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compared to Q1 2022.
EBITDA decreased from MNOK 69 (excluding one-time gain of MNOK 33 from sale of
shares in Atlantis Subsea Farming AS) in Q1 2022 to MNOK 59 in Q1 2023.
Acceptable order intake of MNOK 1,170 (1,048) in Q1 and order backlog of BNOK 2
at the end of March 2023.
Award of new RAS contract with NOAP for next 4,000 tonnes (phase 2). Estimated
contract value of MEUR 40.
Market for post smolt project in Norway still on hold due to the resource tax.
Commercial breakthrough of deep sea farming concepts in April
The activity in the first quarter of 2023 was high and above last year. Overall,
the order intake was sound with the newly awarded RAS contract for NOAP as the
largest contributor. Profitability improved compared to previous quarters but is
still below expectations. The Land Based business segment is still impacted by a
high cost base compared to current activity level and by lower profitability in
parts of the project portfolio. The profit margins in this part of the project
portfolio were written down significantly in Q2 and Q3 2022 mainly due to cost
inflations and will run at a lower profit margin until completion end of Q3
2023. Furthermore, the profitability in the Sea Based business segment was
negative impacted by the product mix in the quarter.
The implications from the new resource tax remain uncertain. Most likely will
the resource tax have a negative impact on activity level on short and medium
term, especially within the post smolt market in Norway
Sea Based Technology (SBT)
SBT revenue for Q1 2023 ended at MNOK 655 (676). EBITDA and EBIT for the segment
in Q1 ended at MNOK 55 (94) and MNOK 19 (58), respectively. The related EBITDA
and EBIT margins were 8.5% (13.9%) and 2.9% (8.6%), respectively. Adjusted for
sale of shares in Altantis Subsea Farming AS (“Atlantis”) of MNOK 33 the EBITDA
and EBIT margins in Q1 2022 are 9,5% and 3,9%.
Order intake in Q1 2023 was MNOK 613 compared to MNOK 759 in Q1 2022. Order
backlog ended at MNOK 861 compared to MNOK 935 last year.
The Nordic region experienced a decrease in revenue from MNOK 492 in Q1 2022 to
MNOK 425 in Q1 2023.
In the Americas region, the revenue was MNOK 121, which is an increase from 97
MNOK in the first quarter last year.
Europe and Middle East (EME) had a revenue of MNOK 109 in Q1 2023, compared to
the revenue of MNOK 87 in the first quarter last year.
Land Based Technology (LBT)
Revenues for the first quarter were MNOK 192 (151). EBITDA and EBIT ended at
MNOK -2 (4) and MNOK -5 (0), respectively. The related EBITDA and EBIT margins
were -1.3% (2.8%) and -2.4% (0.3%).
Order intake in Q1 2023 was MNOK 527 compared to MNOK 254 in Q1 2022. Order
backlog ended at MNOK 1,018, compared to MNOK 829 last year.
Digital (DI)
The revenue in the segment was MNOK 27 (21) in Q1 2023. EBITDA and EBIT ended at
MNOK 6 (4) and MNOK -4 (0), respectively. The related EBITDA and EBIT margins
were 21,8% (20,2%) and -13.3% (1.4%).
Balance sheet
Working capital as a percentage of 12 months rolling revenue is 8.2% (12.6%).
Cash and unused credit facilities amounted to MNOK 629 (561) at the end of Q1.
Total assets and total equity amounted to MNOK 3,654 and MNOK 1,198
respectively, resulting in an equity ratio of 32.8% (36.4%) at the end of Q1
2023.
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. The
company has decided not to pay any dividend in the first half of 2023.
Order Backlog
The order backlog at the end of Q1 was MNOK 1,984 (1,849). MNOK 1,018 or 51% of
total order backlog at the end of Q1 relates to Land Based Technology (LBT).
Outlook
The order backlog and financial position remains sound and forms a good
foundation to execute the organic growth strategy.
Salmon prices are expected to remain strong driven by reduced supply.
The implications from the introduction of new resource tax are uncertain. Most
likely this will have a negative impact on the activity level on short and
medium term, especially in the post smolt market in Norway.
Medium financial targets remain unchanged and AKVA is targeting minimum BNOK 4
in revenue and minimum 8% EBIT in 2024.
AKVA will continue to invest and improve their solutions, both within Sea Based,
Digital and Land Based Technology.
About AKVA group
AKVA group is a technology and service partner to the aquaculture industry
worldwide. The company has 1 429 employees, offices in 11 countries and had a
total turnover of NOK 3.4 billion in 2022. 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 sea farming and land
based aquaculture. AKVA group is recognized as a pioneer and technology leader
through more than 40 years.
Dated: 12 May 2023
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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