Aker — Earnings Release 2015

Feb 23, 2016

Aker ASA Fourth-quarter and preliminary annual results 2015

Fornebu | 23 February 2016

Highlights | Fourth-quarter 2015

• Net asset value: NOK 20.9 billion in 4Q 2015 vs. NOK 18.9 billion in 3Q 2015, representing a 11% increase in the quarter
• Cash and liquid fund inv.: NOK 1.9 billion in 4Q 2015 vs. NOK 3.3 billion in 3Q 2015
• Return: Aker share rose 11% in 4Q 2015 to NOK 164 vs. 4.9% increase in OSEBX
• Dividend: Aker's Board proposes NOK 10 per share (6.1% yield and 3.6% of NAV)
• Subsequent event: Aker agrees to sell real estate properties to Kjell Inge Røkke and TRG

Aker ASA and holding companies NAV increased by 11% in 4Q 2015

Net asset value change in the period NOK billion

Note: Changes include the effects of dividends received

Aker ASA and holding companies

Share price rose 11%, balance sheet remains solid

Net asset value NOK per share

Share price

Share price (dividend adj.)

Net asset value

NOK billion1)

Aker ASA and holding companies

38% of gross assets related to oil and gas

Aker ASA and holding companies This is Aker

NOK billion, as per 31.12.2015

Unlisted investments Listed investments

Industrial Holdings			Financial Investments
	Det norske	50.0%	5.6	1.5	Cash
	1)) Aker Solutions	34.8%	2.9	0.4	Liquid fund investments
	1)) Akastor	36.7%	1.2	1.9	Listed financial investments
	1) Kvaerner	28.7%	0.6	1.9	Real Estate Investments2)
	Ocean Yield	73.0%	6.7	2.0	Other financial investments2)
	2) Aker BioMarine	99.5%	1.4
	Havfisk	73.2%	1.7
		Gross asset value	20.2	7.7
Net asset value				20.9

1)Owned partly through Aker Kvaerner Holding, in which Aker has a 70% ownership interest. Additionally, Aker has a direct ownership interest in Aker Solutions and Akastor 2)Reflected at book value

NOK per share (left axis) and % (right axis)

Aker Industrial Holdings

Industrial Holdings Share price performances

1) Share price adjusted for dividend

Industrial Holdings

Det norske

Exploration & Production company on the Norwegian continental shelf

NOK 5.6 billion

% of gross asset value (31.12.2015)

Aker's ownership agenda

• Optimise company's financing structure
• Deliver on internal improvement programme
• Maintain operational and project development excellence
• Support long-term growth

Aker's investment

NOK million
Value as per 30.09.15	4 811
Value change in 4Q	785
Value as per 31.12.15	5 596

Key figures USD million	4Q14	4Q15	2014	2015
Revenues	346	255	464	1 222
EBITDAX	291	227	372	1 029

Industrial Holdings Aker Solutions

Global oil services company providing services, technologies, and product solutions within subsea and field design

% of gross asset value (31.12.2015)

Investment value of NOK 2.9 billion

Aker's ownership agenda

• Deliver project backlog on schedule and according to client specifications
• Reduce complexity, costs and capex
• Maintain capital discipline
• Develop future delivery model, including partnerships

Aker's investment1)

NOK million
Value as per 30.09.15	2 784
Value change in 4Q	81
Value as per 31.12.15	2 865

1) Investment held through Aker Kvaerner Holding and through 6.4% direct ownership

Key figures NOK million	4Q14	4Q15	2014	2015
Revenues	9 155	7 864	32 971	31 896
EBITDA	786	182	2 675	1 841
Backlog			48 289	39 684

Industrial Holdings

Akastor

Oilfield services investment company with a flexible mandate for long-term value creation

% of gross asset value (31.12.2015)

Aker's ownership agenda

Reduce cost and complexity, adjust capacity in portfolio companies

NOK 1.2 billion

• Release cash from divestments and reduce working capital
• Actively manage portfolio to enhance values
• Maintain strong balance sheet and capital discipline

