Aker Solutions — Investor Presentation 2015

Nov 5, 2015

3Q 2015

Fornebu, November 5, 2015 Luis Araujo and Svein Stoknes

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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 Aker Solutions ASA and Aker Solutions ASA'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 Solutions' 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 Aker Solutions ASA 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. Aker Solutions ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Solutions ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

Aker Solutions consists of many legally independent entities, constituting their own separate identities. Aker Solutions is used as the common brand or trade mark for most of these entities. In this presentation we may sometimes use "Aker Solutions", "we" or "us" when we refer to Aker Solutions companies in general or where no useful purpose is served by identifying any particular Aker Solutions company.

Agenda | 3Q 2015

Introduction

Luis Araujo Chief Executive Officer

FinancialsSvein StoknesChief Financial Officer

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 for:
• Strategically important early-phase studies
• ■Subsea system for Rotan development
• ■ Pressure riser system to test production of deepwater subsea methane hydrates
• ■Strong focus on operational improvements
• ■ Solid financial position with liquidity buffer of NOK 6.7 billion
• ■ David Clark named regional president for UK and Africa

Key Figures | 3Q 2015

Revenue and EBIT

NOK billion

Order intake and backlog

NOK billion

Milestone in Subsea Compression

• ■ Aker Solutions completed delivery of world's first subsea gas compression system
• ■ Went on stream in September at Statoil's Åsgard field
• ■ Subsea compression boosts recovery, reduces costs, enhances safety and minimizes environmental footprint at offshore fields
• ■ Aker Solutions and MAN Diesel & Turbo formed alliance to develop next generation in subsea compression systems
• Alliance to provide smaller, lighter and cheaper compression systems without compromising on effectiveness
• ■ Alliance will also provide compression systems based on current solutions

Improvement Agenda

• ■ Steady progress on costsavings 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 operational, costsavings improvements
• ■ MMO team gets top score in Statoil satisfaction survey in Norway

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 1-2 years
• ■ Healthy order backlog and growing international presence
• ■ Well placed to capture long-term, global subsea market growth
• ■ Vigilant about costs and workforce capacity in all areas

Agenda | 3Q 2015

Introduction

Luis Araujo Chief Executive Officer

FinancialsSvein StoknesChief Financial Officer

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

( N O K i l l io ) m n	3 Q 2 0 1 5	3 Q 2 0 1 4	Y T D 2 0 1 5	Y T D 2 0 1 4	2 0 1 4
O t in d t he in p e ra g re ve nu e s a n o r c o m e	7, 4 8 4	8, 2 7 4	2 4, 0 3 2	2 3, 8 1 6	3 2, 9 7 1
O in d he in ( l. ia l i ) 1 t t te p e ra g re ve nu e s a n o r c o m e ex c s p e c m s	4 3 6 7,	8, 2 2 7	2 3, 9 3 8	2 3, 6 1 7	3 2, 8 3 1
E B I T D A	5 2 1	6 1 5	1, 6 5 9	1, 8 8 9	2, 6 7 5
1 E B I T D A ( l. ia l i t ) ex c s p e c e m s	6 3 0	6 5 6	1, 9 4 0	1, 9 6 2	2, 8 3 5
De ia t io t iza t io d im irm t p re c n, a m o r n a n p a e n	( 1 9 2 )	( 1 6 ) 5	( 6 ) 5 4	( 3 6 ) 4	( 6 6 ) 5
E B I T	3 2 9	4 6 0	1, 1 1 4	1, 4 3 5	2, 0 1 0
1 E B I T ( l. ia l i t ) ex c s p e c e m s	4 4 9	5 0 5	1, 4 3 4	1, 5 3 0	2, 2 4 3
f Ne t in ia l i te a nc m s	( ) 3 0	( ) 4	( ) 2 1 8	( ) 4 7	( ) 2 4 4
f F X d is l i ie d he d in in tru ts o n q a g g s m e n u	1 5	( 3 2 )	6 8	( 6 ) 5	1 5
Pr f i t b fo t o e re ax	3 1 5	4 2 4	9 6 3	1, 3 4 1	1, 8 1 7
In ta c o m e x ex p e ns e s	( 1 1 0 )	( 1 5 4 )	( 3 3 0 )	( 4 0 0 )	( 5 1 6 )
f fo Pr i t t he io d o r p e r	2 0 5	2 7 0	6 3 4	9 4 1	1, 3 0 0
( ) 1 E B I T D A in l. ia l i te m a rg ex c s p e c m s	% 8. 5	% 8. 0	% 8. 1	% 8. 3	% 8. 6
E B I T in ( l. ia l i ) 1 te m a rg ex c s p e c m s	6. 0 %	6. 1 %	6. 0 %	6. 4 %	6. 8 %
Ba ic in ha ( N O K ) s e a rn g s p e r s re	0. 7 5	0. 9 7	2. 2 7	3. 4 1	4. 7 1
1 Ba ic in ha ( N O K ) ( l. ia l i te ) s e a rn g s p e r s re ex c s p e c m s	1. 0 7	1. 1 8	3. 0 0	3. 7 9	5. 1 7

1 Special items include costs linked to restructuring, onerous lease provisions, the impact of currency derivatives not qualifying for hedge accounting, IT separation cost following the demerger last year, and impairment charges on technology and property. See first page of additional information section for full details on special items.

