Aker ASA: Second-quarter results 2014 - Net Asset Value of NOK 24.2 billion
The net asset value of Aker ASA and holding companies (Aker) rose 5.5 per cent in the second quarter to NOK 24.2 billion. Per-share net asset value (NAV) amounted to NOK 334 as of 30 June 2014, compared to NOK 317 as per 31 March 2014.
"Aker delivered solid growth in the second quarter, increasing net asset value by 10 per cent, adjusted for dividend," said Aker President and CEO Øyvind Eriksen. "Furthermore, Aker reached important industrial and financial milestones in the period. One was Det norske oljeselskap's acquisition of Marathon Oil Norway. Another was the split of Aker Solutions into an integrated subsea and field design champion and an oil services investment company. The Marathon acquisition and the split of Aker Solutions are prime examples of how Aker works as an active, long-term industrial owner."
Cash holdings were reduced by NOK 424 million to NOK 3.1 billion in the second quarter, primarily due to the disbursement of NOK 940 million in dividend payment to shareholders. In addition, Aker held NOK 708 million in liquid fund investments as per 30 June 2014.
Aker received NOK 554 million in total dividend payments from its Industrial Holdings and Financial Investments in the second quarter. Additionally, Aker received NOK 420 million in capital repayment from Converto, which includes proceeds from the sale of Stream announced in December 2013.
The value of Aker's Industrial Holdings portfolio advanced to NOK 22.1 billion in the quarter, up from NOK 20.1 billion in the first quarter. Aker's Financial Investments portfolio amounted to NOK 9.1 billion, compared to NOK 9.9 billion in the prior quarter.
The value-adjusted equity ratio was 77 per cent, after dividend payment. This compares to 76 per cent as per end of the first quarter 2014, prior to dividend payment.
The Aker share gained 32 per cent in the second quarter, adjusted for dividend. This compares to a 10 per cent advance in the Oslo Stock Exchange's benchmark index (OSEBX).
The income statement for Aker ASA and holding companies shows a pre-tax profit of NOK 609 million for the second quarter, compared to a NOK 403 million loss in the prior quarter.
The full report and presentation can be downloaded from www.akerasa.com .
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Net asset value (NAV) is Aker ASA's core performance indicator. Aker is an investment company with a majority of listed companies in its portfolio. Therefore, NAV is a more relevant indicator of the development of Aker's underlying value than the company's consolidated accounts.
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
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.