Financial investments totalled NOK 7.7 billion at the end of 2015, including NOK 1.5 billion in cash. This equates to 28 per cent of the total asset value of Aker ASA and holding companies.
The Financial investments segment includes cash, liquid fund investments, real estate investments, opportunistic equity investments in listed companies and other assets. The mandate is to develop, maximise and realise investments.
Cash reserves of NOK 1.5 billion and liquid fund investments of NOK 0.4 billion give Aker financial flexibility. In 2015, Aker redeemed the AKER05 bond upon maturity, which totalled NOK 808 million. This was refinanced through the NOK 1 billion AKER13 bond issue. Aker also repaid a NOK 500 million bank loan, converting it into a rolling NOK 500 million credit facility forming part of Aker’s liquidity reserve.
In the autumn of 2015, Aker’s real estate development company Fornebuporten Holding sold its shares in the company which owns two office buildings at Fornebuporten. The sale released a total of NOK 600 million for Aker. Aker also owns 25 per cent of the real estate company Fornebu Gateway, which owns two office buildings totalling 67 000 square metres.
In December 2015, Aker completed the purchase of eight industrial properties from Akastor. The purchase price was NOK 1.24 billion. Aker has entered an agreement to sell these properties and 25 per cent of the shares in Fornebu Gateway to Kjell Inge Røkke and his company The Resource Group TRG AS (TRG). The transactions are expected to
close in Aker's fiscal second quarter of 2016, following approval by Aker ASA's ordinary general meeting to be held on 22 April 2016. The transactions will release NOK 1.55 billion in cash to Aker and holding companies. Aker will recognise a gain of NOK 90 million from the transaction in the second quarter of 2016.
The financial investments in the listed companies American Shipping Company and Philadelphia Shipyard were valued at NOK 1.9 billion at the end of 2015.
Other financial investments totalled NOK 2.0 billion as at 31 December 2015. These include interest-bearing receivables of NOK 1.2 million and equity investments in unlisted companies.