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 than 50% net interest-bearing debt / equity
• Robust total liquidity buffer of NOK 6.7 billion
• Post quarter end, revolving credit facility increased by NOK 1 billion, and improved leverage covenant at attractive terms
• ROACE reached 14%, reflecting ongoing investments

Debt maturity profile

NOK million

Note: Revolving credit facility of NOK 4 billion as at end 3Q 2015, drawn NOK 0 billion, maturing in 2019

ROACE performance %

Note: ROACE is based on a five quarter average net capital employed

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 initiatives
• Continue to see NCOA moving over time towards more normalized level of NOK 1.5-2 billion
• Cashflow from investing activities of NOK 261 million, with capital expenditure accounting for NOK 165 million and capitalized development costs accounting for NOK 94 million

Subsea

• ■ 3Q 2015 revenue down 12% vs. last year to NOK 4.5 billion
• 3Q 2015 EBIT margin decreased to 6.2% from 7.9% a year earlier

• ■ Margins were impacted by slower NCS subsea services and high tender and restructuring costs

• ■ 3Q 2015 order intake up 42% year-on-year to NOK 2.5 billion, equivalent to 0.6x bookto-bill

• ■ End 3Q 2015 order backlog was down 27% year-on-year to NOK 25.5 billion
• Key financial KPIs: ROACE and EBIT margins

© 2015 Aker Solutions

MMO

• ■ 3Q 2015 revenue down 11% vs. last year to NOK 2.1 billion
• 3Q 2015 EBITDA margin of 3%, unchanged versus 3Q 2014 and up versus 2Q 2015
• ■Continued activity slowdown on the NCS

• ■ Tendering activity at high levels, especially in the North Sea

• ■ 3Q 2015 order intake was down year-on-year to NOK 1 billion, 0.5x book-to-bill

• End 3Q 2015 order backlog decreased 11% year-on-year to NOK 10.7 billion
• ■ Key financial KPIs: EBITDA margin and nominal EBITDA

Engineering

• ■ 3Q 2015 revenue up 5% vs. last year to NOK 0.9 billion
• ■ Main driver was good progress on key projects in Norway, UK and Asia

• Good operational performance left 3Q 2015 EBITDA margin unchanged at 12% versus last year

• ■ 3Q 2015 order intake decreased to NOK 0.6 billion, equivalent to 0.6x book-to-bill

• ■ End 3Q 2015 order backlog increased 118% year-on-year to NOK 4.5 billion
• Key financial KPIs: EBITDA margin and nominal EBITDA

Good Visibility From Substantial Order Backlog¹

3Q 2015 Order backlog by execution date

NOK billion

Field Design backlog

Order backlog and intake evolution

NOK billion

Order backlog Order intake

Order backlog by business area

NOK billion

Firm backlog only, excludes majority of service business and potential additional revenue from existing agreements and options

End 3Q 2015 Order backlog by region NOK billion

37%7%7%28%13%8%

Financial Guidance

• Positive long-term offshore, deepwater outlook
• Near-term uncertainty on timing of awards
• Aim to at least maintain market share in main subsea, field design markets

Revenue Balance sheet

• Maintenance capex/R&D ≈ 3% of revenue
• Current major capex investment plans to be finished over 2015/2016
• Working capital: likely to fluctuate around large project work but on average will be ≈ 5-7% of group revenue

Margins and returns Financial policy

• We aim to gradually move toward peer group margin levels in Subsea
• We expect stable margins in Engineering, gradual recovery in MMO

• We aim for Subsea ROACE of 20-25% over medium term

• Net interest-bearing debt/EBITDA ≈ 1

• Net interest-bearing debt/Equity < 0.5
• Dividend payments should over time amount to 30-50% of net profit

Agenda | 3Q 2015

Introduction

Luis Araujo Chief Executive Officer

FinancialsSvein StoknesChief Financial Officer

Additional information3Q 2015

Special items

N O K i l l io m n
S ia l i ( E B I T D A ) t p e c e m s	1 Q 2 0 1 5	2 Q 2 0 1 5	3 Q 2 0 1 5	Y T D 2 0 1 5
1 O le ne ro u s a s e s	5 2	5 8	4 0	1 5 0
2 Re tru tu in s c r g	-	-	4 0	4 0
No l i fy in he d n- q a g g e s u	1 8	3 6	2 5	9 7
De d t he ts m e rg e r a n o r c o s	4	4	4	1 2
S ia l i ( E B I T ) t p e c e m s
Im irm 3 ts p a e n	2 6	3	1 1	4 0
To t l a	1 0 0	1 0 1	1 2 0	3 2 1

1) Onerous lease costs are included in the "other" segment and has not impacted the BA results

