Aker and Aker's operating companies delivered strong results in the first quarter of 2012.
"Aker's net asset value rose 16 percent in the quarter to NOK 22.5 billion, the highest since the third quarter 2008,'' says Chief Executive Officer Øyvind Eriksen in Aker ASA. "Aker's cash increased to NOK 4.3 billion."
Aker ASA's shares rose 20 percent in the first quarter, outpacing an 11 percent advance in the Oslo Stock Exchange benchmark index.
The value of Aker's Industrial Holdings portfolio was NOK 18.3 billion as of the close of the first quarter, up NOK 5.9 billion from 31 December 2011. Share investments in the listed companies Aker Solutions and Kvaerner increased in value by a total of NOK 3.1 billion in the first quarter. Ocean Yield was established, with Aker's investments valued at NOK 2.5 billion, which represents historical cost.
The value of the investments in Aker BioMarine and Det norske was reduced by NOK 134 million. Aker in January sold 1.05 million shares in Det norske at NOK 88 per share, reducing its ownership from 50.81 percent to 49.99 percent.
Aker's Financial Investments portfolio amounted to NOK 7.8 billion as of 31 March 2012, down from NOK 10.3 billion at the close of the fourth quarter. Fund Investments accounted for NOK 1.2 billion, compared with NOK 1.4 billion in the previous quarter. Loans to subsidiaries and associated companies totaled NOK 1.4 billion, down NOK 1.8 billion from the close of the preceding quarter. The reduction was mainly due to the conversion of Aker's NOK 1.8 billion shareholding loan in Aker Floating Production into equity as part of the establishment of Ocean Yield.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
