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Aker ASA Årsrapport 2012 Kjell Inge Røkke Shareholder Letter April 2015

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Aker ASA Årsrapport 2012 Kjell Inge Røkke Shareholder Letter April 2015 Aker ASA Kjell Inge Røkke Shareholder Årsrapportletter April 20152012 2 Shareholder letter from the chairman of the board 2014: returns without the X factor Simple figures can both reveal and obscure reality. 2014 was a disappointing year for Aker’s shareholders, with the value of our oil-related investments dropping by NOK 6.3 billion. Our investments in Ocean Yield and Havfisk increased in value by NOK 1.4 billion, and dividend payments to shareholders totalled NOK 940 million. Changes in Net Asset Value in 2014 Beskjæres 76 mm fra venstre før trykk >> (NOK million) Aker Solutions Det norske Akastor Kvaerner Ocean Yield Havfisk Dividend paid to Aker’s shareholders Operating expenses Net interest expenses Others (2700) (2400) (2100) (1800) (1500) (1200) (900) (600) (300) 0 300 600 900 1200 1500 This reduced Aker’s net asset value from concentrate properties and projects in a sin- NOK 24 billion to NOK 17.7 billion in 2014 gle company. – a decline of 23 per cent to NOK 244 per We are on the move: Aker will relocate to share after a dividend payment of NOK 13 Fornebu this autumn. Following its estab- per share. lishment by the Akerselva River in Oslo in The bright spots in 2014 are the success- 1841, Aker moved to what later became the ful steps we have taken: the demerger of Aker Brygge district in 1854. Although the Aker Solutions into two listed companies, move feels strange to me, the decision to Det norske’s acquisition of Marathon Oil relocate the group’s headquarters to Norway, Ocean Yield’s controlled, profitable Fornebuporten’s offices, within walking dis- growth and Aker BioMarine’s streamlining of tance of thousands of staff at Aker-owned its krill business. Moreover, Havfisk is bene- companies, is the right one. fiting from its three new Gadus trawlers, Numerous individuals working for Aker running an efficient harvesting operation and Aker-owned companies deserve recog- and improving profits. Fornebuporten is nition and praise for their efforts in 2014. revitalising our real estate expertise and None mentioned, none forgotten. What experience. We started with the vision and impressed me most in the past year was the aim of redeveloping the Fornebulandet area acquisition of Marathon Oil Norway, where and creating an attractive base for the Aker many staff worked day and night to secure companies. The next step may well be to Det norske’s promotion to a higher league. Construction at Fornebuporten is nearing completion with first tenants moving in after summer 2015. 3 Shareholder letter from the chairman of the board Aker’s purpose is to crystallise portfolio’s value dropped by NOK 6.3 bil- assessments of the oil sector. Aker will remain stable above USD 90–100 per added value – the X factor generated lion, reducing the net asset value adjusted invests in areas it considers promising, barrel in 2014 dollars, although there will by the investment company’s heads equity ratio to 71 per cent by year-end. and in sectors and companies where it be cycles during which prices will rise and hands. Although our finances remain extremely has knowledge and can make a differ- above or fall below this level. This view robust, our portfolio gearing rate ence. Our expertise is strongest in the oil forms the foundation of our sector out- Our mandate is to make a difference by increased by 10 percentage points during and gas, fisheries, marine biotechnology, look, and investors are free to disagree or generating added value for shareholders. the year. At the beginning of 2015, the real estate, maritime assets, finance and agree with it.” In practice, Aker uses active ownership to built-in gearing rate for our investments is M&A fields. Am I now equally confident that oil help ensure that its return exceeds what around 30 per cent. We take risks, and Personally, I have made the conscious prices will quickly return to USD 100 per investors could achieve by investing pas- over time investors can expect Aker’s decision to manage my family’s assets pri- barrel? No. A return to those price levels sively in an Oslo Stock Exchange index return to beat OSEBX. marily through Aker. I greatly enjoy invest- most likely lie some way in the future. Do I tracker. Since being listed in September In 2014, OSEBX – a weighted average ing resources, time and energy in Aker. At remain highly optimistic about investing in Beskjæres 76 mm fra venstre før trykk >> 2004, we have given shareholders an aver- of the share price performance of compa- Aker, we have done what we promised, oil and gas-related companies? Undoubt- age annual return of 25 per cent in the nies listed on the Oslo Stock Exchange – investing