Aker ASA: Third quarter results 2021 – Record-high Net Asset Value of NOK 70.8 billion
The Net Asset Value (NAV) of Aker ASA and holding companies (“Aker”) increased by NOK 3.9 billion in the third quarter 2021. At the end of the third quarter, the NAV was NOK 70.8 billion, the highest NAV on record for the company for the second quarter in a row. For the first nine months of the year, the NAV increased by NOK 18.3 billion, or 34 per cent, adjusted for dividend.
“Aker creates shareholder value through active, industrial ownership and transactions. This has been key in the establishment of our fast-growing industrial companies like Aker BP, Aker Horizons and Cognite,” said Kjell Inge Røkke, Chairman of the board and majority owner of Aker ASA, and Øyvind Eriksen, President and CEO of Aker ASA, in a combined statement to shareholders. “Our industrial portfolio is the center of gravity in Aker’s financial and industrial development and contributed with a total of 4.0 billion kroner to the value increase in the third quarter. The industrial portfolio is where Aker harness its opportunities and partnerships to develop technology, projects, organizations, and business models, creating value quarter by quarter. Our entry into offshore salmon farming, with SalMar Aker Ocean, in partnership with SalMar, is a good example.”
The per-share NAV amounted to NOK 953 as per 30 September 2021, compared to NOK 901 and NOK 718, as per 30 June 2021 and 31 December 2020, respectively. The Aker share increased 9 per cent, to NOK 692.00 in the third quarter, compared to a 4.0 per cent increase in the benchmark index (OSEBX).
The value increase of Aker’s Industrial Holdings portfolio was NOK 4.0 billion in the quarter to NOK 75.5 billion. The quarterly results were mainly driven by value increases of the investments in Aker BP, Aker Horizons and Ocean Yield. The value of Aker’s Financial Investments portfolio stood at NOK 8.0 billion at the end of the quarter, up 6.3 per cent from the second quarter.
“Aker’s DNA is industrial development through generations and value-creating transactions. We are pleased with the positive development of our portfolio. At the same time, we recognize that the number of opportunities that come our way exceeds our capacity. We realize that our ability to create shareholder value through transactions can advantageously be institutionalized to become more scalable,” said Røkke and Eriksen. To further strengthen the development of Aker, asset management is established as a new growth platform. “The direction is clear. Long-term industrial development and active asset management go hand-in-hand. Aker now establish asset management as a new platform in the Aker eco-system, with Venture Capital and Private Equity companies as the first initiatives, to grow and strengthen the capital base to realize new opportunities and provide even greater room for active ownership.”
Aker’s liquidity reserve, including undrawn credit facilities, stood at NOK 2.1 billion as per 30 September 2021. The value-adjusted equity ratio was 85 per cent, slightly up from the second quarter.
Based on the company’s equity and liquidity position, Aker's Board of Directors has reached a decision to distribute a cash dividend to shareholders of NOK 11.75 per share in the fourth quarter. The dividend is based on the 2020 annual accounts.
The full report and presentation are available at www.akerasa.com and www.newsweb.no
For more information, please contact:
Joachim Bjørni, Head of Investor Relations, Aker ASA
Tel: +47 924 22 106
Atle Kigen, Head of Media Relations and Public Affairs, Aker ASA
Tel: +47 907 84 878
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Aker ASA Third quarter 2021 Report
Aker ASA Third quarter 2021 Presentation