AKVA group ASA: Q2 2022 financial reporting
August 12 2022 - 2:00AM
AKVA group ASA: Q2 2022 financial reporting
Record high revenues with cost related
headwinds
AKVA group delivered record high revenue
for Q2 of MNOK 907 (832), an increase of 9% compared to Q2 2021.
EBITDA decreased from MNOK 79 in Q2 2021 to MNOK 3 in Q2 2022. The
Net Profit decreased from MNOK 16 last year to MNOK -41 in Q2
2022.
The order intake in the quarter was MNOK
827 with a backlog of BNOK 1.8 at the end of June
2022.
Profitability negatively impacted by
estimated MNOK 102 from high inflation rates and one-time cost
provisions.
During Q4 2021 AKVA group experienced somewhat
challenging profit margins due to cost inflations and global supply
chain restrictions. This has been further intensified in H1 2022
due to the war between Ukraine and Russia. Examples include
increased freight rates, high energy prices and increased price
level on raw materials and key components in general.
Sea Based Technology (SBT)SBT revenue for Q2
2022 ended at MNOK 736 (716). EBITDA and EBIT for the segment in Q2
ended at MNOK 40 (95) and MNOK 3 (54), respectively. The related
EBITDA and EBIT margins were 5.5% (13.3%) and 0.5% (7.5%),
respectively.
Order intake in Q2 2022 was MNOK 704 compared to
MNOK 735 in Q2 2021. Order backlog ended at MNOK 902 compared to
MNOK 848 last year.
The revenue in the Nordic region ended at MNOK
453, a decrease from MNOK 490 in the second quarter last year.
In the Americas region, the revenue was MNOK
179, which is an increase from 123 MNOK in the second quarter last
year.
Europe and Middle East (EME) had a revenue of
MNOK 104 in Q2 2022, identical to the revenue of MNOK 104 in the
second quarter last year.
Land Based Technology (LBT)Revenues for the
second quarter were MNOK 145 (97). EBITDA and EBIT ended at MNOK
-41 (-20) and MNOK -45 (-23), respectively. The related EBITDA and
EBIT margins were -28.5% (-20.8%) and -31.2% (-23.3%).
Order intake in Q2 2022 was MNOK 96 compared to
MNOK 116 in Q2 2021. Order backlog ended at MNOK 779, compared to
MNOK 948 last year.
Digital (DI)The revenue in the segment was MNOK
26 (18) in Q2 2022. EBITDA and EBIT ended at MNOK 5 (4) and MNOK 1
(1), respectively. The related EBITDA and EBIT margins were 17.8%
(22.3%) and 2.1% (5.4%).
Balance sheetWorking capital as a percentage of
12 months rolling revenue is 13.6% (12.1%). Cash and unused credit
facilities amounted to MNOK 637 (322) at the end of Q2. Total
assets and total equity amounted to MNOK 3,507 and MNOK 1,270
respectively, resulting in an equity ratio of 36.2% (29.8%) at the
end of Q2 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. Due to
the challenging first half year of 2022 the company has decided not
to pay any dividend in the second half of 2022.
Order BacklogThe order backlog at the end of Q2
was MNOK 1,769 (1,862). MNOK 779 or 44% of total order backlog at
the end of Q2 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. The global instability and uncertainty
related to supply chain restrictions and cost inflations may
continue to impact the profitability on short term.
Based on the underlying demand for salmon the
Group believes in strong market growth. To meet the future demand a
significant part of the production will come from land-based
facilities or other unconventional production methods. Hence, the
Group expects a continued strong market for the Sea Based segment,
while for the Land Based segment there will be a potential for
exponential growth.
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 1 488 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: 12 August 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 Q2 AKVA group report
- 2022 Q2 AKVA group presentation
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