Aker ASA : Aker ASA: Fourth quarter results 2012: Net Asset Value of NOK 22.9
The Net Asset Value of Aker ASA and its holding companies (Aker) was NOK 22.9
billion as of 31 December 2012, compared to NOK 23.3 billion as of 30
September 2012 and NOK 19.4 billion as of 31 December 2011.
"Aker delivered strong financial results in 2012,'' Aker's President and CEO
Øyvind Eriksen said. "Our net asset value rose 18 per cent to NOK 22.9
billion in the year, the strongest advance since 2006. The company's market
value increased 44 per cent in the period, including dividend. As a result of
this, Aker's share discount to NAV narrowed to a four-year low of 34 per cent
as per year-end 2012."
The value of Aker's Industrial holdings portfolio stood at NOK 20.0 billion as
per close of 2012, compared to NOK 19.7 billion in the third quarter and NOK
12.4 billion at year-end 2011. The value increase in the quarter was led by
Aker Solutions, which gained NOK 332 million. Kvaerner's value rose by NOK 108
million in the quarter.
Aker's Financial investments portfolio amounted to NOK 6.7 billion as of 31
December 2012, down from NOK 7.7 billion as of 30 September 2012 and NOK 10.3
billion as of 31 December 2011. Fund Investments remained unchanged in the
quarter at NOK 1.5 billion. Loans to subsidiaries rose by NOK 498 million to
NOK 1.6 billion, following a reconsideration of the classification of NOK 199
million from equity in Setanta Energy to an interest-bearing receivable. The
credit facility to Fornebuporten was increased by NOK 186 million in December.
Cash holdings declined NOK 1.2 billion to NOK 3.1 billion in the fourth
quarter, notably due to an equity issue in Det norske oljeselskap in which
Aker contributed NOK 515 million and a NOK 234 million repayment of the AKER04
bond upon maturity. This compared to a cash position of NOK 4.0 billion at the
close of 2011.
The board recommends a payment of NOK 12 per share ordinary dividend for 2012,
up from NOK 11 per share in 2011. This corresponds to a 5.7 per cent yield and
represents 3.7 per cent of NAV, in accordance with Aker's dividend policy.
"Aker's sound financial development and the growing upstream cash-flow from
our operating entities allow us to sustain nominal increasing dividend
payments, while maintaining flexibility to make new investments," Eriksen
The full report and presentation can be downloaded from www.akerasa.com
For further information, please contact:
Atle Kigen, Head of Corporate Communications
Phone: +47 24 13 00 08
Mobile: +47 907 84 878
Marianne Stigset, Investor Relations Manager
Phone: +47 24 13 00 66
Mobile: +47 41 18 84 82
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Aker ASA interim repport Q4 2012
Aker ASA presentation Q4 2012
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information contained therein.
Source: Aker ASA via Thomson Reuters ONE
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