AKVA group ASA: Q2 2023 financial reporting
11 Août 2023 - 8:00AM
AKVA group ASA: Q2 2023 financial reporting
Record high activity and improved
profitability
AKVA group delivered revenue for Q2 of
MNOK 940 (907), an increase of 4% compared to Q2 2022.
EBITDA increased from MNOK 3 in Q2 2022
to MNOK 86 in Q2 2023.
Strong order intake of MNOK 1,840 (827)
in Q2 and record high order backlog of BNOK 2,9 at the end of June
2023.
Award of new post smolt contract with
Cermaq Norway with estimated contract value of minimum MEUR
60
Commercial breakthrough of deep sea
farming concepts in Q2 2023
The activity in the first two quarters of 2023
were high and above last year. Overall, the order intake was sound
with the newly awarded RAS contract for Nordic Aqua Partners (MEUR
40) and the post smolt contract for Cermaq Norway (minimum MEUR 60)
as the largest contracts. Profitability continuing to improve
compared to previous quarters 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 profit margins in this part of
the project portfolio were written down significantly in Q2 and Q3
2022 mainly due to cost inflations and will run at a lower profit
margin until completion end of Q3 2023. The profitability in the
Sea Based business segment was positively impacted by the product
mix and the commercial breakthrough of deep sea farming concepts in
the quarter.
Sea Based Technology (SBT)SBT revenue for Q2
2023 ended at MNOK 733 (736). EBITDA and EBIT for the segment in Q2
ended at MNOK 82 (40) and MNOK 46 (3), respectively. The related
EBITDA and EBIT margins were 11.2% (5.5%) and 6.3% (0.5%),
respectively.
Order intake in Q2 2023 was MNOK 690 compared to
MNOK 704 in Q2 2022. Order backlog ended at MNOK 817 compared to
MNOK 902 last year.
The Nordic region experienced an increase in
revenue from MNOK 453 in Q2 2022 to MNOK 475 in Q2 2023.
In the Americas region, the revenue was MNOK
158, which is a decrease from 179 MNOK in the second quarter last
year.
Europe and Middle East (EME) had a revenue of
MNOK 100 in Q2 2023, compared to the revenue of MNOK 104 in the
second quarter last year.
Land Based Technology (LBT)Revenues for the
second quarter were MNOK 174 (145). EBITDA and EBIT ended at MNOK
-4 (-41) and MNOK -6 (-45), respectively. The related EBITDA and
EBIT margins were -2.3% (-28.5%) and -3.7% (-31.2%).Strong order
intake in Q2 2023 of MNOK 1,062 compared to MNOK 96 in Q2 2022.
Order backlog ended at MNOK 1,905, compared to MNOK 779 last
year.
Digital (DI)The revenue in the segment was MNOK
33 (26) in Q2 2023. EBITDA and EBIT ended at MNOK 8 (5) and MNOK -2
(1), respectively. The related EBITDA and EBIT margins were 23.8%
(17.8%) and -5.3% (2.1%). The order intake was high of MNOK 89 (28)
in the quarter.
Balance sheetWorking capital as a percentage of
12 months rolling revenue is 11.6% (13.6%). Cash and unused credit
facilities amounted to MNOK 522 (637) at the end of Q2. Total
assets and total equity amounted to MNOK 3,692 and MNOK 1,223
respectively, resulting in an equity ratio of 33.1% (36.2%) at the
end of Q2 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 the second half of
2023.
Order BacklogThe order backlog at the end of Q2
was MNOK 2,884 (1,769). MNOK 1,905 or 66% of total order backlog at
the end of Q2 relates to Land Based Technology (LBT).
OutlookThe order backlog and financial position
remains sound and forms a good foundation to execute the organic
growth strategy.
Salmon prices are expected to remain strong
driven by reduced supply.
The implications from the introduction of new
resource tax are uncertain. Most likely this will have a negative
impact on the activity level on short and medium term, especially
in the post smolt market in Norway.
AKVA is targeting minimum BNOK 4 in revenue and
6-8% EBIT in 2024.
AKVA will continue to invest and improve their
solutions, both within Sea Based, Digital and Land Based
Technology.
About AKVA groupAKVA group is a technology and
service partner to the aquaculture industry worldwide. The company
has 1 394 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: 11 August 2023AKVA 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
- 2023 Q2 AKVA group presentation
- 2023 Q2 AKVA group report
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