1st quarter 2005: Status and outlook

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1 1st quarter 2005: Status and outlook Leif-Arne Langøy, President & CEO Bengt A Rem, CFO Oslo, 28

2 Agenda Group update Details 1Q05 performance Closing remarks Q&A Leif-Arne Langøy Bengt A Rem Leif-Arne Langøy The accounts in this presentation have been prepared in accordance with the International Financial Reporting Standard (IFRS). Historical numbers have been recalculated according to the same principles. Aker 1Q05 presentation 2

3 Recap Group structure Ownership Parent and holding companies 50.01% 55.6% 100% 100% Illustration Aker Kværner Aker Yards Aker Seafoods Aker Material Handling Other Numbers in this presentation are for Aker Seafoods before proposed merger with West Fish-Aarsæther/Nordic Sea Holding Aker 1Q05 presentation 3

4 First quarter 2005 Group highlights Record order backlog: NOK 70 billion Up NOK 20 billion (40 %) from 1Q04 Improved margins Strong balance sheet Net interest bearing receivables NOK 0.3 billion Cash and current assets NOK 1.3 billion Operations continue to improve Higher than expected EBITDA Strategic milestones Aker Seafoods merger and listing Kværner restructuring Aker 1Q05 presentation 4

5 First quarter 2005 Key indicators 70 Backlog (NOK bn) 18 Revenues (NOK bn) 700 EBITDA (NOK million) Other Aker Material Handling Aker Seafoods Aker Yards Aker Kværner 0 1Q 04 2Q 04 3Q 4Q 1Q Q 04 2Q 04 3Q 4Q 1Q Q 04 2Q3Q4Q1Q Aker 1Q05 presentation 5

6 and holding companies Strong balance sheet Aker Seafoods** Kværner Aker Yards 9.5 bn 7.2 bn = NOK 124 per Aker share* = NOK 94 per Aker share* Aker Kværner Market value listed shares (27 ) Book value listed and unlisted investments Ext debt Int l debt 1.4 bn 0.8 bn Gross debt 2.5 bn Cash and IB assets 0.3 bn Net IB assets = NOK 4 per Aker share* * Adjusted for shares owned by Aker ** Listing plannned Aker 1Q05 presentation 6

7 Status first quarter 2005 Aker Yards Strong order intake, backlog NOK 31 billion Revenues increasing and under-allocation reduced Guidance maintained EBITDA somewhat above 2004 Key figures 1Q 1Q Year (in NOK million) Freedom Class cruise ship BALTIC CS 2500 P&O Nedlloyd Savannah Revenues EBITDA Order intake Order backlog* Employees* * At end of period Aker 1Q05 presentation 7 Olympic Provider

8 The road ahead Aker Brattvaag Aker Yards Aker Brattvaag Aker Langsten Aker Brattvaag Aker Finnyards Aker Finnyards Brattvaag S.V. Rauma Improve margins in existing contracts Focused sale of new ships Continue to harvest synergies between yards Increase capacity Søviknes Verft Turku Aker Finnyards Aker Brattvaag Helsinki Aker Aukra Aker Brattvaag Aker Brevik Aker Ostsee Aker Tulcea Brevik Constr. Wismar Aker Ostsee Aker Brevik Warnemunde Aker Braila in new markets in low-cost regions Aker Brattvaag Aker 1Q05 presentation 8 Aker Promar

9 Status first quarter 2005 Aker Seafoods Strong quarter in Europe, Deepwater break even Political framework in Norway improved Merger and listing of European white fish major Key figures 1Q 1Q Year (in NOK million) Revenues EBITDA Employees* * At end of period Aker 1Q05 presentation 9

10 The road ahead Merger with West Fish-Aarsæther Aker Seafoods Holding AS (ex Aker Seafoods AS) 88.5% 100% (Current NWS activities) Aker Seafoods ASA West Fish Aarsæther (100%) Nordic Sea Holding (65,1%) P/f Næraberg 1 factory trawler Harvesting 18.5 licenses 11 trawlers 7.1 licenses 3 trawlers 3.4 licenses 2 trawlers Aker Seafoods U.S 2 factory trawlers Processing 8 processing plants 3 processing plants 0 processing plants ASC South America 2 factory trawlers 3 long-liners Sales & distribution Pan-European network Pan-European network Nordic Group Sales Europe/US Aker 1Q05 presentation 10

