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 1.2 billion as per 31 March 2022.
Main interest-bearing receivables of MNOK 4,389 are as follows:
3/31/2022
Aker BioMarine AS
648
Estremar Invest AS (Former Ocean Harvest AS)
349
Various others
215
Total main interest-bearing receivables
1,212

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 2022 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 0907.09.201207.09.2022

10

N3M+500

1 000

1 000

AKER 1431.01.201831.01.2023

5

N3M+265

2 000

2 000

AKER 1522.11.201922.11.2024

5

N3M+190

2 000

2 000

Total Bonds Aker ASA

5 000


5 000


Bank loan 2)
22.02.2016
22.02.2025

9


2 000

0

Schuldschein loan 3)
27.03.2019
27.03.2024

5


971

971

Capitalised loan fees etc.




(20)

(20)

Total debt Aker ASA



7 951


5 951


Bank loan Aker Capital 1 4)
26.09.2016
26.09.2024

8


3 062

3 062

Bank loan Aker Capital 2 5)
25.05.2020
25.05.2023

3


2 000

1 000

Capitalised loan fees etc.




(10)

(10)

Total debt Aker Capital





5 052


4 052


Total debt Aker ASA and holding companies 6)





13 003


10 003


1) Loan amount drawn, less own bonds and/or repayments
2) Revolving credit facility (RCF) of MNOK 2 000 (maturity in 2025)
3) MEUR 100 5 years Schuldschein loan
4) MUSD 450 term loan. MUSD 350 outstanding at 31 March 2021 (maturity in 2024)
5) Term Loan and RCF of MNOK 2 000 (MNOK 1 000 drawn at 31 March 2022)
6) Bank loans have in April been refinanced into new RCF's totaling NOK 8 bn. NOK 4 bn at 3 y maturity, with 2 annual extension options and NOK 4 bn with 5 y maturity

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.

COMPANYANALYSTTELEPHONEE-MAIL
DNB MarketsEspen 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
SpareBank 1 Markets
Pål Holdø Dahl
Christopher Møllerløkken
+47 24 13 37 14
+47 24 14 74 21
phd@sb1markets.no
chmo@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