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3Q 2015 Earnings Review – Aker Solutions

Aker Solutions · Nov 5, 2015 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 3Q 2015 Earnings Review – Aker Solutions – slide 1
    3Q 2015 Fornebu, November 5, 2015 Luis Araujo and Svein Stoknes
  2. 3Q 2015 Earnings Review – Aker Solutions – slide 2
    Agenda 3Q 2015 Introduction Luis Araujo Chief Executive Officer Financials Svein Stoknes Chief Financial Officer Q&A Session 2015 Aker Solutions Slide 3 November 5, 2015 Third-Quarter Results 2015 Preferred partner
  3. 3Q 2015 Earnings Review – Aker Solutions – slide 3
    Key Developments Weaker revenue and profit margins on market slowdown Workforce adjustments, mainly in MMO and subsea services Major projects progress as planned Solid order backlog of NOK 41 billion New orders include contracts…
  4. 3Q 2015 Earnings Review – Aker Solutions – slide 4
    Key Figures 3Q 2015 Revenue and EBIT Order intake and backlog NOK billion NOK billion Revenue EBIT Intake Backlog 10 0.6 10 60 8 8 7.5 0.4 40 6 6 40.7 0.3 4 4 0.2 20 4.0 2 2 0 0.0 0 0 3Q 4Q 1Q 2Q 3Q 3Q 4Q 1Q 2Q 3Q 3Q…
  5. 3Q 2015 Earnings Review – Aker Solutions – slide 5
    Milestone in Subsea Compression Aker Solutions completed delivery of worlds first subsea gas compression system Went on stream in September at Statoils sgard field Subsea compression boosts recovery, reduces costs, enhances safety…
  6. 3Q 2015 Earnings Review – Aker Solutions – slide 6
    Improvement Agenda Steady progress on cost- savings programs in all areas Major push to improve quality and efficiency in execution Lean initiative shows promising results, to be expanded Collaboration with clients to achieve…
  7. 3Q 2015 Earnings Review – Aker Solutions – slide 7
    Outlook Market uncertainty persists amid concern over capital constraints Tougher commercial environment and increasing price pressure Steady tendering in main markets, though seeing projects postponed Norway market sluggish next…
  8. 3Q 2015 Earnings Review – Aker Solutions – slide 8
    Agenda 3Q 2015 Introduction Luis Araujo Chief Executive Officer Financials Svein Stoknes Chief Financial Officer Q&A Session 2015 Aker Solutions Slide 9 November 5, 2015 Third-Quarter Results 2015 Preferred partner
  9. 3Q 2015 Earnings Review – Aker Solutions – slide 9
    3Q 2015 Consolidated Income Statement Revenue for 3Q 2015 down 9.6% versus 3Q last year, reflecting a challenging NCS market Underlying 3Q 2015 EBITDA reached NOK 630 million, a margin of 8.5% versus 8% a year earlier (NOK million) 3Q…
  10. 3Q 2015 Earnings Review – Aker Solutions – slide 10
    3Q 2015 Financial Position Net interest-bearing debt was NOK 943 million, gross debt at NOK 3.6 billion Financial leverage was 0.4x and gearing ratio 15%, remaining well below policy of 1x net interest-bearing debt / EBITDA and less…
  11. 3Q 2015 Earnings Review – Aker Solutions – slide 11
    3Q 2015 Consolidated Cashflow, Capex and NCOA Strong 3Q 2015 cashflow from operations reached NOK 832 million Net working capital (NCOA) at end of 3Q totaled NOK 315 million, down from 2Q on project progress and working capital…
  12. 3Q 2015 Earnings Review – Aker Solutions – slide 12
    Subsea 3Q 2015 revenue down 12% vs. last year to 3Q 2015 order intake up 42% year-on-year NOK 4.5 billion to NOK 2.5 billion, equivalent to 0.6x book- 3Q 2015 EBIT margin decreased to 6.2% to-bill from 7.9% a year earlier End 3Q 2015…
  13. 3Q 2015 Earnings Review – Aker Solutions – slide 13
    MMO 3Q 2015 revenue down 11% vs. last year to 3Q 2015 order intake was down year-on-year NOK 2.1 billion to NOK 1 billion, 0.5x book-to-bill 3Q 2015 EBITDA margin of 3%, unchanged End 3Q 2015 order backlog decreased 11% versus 3Q 2014…
