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:
AKER ASA | Aker Companies Investor Day17 March 2015 4
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
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 5
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
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
Demerger and re-listing of Kvaerner
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
Demerger and re-listing of Kvaerner
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
17 March 2015 AKER ASA | Aker Companies Investor Day 7
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
17 March 2015 AKER ASA | Aker Companies Investor Day 8
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
AKER ASA | Aker Companies Investor Day
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)
Industrialholdings
Opportunisticinvestments
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
Operational excellence
Exploration & Production company on the Norwegian continental shelf
<2020?
Industrialholdings
Opportunisticinvestments
Financialresources
Growth
Yield
17 March 2015
Industrial HoldingsAker Solutions
13AKER ASA | Aker Companies Investor Day
Aker’s ownership agenda
Operational excellence
Reduce complexity and costs
Capacity adjustments
Capital discipline
Global oil services company providing services, technologies, and product solutions within subsea and field design
Industrialholdings
Opportunisticinvestments
Financialresources
Growth
Yield
17 March 2015
Industrial HoldingsAkastor
14AKER ASA | Aker Companies Investor Day
Aker’s ownership agenda
Portfolio allocation
Reduce cost and capacity adjustements
Capital discipline
Oilfield services investment company with a flexible mandate for long-term value creation
Portfolio
Industrialholdings
Opportunisticinvestments
Financialresources
Growth
Yield
17 March 2015
Industrial HoldingsKvaerner
15AKER ASA | Aker Companies Investor Day
Aker’s ownership agenda
Review delivery model and enhance competitiveness
Execution of order backlog
Explore strategic options
Specialised oil and gas-related EPC company
New picture
?
Industrialholdings
Opportunisticinvestments
Financialresources
Growth
Yield
17 March 2015
Industrial HoldingsOcean Yield
16AKER ASA | Aker Companies Investor Day
Aker’s ownership agenda
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
Opportunisticinvestments
Financialresources
Growth
Yield
17 March 2015
Industrial HoldingsHavfisk
17AKER ASA | Aker Companies Investor Day
Leading whitefish harvesting company
Aker’s ownership agenda
Operational excellence and improved profitability
Optimise vessel and quota portfolio
Introduce dividend payments
New picture
2015?
Industrialholdings
Opportunisticinvestments
Financialresources
Growth
Yield
17 March 2015
Industrial HoldingsAker BioMarine
19AKER ASA | Aker Companies Investor Day
Aker’s ownership agenda Build and expand the market for krill-derived
products, ingredients and applications
Operational excellence
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
Opportunisticinvestments
Financialresources
Growth
Yield
17 March 2015 20
Financial InvestmentsOther public investments
AKER ASA | Aker Companies Investor Day
Aker’s ownership agenda
Develop and maximise values Render investments more liquid Evaluate strategic alternatives
?
?
Industrialholdings
Opportunisticinvestments
Financialresources
Growth
Yield
17 March 2015 21
Financial InvestmentsReal Estate Development
AKER ASA | Aker Companies Investor Day
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
?
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 22
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
▪ 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
AKER ASA | Aker Companies Investor Day17 March 2015 24