Aker ASA: Fourth-quarter results 2013 - Net Asset Value of NOK 24 billion
The net asset value of Aker ASA and holding companies (Aker) rose 9.9 per cent in the quarter to NOK 24 billion. Per-share net asset value (NAV) amounted to NOK 332 as of 31 December 2013, compared to NOK 302 as per 30 September 2013 and NOK 321 as per year-end 2012, before dividend allocation.
"Aker closed 2013 with a strong quarter," said Aker President and CEO Øyvind Eriksen. "Significant strategic objectives were accomplished, both at the Aker level and at the subsidiary level. Aker increased its ownership stake in Aker Solutions, advanced in its realisation programme and increased its upstream cash flow. Several of our companies made progress in focusing their portfolios and strengthening their balance sheets."
Cash holdings were reduced by NOK 2.3 billion to NOK 2.5 billion in the fourth quarter, primarily due to the acquisition of 16.44 million shares in Aker Solutions for NOK 1.9 billion. Ocean Yield and Kvaerner disbursed NOK 117 million in dividends to Aker in the quarter. Cash holdings stood at NOK 3.1 billion as per 31 December 2012.
The value of Aker's Industrial Holdings portfolio rose to NOK 21.6 billion in the quarter, from NOK 18.3 billion as of 30 September 2013. Aker's Financial Investments portfolio amounted to NOK 8.1 billion, compared to NOK 9.4 billion as of 30 September 2013.
The value-adjusted equity ratio was 81 per cent, prior to NOK 940 million allocated to dividend, up from 79 per cent as of 30 September 2013. The Aker share advanced 21 per cent during the fourth quarter to NOK 222, compared to a 9.4 per cent gain in the Oslo Stock Exchange's benchmark index (OSEBX).
The income statement for Aker ASA and holding companies shows a pre-tax loss of NOK 43 million for the fourth quarter, compared to a NOK 77 million profit in the prior quarter. The profit of the year was NOK 825 million, compared to NOK 89 million for 2012.
The board recommends a payment of NOK 13 per share ordinary dividend for 2013, up from NOK 12 per share for 2012. This corresponds to a 5.9 per cent yield to the share price at the close of 2013 and represents 3.9 per cent of NAV, which is within the range of Aker's dividend policy.
"There should be no doubt that we are strongly committed to Aker's dividend policy," said Eriksen. "Building long-term intrinsic value to ensure high returns and continued attractive dividend yields to our shareholders remains our guiding principle."
The full report and presentation can be downloaded from www.akerasa.com
Net asset value (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:
Atle Kigen, Head of Corporate Communications
Phone: +47 24 13 00 08+47 24 13 00 08
Mobile: +47 907 84 878
Marianne Stigset, Head of Investor Relations
Phone: +47 24 13 00 66+47 24 13 00 66
Mobile: +47 41 18 84 82+47 41 18 84 82
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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