2) Restructuring cost in Q3 is related to capacity adjustments outside Norway in Subsea (NOK 30 million) and Engineering (NOK 10 million)

3) Impairments are primarily related to Subsea (NOK 8 million) and Engineering (NOK 3 million)

Consolidated income statement

O N K i l l ion m
In ta te t c l i da te d co m e s m en on so	1 Q 2 0 1 4	2 Q 2 0 1 4	3 Q 2 0 1 4	4 Q 2 0 1 4	F Y 2 0 1 4	1 Q 2 0 1 5	2 Q 2 0 1 5	3 Q 2 0 1 5
Op t ing d t he inc er a re ve nu e an o r om e	7, 4 8 2	8, 0 6 0	8, 2 7 4	9, 1 5 5	3 2, 9 7 1	8, 5 0 0	8, 0 4 8	7, 4 8 4
E B I T D A	6 6 6	6 0 8	6 1 5	8 6 7	2, 6 7 5	9 1 5	4 5 7	2 1 5
O f w h ic h la te d to he dg ing re	2 8	( 2 5 )	2	( 9 1 )	( 8 6 )	( 1 8 )	( 3 6 )	( 2 5 )
De ia t ion t iza t ion d im irm t p re c am or a n p a en ,	( ) 1 4 5	( ) 1 3 6	( ) 1 5 6	( ) 2 2 8	( ) 6 6 5	( ) 1 8 3	( ) 1 7 1	( ) 1 9 2
E B I T	5 2 1	4 7 2	4 6 0	5 5 7	2, 0 1 0	4 0 9	3 7 6	3 2 9
Ne f ina ia l i t te nc ms	( 2 4 )	( 1 9 )	( 4 )	( 1 9 ) 7	( 2 4 4 )	( 8 2 )	( 1 0 6 )	( 3 0 )
Fo ig ha d isq l i f ie d he dg ing ins tru ts re n ex c ng e on ua m en	( 1 0 6 )	7 3	( 3 2 )	1 1 5	5 1	1 1	4 1	1 5
f fo Pr i t be ta o re x	3 9 1	2 6 5	2 4 4	6 4 7	1, 8 1 7	3 3 8	3 1 0	3 1 5
Inc ta om e ex p en se x	( 1 0 8 )	( 1 3 7 )	( 1 5 4 )	( 1 1 7 )	( 5 1 6 )	( 1 1 8 )	( 1 0 2 )	( 1 1 0 )
Pr f i fo he io d t t o r p er	2 8 3	3 8 8	2 0 7	3 9 5	1, 3 0 0	2 2 0	2 0 9	2 0 5
E B I T D A in m ar g	% 8. 9	% 7. 5	% 7. 4	% 8. 6	% 8. 1	% 7. 0	% 6. 8	% 7. 0
Ba ic ing ha ( N O K ) s ea rn s p er s re	1. 0 3	1. 4 1	0. 9 7	1. 3 0	4. 7 1	0. 7 9	0. 7 3	0. 7 5

Consolidated assets & debt and equity

NOK million

As ts se	1 Q 2 0 1 3	2 Q 2 0 1 3	3 Q 2 0 1 3	4 Q 2 0 1 3	1 Q 2 0 1 4	2 Q 2 0 1 4	3 Q 2 0 1 4	4 Q 2 0 1 4	1 Q 2 0 1 5	2 Q 2 0 1 5	3 Q 2 0 1 5
lan d e ipm Pro rty t a t pe , p n qu en	2, 53 9	2, 69 1	2, 81 4	3, 07 2	3, 06 7	3, 18 0	3, 20 3	3, 60 3	3, 58 6	3, 4 75	3, 79 2
In tan i b le ts g as se	05 5, 7	25 3 5,	13 5, 1	52 5, 4	58 5, 5	73 5, 1	81 0 5,	6, 3 14	6, 23 8	6, 38 8	6, 8 51
Fin cia l a (no ) ts t an sse n-c urr en	11	11	14	17	17	23	17	17	17	17	17
b les (no ) IB eiv t rec a n-c urr en	0	0	0	0	3	6	15	9	10	10	10
b les (cu ) IB eiv nt rec a rre	10 3	92	10 7	10 6	11 2	-0	29 9	82	8	8	-
he Ot t a ts r c urr en sse	12 83 7 ,	12 79 2 ,	11 99 3 ,	12 79 2 ,	12 59 1 ,	13 80 5 ,	15 73 2 ,	14 19 7 ,	14 38 1 ,	14 52 0 ,	15 25 2 ,
h & ba k de Ca sit s n po s	2, 57 7	2, 56 0	3, 05 5	4, 46 3	4, 04 1	4, 00 9	1, 06 4	3, 33 9	2, 81 6	1, 95 8	2, 65 1
To ta l As ts se	2 3, 1 2 5	2 3, 3 9 8	2 3, 1 1 2	2 5, 9 7 5	2 5, 4 1 6	2 6, 7 5 4	2 6, 1 3 9	2 7, 3 9 1	2 7, 0 5 5	2 6, 6 5 4	2 8, 2 4 1

