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Investments

Financial investments

The value of financial investments totalled NOK 5.8 billion at the end of 2017, including NOK 1.7 billion in cash and liquid fund investments. This equates to 12 per cent of the total net asset value of Aker ASA and holding companies. 

The Financial investments segment encompasses cash, liquid fund investments, equity investments in listed companies such as American Shipping Company, Philly Shipyard and Solstad Farstad, the real estate development company Fornebuporten Holding, 70 per cent shareholding in the digitalisation company Cognite, and other assets and receivables. 

At year-end 2017, Aker had cash holdings of NOK 1.2 billion and liquid fund investments of NOK 0.4 billion. The company's liquidity reserve, including drawing rights, totalled NOK 4.0 billion. 

The financial investments in the listed companies American Shipping Company, Philly Shipyard, Solstad Farstad and Cxense were valued at NOK 1.2 billion at the end of 2017. Combined, these companies contributed to a decrease in the value adjusted equity of NOK 235 million. 

Other equity investments was by the end of 2017 NOK 1.1 billion where Fornebuporten Holding accounted for NOK 674 million. Throughout the year, Aker invested NOK 245 million in the real-estate development company and another NOK 102 was converted from debt to equity. Fornebuporten Holding gave Aker a dividend of NOK 45 million in 2017. In 2017, Aker invested NOK 44 million in the digitalisation company Congnite, and now owns 70 per cent of its shares. Cognite will play an active role in the digitalisation of knowledge in the oil and gas industry, and has addintionaly identified considerable commercial opportunities in other sectors. Cognite's employees own 20 per cent of the company, while Aker BP owns the remaining 10 per cent. 

Total interes-bearing receivables amounted to NOK 1.5 billion by the end of 2017, with AkerBioMarine accounting for NOK 823 million and Ocean Harvest NOK 404 million. Other financial investments was NOK 354 million.