Aker Asa Class A · OSL:AKER

Aker Asa Class A — Q4 2016 Earnings Presentation

28 slides from Aker Asa Class A's earnings presentation, Feb 28, 2017

  1. Slide 1: Fourth-quarter and preliminary annual results 2016

    Proud ownership Aker ASA Fourth-quarter and preliminary annual results 2016 28 February 2017 | Fornebu

  2. Slide 2: Highlights | Fourth quarter 2016

    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

  3. Slide 3: NAV rose 15% in 4Q 2016 to NOK 34.3 billion

    Aker ASA and holding companies NAV rose 15% in 4Q 2016 to NOK 34.3 billion Net asset value change in 4Q 2016 Total return portfolio companies in 4Q 2016 NOK billion Percentage change, adjusted for dividends 3Q 16 29.8 AKA 90% Other (0.8) KVAER 25% OCY 0.1 AKER BP 23% KVAER 0.2 AKSO 11% AKSO 0.4 OCY

  4. Slide 4: NAV increased 64% in 2016 and 69% dividends included

    Aker ASA and holding companies NAV increased 64% in 2016 and 69% dividends included Net asset value change in 2016 Total return portfolio companies in 2016 NOK billion Percentage change, adjusted for dividends 4Q 15 20.9 1) AKER BP 182% 33% 215% Other (1.5) KVAER 47% OCY 0.2 KVAER 0.3 AKSO 37% +64%

  5. Slide 5: Share price gained 17.5% in Q4, balance sheet remains robust

    Aker ASA and holding companies Share price gained 17.5% in Q4, balance sheet remains robust NAV per share vs. share price Net asset value composition NOK per share NOK billion 500 43.1 Industrial Holdings Other Financial Investments 400 Cash and liquid fund investments 300 35.1 34.3 bn 82% 80% 200 8

  6. Slide 6: 65% of gross assets related to oil and gas

    Aker ASA and holding companies 65% of gross assets related to oil and gas Portfolio composition Gross asset value distribution NOK billion, as per 4Q 2016 Per 4Q 2016 (3Q 2016) Listed investments Other 2% (3%) Real estate investments 1% (1%) Unlisted investments Cash and liquid fund investments 11%

  7. Slide 7: A more transparent portfolio

    Aker ASA and holding companies A more transparent portfolio Gross asset value composition NOK billion and percentage distribution Listed assets Cash and liquid funds Unlisted assets 20.6 22.9 21.4 22.7 26.8 29.8 24.9 27.9 43.1 8% 20% 19% 18% 20% 23% 11% 43% 7% 11% 13% 58% 56% 14% 20% 15% 81% 13% 73%

  8. Slide 8: Solid investment capacity, strengthened upstream cash flow

    Aker ASA and holding companies Solid investment capacity, strengthened upstream cash flow Investment capacity potential Upstream dividend NOK billion NOK billion 1.4 1.4 Havfisk Kvaerner  Increased gearing 6.0  Increased dividends 1.0 Aker  Divestments 0.9 Solutions/Akastor Aker BioMarine 4.9 1.0

  9. Slide 9: NOK 16 per share in cash dividend proposed (3.5% of NAV)

    Aker ASA and holding companies NOK 16 per share in cash dividend proposed (3.5% of NAV) NOK per share (left axis) and % (right axis) NOK per share Per cent 20 8.0 7.1% 7.1% 18 7.0 16 5.9% 6.1% 6.1% 5.7% 6.0 14 5.0% 5.0% 5.0 Dividend policy 12  Annual dividend 10 3.6% 4.0 payment of 2-4 per cent of

  10. Slide 10: Industrial Holdings

    Aker Industrial Holdings 28 February 2017 AKER ASA | Fourth-quarter and preliminary annual results 2016 10

  11. Slide 11: Aker BP

    Industrial Holdings Aker BP Exploration & Production company on the Norwegian continental shelf % of gross asset value (4Q 2016) Investment value of NOK 20.9 billion 48% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.16 17 171  Growth, organic and through M&A Value change

  12. Slide 12: Aker Solutions

    Industrial Holdings Aker Solutions Global oil services company providing services, technologies, and product solutions within subsea and field design % of gross asset value (4Q 2016) Investment value of NOK 3.9 billion 9% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.16 3

