Proud ownership
Aker Companies Investor Day Aker ASA presentation London | 17 March 2015 Aker ASA – positioned for both growth and yield
What we have…
A A pivotal position in key Norwegian and global main industries
B Financial and liquidity position providing optionality
What we offer in addition…
1 Deep sector knowledge and track record of long-term value creation
2 Growth in underlying earnings and high visibility
3 A direct yield to our shareholders
17 March 2015 AKER ASA | Aker Companies Investor Day 2 A. A pivotal position in key Norwegian and global main industries Portfolio combining growth and upstream cash
Industrial Opportunistic Financial holdings investments resources
Portfolio
Growth Navigator Marine
Other financial investments
Upstream cash of NOK 1.0 bn in 2014
Cash and liquid fund investments Yield
Gross asset values NOK 15.3 bn (61%) NOK 6.4 bn (26%) NOK 3.2 bn (13%) per end 2014:
17 March 2015 AKER ASA | Aker Companies Investor Day 3 B. Financial and liquidity position providing optionality Flexibility and financial strength
Gross asset values Net asset values % of gross value1) NOK billion1) 24.9 Listed investments Industrial Holdings 13% Unlisted investments Other financial investments Cash and liquid fund inv. Cash and liquid fund investments
70% 17.4 +17.7 bn (71%) 17% NOK 24.9 bn 7.2 17% 4.3 70% 3.2
Gross Debt asset value
Gross asset values of NOK 24.9 bn, of which 83% (20.7 bn) Net asset value of NOK 17.7 bn and a strong financial are cash and publicly traded investments and liquidity position
1)As per 31.12.2014
17 March 2015 AKER ASA | Aker Companies Investor Day 4 Aker ASA – positioned for both growth and yield
What we have…
A A pivotal position in key Norwegian and global main industries
B Financial and liquidity position providing optionality
What we offer in addition…
1 Deep sector knowledge and track record of long-term value creation
2 Growth in underlying earnings and high visibility
3 A direct yield to our shareholders
17 March 2015 AKER ASA | Aker Companies Investor Day 5 1. Deep sector knowledge and track record of long-term value creation Proven value creation through M&A
Established
Acquisition of Acquisition of Epax Demerger and OTC Acquisition of IPO and listing Launched shares from 45% and formation of JV listing of Norway Marathon Norway to 100% with LG Seafoods AS
Demerger and re- Sale of AMC IPO and listing IPO and listing IPO and listing Sale of Naxys listing of AKSO / Sale of P&C Akastor
2004 2005 2006 2007 2008 20082009 2010 2011 2012 2013 2014
Demerger and re- Demerger and re- Demerger and re- Aker ASA - Merger and Sale of Aker Merger between listing of listing of listing of Increased Sale of Epax listing Yards Aker Exploration Kvaerner Kvaerner and Det norske Kvaerner ownership by 6%
Aker Holding Sale of Aker Sale of Aker Sale of Aker Sale of MLS IPO and listing structure IPO and listing Drilling Drilling Drilling Sale of WIS established
Aker ASA - Spun-out and Sale of NAM IPO and listing Increased ownership Delisting separate listing construction by ~10%
Relisting of Aker Listing Sale of Stream Drilling
Aker ASA has executed – or has been instrumental in executing – more than 50 large M&A, ECM and restructuring transactions since the relisting in 2004
17 March 2015 AKER ASA | Aker Companies Investor Day 6 1. Deep sector knowledge and track record of long-term value creation Cyclical markets creates opportunities
Historical oil price development Illustration of transaction optionality
USD per bbl 160 Level 1: New Aker ASA investments 140 Aker ASA 120
100 Level 2: Changes in ownerships
80 % % % % 60
40 Level 3: M&A in current portfolio companies
Portfolio Portfolio Portfolio Portfolio 20 company 1 company 2 company 3 company 4
0 20002004 2008 2012 2016
17 March 2015 AKER ASA | Aker Companies Investor Day 7 1. Deep sector knowledge and track record of long-term value creation Pro-active measures are being taken
Aker ASA
Reducing operational expenses . Operational expenses are being reduced by more then 15% (full effect from 2016) . Executive salaries will not be adjusted this year. Other salaries will not be adjusted above inflation . Bonus payments will be reduced compared to previous years
Industrial Holdings
Operational excellence
Cost reductions and capacity adjustments Counter-parties Inverse oil exposure
Financing
17 March 2015 AKER ASA | Aker Companies Investor Day 8 2. Growth in underlying earnings and high visibility Growth in underlying pro-rata financials
Operating revenues1) EBITDA1) Dividend to Aker Pro-rata, NOK billion Pro-rata, NOK billion NOK billion
1.0 26.8
0.9 21.4 20.2
3.5 0.5
1.6 1.6
2012 2013 2014 2015E 2012 2013 2014 2015E 2012 2013 2014 2015E
279 296 370 22.6 22.7 48.3 6.4 11.8 14.4 NOK per share
Financial Investments Industrial Holdings Bloomberg 2015 consensus 2) 1)Based on pro-rata consolidation 2)Assumes pro-rata Bloomberg 2015 consensus estimates for the six listed Industrial Holdings and 2014 numbers for the rest of the portfolio
Supported by high visibility and solid backlogs in most of the portfolio companies
