DOCSLIB.ORG

AKER ASA PRESENTATION Head of Investor Relations Marianne Stigset

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AKER ASA PRESENTATION Head of Investor Relations Marianne Stigset Proud ownership Proud ownership Pareto Securities Oil & Offshore Conference AKER ASA PRESENTATION Head of Investor Relations Marianne Stigset Oslo | 14 September 2016 Aker’s main tasks: capital allocation and strategy Sector view . Allocate capital to maximise return to shareholders within an acceptable risk profile Value creation plan . 12% investment return target per annum over the cycle Active ownership Capital Strategic Restructuring Org. & human Operational structures & direction and M&A capital improvement financing September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 2 Aker’s investment proposition 1 A solid financial position and investment capacity 2 A portfolio of quality companies continuously improving 3 A proven track record of creating value through M&A 4 A predictable and sustainable dividend policy September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 3 1 A solid financial position and investment capacity Flexibility and financial strength As per 30.06.2016 Gross asset values Net asset values % of gross value NOK billion 31.7 Listed investments Industrial Holdings Unlisted investments Other financial investments 12% 77% Cash and liquid fund inv. Cash and liquid fund investments 77% 24.5 +24.7 bn (78%) NOK 31.7 bn NOK bn NAV 100% 24.7 6.9 Discount 36% 8.9 75% 11% 3.5 Market cap. 64% 15.8 3.8 Gross asset value Debt Gross asset values of NOK 31.7 bn, of which 89% are cash Net asset value of NOK 24.7 bn and a strong financial and publicly traded investments and liquidity position September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 4 1 A solid financial position and investment capacity Strong upstream cash flow and investment capacity Investment capacity potential Upstream dividend NOK million NOK million Financial Investments Ocean Yield . Increased gearing Kværner Aker Solutions/Akastor . Increased dividends Aker BioMarine Havfisk 1438 . Divestments 6.0 1 040 852 ~5.0 1.0 461 191 Cash (incl. RCF Additional liquid fund inv.) potential 2011 2012 2013 2014 2015 2016 after HFISK / sources NWS / SOFF September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 5 2 A portfolio of companies continuously improving Portfolio companies: robust financials amid turbulent markets Aker and portfolio companies: spreads over 3M NIBOR 3-year duration, basis points, indicative spreads 1 400 1 200 1 000 800 600 400 200 0 jan. 14 apr. 14 jul. 14 okt. 14 jan. 15 apr. 15 jul. 15 okt. 15 jan. 16 apr. 16 jul. 16 Aker, 3y Aker Solutions, 3y Det norske oljeselskap, 3y Ocean Yield, 3y Norwegian high-yield average Source: DNB Markets September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 6 2 A portfolio of companies continuously improving 49% of Aker’s gross assets are related to oil and gas Per cent, 2Q16 (1Q16) Real estate investments 1% (5%) Other 5% (7%) 20% Cash and liquid fund investments 12% (10%) E&P 32% (24%) NOK 31.7 bn Oil Services 16% (16%) 27% Maritime assets 20% (24%) Seafood & Marine Biotech 13% (16%) September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 7 2 A portfolio of quality companies continuously improving Key value drivers for our Industrial Holding companies KEY VALUE DRIVERS KEY VALUE DRIVERS . Operational excellence, cost reductions . Operational excellence . Secure new work and develop service . Growth, both organic and through M&A offering . Successful merger with BP Norway . Partnerships and alliances . Operational excellence, cost reductions . Growth by incremental, accretive . Secure new work and develop service investments offering . Diversify capital structure and reduce cost of . Develop and nurture buyer universe to capital release cash from M&A . Manage and mitigate counterparty risk . Operational excellence, cost reductions . Operational excellence and cost reductions . Secure new work and develop service . Higher volumes in dietary supplements, offering higher prices in aquaculture . Maintain strong balance sheet . M&A September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 8 3 A proven track record of creating value through M&A Value creation through M&A: transactions worth ~NOK 30 bn AKER ASA 2015 2016 Divestment Divestment