Aker ASA: Third Quarter Results 2022 – Net Asset Value of NOK 69.0 billion
The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") ended the third quarter at NOK 69.0 billion, compared to NOK 72.0 billion at the end of the second quarter, representing a decrease of NOK 2.9 billion, or 4.1 per cent. Aker’s Board of Directors has approved to pay a cash dividend of NOK 14.50 per share in the fourth quarter.
The per-share NAV amounted to NOK 929 as per 30 September 2022, compared to NOK 968 as per 30 June 2022. The Aker share decreased 6.6 per cent in the quarter to NOK 706, compared to a 5.8 per cent decrease in the Oslo Stock Exchange’s benchmark index ("OSEBX").
“We are reporting yet another quarter marked by extreme volatility and uncertainty. Never in my nearly fourteen years at the helm of Aker have I witnessed geopolitics so potently impact energy markets or energy security,” said Øyvind Eriksen, President and CEO at Aker ASA. “The turbulent times and hazy outlook are a reminder of Aker’s strength to keep a steady course, pursue strong partnerships and collaborative efforts, and reflect on learnings to grow and make sound strategic decisions. We remain committed to being a part of the solution in a way that faces up to realities and reckons between tomorrow’s climate ambitions and today’s energy needs.”
The value of Aker's Industrial Holdings portfolio decreased by NOK 3.1 billion in the third quarter, to NOK 67.0 billion. This was mainly driven by the value decrease of the investments in Aker BP as well as Aker Horizons and Aker BioMarine, partly offset by the value increase in Aker Solutions. The value of Aker's Financial Investments portfolio stood at NOK 11.9 billion at the end of the third quarter, an increase from NOK 11.5 billion at the end of the second quarter.
“It is remarkable to see how far our industry has come in two years – from a green wave washing over us in 2020, to a world trying to navigate the worst global energy crisis in history two years later. As the current energy situation shows, we need to use the crisis to rethink our collective way forward and ensure we don’t ‘tear down our house before the next one is built,” said Eriksen.
“Public-private dialogue and collaboration has never been more important to ensure predictability that makes it possible to invest in conventional energy that is still required over the long term; deploy technology to reduce our carbon footprint and improve efficiency; and lastly, continue to invest in and build technology and infrastructure for clean energy production – first, to complement conventional energy, over time, to have new primary, cheaper sources of energy globally.”
Aker's liquidity reserve, including undrawn credit facilities, stood at NOK 7.4 billion at the end of the third quarter. The value-adjusted equity ratio was 87 per cent, compared to 88 per cent at the end of the second quarter.
Based on the company's equity and liquidity position, Aker’s Board of Directors has approved to pay a cash dividend to Aker’s shareholders of NOK 14.50 per share in the fourth quarter, for a total dividend of NOK 29 per share paid in 2022. The total dividend is based on the 2021 accounts and equals 3.1 percent of the NAV per 31 December 2021.
For further information, please contact:
Fredrik Berge, Head of Investor Relations Aker ASA
Tel: +47 450 32 090
Atle Kigen, Head of Media Relations and Public Affairs Aker ASA
Tel: +47 907 84 878
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on November 04, 2022, at 07:00 CET.