Aker ASA: First Quarter Results 2023 – Net Asset Value of NOK 59.7 billion
The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") ended the first quarter at NOK 59.7 billion, down 10.8 percent from NOK 66.9 billion at the end of the fourth quarter.
The per-share NAV amounted to NOK 803, as per 31 March 2023, compared to NOK 900 as per 31 December 2022. The Aker share decreased 6.6 percent in the quarter to NOK 672, compared to an 8.1 percent decrease in the Brent oil price and a 0.4 percent increase in the Oslo Stock Exchange’s benchmark index (“OSEBX”).
“Aker closed the first quarter of 2023 with high activity across the portfolio both within conventional energy, renewables, and other segments. Oil and gas production reached a new record level coupled with industry-leading and record low emissions intensity,” said Øyvind Eriksen, President and CEO at Aker ASA. “Looking ahead, Aker’s active ownership priorities in 2023 are on executing on growth projects, especially the project portfolio in Aker BP with Aker Solutions as a main supplier, while simultaneously driving progress towards sustainable energy production through predictable project execution, strong partnerships, and deployment of innovative digital solutions,” said Eriksen.
The value of Aker's Industrial Holdings portfolio decreased by NOK 7.9 billion in the quarter, to NOK 56.0 billion. This was mainly driven by the negative value development of the investment in Aker BP by 5.6 billion and in Aker Horizons by 1.7 billion, in addition to NOK 751 million in dividend paid from Aker BP to Aker in the quarter. The value of Aker's Financial Investments portfolio stood at NOK 12.6 billion at the end of the first quarter, compared to NOK 12.2 billion at the end of the fourth quarter. Please note that Aker Energy (now Pecan Energies), and the future potential earn-out from the sale, is from 1 January 2023 onwards reported as part of the Financial Investments portfolio. Comparative figures are re-presented correspondingly.
Aker's liquidity reserve, including undrawn credit facilities, stood at NOK 6.6 billion at the end of the quarter. The value-adjusted equity ratio was 87 percent, compared to 88 percent at the end of the fourth quarter.
For further information or questions following the presentation, please email the relevant contact below. The quarterly presentation and material will be made available at www.akerasa.com and www.newsweb.no
Atle Kigen, Head of Media Relations and Public Affairs Aker ASA
Tel: +47 90 78 48 78
Fredrik Berge, Head of Investor Relations Aker ASA
Tel: +47 45 03 20 90
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 May 5, 2023, at 07:00 CEST.