  14. 3Q 2015 Earnings Review – Aker Solutions – slide 14
    Engineering 3Q 2015 revenue up 5% vs. last year to 3Q 2015 order intake decreased to NOK 0.6 NOK 0.9 billion billion, equivalent to 0.6x book-to-bill Main driver was good progress on key End 3Q 2015 order backlog increased 118%…
  15. 3Q 2015 Earnings Review – Aker Solutions – slide 15
    Good Visibility From Substantial Order Backlog1 3Q 2015 Order backlog by execution date Order backlog and intake evolution NOK billion NOK billion 49.0 48.3 48.3 20 60 44.0 40.7 50 11.1 40 10 30 6.3 4.2 4.0…
  16. 3Q 2015 Earnings Review – Aker Solutions – slide 16
    Financial Guidance Revenue Balance sheet Positive long-term offshore, deepwater Maintenance capex/R&D 3% of revenue outlook Current major capex investment plans to be Near-term uncertainty on timing of awards finished over…
  17. 3Q 2015 Earnings Review – Aker Solutions – slide 17
    Agenda 3Q 2015 Introduction Luis Araujo Chief Executive Officer Financials Svein Stoknes Chief Financial Officer Q&A Session 2015 Aker Solutions Slide 18 November 5, 2015 Third-Quarter Results 2015 Preferred partner
  18. 3Q 2015 Earnings Review – Aker Solutions – slide 18
    Additional information 3Q 2015
  19. 3Q 2015 Earnings Review – Aker Solutions – slide 19
    Special items NOK million Special items (EBITDA) 1Q 2015 2Q 2015 3Q 2015 YTD 2015 Onerous leases1 52 58 40 150 Restructuring2 - - 40 40 Non-qualifying hedges 18 36 25 79 Demerger and other costs 4 4 4 12 Special items (EBIT)…
  20. 3Q 2015 Earnings Review – Aker Solutions – slide 20
    Consolidated income statement NOK million Income statement consolidated 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 Operating revenue and other income 7,482 8,060 8,274 9,155 32,971 8,500 8,048 7,484 EBITDA 666 608 615…
  21. 3Q 2015 Earnings Review – Aker Solutions – slide 21
    Consolidated assets & debt and equity NOK million Assets 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 Property, plant and equipment 2,539 2,691 2,814 3,072 3,067 3,180 3,203 3,603 3,586 3,754…
  22. 3Q 2015 Earnings Review – Aker Solutions – slide 22
    Consolidated cashflow NOK million Cashflow 1Q 2013 2Q 2013 3Q 2013 4Q 2013 FY 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 EBITDA continuing operations 488 439 567 668 2,162 623 587 617 785 2,675 591 547 521…
  23. 3Q 2015 Earnings Review – Aker Solutions – slide 23
    Split per segment NOK million Revenues 1Q 2013 2Q 2013 3Q 2013 4Q 2013 FY 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 Subsea 3,784 4,103 3,653 4,164 15,703 4,105 4,672 5,054 5,461 19,293 5,077 4,820 4,452 Field…
  24. 3Q 2015 Earnings Review – Aker Solutions – slide 24
    Split per segment NCOA 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 Subsea 2,543 1,157 1,264 311 1,322 327 742 (332) 18 724 611 Field Design 117 352 268 (304) 275 250 532 71 212 54 (238) Other…
  25. 3Q 2015 Earnings Review – Aker Solutions – slide 25
    Split per business area NOK million Revenues 1Q 2013 2Q 2013 3Q 2013 4Q 2013 FY 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 Subsea 3,784 4,103 3,653 4,164 15,703 4,105 4,672 5,054 5,461 19,293 5,077 4,820…
  26. 3Q 2015 Earnings Review – Aker Solutions – slide 26
    Split per business area Order intake 1Q 2013 2Q 2013 3Q 2013 4Q 2013 FY 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014 1Q 2015 2Q 2015 3Q 2015 Subsea 18,855 3,800 3,367 2,668 28,691 4,423 18,463 1,791 2,630 27,306 1,998 1,782 2,537…

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