure for 2015 was 3.33. Aker and in the portfolio companies, we Aker’s net asset value was NOK 20.9 get up early, we work hard, and we’ve In 2015, shareholders reaped the bene- billion at the end of 2015. The industrial struck oil. The challenge in the short fits of a more diversified portfolio. The portfolio alone was worth NOK 20.2 bil- term is low oil prices and falling activity growth in value is quite simply due to lion. The financial portfolio was valued levels in the oil service sector. the performance of Ocean Yield, Det at NOK 7.7 billion, and the company had norske and Havfisk. These three compa- NOK 7 billion in debt. Some 75 per cent If you don’t believe in the future of the nies excel in their respective areas, and of Aker’s assets were listed. oil and gas industry, you should stop all have simple, easy to understand bu- reading now. In that case, my advice is siness models. Let me review the individual invest- simple: sell your shares in Aker. ments: PORTFOLIO DIVERSIFICATION I have never sold a single share in Aker, Historically Aker has concentrated its • Aker Solutions: Aker’s direct and and to do so now is unthinkable. investments in the oil service sector. indirect ownership interest total- The sharp downturn in the sector over led 34.8 per cent, and was valued 2 THE CHAIRMAN’S LETTER TO SHAREHOLDERS at NOK 2.9 billion. The company’s billion. Profitability is developing EXCEPTIONAL COMPANIES underlying operations are satis- in the right way, and the compa- Aker’s industrial portfolio includes three factory. Aker Solutions’ NOK 40 ny controls its entire value chain, companies that made a major differen- billion backlog provides a solid including a new factory in Houston. ce in 2015: Havfisk, Ocean Yield and Det foundation going into 2016 to face The Omega-3 brand ingredient Su- norske. the uncertain and challenging con- perba Krill Oil has established itself ditions. Between 2014 and 2016, oil as a global market leader. Demand • Havfisk: The harvesting company companies announced spending for Qrill Aqua from the aquaculture reported record results and achi- cuts averaging almost 40 per cent. industry continues to grow. Aker eved a share price increase of 90 Aker Solutions is adjusting to the BioMarine remains a wildcard in per cent, including dividends. At lower activity levels, and we expect Aker’s portfolio. year-end 2015, Aker’s 73.2 per cent oil companies will want to see sta- ownership interest was valued at ble, higher oil prices before increa- • Philly Shipyard and American Ship- NOK 1.75 billion. A solid resource sing their investments again ping Company: The value of these base of whitefish (cod, saithe and two financial investments in the haddock), sustainable harvesting, • Akastor: Aker’s direct and indire- U.S. Jones Act market totalled cost-effective operations and the ct ownership interest totalled 36.7 NOK 1.9 billion at the end of 2015. modernisation of the trawler fleet per cent, and was valued at NOK The shipyard has a robust order are taking effect. Growing Euro- 1.2 billion. Although the oil-service backlog and sound operations. Our pean demand for cod means bet- investment company is battling ad- investment in the shipping compa- ter prices, while the depreciation verse market conditions, its portfo- ny generates a high direct annual of the Norwegian krone also made lio of companies generally reports return. a notable contribution. When cod satisfactory operations and a total prices rise, just about every krone order backlog of NOK 16 billion. I’m It is also worth mentioning some impacts the bottom line. It rapid- pleased to see my son Kristian’s companies that are easy to forget, ly adds up when you’re looking at enthusiasm, but no one could accu- but which are delivering good results annual catch volumes of 30 million se him of having taken on an easy through commitment and hard work. kilos of cod. Aker sold 10 per cent task. For Akastor, it is reassuring to Torstein Storækre and his team have of its ownership interest in Havfisk have the support of a strong Aker. created considerable values in Forne- in the first quarter of 2016. The buporten. At Norway Seafoods, Tho- stock has become more liquid, the • Kvaerner: Aker’s ownership inte- mas Farstad and his team have shown share price has risen further and rest totalled 28.7 per cent, and admirable dedication to building a the number of shareholders has in- was valued at NOK 0.6 billion. The sustainable processing industry. Ocean creased three-fold to around 3,300 company has implemented the Harvest has turned a difficult situation since 2014. right measures and is delivering around, salvaging assets for Aker. The satisfactory results amid a chal- company will live on, following a ma- • Ocean Yield: The company’s port- lenging market. Its backlog stood nagement buyout by two former Aker folio of modern vessels on long- at NOK 14 billion, but the number executives Hallvard Muri and Finn-Arne term charters has grown and be- of new field development projects Lorentsen. A number of smaller invest- come more diversified. In 2015, is limited. Kvaerner has improved ments in Aker’s portfolio also have the the company’s share price rose by its competitiveness remarkably, potential to generate value beyond the 68 per cent, including dividends. cutting costs, strengthening its dry accounting figures. It may seem Aker’s 73 per cent ownership inte- balance sheet and increasing cash like a few meagre millions in the gre- rest was valued at NOK 6.7 billion holdings. ater Aker context, but they illustrate at year-end. Ocean Yield is a dollar the hard work that is being done on so company, and the U.S. dollar has • Aker BioMarine: Aker’s ownership many fronts and on so many levels for appreciated approximately 40 per interest totalled 99.5 per cent, and the benefit of Aker’s shareholders. cent against the Norwegian krone its book value stood at NOK 1.4 over the past couple of years. This 3 THE CHAIRMAN’S LETTER TO SHAREHOLDERS is good news for a krone investor future profits and shareholder value. ing a number of projects, companies and like Aker. Ocean Yield has an EBIT- transactions across different industries. DA order reserve of NOK 24 billi- Ocean Yield is primarily engaged in The number of opportunities presented on (USD 2.7 billion). Thus far, the long-term bareboat charters that ge- to us has been unusually high over the company has only paid out a small nerate predictable revenues. Its ves- past year. We have crunched the num- dividend compared to what is anti- sels are spread across various maritime bers for companies across a range of in- cipated in the coming quarters and segments, and minimising counterparty dustries, and assessed opportunities in years.
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