Aker ASA: 2012 Second quarter results: Solid balance sheet and strong market outlook
The Net Asset Value of Aker ASA and its holding companies (Aker) was NOK 20.1billion as of 30 June 2012, compared to NOK 22.5 billion as of 31 March 2012 andNOK 19.4 billion as of 31 December 2011.
"Most of the companies in Aker's industrial holdings delivered good quarterlyresults, marked by a strong order intake, a high level of activity and solidoperational performance,'' Aker's President and CEO Øyvind Eriksen said."Capital markets were volatile in the second quarter, which had an adverseimpact on our portfolio, reducing Aker's net asset value to NOK 20.1 billion.However, our cash reserves remain at a solid NOK 3.3 billion kroner afterpayment of NOK 0.8 billion in dividend, and our value-adjusted equity ratio isas high as 87 percent."
The value of Aker's Industrial holdings portfolio was NOK 16.4 billion as of theclose of the second quarter, compared to NOK 18.3 billion in the first quarterand NOK 12.4 billion at the end of 2011.
Aker's Financial investments portfolio amounted to NOK 6.7 billion as of 30 June2012, down from NOK 7.8 billion as of 31 March 2012 and NOK 10.3 billion as of31 December 2011. Fund Investments accounted for NOK 1.3 billion, compared withNOK 1.4 billion at the end of 2011. Bonds and loans to subsidiaries totaled NOK1.4 billion, down from NOK 4.1 billion at the close of 2011.
Cash decreased to NOK 3.3 billion in the second quarter, from NOK 4.3 billion asper 31 March 2012. This was due to the disbursement of NOK 0.8 billion individend to Aker shareholders in May, the repayment of NOK 350 million inconnection with the refinancing of a bank loan and NOK 215 million invested inAker BioMarine's rights offering. Aker received NOK 394 million in dividendpayment in the second quarter.
"The decline in crude prices and the European financial crisis havenot impacted the level of activity or demand in the main markets relevant toAker's operating companies,'' Eriksen said. "We maintain a positive outlook forthe oil and gas sector and believe Aker is well positioned to benefit from thegrowing demand for energy and oil services."
The full report and presentation can be downloaded from www.akerasa.com .
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For further information, please contact:Media:Atle Kigen, Head of Corporate CommunicationsPhone: +47 24 13 00 08Mobile: +47 907 84 878
Investors:Marianne Stigset, Investor Relations ManagerPhone: +47 24 13 00 66Mobile: +47 41 18 84 82
This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)
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