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Proud Ownership Aker ASA Annual Report 2018 2 Aker ASA Annual Report 2018

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Proud Ownership Aker ASA Annual Report 2018 2 Aker ASA Annual Report 2018 Proud ownership Aker ASA annual report 2018 2 Aker ASA annual report 2018 Aker’s vision is to practice proud ownership. Aker ASA annual report 2018 3 Content 1. This is Aker 5 Highlights 6 Key performance indicators 7 Changes in net asset value 8 2. Letter from the President and CEO 11 3. Shareholder information 14 4. Investment overview 16 Industrial holdings 17 Financial investments 24 Alternative performance measures 25 5. Board of Directors' report 27 6. Annual accounts 38 Aker Group 39 Aker ASA 94 Aker ASA and holding companies 114 7. Board of Directors 124 8. Management 127 Financial calendar 2019 Aker reserves the right to revise the dates. Annual General Meeting 2019: 26 April Announcement of 1Q 2019: 10 May Announcement of 2Q 2019: 18 July Announcement of 3Q 2019: 1 November 4 Aker ASA annual report 2018 This is Aker Aker ASA annual report 2018 5 This is Aker Since its establishment in 1841, Aker has been a driving force for the development of internationally focused, knowledge-based industry in Norway. Aker is the Aker ASA (Aker) is an industrial Size investment company that exercises Aker is the largest shareholder, directly largest shareholder, active ownership to create value. Aker or indirectly, in eight companies listed on directly or indirectly, combines industrial expertise with Oslo Stock Exchange. Aker and companies knowledge of the capital markets in which Aker is the largest investor had a in eight companies and financial strength. In its capacity total turnover of more than NOK 70 billion listed on Oslo Stock as owner, Aker helps to develop and in 2018, and a workforce of approximately strengthen the companies in its portfolio 28 000, including temporary hires. About Exchange. Aker and of industrial holdings and financial 50 per cent of the workforce is located companies in which investments. Aker works through the in Norway. boards of the portfolio companies to Aker is the largest drive forward strategy development, Net asset value (NAV) growth is a key investor had a total operational improvements, financing, performance indicator for Aker ASA and restructuring and transactions. holding companies. As at 31 December turnover of more 2018, NAV amounted to NOK 41.7 billion, than NOK 70 billion Aker’s ownership interests are compared to NOK 41.8 billion one year concentrated in the oil and gas, maritime prior. In addition, a dividend of NOK 1.3 in 2018. assets and marine biotechnology billion was paid in 2018. sectors. The investments are divided into Industrial holdings and Financial Ownership investments. Since re-listing on the Oslo Stock Exchange on 8 September 2004, Aker The Industrial holdings are strategic has generated an average annual return assets and are managed with a long- of 27 per cent, including dividends. At term perspective. They comprise Aker’s the beginning of 2019, Aker had 13 388 ownership interests in Aker BP, Aker shareholders. Aker’s main shareholder Solutions, Akastor, Kvaerner, Ocean Yield is Kjell Inge Røkke, who owns 68.2 per and Aker BioMarine. cent of Aker through his company The Resource Group TRG AS. Through a private The Financial investments comprise cash company, CEO Øyvind Eriksen owns 0.2 and other assets. The portfolio includes per cent of the B-shares in TRG Holding three relatively new companies: the oil AS, as well as 219 072 shares in Aker. company Aker Energy (a field operator in Ghana), the software company Cognite and the real estate development company FP Eiendom. These three companies are growing rapidly under Aker’s ownership. Aker Energy and Cognite will be included in Aker's Industrial holdings portfolio from first quarter 2019. 6 Aker ASA annual report 2018 This is Aker | Highlights 2018 Highlights 2018 Shareholder return: Upstream cash flow: New venture: +19 2.2 Aker Energy percent billion in Ghana Aker's share price rose from NOK 403 Dividends and upstream cash flow from Kjell Inge Røkke invited Aker to invest in a to NOK 462 during the course of the the portfolio companies to Aker totalled jointly-controlled oil company in February year. Including a dividend of NOK 18 NOK 2 174 million in 2018 – up from NOK 2018, in connection with the purchase of per share, shareholders received an 1 588 million in 2017. Predictable cash 50 per cent of the ownership interests in annual return of 19 per cent. Net asset flow increases the freedom of action the Deepwater Tano Cape Three Points value totalled NOK 562 at both the for an investment company like Aker. oil field. The seller was Hess Corporation. beginning and end of the year. Including Upstream cash flow has grown steadily Aker Energy has the potential to become the dividend paid in 