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 its affiliated company Aker Horizons ASA to finance investments which contribute to climate friendly activities and a sustainable environment with Green Bonds and Loans.

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

Click to read: DNV GL Eligibility Assessment (PDF)

Click to read: Aker ASA Green Finance Report 2022 (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 optimize 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 5.0 billion as per 31 March 2024.
Main interest-bearing receivables of MNOK 5,226 are as follows:
31/03/2024
Aker Horizons AS
3,251
Various others
1,975
Total main interest-bearing receivables
5,226

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 31 March 2024 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

AKER1522.11.201922.11.2024

5

N3M+190

1 497

1 497

Green Bond AKER1627.09.202227.09.2027
5
N3M+275
1 300
1 300
Green Bond AKER1727.09.202227.09.2027
5
6.275%
700
700
Green Bond AKER1817.11.202217.11.2029
7
6.50%
500
500
Green Bond AKER1922.11.202222.11.2032
10
6.30%
500
500
AKER2015.01.202415.01.2029
5

N3M+187

1 250
1 250
Total Bonds Aker ASA

5 747

5 747

Revolving Credit Facilities 2)2022-20242026-2029

3-5

10 000

5 220

Capitalised loan fees etc.

(53)

(53)

Total bank debt Aker ASA

9 947

5 167

Total debt Aker ASA and holding companies

15 694

10 914

1) Loan amount drawn, less own bonds and/or repayments
2)
Revolving credit facilities (RCF) of NOK 10 bn. NOK 5 bn at 3 y maturity, with 2 annual extension options and NOK 5 bn with 5 y maturity


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
Danske BankMille Opdahl Müller+47 85 40 77 27mifj@danskebank.no
DNB MarketsEspen Korsmo Granly+47 24 16 93 64Espen.granly@dnb.no
Nordea Markets

Martin Thorsen Kulsrud

+47 24 01 39 27martin.thorsen.kulsrud@nordea.com
Pareto Securities
Thomas Eriksen
+47 24 13 21 71
thomas.eriksen@paretosec.com
SEBHåkon Lillelien
+47 46 80 33 06hakon.lillelien@seb.no
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