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Annual Report 2017 THIS IS AKER PRESIDENT and CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD and MANAGEMENT

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Annual report 2017 THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENT THIS IS AKER Highlights 2017 Key performance indicators Changes in net asset value Aker is the largest shareholder, PRESIDENT AND CEO LETTER directly or indirectly, in eight companies listed on the SHAREHOLDER INFORMATION Oslo Stock Exchange. This is Aker INVESTMENT OVERVIEW Industrial holdings Financial investments Since its establishment in 1841, Aker has been a Alternative performance driving force for the development of internationally measures focused, knowledge-based industry in Norway. BOARD OF DIRECTORS' REPORT 2017 Aker ASA (Aker) is an industrial investment company that exercises Size ANNUAL ACCOUNTS active ownership to create value. Aker combines industrial exper- Aker is the largest shareholder, directly or indirectly, in eight com- tise with knowledge of the capital markets and financial strength. panies listed on Oslo Stock Exchange. Collectively, the group had Aker Group In its capacity as owner, Aker helps to develop and strengthen the a turnover of approximately NOK 42 billion in 2017, as well as a Aker ASA companies in its portfolio of industrial holdings and financial in- workforce of 19 444 direct employees, including 9 423 in Norway. Aker ASA and holding vestments. Aker works through the boards of the portfolio compa- companies nies to drive forward strategy development, operational improve- Net asset value (NAV) growth is a key performance indicator ments, financing, restructuring and transactions. for Aker ASA and holding companies. As of 31 December 2017, NAV amounted to NOK 41.8 billion, compared to NOK 34.3 billion BOARD AND Aker’s ownership interests are concentrated in the oil and gas, one year prior. In addition, a dividend of NOK 1.2 billion was paid MANAGEMENT maritime assets and marine biotechnology sectors. The invest- in 2017. Board of Directors ments consist of two portfolios: Management Ownership § The industrial holdings are strategic assets and are Since re-listing on the Oslo Stock Exchange on 8 September 2004, managed with a long-term perspective. They comprise the Aker-share has generated an average annual return of 27.3 per Aker’s ownership interests in Aker BP, Aker Solutions, cent, including dividends. At the beginning of 2018, the company Akastor, Kvaerner, Ocean Yield and Aker BioMarine. had 13 275 shareholders. Aker’s main shareholder is Kjell Inge § The financial investments comprise cash and liquid Røkke, who owns 68.2 per cent of Aker through his company The fund investments, real estate development projects Resource Group TRG AS. Through a private company, CEO Øyvind and other assets managed with a shorter, opportun- Eriksen owns 0.2 per cent of the B-shares in TRG Holding AS, as istic ownership perspective. well as 219 072 shares in Aker ASA. THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENT THIS IS AKER Highlights 2017 Key performance indicators Highlights 2017 Key performance indicators Changes in net asset value Net asset value: Shareholder return: Upstream cash flow: Aker’s key performance indicators are net asset value, the company’s upstream cash flow + 7.4 billion + 31 per cent 1.6 billion and shareholder returns (share price and dividends). PRESIDENT AND CEO LETTER 2017 was another good year for Aker, with The Aker ASA share price rose from NOK Dividends and upstream cash flow from To understand value creation at Aker, it is important to analyse the Net asset value (NAV) expresses Aker’s underlying value, and net asset value increasing by NOK 7.4 billion 323 to NOK 403 during the course of the the portfolio companies to Aker totalled balance sheets of the holding companies. The companies in the Aker provides the basis for the company’s dividend policy (two to four SHAREHOLDER to NOK 41.8 billion. Aker also distributed a year. Including a dividend of NOK 16 per NOK 1 588 million in 2017 – an increase of ASA and holding companies structure are pure holding companies. per cent of NAV per year). NAV is calculated based on the market INFORMATION dividend of NOK 1.2 billion to its sharehold- share, shareholders achieved an annual approximately NOK 160 million from 2016. The combined balance sheets of these companies are a more rele- value of listed shares and the book value of other assets. ers in the form of a dividend. While Aker return of 31 per cent. By comparison, the Predictable cash flow increases the free- vant tool for monitoring value creation than the balance sheet of the INVESTMENT OVERVIEW