Aker ASA: Second-quarter results 2016 - Net Asset Value of NOK 24.7 billion
The net asset value of Aker ASA and holding companies (Aker) rose by 29 per cent adjusted for dividend in the second quarter 2016 to NOK 24.7 billion, compared with the first-quarter figures. Per-share net asset value ("NAV") amounted to NOK 333 as per 30 June 2016, compared to NOK 265 as per 31 March (prior to dividend allocation).
"Aker delivered solid growth in the second quarter, increasing net asset value by 29 per cent - the strongest quarterly increase since 2006. The gain was primarily due to a NOK 5.8 billion increase in the underlying value of the Industrial Holdings portfolio, of which Det norske contributed with NOK 4.0 billion alone. What a reminder of the continued value potential in oil and gas," said Aker President and CEO Øyvind Eriksen. "It was also a quarter during which we added two milestones to Aker's 175-year industrial journey: the exit from the whitefish industry and the creation of Europe's largest independent listed E&P company, in terms of production."
The value of Aker's Industrial Holdings portfolio rose to NOK 24.5 billion in the quarter, up from NOK 18.8 billion in the first quarter 2016. Aker's Financial Investments portfolio fell to NOK 7.2 billion, from NOK 7.7 billion in the prior quarter, mainly due to the payment of dividends. The value-adjusted equity ratio was 78 per cent, up from 74 per cent as of 31 March 2016.
Liquidity reserves were robust by the end of the second quarter 2016. Cash holdings rose by NOK 1.2 billion to NOK 3.4 billion in the quarter, primarily due to the divestment of real estate and dividends received from portfolio companies. In addition, Aker held NOK 390 million in liquid fund investments as per 30 June 2016, down from NOK 395 million in the prior quarter. Aker held an undrawn and committed revolving bank credit facility of NOK 1.0 billion kroner, providing the company with a total liquidity buffer of NOK 4.8 billion.
Aker disbursed NOK 742 million in dividend payments to shareholders in May 2016.
The Aker share gained 44 per cent in the second quarter, adjusted for dividend. This compares to a 4.4 per cent increase in the Oslo Stock Exchange's benchmark index ("OSEBX").
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
Mobile: +47 907 84 878
Marianne Stigset, Head of Investor Relations
Phone: +47 24 13 00 66
Mobile: +47 41 18 84 82
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.