Aker ASA: Half-Year and Second Quarter Results 2023 – Net Asset Value of NOK 57.2 billion
The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") was NOK 57.2 billion at the end of the second quarter 2023, down NOK 2.5 billion from NOK 59.7 billion at the end of the first quarter, of which NOK 1.1 billion was dividends paid. While the Net Asset Value (NAV) was down 2.3 percent, adjusted for dividends paid, most of the Aker portfolio experienced strong operational performance during the second quarter and continues to pursue global megatrends.
The per-share NAV amounted to NOK 770 at the end of the quarter. This compares to NOK 803 at the end of the first quarter and NOK 900 at the end of the fourth quarter 2022, prior to the allocation of dividends. During the first half of 2023, Aker paid a dividend of NOK 15.0 per share based on the 2022 annual accounts. This represented a total dividend distribution of NOK 1.1 billion to shareholders.
The Aker share decreased by 7.2 percent, adjusted for dividend, in the second quarter to NOK 608.50. During the same period, the Brent oil price decreased 5.0 percent and the Oslo Stock Exchange’s benchmark index (“OSEBX”) increased 1.7 percent. For the first half of the year, the Aker share decreased by 13.3 percent, adjusted for dividend, while the Brent oil price decreased 12.7 percent and the OSEBX increased 2.1 percent.
Aker’s liquidity reserve, including undrawn credit facilities, stood at NOK 6.3 billion at the end of the second quarter, and cash amounted to NOK 876 million. The value-adjusted equity ratio was 86 percent, compared to 87 percent at the end of the first quarter 2023.
“While our share price and Net Asset Value experienced a decline during the period, neither market uncertainties nor energy price headwinds stopped Aker’s portfolio companies from experiencing one of the strongest operational quarters on record,” said Øyvind Eriksen, President and CEO of Aker ASA.
The value of Aker's Industrial Holdings portfolio was NOK 54.1 billion at the end of the second quarter, compared to NOK 56.0 billion at the end of the first quarter. The value change was NOK 1.9 billion, of which NOK 1.0 billion was dividends received and the rest was mainly explained by a value reduction in Aker Horizons. The value of Aker’s Financial Investments portfolio stood at NOK 12.2 billion, compared to NOK 12.6 billion at the end of the first quarter 2023.
“The current situation in our renewables portfolio mirrors the same structural issues in large parts of the world. We are seeing valuations impacted by external factors, including declining energy prices, inflation concerns, and supply chain constraints, among others. While it does not change Aker’s strategic direction, it does impact the ambition level, capital allocation, and pace of development and deployment. Along the way, I am encouraged to see the ‘bread and butter’ of our portfolio performing well, including Aker BP, which recorded record high production in the second quarter, and Aker Solutions, with a robust order intake and revenue projections. I am confident in Aker’s strong portfolio composition, powered by evolving trends and robust long-term trajectories, like energy security, decarbonization, industrial software and AI, and protein and nutrition,” said Eriksen.
Atle Kigen, Head of Media Relations and Public Affairs Aker ASA
Tel: +47 90 78 48 78
Fredrik Berge, Head of Investor Relations Aker ASA
Tel: +47 45 03 20 90
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 July 18, 2023, at 07:00 CEST.