Divestment MBO of Investment Acquisition of real Investment of Havfisk of Setanta Ocean in Solstad of shares in estate in Cxense and Norway Energy Harvest Offshore Aker BP property Seafoods PORTFOLIO COMPANIES 2015 2016 Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Investment of Svenska of Premier Sale of real Sale of of of Divestment of of Centrica of Noreco of BP in Petroleum Oil estate Fornebu 4 product 8 chemical tanker assets Norway Norwegian Norwegian 6 container Norwegian Norwegian property offices tankers tankers licenses portfolio subsidiary vessels subsidiary subsidiary September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 9 3 A proven track record of creating value through M&A Aker’s value creation since stock listing: 2004-2016 NAV (per share) Share price (NOK) 600 adj. for dividend adj. for dividend NAV (per share) Share price (NOK) 500 400 300 200 100 0 30.09.04 31.12.05 31.12.07 31.12.09 31.12.11 31.12.13 31.12.15 Aker share 2004 –2Q16 OSEBX 2004 –2Q16 Annual average return, incl. dividend +25% Annual average return, incl. dividend +9.5% September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 10 4 A predictable and sustainable dividend policy Dividend supported by increasing upstream cash flow Upstream dividend Dividend to Aker shareholders NOK million NOK per share (left axis) and % (right axis) 1 438 NOK per share Per cent 20 8.0 7.1% 7.1% 18 7.0 1 040 16 5.9% 6.1% 6.1% 5.7% 6.0 852 14 12 5.0 10 4.0 8 461 5.0 3.0 6 10.0 11.0 12.0 13.0 10.0 2.0 4 191 2 5.0 1.0 0 0.0 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 3.9 4.1 3.7 3.9 4.1 3.6 % of NAV1) Dividend to Aker’s shareholders Ocean Yield Direct dividend yield1) Optional scrip dividend Cash dividend Financial Investments Aker Solutions/Akastor Kværner Havfisk 1)As per end of preceding year Aker BioMarine September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 11 Conclusion 1 A solid financial position and investment capacity 2 A portfolio of quality companies continuously improving 3 A proven track record of creating value through M&A AKER - an attractive portfolio and a solid financial position, 4 A predictable and sustainable dividend policy providing optionality September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 12 Q & A September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 13 175 years of change Proud ownership Aker ASA Appendix September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 15 Aker ASA and holding companies This is Aker NOK billion, as per 30.06.2016 Listed investments Unlisted investments Industrial Holdings Financial Investments Det norske 50.0% 10.3 3.4 Cash Aker Solutions1)) 34.8% 3.4 0.4 Liquid fund investments Akastor1)) 36.7% 0.9 1.3 Listed financial investments Kvaerner1) 28.7% 0.6 0.3 Real estate investments2) Ocean Yield 73.0% 5.9 1.8 Other financial investments2) Aker BioMarine2) 99.5% 1.4 Havfisk 63.2% 2.0 Gross asset value 24.5 7.2 Net asset value 24.7 1)Owned partly through Aker Kvaerner Holding, in which Aker has a 70% ownership interest. Additionally, Aker has a direct ownership interest in Aker Solutions and Akastor 2)Reflected at book value September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 16 Aker ASA and holding companies Interest-bearing items and loan guarantees 7 000 6 000 Net interest-bearing 2000 5 000 liabilities of 1800 4 000 NOK 2.2 billion 1600 1400 3 000 1200 Cash 2 000 1000 800 1 000 Interest-bearing receivables 600 0 Interest-bearing debt 400 200 Interest-bearing debt Loan amount (MNOK) Outstanding (MNOK) Maturity 0 2016 2017 2018 2019 2020 2021 2022 Bond AKER 08 500 500 2017 Bond AKER 11 1 300 1 300 2018 Bond AKER 07 500 500 2019 Average debt maturity is 3.3 years Bond AKER 12* 1 480 1 480 2019 Bond AKER 13 1 000 1 000 2020 Bond AKER 10 700 700 2020 Status per Financial Covenants Limit Bond AKER 09 1 000 1 000 2022 30.06.2016 Bank loan (RCF) 1 000 0 2019 i Total Debt/Equity1) < 80% 42% Capitalised loan fees etc. (32) (32) Total 7 449 6 449 ii Group Loans to NAV < 50% 1.7% * MSEK 1 500 issue or Group Loans < NOK 10 bn NOK 0.4 bn Loan guarantees 1Q 2016 2Q 2016 1) Covenant applies to Aker ASA (parent only). Reference is made to loan agreements for details. Aker BioMarine 305 305 Ocean Harvest Invest 69 65 Other 3 3 Total external 377 373 September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 17.
