The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") increased with NOK 2.2 billion, or 3.1 per cent, to NOK 72.0 billion in the first half of the year, net of dividends paid in the period of NOK 1.1 billion. For the second quarter of 2022, the NAV decreased with NOK 2.8 billion, or 3.7 per cent, compared to the first quarter of 2022, including NOK 1.1 billion in dividends paid.
The per-share NAV amounted to NOK 968 as per 30 June 2022, compared to NOK 939 as per 31 December 2021. The Aker share decreased 6.6 per cent, dividend adjusted to NOK 756 in the first half of the year, compared to a 2.6 per cent decrease in the benchmark index ("OSEBX"). For the second quarter, the share price decreased 4.9 per cent, dividend adjusted, compared to a 7.2 per cent decrease in the reference index.
"The second quarter was marked by market fear from volatile macroeconomic and geopolitical developments; however, our portfolio companies are showing determination and resilience through uncertain times. While Aker's share price has not escaped the global sentiment, we are coupling our strong industrial foundation with new technologies, ideas, and partnerships. Halfway through the year, long-term efforts are bearing fruit and new shoots taking root," said Øyvind Eriksen, President and CEO of Aker ASA.
For the first half of the year, Aker's Industrial Holdings portfolio increased by NOK 2.6 billion to NOK 70.1 billion, mainly driven by value increase of Aker BP. The value decrease of the Industrial Holdings portfolio of NOK 1.4 billion in the second quarter was mainly due to value decrease of Aker Horizons, partly offset by value increase of Aker BP and an additional investment in Aker Solutions. The value of Aker's Financial Investments portfolio stood at NOK 11.5 billion at the end of the second quarter.
"The world is facing an exponential increase in food consumption and energy demand and the need to decarbonize energy systems is undeniable. However, while the urgency has never been more stated, the issue remains incredibly nuanced as the world will need enormous investments in new power generation projects, as well as investments in oil and gas to meet global energy demand. This is why I am a firm believer that innovative models of collaboration and digitalization is more important than ever," said Eriksen. "The energy transition is enormous, complex, costly and take time. Together with our elected officials, we need to rethink our supply chains to better support the shift towards greener energy production. Moreover, we need to deploy digital technologies and software solutions that will help reduce cost and time it takes to reach scale. At Aker, our strategy is pinned on this increasingly clear - though complex - macroeconomic picture. Together with our portfolio companies we will claim a front seat in the race to meet global energy demand in the most technologically advanced, sustainable, and collaborative manner."
Aker's liquidity reserve, including undrawn credit facilities, stood at NOK 6.6 billion as per 30 June 2022. The value-adjusted equity ratio was 88 per cent, slightly up from year-end 2021.
The full report and presentation are available at www.akerasa.com and www.newsweb.no
For more information, please contact:
Joachim Bjørni, Head of Investor Relations, Aker ASA
Tel: +47 924 22 106
Atle Kigen, Head of Media Relations and Public Affairs, Aker ASA
Tel: +47 907 84 878
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on August 17, 2022, at 07:00 CEST.
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