Aker ASA: Report for the third quarter 2011
Net asset value (NAV) of Aker ASA and its holding companies (Aker) was NOK 16.2billion as of 30 September 2011; the figure corresponds to NOK 223.80 per share,compared with NOK 254.70 as of 30 June 2011.
In the third quarter of 2011, Aker's share price declined 17.1 percent while theOslo Stock Exchange benchmark index (OSEBX) decreased 17.3 percent.Net asset value (NAV) declined 12.1 percent in the quarter, from NOK 18.4billion as of 30 June 2011 to NOK 16.2 billion at the close of the thirdquarter. The decrease is largely attributable to a decline in the value ofAker's listed share investments.
The value of Aker's Industrial Holdings portfolio was NOK 12 billion as of theclose of the third quarter of 2011, down NOK 1.5 billion from 30 June 2011. Inthe third quarter of 2011, NOK 0.8 billion was invested in Det norske throughshare purchases and a share issue by the oil company.Share investments in Det norske and Aker Drilling increased in value by a totalof NOK 2.0 billion in the third quarter, while Aker's shareholdings in thelisted companies Aker Solutions, Kværner, and Aker BioMarine decreased NOK 3.7billion. Kværner was listed on the Oslo Stock Exchange as a specialized EPCcompany in the third quarter.Aker has written down the book value of its 50-percent ownership in Aker CleanCarbon (ACC) from NOK 147 million to NOK 0 to reflect the increased uncertaintyin the carbon capture market in the third quarter as CO(2) capture facilities inEurope and the US are being postponed and cancelled. ACC had been selected as atechnology supplier to the now-cancelled Longannet, Scotland, coal-firedfacility. As of the fourth quarter of 2011, ACC is included in Aker's FinancialInvestments portfolio.The Funds portfolio amounted to NOK 1.8 billion as of 30 September 2011, downNOK 0.2 billion from 30 June 2011.Aker's Financial Investments portfolio amounted to NOK 5.7 billion as of30 September 2011, down from NOK 6.1 billion at the close of the second quarter.As a result of the Det norske share investment, cash decreased from NOK 2.8billion to NOK 2.3 billion in the third quarter. Loans to subsidiaries andassociated companies totaled NOK 2.2 billion and were on the same level as atthe close of the preceding quarter.
This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)
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