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Fourth Quarter and Preliminary Annual Results 2020 FOURTH QUARTER AND PRELIMINARY ANNUAL RESULTS 2020 Aker ASA Fourth quarter and preliminary annual results 2020 2 Highlights Key figures - Aker ASA and holding companies Key events in the quarter ◼ The Net Asset Value (“NAV”) of Aker ASA and holding companies ◼ Aker Solutions (AKSO) completed the merger with Kvaerner to (“Aker”) ended at NOK 53.4 billion at the end of the fourth quarter, create an optimized supplier company. The company won up 75 per cent dividend adjusted from NOK 31.0 billion at the end contracts within carbon capture and storage (CCS), incl. with Aker of the third quarter, and up 10 per cent dividend adjusted from Carbon Capture (ACC) at Norcem’s cement factory and with NOK 50.0 billion at year-end 2019. The per-share NAV amounted Equinor and its partners for the Northern Lights CO2 project. to NOK 718 as per 31 December 2020, compared to NOK 417 as AKSO also secured contracts with Equinor for the Kristin South per 30 September 2020 and NOK 673 as per 31 December 2019. development and for Johan Sverdrup and signed an LoI with Shell for the Ormen Lange phase 3 onshore project. Aker paid a cash dividend of NOK 11.75 per share in the fourth quarter, based on the 2019 annual accounts, bringing the total ◼ Cognite entered strategic partnership with global venture capital cash dividend paid during 2020 to NOK 23.50 per share. firm Accel to scale and commercialize its products and accelerate global growth. Accel became minority shareholder through a ◼ The Aker share increased by 42 per cent (adjusted for dividend) Series A investment, raising Cognite’s valuation to USD 550 in the fourth quarter to NOK 560. This compares to a 14 per cent million. Cognite signed JV agreement with Saudi Aramco as part increase in the Oslo Stock Exchange’s benchmark index of strategic partnership on industrial digitalization and (“OSEBX”). The Aker share increased 7.4 per cent in 2020, sustainability initiatives. including dividend paid. This compares with a 4.6 per cent increase of the OSEBX. ◼ Aker BP and Aker Offshore Wind (AOW) entered collaboration to drive down CO2 emissions on the NCS. AOW successfully raised ◼ Aker's Industrial Holdings portfolio increased by NOK 20.6 billion NOK 300 million in a private placement and increased its in the fourth quarter to NOK 56.8 billion. The value of Aker’s ownership in Principle Power Inc to 47 percent. Financial Investments portfolio stood at NOK 7.2 billion at the end of the fourth quarter, compared to NOK 5.9 billion as per 30 ◼ ACC signed cooperation agreement with MAN Energy Solutions September 2020. for new CCS system technologies. It also signed MoUs with Haldor Topsoe for development of low-carbon hydrogen solutions ◼ Aker’s liquidity reserve, including undrawn credit facilities, stood and with Hitachi Zosen Inova to accelerate CCS solutions for at NOK 4.3 billion as per 31 December. Cash amounted to NOK Europe’s waste-to-energy industry. 1.3 billion, down from NOK 2.4 billion as per 30 September 2020. ◼ Aker BioMarine (AKBM) launched LYSOVETA, a product offering ◼ The value-adjusted equity ratio was 83 per cent as per the end of improved transport of EPA/DHA from krill to specific organs. The the fourth quarter. This compares to 73 per cent as of 30 company also launched AION, a new circular economy company September 2020. focused on recycling and reusing waste and materials. ◼ Aker’s Board of Directors will propose a payment of NOK 11.75 ◼ Aker BP with partners started production from Ærfugl phase 1, per share cash dividend for 2020 and will propose for the Annual one of the most profitable development projects on the NCS. General Meeting in April 2021 that the Board is authorised to pay ◼ After Q4, Aker Horizons (AKH) entered agreement to acquire 75 additional cash dividend during 2021 based on the 2020 annual percent of Mainstream Renewable Power, a leading independent accounts. If an additional cash dividend equals the proposed renewable energy company within wind and solar. AKH further ordinary dividend for 2020 of NOK 11.75 per share, the total strengthened its portfolio with entry into hydropower and an dividend paid during 2021 will be NOK 23.50 per share, acquisition of Rainpower. AKH and AOW entered cooperation representing a 4.2 per cent yield to the share price and 3.3 per agreement with Statkraft to explore collaboration possibilities in cent of NAV at the close of 2020. This is within Aker’s existing offshore wind projects on the NCS. AKH raised NOK 4.6bn in dividend policy. private placement and NOK 1.5bn in convertible bond issue ahead of its Initial Public Offering on Euronext Growth Oslo. Main contributors to gross asset value Net asset value and share