The Net Asset Value of Aker ASA and its holding companies (Aker) was NOK 20.1 billion as of 30 June 2012, compared to NOK 22.5 billion as of 31 March 2012 and NOK 19.4 billion as of 31 December 2011.
"Most of the companies in Aker's industrial holdings delivered good quarterly results, marked by a strong order intake, a high level of activity and solid operational performance,'' Aker's President and CEO Øyvind Eriksen said. "Capital markets were volatile in the second quarter, which had an adverse impact on our portfolio, reducing Aker's net asset value to NOK 20.1 billion. However, our cash reserves remain at a solid NOK 3.3 billion kroner after payment of NOK 0.8 billion in dividend, and our value-adjusted equity ratio is as high as 87 percent."
The value of Aker's Industrial holdings portfolio was NOK 16.4 billion as of the close of the second quarter, compared to NOK 18.3 billion in the first quarter and NOK 12.4 billion at the end of 2011.
Aker's Financial investments portfolio amounted to NOK 6.7 billion as of 30 June 2012, down from NOK 7.8 billion as of 31 March 2012 and NOK 10.3 billion as of 31 December 2011. Fund Investments accounted for NOK 1.3 billion, compared with NOK 1.4 billion at the end of 2011. Bonds and loans to subsidiaries totaled NOK 1.4 billion, down from NOK 4.1 billion at the close of 2011.
Cash decreased to NOK 3.3 billion in the second quarter, from NOK 4.3 billion as per 31 March 2012. This was due to the disbursement of NOK 0.8 billion in dividend to Aker shareholders in May, the repayment of NOK 350 million in connection with the refinancing of a bank loan and NOK 215 million invested in Aker BioMarine's rights offering. Aker received NOK 394 million in dividend payment in the second quarter.
"The decline in crude prices and the European financial crisis have not impacted the level of activity or demand in the main markets relevant to Aker's operating companies,'' Eriksen said. "We maintain a positive outlook for the oil and gas sector and believe Aker is well positioned to benefit from the growing demand for energy and oil services."
The full report and presentation can be downloaded from www.akerasa.com .
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