The fourth quarter of 2007 rounded off an outstanding year for Aker:major shareholder value was realized, significant capital was freedup, and a solid foundation was built for continued industrialdevelopment and greater predictability as to future returns.
The parent company Aker ASA and its wholly owned holding companieshad a pre-tax profit of NOK 5.1 billion in the fourth quarter of2007, up from NOK 3.4 billion in the corresponding 2006 reportingperiod. For 2007 as a whole, pre-tax profit amounted to NOK 12.7billion, up from NOK 4.2 billion in 2006. The company's revenues arelargely attributable to sales gains.
Both in the fourth quarter and throughout 2007, Aker strengthened itsbalance sheet and reinforced its robustness and flexibility forachieving long-term value creation via continued industrialdevelopment. At year-end 2007, Aker ASA and wholly owned holdingcompanies had NOK 12.3 billion in cash and cash equivalents - up fromNOK 0.9 billion a year earlier and NOK 5.7 billion as of 30 September2007.
Value-adjusted equity amounted to NOK 29.8 billion as of 28 February2008. A year earlier, at the presentation of the fourth-quarter 2006report, the corresponding figure was NOK 33.4 billion.
In accord with Aker's established dividend policy, and as areflection of the company's solid 2007 profit, the Board of Directorswill propose to the 3 April 2008 annual shareholders' meeting that anordinary dividend of NOK 18.50 per-share will be paid.
Status and outlookAker's main companies are developing favorably and largely asprojected. Aker Kværner, Aker's largest asset in terms of marketvalue, delivered a record profit for 2007. Consistent with its policyof active ownership, Aker is directing a major proportion of itsresources to the many companies it has established in recent years.This is how Aker helps each company to fully realize its potential.
2007 revenues of Aker companies totaled NOK 61.7 billion. As of31 December 2007, Aker companies had an aggregate workforce of35 630, of whom 27 100 were company employees.
The bulk of Aker's assets is in companies associated with the energysector in general, and the oil and gas industry in particular.Worldwide consumption of hydrocarbon fuels is rising. This trend hasgenerated significant demand for the technologies, products, andservices offered by Aker companies.
Greater popular awareness of the value of a healthy diet is drivingdemand for seafood and dietary products made from marine rawmaterials. This trend also is favorable for Aker and its Seafoods &Marine Biotech companies.
Enclosed please find the Q4 2007 report.
For further information, please contactGeir Arne Drangeid, EVP, Aker ASA, tel: +47 913 10 458