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Aker ASA: Second-quarter and half-year results 2019 – Net Asset Value of NOK 44.8 billion

18.07 2019 07:03

The net asset value (“NAV”) of Aker ASA and holding companies (“Aker”) increased by NOK 4.7 billion for the first half of 2019, representing a value growth of 11.3 percent, including NOK 1.7 billion in dividends paid.

The Aker share price, including dividends, increased 11.1 per cent in the first half of 2019, outperforming the Oslo Stock Exchange benchmark index at 8.2 per cent. The NAV for the second quarter ended at NOK 44.8 billion, down from NOK 56.2 billion at the end of the first quarter. Per-share NAV amounted to NOK 603 for the second quarter, compared to NOK 757 and NOK 562, as per 31 March 2019 and 31 December 2018, respectively.

“I am pleased with what we have achieved in the first six months of the year. Our half-yearly growth comes despite a value decline in the second quarter,” said Øyvind Eriksen, President and CEO at Aker ASA.

“Overall, we are seeing good and important progress across our portfolio companies, including strong organisational growth in Aker Energy and Cognite. Our E&P companies have shown that exploration activity is important to continued value creation, as seen in Aker BP’s recently announced discovery at Liatårnet. This is a potentially significant addition to the NOAKA resource base that lays a solid foundation for further production growth in Aker BP. As an active owner, we are reminded to keep a steady course, focus on our long-term objectives and spend time on our true value drivers,” said Eriksen.  

The total value of Aker’s Industrial Holdings portfolio rose by NOK 3.5 billion in the first half of 2019 to NOK 49.6 billion. For the second quarter, the portfolio decreased by NOK 10.4 billion. The value of Aker’s Financial Investments portfolio stood at NOK 7.1 billion at the end of the second quarter, compared to NOK 6.5 billion at 31 March 2019 and NOK 5.1 billion at year-end 2018.

“Aker Energy continues to be a key priority for Aker. In the second quarter, it completed its appraisal drilling campaign, and by the end of June, resubmitted a final Plan of Development and Operations. The team has worked closely with all stakeholders and regulators through the process and we remain confident that Aker Energy will agree on a robust and optimal plan for the benefit of both investors and the people of Ghana. Approval of the PDO and a subsequent final investment decision is targeted to the second half of 2019, and we look forward to working closely with Aker Energy in its future capital market activities,” said Eriksen.

Aker’s liquidity reserves, including undrawn credit facilities, stood at NOK 6.1 billion as per 30 June 2019.

The value-adjusted equity ratio for the second quarter was 79 per cent, compared to 82 per cent at the end of the first quarter and 78 per cent at year-end 2018.

The full report and presentation can be downloaded from www.akerasa.com

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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:

Investors:
Torbjørn Kjus, Chief Economist and Head of Investor Relations
Phone: +47 94 14 77 30

Media:
Atle Kigen, Head of Corporate Communications
Phone: +47 90 78 48 78

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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