De b d e i t a ty n q u	1 Q 2 0 1 3	2 Q 2 0 1 3	3 Q 2 0 1 3	4 Q 2 0 1 3	1 Q 2 0 1 4	2 Q 2 0 1 4	3 Q 2 0 1 4	4 Q 2 0 1 4	1 Q 2 0 1 5	2 Q 2 0 1 5	3 Q 2 0 1 5
ha ho l de 's e S ity re r qu	6, 58 5	7, 18 5	7, 38 1	6, 23 1	7, 04 6	7, 53 4	5, 12 5	5, 67 7	5, 70 7	5, 83 6	6, 32 6
Mi rity in ter est no s	16 2	15 5	15 1	15 6	16 1	17 5	18 6	21 6	23 9	24 1	25 3
No I B l ia b i l i ies ( ) t t n no n-c urr en	1, 77 3	1, 95 4	1, 77 7	1, 80 2	1, 89 0	1, 92 2	1, 66 2	1, 39 1	1, 33 8	1, 44 5	1, 47 2
( ) In ter t be ing de b t t es ar no n-c urr en	3, 09 3	3, 06 5	3, 56 7	3, 53 3	3, 65 0	3, 71 0	3, 65 2	3, 15 4	3, 14 2	3, 68 5	3, 12 2
( ) No I B l ia b i l i t ies t n cu rre n	10 77 2 ,	10 89 1 ,	10 22 0 ,	14 23 9 ,	12 65 3 ,	13 39 6 ,	15 29 8 ,	16 27 9 ,	16 04 9 ,	15 35 6 ,	16 58 4 ,
be lia bi liti Int ari st nt ere ng cu rre es	73 9	14 9	16	14	16	17	21 6	67 4	58 1	91	48 3
To ta l L ia b i l i t ies d s ha ho l de 's i ty a n re r eq u	2 3, 1 2 5	2 3, 3 9 8	2 3, 1 1 2	2 5, 9 7 5	2 5, 4 1 6	2 6, 7 5 4	2 6, 1 3 9	2 7, 3 9 1	2 7, 0 5 5	2 6, 6 5 4	2 8, 2 4 1
for Ne t c t o t ing ts, lu d ing he l d urr en p era a ss e ex c le sa	2, 86 7	1, 68 1	1, 74 2	98	1, 49 2	33 6	88 0	-68 8	90	65 6	31 5
Ne in be ing i t ter t tem es ar s	1, 15 2	56 3	42 1	-1, 02 3	-49 1	-28 8	2, 49 1	39 7	88 9	1, 80 1	94 3
Eq uit y	6, 74 7	7, 34 0	7, 53 2	6, 3 8 7	7, 2 0 7	7, 7 1 0	3 1 0 5,	8 9 3 5,	9 4 5, 5	6, 0 7 7	6, 7 9 5
( ) Eq uit ati in % y r o	2 9. 2	3 1. 4	3 2. 6	2 4. 6	2 8. 4	2 8. 8	2 0. 3	2 1. 5	2 2. 0	2 2. 8	2 3. 3

