Aker — Earnings Release 2016

Feb 28, 2017

Highlights | Fourth quarter 2016

• Net asset value: up 15.3% to NOK 34.3 billion (NOK 29.8 billion)
• Cash and liquid fund inv.: NOK 4.9 billion, on par with third quarter
• Return: Aker share up 17.5% to NOK 323 vs. OSEBX up 9.8%
• Dividend: NOK 16 per share cash dividend proposed (5.0% yield and 3.5% of NAV)
• Transactions:
• i. Akastor: Sale of Frontica Business Solution and Fjords Processing. Frontica Advantage joins NES Global Talent
• ii. Aker Solutions: Acquisition of a 70% stake in C.S.E. Mecânica e Instrumentação
• iii. Solstad Offshore: Completion of merger between Solstad Offshore and REM Offshore
• Subsequent events:
• i. Solstad Offshore: Aker to participate in restructuring of Farstad Shipping. Proposed merger of Solstad, Farstad and Deep Sea Supply

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Aker ASA and holding companies

Income statement

Amounts in NOK million	4Q 2015	3Q 2016	4Q 2016	Year 2015	Year 2016
Sales gains	-	1 627	-	-	1 906
Operating expenses	(56)	(18)*	(72)	(219)	(198)*
EBITDA	(56)	1 609	(72)	(219)	1 708
Depreciation and impairment	(8)	(3)	(3)	(31)	(32)
Value change	43	(228)	209	153	(8)
Net other financial items	444	315	132	708	950
Profit before tax	423	1 692	266	611	2 617

*) Includes a one-off reduction in pension liabilities of approximately NOK 30 million.

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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.

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