Load more

Recommended publications
  • Personal Reflections
    8 Personal reflections In 2013, we – the shareholders in Aker – became NOK 2 billion richer, measured in net asset value and paid dividends. My goal was to double Aker’s net asset value, including dividends, in five years. The result was a 50 percent increase in the period from 1 January 2009 to 31 December 2013. Aker grew on average by 8.8 per cent per year period. The OSEBX achieved 18 the OSEBX companies. During the same main Oslo Stock Exchange index. However, year during the period, while my target was per cent. period, Aker’s net asset value increased the performance behind the figures varies 15 per cent. ■ The development of our share price from NOK 250 to NOK 332 per share and considerably. I can only quote cross­country skier Pet­ this past year: In 2013 alone, the Aker dividends totalling NOK 46 per share were Aker Solutions has been the strongest Beskjæres 76 mm fra venstre før trykk >> ter Northug Jr. who, after failing to win a share generated a return of 10 per cent, paid. My aim was to exceed NOK 500 per value driver during the period: the return on medal at the Sochi Winter Olympics, com­ while OSEBX rose by 24 per cent. Net share, including dividends, in five years. Aker’s holdings in Aker Solutions shares mented: “I felt I was in good shape, but I asset value per share increased by 3.5 In other words, in five years, NOK 250 of has on average increased by 40 per cent didn’t win the gold.” per cent in 2013, and dividends paid to shareholder value in Aker has been turned annually (IRR).
    [Show full text]
  • Aker ASA Third-Quarter Results 2019
    Proud ownership Aker ASA Q3 Third-quarter results 2019 2019 1 November 2019 Highlights Third quarter: ▪ Net asset value: NOK 43.1 billion, down from NOK 44.8 billion in second quarter ▪ Return: Aker share down 1.4 per cent to NOK 484 ▪ Liquidity reserve: NOK 5.2 billion, cash amounted to NOK 2.7 billion Key events: ▪ Kværner: Established two new business areas; FPSO and Renewables, to grow operations ▪ Ocean Yield: Successfully completed a perpetual hybrid bond issue of USD 125 million, carrying coupon of 3-month LIBOR + 6.50 per cent p.a. ▪ Aker: Launched the Centre for the Fourth Industrial Revolution (C4IR) Norway together with the World Economic Forum ▪ Aker BP: In October, the Johan Sverdrup field came on stream more than two months ahead of schedule and NOK 40 billion below budget ▪ Aker Solutions: In October, launched its "20-25-30" strategy whereby revenue from renewables is targeted to represent as much as 20 per cent of revenues, and low-carbon solutions as much as 25 per cent of revenues by 2030 ▪ Aker: In October, signed a Memorandum of Understanding with Saudi Aramco for a strategic partnership on industrial digitalization and sustainability initiatives ▪ Aker Energy: In October, changed its strategy in Ghana to de-risk the Pecan development within the frames of the current petroleum agreement and only with tie-ins already identified 1 November 2019 AKER ASA | Third-quarter results 2019 2 Aker ASA and holding companies 7.3% return on NAV YTD including paid dividend, -3.8% return in 3Q Net asset value change YTD 2019 Net asset value change in 3Q 2019 NOK billion NOK billion 4Q18 41.7 2Q19 44.8 Aker BP 5.6 Aker BP 0.5 Ocean Yield (0.3) Ocean Yield (0.4) Aker Solutions (1.4) Aker Solutions (1.0) Kvaerner 0.0 +3% Kvaerner (0.2) -4% Akastor (0.2) Akastor (0.1) Dividend paid (1.7) Dividend paid 0.0 Other (0.7) Other (0.5) 3Q19 43.1 3Q19 43.1 1 November 2019 AKER ASA | Third-quarter results 2019 3 Aker ASA and holding companies Share price up 9.6% Q3-YTD dividend adjusted - strong balance sheet NAV per share vs.