2018, value growth year on year. Aker BP and Ocean Yield a significant oil industry player in Ghana, amounted to 3 per cent. By comparison, are the primary contributors. Aker BP West Africa, and in early 2019, the the Oslo Stock Exchange Benchmark has announced an increase in its annual company announced a sucessful drilling Index – fell by 1.8 per cent in 2018. dividend to USD 750 million in 2019. Aker operation and confirmed the volume base owns 40 per cent of Aker BP. of 450-550 mmboe. Distribution of Aker's NOK 51.2 billion gross asset value as at 31 December 2018 NOK billion 0.9 0.7 0.6 1.3 1.9 Eiendom n Aker BP 31.4 2.4 Andre børsnoterten Ocean Yield investeringer 5.8 2.4 n Aker Solutions 3.8 Kværnern Aker BioMarine 2.4 n Other financial investment 2.4 3.8 Akastorn Cash 1.9 n Akastor 1.3 Kontanter og likvide fondsinvesteringer n Kvaerner 0.9 5.8 31.4 n Listed financial investments 0.7 Andre nansiellle investeringer n Real Estate 0.6 Aker BioMarine Aker Solutions Ocean Yield Aker BP This is Aker | Key performance indicators Aker ASA annual report 2018 7 Key performance indicators Aker’s key performance indicators are net asset value and shareholder returns (share price and dividends). Aker ASA and holding companies are pure holding companies. The Net asset value (NAV) expresses Aker’s underlying financial value, combined balance sheets of these companies are a more relevant and provides the basis for the company’s dividend policy (two to tool for monitoring value creation than the balance sheet of the four per cent of NAV per year). NAV is calculated based on the parent company alone or the Aker group accounts. Nevertheless, market value of listed shares and the book value of other assets. Aker’s Annual Report presents all three sets of accounts. NAV per share Allocated dividend per share NOK per share NOK per share and per cent of NAV 600 25 Utbytte 500 20 VEK etter utbytte 400 15 300 10 200 100 5 0 0 2016 2017 2018 2016 2017 2018 n NAV after allocated dividend n Allocated dividend (NOK) n Allocated dividend n Per cent of NAV before dividend n Share price Gross assets per business segment Gross asset per sector NOK billion NOK billion 60 60 Finansielle investeringer Oljeservice 50 50Industrielle investeringer Leting og oljeproduksjon 40 40 Sjømat og marin bioteknologi 30 30 Maritime Assets 20 20 Kontanter og likvider 10 10 Annet 0 0 2016 2017 2018 2016 2017 2018 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 8 Aker ASA annual report 2018 This is Aker | Changes in net asset value Changes in net asset value Net asset value (NAV) totalled NOK 41 744 million before the dividend allocation at year-end 2018, compared to NOK 41 771 million last year. This equates to NAV-per-share of NOK 562. The following tables show Aker’s investments and NAV per Aker share. Net asset value development – Aker ASA and holding companies NOK million 2018 2017 Dividends received 2 174 1 588 Operating expenses 1) (254) (244) Other financial expenses (247) (209) Tax expense - - Total 1 673 1 136 Dividend payments (1 338) (1 188) Sale/(purchase) of treasury shares 2) (25) 3 Value changes 3) (337) 7 485 Change in net asset value (27) 7 436 Net asset value before dividend allocation 41 744 41 771 1) Excluding depreciation 2) Bonus shares/own shares 3) Value changes include depreciation and write-downs of fixed assets, and sales gains Change in net asset value NOK billion 50 3.8 (0.6) (0.4) (0.3) (0.3) (0.2) (0.6) (1.3) 41.8 41.7 40 30 20 10 0 -10 31.12.2017 Aker BP Aker Ocean Yield Akastor Kvaerner Listed financial Other Dividend 31.12.2018 Solutions investments This is Aker | Changes in net asset value Aker ASA annual report 2018 9 Net asset value As at 31.12.2018 As at 31.12.2017 NOK NOK NOK NOK Ownership per share million per share million INDUSTRIAL HOLDINGS Aker BP 40.0% 423 31 403 391 29 083 Aker Solutions 34.8% 50 3 750 59 4 368 Akastor 36.7% 18 1 313 22 1 649 Kvaerner 28.7% 13 931 16 1 220 Aker BioMarine 100.0% 32 2 411 19 1 411 Ocean Yield 61.7% 78 5 816 92 6 828 Total Industrial Holdings 614 45 625 600 44 560 FINANCIAL INVESTMENTS Cash 26 1 945 17 1 232 Liquid fund investments - - 6 442 Listed financial investments 9 701 16 1 220 Real estate 8 568 9 674 Other financial investments 32 2 374 30 2 261 Total Financial investments 75 5 588 78 5 829 Total value-adjusted assets 690 51 213 678 50 389 External interest-bearing liabilities (123) (9 160) (112) (8 343) Interest-free liabilities before allocated dividend (4) (309) (4) (275) Total liabilities before allocated dividend (127) (9 469) (116) (8 618) NAV before allocated dividend 562 41 744 562 41 771 Net interest-bearing debt (6 230) (5 608) 10 Aker ASA annual report 2018 Letter from the President and CEO Letter from the President and CEO Aker ASA annual report 2018 11 Forward march! Aker started and ended 2018 with its net asset value at NOK 562 per share.
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