AKVA group ASA: Q1 2022 financial reporting
May 13 2022 - 1:00AM
AKVA group ASA: Q1 2022 financial reporting
High activity level and strong momentum
impacted by global instability
AKVA group delivered revenue for Q1 of
MNOK 849 (719), an increase of 18% compared to Q1 2021. EBITDA
increased from MNOK 83 (ex. cyber-attack costs) in Q1 2021 to MNOK
102 in Q1 2022. The Net Profit increased from MNOK 14 (ex.
cyber-attack costs) last year to MNOK 40 in Q1 2022.
The order intake in the quarter was BNOK
1 with a backlog of BNOK 1.8 at the end of March 2022.
Profitability negatively impacted by
supply chain restrictions and cost inflations by estimated MNOK 30
in the quarter.
Sale of shares in Atlantis Subsea
Farming AS completed in Q1 2022, resulting in a profit of MNOK
33.
A dividend of NOK 1.00 per share paid in
March 2022.
During Q4 2021 AKVA group experienced
challenging profit margins due to cost inflations and global supply
chain restrictions. This has been further intensified in Q1 2022
due to the conflict between Ukraine and Russia.
Sea Based Technology (SBT)SBT revenue for Q1
2022 ended at MNOK 676 (590). EBITDA and EBIT for the segment in Q1
ended at MNOK 94 (69) and MNOK 58 (27), respectively. The related
EBITDA and EBIT margins were 13.9% (11.7%) and 8.6% (4,6%),
respectively.
Order intake in Q1 2022 was MNOK 759 compared to
MNOK 569 in Q1 2021. Order backlog ended at MNOK 935 compared to
MNOK 829 last year.
The revenue in the Nordic region ended at MNOK
492, an increase from MNOK 412 in the first quarter last year.
In the Americas region, the revenue was MNOK 97,
which is an increase from 84 MNOK in the first quarter last
year.
Europe and Middle East (EME) had a revenue of
MNOK 87 in Q1 2022, a decrease from MNOK 94 in the first quarter
last year.
Land Based Technology (LBT)Revenues for the
first quarter were MNOK 151 (115). EBITDA and EBIT ended at MNOK 4
(9) and MNOK 0 (7), respectively. The related EBITDA and EBIT
margins were 2.8% (8.2%) and 0.3% (5.9%).
Order intake in Q1 2022 was MNOK 254 compared to
MNOK 69 in Q1 2021. Order backlog ended at MNOK 935 compared to
MNOK 929 last year.
Digital (DI)The revenue in the segment was MNOK
21 (14) in Q1 2022. EBITDA and EBIT ended at MNOK 4 (5) and MNOK 0
(2), respectively. The related EBITDA and EBIT margins were 20.2%
(34.0%) and 1.4% (13.0%).
Balance sheetAKVA group’s financial position
remains strong. Working capital as a percentage of 12 months
rolling revenue is 12.6% (8.2%). Cash and unused credit facilities
amounted to MNOK 561 (469) at the end of Q1. Total assets and total
equity amounted to MNOK 3,579 and MNOK 1,303 respectively,
resulting in an equity ratio of 36.4% (30.5%) at the end of Q1
2022.
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 NOK
1.00 per share was paid in March 2022.
Order BacklogThe order backlog at the end of Q1
was MNOK 1,849 (1,813). MNOK 935 or 50% of total order backlog at
the end of Q1 relates to Land Based Technology (LBT).
OutlookThe order backlog and the financial
profile remains strong and forms a good foundation to execute on
the organic growth strategy.
Long term fundamentals remain unchanged as
presented in the Capital Markets Day in November 2020. On the other
hand, the global instability and uncertainty related to supply
chain restrictions and cost inflations may continue to impact the
profitability on short term.
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 1 453 employees, offices in 11 countries and had a total
turnover of NOK 3.1 billion in 2021. 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: 13 May 2022AKVA 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 |
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This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- 2022 Q1 AKVA group presentation
- 2022 Q1 AKVA group report
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