    [Show full text]
  • Aker's 175 Anniversary
    Aker“Aker’s’s 175 175thth anniversary” -- An insight iintonto Aker’Aker´ss DNADNA andand important important events events f fromrom thethe ppastast 2525 Yearsyears Fredrik Raak Dahl SVPRO 4000 -Prosjektforum Sofia Ellen Davidson Mira Sofie H.Iversen 2015 Silje Ingeborg Nordstad Camilla H.Riibe EXECUTIVE SUMMARY Survival is not about being one of many, it is about respecting your legacy, being able to see opportunities when they arise and dare to take a risk where no else does. ! ! In 2016 Aker will be celebrating its 175th anniversary. This report is written in association with this celebration. Its main purpose is to highlight important events that have occurred over the past 25 years. What events are considered to be important? How have these events influenced the environment and Aker’s future? This is what we have attempted to answer in our report. We chose a snowball method which means we performed a few preliminary interviews that guided us to our next interview subjects. After analysing the data we collected from our interviews, combined with our literature, we ended up with several interesting findings. Our findings include: - Aker’s part in the development of the oil and gas industry in Norway - The growth of subsea - New ownership in Aker, an event that occurred in 1996-1997 - Fishing industry becomes a part of Aker’s portfolio in 1996 - Aker Maritime and Kvaerner merge and de-merge, this happened in 2002 and 2011 - Aker ASA goes in a new direction from 2009 - An acquisition in Det norske takes place, and Aker Exploration merges with Det norske 2009 - Ocean Yield is established in 2012 ! We have analysed these events and areas of importance, and attempted to establish how they have impacted Aker’s future and its environment.
    [Show full text]
  • Annual Report 2015
    Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 1 / 72 Annual report 2015 2015-AKBM-02.indd • Created: 09.10.2014 • Modified: 03.06.2016 : 19:22 All rigths reserved © 2016 Teigens Design Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 2 / 72 Contents “In 2015, we set a clear course for our passionate and This is Aker BioMarine 3 capable organization: We 2015 in numbers 4 will be an integral part of our CEO's letter 6 customers’ success, we will Management 10 Growth 12 continue to drive scientific Production 16 discovery and innovation, and Innovation 20 Sustainability 24 we will further strengthen our product quality and cost Corporate governance 28 leadership.” Board of Directors 32 Matts Johansen, CEO, Aker BioMarine Directors' report 34 Financial statements 38 Directors’ responsibility statement 39 Group accounts 40 Parent company accounts 60 Auditor's report 68 Contact 70 Aker BioMarine AS annual report 2015 2015-AKBM-02.indd • Created: 09.10.2014 • Modified: 03.06.2016 : 19:22 All rigths reserved © 2016 Teigens Design Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 3 / 72 This is Aker BioMarine: 2015 in numbers | CEO's letter | Management | Growth | Production | Innovation | Sustainability This is Aker BioMarine Aker BioMarine is a leading supplier of krill-derived products to the consumer health and wellness and animal nutrition markets. Aker BioMarine is dedicated to the sustainable harvest of krill and development of krill-derived products.
    [Show full text]
  • Aker Solutions Prospectus
    PROSPECTUS AKER SOLUTIONS HOLDING ASA to be renamed AKER SOLUTIONS ASA (A public limited liability company organised under the laws of Norway) Listing of the shares in Aker Solutions Holding ASA under its new name Aker Solutions ASA on the Oslo Stock Exchange The information contained in this prospectus (the “Prospectus”) relates to the listing on Oslo Børs (the “Oslo Stock Exchange”) of all ordinary shares (the “Shares”), each with a par value as at the day of listing of NOK 1.08, in Aker Solutions Holding ASA, a public limited liability company organised under the laws of Norway and to be renamed Aker Solutions ASA on the date of completion of the Demerger (as defined below) (“New Aker Solutions” or the “Company”). This Prospectus serves as a listing prospectus as required by applicable laws in Norway. This Prospectus does not constitute an offer or solicitation to buy, subscribe or sell the securities described herein, and no securities are being offered or sold pursuant to this Prospectus in any jurisdiction. On 12 August 2014, the general meetings of the company currently named Aker Solutions ASA (“Existing Aker Solutions”, to be renamed Akastor ASA (“Akastor”) on the date of the completion of the Demerger (as defined below)) and New Aker Solutions approved a demerger plan (the “Demerger Plan”) in respect of, and resolved to carry out, a demerger (the “Demerger”) pursuant to which all shares in Aker Solutions Holding AS — a wholly owned subsidiary of Existing Aker Solutions that owns or will acquire the group of entities carrying out the business discussed in Section 11 “Business Overview” (the “New Aker Solutions Business”) — and certain other assets, rights and liabilities primarily relating to the New Aker Solutions Business as further discussed in Section 5.2 “The Demerger; Admission to Trading of the Shares—Allocation of Assets, Rights and Liabilities in the Demerger”, will be transferred to New Aker Solutions.
