Aker ASA: Third-quarter results 2016 - Net Asset Value of NOK 29.8 billion
The net asset value of Aker ASA and holding companies ("Aker") rose to NOK 29.8 billion from NOK 24.7 billion, compared with the second-quarter figures. Per-share net asset value ("NAV") amounted to NOK 401 as per 30 September 2016, compared to NOK 333 as per 30 June 2016 and NOK 282 as per 31 December 2015 (prior to dividend allocation).
"Aker extended the positive trend embarked upon in the second quarter, increasing our net asset value by 20 per cent in the three months through September and closing the period with a NAV and a share price at eight-year highs," said Aker President and CEO Øyvind Eriksen. "Driving the value creation has been a combination of continuous operational improvements at the portfolio level, combined with Aker's long-term strategy of investing counter-cyclically. Aker has a track record of creating value through M&A and the merger between Det norske and BP Norway is a prime example of this. Year-to-date, Aker BP has added NOK 9 billion to Aker's NAV, net of investments."
The value of Aker's Industrial Holdings portfolio stood at NOK 30.2 billion in the quarter, up from NOK 24.5 billion in the second quarter. Aker's Financial Investments portfolio increased to NOK 8.4 billion, from NOK 7.2 billion in the prior quarter.
Liquidity reserves were robust by the end of the third quarter 2016. Cash and liquid fund investments increased by NOK 1.1 billion to NOK 4.9 billion in the third quarter, primarily due to proceeds received from the sale of Havfisk as well as dividends received from Ocean Yield and Philly Shipyard. Aker's primary cash outflow in the quarter related to the acquisition of Aker BP shares, net of obtained financing, as well as the investment in shares and a convertible loan in Solstad Offshore.
The value-adjusted equity ratio was 77 per cent, down from 78 per cent as of 30 June.
The Aker share gained 29 per cent in the third quarter. This compares to a 3.3 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.