Aker — Net Asset Value 2015

Nov 18, 2015

Aker ASA: Third-quarter results 2015 - Net Asset Value of NOK 18.9 billion

Aker ASA: Third-quarter results 2015 - Net Asset Value of NOK 18.9 billion

The net asset value of Aker ASA and holding companies (Aker) declined 10 per

cent in the third quarter to NOK 18.9 billion. Per-share net asset value (NAV)

amounted to NOK 254 as of 30 September 2015, compared to NOK 282 as per 30 June

"This year's favourable development of Aker's net asset value paused in the

third quarter as the oil price took another dive," said Aker President and CEO

Øyvind Eriksen. "However, our non-oil and gas related investments delivered

another solid quarter and we have since completed our NOK 3 billion divestment

program and strengthened our upstream cash flow. This leaves Aker with a rock

solid balance sheet. Our portfolio of investments today is less exposed to the

energy sector. Nevertheless, if managed properly, the downturn in oil and gas

could present our company with transformational opportunities."

Aker's cash holdings decreased by NOK 112 million to NOK 2.9 billion in the

third quarter, primarily due to the purchase of NOK 202 million in own bonds

(AKER05). Aker received NOK 159 million in dividend payments from the portfolio

companies and NOK 176 million from the sale of a subsidiary of Setanta Energy.

Aker held NOK 384 million in liquid fund investments as per 30 September 2015.

The value of Aker's Industrial Holdings portfolio declined to NOK 18.4 billion

in the quarter, mainly due to an underlying value decrease of NOK 2.0 billion of

which Aker Solutions stood for NOK 1.4 billion. Aker's Financial Investments

portfolio amounted to NOK 8.0 billion, down from NOK 8.2 billion as of 30 June

The value-adjusted equity ratio was 71.6 per cent, down from 73.4 per cent as of

30 June 2015.

The Aker share declined 12 per cent in the third quarter. This compares to a

7.5 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 570 million for the third quarter 2015, compared to a profit of NOK 481

million in the second quarter. The income statement is mainly affected by value

changes in the share investments and dividends received.

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 third-quarter 2015 results at Fjordalleen 16, 3rd floor,

Aker Brygge, Oslo at 09:00 a.m. CET today.

Webcast link: http://webtv.hegnar.no/presentation.php?webcastId=25477975

For further information, please contact:

Media:

Atle Kigen, Head of Corporate Communications

Phone: +47 24 13 00 08

Mobile: +47 907 84 878

Investors:

Marianne Stigset, Head of Investor Relations

Phone: +47 24 13 00 66

Mobile: +47 41 18 84 82

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1967557]