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Aker ASA Aker ASA Annualårsrapport Report 20142012 Beskjæres 76 Mm Fra Venstre Før Trykk >> Aker ASA Annual Report 2014 3

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Aker ASA Aker ASA Annualårsrapport Report 20142012 Beskjæres 76 Mm Fra Venstre Før Trykk >> Aker ASA Annual Report 2014 3 Aker ASA Aker ASA AnnualÅrsrapport report 20142012 Beskjæres 76 mm fra venstre før trykk >> Aker ASA annual report 2014 3 Financial calendar 2015 Contents Annual general meeting: 17 April 4 This is Aker Interim report Q1 2015: 13 May 4 Aker in brief Interim report Q2 2015: 17 July 5 2014 at a glance Interim report Q3 2015: 18 November 6 Key performance indicators Beskjæres 76 mm fra venstre før trykk >> 7 Aker ASA and holding companies Aker reserves the right to revise the dates. 8 Shareholder information 8 Letter from the President and CEO 12 Dialogue builds trust 15 Analytical information 16 Operations 16 Investment overview 17 Industrial holdings 25 Financial investments 26 Board of directors’ report 36 Annual accounts 37 Aker group 110 Aker ASA 126 Aker ASA and holding companies 134 Board and management 134 Board of directors 136 Management and key personnel 137 Contact information Other documents available via www.akerasa.com: – CSR report – NUES report 4 Aker ASA annual report 2014 This is Aker Aker in brief Aker ASA is an industrial investment company that exercises active ownership to create value. Aker combines industrial expertise, knowl- Aker’s business activities are Size Ownership edge of the capital markets and financial organised into two segments: Aker is the largest shareholder, directly or Aker was listed on the Oslo Stock strength. indirectly, in eight companies listed on the Exchange on 8 September 2004. Since list- As an active owner, Aker develops and ■ The Industrial holdings are strategic Oslo Stock Exchange. Collectively, the ing, the company’s shares have generated strengthens the companies in its portfolio in nature and managed with a long- Aker-owned companies had annual turno- an average annual return of 25.4 per cent, Beskjæres 76 mm fra venstre før trykk >> of Industrial holdings and Financial invest- term perspective. They comprise Aker’s ver of approximately NOK 71 billion in including dividends. At the beginning of ments. Aker works through the boards of ownership interests in Det norske 2014, a workforce numbering approxi- 2015, the company had 13 419 sharehold- the Aker-owned companies to drive opera- oljeselskap, Aker Solutions, Akastor, mately 40 000 people, and operations in ers. Aker’s main shareholders are Anne tional improvements, strategy, financing, Kvaerner, Ocean Yield, Aker BioMarine more than 60 countries. Aker employs 29 Grete Eidsvig and Kjell Inge Røkke, who restructuring and industrial transactions and Havfisk. 000 people, where of 15 700 in Norway. own 67.8 per cent of Aker stock through forward, with close follow-up by Aker’s ■ The Financial investments comprise The net asset value (NAV) growth is a their company TRG. CEO Øyvind Eriksen investment teams. cash and liquid assets, as well as key performance indicator for Aker ASA. As owns 0.2 per cent of the B shares in TRG Aker’s ownership interests are concen- other assets held by Aker (Aker ASA at 31 December 2014, NAV amounted to through a private company. Eriksen also trated in the oil and gas, maritime assets, and holding companies) with a shorter NOK 17.7 billion, compared to NOK 24.0 owns 100 000 shares in Aker ASA. Some seafood/marine biotechnology and real term ownership perspective and an billion the previous year. 39 of Aker ASA’s 47 employees own shares estate sectors. These are key Norwegian opportunistic management approach in in the company. industries with international customer mind. bases. 1850 1900 1950 2000 Kvaerner 1853 Peter Steenstrup Olaf A. Onsum Kjell Inge Røkke Founded Aker in Founded Aker’s main 1841. Kvaerner in RGI owner since 1853. 1996. JM Johansen 1876 – Fisheries Norcem 1892 – Offshore and cement Aker 1841 1987 1996 2001 Aker ASA annual report 2014 5 This is Aker 2014 at a glance Beskjæres 76 mm fra venstre før trykk >> JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Milestones reached Falling oil prices Financial strength Aker passed several important milestones in 2014. Aker The first half of 2014 was marked by strong profitability Aker enjoys a strong financial position, and has the Solutions became two listed companies: the “new” and growth in the portfolio companies. However, the flexibility and capacity to exploit opportunities in Aker Solutions, which is being streamlined as a global second half of the year saw a downturn as oil prices volatile markets. Aker’s value adjusted equity ratio was leader in the Subsea and Field Design sectors, and dropped by more than 50 per cent and Aker’s oil- 71 per cent at the end of 2014. Cash holdings totalled Akastor, an oil-service investment company with a related investments – not least Det norske oljeselskap, NOK 2.9 billion, and NOK 3.2 billion including liquid portfolio of wholly-owned subsidiaries. Det norske Aker Solutions, Akastor and Kvaerner – suffered fund investments. oljeselskap’s acquisition of Marathon Oil Norway was a considerable falls in value. further significant event. Aker received NOK 1 040 million in upstream cash Aker’s net asset value declined by 23 per cent, flow from its portfolio companies in 2014, and paid Ocean Yield continued to grow and diversify its adjusted for dividend, to NOK 17.7 billion, while the dividends totalling NOK 940 million to its shareholders. portfolio. Aker BioMarine implemented a restructuring group’s oil-related investments fell by NOK 6.3 billion. The sale of a real estate project released NOK 1 billion and continues to streamline its krill business. Havfisk On the other hand, the value of Ocean Yield and to Aker during the year. delivered record profits. Havfisk increased by NOK 1.4 billion. 