Aker — Interim / Quarterly Report 2019

May 10, 2019

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Q1

2019

Aker ASA First-quarter results 2019

10 May 2019

▪ Net asset value: up NOK 14.5 billion (34.7%) to NOK 56.2 billion

• Return: Aker share up 42.4% to NOK 658 vs. OSEBX up 8.0%
• Liquidity reserve: NOK 6.4 billion. Cash amounted to NOK 3.2 billion
• Dividend: NOK 22.50 per share cash dividend distributed in May

▪ Main events:

Highlights

• i. Aker BP: Dividends in 2019 raised to USD 750 million, with annual step-ups
• ii. Aker Energy: Plan for Development and Operations (PDO) submitted, successful drilling of Pecan 4-A well
• iii. Kvaerner: NOK 1 per share dividend declared
• iv. Ocean Yield: Option agreement for FPSO Dhirubhai-1 with Aker Energy
• Subsequent events:
• i. Aker: Increased liquidity buffer
• ii. Aker Energy: Results of further appraisal drilling, received comments on PDO
• iii. Ocean Yield: Investment in two dry bulk vessels for USD 42 million

Net asset value up 34.7% in the quarter to NOK 56.2 billion

Net asset value change in 1Q 2019 NOK billion

10 May 2019 AKER ASA | First-quarter results 2019 3

Share price up 42.4%, continued strong balance sheet

NAV per share vs. share price NOK per share

Net asset value composition NOK billion, per 1Q 2019

1) Based on closing prices of Aker's listed holdings as per 9 May 2019, remaining assets and liabilities at reported book values per 31.03.19. Excluding cash movements in the second quarter. After NOK 22.50 per share dividend payment

Aker Energy and Cognite included in the Industrial Holdings portfolio

Portfolio composition NOK billion, per 1Q 2019 Aker BP 40.0% 44.2 3.2 Cash Aker Solutions 4.1 1)) 34.8%

Net asset value 56.2

						Listed investments
	Industrial Holdings			Financial Investments
	Aker BP	40.0%	44.2	3.2	Cash
	1)) Aker Solutions	34.8%	4.1	0.7	Listed financial investments
	1)) Akastor	36.7%	1.3	0.6	Real Estate Investments2)
	Kvaerner 1)	28.7%	1.0
	Ocean Yield	61.7%	6.3
	Aker BioMarine 2)	100.0%	2.4
	Aker Energy 2)	49.0%	0.7
	2) Cognite	65.2%	<0.1
Gross asset value		60.1	6.5

Gross asset value distribution Per 1Q 2019 (4Q 2018)

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

Improved liquidity position. Upstream cash expected to exceed NOK 3.0 billion in 2019

1.7 Cash Undrawn credit facilities per end-Q1 Upsized credit facilities (after Q1) Dividend paid in May Additional potential sources 3.2 3.2 1.4 6.0 2011 2012 2013 2014 2015 2016 2017 2018 2019E Havfisk Kvaerner Aker Solutions/Akastor Aker BioMarine Financial Investments Aker BP Ocean Yield Investment capacity potential NOK billion ▪ Increased gearing ▪ Increased dividends ▪ Divestments 1.4 1.0 0.9 0.5 0.2 1.4 Upstream dividend NOK billion 1.6 2.2 Received Q1

Aker BP

Exploration & Production company on the Norwegian continental shelf

% of gross asset value

(1Q 2019)

Investment value of NOK 44.2 billion

Aker's ownership agenda

• Organic and structural growth
• Dividend growth
• Operational excellence and efficiency improvements through new business models and technologies, including digitalisation

NOK million
Value as per 31.12.18	31 403
Value change in 1Q	13 468
Dividend income	(647)
Value as per 31.03.19	44 223
Key figures

USD million	1Q 18	1Q 19
Revenues	944	836
EBITDAX	746	629

Aker Energy

Exploration & Production company in Ghana

% of gross asset value (1Q 2019)

Aker's ownership agenda

• Approval of Plan for Development and Operations
• Financing of Pecan field development
• Establish and build local content strategy around Aker Ghana Industrial Corporation

NOK million
Value as per 31.12.18 (book value) 471
Value change in 1Q -
Net investments in 1Q 251
Value as per 31.03.19 (book value) 722
Key figures
USD million	1Q 18	1Q 19
Revenues	N/A	0

Aker Solutions

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

% of gross asset value

(1Q 2019)

Investment value of NOK 4.1 billion

Aker's ownership agenda

• Increase competitiveness, reach cost-efficiency target of 50 per cent by 2021
• Organic growth by winning new contracts
• Strategic growth through alliances and M&A

Aker's investment

NOK million
Value as per 31.12.18	3 750
Value change in 1Q	369
Value as per 31.03.19	4 119

Key figures

NOK million	1Q 18	1Q19
Revenues	5 483	7 256
EBITDA	425	634
Backlog	37 553	33 332

Akastor

Oilfield services investment company with a flexible mandate for longterm value creation

% of gross asset value

(1Q 2019)

Investment value of NOK 1.3 billion

Aker's ownership agenda

• Operational excellence, cost reductions
• Win new contracts
• Transactions

Aker's investment

NOK million
Value as per 31.12.18	1 313
Value change in 1Q	6
Value as per 31.03.19	1 319

Key figures

NOK million	1Q 18	1Q 19
Revenues	881	1 070
EBITDA	63	92
Backlog	2 123	2 756

Kvaerner

Oil and gas-related EPC company

% of gross asset value (1Q 2019)

Investment value of NOK 1.0 billion

Aker's ownership agenda

• Enhance competitiveness through operational excellence and cost reductions
• Win new contracts
• Maintain strong balance sheet

