AKER ASA: THIRD-QUARTER RESULTS 2017 - NET ASSET VALUE OF NOK 34.7 BILLION
The net asset value ("NAV") of Aker ASA and holding companies ("Aker") increased by 20.4 per cent in the third quarter to NOK 34.7 billion (NOK 467 per share), compared to NOK 28.8 billion as per 30 June 2017.
The Aker share increased 19.3 per cent in the third quarter. This compares to a 12.1 per cent increase in the Oslo Stock Exchange's benchmark index ("OSEBX").
"Aker continues to generate attractive returns to shareholders. Since the re-listing on Oslo Stock Exchange in 2004, Aker has delivered 27 per cent annually, dividends included. In the third quarter, we added another NOK 5.9 billion to our NAV," said Aker President and CEO Øyvind Eriksen.
The value of Aker's Industrial Holdings portfolio increased to NOK 36.0 billion in the third quarter, from NOK 30.2 billion at the end of the second quarter. The value of Aker's Financial Investments portfolio stood at NOK 5.6 billion at the end of the third quarter, compared to NOK 5.8 billion as per 30 June 2017.
Aker held NOK 3.4 billion in liquidity reserves as per 30 September 2017. Cash and liquid fund investments amounted to NOK 1.6 billion at the end of the quarter, down from NOK 2.1 billion as per 30 June 2017.
"It is truly a privilege to have the financial strength and courage needed to build strong business enterprises throughout industry cycles. An increasing cash dividend from our portfolio companies enables us to do so. This year we will receive more than NOK 1.5 billion in upstream dividend to Aker and next year we expect even more," Eriksen said.
The value-adjusted equity ratio was 83 per cent, compared to 80 per cent as of 30 June 2017.
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.
Interim report
http://hugin.info/138689/R/2151451/825941.pdf
Presentation
http://hugin.info/138689/R/2151451/825947.pdf