We combine financial strength with industrial competence

Treasury

The Treasury department’s responsibilities include managing the liabilities side of Aker ASA’s balance sheet, particularly debt financing of Aker ASA and Holding companies, interest rate and currency hedging, and advising the operating companies on financing and capital structure. The unit also manages interest and currency risks that arise in our daily business activities. The management and monitoring of financial risk is reported regularly to Aker’s Finance Committee.

Financial objectives

RETURNS

Secure competitive total return to shareholders, year on year

BALANCE SHEET

Maintain a solid balance sheet protecting the company from adverse portfolio changes and market effects

CASH

Keep a solid liquidity buffer to have the financial flexibility to

  • seize opportunities
  • get through downwards cycles
DIVIDENDS

Sustain annual dividend payments of 2-4 per cent of the company’s value-adjusted equity.

Green finance framework

Aker ASA and Aker Horizons with subsidiaries

The Green Finance Framework has been verified by DNV GL and enables Aker ASA and Aker Horizons AS and any of its subsidiaries to finance activities within Aker Horizons AS.

Click to read: Aker ASA and Aker Horizons AS Green Finance Framework (PDF)

Click to read: DNV GL Eligibility Assessment (PDF)

Debt strategy

Financial guidelines
  • Maintain investment grade rating with strong financial metrics:
    • Net LTV below 20% through the cycle with normalized target of 10-15%
    • Balancing cash inflow and outflow at Aker ASA and holding companies
    • Solid liquidity reserves to cover debt
  • Parameters may fluctuate over time, but remain long term targets over business cycles
General principles
  • Long-term funding profile
  • Financial flexibility to optimise timing of refinancing activities
  • Open dialogue with bond and bank market
  • Portfolio companies financed independently from Aker
AKER’S CREDIT FRAMEWORK

Interest-bearing items

Aker ASA and Holding companies held net interest-bearing debt of about NOK 2.8 billion as per 30 September 2022.
Main interest-bearing receivables of MNOK 4,459 are as follows:
30/09/2022
Aker Horizons AS
3,220
Various others
1,239
Total main interest-bearing receivables
4,459

Debt

Aker's bond financing constitutes the majority of the company’s total debt financing. All bonds are senior unsecured.

Total debt in Aker ASA and Holding companies as of 30 September 2022 is as follows (the bond loan agreements are attached to the links below):

Ticker

Issue

Maturity

Loan term
(years)

Coupon

Loan amount
(MNOK)

Outstanding Amount1)
(MNOK)

Bonds

AKER 1431.01.201831.01.2023

5

N3M+265

2 000

1 581

AKER 1522.11.201922.11.2024

5

N3M+190

2 000

2 000

Green Bond Floating rate 4)27.09.202227.09.2027
5
N3M+275
1 300
1 300
Green Bond Fixed rate4)27.09.202227.09.2027
5
MS+265
700
700
Total Bonds Aker ASA

6 000


5 581


Revolving Credit Facilities 2)April 20222025-2027

3-5

8 000

3 171

Schuldschein loan 3)27.03.201927.03.2024

5

1 058

1 058

Capitalised loan fees etc.



(50)

(50)

Total bank/SSD debt Aker ASA





9 008


4 179


Total debt Aker ASA and holding companies





15 008


9 760


1) Loan amount drawn, less own bonds and/or repayments
2)
Revolving credit facilities (RCF) of NOK 8 bn. NOK 4 bn at 3 y maturity, with 2 annual extension options and NOK 4 bn with 5 y maturity

3) MEUR 100 5 years Schuldschein loan
4) 
In process of beeing listed


Financial Covenants
Maturity profile
Net LTV
Credit Rating

Credit analysts

The below table provides an overview of the fixed income analysts who cover Aker ASA.

COMPANYANALYSTTELEPHONEE-MAIL
DNB MarketsEspen Korsmo Granly+47 24 16 93 64Espen.granly@dnb.no
Nordea Markets

Martin Thorsen Kulsrud

+47 24 01 39 27
martin.thorsen.kulsrud@nordea.com
Pareto Securities
Thomas Eriksen
+47 24 13 21 71
thomas.eriksen@paretosec.com
SpareBank 1 Markets
Pål Holdø Dahl
Christopher Møllerløkken
+47 24 13 37 14
+47 24 14 74 21
phd@sb1markets.no
chmo@sb1markets.no

Treasury contacts

Aker ASA treasury contacts:

Baard Snekkevik, Corporate Treasurer
Phone: +47 24 13 00 03
Cell: +47 91 63 00 03
E-mail: baard.snekkevik@akerasa.com

Kristine Hauge, Controller Treasury
Phone: +47 24 13 00 16
Cell: +47 91 63 00 16
E-mail: kristine.hauge@akerasa.com

Treasury e-mail: treasury@akerasa.com