BP and Ocean Yield made the largest indi- performance reference for the Aker share dom of action for an investment company parent company alone or the Aker group accounts. Nevertheless, vidual contributions to value growth, the – the Oslo Stock Exchange Benchmark In- like Aker. Upstream cash flow has grown Aker’s Annual Report presents all three sets of accounts. Industrial holdings improvements by Aker Solutions, Kvaerner dex – rose by 19 per cent. The share price steadily year on year. Aker BP and Ocean Financial investments and Akastor also contributed to increased was 28 per cent lower than net asset value Yield are the primary contributors. Alternative performance profits and shareholder value. at year-end 2017. measures BOARD OF DIRECTORS' NAV per share before dividend Allocated dividend per share REPORT 2017 NOK per share NOK per share and per cent of NAV ANNUAL ACCOUNTS 600 18 Aker Group Distribution of Aker's NOK 50.4 billion gross asset value as of 31 December 2017 500 15 NOK billion Aker ASA 400 12 Aker ASA and holding 300 9 companies 1.2 0.7 1.2 200 6 1.4 BOARD AND 1.6 100 3 MANAGEMENT 1.7 n Aker BP 29.1 0 0 Board of Directors 2015 2016 2017 2015 2016 2017 2.3 n Ocean Yield 6.8 Management n Aker Solutions 4.4 n NAV n Allocated dividend (NOK) n Other financial investment 2.3 n Allocated dividend n Per cent of NAV before dividend n Cash and liquid fund investments 1.7 n Share price 4.4 n Akastor 1.6 n Aker BioMarine 1.4 n Kvaerner 1.2 Gross assets per business segment Gross asset per sector n Listed financial investments 1.2 NOK billion NOK billion n Real Estate 0.7 6.8 29.1 50 50 40 40 30 30 20 20 10 10 0 0 2015 2016 2017 2015 2016 2017 n Financial investments n Oil services n Maritime assets n Industrial holdings n E&P n Cash and liquid fund investments n Seafood & marine biotech n Other financial assets THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENT THIS IS AKER Changes in net asset value Highlights 2017 Key performance indicators Changes in net asset value In 2017, net asset value (NAV) rose from NOK 34 335 million to NOK 41 771 million before allocation of dividend. This represents an increase in NAV-per-share from NOK 462 to PRESIDENT AND CEO NOK 562. The following tables show Aker’s investments and NAV per Aker ASA share. LETTER SHAREHOLDER INFORMATION Net asset value development – Aker ASA and holding companies INVESTMENT OVERVIEW NOK million Industrial holdings Financial investments 2017 2016 Alternative performance Dividends received 1 588 1 430 Net asset value measures Operating expenses 1) (244) (198) As at 31.12.2017 As at 31.12.2016 Other financial expenses (209) (480) BOARD OF DIRECTORS' Tax expense - - NOK NOK NOK NOK REPORT 2017 Ownership per share million per share million Total 1 136 752 ANNUAL ACCOUNTS Dividend payments (1 188) (742) INDUSTRIAL HOLDINGS Aker Group Sale/(purchase) of treasury shares 2) 3 11 Aker BP 40.0% 391 29 083 281 20 873 Aker ASA Value changes 3) 7 485 13 435 Aker Solutions 34.8% 59 4 368 53 3 912 Aker ASA and holding Change in net asset value 7 436 13 457 Akastor 36.7% 22 1 649 22 1 629 companies Net asset value before dividend allocation 41 771 34 335 Kvaerner 28.7% 16 1 220 13 935 Aker BioMarine 100.0% 19 1 411 19 1 405 1) Excluding depreciation BOARD AND 2) Bonus shares/own shares Ocean Yield 66.2% 92 6 828 86 6 386 MANAGEMENT 3) Value changes include depreciation and write-downs of fixed assets, and sales gains. Total Industrial Holdings 600 44 560 473 35 139 Board of Directors Management FINANCIAL INVESTMENTS Cash 17 1 232 60 4 466 Liquid fund investments 6 442 6 410 Change in net asset value Listed financial investments 16 1 220 14 1 055 NOK billion Real estate 9 674 6 426 Other financial investments 30 2 261 21 1 594 0.3 0.0 (0.2) 45 1.0 0.5 (0.3) (1.2) Total Financial investments 78 5 829 107 7 951 7.4 41.8 43 Total value-adjusted assets 678 50 389 580 43 089 41 External interest-bearing liabilities (112) (8 343) (112) (8 331) 39 Interest-free liabilities before allocated dividend (4) (275) (6) (424) 37 34.3 35 Total liabilities before allocated dividend (116) (8 618) (118) (8 755) 33 NAV before allocated dividend 562 41 771 462 34 335 31 Net interest-bearing debt (5 608) (2 751) 29 27 25 31.12.16 Aker BP OCY AKSO KVAER AKA Financial Other Dividend 31.12.17 investments THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENT THIS IS AKER Highlights 2017 Key performance indicators Changes in net asset value I am now in my tenth PRESIDENT AND CEO LETTER year as President and CEO of Aker ASA, and SHAREHOLDER INFORMATION can look back on an Aker in the zone INVESTMENT OVERVIEW active, eventful and Industrial holdings inspiring decade.
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