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AKVA group delivered revenue for Q3 of MNOK 817 (840), a decrease of 3% compared
to Q3 2022.
EBITDA increased from MNOK 25 in Q3 2022 to MNOK 78 in Q3 2023.
Order intake of MNOK 600 (650) in Q3 and order backlog of BNOK 2,6 at the end of
September 2023.
Acquisition of 51% of the shares in Submerged AS was completed in Q3 with the
option to increase the ownership to 100% in 2028 based on certain conditions
Ownership in Newfoundland Aqua Service Ltd was increased from 70% to 98,5% in
October through execution of option
A rightsizing process, targeting MNOK 45 in annual cost savings, will be carried
out in Q4 to adapt the organization to the current and expected activity level
Due to change in market conditions AKVA will revise the medium-term financial
targets during Q4
The activity in the first three quarters of 2023 were somewhat higher compared
to last year. Overall, the order intake was sound with the award of RAS contract
for Nordic Aqua Partners (MEUR 40) and the post smolt contract for Cermaq Norway
(minimum MEUR 60) as the largest contracts. However, the introduction of the
resource tax has a negative impact on the activity level both in Land Based and
parts of the Sea Based business, and the market outlook is challenging and
uncertain. Profitability is continuing to improve compared to last year 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 profitability in the Sea Based business
segment is acceptable with a healthy product mix supported by the commercial
breakthrough of deep farming concepts.
Due to change in market conditions a rightsizing process, targeting MNOK 45 in
annual cost savings, will be executed during Q4 to adapt the organization to the
current and expected activity level.
Sea Based Technology (SBT)
SBT revenue for Q3 2023 ended at MNOK 660 (681). EBITDA and EBIT for the segment
in Q3 ended at MNOK 79 (79) and MNOK 41 (44), respectively. The related EBITDA
and EBIT margins were 11.9% (11.5%) and 6.3% (6.4%), respectively.
Order intake in Q3 2023 was MNOK 574 compared to MNOK 450 in Q3 2022. Order
backlog ended at MNOK 731 compared to MNOK 672 last year.
The Nordic region experienced an increase in revenue from MNOK 417 in Q3 2022 to
MNOK 381 in Q3 2023.
In the Americas region, the revenue was MNOK 171, which is a decrease from 186
MNOK in the third quarter last year.
Europe and Middle East (EME) had a revenue of MNOK 73 in Q3 2023, compared to
the revenue of MNOK 114 in the third quarter last year.
Land Based Technology (LBT)
Revenues for the third quarter were MNOK 124 (134). EBITDA and EBIT ended at
MNOK -11 (-63) and MNOK -13 (-106), respectively. The related EBITDA and EBIT
margins were -8.5% (-46.6%) and -10.4% (-78.9%). EBITDA and EBIT in Q3 2022 was
significantly impacted by cost accruals for restructuring and cost saving
programs.
Order intake in Q3 2023 of MNOK 4 compared to MNOK 167 in Q3 2022. Order backlog
ended at MNOK 1,728, compared to MNOK 812 last year.
Digital (DI)
The revenue in the segment was MNOK 33 (25) in Q3 2023. EBITDA and EBIT ended at
MNOK 10 (9) and MNOK 0 (3), respectively. The related EBITDA and EBIT margins
were 29.9% (38.0%) and 0.8% (11.5%). The order intake was MNOK 21 (32) in the
quarter.
Balance sheet
Working capital as a percentage of 12 months rolling revenue is 8.6% (5.9%).
Cash and unused credit facilities amounted to MNOK 526 (793) at the end of Q3.
Total assets and total equity amounted to MNOK 3,732 and MNOK 1,176
respectively, resulting in an equity ratio of 31.8% (34.0%) at the end of Q3
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 2023.
Order Backlog
The order backlog at the end of Q2 was MNOK 2,609 (1,579). MNOK 1,728 or 66% of
total order backlog at the end of Q3 relates to Land Based Technology (LBT).
Outlook
Salmon prices expected to remain strong driven by reduced supply
The implications from the introduction of new resource tax in Norway are
negative both for Land Based business and parts of Sea Based business
Measures will be taken in Q4 23 to adopt the cost base to the current and
expected activity level
Due to change in market conditions AKVA will revise the medium-term financial
targets during Q4
About AKVA group
AKVA group is a technology and service partner to the aquaculture industry
worldwide. The company has 1 410 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: 10 November 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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