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Aker Horizons — Earnings Release 2023
Feb 15, 2024
3530_rns_2024-02-15_a467f01a-cf6e-4c5f-91c3-925c3b8e6381.html
Earnings Release
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Aker Horizons ASA: Fourth-quarter results 2023
Aker Horizons ASA: Fourth-quarter results 2023
Aker Horizons ASA (OSE: "AKH"), a developer of green energy and industry, today
announced results for the fourth quarter 2023. Aker Horizons' net asset value
stood at NOK 10.8 billion as of 31 December 2023. The company had a cash
position of NOK 3.3 billion and an undrawn credit facility of EUR 500 million,
giving available liquidity of NOK 8.9 billion.
Fourth-quarter 2023 main developments:
Aker Carbon Capture recording strong order intake, progressing projects under
construction:
· Strong momentum with several awards including Hafslund Oslo Celsio CCS: Just
Catch 400 FEED
· Order backlog increased to NOK 2.6 billion (100% YoY), high commercial
activity across Europe and United States
· Continued revenue growth (139% YoY), mainly driven by ongoing Big Catch and
Just Catch projects
Mainstream Renewable Power streamlining operations and executing on near-term
pipeline:
· Concluded reorganization in Chile providing stable financial foundation for
Andes Renovables platform
· Financial close reached on 97.5 MW solar corporate PPA with Sasol and Air
Liquide in South Africa
· Organizational review on track, with focus on cost base reduction and
prioritization of projects
Aker Horizons Asset Development progressing Rjukan and Narvik projects towards
key milestones in 2024:
· Joint pre-FEED study with Statkraft for Narvik Green Ammonia nearing
completion
· Ground and grid connection works concluded at Kvandal - construction-ready
industrial site
· Signed Memorandum of Understanding (MoU) with industrial gas player at
Rjukan for offtake and equity co-ownership
Kristian Røkke, CEO of Aker Horizons, commented:
"2023 saw global investments in low-carbon energy technology climb to record
highs and a step change in renewable energy capacity additions. This positive
momentum was reflected in Aker Horizons' portfolio, most notably with Aker
Carbon Capture, which is benefiting from high levels of commercial activity. In
2024, we continue to focus on projects with near-term value creation potential
as the demand for low-carbon technologies accelerates."
Aker Horizons' net asset value (NAV) stood at NOK 10.8 billion at the end of the
fourth quarter, compared to NOK 10.2 billion in the third quarter. Aker
Horizons' gross asset value stood at NOK 17.1 billion at 31 December 2023, up
from NOK 16.5 billion in the prior quarter.
ENDS
The Q4 2023 presentation is attached.
Aker Horizons' CEO Kristian Røkke, CFO Kristoffer Dahlberg and Mainstream's CEO
Mary Quaney will present the main developments in the fourth 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 15 February 2024 at 07:00 CET.