AKVA group ASA: Q3 2021 financial reporting

Klepp stasjon, NORWAY

Strong order intake but reduced activity level and profitability

AKVA group delivered revenue for Q3 of 738 MNOK (806 MNOK), a decrease of 8% compared to Q3 2020. EBITDA decreased from 105 MNOK in Q3 2020 to 79 MNOK in Q3 2021. The Net Profit decreased from 36 MNOK last year to 14 MNOK in Q3 2021.

The order intake in the quarter was 1.9 BNOK (hereof 1.3 BNOK related to AquaCon which is subject to financing) with a backlog of 3.1 BNOK at the end of September 2021.

The profitability in Q3 is negative impacted by the lower activity level in the Sea Based business segment and revenue was MNOK 91 lower in Q3 2021 compared to Q3 2020.

Private placement of 322 MNOK completed in October.

Awarded contract for the full grow-out RAS facility from AquaCon (approx. value of 150 MUSD) subject to financing.

Shares in AKVA Marine Services AS used as non-cash contribution in a share issue in Abyss Group AS, where AKVA group ASA received 25.5% ownership in Abyss Group AS.

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.

Sea Based Technology (SBT)
SBT revenue for Q3 2021 ended at 603 MNOK (694). EBITDA and EBIT for the segment in Q3 ended at 70 MNOK (100) and 29 MNOK (60), respectively. The related EBITDA and EBIT margins were 11.6% (14.4%) and 4.7% (8.6%), respectively.

Order intake in Q3 2021 was 563 MNOK compared to 559 MNOK in Q3 2020. Order backlog ended at 808 MNOK compared to 828 MNOK last year.

The revenue in the Nordic region ended at 338 MNOK, a decrease from 444 MNOK in the third quarter last year.

In the Americas region, the revenue was 140 MNOK, which is a decrease from 187 MNOK in the third quarter last year.

Europe and Middle East (EME) had a revenue of 125 MNOK in Q3 2021, an increase from 63 MNOK in the third quarter last year.

Land Based Technology (LBT)
Revenues for the third quarter were 115 MNOK (96). EBITDA and EBIT ended at 7 MNOK (0) and 4 MNOK (-5), respectively. The related EBITDA and EBIT margins were 5.7% (0.2%) and 3.4% (-4.7%).

Order intake in Q3 2021 was 1,350 MNOK (hereof 1,317 MNOK related to AquaCon) compared to 72 MNOK in Q3 2020. Order backlog ended at 2,184 MNOK compared to 747 MNOK last year.

Digital (DI)
The revenue in the segment was 20 MNOK (16) in Q3 2021. EBITDA and EBIT ended at 3 MNOK (5) and 0 MNOK (2), respectively. The related EBITDA and EBIT margins were 13.0% (31.6%) and -1.6% (14.3%).

Balance sheet
AKVA group’s financial position remains strong considered the private placement of 322 MNOK completed in October. Working capital as a percentage of 12 months rolling revenue is 12.1% (10.3%). Cash and unused credit facilities amounted to 311 MNOK (562) at the end of Q3. Total assets and total equity amounted to 3,199 MNOK and 984 MNOK respectively, resulting in an equity ratio of 30.8% (32.5%) at the end of Q3 2021.

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 Q3 was 3,057 MNOK (1,625). 2,184 MNOK or 71% of total order backlog at the end of September 2021 relates to Land Based Technology (LBT).

Despite a challenging first half year of 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.

At the end of Q3 2021 the Group announced partnership with a new strategic investor. Israel Corp. is a reputable public investment company, that owns and invests in high quality companies with established management and go-to markets. Israel Corp. completed the investment of 636.9 MNOK in October 2021 comprising of a private placement of 321.7 MNOK and purchase of existing shares of 315.2 MNOK. The private placement will accelerate the Group’s strategic agenda within all three business segments. Furthermore, AKVA group and Israel Corp. will also establish an investment platform for investments in land-based projects worldwide that will facilitate the organic growth ambition within the Land Based business segment.   

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 1 437 employees, offices in 10 countries and had a total turnover of NOK 3.2 billion in 2020. 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: 5 November 2021
AKVA group ASA

Web: www.akvagroup.com


Knut NesseChief Executive Officer
Phone:+47 51 77 85 00
Mobile:+47 91 37 62 20


Rony MeinkøhnChief Financial Officer
Phone:+47 51 77 85 00
Mobile:+47 98 20 67 76


This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act



2021 Q3 AKVA group report 2021 Q3 AKVA group presentation