17 March 2015 AKER ASA | Aker Companies Investor Day 9 3. A direct yield to our shareholders Dividend supported by upstream cash flow
Upstream dividend Dividend to Aker shareholders NOK million NOK per share (left axis) and % (right axis)
NOK per share Per cent 1 040 20 8.0 7.1% 7.1% 18 852 7.0 16 5.9% 6.1% 5.7% 6.0 14 12 5.0 10 461 1) 4.0 8 5.0 3.0 6 12.0 13.0 10.0 11.0 2.0 191 4 2 5.0 1.0 0 0.0 20112012 2013 2014 2015E 2011 20122013 2014 2015
Cash dividend to Aker shareholders Aker BioMarine 3.9 4.1 3.7 3.9 4.1 % of NAV2) Financial Investments Ocean Yield Kvaerner Aker Solutions / Akastor Direct dividend yield2) Optional scrip dividend Cash dividend
1)Assumes that only TRG chooses optional settlement in shares, amount will be reduced if more shareholders do the same 2)As per end of preceding year
17 March 2015 AKER ASA | Aker Companies Investor Day 10 Aker Industrial Holdings presenting today
17 March 2015 AKER ASA | Aker Companies Investor Day 11 Industrial Holdings Det norske Exploration & Production company on the Norwegian continental shelf
Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Johan Sverdrup unitisation and project Growth execution
. Secure diversified and robust financing
Yield <2020? . Operational excellence
17 March 2015 AKER ASA | Aker Companies Investor Day 12 Industrial Holdings Aker Solutions Global oil services company providing services, technologies, and product solutions within subsea and field design
Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Operational excellence Growth . Reduce complexity and costs
. Capacity adjustments Yield . Capital discipline
17 March 2015 AKER ASA | Aker Companies Investor Day 13 Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long-term value creation
Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Portfolio allocation Growth Portfolio . Reduce cost and capacity adjustements
. Capital discipline Yield
17 March 2015 AKER ASA | Aker Companies Investor Day 14 Industrial Holdings Kvaerner Specialised oil and gas-related EPC company
Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Review delivery model and enhance Growth competitiveness
? . Execution of order backlog
Yield . Explore strategic options
New picture
17 March 2015 AKER ASA | Aker Companies Investor Day 15 Industrial Holdings Ocean Yield A maritime assets company with long-term contracts
Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Expand and diversify portfolio Growth . Solid counterparties . Drive down cost of capital
Yield . Predictable and growing cash dividends
New picture
17 March 2015 AKER ASA | Aker Companies Investor Day 16 Industrial Holdings Havfisk Leading whitefish harvesting company
Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Operational excellence and improved Growth profitability
. Optimise vessel and quota portfolio
Yield 2015? . Introduce dividend payments
New picture
17 March 2015 AKER ASA | Aker Companies Investor Day 17 Aker Other key investments
17 March 2015 AKER ASA | Aker Companies Investor Day 18 Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing
Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda
. Build and expand the market for krill-derived Growth ? products, ingredients and applications . Operational excellence . Explore options to further reveal underlying values and render investment more liquid Yield
Key highlights
. Human market still influenced by soft market sentiment . Continued favourable development in demand in the animal feed ingredient market . Unique vertically integrated model providing substantial operational leverage . Significant growth potential
17 March 2015 AKER ASA | Aker Companies Investor Day 19 Financial Investments Other public investments
Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Develop and maximise values Growth ? . Render investments more liquid . Evaluate strategic alternatives
Yield ?
17 March 2015 AKER ASA | Aker Companies Investor Day 20 Financial Investments Real Estate Development
Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda
. Conclude marketing and sales of its commercial Growth ? and residential projects . Opportunistically monetise upon completion . Leverage on the competence, expertise and track- record of the project execution team Yield ?
Key highlights
. AIBP1) Phase 1 already realised with a profit of ~NOK 200m . Fornebuporten Phase 1 on track and on budget . ~NOK 170m in steady state net leases (2017 first full year) - 90% already leased out . All in cost of ~NOK 2 650m . Additional upside potential in phase 2 developments
1)Aberdeen International Business Park
17 March 2015 AKER ASA | Aker Companies Investor Day 21 Aker ASA – positioned for both growth and yield
What we have…
A A pivotal position in key Norwegian and global main industries
B Financial and liquidity position providing optionality
What we offer in addition…
1 Deep sector knowledge and track record of long-term value creation
2 Growth in underlying earnings and high visibility
3 A direct yield to our shareholders
17 March 2015 AKER ASA | Aker Companies Investor Day 22 Proud ownership 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.
17 March 2015 AKER ASA | Aker Companies Investor Day 24