6 Aker ASA annual report 2014 This is Aker Key performance indicators Aker’s key performance indicators are Distribution of Aker’s NOK 24.9 billion gross asset value as of 31 December 2014 net asset value, shareholder dividends (NOK billion) and the company’s cash balance. Ocean Yield To understand value creation at Aker, it is impor- tant to examine the balance sheet of Aker ASA Det norske oljeselskap and holding companies. Aker Solutions The Aker ASA and holding company structure Beskjæres 76 mm fra venstre før trykk >> encompasses pure holding companies and Cash and liquid fund investments companies that supply services to the group. Other financial investments The holding structure’s balance sheets is a more relevant tool for monitoring value creation than Akastor the balance sheet of the parent company or of Other public investments the Aker group. Nevertheless, Aker’s Annual Report contains all three types of accounts. Aker BioMarine Net asset value (NAV) expresses Aker’s Havfisk underlying value, and is a key determinant of the company’s dividend policy (two to four per cent Real estate development (Fornebuporten) of NAV per year). Net asset value is based on market value for listed shares and book value* Kvaerner for other assets. 0 1 2 3 4 5 **) At Converto Capital Fund, the value of the unlisted shares for the Align and Ocean Harvest companies is measured based on the valuation principles in “International Private Equity and Venture Capital Valuation Guidelines.” NAV per share before dividend Allocated dividend per share Gross assets per business segment Gross asset per sector (NOK per share) (NOK per share / per cent of NAV) (NOK billion) (NOK billion) ■ NAV ■ Allocated dividend (NOK) ■ Industrial holdings ■ E&P ■ Oil services ■ Maritime assets ■ Dividend ■ Per cent of NAV before dividend ■ Financial investments ■ Seafood & marine biotech ■ Real estate ■ Share price ■ Other financial assets ■ Cash and liquid fund investments 360 18 30 30 300 15 25 25 240 12 20 20 180 9 15 15 120 6 10 10 60 3 5 5 0 0 0 0 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 Aker ASA annual report 2014 7 This is Aker Aker ASA and holding companies In 2014, net asset value (NAV) decreased from NOK 24 003 million to NOK 17 679 million before allocations for dividends to shareholders. This represents a decrease in NAV-per-share from NOK 332 kroner to NOK 244. The following tables show Aker’s investments and NAV per Aker ASA share. Net asset value development – Aker ASA and holding companies Net asset value (NAV) As at As at Beskjæres 76 mm fra venstre før trykk >> Amounts in NOK million 2014 2013 2012 31 Dec. 2014 31 Dec. 2013 Dividends received 844 852 461 Owner- NOK per NOK NOK per NOK Operating expenses (223) (236) (235) ship share million share million Other financial expenses (490) (30) (152) Tax expense (6) (13) (22) Industrial holdings: Total 125 573 52 Det norske 50.0% 56 4 038 65 4 692 Dividend payments (940) (868) (794) Aker Solutions 34.8% 54 3 929 - - Sale/(purchase) treasury shares 5 150 (179) Akastor 34.5% 28 2 043 140 10 154 Value changes 1) (5 514) 1215 4 422 Kvaerner 28.7% 9 687 12 888 Change in net asset value (6 324) 1070 3 501 Aker BioMarine 99.0% 19 1 398 24 1 760 Havfisk 73.2% 13 942 10 732 Net asset value before dividend 17 679 24 003 22 933 Ocean Yield 73.2% 60 4 323 47 3 409 1*) Value changes include depreciation and write-downs of fixed assets, and sales gains. Total Industrial holdings 240 17 360 299 21 635 Financial investments: Cash 39 2 857 34 2 459 Liquid fund investments 5 362 10 707 Other public investments 20 1 476 22 1 609 Real estate development (Fornebuporten) 10 736 17 1 238 Change in net asset value Other financial investments 29 2 123 30 2 135 (NOK billion) Total Financial investments 104 7 554 113 8 149 25 24.0 (2.5) Total value-adjusted assets 344 24 914 412 29 784 23 External interest-bearing liabilities (93) (6 696) (73) (5 266) (2.2) Internal interest-bearing liabilities - (5) (2) (135) 21 Interest-free liabilities before allocated dividend (7) (534) (5) (380) (1.4) Total liabilities before allocated dividend (100) (7 235) (80) (5 780) 19 (0.9) 1.2 17.7 NAV before allocated dividend 244 17 679 332 24 003 (0.8) 17 0.2 Net interest-bearing debt (3 426) (2 321) 15 31.12.13 Aker Solutions Det norske Akastor Paid dividend Other Havfisk Ocean Yield 31.12.14 8 Aker ASA annual report 2014 Letter from the President and CEO Dear shareholders 2014 was one of the busiest and most eventful years of my professional career.
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