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before non-controlling interests, totaled NOK -54 million (31 million). Arendals
Fossekompani will pay a dividend of NOK 1.00 per share for the quarter.
“Operating revenues in the third quarter was driven by strong performance from key
portfolio companies Volue and ENRX, and yet another improved quarter from Tekna. A
significantly lower price of electricity has a negative effect on the operating result, as does
more normalized margins for NSSLGlobal,” says Benjamin Golding, Chief Executive Officer
at Arendals Fossekompani.
Compared to the extraordinary high power prices last year, the spot price for electricity in the
NO2 area was significantly lower in the third quarter this year. The lower price was only
partially compensated by higher production volumes. Total revenues from hydropower
production amounted to NOK 79 million (125 million) with an operating profit of NOK 35
million (90 million).
After three quarters, both total revenues and operating profit for Arendals Fossekompani are
higher than in the same period last year. Year-to-date revenues amount to NOK 4,034 million
(3,227 million) with an operating profit of NOK 409 million (346 million).
“Year-to-date figures show a strong performance in the portfolio as a whole,” says Golding.
SEGMENT DEVELOPMENTS
Volue generated solid growth rates during the third quarter, with total operating revenues
amounting to NOK 334 million (NOK 294 million). Recurring revenues constituted 76% of
total revenues and reached NOK 254 million in the quarter, an increase of 40% from the
third quarter of 2022. SaaS revenues of NOK 105 million in the quarter translates to an
increase of 50% compared to the third quarter of 2022. SaaS revenues are now 31% of Volue’s
total revenues. Adjusted EBITDA totaled NOK 63 million (50 million), equal to an adjusted
EBITDA margin of 19% (17%).
Tekna reports revenues of CAD 9.1 million (CAD 5.9 million), an increase of 53% from the
same quarter last year. Adjusted EBITDA was CAD -1.7 million, a significant improvement
from CAD -3.9 million in the corresponding quarter of 2022. Tekna continues to experience
strong demand for its advanced materials and systems. Total order backlog at the end of the
quarter was CAD 23.7 million, a 58% increase from same quarter last year. The backlog was
supported by CAD 10.4 million order intake in the reported period, up from CAD 6.5 million
in the previous quarter.
ENRX reports operating revenues of EUR 36.8 million, an 8% increase from the same
quarter in 2022. Revenue growth was driven by higher activity levels within the Heat
division, as well as a smaller contribution from the Charge division. The company achieved
solid growth in Europe, while some sliding project deliveries in Asia and North America will
push revenues to Q4. EBIT for the quarter ended at EUR 2.6 million (EUR 1.2 million). EBIT
in the quarter corresponded to a margin of 7%, up from 4% in the same quarter last year.
NSSLGlobal reports continued strong sales and operating profit as well as a solid order
intake. Revenues in the third quarter were GBP 21.4 million (GBP 22.1 million) and the
operating profit ended at GBP 3.5 million (GBP 6.5 million), corresponding to an operating
margin of 16% (29%). As anticipated following a long period of unusually high profit, the
margins are returning to a more normal level. NSSLGlobal’s sales and pipeline continue to be
strong across both governmental and maritime sectors.
“Our companies are well positioned within high-growth global industry verticals with a
positive long-term outlook. The portfolio is diversified, providing both stable cash flow
generation and attractive growth opportunities,” says Golding.
CORPORATE DEVELOPMENTS
Arendals Fossekompani’s financial position remains solid. The company’s available cash on
30 September amounted to NOK 1,110 million. In addition, the company has undrawn credit
facilities of NOK 1,338 million, securing available liquidity of NOK 2,448 million as per end
of the quarter.
DIVIDEND
AFK will pay a quarterly dividend of NOK 1.00 per share, based on the company’s quarterly
dividend policy.
ENDS
For additional comments, please contact:
Benjamin Golding, Chief Executive Officer: +47 974 04 496
Hanne Watts, VP Communications & Sustainability: +47 974 04 496
Arendals Fossekompani | www.arendalsfossekompani.no
Arendals Fossekompani (AFK) is a long-term industrial investment company that owns
energy- and technology-related companies which enable the energy transition and next
generation industrial technologies. AFK operates globally in several future-oriented
industries, including 3D printing, wireless charging, algo trading, satellite services, battery
technology, software, and digitization. AFK was established in 1896 and has been a producer
of renewable hydro power for more than 100 years. The company is headquartered in
Arendal, Norway and listed at the Oslo Stock Exchange.
This information is considered to be inside information pursuant to the EU Market Abuse
Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
This stock exchange announcement was published by Lars Peder Fensli, CFO, Arendals Fossekompani ASA, on 10 November 2023 at 08:00 CET
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