Aker Horizons ASA: Second-quarter results 2024

USA - English

• USA - English
• APAC - English

LYSAKER, Norway, July 16, 2024 /PRNewswire/ -- Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the second quarter 2024. Aker Horizons' net capital employed stood at NOK 7.1 billion, an increase of NOK 1.9 billion from the first quarter, mainly driven by a gain from the Aker Carbon Capture-SLB transaction. The company reported a cash position of NOK 3.1 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 8.8 billion.

Second quarter main developments:

• Aker Carbon Capture ASA (ACC ASA) completed the transaction to combine its carbon capture business with SLB:
  • ACC ASA received NOK 4.1 billion in cash consideration, increasing its Q2 cash position to NOK 4.5 billion
  • ACC ASA booked an accounting gain of NOK 4.9 billion
  • The combination and integration of ACCH and SLB's carbon capture business progressed according to plan
• Mainstream Renewable Power (Mainstream) delivered on its strategy in Australia and Sweden:
  • The company was awarded a 2.5 GW offshore wind license in the Gippsland region of Victoria and a 500 MW onshore wind permit in New South Wales, in Australia
  • In Sweden, the 2.5 GW Mareld floating offshore wind development received a positive recommendation for government approval
  • The Andes Renovables platform in Chile maintained positive commercial margins in Q2 and recognized additional EUR 20m in revenues following publication of the first Tariff Stabilization Law decree
• Aker Horizons Asset Development (AAD) made progress on key projects and continued to explore data center opportunities for sites in Northern Norway:
  • The Rjukan project was scaled up to 40 MW gaseous hydrogen capacity, leveraging existing allocation of 50 MW grid capacity
  • A cooperation agreement was signed with a data center developer EPC company to explore powered shell opportunities in Northern Norway
  • For the flagship Narvik Green Ammonia project, the pre-FEED was concluded and invitation to tender responses were received

Kristian Røkke, CEO of Aker Horizons, commented:

"The second quarter was marked by the successful completion of the announced joint venture between Aker Carbon Capture and SLB. The new company combines technology portfolios, expertise and operations platforms to accelerate carbon capture adoption for industrial decarbonization. Mainstream continued to execute on its prioritized project pipeline, notably with the award of major offshore and onshore wind licenses in Australia. We are also pleased to see progress on new opportunities for data centers at its sites in the Narvik region."  

As of the second quarter 2024, Aker Horizons developed its financial reporting format to reflect a portfolio composed mainly of unlisted assets. From having four listed holdings in 2021, Aker Horizons had one listed holding, Aker Carbon Capture ASA, at the end of the second quarter 2024. Net capital employed reflects Aker Horizons' initial investment in the portfolio company, adjusted for any profit or loss and any additional investments, adjusted for foreign exchange fluctuations. As of the second quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC, NOK 3.8 billion in Mainstream, NOK 517 million in AAD, NOK 174 million in SuperNode and NOK 203 million in other assets.

The Q2 2024 presentation and half-year 2024 report are attached.

Aker Horizons' CEO Kristian Røkke and CFO Kristoffer Dahlberg, and Mainstream's CEO Mary Quaney will present the main developments in the second quarter 2024 today at 08:30 CEST 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, Director of Communications and External Affairs
Tel: +47 41 18 84 82
Email: [email protected]

Stian Andreassen, head of Investor Relations
Tel: +47 41 64 31 07
Email: [email protected]

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 16 July 2024 at 07:00 CEST.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-horizons/r/aker-horizons-asa--second-quarter-results-2024,c4015316

The following files are available for download:

SOURCE Aker Horizons