Consolidated cashflow

l lio NO K m i n
Ca sh flo w	1Q 20 13	2Q 20 13	3Q 20 13	4Q 20 13	FY 20 13	1Q 20 14	2Q 20 14	3Q 20 14	4Q 20 14	FY 20 14	1Q 20 15	2Q 20 15	3Q 20 15
EB ITD A c tin uin rat ion on g o pe s	48 8	43 9	56 7	66 8	2, 16 2	62 3	58 7	61 7	78 5	2, 67 5	59 1	54 7	52 1
ha h f low fro C e i tin cti vit ies ng n c as m op era g a	( ) 2, 06 6	1, 11 7	( ) 11	1, 45 7	49 7	( ) 1, 51 0	1, 23 9	( ) 96 8	1, 27 1	( ) 30	( ) 1, 00 5	( ) 62 7	31 1
Ne t c hfl fro tin cti vit ies as ow m op era g a	( 1, 57 8)	1, 55 6	55 6	2, 12 5	2, 65 9	( 88 7)	1, 82 6	( 35 1)	2, 05 7	2, 64 5	( 41 4)	( 80 )	83 2
fix Ca ita l ex dit d a ts p pe n ure e sse	( ) 19 2	( ) 22 4	( ) 24 6	( ) 33 4	( ) 99 6	( ) 13 2	( ) 16 6	( ) 20 3	( ) 31 5	( ) 81 6	( ) 11 8	( ) 29 7	( ) 16 5
l ex dit l de lop Ca ita in ter t p pe n ure na ve em en	( ) 97	( ) 11 6	( ) 11 8	( ) 16 7	( ) 49 8	( ) 12 0	( ) 11 5	( ) 12 4	( ) 19 5	( ) 55 4	( ) 10 9	( ) 12 5	( ) 94
ds fro le f bu Pro sin ce e m sa o ess es	( ) 2	2	-	-	-	-	-	-	-	-	-	-	-
Ac isit ion f s bs i dia rie f c h a uir d t o qu o u s, ne as cq e	( ) 62 1	( ) 17	-	19	( ) 61 9	-	( ) 15	-	( ) 36	( ) 51	-	-	-
Ca h f low fro he r in sti tiv itie ot	4	8	14	5	3	4	25	18	50	53	0	3	1
s m ve ng ac s Ne t c hfl fro inv tin cti vit ies as ow m es g a	( 90 8)	( 34 7)	( ) ( 37 8)	( 47 7)	( 2, 11 0)	( ) ( 25 6)	( 27 1)	( ) ( 34 5)	( 49 6)	( 1, 36 8)	( ) ( 22 7)	( 41 9)	( ) ( 26 1)
ha l bo C e i wi xte ng n e rna rro ng s	( ) 18	( ) 52 8	41 1	( ) 1	( ) 13 6	88	( ) 3	11 9	( ) 17 0	34	31	49	( ) 8
		5		5			6	10	12 5	12 9	65	4	9
Ot r fi he ing tiv itie na nc ac s	-	( )	-		-	-		( )	( )	( )		( )
tri bu tio fro ( ) p Ne t c to nt on n m are Ne t c hfl fro fin cin cti vit ies	1, 90 2 88 4	( ) 69 4 22	( ) 86 32 5	( ) 26 3 25	85 9 72 3	62 6 71 4	( ) 1, 64 3 64	( ) 2, 34 9 24	63 2 33 7	( ) 2, 73 4 82	- 95	( ) 39 4 34	- 2
as ow m an g a	1,	( 1, 7)		( 9)			( 1, 0)	( 2, 0)		( 2, 9)		( 9)
Tra lat ion dju stm ts ns a en	24	1	( ) 8	19	36	7	53	( ) 9	37 7	42 8	22	( ) 10	12 0
Ne t d (- ) / in e ( +) in sh d b k d its ec rea se cre as ca an an ep os	( 57 8)	( 17 )	49 5	1, 40 8	1, 30 8	( 42 2)	( 32 )	( 2, 94 5)	2, 27 5	( 1, 12 4)	( 52 3)	( 85 9)	69 3
Ca h a d ba k de sit he be inn ing f t he rio d t t s n n po s a s a g o pe	3, 15 5	2, 57 7	2, 56 0	3, 05 5	3, 15 5	4, 46 3	4, 04 1	4, 00 9	1, 06 4	4, 46 3	3, 33 9	2, 81 6	1, 95 8
Ca sh d b k d its at th nd of th eri od an an ep os as e e e p	2, 57 7	2, 56 0	3, 05 5	4, 46 3	4, 46 3	4, 04 1	4, 00 9	1, 06 4	3, 33 9	3, 33 9	2, 81 6	1, 95 8	2, 65 1

Split per segment

Re ve nu es	3 1 7, 7	4 3 7, 5	6, 8 7 5	4 8 7, 5	2 9, 0 8 5	4 8 2 7,	8, 0 6 0	8, 2 4 7	9, 1 5 5	3 2, 9 1 7	8, 0 0 5	8, 0 4 8	4 8 4 7,
E l im ina t ion s	( ) 9 5	( ) 9 4	( ) 5 5	( ) 8 5	( ) 3 2 9	( ) 4 8	( ) 5 1	( ) 5 2	( ) 8 5	( ) 2 3 6	( ) 8 5	( ) 1 1 5	( ) 6 2
O t he r	6 2 9	2 4 4	2 2 6	8 5	1, 1 8 3	2 1	3 1	6 2	9 0	2 0 5	4 1	5 0	1 0 4
F ie l d De ig s n	2, 9 9 9	3, 1 8 3	2, 9 3 5	3, 3 8 5	1 2, 0 2 5	3, 4 0 4	3, 4 0 8	3, 2 1 0	3, 6 8 8	1 3, 1 0 7	3, 4 6 7	3, 2 9 3	2, 9 9 0
Su bs ea	3, 8 7 4	0 3 4, 1	3, 6 3 5	6 4, 1 4	0 3 1 5, 7	0 4, 1 5	6 2 4, 7	0 5, 5 4	6 5, 4 1	9, 2 9 3 1	0 5, 7 7	8 2 0 4,	2 4, 4 5
Re ve nu es	1 Q 2 0 1 3	2 Q 2 0 1 3	3 Q 2 0 1 3	4 Q 2 0 1 3	F Y 2 0 1 3	1 Q 2 0 1 4	2 Q 2 0 1 4	3 Q 2 0 1 4	4 Q 2 0 1 4	F Y 2 0 1 4	1 Q 2 0 1 5	2 Q 2 0 1 5	3 Q 2 0 1 5
l l N O K m i ion