NOK million
Value as per 31.12.18		931
Value change in 1Q		112
Dividend income		(67)
Value as per 31.03.19		976
Key figures
NOK million	1Q 18	1Q 19
Revenues	1 913	2 119
EBITDA	193	129

Ocean Yield

A maritime assets company with focus on long-term contracts

% of gross asset value

(1Q 2019)

Investment value of NOK 6.3 billion

Aker's ownership agenda

• Growth and diversification through transactions
• Manage and mitigate counterparty risk
• Re-contract FPSO Dhirubhai-1
• Optimise capital structure, reduce cost of capital and maintain attractive dividend

NOK million
Value as per 31.12.18		5 816
Value change in 1Q		623
Dividend income		(161)
Value as per 31.03.19		6 278
Key figures
USD million	1Q 18	1Q 19
Revenues	89	58
EBITDA	78	52
EBITDA backlog	3 500	3 500

Industrial Holdings Aker BioMarine

Integrated biotech company – specialised in krill harvesting and processing

% of gross asset value

(1Q 2019)

Book value of NOK 2.4 billion

Aker's ownership agenda

• Operational excellence and improve profitability
• Increase sales by entering new products, channels and geographies
• Extract synergies from transactions
• Investments to fast-track growth

Aker's investment

NOK million
Value as per 31.12.18 (book value)	2 411
Value change in 1Q	-
Value as per 31.03.19 (book value)	2 411

Key figures

USD million	1Q 18	1Q 19
Revenues	35	39
EBITDA	3	2

Cognite

Software & digitalisation company

% of gross asset value (1Q 2019)

Book value < NOK 0.1 billion

Aker's ownership agenda

• Expand customer base in oil and gas and other assetintensive industry verticals
• Continue to recruit top talent
• International expansion
• Pursue strategic partnerships
• Long-term plan for IPO

Aker's investment

NOK million
Value as per 31.12.18 (book value)	42
Value change in 1Q	-
Value as per 31.03.19 (book value)	42

Key figures

NOK million	1Q 18	1Q 19
Revenues	31	73
EBITDA	4	(1)

Aker Financial Investments

Financial Investments Overview

% of gross asset value (31.03.2019)

NOK billion

• Other financial investments
• Real estate
• Listed financial investments
• Liquid fund investments
• Cash

*) Comparative figures have been restated to reflect that share investments in Aker Energy and Cognite from 2019 are included within Industrial Holdings.

Financial Investments Cash

% of gross asset value (31.03.2019)

• Cash up NOK 1.2 billion in the quarter to NOK 3.2 billion:
  • • NOK 974 million from new EUR 100 million Schuldschein bank loan
  • • NOK 851 million in dividend received in cash
  • • NOK 126 million in repayments on receivables
  • NOK 251 million in investment in Aker Energy
  • NOK 149 million in prepayments for new airplane
  • NOK 122 million in operating expenses and net interest
  • NOK 188 million in net other cash movements and f/x adjustments
• Total liquidity reserve of NOK 6.4 billion, including undrawn credit facilities
• Subsequent to quarter-end, the undrawn credit facilities have been increased by an additional NOK 1.4 billion

4.5

Financial Investments Listed financial investments

% of gross asset value (31.03.2019)

• Philly Shipyard value increase of NOK 76 million.
• Value decrease of American Shipping Company shares with NOK 16 million. In addition, a negative value change on AMSC TRS exposure of NOK 23 million.
• Dividend income from AMSC of NOK 21 million (shares and TRS).

NOK million	3Q 18	4Q 18	1Q 19
Philly Shipyard	326	203	279
AMSC (excl. TRS)	358	385	369
Solstad Offshore	287	101	92
Other	19	13	9
Total value	990	701	749
AMSC TRS1)	213	(32)	(55)
1) From 4Q 18 inluded in «interest-free liabilities» if negative value and within «other financial investments» if positive value.

Financial Investments

Real estate and other financial investments

% of gross asset value (31.03.2019)

• Investment in fintech company Abelee with NOK 75 million.
• Net reduction in receivables against portfolio companies of NOK 84 million.
• Prepayment for a new airplane of NOK 149 million.

Aker's investment

NOK million	3Q 18	4Q 18	1Q 19
Real estate	568	568	568
Other financial investments	1 996	1 860	1 997
Total value	2 564	2 428	2 565

*) Comparative figures have been restated to reflect that share investments in Aker Energy and Cognite from 2019 are included within Industrial Holdings.

Aker Financial Statements

Balance sheet at 31.03.2019

(after dividend allocation of NOK 22.50 per share)

Aker ASA and holding companies Interest-bearing items as of 31.03.2019

Average debt maturity is 2.5 years For details of interest-bearing items and loan guarantees, see: https://www.akerasa.com/Investor/Treasury

Financial Covenants	Limit	Status at 31.03.2019
i Total Debt/Equity - Aker ASA (parent only)	< 80%	36%
ii Group Loans to NAV or Group Loans	< 50% < NOK 10 bn	1.3% NOK 0.7 bn

Aker ASA and holding companies Income statement

Amounts in NOK million	1Q 2018	4Q 2018	1Q 2019	Year 2018
Sales gains	-	-	-	194
Operating expenses	(68)	(58)	(66)	(254)
EBITDA	(68)	(58)	(66)	(60)
Depreciation and impairment	(4)	(5)	(5)	(18)
Value change	(179)	(628)	51	(383)
Net other financial items	516	410	797	1 927
Profit before tax	266	(281)	777	1 467

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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AKER ASA

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