AKVA group ASA: Q3 2021 financial reporting
November 05 2021 - 3:00AM
AKVA group ASA: Q3 2021 financial reporting
Strong order intake but reduced activity
level and profitability
AKVA group delivered revenue for Q3 of
738 MNOK (806 MNOK), a decrease of 8% compared to Q3 2020. EBITDA
decreased from 105 MNOK in Q3 2020 to 79 MNOK in Q3 2021. The Net
Profit decreased from 36 MNOK last year to 14 MNOK in Q3
2021.
The order intake in the quarter was 1.9
BNOK (hereof 1.3 BNOK related to AquaCon which is subject to
financing) with a backlog of 3.1 BNOK at the end of September
2021.
The profitability in Q3 is negative
impacted by the lower activity level in the Sea Based business
segment and revenue was MNOK 91 lower in Q3 2021 compared to Q3
2020.
Private placement of 322 MNOK completed
in October.
Awarded contract for the full grow-out
RAS facility from AquaCon (approx. value of 150 MUSD) subject to
financing.
Shares in AKVA Marine Services AS used
as non-cash contribution in a share issue in Abyss Group AS, where
AKVA group ASA received 25.5% ownership in Abyss Group
AS.
AKVA group have maintained a strong focus on the
measures implemented after the COVID-19 outbreak in March 2020 to
ensure the health and safety of our employees and customers, to
monitor and optimize the overall liquidity in the company, to
maintain the security of supply during the crisis and a steady
order intake to ensure work for all in AKVA group. The COVID-19
restrictions had negative impact on the operations during the first
half year of 2021. The negative implications were mainly related to
travel restrictions and use of foreign workforce in ongoing
operations. The travel restrictions were lifted at the end of Q2
2021 and the impact from the restrictions were limited in Q3.
Sea Based Technology (SBT)SBT revenue for Q3
2021 ended at 603 MNOK (694). EBITDA and EBIT for the segment in Q3
ended at 70 MNOK (100) and 29 MNOK (60), respectively. The related
EBITDA and EBIT margins were 11.6% (14.4%) and 4.7% (8.6%),
respectively.
Order intake in Q3 2021 was 563 MNOK compared to
559 MNOK in Q3 2020. Order backlog ended at 808 MNOK compared to
828 MNOK last year.
The revenue in the Nordic region ended at 338
MNOK, a decrease from 444 MNOK in the third quarter last year.
In the Americas region, the revenue was 140
MNOK, which is a decrease from 187 MNOK in the third quarter last
year.
Europe and Middle East (EME) had a revenue of
125 MNOK in Q3 2021, an increase from 63 MNOK in the third quarter
last year.
Land Based Technology (LBT)Revenues for the
third quarter were 115 MNOK (96). EBITDA and EBIT ended at 7 MNOK
(0) and 4 MNOK (-5), respectively. The related EBITDA and EBIT
margins were 5.7% (0.2%) and 3.4% (-4.7%).
Order intake in Q3 2021 was 1,350 MNOK (hereof
1,317 MNOK related to AquaCon) compared to 72 MNOK in Q3 2020.
Order backlog ended at 2,184 MNOK compared to 747 MNOK last
year.
Digital (DI)The revenue in the segment was 20
MNOK (16) in Q3 2021. EBITDA and EBIT ended at 3 MNOK (5) and 0
MNOK (2), respectively. The related EBITDA and EBIT margins were
13.0% (31.6%) and -1.6% (14.3%).
Balance sheetAKVA group’s financial position
remains strong considered the private placement of 322 MNOK
completed in October. Working capital as a percentage of 12 months
rolling revenue is 12.1% (10.3%). Cash and unused credit facilities
amounted to 311 MNOK (562) at the end of Q3. Total assets and total
equity amounted to 3,199 MNOK and 984 MNOK respectively, resulting
in an equity ratio of 30.8% (32.5%) at the end of Q3 2021.
Dividend The Company’s main objective is to
maximize the return on the investment made by its shareholders
through both increased share prices and dividend payments. No
dividends were paid in the quarter.
Order BacklogThe order backlog at the end of Q3
was 3,057 MNOK (1,625). 2,184 MNOK or 71% of total order backlog at
the end of September 2021 relates to Land Based Technology
(LBT).
OutlookDespite a challenging first half year of
2021 with negative effects from both the cyber-attack and the
COVID-19 restrictions the long-term fundamentals remain unchanged
as presented in our Capital Markets Day in November 2020.
At the end of Q3 2021 the Group announced
partnership with a new strategic investor. Israel Corp. is a
reputable public investment company, that owns and invests in high
quality companies with established management and go-to markets.
Israel Corp. completed the investment of 636.9 MNOK in October 2021
comprising of a private placement of 321.7 MNOK and purchase of
existing shares of 315.2 MNOK. The private placement will
accelerate the Group’s strategic agenda within all three business
segments. Furthermore, AKVA group and Israel Corp. will also
establish an investment platform for investments in land-based
projects worldwide that will facilitate the organic growth ambition
within the Land Based business segment.
The Group is fully financed to execute on the
organic growth strategy.
Digital products are an important part of AKVA
groups total product offering and the company will continue to
invest and develop attractive solutions, both within Sea Based and
Land Based Technology.
About AKVA groupAKVA group is a technology and
service partner to the aquaculture industry worldwide. The company
has 1 437 employees, offices in 10 countries and had a total
turnover of NOK 3.2 billion in 2020. We are a public listed company
operating in one of the world’s fastest growing industries and
supply everything from single components to complete installations,
both for cage farming and land based aquaculture. AKVA group is
recognized as a pioneer and technology leader through more than 40
years.
Dated: 5 November 2021AKVA group ASA
Web: www.akvagroup.com
CONTACTS:
Knut Nesse |
Chief Executive
Officer |
Phone: |
+47 51 77 85 00 |
Mobile: |
+47 91 37 62 20 |
E-mail: |
knesse@akvagroup.com |
Rony Meinkøhn |
Chief Financial
Officer |
Phone: |
+47 51 77 85
00 |
Mobile: |
+47 98 20 67
76 |
E-mail: |
rmeinkohn@akvagroup.com |
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- 2021 Q3 AKVA group report
- 2021 Q3 AKVA group presentation
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