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PRESS RELEASE - AKVA group ASA: 4Q 2019 financial reporting

Click on the flag for more information about Norway NORWAY
Monday, February 17, 2020, 00:00 (GMT + 9)

AKVA group delivered a revenue for Q4 of 655 MNOK (726 MNOK), down 10% from Q4 2018. EBITDA decreased from 57 MNOK in Q4 2018 to -40 MNOK in Q4 2019, due to a challenging quarter with several exceptional items particularly within Land Based segment. The Net Profit decreased from 19 MNOK last year to -85 MNOK in Q4 2019.

  • Record high order intake of 1.4 BNOK in Q4 with a backlog of 2.3 BNOK at the end of Q4 2019.
  • Dividend of NOK 1.00 per share to be paid in March 2020.

Cage Based Technology (CBT)

CBT revenue for Q4 2019 ended at 529 MNOK (553). EBITDA for the segment in Q4 came out at 31 MNOK (34). The EBITDA margin was 5.9% (6.2%). EBIT and EBIT margin ended at -26 MNOK (6) and -4.9% (1.2%), respectively.

The revenue in the Nordic region ended at 323 MNOK (359). AKVA Marine Services increased margins and had a strong quarter, significantly better than last year.

In the Nordic region, the order intake ended at 392 MNOK (498) in the fourth quarter, and despite a decrease from same period last year the region continues to experience high activity with a strong pipeline.

In the Americas region, the activity is still on a relatively high level and the order book is increasing although revenue decreased from 152 MNOK fourth quarter last year to 123 MNOK in Q4 2019.

EME achieved revenue of 82 MNOK in Q4 2019, an increase from 41 MNOK in the same quarter last year. The operations in Scotland, Turkey and export out of Norway came in well above Q4 2018 revenue.

Software (SW)

The revenue in the segment was 16 MNOK (44). EBITDA and EBIT ended at 5 MNOK (9) and 3 MNOK (6), respectively. The related EBITDA and EBIT margins were 33.6% (20.7%) and 18.4% (13.1%). Last year the sold business Wise ehf, was included in revenue and EBITDA with 29 MNOK and 5 MNOK respectively.

Land Based Technology (LBT)

Revenues for the fourth quarter were 110 MNOK (129). EBITDA for Q4 2019 was -77 MNOK (13) and EBIT was -82 MNOK (10). EBITDA margin was -69.8% (10.0%) and EBIT margin -74.6% (7.4%).

Order intake in Q4 2019 was 815 MNOK compared to 218 MNOK in Q4 2018. The pipeline of projects continues to be strong. Order backlog ended at 1,274 MNOK compared to 448 MNOK last year.

Atlantis Subsea Farming AS

In January 2016, AKVA group, together with Sinkaberg-Hansen AS and Egersund Net AS, established Atlantis Subsea Farming AS for the purpose of developing submersible fish-farming facilities for salmon on an industrial scale, which will both enable better and more sustainable utilization of today's locations, and also open up the opportunity for farming at more exposed locations.

The Atlantis Subsea Farming project requires large-scale testing of the technological and operational solutions. On 22 February 2018, the Norwegian Directorate of Fisheries announced that the company has been granted one license. Atlantis Subsea Farming AS is now in a technology testing phase with regards to execution of the project, including testing with fish in the pen.

Dividend of NOK 1.00 per share to be paid in Q1 2020

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 1.00 NOK per share is to be paid in March 2020.

Order Backlog

In the fourth quarter, we experienced record high order intake in the Land Based segment. The order intake in Q4 2019 was 1425 MNOK (997 MNOK). The order backlog at the end of Q4 2019 was 2,294 MNOK (1,356 MNOK). 1,274 MNOK of the total order backlog at end of Q4 2019 relates to Land Based technology.


2019 ended with a challenging quarter with several unexpected items affecting earnings significantly. Specifically for the Land Based segment the identification of recent irregularities in accounting uncovered losses not reflected in the P&L. None of these irregularities affect the order book which is at record heights, and a review has been done within Land Based to ensure that the order book includes projects with normal margin expectation.

A strategy process is initiated which amongst others include a more focused effort on full grow out RAS facilities. Further, the organizational structure has been revisited and a new management structure is set up. Although the competitive situation is demanding within areas of our offering, by strengthening our execution skills, which will be a core part of the strategy, we will enhance the organization, both in liens of our market offering and execution capabilities.

Our net service businesses are about to be expanded, as a new service station is to be built in northern Norway with a partner and plans for another one are underway. Plans are also progressing well for expanding net sales internationally. On Newfoundland AKVA has made good progress to establish a strong presence, most recently by signing an agreement to acquire Newfoundland Aqua Service Ltd, a net service business.

Our product portfolio was strengthened by introducing several new products in Q3, subsequently digital solutions and an environmental sensor buoy are launched. The tube net, a preventive sea lice solution, has received strong interest in the market and a new generation of the product is underway to be launched.

Within the digital segment the interest for our precision feeding solution (Observe) is increasing and a solid pipeline exist.



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