Aker’s industrial holdings totalled NOK 36.2 billion at the end of 3Q 2020. This equates to 86 per cent of the total asset value of Aker ASA and holding companies.
Aker is actively involved in the development of its industrial portfolio companies, cooperating closely with each company’s board and management. Every investment is monitored by Aker’s management with the support of a dedicated investment team. Aker also has representatives on the various company boards.
Ownership is exercised primarily in the board rooms of the individual companies. Aker also functions as a knowledge centre, as its staff possess valuable industrial and strategic knowhow and cutting-edge expertise in areas such as capital market, operations, financing, restructuring, transactions, macroeconomics, communications/investor relations and legal. These resources are available not only to Aker’s management in its continuous follow-up of the operational companies, but also to each individual company.
The value of Aker’s financial investments totalled NOK 5.9 billion at the end of 3Q 2020, including NOK 2.4 billion in cash. This equates to 14 per cent of the total asset value of Aker ASA and holding companies.
The financial investments segment encompasses cash, equity investments in listed companies such as American Shipping Company, Philly Shipyard, REC Silicon and Solstad Offshore, the real estate development company Aker Property Group (previously FP Eiendom) and other assets and receivables.
The company’s liquidity reserve, including undrawn credit facilities, totalled NOK 5.4 billion as at 30 September 2020. In the fourth quarter of 2020, Aker participated in a private placement in REC Silicon with NOK 300 million, and thereby maintained its ownership interest as the company's largest owner with approx. 23 percent.
Other financial investments primarily comprise the real estate development company Aker Property Group, internal and external receivables and other assets. Aker Property Group exposure to the real estate development market amounted to NOK 703 million as at 30 September 2020.