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AKVA results were influenced by low salmon prices (Photo: AKVA)

Mixed Results for AKVA Group ASA

  (NORWAY, 11/1/2012)

AKVA group (Public, OSL: AKVA) achieved revenues of USD 35.42 million (202.0 MNOK) in the third quarter of 2012 compared to USD 39.76 million (226.7 MNOK) in the same quarter last year. EBITDA was USD 2.19 million (12.5 MNOK) compared to USD 3.85 million (22.0 MNOK) in the third quarter 2011 and EBIT was USD 736.621 (4.2 MNOK) compared to USD 2.42 million (13.8 MNOK) in the same quarter last year.

"We achieved operational and financial performance in accordance with our expectations in the third quarter. Activities were influenced by low salmon prices impacting investments by our customers, especially in Chile. Total order inflow for the group ended at the same level as in Q3 last year. We experienced growth in order inflow in the very end of the quarter and we see positive signals in the market, especially in the Nordic region", says CEO of AKVA group ASA Trond Williksen.

AKVA group is a technology and service partner to the aquaculture industry worldwide

“Nordic and Chile continues to be main drivers of group revenues in the third quarter of 2012. Nordic revenue was on the same level as in the second quarter. Revenue in Chile is stabilizing on relative high levels. Exports continue to pose an exciting opportunity despite few deliveries in emerging markets in the last months. Software continues to deliver solid margins.

 CEO Trond Williksen

“Total assets and total equity amounted to USD 116.7 million (667.3 MNOK) and USD 60.7 million (346.5 MNOK) respectively, resulting in an equity ratio of 51.9 percent versus 44.9 percent at the beginning of the year.

“Order backlog at the end of the third quarter was USD 35 million (200 MNOK) compared to USD 45.6 million (260 MNOK) in the same quarter last year. The order inflow was USD 26.07 million (149 MNOK) compared to USD 25.6 million (146 MNOK) in the third quarter 2011.

“Traditionally the fourth quarter is the most challenging quarter due to seasonality effects, especially in the Nordic market. This effect is expected also this year despite good order inflow at the very end of Q3 as well as in the beginning of Q4. Orders signed over the last weeks are predominantly for deliveries in Q1 and Q2 2013 and will have limited effect in Q4 2012. Chile seems to stabilize on rather high business volumes for the rest of the year, but with more uncertainty for 2013. We expect improvements in our performance in UK and Canada.
 
AKVA is recognized as a pioneer and technology leader through more than 30 years

“AKVA group continues to be hands on adjusting operations according to market development, focusing on long term performance, margins and customer relations. We continue to build service and after sales and considers this as a key business element in the future. The financial situation for the Group is now robust. However, we will continue to monitor working capital and cash management going forward”, Williksen added.

About AKVA group

AKVA group is a technology and service partner to the aquaculture industry worldwide.

AKVA supplies everything from single components to complete installations, both for cage farming and land based aquaculture

The company has more than 700 employees, offices in 8 countries and a total turnover of USD 157 million (900 MNOK) in 2011. AKVA is 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 30 years. Corporate headquarters are in Bryne Norway. 

Source: AKVA group

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Margaret E.L. Stacey
Editor Companies and Products
editorial@fis.com
www.fis.com


Information of the company:
Address: Nordlysveien 4 - PO Box 271
City: Bryne
State/ZIP: (NO-4349)
Country: Norway
Phone: +47 51 778 500
Fax: +47 51 778 501
E-Mail: info@akvagroup.com
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