Vi kombinerer finansiell styrke med industriell kompetanse

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
  • Financial metrics at investment grade level:
    • Net LTV within investment grade
    • Balancing cash inflow and outflow at Aker ASA and holding companies
    • Solid liquidity reserves to cover debt
  • Parameters may fluctuate over time, but remains long term target 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 7.1 billion as per 31 March 2021.
Main interest-bearing receivables of MNOK 3 860 are as follows:
3/31/2021
Aker Horizons AS
3,190
Various others
670
Total main interest-bearing receivables
3,860

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 2021 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 09
07.09.2012
07.09.2022

10

N3M+500

1 000

1 000

AKER 14
31.01.2018
31.01.2023

5

N3M+265

2 000

2 000

AKER 15
22.11.2019
22.11.2024

5

N3M+190

2 000

2 000

Total Bonds Aker ASA

5 000




5 000




Bank loan 2)
22.02.2016
22.02.2024

8-9


2 000

-

Schuldschein loan 3)
27.03.2019
27.03.2024

5


1 000

1 000

Capitalised loan fees etc.




(30)

(30)

Total debt Aker ASA



7 969




5 969




Bank loan Aker Capital 1 4)
26.09.2016
26.09.2023

7-8


3 836

3 836

Bank loan Aker Capital 2 5)
25.05.2020
25.05.2023

3


2 000

2 000

Capitalised loan fees etc.




(15)

(15)

Total debt Aker Capital





5 822




5 822




Total debt Aker ASA and holding companies





13 791




11 791




1) Loan amount drawn, less own bonds and/or repayments
2) Revolving credit facility (RCF) of MNOK 2 000 (maturity in 2024 with a one-year uncommitted extension option)
3) MEUR 100 5 years Schuldschein loan
4) MUSD 450 term loan fully drawn at 31 March 2021 (maturity in 2023 with a one-year uncommitted extension option)
5) Term Loan and RCF of MNOK 2 000 (fully drawn at 31 March 2021)

Financial Covenants
Maturity profile
Loan guarantees
Net LTV

Credit analysts

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

COMPANYANALYSTTELEPHONE
E-MAIL

Arctic Securities

Sebastian Grindheim
+47 21 01 31 62
sebastian.grindheim@arcticsec.no
Danske Bank
Mark Naur
Bendik Engebretsen
+45 23 21 29 37
+47 85 40 69 14
mnau@danskebank.com
bee@danskebank.com
DNB Markets
Espen Korsmo Granly
+47 24 16 93 64
Espen.granly@dnb.no
Nordea Markets
Kristoffer B. Pedersen
+47 24 01 50 14
kristoffer.b.pedersen@nordea.com
Pareto Securities
Thomas Eriksen
+47 24 13 21 71
thomas.eriksen@paretosec.com
SEB Enskilda
Mats Wiggo Gulbrandsen
Terje Fatnes
Aleksander Epland
+47 22 82 70 59
+47 21 00 85 38
+47 21 00 86 67
mats.gulbrandsen@seb.no
terje.fatnes@seb.no
aleksander.epland@seb.no
SpareBank 1 Markets
Jørgen Haug
Lars Kristian Oddenes
+47 24 14 74 39
+47 24 14 74 43
jorgen.haug@sb1markets.no
lars.oddenes@sb1markets.no
Swedbank First Securities
Jonas Bito Shum
+47 23 23 82 76
jonas.shum@swedbank.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