Aker — Net Asset Value 2014

Nov 14, 2014

Aker ASA: Third-quarter results 2014 - Net Asset Value of NOK 22.3 billion

Aker ASA: Third-quarter results 2014 - Net Asset Value of NOK 22.3 billion

The net asset value of Aker ASA and holding companies (Aker) declined 7.5 per

cent in the third quarter to NOK 22.3 billion. Per-share net asset value (NAV)

amounted to NOK 309 as of 30 September 2014, compared to NOK 334 as per 30 June

"Aker achieved several strategic objectives in the third quarter, including the

demerger of Aker Solutions, and Det norske's acquisition of Marathon Norway. The

latter was in particular a company maker for Det norske, and a milestone in our

plan to transform the company from a pure exploration business into a fully

integrated E&P player with significant cash flows," said Aker President and CEO

Øyvind Eriksen. "Prior to the closing of the transaction, Det norske was

refinanced at favourable terms and at the right time. It completed a NOK 3.0

billion equity rights issue, with Aker subscribing for half of the new shares,

ensuring full equity funding for Det norske's current business plan until

production starts at the Johan Sverdrup field."

Following the equity issue in Det norske, Aker's cash holdings were reduced by

NOK 1.5 billion to NOK 1.6 billion in the third quarter. In addition, Aker held

NOK 593 million in liquid fund investments as per 30 September 2014.

The value of Aker's Industrial Holdings portfolio declined to NOK 21.8 billion

in the quarter, mainly due to an underlying value decrease of NOK 1.8 billion,

which was offset by the NOK 1.5 billion equity contribution through Det norske's

July rights issue. Aker's Financial Investments portfolio amounted to NOK 7.6

billion, compared to NOK 9.1 billion in the prior quarter.

"Despite turmoil and falling oil and share prices, we see today more

opportunities than threats to Aker. Individually, all of the companies in Aker's

industrial portfolio are stronger now than the last time we experienced

turbulence in the capital markets and declining oil prices," said Eriksen.

The value-adjusted equity ratio was 76 per cent, down from 77 per cent as of 30

June 2014 and down from 81 per cent per year-end 2013, prior to dividend

payment.

The Aker share declined 12.8 per cent in the third quarter. This compares to a

1.4 per cent decline in the Oslo Stock Exchange's benchmark index (OSEBX).

The income statement for Aker ASA and holding companies shows a pre-tax loss of

NOK 276 million for the third quarter, compared to a NOK 609 million profit in

the prior quarter. The income statement is mainly affected by value changes in

the share investments and dividends received.

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

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.

For further information, please contact:

Media:

Atle Kigen, Head of Corporate Communications

Phone: +47 24 13 00 08

Mobile: +47 907 84 878

Investors:

Lars Kristian Kildahl, Head of Investor Relations

Phone: +47 24 13 00 61

Mobile: +47 916 30 061

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1871387]