E B I T D A	1 Q 2 0 1 3	2 Q 2 0 1 3	3 Q 2 0 1 3	4 Q 2 0 1 3	F Y 2 0 1 3	1 Q 2 0 1 4	2 Q 2 0 1 4	3 Q 2 0 1 4	4 Q 2 0 1 4	F Y 2 0 1 4	1 Q 2 0 1 5	2 Q 2 0 1 5	3 Q 2 0 1 5
Su bs ea	2 3 8	3 1 1	3 8 5	0 9 4	3 6 1, 1	0 4 5	0 5 4	3 0 5	8 5 4	2, 0 8 5	0 5 7	8 4 7	3 3 4
F ie l d De ig s n	2 3 8	2 4 4	2 0 8	2 7 0	9 5 9	2 5 8	1 4 3	1 7 4	2 9 3	8 6 8	1 8 3	1 9 0	1 7 0
O t he r	( ) 7	( ) 1 2 4	( ) 4 7	( ) 1 8	( ) 1 9 5	3	( ) 7 5	( ) 8 8	( ) 9 1	( ) 2 5 2	( ) 9 9	( ) 1 3 0	( ) 8 2
E B I T D A	4 6 9	4 3 1	1 9 5	6 6 1	2, 0 9 7	6 6 6	6 0 8	6 1 5	8 6 7	2, 6 7 5	9 1 5	4 5 7	2 1 5

E B I T	Q 1 2 0 1 3	Q 2 2 0 1 3	Q 3 2 0 1 3	Q 4 2 0 1 3	F Y 2 0 1 3	Q 1 2 0 1 4	Q 2 2 0 1 4	Q 3 2 0 1 4	Q 4 2 0 1 4	F Y 2 0 1 4	Q 1 2 0 1 5	Q 2 2 0 1 5	Q 3 2 0 1 5
Su bs ea	1 6 4	2 2 5	2 6 6	2 7 6	9 3 1	2 9 4	4 2 5	3 9 9	4 1 7	1, 5 3 6	3 5 3	3 4 4	2 7 8
F ie l d De ig s n	2 1 5	2 2 3	1 8 6	2 3 1	8 5 5	2 3 3	1 3 1	1 4 2	2 2 0	7 2 5	1 5 4	1 6 1	1 3 8
O t he r	( ) 9	( ) 1 2 6	( ) 4 9	( ) 2 1	( ) 2 0 5	( ) 5	( ) 8 4	( ) 8 2	( ) 8 0	( ) 2 5 1	( ) 9 9	( ) 1 3 0	( ) 8 6
E B I T	3 7 0	3 2 2	4 0 3	4 8 6	1, 5 8 0	5 2 1	4 7 2	4 6 0	5 5 7	2, 0 1 0	4 0 9	3 7 6	3 2 9

Split per segment

O t he r N C O A	2 0 7 2, 8 6 7	1 7 1 1, 6 8 1	2 0 1 1, 4 2 7	9 1 9 8	( ) 0 1 5 1, 4 9 2	( ) 2 4 1 3 3 6	( ) 3 9 4 8 8 0	( ) 2 4 7 ( 6 8 8 )	( ) 0 1 4 9 0	( ) 2 2 1 6 6 5	( ) 8 5 3 1 5
F ie l d De ig s n	1 1 7	3 5 2	2 6 8	( ) 3 0 4	2 7 5	2 5 0	5 3 2	7 1	2 1 2	5 4	( ) 2 3 8
Su bs ea	2, 5 4 3	1, 1 5 7	1, 2 6 4	3 1 1	1, 3 2 2	3 2 7	7 4 2	( ) 3 3 2	1 8	7 2 4	6 1 1
N C O A	1 Q 2 0 1 3	2 Q 2 0 1 3	3 Q 2 0 1 3	4 Q 2 0 1 3	1 Q 2 0 1 4	2 Q 2 0 1 4	3 Q 2 0 1 4	4 Q 2 0 1 4	1 Q 2 0 1 5	2 Q 2 0 1 5	3 Q 2 0 1 5

Ne t c i ta l e loy d ap mp e	1 Q 2 0 1 3	2 Q 2 0 1 3	3 Q 2 0 1 3	4 Q 2 0 1 3	1 Q 2 0 1 4	2 Q 2 0 1 4	3 Q 2 0 1 4	4 Q 2 0 1 4	1 Q 2 0 1 5	2 Q 2 0 1 5	3 Q 2 0 1 5
Su bs ea	5, 4 5 4	4, 2 1 3	4, 4 0 6	4, 0 3 8	4, 9 4 0	4, 3 9 2	4, 5 4 9	3, 9 8 9	4, 3 2 2	5, 1 5 7	5, 1 3 0
F ie l d De ig s n	( ) 1 5 2	5 4	( ) 2 6	( ) 2 1 4	6 2	( ) 1 7	2 9 9	1 1	3 8 4	2 0 6	( ) 1 0 6
O he t r	3, 3 9 8	3, 4 1 4	3, 5 4 2	3, 0 8 5	3, 2 6 2	2, 9 7 3	3, 5 8 4	3, 6 8 5	3, 8 8 7	4, 0 0 7	4, 1 4 6
Ne t c i ta l e loy d ap mp e	8, 7 0 0	7, 6 8 1	7, 9 2 2	6, 9 0 8	8, 2 6 4	7, 3 4 7	8, 4 3 2	7, 6 8 5	8, 5 9 3	9, 3 7 0	9, 1 7 0

