Taxonomy status of Aker Horizons’ investments

The figures presented represent 92% of Aker Horizons’ operative portfolio and exclude REC Silicon and Supernode. REC Silicon has been omitted from the 2021 calculation because 1) the operational status of 2021 involved a non-representative picture of REC Silicon’s activities because the REC Solar Grade facility was idle, and 2) the primary activity in 2021 of producing silicon gases for production of semiconductors is complicated to assess even at the level of Eligibility and Substantial Contribution.

For all KPIs, both main and voluntary, 100% of activities are eligible and 0% are non-eligible.

Taxonomy accounting guidelines

The key performance indicators (KPIs) presented in this report include turnover, CapEx and OpEx KPIs, for the reporting period 2021. The KPIs have been calculated according to Annex 1 of the Art 8 Delegated Act, and include Aker Horizons’ consolidated share of turnover, CapEx and OpEx in relation to total turnover, CapEx and OpEx, as presented in the consolidated financial statements.

In addition to the KPIs as determined in accordance with Annex 1 of the Art 8 Delegated Act, Aker Horizons has also chosen to present additional KPIs for turnover, CapEx and OpEx on a voluntary basis. In the additional KPIs, turnover, CapEx and OpEx have been calculated on a pro rata basis, corresponding to Aker Horizons’ equity share of the different KPIs in both subsidiaries and joint ventures.

A major part of the taxonomy-eligible activities across Aker Horizons’ investee companies are conducted through special purpose vehicles (SPVs). Such assets are often accounted for using the equity method, as opposed to being included in the consolidated figures. Thus, the additional KPIs will assist users of Aker Horizons’ annual report in understanding the full extent of its’ taxonomy-eligible activities. For further details, refer to the sustainability accounting principles and methodology within the section Transparent Reporting in our Annual Report and Sustainability Report.

Approach to classifying activities

Eligibility

A taxonomy-eligible activity means an economic activity that is described in the delegated acts supplementing the Taxonomy Regulation, regardless of whether that activity

Main KPIs – determined in accordance with Annex 1 of the Art 8 Delegated Act Voluntary KPIs – equity share of all investments meets the technical screening criteria laid down in the respective acts. Similarly, non-eligible activities are defined as activities not described in the delegated acts.

Alignment

A taxonomy-aligned activity means an eligible economic activity that also complies with all of the technical screening criteria:

• Substantial contribution: The economic activity contributes substantially to one or more of the environmental objectives
• Do no significant harm: It does not significantly harm any of the environmental objectives
• Minimum safeguards: It is carried out in compliance with the minimum safeguards
• It complies with technical screening criteria in the delegated acts supplementing the Taxonomy Regulation

Aker Horizons and its portfolio companies have begun assessing activities on the basis of the current draft of the Taxonomy Regulation. Aker Horizons has chosen to report on the proportion of activities that are taxonomy aligned, and also the share of the KPIs that are defined as “expected aligned”. This is in recognition of the fact that while activities are deemed likely to be aligned on the basis of an assessment of their substantial contribution, full documentation efforts have not been undertaken for all the technical screening criteria. In many cases, however, management believes the required documentation on alignment will be completed in the near future. For further details, refer to the sustainability accounting principles and methodology within the section Transparent Reporting in our Annual Report and Sustainability Report.