  13. Slide 13: Akastor

    Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long- term value creation % of gross asset value (4Q 2016) Investment value of NOK 1.6 billion 4% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.16 856  Operational excellence, cos

  14. Slide 14: Kvaerner

    Industrial Holdings Kvaerner Specialised oil and gas-related EPC company % of gross asset value (4Q 2016) Investment value of NOK 0.9 billion 2% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.16 748  Enhance competitiveness through operational Value change in 4Q 187 excell

  15. Slide 15: Ocean Yield

    Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (4Q 2016) Investment value of NOK 6.4 billion 15% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.16 6 459 Value change in 4Q 74  Growth by incremental, accret

  16. Slide 16: Aker BioMarine

    Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (4Q 2016) Investment value of NOK 1.4 billion 3% Aker’s investment NOK million Aker’s ownership agenda Value as per 30.09.16 (book value) 1 405  Operational excellen

  17. Slide 17: Financial Investments

    Aker Financial Investments 28 February 2017 AKER ASA | Fourth-quarter and preliminary annual results 2016 17

  18. Slide 18: Overview

    Financial Investments Overview Financial Investments NOK billion % of gross asset value (4Q 2016) 8 Other financial investments Value of NOK 8.0 billion Real estate 18% 6 Listed financial 4 investments Liquid fund investments  Cash unchanged at NOK 4.5 billion. NOK 4.9 billion incl. 2 liquid fund i

  19. Slide 19: Cash and Liquid fund investments

    Financial Investments Cash and Liquid fund investments % of gross asset value (4Q 2016) Value of NOK 4.9 billion 11% Key events 4Q  Cash unchanged at NOK 4.5 billion: + NOK 394 million in dividends received – NOK 216 million in debt repayment – NOK 124 million in operating expenses and net interest

  20. Slide 20: Listed financial investments

    Financial Investments Listed financial investments % of gross asset value (4Q 2016) Value of NOK 1.1 billion 2%  Value of Philly Shipyard decreased by NOK 356 million Aker’s investment 4Q 15 3Q 16 4Q 16  Total value of AMSC exposure decreased by NOK 16 million NOK million Philly Shipyard 1 368 803

  21. Slide 21: Proposed merger between Solstad, Farstad & Deep Sea Supply

    Financial Investments Proposed merger between Solstad, Farstad & Deep Sea Supply Key highlights Combined company locations and fleet composition  Hemen and Aker join forces to create a leading global OSV company in the high-end segment  Three companies with complementary strengths  Targeting syne

  22. Slide 22: Real estate and other financial investments

    Financial Investments Real estate and other financial investments % of gross asset value (4Q 2016) Value of NOK 2.0 billion 5%  Loan issued to Fornebuporten of NOK 100 million Aker’s investment 4Q 15 3Q 16 4Q 16  Loan repayment from Aker BioMarine of NOK 63 million NOK million Real estate (incl. r

  23. Slide 23: Financial Statements

    Aker Financial Statements 28 February 2017 AKER ASA | Fourth-quarter and preliminary annual results 2016 23

  24. Slide 24: Balance sheet

    Aker ASA and holding companies Balance sheet (after dividend allocation of NOK 16 per share) Value-adjusted (MNOK) 37 276 43 089 Book value (MNOK) 8 755 19 895 1 189 19 895 17 381 4 466 13 251 191 1 114 43 Tangible and non- Long-term interest Other current assets Cash and cash Investments Liabilitie

  25. Slide 25: Interest-bearing items and loan guarantees

    Aker ASA and holding companies Interest-bearing items and loan guarantees 9 000 8 000 Net interest-bearing 7 000 liabilities of 4000 6 000 NOK 2.8 billion 3500 5 000 Bank loans 4 000 3000 Cash Bonds 3 000 2500 Interest-bearing 2 000 receivables 2000 1 000 Interest-bearing debt 1500 0 1000 Interest-b

  26. Slide 26: Income statement

    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)

  27. Slide 27: Proud ownership

    Proud ownership

  28. Slide 28: Disclaimer

    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 glo

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