Or de in ta ke r	1 Q 2 0 1 3	2 Q 2 0 1 3	3 Q 2 0 1 3	4 Q 2 0 1 3	F Y 2 0 1 3	1 Q 2 0 1 4	2 Q 2 0 1 4	3 Q 2 0 1 4	4 Q 2 0 1 4	F Y 2 0 1 4	1 Q 2 0 1 5	2 Q 2 0 1 5	3 Q 2 0 1 5
Su bs ea	1 8, 8 5 5	3, 8 0 0	3, 3 6 7	2, 6 6 8	2 8, 6 9 1	4, 4 2 3	1 8, 4 6 3	1, 7 9 1	2, 6 3 0	2 7, 3 0 6	1, 9 9 8	1, 7 8 2	2, 5 3 7
F ie l d De ig s n	4, 8 7 0	2, 5 2 4	1, 9 5 9	6, 6 2 8	1 5, 9 8 2	1, 5 0 8	2, 9 9 3	1, 8 5 9	3, 5 3 9	9, 8 9 9	7, 0 4 5	1, 6 5 7	1, 4 4 4
O t he r	4	8 3	( ) 3 6	( ) 3 1	2 0	1 7	1 1	2 7	1 3 4	1 9 0	5 0	5 5	6 4
E l im ina t ion s	( ) 9 2	( ) 1 0 1	( ) 4 9	( ) 8 1	( ) 3 2 3	( ) 5 1	( ) 5 9	( ) 5 0	( ) 1 0 0	( ) 2 6 0	( ) 8 1	( ) 5 8	( ) 8 8
Or de in ke ta r	2 3, 6 3 7	6, 3 0 7	5, 2 4 2	9, 1 8 4	4 4, 3 7 0	5, 8 9 7	2 1, 4 0 8	3, 6 2 6	6, 2 0 3	3 7, 1 3 5	9, 0 1 2	3, 4 3 6	3, 9 5 7

Or de ba k log r c	Q 1 2 0 1 3	Q 2 2 0 1 3	Q 3 2 0 1 3	Q 4 2 0 1 3	Q 1 2 0 1 4	Q 2 2 0 1 4	Q 3 2 0 1 4	Q 4 2 0 1 4	Q 1 2 0 1 5	Q 2 2 0 1 5	Q 3 2 0 1 5
Su bs ea	2 6, 1 9 1	2 3 9 3 5,	2 1 6 5, 5	2 3, 8 4 5	2 3, 9 3 7	3 8, 0 8 5	3 0 1 5, 5	3 3, 0 2 7	3 0, 4 0 3	2 2 2 7, 5	2 3 8 5, 5
F ie l d De ig s n	1 5, 7 4 8	1 5, 1 1 4	1 4, 1 5 0	1 7, 5 3 0	1 5, 5 5 6	1 5, 3 7 6	1 4, 0 3 5	1 4, 6 0 9	1 7, 9 2 7	1 6, 4 5 3	1 5, 1 3 1
O t he r	6 2 0	9 4 5	9 1 7	8 3	9 7	9 5	( ) 0 7	( ) 1 5	( ) 6	0	( ) 2 4
E l im ina t ion s	( ) 1 7	( ) 2 3	( ) 1 6	( ) 1 2	( ) 1 4	( ) 2 1	9	( ) 6	( ) 3	5 4	3 0
Or de ba k log r c	4 2, 5 4 3	4 0, 9 4 2	3 9, 4 9 6	4 1, 1 8 5	3 9, 5 9 4	5 3, 9 2 2	4 8, 9 8 9	4 8, 2 8 9	4 8, 3 2 2	4 4, 0 2 9	4 0, 6 5 7

Split per business area

l lio NO K m i n
Re ve nu es	1Q 20 13	2Q 20 13	3Q 20 13	4Q 20 13	20 13 FY	1Q 20 14	2Q 20 14	3Q 20 14	4Q 20 14	20 14 FY	1Q 20 15	2Q 20 15	3Q 20 15
Su bs ea	3, 78 4	4, 10 3	3, 65 3	4, 16 4	15 70 3 ,	4, 10 5	4, 67 2	5, 05 4	5, 46 1	19 29 3 ,	5, 07 7	4, 82 0	4, 45 2
di fic d O Ma int M ati ion rat en an ce, o on s a n pe s	2, 26 7	2, 50 9	2, 29 6	2, 59 9	9, 67 1	2, 58 3	2, 54 6	2, 40 3	2, 47 4	10 00 5 ,	2, 46 5	2, 35 1	2, 13 7
En ine eri g ng	75 9	70 2	68 9	85 2	3, 00 2	86 3	90 5	85 0	1, 28 1	3, 89 9	1, 04 1	98 9	89 6
lim ina tio E ns	( ) 27	( ) 29	( ) 49	( ) 66	( ) 17 1	( ) 43	( ) 42	( ) 44	( ) 66	( ) 19 5	( ) 39	( ) 47	( ) 43
Fie ld De sig n	2, 99 9	3, 18 3	2, 93 5	3, 38 5	12 50 2 ,	3, 40 4	3, 40 8	3, 21 0	3, 68 8	13 71 0 ,	3, 46 7	3, 29 3	2, 99 0