price (NOK billion) (NOK per share) Representing 84 per cent of total gross asset value of NOK 63.9 billion 800 Aker BP 700 600 Aker Horizons 500 Dividend Aker BioMarine 400 NAV per share 300 Ocean Yield Share price 200 Cognite 100 0 5 10 15 20 25 30 35 0 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 The balance sheet and income statement for Aker ASA and holding companies (Aker) have been prepared to show the financial position as a holding company. Net asset value (NAV) is a core performance indicator at Aker ASA. NAV expresses Aker’s underlying value and is a key determinant of the company’s dividend policy (annual dividend payments of 2-4 per cent of NAV). Gross asset value is determined by applying the market value of exchange-listed shares, most recent transaction value for non-listed assets subject to material transaction with third parties, while book value is used for other assets. Net asset value is gross asset value less liabilities. Aker ASA Fourth quarter and preliminary annual results 2020 3 Letter from the CEO Dear fellow shareholders, It is with deep sadness that I begin this letter with a few words emissions, coupled with a strong upstream cash contribution, means about Finn Berg Jacobsen, who passed away peacefully on 13 Aker BP remains an important and attractive value and liquid February at the age of 80. Finn was the deputy chair of Aker’s investment in Aker’s portfolio as we carve out our path forward in the Board of Directors, the chairman of the Audit Committee, a energy transition. board member of Cognite, and a trusted advisor and friend. Finn Digitalization and deploying industrial software is paramount to the used to encourage me to make these letters more personal. This success of the transition – both in more sustainable production of oil quarter it is difficult to not make it too personal. It is my first time and gas, as well as in enabling optimal and increasing use of penning a quarterly letter without Finn’s input and feedback. He renewable energy sources. A key challenge in the global energy will be both missed and remembered for his invaluable transition is the management of intermittent renewable power, like contributions through his analytical and technical expertise, weather-dependent wind and solar. By deploying digital technologies, strategic abilities, and intelligent humor. Yet, Finn’s presence is data can predict patterns of supply and demand, allowing for optimal still imprinted on these pages, as he has left a lasting mark on coordination of when electricity should come from renewables and Aker and our development the last 20 years. His final quarter when it is needed from conventional power plants. At Aker, this is an with us delivered the best results in our company’s history. area we see great promise and in which we are well-positioned for “There are decades when nothing happens; and there are weeks growth, combining software expertise in Cognite and Aize with Aker where decades happen,” a leader once said. A poignant description Horizons’ strengthened renewables portfolio and Aker Solutions’ of the last few months in Aker. Global capital allocation is undergoing superior track record within engineering, project management and a tectonic shift and industry and market transitions that might have execution. Yet again, we have an advantage of deep domain taken years to happen have instead unfolded in a matter of months. expertise across the Aker ecosystem where we can build on the In all of this, Aker’s method of work remains steadfast. We combine shoulders of our existing capabilities. As Cognite and Aker BP have organic growth with transaction opportunities, transition when the time worked together to create two best-in-class companies, our industrial is right, and continue to build on the shoulders of existing capabilities. software experts in Cognite and Aize will be an integral part of the The result was the largest quarterly value increase Aker has seen. new parts of our portfolio within renewables and green technology. Not least enabled by the invaluable expertise in scaling and In the fourth quarter, Aker’s Net Asset Value increased by a record commercializing software brought by Cognite’s new strategic partner, NOK 22.4 billion to NOK 53.4 billion. The return to shareholders was Accel. 41 percent, including dividend paid, compared to 14 percent in the benchmark index. The underlying results paint the picture: Aker The ability to continuously adapt is in Aker’s DNA. While there has Solutions and Aker BP increased 78 percent and 49 percent, been no shortage of value-accretive activities in the last few months, respectively, in the quarter, and our new renewables investment this is not in a race for Aker.
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