Aker ASA: Second Quarter and Half-Year Results 2021 – Record-High Net Asset Value of NOK 66.9 billion
The Net Asset Value (NAV) of Aker ASA and holding companies (“Aker”) increased by NOK 5.6 billion in the second quarter 2021, including dividend paid. At the end of the second quarter, the NAV was NOK 66.9 billion, the highest NAV on record for the company. For the first half of the year, the NAV increased by NOK 14.4 billion, or 27 per cent, adjusted for dividend.
“Brent oil price and E&P stocks have seen a sharp rebound in the first half of the year, while it has been a more volatile period for ‘green shares’. However, Aker’s success in the energy transition is not measured by today’s harvest, but by the seeds planted,” said Øyvind Eriksen, President and CEO of Aker ASA. “Our priority is to continue to utilize our extensive industrial track record and learnings to withstand turbulent times. This means ensuring that our portfolio companies have robust capital structures and liquidity reserves, building solid and competent organizations, and maintaining the overall ability to seize value accretive investment opportunities when they arise.”
The per-share NAV amounted to NOK 901 as per 30 June 2021, compared to NOK 838 and NOK 718, as per 31 March 2021 and 31 December 2020, respectively. The Aker share declined 1 per cent, adjusted for dividend, to NOK 635.00 in the second quarter, compared to a 5.9 increase in the benchmark index (OSEBX). For the first half of the year, the share price increased 15.5 per cent, adjusted for dividend, compared to a 15.1 per cent increase in the reference index.
The value of Aker’s Industrial Holdings portfolio increased by NOK 5.6 billion in the quarter to NOK 71.9 billion. For the first half of the year, the portfolio has increased by NOK 15.1 billion. The quarterly results were mainly driven by value increases of the investments in Aker BP and Cognite. The value of Aker’s Financial Investments portfolio stood at NOK 7.6 billion at the end of the quarter, down 4.3 per cent from the first quarter.
“Aker’s has harnessed a collaborative advantage over the years, which has afforded us unique key learnings on which we can build as we form new alliances in new, competitive industrial landscapes. A key priority becoming increasingly important to our general ownership agenda, is to secure and build solid, long-term partnerships for growth across the portfolio,” said Eriksen. “With partners such as Yara, Statkraft, BP, Microsoft, Shell and Ocean Winds, Aker Horizons’ companies are positioned to succeed. Moreover, strategic partnerships and investments, such as by Accel and TCV in Cognite, also serve as a testament to the growth potential and significant value creation taking place across Aker’s portfolio.”
Aker’s liquidity reserve, including undrawn credit facilities, stood at NOK 1.9 billion as per 30 June 2021. The value-adjusted equity ratio was 84 per cent, unchanged from the first quarter.
The full report and presentation are available at www.akerasa.com
For more information, please contact:
Atle Kigen, Head of Media Relations and Public Affairs, Aker ASA
Tel: +47 90784878
Christina Chappell Glenn, Head of Investor Relations and Corporate Communications, Aker ASA
Tel: +47 90532774
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.