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AKVA group delivered revenue for Q1 of 719 MNOK (752 MNOK), a decrease of 4%
compared to Q1 2020. EBITDA ex. cyber-attack costs decreased from 86 MNOK in Q1
2020 to 83 MNOK in Q1 2021. The Net Profit ex. cyber-attack costs decreased from
21 MNOK last year to 14 MNOK in Q1 2021.
The order intake in the quarter was 0.7 BNOK with a backlog of 1.8 BNOK at the
end of March 2021.
Costs related to cyber-attack of 49.7 MNOK recognized in Q1 2021.
Negative P&L effect of approx. 10 MNOK in Q1 2021 related to COVID-19
restrictions on import of foreign personnel to Norway.
A dividend of NOK 1.00 per share paid in April 2021.
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.
Cage Based Technology (CBT)
CBT revenue for Q1 2021 ended at 590 MNOK (657). EBITDA and EBIT ex. cyber-
attack costs (43 MNOK) for the segment in Q1 ended at 69 MNOK (81) and 29 MNOK
(38), respectively. The related EBITDA and EBIT margins were 11.7% (12.3%) and
4.9% (5.8%), respectively.
Order intake in Q1 2021 was 569 MNOK compared to 686 MNOK in Q1 2020. Order
backlog ended at 829 MNOK compared to 1,000 MNOK last year.
The revenue in the Nordic region ended at 412 MNOK (404).
In the Nordic region, the order intake was 360 MNOK (474) in the first quarter,
and the order backlog was 449 MNOK (565) at the end of March 2021.
In the Americas region, the revenue was 84 MNOK, which is a decrease from 122
MNOK in the first quarter last year.
Europe and Middle East (EME) had a revenue of 94 MNOK in Q1 2021, a decrease
from 131 MNOK in the first quarter last year.
Land Based Technology (LBT)
Revenues for the first quarter were 115 MNOK (79). EBITDA and EBIT ex. cyber-
attack costs (4 MNOK) ended at 9 MNOK (3) and 7 MNOK (0), respectively. The
related EBITDA and EBIT margins were 8.2% (3.7%) and 5.9% (-0.1%).
Order intake in Q1 2021 was 69 MNOK compared to 10 MNOK in Q1 2020. Order
backlog ended at 929 MNOK compared to 605 MNOK last year.
Digital Solutions (DS)
The revenue in the segment was 14 MNOK (17) in Q1 2021. EBITDA and EBIT ex.
cyber-attack costs (3 MNOK) ended at 5 MNOK (2) and 0 MNOK (-1), respectively.
The related EBITDA and EBIT margins were 34.0% (13.1%) and 3.0% (-3.5%).
Balance sheet
AKVA group’s financial position remains strong. Working capital as a percentage
of 12 months rolling revenue is 8.2% (15.0%). Cash and unused credit facilities
amounted to 469 MNOK (409) at the end of Q1. Total assets and total equity
amounted to 3,261 MNOK and 996 MNOK respectively, resulting in an equity ratio
of 30.5% (31.1%) at the end of Q1 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.
According to AKVA group ASAs’ dividend policy a dividend of 1.00 NOK per share
was paid in April 2021.
Order Backlog
The order backlog at the end of Q1 was 1,813 MNOK (1,650). 929 MNOK or 51% of
total order backlog at the end of Q1 relates to Land Based Technology (LBT).
Outlook
In the short term, the company expects the negative impact from the COVID-19
restrictions on import of foreign personnel to Norway to continue. Long term
fundamentals remain however unchanged as presented in the Capital Markets Day in
November 2020.
The financial profile remains strong, and 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 Cage Based and Land Based Technology.
About AKVA group
AKVA group is a technology and service partner to the aquaculture industry
worldwide. The company has 1 489 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: 7 May 2021
AKVA 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 (mailto:rmeinkohn@akvagroup.com)
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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