Aker ASA Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights
  • Net Asset Value (NAV): Increased by NOK3.9 billion from Q2 2021 to a record-high NOK70.8 billion (NOK953 per share), marking the second consecutive quarter of record NAV.
  • Main Value Drivers:
    • Aker Horizons: +16.7%
    • Aker BP: +4.9% (including dividends)
    • Ocean Yield: +39.6% (driven by KKR takeover offer)
  • Gross Asset Value: NOK83.5 billion, with 83% in listed assets and cash.
  • Industrial Holdings: Account for 90% of gross asset value. Aker BP remains the largest asset (NOK41 billion), followed by Aker Horizons (NOK15.5 billion).
  • Liquidity: NOK2.1 billion (raised to NOK6.6 billion post Ocean Yield transaction). Cash at NOK713 million (increased to NOK5.2 billion post transaction).
  • Investment in Offshore Fish Farming: SalMar Aker Ocean was launched through a strategic partnership with SalMar.
  • Aker BP Highlights:
    • Record operating profit due to higher oil/gas prices.
    • Plan for Development and Operations (PDO) submitted for the Frosk project.
    • NOAKA concept finalized; estimated 600 million BOE.
    • Annual dividend increased to USD600 million, providing Aker NOK240 million upstream.

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Joachim Bjørni: Hello, everyone, and good morning. Welcome to this presentation of Aker's Third Quarter Results for 2021. We will start today's presentation with Aker's President and CEO, Øyvind Eriksen, who will walk you through the highlights in the quarter and how the Industrial Holdings portfolio developed in the period. Our CFO, Svein Oskar Stoknes, will then cover the financial investments portfolio and the third quarter accounts in more detail. Øyvind will conclude the presentation by taking you through Aker's initiative to establish asset management as a new business statement in Aker's portfolio. There will be a Q&A session following the presentation. You can submit your questions via the chat function on the webcast. And with that, I hand it over to Øyvind Eriksen. Øyvind Eriksen: So thank you, Joachim Bjørni, and good morning everyone. It's been an interesting quarter, one in which Aker has entered into the offshore fish farming industry by joining forces with SalMar to establish SalMar Aker Ocean. Furthermore, Aker accepted an offer from KKR for our shareholding in Ocean Yield. The transaction will result in a cash release for Aker of NOK4.5 billion and an annual return of 22% since the IPO in 2030. In the third quarter, Aker's net asset value ended at NOK70.8 billion, the highest net asset value on the record for the company for a second consecutive quarter. The value increase was mainly driven by growth in Aker Horizons, which of course up 16.7%, Aker BP, which

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