EB ITD A	1Q 20 13	2Q 20 13	3Q 20 13	4Q 20 13	FY 20 13	1Q 20 14	2Q 20 14	3Q 20 14	4Q 20 14	FY 20 14	1Q 20 15	2Q 20 15	3Q 20 15
Su bs ea	23 8	31 1	35 8	40 9	1, 31 6	40 5	54 0	53 0	58 4	2, 05 8	50 7	48 7	43 3
Ma int M di fic ati d O ion rat en an ce, o on s a n pe s	17 3	18 7	14 8	17 8	68 6	16 7	59	72	10 2	40 1	58	65	63
En ine eri g ng	65	57	60	92	27 3	91	84	10 2	19 1	46 7	12 5	12 5	10 7
Fie ld De sig n	23 8	24 4	20 8	27 0	95 9	25 8	14 3	17 4	29 3	86 8	18 3	19 0	17 0

EB IT	1Q 20 13	2Q 20 13	3Q 20 13	4Q 20 13	FY 20 13	1Q 20 14	2Q 20 14	3Q 20 14	4Q 20 14	FY 20 14	1Q 20 15	2Q 20 15	3Q 20 15
Su bs ea	16 4	22 5	26 6	27 6	93 1	29 4	42 5	39 9	41 7	1, 53 6	35 3	34 4	27 8
int di fic ati d O ion Ma M rat en an ce, o on s a n pe s	16 0	17 4	13 5	15 5	62 5	3 15	49	53	86	34 1	44	51	49
En ine eri g ng	54	49	50	76	22 9	80	82	89	13 4	38 4	11 1	11 1	89
Fie ld De sig n	21 5	22 3	18 6	23 1	85 5	23 3	13 1	14 2	22 0	72 5	15 4	16 1	13 8

Split per business area

Or de r in tak e	1Q 20 13	2Q 20 13	3Q 20 13	4Q 20 13	FY 20 13	1Q 20 14	2Q 20 14	3Q 20 14	4Q 20 14	FY 20 14	1Q 20 15	2Q 20 15	3Q 20 15
Su bs ea	18 85 5 ,	3, 80 0	3, 36 7	2, 66 8	28 69 1 ,	4, 42 3	18 46 3 ,	1, 79 1	2, 63 0	27 30 6 ,	1, 99 8	1, 78 2	2, 53 7
di fic d O Ma int M ati ion rat en an ce, o on s a n pe s	2, 94 2	2, 15 7	1, 21 9	5, 76 1	12 07 9 ,	1, 17 3	2, 25 1	1, 05 6	2, 47 3	6, 95 3	2, 17 0	1, 27 8	97 9
En ine eri g ng	2, 02 6	46 3	71 2	87 1	4, 07 2	37 6	78 2	85 2	1, 12 7	3, 13 7	4, 90 3	36 5	55 5
lim ina tio E ns	( 98 )	( 96 )	29	( ) 4	( 16 9 )	( ) 41	( 39 )	( 49 )	( 61 )	( 19 0 )	( 28 )	13	( 90 )
Fie ld De sig n	4, 87 0	2, 52 4	1, 95 9	6, 62 8	15 98 2 ,	1, 50 8	2, 99 3	1, 85 9	3, 53 9	9, 89 9	7, 04 5	1, 65 7	1, 44 4

Or de r b klo ac g	1Q 20 13	2Q 20 13	3Q 20 13	4Q 20 13	1Q 20 14	2Q 20 14	3Q 20 14	4Q 20 14	1Q 20 15	2Q 20 15	3Q 20 15
Su bs ea	26 19 1 ,	25 39 3 ,	25 16 5 ,	23 58 4 ,	23 97 3 ,	38 50 8 ,	35 01 5 ,	33 70 2 ,	30 40 3 ,	27 52 2 ,	25 53 8 ,
di fic d O Ma int M ati ion rat en an ce, o on s a n pe s	12 96 9 ,	12 69 0 ,	11 64 2 ,	14 93 9 ,	13 45 3 ,	13 37 3 ,	12 04 0 ,	12 68 4 ,	12 49 7 ,	11 60 8 ,	10 69 2 ,
En ine eri g ng	2, 91 1	2, 61 1	2, 61 6	2, 64 3	2, 15 4	2, 05 3	2, 05 0	1, 98 2	5, 47 9	4, 83 3	4, 47 6
lim ina tio E ns	( ) 13 1	( ) 18 8	( ) 10 9	( ) 51	( ) 51	( ) 49	( ) 55	( ) 56	( ) 50	12	( ) 37
Fie ld De sig n	15 74 8 ,	15 11 4 ,	14 15 0 ,	17 53 0 ,	15 6 55 ,	15 37 6 ,	14 03 5 ,	14 60 9 ,	17 92 7 ,	16 45 3 ,	15 13 1 ,