Aker ASA: First Quarter 2021 Results – Net Asset Value of NOK 62.2 billion
The Net Asset Value (“NAV”) for Aker ASA and holding companies (“Aker”) ended at NOK 62.2 billion in the first quarter of 2021, a NOK 8.9 billion, or 17 per cent, increase from year-end 2020. The results, mainly driven by value increases in Aker BP and Aker Horizons, position Aker for continued long-term growth across industries.
The Aker share increased 17 per cent in the quarter, outperforming the Oslo Stock Exchange benchmark index (OSEBX) which increased 9 per cent in the period.
“Our two companies centered on energy production – Aker BP in oil and gas, Aker Horizons with a portfolio in renewables – are driving our growth into the new year, not at odds, but with a shared ambition of making a significant contribution to a more sustainable future through their respective activities. Furthermore, the two companies have overlapping needs that present excellent growth opportunities for Aker’s other industrial holdings. An uptick in global oil and gas production is supporting growth in other parts of the Aker portfolio, allowing activity to be sustained while we simultaneously navigate the transition to a more renewable global energy landscape and long-term future,” said Øyvind Eriksen, President and CEO of Aker ASA.
The value of Aker’s Industrial Holdings portfolio increased by NOK 9.5 billion in the quarter to NOK 66.3 billion. The value of Aker’s Financial Investments portfolio ended at NOK 7.9 billion for the period.
“Along with relentless focus on organizational strength, strong management teams and managing capacity as tender activity picks up, Aker companies have an edge in their optimal management of natural resources to create value in a cost-efficient, sustainable manner – driven especially by deployment of industrial software and levering the world-leading engineering and project execution capabilities in the Aker ecosystem. Pursuing value-accretive opportunities that look ahead has thus positioned us with multiple growth platforms, shoulder to shoulder,” said Eriksen.
Aker’s liquidity reserve, including undrawn credit facilities, stood at NOK 2.9 billion as per 31 March 2021. The value-adjusted equity ratio was 84 per cent, compared to 83 per cent at the end of the fourth quarter.
The full report and presentation are available at www.akerasa.com.
For more information, please contact:
Christina Chappell Glenn, Head of Corporate Communications and Investor Relations
+47 905 32 774
Atle Kigen, Head of Media Relations and Public Affairs
+47 907 84 878
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.