Report for the first quarter of 2011
Net asset value (NAV) for Aker ASA and companies in its holding structure (Aker)was NOK 21.2 billion or NOK 292.40 per Aker share before dividend as of 31 March2011, up 15.2 percent from year-end 2010. In the first quarter of 2011, Aker'sshare price rose by 21.8 percent while the Oslo Stock Exchange benchmark index(OSEBX) increased 1.3 percent.
Aker's investment portfolios developed favorably in the first quarter of 2011.The Aker Industrial Holdings portfolio increased by 35.2 percent, and portfolioshares in the listed companies Aker Solutions, Aker Drilling, Det norskeoljeselskap, and Aker BioMarine achieved sound value growth in the reportingperiod.
Turning to the Financial Investments portfolio, Aker's total loans tosubsidiaries and associated companies decreased to NOK 2.6 billion in the firstquarter of 2011, down from NOK 5.5 billion at year-end 2010. In addition,guarantee commitments decreased by a total of NOK 1.6 billion. Cash and cashequivalents increased from NOK 2.9 billion to NOK 4.8 billion in the quarter,and now constitute 20 percent of Aker's total assets. This development furtherstrengthens Aker's financial clout.
The Funds portfolio also increased in value as a consequence of appreciation aswell as new investments in the first quarter of 2011. Norron Asset Managementlocated in Stockholm, an asset management company 51-percent owned by Aker,launched three new funds in the quarter. Aker invested SEK 300 million in themulti-strategy fund Norron Target and the hedge fund Norron Select
Transactions executed
In the first quarter of 2011, companies in Aker's Industrial Holdings portfoliocompleted key value-creating transactions. Aker Solutions completed the sale ofAMC and the bulk of the Process & Construction business as planned.
Following the NOK 3.9 billion Aker Drilling share issue, Aker's stake in theoffshore drilling company was reduced from 100 percent to 41.1 percent. AkerDrilling was refinanced and listed on the Oslo Stock Exchange on 25 February.
In late April 2011, Aker sold approximately NOK 170 million of Aker Drillingbonds. The sale, corporate refinancing, and exchange-listing of the drillingcompany resulted in a NOK 2.4 billion net positive cash effect for Aker.Accordingly, Aker is now solely an equity investor in Aker Drilling.
On 6 May 2011, Aker Solutions' annual shareholders' meeting voted to spin offthe EPC business to company shareholders. The EPC company will continue itsdevelopment under the historical industrial name Kværner ASA; listing on theOslo Stock Exchange is scheduled for July 2011. Aker Holding will become thelargest Kværner shareholder, with 40.1 percent of its stock after thetransactions are completed. Aker owns 60 percent of Aker Holding shares; theKværner investment will be a component of Aker's Industrial Holdings portfolio.
This information is subject of the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Aker ASA via Thomson Reuters ONE