Aker ASA: Fourth quarter and preliminary annual results 2021 – Net Asset Value of NOK 69.8 billion
The Net Asset Value (“NAV”) of Aker ASA and holding companies (“Aker”) ended at NOK 69.8 billion in the fourth quarter of 2021. For the full year, the NAV increased by NOK 16.4 billion, or 34 per cent, adjusted for dividend.
The per-share NAV amounted to NOK 939 as per 31 December 2021, compared to NOK 953 and NOK 718, as per 30 September 2021 and 31 December 2020, respectively. The Aker share increased 21 per cent, adjusted for dividend, to NOK 825 in the fourth quarter, compared to a 3.3 per cent increase in the benchmark index (“OSEBX”). For the full year, the Aker share increased 52 per cent, including dividend, compared to a 23 per cent increase in the OSEBX.
“Aker delivered significant annual return to shareholders in 2021, with a value creation of 52 per cent, including dividends. But we do not rest on our laurels. As 2021 was our year of acceleration, 2022 will be the year of execution in a more turbulent market environment. Aker’s commitment to making a meaningful contribution to a greener and more sustainable future remains unchanged,” said Øyvind Eriksen, President and CEO of Aker ASA.
The value decrease of Aker's Industrial Holdings portfolio of NOK 7.4 billion in the fourth quarter to NOK 68.0 billion was mainly due to the sale of Ocean Yield and a divestment of 2.86 per cent in Aker BP. The value of Aker’s Financial Investments portfolio stood at NOK 12.0 billion at the end of the fourth quarter, compared to NOK 8.0 billion as per 30 September 2021.
Aker’s liquidity reserve, including undrawn credit facilities, stood at NOK 7.0 billion as per 31 December 2021. The value-adjusted equity ratio was 87 per cent, slightly up from the third quarter.
“In the fourth quarter, Aker strengthened its liquidity reserves through the sale of Ocean Yield and a divestment of 2.86 per cent in Aker BP. The strategic rationale behind the divestments was to prepare Aker for the kind of market volatility that we have gone through so far this year, triggered by increasing geopolitical tension, higher inflation and increasing interest rates,” said Eriksen. “Aker BP will remain Aker’s largest asset and is an important part of our Industrial Holdings portfolio long term. Aker has no plan or intention to divest more shares in Aker BP and we appreciate that both BP and the Lundin family have expressed their excitement for, and commitment to, the combined Aker BP and Lundin Energy.”
Aker’s Board of Directors proposes a cash dividend payment of NOK 14.5 per share for 2021 and will propose for the Annual General Meeting in April 2022 that the Board is authorised to pay additional cash dividend in 2022 based on the 2021 annual accounts. If an additional cash dividend is declared by the Board in the second half of 2022 and equals the proposed ordinary dividend for 2021 of NOK 14.5 per share, the total dividend paid during 2022 will be NOK 29.0 per share. This would represent a 3.5 per cent yield to the share price and 3.1 per cent of NAV at the close of 2021.
For more information, please contact:
Joachim Bjørni, Head of Investor Relations, Aker ASA
Tel: +47 924 22 106
Atle Kigen, Head of Media Relations and Public Affairs, Aker ASA
Tel: +47 907 84 878
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.