    [Show full text]
  • Kvaerner Ipdf
    Annual report 2014 2 CONTENTS MESSAGE FROM THE CEO DIRECTORS’ REPORT ANNUAL ACCOUNTS DIRECTORS ADDRESSES User guide This document is an interactive PDF (iPDF) file, a universal format adapted to both digital viewing and print-outs. It works as a regular PDF, but has interactive functions for navigation by clicking on buttons and contents. Navigation You can click on menus, buttons or the table of contents. Click on the logo to go to the front cover. Left-hand arrow: flip one page backward (or use arrow keys or scroll wheel) Right-hand arrow: flip one page forward (or use arrow keys or scroll wheel) Previous view: back to previously viewed pages Next view: forward to previously viewed pages Find text: search for text in Adobe Reader/Acrobat Full screen view on/off PDF readers The document is designed for Adobe Reader/Acrobat 8 or later. Some functions may not work in web browsers that support PDF plug-ins. If you experience problems viewing in your web browser, please save/download and reopen the PDF in Adobe Reader. Download the free Adobe Reader here: http://get.adobe.com/uk/reader/otherversions Print The document is configured for printing on a horizontal A 4 sheet in full size without margins. Tablet The document is optimised for iBooks, but the top navigation panel should function with all PDF readers for tablets supporting hyperlinks. The navigation buttons mentioned above may not be visible on your tablet, you will then have to use the tablets inherent functionality to browse through the document. 3 CONTENTS MESSAGE FROM THE CEO DIRECTORS’ REPORT ANNUAL ACCOUNTS DIRECTORS ADDRESSES Contents Message from the President & CEO 4 Board of Directors' report 6 Annual accounts Kvaerner group 18 Annual accounts Kværner ASA 65 Board of Directors 78 Company information 80 4 CONTENTS MESSAGE FROM THE CEO DIRECTORS’ REPORT ANNUAL ACCOUNTS DIRECTORS ADDRESSES Message from the President & CEO While Kvaerner last year produced the highest revenue level ever recorded, 2014 was also a turbulent year for the global oil and gas industry.
    [Show full text]
  • Aker ASA Fourth-Quarter and Preliminary Annual Results 2017
    Proud ownership Aker ASA Second-quarter and half-year results 2018 18 July 2018 | Fornebu Highlights | Second quarter 2018 ▪ Net asset value: up NOK 14.7 billion (34.6%) to NOK 57.1 billion ▪ Return: Aker share up 45.5%, dividend adjusted, to NOK 623 vs. OSEBX up 9.2% ▪ Cash and liquid fund inv.: NOK 1.4 billion, down from NOK 2.9 billion per end of first quarter. Liquidity reserve of NOK 4.5 billion when including undrawn credit facilities ▪ Aker events: i. Aker Energy: Completed the acquisition of Hess Ghana ii. Fornebuporten: Established property development company with Geveran and Joh Johannson Eiendom iii. Financing: NOK 500 million tap issue of AKER14 ▪ Portfolio events: i. Akastor: USD 75 million investment in preferred equity in Odfjell Drilling Ltd, final agreement to form joint venture for AKOFS Offshore, and new contract for AKOFS Seafarer ii. Aker Solutions / Kvaerner: NOK 3.4 billion contract for modification of the riser platform and the field center for the Johan Sverdrup development Phase II iii. Aker BP: Awarded six new production licenses in Norway in the 24th licensing round iv. Ocean Yield: Acquisition of four container vessels on 12-year charters for USD 120 million 18 July 2018 AKER ASA | Second-quarter and half-year results 2018 2 Aker ASA and holding companies Aker BP the main contributor to the value increase in second quarter Net asset value change in 2Q 2018 NOK billion +34.6% 0.3 0.3 0.2 (1.3) 57.1 1.5 0.7 13.1 42.4 1Q 18 AKER BP AKSO OCY KVAER AKA OTHER Dividend 2Q 18 18 July 2018 AKER ASA | Second-quarter and half-year results 2018 3 Aker ASA and holding companies Solid performance and a strong balance sheet NAV per share vs.