11 Aker Seafoods ASA Status listing Merger sanctioned by authorities The Directorate of Fisheries OK No intervention from Competition authorities OK Final Ministry approval In process Listing approved by Oslo Stock Exchange On 27 IPO planned NOK 100 million equity offering Secondary offering of shares up to 49 % free float Listing anticipated mid-may 2005 Aker 1Q05 presentation 11

12 Status first quarter 2005 Aker Material Handling Positive market in Scandinavia Fabrication investment in Germany ahead of schedule EBITDA slightly down, in line with expectations Outlook for full year maintained Operations improve Key figures 1Q 1Q Year (in NOK million) Revenues EBITDA Order intake Order backlog* Employees* * At end of period Aker 1Q05 presentation 12

13 Aker Material Handling The road ahead Continue to grow existing strong brands 4,000 2,000 LTM EBITDA Streamline production - Sep 03 Oct 03 Nov 03 Dec 03 Jan 04 Feb 04 Mar 04 Apr 04 May 04 Jun 04 Jul 04 Aug 04 Sep 04 Oct 04 Nov 04 Dec 04 Jan 05 Feb 05 Mar 05 Continue to improve cashflow M ill. EUR (2,000) (4,000) (6,000) (8,000) (10,000) Aker 1Q05 presentation 13

14 Status first quarter 2005 Aker Kværner Record order backlog NOK 38 billion EBITDA 1.5 billion target achieved ahead of time Still strong cash position, debt reduced Ill: Skoghall Key figures 1Q 1Q Year (in NOK million) Revenues EBITDA Order intake Order backlog* Employees* * At end of period Aker 1Q05 presentation 14 Ill: SEIC Ill: Statoil

15 The road ahead Aker Kværner Deepwater, floaters Refining & Chemicals Predictable project execution Improved operations Strong markets, focused growth technology geography customer relations Open to structural opportunities Subsea Onshore O&G plants Fixed platforms Power Generation Pulp & Paper Pharma & Biotech Aker 1Q05 presentation 15

16 Kværner ASA Restructuring nearly completed Kværner ASA Sea Launch Kvaerner Philadelphia Kvaerner (UK) Ltd B shares in US based rocket launch company 20 % ownership interest US Jones Act shipbuilder To be part of American Shipping Corp UK resource companies Sheffield Heavy Engineering Kvaerner IMGB Ellayess Inc Eurobond Other, including legacy issues 49 per cent of total Aker equity Non-voting stock Sold to management Aker 1Q05 presentation 16

17 ASC Company structure KPSI ASC Lease Co Lease Co will enter into bareboat charters with independent management company(s) Shipyard PT construction Part of Aker Yards global network PT #1 PT #2 PT #3 PT #10 B/B T/C CoA Spot Overseas Rate Shipholding Rate Oil co 1 Group Oil co 2 Aker 1Q05 presentation 17

18 Agenda Group update Details 1Q05 performance Concluding remarks Q&A session Leif-Arne Langøy Bengt A Rem Leif-Arne Langøy Aker 1Q05 presentation 18

19 Aker group consolidated EBITDA by main business 1Q 1Q Year (in NOK million) Revenues EBITDA Aker Kværner Aker Yards Aker Seafoods Aker Material Handling Other activities, eliminations Aker 1Q05 presentation 19

20 Aker group consolidated Income statement 1Q 1Q Year (in NOK million) Operating revenues Operating profit (EBITDA) Depreciation (186) (189) (776) Impairment changes (26) - (35) Operating profit (EBIT) Net financial items (139) (100) (757) Non recurring items - - (231) Profit before tax Tax (97) (118) (496) Profit after tax Aker 1Q05 presentation 20