Aker's investment1)

Value as per 30.09.15	1 106
Value change in 4Q	101
Value as per 31.12.15	1 207

1) Investment held through Aker Kvaerner Holding and through 8.5% direct ownership

Key figures NOK million	4Q14	4Q15	2014	2015
Revenues	5 326	3 952	21 432	15 869
EBITDA	262	552	1 380	702
Backlog			21 555	15 616

Industrial Holdings

Kvaerner

Specialised oil and gas-related EPC company

% of gross asset value (31.12.2015)

NOK 0.6 billion

Aker's ownership agenda

• Improve cost efficiency, increase productivity
• Deliver order backlog on schedule and on budget
• Maintain strong balance sheet and capital discipline

Aker's investment1)

	NOK million
--	-------------	--

Value as per 30.09.15	303
Dividend received in 4Q	(12)
Value change in 4Q	344
Value as per 31.12.15	635

1) Investment held through Aker Kvaerner Holding

Key figures NOK million	4Q14	4Q15	2014	2015
Revenues	3 591	2 577	13 945	12 084
EBITDA	175	177	828	574
Backlog			16 451	14 346

Industrial Holdings Ocean Yield

A maritime assets company with focus on long-term contracts

% of gross asset value (31.12.2015)

NOK 6.7 billion

Aker's ownership agenda

• Expand and diversify portfolio, with long-term charters against solid counterparties and with no operational risk
• Maintain predictable and attractive cash dividends
• Ensure risk management

Aker's investment

NOK million

Value as per 30.09.15	6 386
Dividend received in 4Q	(134)
Value change in 4Q	478
Value as per 31.12.15	6 730

Key figures USD million	4Q14	4Q15	2014	2015
Revenues	62	66	249	257
EBITDA	54	57	217	224
Backlog (on EBITDA basis)			2 248	2 695

Industrial Holdings Aker BioMarine

Integrated biotech company – specialised in krill harvesting and processing

% of gross asset value (31.12.2015)

Aker's ownership agenda

• Build and expand market for krill-derived products, ingredients and applications
• Increase margins through operational excellence and reduction in cost structure
• Explore options to reveal underlying values and render investment more liquid

Aker's investment

NOK million
Book value as per 30.09.15	1 398
Investments	7
Book value as per 31.12.15	1 405

Key figures USD million	4Q14	4Q15	2014	2015
Revenues	27	26	112	105
EBITDA	-9	1	5	26

Industrial Holdings Havfisk

Leading whitefish harvesting company

% of gross asset value (31.12.2015)

NOK 1.7 billion

Aker's ownership agenda

• Drive operational excellence and improved profitability
• Optimise vessel and quota portfolio
• Maintain sustainable cash dividend

Aker's investment

NOK million
Value as per 30.09.15	1 600
Value change in 4Q	149
Value as per 31.12.15	1 748

Key figures NOK million	4Q14	4Q15	2014	2015
Revenues	314	361	1 046	1 131
EBITDA	98	142	299	403

Aker Financial Investments

Financial Investments Overview

% of gross asset value (31.12.2015)

Financial Investments

Value of NOK 7.7 billion

Key events 4Q:

• Sale of Fornebuporten's commercial real estate and subsequent dividend to Aker of NOK 0.5 billion
• Acquisition of real estate from Akastor
• Cash reduced to NOK 1.5 billion. NOK 1.9 billion incl. liquid fund investments

Financial Investments Cash and Liquid fund investments

% of gross asset value (31.12.2015)

• Cash decreased to NOK 1.5 billion:
• • NOK 683 million in dividends received
• NOK 1 176 million from Akastor property acquisition
• NOK 498 million in net repayment of AKER05 bond
• NOK 176 million increase in interest-bearing receivables
• NOK 141 million in paid interest and operating expenses
• Value increase of liquid fund investments of NOK 31 million to NOK 415 million in 4Q

Financial Investments Listed financial investments

% of gross asset value (31.12.2015)

