20150317 Aker presentation London Investor Day final2 vessel and quota portfolio Introduce dividend...

Proud ownership

Aker Companies Investor DayAker ASA presentationLondon | 17 March 2015

Proud ownership

A pivotal position in key Norwegian and global main industries

Growth in underlying earnings and high visibility

Aker ASA – positioned for both growth and yield

AKER ASA | Aker Companies Investor Day17 March 2015 2

Deep sector knowledge and track record of long-term value creation

A direct yield to our shareholders3

1

2

A

What we offer in addition…

What we have…

Financial and liquidity position providing optionalityB

3

A. A pivotal position in key Norwegian and global main industriesPortfolio combining growth and upstream cash

AKER ASA | Aker Companies Investor Day17 March 2015

Industrialholdings

Opportunisticinvestments

Financialresources

Growth

YieldCash and liquid fund investments

Navigator Marine

Portfolio

Other financial investments

NOK 3.2 bn (13%)NOK 15.3 bn (61%) NOK 6.4 bn (26%)

Upstream cashof NOK 1.0 bnin 2014

Gross asset valuesper end 2014:


B. Financial and liquidity position providing optionalityFlexibility and financial strength

13%

70%

17%

Cash and liquid fund inv.

Listed investmentsUnlisted investments

Gross asset values% of gross value1)

NOK24.9 bn

Gross asset values of NOK 24.9 bn, of which 83% (20.7 bn) are cash and publicly traded investments

17.4

4.317%

+17.7 bn(71%)

70%

Debt

7.2

Gross asset value

24.9

3.2

Net asset valuesNOK billion1)

Cash and liquid fund investments

Industrial HoldingsOther financial investments

Net asset value of NOK 17.7 bn and a strong financial and liquidity position

1)As per 31.12.2014







1

2

A


What we have…


17 March 2015 AKER ASA | Aker Companies Investor Day 6

1. Deep sector knowledge and track record of long-term value creationProven value creation through M&A

Acquisition of Epax and formation of JV

with LG

Sale of AMCSale of P&C

2010

Acquisition ofMarathon Norway

AS

Demerger and re-listing of AKSO /

Akastor

2014

Established

Demerger and OTC listing of Norway

Seafoods

Sale of Naxys

2012

Sale of NAM construction

Sale of Epax

Delisting

IPO and listing

Sale of Stream

Sale of MLSSale of WIS

Aker ASA -Increased

ownership by 6%

20132008

Merger betweenAker Exploration and Det norske

2009

Aker ASA -Increased ownership

by ~10%

Relisting of Aker Drilling

2011

Demerger and re-listing of Kvaerner

Sale of Aker Drilling

Acquisition of shares from 45%

to 100%

IPO and listing

2007

Listing


Sale of Aker Yards

Sale of Aker Drilling

Aker Holding structure

established

Spun-out and separate listing

2005

IPO and listing

Sale of Aker DrillingIPO and listing


Merger and listing

2006

Launched

IPO and listing

2004

IPO and listing

IPO and listing

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

2008


1. Deep sector knowledge and track record of long-term value creationCyclical markets creates opportunities

Illustration of transaction optionality

Level 3: M&A in current portfolio companies

Level 1: New Aker ASA investments

Level 2: Changes in ownerships

%% %%

Portfolio company 1

Portfolio company 4

Portfolio company 3

Portfolio company 2

Aker ASA

0

20

40

60

80

100

120

140

160

2000 20122008 20162004

Historical oil price development

USD per bbl


1. Deep sector knowledge and track record of long-term value creationPro-active measures are being taken

Aker ASA

Industrial Holdings

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

Operational excellence

Financing

Cost reductions and capacity adjustments Counter-parties Inverse oil exposure

17 March 2015 9

2. Growth in underlying earnings and high visibilityGrowth in underlying pro-rata financials

AKER ASA | Aker Companies Investor Day

Dividend to AkerNOK billion

EBITDA1)

Pro-rata, NOK billion

1)Based on pro-rata consolidation2)Assumes pro-rata Bloomberg 2015 consensus estimates for the six listed Industrial Holdings and 2014 numbers for the rest of the portfolio

Operating revenues1)