    [Show full text]
  • Second-Quarter and Half-Year Results 2016 Aker ASA Second-Quarter and Half-Year Results 2016 2
    Aker ASA Second-quarter and half-year results 2016 Aker ASA Second-quarter and half-year results 2016 2 Second-quarter 2016 highlights Financial key figures nn In June 2016 Det norske oljeselskap announced the agreement with BP to merge with BP Norge through a share purchase transaction. (Aker ASA and holding companies) The company will be renamed Aker BP ASA. Aker BP will be jointly owned by Aker (40 per cent), BP (30 per cent) and other Det norske nn The net asset value of Aker ASA and holding companies (“Aker”) shareholders (30 per cent). As part of the transaction, Det norske rose by 29 per cent adjusted for dividend in the second quarter will issue 135.1 million shares based on NOK 80 per share to BP 2016 to NOK 24.7 billion, compared with the first-quarter figures. as compensation for all shares in BP Norge. In parallel, Aker will Per-share net asset value (“NAV”) amounted to NOK 333 as per acquire 33.8 million of these shares from BP at the same share 30 June 2016, compared to NOK 265 as per 31 March (prior to price, to achieve the agreed-upon ownership structure. dividend allocation). nn In June 2016 Solstad Offshore and Aker announced a financing nn The value of Aker’s Industrial Holdings portfolio rose to NOK 24.5 plan to strengthen Solstad’s balance sheet. Aker will inject NOK 250 billion in the quarter, up from NOK 18.8 billion in the first quarter million in new equity and provide NOK 250 million in the form of a 2016.
    [Show full text]
  • Corporate Responsibility Report 2015 2 Corporate Responsibility at Aker Asa 2015
    CORPORATE RESPONSIBILITY REPORT 2015 2 CORPORATE RESPONSIBILITY AT AKER ASA 2015 CONTENT 1. CORPORATE RESPONSIBILITY AT AKER 3 Our responsibility as an owner 5 2. SOCIETY 6 Creating value for society Focus on: Retaining core skills 7 Knowledge without borders 8 3. PEOPLE 9 People create Aker Focus on: From EWC to GWC 11 4. ENVIRONMENT 12 Aker takes responsibility for the environment Focus on: Reducing climate emissions 14 Sustainable fishing 15 5. INTEGRITY 16 Zero tolerance for corruption Focus on: Increasing awareness and care 17 6. Transparency and openness 18 7. Aker’s ambitions and expectations going forward 19 CORPORATE RESPONSIBILITY AT AKER ASA 2015 3 CORPORATE RESPONSIBILITY Aker ASA (Aker) exercises active ownership with a view to creating value. Aker’s most important contribution to society is to create value by continuing to develop forward-looking companies that supply products and services in a socially responsible, ethical and sustainable manner. Aker is, directly or indirectly, the ma- about skilled blue and white-collar wor- history during the past 25 years. Their jority stakeholder in eight companies kers and engineers working together report illustrates the key role Aker has listed on the Oslo Stock Exchange. Alt- and engaging with authorities, schools played for Norwegian industrial de- hough the majority of the directors on and universities, local communities and velopment, in particular in oil and gas the boards of each of the listed compa- partners. Since its inception, Aker has and the fishing sector. Aker’s DNA is nies have no ties to Aker, Aker exerts been a pioneer in seeking expertise described as consisting of three main great influence on the companies’ stra- across national boundaries, businesses traits: adaptability, knowledge, and the tegy and priorities by virtue of being and professions.
