Aker ASA: Third-quarter results 2015 - Net Asset Value of NOK 18.9 billion
The net asset value of Aker ASA and holding companies (Aker) declined 10 per cent in the third quarter to NOK 18.9 billion. Per-share net asset value (NAV) amounted to NOK 254 as of 30 September 2015, compared to NOK 282 as per 30 June 2015.
"This year's favourable development of Aker's net asset value paused in the third quarter as the oil price took another dive," said Aker President and CEO Øyvind Eriksen. "However, our non-oil and gas related investments delivered another solid quarter and we have since completed our NOK 3 billion divestment program and strengthened our upstream cash flow. This leaves Aker with a rock solid balance sheet. Our portfolio of investments today is less exposed to the energy sector. Nevertheless, if managed properly, the downturn in oil and gas could present our company with transformational opportunities."
Aker's cash holdings decreased by NOK 112 million to NOK 2.9 billion in the third quarter, primarily due to the purchase of NOK 202 million in own bonds (AKER05). Aker received NOK 159 million in dividend payments from the portfolio companies and NOK 176 million from the sale of a subsidiary of Setanta Energy. Aker held NOK 384 million in liquid fund investments as per 30 September 2015.
The value of Aker's Industrial Holdings portfolio declined to NOK 18.4 billion in the quarter, mainly due to an underlying value decrease of NOK 2.0 billion of which Aker Solutions stood for NOK 1.4 billion. Aker's Financial Investments portfolio amounted to NOK 8.0 billion, down from NOK 8.2 billion as of 30 June 2015.
The value-adjusted equity ratio was 71.6 per cent, down from 73.4 per cent as of 30 June 2015.
The Aker share declined 12 per cent in the third quarter. This compares to a 7.5 per cent decline in the Oslo Stock Exchange's benchmark index (OSEBX).
The income statement for Aker ASA and holding companies shows a pre-tax loss of NOK 570 million for the third quarter 2015, compared to a profit of NOK 481 million in the second quarter. The income statement is mainly affected by value changes in the share investments and dividends received.
Net asset value (NAV) is Aker ASA's core performance indicator. Aker is an investment company with a majority of listed companies in its portfolio. Therefore, NAV is a more relevant indicator of the development of Aker's underlying value than the company's consolidated accounts.
Aker will present its third-quarter 2015 results at Fjordalleen 16, 3rd floor, Aker Brygge, Oslo at 09:00 a.m. CET today.
Webcast link: http://webtv.hegnar.no/presentation.php?webcastId=25477975
For further information, please contact:
Atle Kigen, Head of Corporate Communications
Phone: +47 24 13 00 08
Mobile: +47 907 84 878
Marianne Stigset, Head of Investor Relations
Phone: +47 24 13 00 66
Mobile: +47 41 18 84 82
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.