in areas in which we have confi- edly yes. form of share price increases and divi- produced a return of 5 per cent. In terms dence. The world needs more energy, not least dends, 15 percentage points better than of both share price development including In my letter to shareholders four years due to population growth and increasing the Oslo Stock Exchange Benchmark dividends and net asset value, the figure ago, I described a discussion I had had prosperity. I have great faith in alternative Index (OSEBX). This added value com- for Aker shareholders exceeds minus 20 with my wife, Anne Grete, about investing and renewable energy sources. They will prises an X factor, albeit one which has per cent. A fraction with a negative in a yacht. We agreed to commission the become more cost-effective, driven by underperformed the OSEBX in recent numerator and a positive denominator build, but whereas Anne Grete was think- demand from environmentally conscious years. However, Aker has still outper- makes no sense to anyone, especially the ing in feet, I was using the metric system, consumers and technological advances. formed various energy indices during the shareholders. and so we ended up with a 66-metre Wind power and solar power are bound to same period. While these energy indices yacht. become even more important once better, are relevant, they are less important meas- The drop in value is strongly It is thought-provoking that the yacht more competitive energy storage technol- ures of Aker’s performance than the correlated to the fact that the price has been our best capital investment in ogies and solutions come to market. OSEBX. After all, Aker is a Norwegian of a barrel of oil halved in the recent years. When we built the yacht, we Although we can all hope that “greener” company, and the OSEBX has been our second six months of 2014. were investing in unique experiences with energy will gradually account for an benchmark for the past 10 years. family and friends. We have had those increasing proportion of the energy mix, I want Aker to be measured by and held Aker’s portfolio is heavily weighted to experiences, but I never expected the both the International Energy Agency (IEA) accountable for the added value we gener- long-term investments in oil-sensitive yacht to be the family’s best financial and other serious analysts agree that the ate, i.e. the X factor. It is easy to calculate. companies. Some may criticise me for not investment in recent years. Although I world will continue to produce oil and gas Quite simply, it is a fraction that produces reducing Aker’s oil-sector weighting when never advertised it, I received an unex- for generations to come. Looking one an exact figure when the numerator is average oil prices hit all-time highs above pected offer I could not refuse. generation ahead, the IEA expects oil and divided by the denominator. The numera- USD 100 per barrel in the years 2012– gas to account for half of global energy tor is the change in Aker’s net asset value, 2014. Instead, we invested a further NOK I know that the market and oil production. Accordingly, it is vital that including dividends, while the denominator 3.9 billion in Aker Solutions and Det norske prices fluctuate. The current global oil and gas demand should be met is the change in OSEBX. When the result during this period, and by the end of 2014 downturn is one of several I have in the most energy and CO2-efficient man- totals 1 or more, X is a success factor. Aker’s loss in value amounted to almost experienced since becoming Aker’s ner possible. In its capacity as an indus- Aker started 2014 with a net asset NOK 2 billion. This demonstrates that Aker majority shareholder in 1996. trial owner, Aker has to combine the inter- value adjusted equity ratio of 81 per cent. does not always succeed in timing its ests of the oil industry, the fisheries indus- During the course of the year, the compa- investments optimally. I wrote the following in last year’s letter try and the environment in a responsible ny’s net interest-bearing debt grew from Aker has always been open and to shareholders: “At Aker we maintain the manner. NOK 2.3 billion to NOK 3.4 billion and the transparent about its thoughts on and view that, over the long term, oil prices 4 Shareholder letter from the chairman of the board Consume by source of energy The world consumes around 92 million 20 000 billion needs to be invested in the levels, and some are losing money. Coun- (In billion tons oil equivalents) barrels of oil per day. Although consumption global oil industry over the next 15 years to tries are finding it harder to fund social 18 has grown and continues to increase, there is ensure production of 105 million barrels per security schemes, and political systems 15 disagreement about the scale of consump- day in 2030.
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