    [Show full text]
  • Annual Report 2016 2 Aker Asa Annual Report 2016
    ANNUAL REPORT 2016 2 AKER ASA ANNUAL REPORT 2016 CONTENT 1. CONTENT 2 2. THIS IS AKER 4 Highlights 2016 6 Key performance indicators 7 Changes in net asset value 8 3. LETTER FROM THE PRESIDENT AND CEO 10 4. SHAREHOLDER INFORMATION 16 5. INVESTMENT OVERVIEW 18 Industrial holdings 19 Financial investments 26 Alternative Performance Measures 27 6. BOARD OF DIRECTORS’ REPORT 2016 28 7. ANNUAL ACCOUNTS 40 Aker Group 40 Aker ASA 94 Aker ASA and holding companies 1 14 8. BOARD OF DIRECTORS 124 9. MANAGEMENT 127 FINANCIAL CALENDAR 2017 Aker reserves the right to revise the dates. Annual General Meeting 2017: 21 April Presentation of 1Q 2017: 11 May Presentation of 2Q 2017: 18 July Presentation of 3Q 2017: 23 November AKER ASA ANNUAL REPORT 2016 3 4 AKER ASA ANNUAL REPORT 2016 THIS IS AKER THIS IS AKER For the past 175 years, Aker has driven forward the development of internationally focused, knowledge-based industry in Norway. AKERS MEK IS FIRST STEAMSHIP FOUNDED The steamship Færdesmanden Akers Mekaniske sets out on lake Mjøsa. It is the Verksted is founded first steamship built in Norway. by commander Peter S. Steenstrup by Akerselva in Oslo. 1841 1856 1853 1873 KVAERNER IS FOUNDED KVAERNER’S FIRST TURBINE Kvaerner Brug is found- Kvaerner delivers its first hydroelectric ed by Oluf Onsum in turbine, and establishes itself shortly after Lodalen, Oslo. as a special workshop for turbines. THIS IS AKER AKER ASA ANNUAL REPORT 2016 5 Aker ASA is an industrial investment The industrial holdings are strategic in Net asset value (NAV) growth is a key company that exercises active own- nature and are managed with a long- performance indicator for Aker ASA.
    [Show full text]
  • 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.
    [Show full text]
  • Corporate Social Responsibility at Aker 2014 Proud Ownership Corporate Social Responsibility at Aker 2014 2
    Corporate social responsibility at Aker 2014 Proud ownership Corporate social responsibility at Aker 2014 2 INTRODUCTION 3 AKER’S CSR PRIORITIES AND THE COMPASS 4 AKER’S FOUR PRIORITY AREAS 5 1. People 5 2. The environment 7 3. Integrity 8 4. Society 9 CSR IN AKER’S WHOLLY- OWNED SUBSIDIARIES 11 Contents Aker BioMarine AS 12 Fornebuporten AS 13 Introduction 03 Aker’s CSR priorities and the Compass 04 SUMMARY AND POTENTIAL IMPROVEMENTS 14 Aker’s four priority areas 05 CSR in Aker’s wholly-owned subsidiaries 11 ENCLOSURE : CSR IN AKER OWNED COMPANIES 15 Summary and potential improvements 14 Det norske oljeselskap ASA 16 Enclosure: CSR in Aker owned companies 15 Aker Solutions ASA 17 Akastor ASA 19 Kværner ASA 20 Ocean Yield ASA 21 Havfisk ASA 22 Aker Philadelphia Shipyard ASA 24 Norway Seafoods ASA 25 Design: Tania Goffredo Design | Photo: Aker and Aker-owned companies, and Norwegian Seafood Council/Johan Wildhagen Corporate social responsibility at Aker 2014 3 Introduction INTRODUCTION 3 Aker ASA (Aker) is an industrial investment company. We exercise active ownership to promote profitable, sustainable In this report, Aker ASA is referred AKER’S CSR PRIORITIES and responsible businesses, driven by financial objectives and corporate social responsibility (CSR). to as Aker, while companies in AND THE COMPASS 4 which Aker has ownership interests Making deliberate, socially responsible decisions enables us to achieve both in the context of developing sustainable businesses and by AKER’S FOUR greater long-term profitability while also taking care of our environment. gathering examples of best practice and spreading knowledge in all are called Aker-owned companies.
    [Show full text]