Pro-rata, NOK billion

NOK per share6.4 11.8 14.4

2014 2015E20132012

1.0

0.9

0.5

22.6 22.7 48.3

201420132012

1.6 1.6

3.5

2015E

279 296 370

20.2

2015E2014

26.8

2013

21.4

2012

Bloomberg 2015 consensusFinancial Investments Industrial Holdings

Supported by high visibility and solid backlogs in most of the portfolio companies

2)

1017 March 2015

3. A direct yield to our shareholdersDividend supported by upstream cash flow


0

2

4

6

8

10

12

14

16

18

20

4.0

3.0

2.0

1.0

0.0

8.0

7.0

6.0

5.0

12.0

5.7%

11.0

7.1%

5.0

6.1%

13.0

5.9%

2011

5.0

10.0

7.1%

2012 201520142013

Cash dividendOptional scrip dividendDirect dividend yield2)

NOK per share Per cent

Dividend to Aker shareholdersNOK per share (left axis) and % (right axis)

3.9 4.1 3.7 3.9 % of NAV2)

1)Assumes that only TRG chooses optional settlement in shares, amount will be reduced if more shareholders do the same2)As per end of preceding year

4.1

Upstream dividend NOK million

2014

1 040

852

2013

461

191

20122011 2015E

Aker Solutions / Akastor

Aker BioMarineOcean Yield

KvaernerFinancial InvestmentsCash dividend to Aker shareholders

1)

Aker

Industrial Holdings presenting today

17 March 2015 11AKER ASA | Aker Companies Investor Day

Industrialholdings


Financialresources

Growth

Yield

17 March 2015

Industrial HoldingsDet norske

12AKER ASA | Aker Companies Investor Day

Aker’s ownership agenda

Johan Sverdrup unitisation and project execution

Secure diversified and robust financing


Exploration & Production company on the Norwegian continental shelf

<2020?

Industrialholdings


Financialresources

Growth

Yield

17 March 2015

Industrial HoldingsAker Solutions




Reduce complexity and costs

Capacity adjustments

Capital discipline

Global oil services company providing services, technologies, and product solutions within subsea and field design

Industrialholdings


Financialresources

Growth

Yield

17 March 2015

Industrial HoldingsAkastor



Portfolio allocation

Reduce cost and capacity adjustements

Capital discipline

Oilfield services investment company with a flexible mandate for long-term value creation

Portfolio

Industrialholdings


Financialresources

Growth

Yield

17 March 2015

Industrial HoldingsKvaerner



Review delivery model and enhance competitiveness

Execution of order backlog

Explore strategic options

Specialised oil and gas-related EPC company

New picture

?

Industrialholdings


Financialresources

Growth

Yield

17 March 2015

Industrial HoldingsOcean Yield



Expand and diversify portfolio Solid counterparties Drive down cost of capital Predictable and growing cash dividends

A maritime assets company with long-term contracts

New picture

Industrialholdings


Financialresources

Growth

Yield

17 March 2015

Industrial HoldingsHavfisk


Leading whitefish harvesting company


Operational excellence and improved profitability

Optimise vessel and quota portfolio

Introduce dividend payments

New picture

2015?

Aker

Other key investments

17 March 2015 18AKER ASA | Aker Companies Investor Day

Industrialholdings


Financialresources

Growth

Yield

17 March 2015

Industrial HoldingsAker BioMarine


Aker’s ownership agenda Build and expand the market for krill-derived

products, ingredients and applications


Explore options to further reveal underlying values and render investment more liquid

Integrated biotech company – specialised in krill harvesting and processing

?

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

Industrialholdings


Financialresources

Growth

Yield

17 March 2015 20

Financial InvestmentsOther public investments



Develop and maximise values Render investments more liquid Evaluate strategic alternatives

?

?

Industrialholdings


Financialresources

Growth

Yield

17 March 2015 21

Financial InvestmentsReal Estate Development


Aker’s ownership agenda Conclude marketing and sales of its commercial

and residential projects

Opportunistically monetise upon completion

Leverage on the competence, expertise and track-record of the project execution team?

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 developments1)Aberdeen International Business Park

?







1

2

A


What we have…


Proud ownership

▪ 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.

Disclaimer


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20150317 Aker presentation London Investor Day final2 vessel and quota portfolio Introduce dividend...

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