Aker ASA: First-quarter results 2016 - Net Asset Value of NOK 19.7 billion
The net asset value of Aker ASA and holding companies ("Aker") fell by 5.7 per cent in the first quarter 2016 to NOK 19.7 billion, compared to NOK 20.9 billion as per 31 December 2015. Per share net asset value ("NAV") amounted to NOK 265 as per 31 March 2016, compared to NOK 282 as per year-end 2015. Cash holdings rose by NOK 0.7 billion to NOK 2.2 billion.
"The robustness of the Aker Group underwent a stress test when crude oil prices plunged below USD 27 a barrel in late January 2016," said Aker President and CEO Øyvind Eriksen. "In this challenging environment, both Aker and its portfolio companies soldiered on. Aker emerged with a cash balance, including liquid fund investments, of NOK 2.6 billion as per the end of the first quarter, whilst our interest-bearing debt stood unchanged at NOK 6.5 billion. This gave us a value-adjusted equity ratio of 74 per cent. Aker's balance is rock solid and we are not restricted by our financial position."
The value of Aker's Industrial Holdings portfolio fell to NOK 18.8 billion in the quarter, from NOK 20.2 billion as per year-end 2015. Aker's Financial Investments portfolio stood unchanged at NOK 7.7 billion.
The Aker share fell 5.8 per cent in the first quarter. This compares to a 5.3 per cent decline in the Oslo Stock Exchange's benchmark index.
Aker's Annual General Meeting approved on 22 April 2016 the distribution of NOK 10 per-share ordinary dividend for 2015, which represents 3.6 per cent of NAV as per 31 December 2015. In total, NOK 742 million was paid out in early May 2016.
The full report and presentation can be downloaded from www.akerasa.com .
NAV is Aker ASA's core performance indicator. Aker is an investment company with a majority of listed companies in its portfolio. Therefore, NAV is a more relevant indicator of the development of Aker's underlying value than the company's consolidated accounts.
For further information, please contact:
Marianne Stigset, Head of Investor Relations
Phone: +47 24 13 00 66
Mobile: +47 41 18 84 82
Atle Kigen, Head of Corporate Communications
Phone: +47 24 13 00 08
Mobile: +47 907 84 878
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.