Aker ASA: Second-quarter and half-year results 2017 - Net Asset Value of NOK 28.8 billion
The net asset value ("NAV") of Aker ASA and holding companies ("Aker") decreased by 11.5 per cent (or 7.9 per cent adjusted for NOK 16 in cash dividend per share) in the second quarter to NOK 28.8 billion (NOK 388 per share). Year-on-year Aker`s NAV is up 21.5 per cent.
"Although the value development in the quarter is negative, I remain cautiously optimistic, partly because the value changes were triggered by oil price volatility and partly because our operating entities continue to perform well," said Aker President and CEO Øyvind Eriksen.
The Aker share decreased 12.7 per cent in the second quarter, adjusted for dividend. This compares to a 1.6 per cent increase in the Oslo Stock Exchange's benchmark index ("OSEBX").
"Long-term value drivers, including continued strong operating performance in our portfolio companies, are important to keep in mind while reporting a second quarter with financial performance adversely impacted by continued oil price volatility. Year-on-year, Aker's NAV is up 21.5 per cent and the share price appreciation is 36.5 per cent, dividend adjusted," Eriksen said.
The value of Aker's Industrial Holdings portfolio decreased to NOK 30.2 billion in the second quarter, from NOK 33.0 billion at the end of the first quarter. The value of Aker's Financial Investments portfolio stood at NOK 5.8 billion at the end of the second quarter, compared to NOK 7.6 billion as per 31 March 2017. The NOK 1.8 billion quarterly decline is mainly explained by a lower cash position following a NOK 1.2 billion dividend payment and debt repayments of NOK 710 million.
Aker held NOK 3.7 billion in liquidity reserves through cash, liquid fund investments and undrawn credit facilities as per the end of the second quarter.
The value-adjusted equity ratio was 80 per cent after dividend payment. This compares to 80 per cent as of 31 March 2017, prior to dividend allocation.
The full report and presentation can be downloaded from www.akerasa.com .
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.
For further information, please contact:
Atle Kigen, Head of Corporate Communications
Phone: +47 24 13 00 08
Mobile: +47 90 78 48 78
Per Kristian Reppe, Head of Investor Relations
Phone: +47 24 13 00 67
Mobile: +47 90 03 32 03
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.