Aker - streamlined and focused
With the company's new President and CEO Øyvind Eriksen at the helmand main shareholder Kjell Inge Røkke working in a more central rolethan in recent years, Aker is now charting a new course. Streamliningour active ownership will create value at Aker's industrial operatingcompanies. This value growth will accrue to all shareholders,including Aker.
Seizing market opportunities, Aker helped establish a number of newtechnology-based companies during 2005-2008, mainly in the energy andenvironment sectors. Going forward, Aker will be organized so thatits resources are concentrated on fewer and larger engagements.Innovation and incubating niche companies will increasingly be tasksof the operating companies that are part of the Aker family.Nevertheless, new and major direct ownership commitments will also beconsidered.
Aker's sale of a number of companies and ownership interests to AkerSolutions, completed 1 April 2009, is integral to the foundation forvalue-growth to be generated via Aker's new course. The transactionsare described in greater detail below.
Net asset value development of Aker (the parent company, Aker ASA,and companies in its holding company structure) declined by 2.3percent in the first quarter of 2009; net asset value was NOK 17.7billion as of 31 March 2009. The decline is largely attributable toshare price declines on Aker's exchange-listed assets that totaledNOK 347 million. In the first three months of 2009, the Oslo StockExchange's OSEBX index increased by 0.4 percent, while Aker ASA'sshare price slipped 6.2 percent, to NOK 128.50 per share.
Aker ASA's balance sheet (parent and holding companies) is strong.The equity ratio was 89 percent as of 31 March 2009. Netinterest-bearing receivables amounted to NOK 8.1 billion. Gross debtto non-Group lenders was NOK 1.0 billion.According to plan and aspreviously communicated to the market, liquidity reserves have beenreduced, mainly due to an increase in receivables from Groupsubsidiaries. Interest-bearing, short-term receivables, cash and cashequivalents totaledNOK 4.9 billion as of 31 March 2009.
The business outlook is not significantly changed since the previousquarterly report was published. The ongoing financial crisis isaffecting business operations at all levels, and uncertainty prevailsas to global economic developments. This situation affects Akercompanies' underlying operations and demand for their products,technologies, and services.
Nevertheless, broad-based consensus remains regarding the need tomeet increased demand worldwide for sustainable production of energyand food. These drivers create a solid, long-term foundation forAker's business activities.
Please find the Q1 2009 report and presentation attached.
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.