Amounts in NOK million 2012 2011
Aa as at 1 January 5 579 5 295
Acquisitions in stages, downward sales and sales of subsidiaries - 775
Acquisitions /disposals 2 (2 661)
Share of losses / profits 1 118 1 545
Exchange differences and cash flow hedges (27) 53
Other equity movements (859) 572
As at 31 December 5 813 5 579
Shares and investments in associated companies are allocated as follows: 2012
Amounts in NOK million
Book value at 1 January
Acquisitions in stages, downward sales and sales of subsidiaries
Acquisitions and disposals Share of profits / losses Changes due to exchange differences and hedges Other changes in equity Book value as at 31 December
Aker Solutions ASA 4 400 - - 878 - (548) 4 729
Kvaerner ASA 988 - - 98 (27) (171) 888
Bokn Invest AS 184 - 2 142 - (140) 189
Other companies 7 - - - 7
Total 5 579 - 2 1 118 (27) (859) 5 813
Acquisitions and sales
In 2012, Bokn Invest received an equity contribu- tion of NOK 2 million from Aker ASA’s subsidiary Converto Capital Fund.
Share of losses/profits
The share of the losses/profits of associated com- panies is based on the companies’ annual profits. The share of Aker Solutions’ losses/profits has been adjusted to reflect the effects of an amendment of the principle governing pensions that Aker Group did not implement in 2012.
Other equity movements
Other equity movements in Aker Solutions include received dividends of NOK 430 million and part of the effects of purchasing and selling treasury shares. Other equity movements in Kvaerner include received dividends of NOK 169 million and part of the effects of purchasing and selling treas-
ury shares. Other equity movements in Bokn Invest can be linked to a repayment of capital totalling NOK 140 million.
Shares and investments in associated companies have been allocated as follows: 2011
Amounts in NOK million
Book value at 1 January
Acquisitions in stages, downward sales and sales of subsidiaries
Acquisitions and disposals Share of profits / losses Changes due to exchange differences and hedges Demerger effects Other changes in equity Book value as at 31 December
Aker Solutions ASA 3 998 - - 2 134 81 (1 508) (305) 4 400
Kvaerner ASA - - - 229 (62) 821 - 988
Bokn Invest AS 160 - 27 (3) - - - 184
Aker Drilling ASA - 1 767 (2 688) 10 34 - 877 -
Det norske oljeselskap ASA 1 131 (992) - (137) - - (2) -
Other companies 6 - - (1) - - 2 7
Elimination and reclassification - - - (687) - 687 -
Total 5 295 775 (2 661) 1 545 53 - 572 5 579
Acquisitions in stages, downward sales and sales of subsidiaries
Aker Drilling finalized an equity issue of NOK 3.9 billion in the first quarter 2011, and refinanced a bank loan with a new five year maturity loan. Aker subscribed NOK 567 million in the equity issue, subsequent ownership became 41.1 per cent and Aker no longer controlled Aker Drilling. Net loss was NOK 1.2 billion.
The investment in Aker Drilling was accounted for as a subsidiary until 24 February and as an associated company under the equity method after 24 February 2011. Aker Drilling’s equity value in the Aker group prior to the equity issue was NOK 1 767 million (see Note 7).
On 17 August 2011 Aker acquired 11.66 per cent of the shares and voting rights in Det norske oljeselskap ASA for NOK 521 million. The acquisi- tion increased Aker’s ownership from 40.45 per cent to 52.11 per cent and is thus accounted for as a subsidiary from 17 August 2011. The Aker group’s equity value prior to additional acquisitions was NOK 992 million (see Note 6).
Acquisitions and disposals
The net decrease of NOK 2 688 million in Aker Drill- ing is from the equity issue of NOK 567 million, offset by NOK 3 255 million received from the dis- posal of 5.0 per cent on 15 August and 36.1 per cent on 3 October 2011.
Share of profit / loss
Share of profit / loss from associated companies of NOK 1 545 million is from continued operations and discontinued operations of NOK 1 535 million and NOK 10 million respectively. Share of profit/ loss is based on the company’s result for the year. The eliminations and reclassifications stem from the gain in Aker Solutions from the demerger of Kvaerner ASA, and in addition the fact that, the profit from 1 January until the split is accounted for as profit from discontinued operations in Aker Solutions and as profit in Kvaerner ASA. Kvaerner ASA reports profit and loss as if the demerger was finalized on 1 January.
Demerger
The demerger of Aker Solutions and Kvaerner ASA was finalized in the second quarter 2011. The Aker group owns approximately 41 per cent of both companies subsequent to the demerger. Aker’s share of the demerger effects amounts to a nega- tive NOK 1 508 million in Aker Solutions and a pos- itive NOK 821 million in Kvaerner ASA. The effects are eliminated in Aker.
Other changes in equity
Other changes in equity in the share Aker Solutions ASA includes received dividend of NOK 303 million. Other changes in equity in the share Aker Drilling of NOK 877 million is gain from the sale of 41 per cent of the shares in Aker Drilling in 2011 (see Note 7).
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Summary of financial information for associated companies and the group’s stake in major associates is as follows:
Shown below are the share prices and market values of Aker Group’s share in Aker Solutions ASA and Kvaerner ASA:
Amounts in NOK million
Number of shares million Quoted price as at 31 December 2012 in NOK Book value as at 31 Decem- ber 2012 in NOK million Stock value as at 31 Decem- ber 2012 in NOK million
Aker Solutions ASA 110.3 112.80 4 729 12 446
Kvaerner ASA 110.3 16.20 888 1 787
2012
Amounts in NOK million Country Assets Liabilities
Operating revenue Profit for the year Ownership interest %
Aker Solutions ASA Norway 40 215 28 235 44 922 2 260 40.3 1)
Kvaerner ASA Norway 6 052 3 850 10 748 238 41.0 1)
Bokn Invest AS Norway 506 - - 310 39.9
2011
Amounts in NOK million Country Assets Liabilities
Operating revenue Profit for the year Ownership interest %
Aker Solutions ASA Norway 34 010 23 044 36 474 5 254 40.3 1)
Kvaerner ASA Norway 6 823 4 378 13 295 559 41.0 1)
Bokn Invest AS Norway 541 - - (21) 39.9
1) Not considered acquisition of own shares.