Aker Solutions Earnings and Corporate Presentation
General
Basis for Preparation
This
financial
presentation provides
highlights for the quarter for Aker
Solutions, a Norwegian limited company
listed on the Oslo Stock Exchange. The
financial information is not reported
according to requirements in IAS 34
(Interim Financial Reporting) and the
figures are not audited.
The same measurement principles as
presented in the Annual Report 2018 have
been used preparing this presentation, with
the exception of accounting for lease
contracts. IFRS 16 (Leasing) has been
implemented as of January 1, 2019. A
description of the transition effects and
accounting principles are included in note
32 of the 2018 Annual Report available at
https://akersolutions.com/annual-reports
The effects from implementing IFRS 16
Leasing are significant for Aker Solutions.
Comparative figures are not restated. The
effects on EBITDA and EBIT are presented
in the "special items" section.
Alternative Performance
Measures
Aker Solutions discloses alternative performance
measures in addition to those normally required by IFRS
as such performance measures are frequently used by
securities analysts, investors and other interested
parties. Alternative performance measures are meant to
provide an enhanced insight into the operations,
financing and future prospects of the company.
Profit Measures
as
EBITDA and EBIT terms are presented as they are used
by financial analysts and investors. Special items are
excluded from EBITDA and EBIT
alternative
measures to provide enhanced insight into the financial
development of the business operations and to improve
comparability between different periods.
EBITDA is short for earnings before interest, taxes,
depreciation and amortization. EBITDA corresponds to
the "operating income before depreciation, amortization
and impairment" in the consolidated income statement in
the annual report.
EBIT is short for earnings before interest and taxes.
EBIT corresponds to "operating income" in the
consolidated income statement in the annual report.
Margins such as EBITDA margin and EBIT margin are
used to compare relative profit between periods.
EBITDA margin and EBIT margin are calculated as
EBITDA or EBIT divided by revenue.
Special items may not be indicative of the ongoing
operating result of cash flows of the company. Profit
measure excluding special items is presented as an
alternative measures to improve comparability of the
underlying business performance between the periods.
Special Items Impacting Profit Measures
Services
1Q 2019
1,299
1Q 2018 1Q 2019
1,159
NOK million
Revenue
Non-qualifying hedges
(Gain)loss sale of PPE
Sum of special items excluded from revenue
Revenue ex. special items
EBITDA
Restructuring cost
Non-qualifying hedges
(Gain)loss sale of PPE
Transaction costs and other
Sum of special items excluded from EBITDA
EBITDA ex. special items
EBITDA margin
EBITDA margin ex. special items
EBIT
Sum of special items excluded from EBITDA
Impairments
Sum of special items excluded from EBIT
EBIT ex. special items
EBIT margin
EBIT margin ex. special items
Net income
Sum of special items excluded from EBIT
Non-qualifying hedges
Tax effects on special items
Net income ex. special items
Net income to non-controlling interests
Net income ex. non-controlling interests
Average number of shares (in '000)
Earnings per share¹)
Earnings per share ex. special items 2)
1)
2)
1Q 2019
5,952
Projects
1Q 2018
4,239
Other/eliminations
250
105
1-22-2
1Q 2018
85
Aker Solutions
1Q 2019
1Q 2018
7,256
5,483
7
(50)
0
7
(50)
(43)
0
(43)
5,952
4,239
1,299
1,159
43
7,256
5,440
477
312
186
135
(30)
(22)
634
425
1
7
1
(0)
3
7
(2)
(3)
(2)
(3)
(50)
(50)
(0)
4
1
2
5
1
11
1
(52)
3
(41)
478
322
187
135
(29)
(74)
636
384
8.0 %
8.0 %
7.3 %
7.6 %
14.3 %
14.4 %
11.7 %
11.7 %
8.7 %
7.8 %
8.8 %
7.1 %
280
173
120
94
(75)
(41)
325
226
1
11
1
1
(52)
3
(41)
-
15
(0)
(0)
2
14
1
26
1
(0)
(52)
5
(27)
281
199
120
93
(72)
(94)
329
199
4.7 %
4.7 %
4.1 %
9.2 %
8.1 %
4.5 %
4.1 %
4.7 %
9.3 %
8.0 %
4.5 %
3.7 %
149
105
5
(27)
3
(2)
2
9
158
86
(1)
(2)
157
83
271,533
0.54
271,533
0.38
0.58
0.31
-232
Earnings per share is calculated using Net income, adjusted for non-controlling interests, divided by average number of shares
Earnings per share ex. special items is calculated using Net income ex. Special items, adjusted for non-controlling interests, divided by average number of shares
2019 Aker Solutions
May 16, 2019 Slide 36
Aker SolutionsView entire presentation