AKVA group ASA: Q4 2021 financial reporting
High activity level and strong momentum
AKVA group delivered revenue for Q4 of MNOK 831 (MNOK 757), an increase of 10% compared to Q4 2020. EBIT increased from MNOK 9 in Q4 2020 to MNOK 19 in Q4 2021.
The order intake in the quarter was MNOK 741 (MNOK 1.014) with a backlog of BNOK 3 at the end of December 2021.
The profitability in Q4 is negatively impacted by supply chain restrictions and cost inflations.
Private placement of 322 MNOK completed in October.
A dividend of NOK 1 per share to be paid in Q1 2022.
AKVA group have maintained a strong focus on the measures implemented after the COVID-19 outbreak in March 2020 to ensure the health and safety of our employees and customers, to monitor and optimize the overall liquidity in the company, to maintain the security of supply during the crisis and a steady order intake to ensure work for all in AKVA group. The COVID-19 restrictions had negative impact on the operations during the first half year of 2021. The negative implications were mainly related to travel restrictions and use of foreign workforce in ongoing operations. The travel restrictions were lifted at the end of Q2 2021 and the impact from the restrictions were limited in Q3 and Q4.
Sea Based Technology (SBT)
SBT revenue for Q4 2021 ended at MNOK 649 (580). EBITDA and EBIT for the segment in Q4 ended at MNOK 49 (39) and MNOK 14 (-4), respectively. The related EBITDA and EBIT margins were 7.6% (6.6%) and 2.2% (-0.7%), respectively.
Order intake in Q4 2021 was MNOK 693 compared to 602 MNOK in Q4 2020. Order backlog ended at 852 MNOK compared to 850 MNOK last year.
The revenue in the Nordic region ended at MNOK 368, a decrease from MNOK 369 in the fourth quarter last year.
In the Americas region, the revenue was MNOK 157, which is an increase from MNOK 122 in the fourth quarter last year.
Europe and Middle East (EME) had a revenue of MNOK 124 in Q4 2021, an increase from 89 MNOK in the fourth quarter last year.
Land Based Technology (LBT)
Revenues for the fourth quarter were MNOK 161 (157). EBITDA and EBIT ended at MNOK 9 (8) and MNOK 5 (9), respectively. The related EBITDA and EBIT margins were 5.3% (4.8%) and 3.1% (5.5%).
Order intake in Q4 2021 was MNOK 21 compared to MNOK 385 in Q4 2020. Order backlog ended at MNOK 2,043 (hereof MNOK 1,317 related to AquaCon and is subject to financing), compared to MNOK 975 last year.
Digital (DI)
The revenue in the segment was MNOK 21 (20) in Q4 2021. EBITDA and EBIT ended at MNOK 3 (8) and MNOK 0 (5), respectively. The related EBITDA and EBIT margins were 13.1% (38.5%) and -1.4% (24.4%).
Balance sheet
AKVA group’s financial position remains strong considered the private placement of MNOK 322 completed in October. Working capital as a percentage of 12 months rolling revenue is 11.6% (8.5%). Cash and unused credit facilities amounted to MNOK 603 (521) at the end of Q4. Total assets and total equity amounted to MNOK 3,455 and MNOK 1,297 respectively, resulting in an equity ratio of 37.5% (32.3%) at the end of Q4 2021.
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. No dividends were paid in the quarter.
Order Backlog
The order backlog at the end of Q4 was MNOK 2,967 (1,881). MNOK 2,043 or 69% of total order backlog at the end of December 2021 relates to Land Based Technology (LBT).
Outlook
Despite a challenging 2021 with negative effects from both the cyber-attack and the COVID-19 restrictions the long-term fundamentals remain unchanged as presented in our Capital Markets Day in November 2020.
Salmon prices expected to remain strong driven by reduced supply. On the other hand, uncertainty related to supply chain restrictions and cost inflations may impact the profitability.
The private placement of MNOK 322 completed in October will accelerate the strategic agenda within all three business segments and the Group is fully financed to execute on the organic growth strategy.
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 group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 1 414 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 cage farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through more than 40 years.
Dated: 11 February 2022
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: | [email protected] |
| Rony Meinkøhn | Chief Financial Officer | ||
| Phone: | +47 51 77 85 00 | ||
| Mobile: | +47 98 20 67 76 | ||
| E-mail: | [email protected] | ||
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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