Key events 4Q

• Value of listed financial investments decreased by NOK 299 million due to value decrease of American Shipping Company
• Total dividends received of MNOK 37 in the quarter
• Aker increased in January 2016 its exposure to AMSC through a TRS agreement for 5.5 million shares

Key figures NOK million	4Q14	3Q15	4Q15
PHLY (Philly Shipyard)	711	1 339	1 368
AMSC (incl. TRS)1)	765	866	538
Total value	1 476	2 205	1 906

1) Includes security deposits in escrow accounts related to TRS agreements

Financial Investments Real estate investments

% of gross asset value (31.12.2015)

Key events 4Q

• Sale of Fornebuporten's commercial real estate concluded in 4Q. Aker retained 25% ownership in the consortium (Fornebu Gateway AS)
• Dividend of MNOK 500 paid to Aker in December
• Acquisition of eight industrial properties from Akastor
• Divestment of real estate assets announced in February 2016

Financial Investments Other financial investments

% of gross asset value (31.12.2015)

Key events 4Q

• Increased by NOK 250 million to NOK 2.0 billion, mainly due to new receivable of NOK 176 million and currency gain on USD loan to Ocean Harvest
• Divested Ocean Harvest through management buyout, financed by USD 66.5 million seller-credit
• Largest investments: Align, Trygg Pharma and other receivables and fixed assets
• Aim to gradually reduce exposure through exits / monetisations

Key figures NOK million	4Q14	3Q15	4Q15
Other financial investments	2 123	1 766	2 016

Aker Financial Statements

Aker ASA and holding companies

Balance Sheet

(after allocation of NOK 10 per share dividend)

Main changes in fourth-quarter 2015

• Cash reduced by BNOK 1.4
• Aker Maritime Finance AS no longer "consolidated" as part of "Aker ASA and holding companies"
• Repayment of AKER05 bond
• Allocation of dividend of MNOK 742

Total Assets Total equity and liabilities

		Book value Value-adjusted
Equity (MNOK)	11 831	20 136
Equity ratio	60.4%	72.2%
Equity per share	NOK 159.5	NOK 271.5

Aker ASA and holding companies

Interest-bearing items and loan guarantees

Interest-bearing debt	Loan amount (MNOK)	Outstanding (MNOK)	Maturity
Bond AKER 08	500	500	2017
Bond AKER 11	1 300	1 300	2018
Bond AKER 07	500	500	2019
Bond AKER 12*	1 571	1 571	2019
Bond AKER 13	1 000	1 000	2020
Bond AKER 10	700	700	2020
Bond AKER 09	1 000	1 000	2022
Bank loan (RCF)	500	0	2017
Capitalised loan fees etc.	(37)	(37)
Total	7 034	6 534

* MSEK 1 500 issue

Loan guarantees	3Q 2015	4Q 2015
Aker BioMarine	305	305
Fornebuporten loan facility	150	-
Ocean Harvest	-	75
Other	3	3
Total external	458	383

Average debt maturity is 3.8 years

	Financial Covenants	Limit	Status per 31.12.2015
i	Total Debt/Equity1)	< 80%	39%
ii	Group Loans to NAV or Group Loans	< 50% < NOK 10 bn	4.1% NOK 0.9 bn

1) Covenant applies to Aker ASA (parent only). Reference is made to loan agreements for details.

Aker ASA and holding companies Income statement

Amounts in NOK million	4Q 2014	3Q 2015	4Q 2015	Year 2014	Year 2015
Operating expenses	(52)	(60)	(56)	(223)	(219)
EBITDA	(52)	(60)	(56)	(223)	(219)
Depreciation and impairment	(4)	(15)	(8)	(15)	(31)
Non-recurring operating items	38	-	-	1	-
Value change	(1 142)	(539)	43	(1 432)	153
Net other financial items	(85)	44	444	354	708
Profit before tax	(1 246)	(570)	423	(1 316)	611

Disclaimer

• This Document 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 Document 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 ASA and Aker 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'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 Document. Although Aker ASA believes that its expectations and the Document 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 Document. Aker ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker ASA 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 document 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.