Aker ASA: Fourth Quarter and Preliminary Annual Results 2022 – Net Asset Value of NOK 66.9 billion – cash dividend of NOK 15.0 per share proposed
The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") ended the fourth quarter at NOK 66.9 billion, compared to NOK 69.0 billion at the end of the third quarter. Adjusted for dividend, this represented a decrease of 1.5 percent. For the full year, the NAV decreased 1 percent, adjusted for dividend, from NOK 69.8 billion at year-end 2021. The Board proposes to pay a cash dividend of NOK 15.0 per share for 2022 and will propose for an authorization to pay an additional cash dividend in the second half of 2023.
The per-share NAV amounted to NOK 900, as per 31 December 2022, compared to NOK 929 and NOK 939, as per 30 September 2022 and 31 December 2021 respectively. The Aker share increased 4 percent in the quarter to NOK 719.5, adjusted for dividend, compared to an 8 percent increase in the Oslo Stock Exchange’s benchmark index (“OSEBX”). For the full year, the Aker share decreased 9 percent, including dividend, compared to a 1 percent decrease in the OSEBX.
“2022 marked one of my most eventful years at the helm of Aker so far,” said Øyvind Eriksen, President and CEO at Aker ASA. “Like our industry peers, we are forced to make strategic decisions under unprecedented unpredictability. We do not know what the future holds. At times like these, I turn to three steadfast pillars: one, Aker’s method of work – playing to our strengths and acting countercyclically for long-term value creation; two, fostering collaborations and partnerships for growth; and three, protecting our strong balance sheet, which enables Aker to maintain a steady course through periods of market volatility.”
The value of Aker's Industrial Holdings portfolio decreased by NOK 2.2 billion in the quarter, to NOK 64.9 billion. This was mainly driven by value reductions of the investments in Aker BP, Aker BioMarine and Aker Horizons, in addition to NOK 730 million in dividend received from Aker BP in the quarter. The value of Aker's Financial Investments portfolio stood at NOK 11.2 billion at the end of the fourth quarter, compared to NOK 11.9 billion at the end of the third quarter.
“As pillars of prosperity that have supported growth through several decades crumble, Aker is actively considering the long-term impact of a ‘new world order,’” said Eriksen. “I can hardly think of a more critical time to be surrounded by organizations, leaders, private and public partners, and stakeholders who share a commitment to address issues that require true multidisciplinary, dynamic thinking. Aker companies are driving forces in both current and future energy activities and will continue to push for continued public-private collaboration to leverage our nation’s enormous opportunity to be in the front seat of a new industrial era”
“In total, Norway already exports more energy per capita than Saudi Arabia. By upgrading and expanding existing sources of energy in parallel with developing new sources, like offshore wind, Norway’s role as a contributor to both energy security and energy transition may be even more vital. Our nation has previously shown its ability to pull together when it matters most. By once again uniting politics and business, today's demanding tasks can become tomorrow's opportunities.” Eriksen concluded.
Aker's liquidity reserve, including undrawn credit facilities, stood at NOK 6.4 billion at the end of the quarter. The value-adjusted equity ratio was 88 percent, compared to 87 percent at the end of the third quarter.
Based on the company's equity and liquidity position, Aker’s Board of Directors proposes to pay a cash dividend to Aker’s shareholders of NOK 15.0 per share for 2022 and will propose for the Annual General Meeting in April 2023 that the Board is authorized to pay additional cash dividend in 2023 based on the 2022 annual accounts. If an additional cash dividend is declared by the Board in the second half of 2023, and it equals the proposed ordinary dividend for 2022 of NOK 15.0 per share, the total dividend paid during 2023 will be NOK 30.0 per share. This would represent a 4.2 percent dividend-yield to the share price and 3.3 percent of NAV at the close of 2022.
In 2022, Aker paid a total dividend of NOK 29.0 per share to its shareholders, based on the 2021 annual accounts. This represented a 3.5 percent dividend-yield to the share price and 3.1 percent of NAV per 31 December 2021.
For further information, please contact:
Atle Kigen, Head of Media Relations and Public Affairs Aker ASA
Tel: +47 907 84 878
Fredrik Berge, Head of Investor Relations Aker ASA
Tel: +47 450 32 090
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on February 17, 2023, at 07:00 CET.