Aker ASA: Fourth quarter and preliminary annual results 2020 – Net Asset Value of NOK 53.4 billion
The Net Asset Value (“NAV”) for Aker ASA and holding companies (“Aker”) ended at NOK 53.4 billion in the fourth quarter of 2020, a record increase of NOK 22.4 billion (75 per cent), dividend adjusted, from the third quarter. For 2020, the NAV increased 10 per cent, dividend adjusted, from year-end 2019.
The Aker share price, adjusted for dividend, increased 42 per cent in the quarter, outperforming the Oslo Stock Exchange benchmark index at 14 per cent. For the full year, the Aker share increased 7.4 per cent, including dividend paid, compared to a 4.6 per cent increase for the benchmark index.
“As proven in the last few months, the ability to continuously adapt is in Aker’s DNA. We have made a step change in our portfolio – diversifying and claiming a position in renewable energy and green technology and increasingly allocating more resources and capital to digitalization and industrial software. We are now looking at a solid and prosperous industrial foundation - which resulted is the largest quarterly value increase ever recorded,” says Øyvind Eriksen, President and CEO at Aker ASA.
Aker’s Board of Directors proposes a cash dividend payment of NOK 11.75 per share for 2020 and will propose for the Annual General Meeting in April 2021 that the Board is authorized to pay additional cash dividend in 2021 based on the 2020 annual accounts. If an additional cash dividend is equal to the proposed ordinary dividend for 2020 of NOK 11.75 per share, the total dividend payment for 2021 will be NOK 23.50 per share, corresponding to a 4.2 per cent yield to the share price and 3.3 per cent of NAV at the close of 2020.
“Organic growth combined with M&A continues to be our recipe for creating value to shareholders in all parts of Aker. Furthermore, our portfolio companies are increasingly leveraging the deep and growing domain expertise across the Aker ecosystem, including within system integration, industrial software, and project execution," says Eriksen. "This allows us to both rapidly claim a leading position in new segments, form solid, long-term partnerships and carry out transactions that build on complementary capabilities. Cognite’s partnership with Accel is one such example, another is Aker Horizons having in a short time secured a foothold in important markets like solar, onshore and offshore wind and hydropower, with additional opportunities in the near-term pipeline.”
Aker’s liquidity reserve, including undrawn credit facilities, stood at NOK 4.3 billion as per 31 December 2020. Cash amounted to NOK 1.3 billion, down from 2.4 billion as per 30 September 2020. The value-adjusted equity ratio was 83 per cent at the end of the fourth quarter, compared to 73 per cent as per 30 September 2020.
For more information, please contact:
Christina Chappell Glenn, Head of Investor Relations, Aker ASA
Tel: +47 90532774
Atle Kigen, Head of Corporate Communications, Aker ASA
Tel: +47 90784878
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.