The Net Asset Value of Aker ASA and its holding companies (Aker) was NOK 23.3 billion as of 30 September 2012, compared to NOK 20.1 billion as of 30 June 2012 and NOK 19.4 billion as of 31 December 2011.
"This quarter Aker delivered the highest net asset value since I joined the company in January 2009,'' Aker's President and CEO Øyvind Eriksen said. "Aker boasts solid cash holdings of NOK 4.3 billion and our value-adjusted equity ratio remains high, at 85 per cent. Our Industrial Holdings reported good quarterly performance, contributing to Aker's 16 per cent increase in net asset value in the period."
The value of Aker's Industrial Holdings portfolio stood at NOK 19.7 billion as of the close of the third quarter, compared to NOK 16.4 billion in the second quarter. This was led by a value increase in Aker Solutions and Det norske, by NOK 1.9 billion and NOK 1.0 billion respectively.
Aker's Financial investments portfolio amounted to NOK 7.7 billion as of 30 September 2012, up from NOK 6.7 billion as of 30 June 2012. Fund Investments accounted for NOK 1.5 billion, compared with NOK 1.3 billion in the second quarter. Loans to subsidiaries fell to NOK 1.1 billion, following the repayment of NOK 220 million in loans from Aker's real estate investment vehicle Fornebuporten.
Cash rose NOK 1.0 billion in the third quarter, due to the issue of a NOK 1.0 billion bond with 10-year maturity in September.
Aker's risk exposure was substantially reduced after Aker Philadelphia in August sold two product tankers built without contract. Aker's USD 30 million loan to the yard will be repaid upon delivery of the second vessel in February 2013 and the performance guarantee will expire at this time.
"Aker's strong balance sheet gives us financial flexibility and ensures that we have the resources to support the growth of our portfolio companies such as Det norske," Eriksen said.
The full report and presentation can be downloaded from www.akerasa.com.
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