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Aker Horizons — Earnings Release 2023
Nov 2, 2023
3530_rns_2023-11-02_af51a5a7-ac16-4983-9d7e-a77e65cd0850.html
Earnings Release
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Aker Horizons ASA: Third-quarter results 2023
Aker Horizons ASA: Third-quarter results 2023
Aker Horizons ASA (OSE: "AKH"), a developer of green energy and industry, today
announced results for the third quarter of 2023. Aker Horizons' net asset value
stood at NOK 10.2 billion as of 30 September 2023. The company had a cash
position of NOK 3.5 billion and an undrawn credit facility of EUR 500 million,
giving available liquidity of NOK 9.1 billion.
Third-quarter 2023 main developments:
Aker Carbon Capture reported increasing levels of commercial activity:
· Significant growth in pre-FEEDs and studies, with order intake year to date
of around 9 million tonnes of CO2 per year
· Signed Memorandum of Understanding (MoU) with Aramco
· Order backlog rose to NOK 3.0 billion, up from NOK 1.5 billion year over
year
Mainstream Renewable Power focused on concluding the Chile restructuring,
streamlining operations:
· Restructuring process in Chile progressing well. The project finance lenders
voted through the company's restructuring plans on 2 October 2023, subject to
certain closing conditions. Closing expected in November
· Organizational review initiated across Mainstream, targeting over EUR 45
million in cost reductions
· 100 MW solar PV project backed by corporate PPA expected to reach financial
close before year end in South Africa
· Arven Offshore Wind project in Scotland expanded by 500 MW to 2,300 MW
Aker Horizons Asset Development progressed on industrial partnerships, secured
grid capacity for hydrogen projects:
· Statkraft, Europe's largest producer of renewable energy, joined as
industrial partner to develop Narvik Green Ammonia, demonstrating project
attractiveness
· 250 MW additional grid capacity allocated to Narvik Green Ammonia
· 120 MW grid capacity allocated to Green Ammonia Berlevåg
Kristian Røkke, CEO of Aker Horizons, commented:
"There has been significant turmoil in the quarter, impacting the capital
markets and the pace of green industry development more broadly, including
several of our projects. A highlight in the quarter is the continued strong
momentum for Aker Carbon Capture with commercial activity picking up, as
witnessed by the increase in pre-FEEDs and studies. Mainstream's restructuring
in Chile is substantially complete, and the company is now positioning itself
for the catch-up expected for renewables deployment in the years to come."
Aker Horizons' net asset value (NAV) stood at NOK 10.2 billion at the end of the
third quarter. Aker Horizons' gross asset value stood at NOK 16.5 billion as of
30 September 2023.
ENDS
The Q3 2023 presentation is attached.
Aker Horizons' CEO Kristian Røkke, CFO Nanna Tollefsen, Asset Development's CFO
Kristoffer Dahlberg and Mainstream's CEO Mary Quaney will present the main
developments in the third quarter of 2023 today at 08:30 CET followed by a Q&A
session. The presentation, which is open to all, will be held in English and
will be webcast on Aker Horizons' website: https://akerhorizons.com/investors
For further information, please contact:
Marianne Stigset, Communications, Tel: +47 41 18 84 82,
Stian Andreassen, Investor Relations, +47 41 64 31 07,
About Aker Horizons
Aker Horizons develops green energy and green industry to accelerate the
transition to Net Zero. The company is active in renewable energy, carbon
capture and hydrogen and develops industrial-scale decarbonization projects. As
part of the Aker group, Aker Horizons applies industrial, technological and
capital markets expertise with a planet-positive purpose to drive
decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and
headquartered in Fornebu, Norway. Across its portfolio, the company is present
on five continents. www.akerhorizons.com
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements in
Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This
stock exchange announcement was published by Marianne Stigset, Communications,
Aker Horizons, on 2 November 2023 at 07:00 CET.