Aker ASA: Second-quarter and half-year results 2018 - Net Asset Value of NOK 57.1 billion
The net asset value ("NAV") of Aker ASA and holding companies ("Aker") increased by 34.6 per cent in the second quarter to NOK 57.1 billion (NOK 769 per share), compared to NOK 42.4 billion as per 31 March 2018. Adjusted for dividend the NAV increased 37.8 per cent.
The Aker share increased 45.5 per cent in the second quarter, adjusted for dividend. This compares to a 9.2 per cent decline in the Oslo Stock Exchange's benchmark index ("OSEBX").
"In the second quarter, Aker created values for NOK 16 billion. NOK 14.7 billion was added to our Net Asset Value and NOK 1.3 billion was paid in dividend to our shareholders. It is hard to find a quarter with better performance in Aker's 177-year industrial history", said Aker President and CEO Øyvind Eriksen.
The value of Aker's Industrial Holdings portfolio rose to NOK 61.2 billion in the second quarter, up from NOK 44.9 billion as per 31 March 2018. The value of Aker's Financial Investments portfolio stood at NOK 5.1 billion at the end of the second quarter, down from NOK 7.3 billion as per the end of the first quarter.
Aker's liquidity reserve, including undrawn credit facilities, stood at NOK 4.5 billion as per 30 June 2018.
"Aker is exposed to volatile industries. Hence, our performance will fluctuate with capital market sentiment and commodity prices. The strong value growth recently is, however, also a reminder of the importance to maintain a steady course and to stick to a consistent strategy throughout market changes. Countercyclical investments facilitated by a strong balance sheet are a foundation for that strategy", Eriksen said.
The value-adjusted equity ratio was 86 per cent, up from 81 per cent per 31 March 2018.
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:
Per Kristian Reppe, Investment Manager & Head of Investor Relations
Phone: +47 24 13 00 67
Mobile: +47 90 03 32 03
Atle Kigen, Head of Corporate Communications
Phone: +47 24 13 00 08
Mobile: +47 90 78 48 78
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.