FORNEBU, Norway, Feb. 14, 2020 /PRNewswire/ -- The Net Asset
Value ("NAV") of Aker ASA and holding companies ("Aker") ended at
NOK 50.0 billion in the fourth
quarter of 2019 (NOK 43.1 billion at
the third quarter 2019). For the full year, Aker's NAV increased by
10 billion, including paid dividend of NOK
1.7 billion.
The Aker share price, included paid dividend, increased 22.5 per
cent in 2019, outperforming the Oslo Stock Exchange benchmark index
at 16.5 per cent. The NAV ended the year at NOK 50.0 billion, up from NOK 41.7 billion at the end of 2018, representing
a return of 23.7 per cent, including paid dividend of NOK 1.7 billion.
"Aker delivered good return to our shareholders in 2019, despite
high volatility and significant value fluctuations during the year.
By continuing to build robustness, resilience and optionality, both
at the Aker level and in each portfolio company, Aker is prepared
for rainy days. A solid financial position with low debt ratio,
predictable upstream cashflow, a liquid portfolio of assets, and
well-performing industrial holdings, enable us to weather the
storms, stick to our plans and strategies, maintain an attractive
cash dividend to our shareholders, and pursue opportunities that
tend to materialise when market uncertainties are high," said
Øyvind Eriksen, President and CEO at Aker ASA.
Aker received a record high NOK 3.5
billion in upstream cash in 2019. The Board of Directors
proposes a cash dividend of NOK 23.50
per share for the fiscal year 2019, corresponding to a 4.3 per cent
yield to the share price and 3.5 per cent of NAV at the close of
the year.
"Aker is not ignorant to the fact that renewables and other
`clean' sources of energy will play a more important role in the
energy mix going forward. However, facts and figures tell that the
expected increase in demand for energy will require both more oil
and gas and more `clean energy'. `Energy addition' is therefore, in
our opinion, a more appropriate description of the task at hand
than `energy transition'. This reality fits well with how Aker
operates with a portfolio of different industrial holdings, each
focusing on their respective industry segments," said Eriksen.
"New business opportunities will be screened and prioritised by
Aker based on our financial metrics, including the 12 per cent
return target over the cycle and the goal to increase upstream cash
flow year-on-year from our portfolio," said Eriksen.
Aker's liquidity reserves, including undrawn credit facilities,
stood at NOK 6.6 billion as per
31 December 2019. The value adjusted
equity ratio prior to allocation of dividend was 81 per cent at the
end of the fourth quarter, compared to 80 percent as per
30 September 2019.
The full report and presentation can be downloaded from
www.akerasa.com
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:
Investors:
Torbjørn Kjus, Chief Economist & Head of Investor Relations
Phone: +47-94-14-77-30
Media:
Atle Kigen, Head of Corporate
Communications
Phone: +47-90-78-48-78
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
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The following files are available for download:
https://mb.cision.com/Main/18835/3034921/1193815.pdf
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Aker ASA Q4 2019
Report
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https://mb.cision.com/Public/18835/3034921/8e5c17fc4bb9fbe0.pdf
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Aker ASA Q4 2019
Presentation
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