Aker — Interim / Quarterly Report 2015

Feb 23, 2016

Aker ASA: Fourth-quarter results 2015 - Net Asset Value of NOK 20.9 billion

Aker ASA: Fourth-quarter results 2015 - Net Asset Value of NOK 20.9 billion

The net asset value of Aker ASA and holding companies (Aker) increased by 11 per

cent in the fourth quarter of 2015 to NOK 20.9 billion, compared to NOK 18.9

billion as per 30 September 2015 and NOK 17.7 billion as per 31 December 2014.

Per-share net asset value ("NAV") amounted to NOK 282 as per year-end 2015.

"Despite continued volatility in the global equity markets, Aker performed well

in the fourth quarter and ended 2015 with a NAV up 16 per cent year-on-year,"

said Aker's President and Chief Executive Officer Øyvind Eriksen. "The turmoil

in oil and gas has been exacerbated in 2016. No one knows how deep and long

lasting the ongoing crisis will be. Acknowledging the uncertainties is probably

the most important assumption for planning and decision-making purposes. Our

priority continues to be the protection of our portfolio companies' strong

balance sheets in general, and cash positions in particular."

Aker's cash holdings decreased by NOK 1.4 billion to NOK 1.5 billion in the

fourth quarter, primarily due to the acquisition of real estate from Akastor for

NOK 1.2 billion and the repayment of the AKER05 bond. Aker's primary cash inflow

in the quarter came from dividends received from Fornebuporten Holding and Ocean

Yield. Aker held NOK 415 million in liquid fund investments as per 31 December

2015, up from NOK 384 million in the prior quarter.

The value of Aker's Industrial Holdings portfolio rose to NOK 20.2 billion in

the quarter, up from NOK 18.4 billion in the third quarter 2015 and NOK 17.4

billion as of 31 December 2014. Aker's Financial Investments portfolio amounted

to NOK 7.7 billion, down from NOK 8.0 billion in the prior quarter and NOK 7.6

billion as per end of 2014.

The value-adjusted equity ratio was 75 per cent, up from 72 per cent as of 30

September 2015 and 71 per cent as of 31 December 2014.

Aker's Board of Directors recommends a payment of NOK 10 per share ordinary

dividend for 2015. The proposal corresponds to a 6.1 per cent yield to the share

price and 3.6 per cent of NAV at the close of 2015. Aker's policy is to pay

annual dividends of 2-4 per cent of the company's value-adjusted equity.

"While Aker's upstream cash prognosis for 2016 indicates a decline from 2015 due

to the loss of dividend from Aker Solutions and Kvaerner, today's announced

divestment of our real estate properties and the dividend payments from Ocean

Yield, Havfisk, Philly Shipyard and American Shipping Company will ensure that

Aker maintains a healthy liquidity position," Eriksen said. "Added to this, Aker

entered into an agreement for a new NOK 1.0 billion revolving credit facility in

February 2016, which further buoys our financial liquidity."

END

Net asset value (NAV) is Aker ASA's core performance indicator. Aker is an

investment company with a majority of listed companies in its portfolio.

Therefore, NAV is a more relevant indicator of the development of Aker's

underlying value than the company's consolidated accounts.

Aker will present its fourth-quarter and preliminary annual results for 2015 at

Aker's headquarters at Fornebuporten, Oksenøyveien 10, at 09:00 CET today.

Webcast link: http://webtv.hegnar.no/presentation.php?webcastId=29501560

The full report and presentation can be downloaded from www.akerasa.com

For further information, please contact:

Investors:

Marianne Stigset, Head of Investor Relations

Phone: +47 24 13 00 66

Mobile: +47 41 18 84 82

Media:

Atle Kigen, Head of Corporate Communications

Phone: +47 24 13 00 08

Mobile: +47 907 84 878

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1988309]