21 Aker group consolidated Balance sheet (in NOK million) Tangible and non-tangible fixed assets Other fixed assets Cash and interest bearing receivables Other current assets Total assets Shareholders equity Minority interests Subordinated liabilities Interest-bearing debt Interest-free debt Equity and liabilities Net interest bearing debt(-)/assets(+) Equity ratio (%) 24% 27% Aker 1Q05 presentation 21

22 and holding companies Balance sheet (in NOK million) Tangible and non-tangible fixed assets Long-term interest bearing items Long-term financial assets Other current assets Cash and interest bearing receivables Total assets Shareholders equity Non-interest bearing liabilities Interest bearing liabilities (internal) Interest bearing liabilities (external) Equity and liabilities Net interest bearing debt(-)/assets(+) Equity ratio 68 % 72 % Aker 1Q05 presentation 22

23 Aker Seafoods Key financials 1Q 1Q Year (in NOK million) Op revenues EBITDA Profit before tax Comments year to date Net interesting-bearing debt was NOK 338 million at end of March, increased from NOK 320 million three months earlier Cash was NOK 72 million at end of March, down from NOK 93 million at the end of December Aker 1Q05 presentation 23

24 Aker Material Handling Key financials 1Q 1Q Year (in NOK million) Op revenues EBITDA Profit before tax Order intake Order backlog Aker 1Q05 presentation 24 * At end of period

25 and other activities Key financials 1Q 1Q Year (in NOK million) Op revenues EBITDA Profit before tax Comments year to date Includes parent companies costs NOK 17 million This segment includes Atlas Stord Geco Triton NorSea Group (33.5%) and other companies in holding company structure Aker 1Q05 presentation 25

26 Transition to IFRS STATEMENT OF CHANGES IN EQUITY Amounts in NOK million Proforma N GAAP Effects of transition to IFRS Proforma IFRS As of beginning of period IFRS transition 2004: Pension fund Pension liabilities Restructuring provision Negativ goodwill excess in profit and loss Change in reserve in Aker Insurance Adjusted goodwill establishment of Group Translation differences Equity Effect on profit before tax for year Aker 1Q05 presentation 26

27 Agenda Group update Details 1Q05 performance Concluding remarks Q&A session Leif-Arne Langøy Bengt A Rem Leif-Arne Langøy Aker 1Q05 presentation 27

28 Aker strategy Macro economic conclusions Source: Global growth will continue at an average rate around 3¼ per cent annually the next years Strong growth in business investments in China, India and probably Russia Energy demand will continue to increase at current level (2% p.a.) Massive need for energy import infrastructure into the US, China and European energy markets Global trade will continue to increase, 6-7 per cent per annum Container transport is estimated to increase in the range of 6-8 per cent annually Aker 1Q05 presentation 28

29 Container transport Global container transport Annual per cent change 16,0 Annual growth in container transport 6-8 % per year until 2015 Estimate future growth based on historical experience 14,0 12,0 10,0 8,0 6,0 4,0 2,0 0, Source: Aker 1Q05 presentation 29

30 Oil production capacity vs oil demand Persian Gulf Forecast: US DOE s 2004 International energy outlook Siberia & Caspian Sea Colombia, Mexico & Venezuela MTOE Angola & Nigeria Source: United States Canada Eastern Europe FSU OECD Asia-Pacific China India Other Asia Middle East Africa Brazil Other Latin America Norway Other Western Europe Aker 1Q05 presentation 30

31 Expanding Global LNG trade Existing trade New trade Source: Figures in BCM for 2010 Aker 1Q05 presentation 31

32 Global LNG tanker fleet (2003 vs 2025) Additional requirement Under construction Existing LNG fleet millions tonnes Source: Aker 1Q05 presentation 32

33 Record order backlog Strong balance sheet Steady improvement in operations Aker 1Q05 presentation 33

34 Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for and s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. The Aker group consists of many legally independent entities, constituting their own separate identities. Aker is used as the common brand or trade mark for most of this entities. In this presentation we may sometimes use Aker", "Group, "we" or "us" when we refer to Aker companies in general or where no useful purpose is served by identifying any particular Aker company. Aker 1Q05 presentation 34

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