Aker ASA: Fourth quarter results 2012: Net Asset Value of NOK 22.9 billion

The Net Asset Value of Aker ASA and its holding companies (Aker) was NOK 22.9 billion as of 31 December 2012, compared to NOK 23.3 billion as of 30 September 2012 and NOK 19.4 billion as of 31 December 2011.

"Aker delivered strong financial results in 2012,'' Aker's President and CEO Øyvind Eriksen said.  "Our net asset value rose 18 per cent to NOK 22.9 billion in the year, the strongest advance since 2006. The company's market value increased 44 per cent in the period, including dividend.  As a result of this, Aker's share discount to NAV narrowed to a four-year low of 34 per cent as per year-end 2012."

The value of Aker's Industrial holdings portfolio stood at NOK 20.0 billion as per close of 2012, compared to NOK 19.7 billion in the third quarter and NOK 12.4 billion at year-end 2011. The value increase in the quarter was led by Aker Solutions, which gained NOK 332 million. Kvaerner's value rose by NOK 108 million in the quarter.

Aker's Financial investments portfolio amounted to NOK 6.7 billion as of 31 December 2012, down from NOK 7.7 billion as of 30 September 2012 and NOK 10.3 billion as of 31 December 2011. Fund Investments remained unchanged in the quarter at NOK 1.5 billion. Loans to subsidiaries rose by NOK 498 million to NOK 1.6 billion, following a reconsideration of the classification of NOK 199 million from equity in Setanta Energy to an interest-bearing receivable. The credit facility to Fornebuporten was increased by NOK 186 million in December. 
Cash holdings declined NOK 1.2 billion to NOK 3.1 billion in the fourth quarter, notably due to an equity issue in Det norske oljeselskap in which Aker contributed NOK 515 million and a NOK 234 million repayment of the AKER04 bond upon maturity. This compared to a cash position of NOK 4.0 billion at the close of 2011.

The board recommends a payment of NOK 12 per share ordinary dividend for 2012, up from NOK 11 per share in 2011. This corresponds to a 5.7 per cent yield and represents 3.7 per cent of NAV, in accordance with Aker's dividend policy.

 "Aker's sound financial development and the growing upstream cash-flow from our operating entities allow us to sustain nominal increasing dividend payments, while maintaining flexibility to make new investments," Eriksen said.

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, Investor Relations Manager
Phone:   +47 24 13 00 66
Mobile: +47 41 18 84 82

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)Aker ASA interim repport Q4 2012