Aker ASA: Aker ASA First quarter results 2013 - Net Asset Value of NOK 23.2 billion

The Net Asset Value of Aker ASA and its holding companies (Aker) was NOK 23.2 billion as of 31 March 2013, up 1.1 per cent from 31 December 2012.

The first quarter presented Aker with bright spots, as well as some challenges, Akers President and CEO Øyvind Eriksen said.  Aker Solutions and Kvaerner grew their order backlogs, but both companies posted weaker results than expected in the quarter. On the other hand, Ocean Yield expanded its portfolio and delivered solid results, setting the company on track for the next growth phase. Aker BioMarine doubled quarterly revenues and swung into profit.

The value of Akers Industrial holdings portfolio stood at NOK 20.1 billion in the first quarter, compared to NOK 20 billion in the prior quarter. Akers Financial investments portfolio amounted to NOK 6.9 billion, up from NOK 6.7 billion as of 31 December 2012.

Cash holdings declined NOK 324 million to NOK 2.8 billion in the first quarter, due to NOK 220 million in further funding extended to Akers real estate project Fornebuporten, and NOK 100 million in payments related to a share issue conducted by Aker BioMarine.

The value-adjusted equity ratio was 86 per cent as of 31 March 2013, unchanged from year end 2012.

The Aker share rose 3.3 per cent during the first quarter to NOK 219, compared to a 6.1 per cent advance in the Oslo Stock Exchanges benchmark index (OSEBX).

Akers Annual General Meeting approved on 17 April the proposed payment of NOK 12 per share ordinary dividend for 2012, which represents 3.7 per cent of NAV. In total, NOK 868 million was distributed on 3 May.

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 Communications
Phone:   +47 24 13 00 08
Mobile: +47 907 84 878

Investors:
Marianne Stigset, Head of Investor Relations
Phone:   +47 24 13 00 66
Mobile: +47 41 18 84 82

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Source: Aker ASA via Thomson Reuters ONE