Value growth, higher dividend
Aker's net asset value (NAV) amounted to NOK 19.5 billion at year-end 2009, upNOK 1 billion from 31 December 2008. NAV expresses the underlying value of AkerASA and companies in its holding company structure. NAV amounted to NOK 269 perAker ASA share at year-end 2009.
The company's liquidity and financial position are sound. The Board will proposepayment of a NOK 8 per-share dividend for the 2009 accounting year. The proposeddividend payment corresponds to 3.0 percent of NAV and a direct yield of 5.2percent compared with the 24 February 2010 share price.
Strategically and structurally, 2009 was characterized by a few but importanttransactions. Aker was a central driver in the merger between Det norskeOljeselskap and Aker Exploration. The merger was agreed in September, approvedby shareholders in October, and completed on 22 December 2009. Aker owns justover 40 percent of the shares in the post-merger company, which is thesecond-largest oil company on the Norwegian continental shelf, measured innumber of licenses.
In June 2009, all operating companies with the exception of five industrialinvestments were transferred to Converto Capital Fund. In April, Aker Solutionspurchased certain specialized companies and company interests from Aker.Discussions following these transactions led Aker Holding AS owners to sign anaddendum to the current shareholder agreement in January 2010 that details howtransactions between Aker and Aker Solutions as closely related parties are tobe handled in the future.
Financially, 2009 was marked by increased loans to subsidiaries in theirstart-up phases. As of 31 December 2009, Aker's receivables from Group companiesand associated companies amounted to NOK 6.9 billion. Of this amount, NOK 3billion were receivables from Aker Drilling.
Aker enjoys a sound financial position. Gross interest-bearing debt as of31 December 2009 was NOK 2.9 billion, while cash and cash equivalents amountedto NOK 2.7 billion. Net interest-bearing receivables amounted to NOK 7,0billion. Equity ratio as of 31 December 2009 was 80 percent after dividendallocations; the year-end 2009 equity ratio is on a par with the year-earlierfigure.
Operationally, Aker Drilling proved a challenge in 2009. Delayed delivery of thetwo deepwater rigs and resultant revenue postponement, along with the plannedrepayment of bank loans, will lead to Aker Drilling needing additional capitalin 2010.
Aker's other industrial holdings developed as projected. Aker Solutions turnedin record results in 2009, and the company's board of directors has proposed adividend payout of NOK 712 million for 2009. Aker's share of the dividenddisbursement will be NOK 172 million. Aker BioMarine and Aker Clean Carbon bothachieved breakthroughs in key markets in 2009.
This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)