Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
If you would like to send us an article, contact Margaret Stacey
   


The company experienced increased revenue and margins in the cage based segment compared to the same period last year,

AKVA Financial Reporting: Strong Performance in a Good Market

  (NORWAY, 8/18/2017)

 AKVA group completed second quarter with strong growth in order intake and revenue. The revenue in second quarter of 2017 ended on 537 MNOK (408 MNOK) with an EBITDA of 65 MNOK (43 MNOK). Second quarter EBITDA margin was 12.1% (10.4%). The Net Profit increased to 27 MNOK compared to 12 MNOK in Q2 2016.

AKVA group is ending the quarter with an order backlog of more than 1.3 BNOK.
 
A half-yearly dividend of 0.75 NOK per share will be paid in September 2017.
 
Cage Based Technology (CBT)
As in the first quarter, the company experienced increased revenue and margins in the cage based segment compared to the same period last year, with the Norwegian market as the main driver to the growth. The acquisitions of AD Offshore and Sperre, done in Q2 and Q4 2016, is contributing to the growth in revenue and EBITDA.
 
AKVA group is a unique partner with the capability to offer both cage farming and land based aquaculture operations with complete technical solutions and service.

The positive development in the Americas region continues with a quarterly revenue of 56 MNOK, up from 30 MNOK last year. All the entities in Americas has a stronger quarter than last year in terms of revenue and order intake, and order intake ended at a very strong 127 MNOK compared to 53 MNOK in Q2 last year.
 
For Export, the entity in Scotland had a strong Q2, resulting in building order backlog as well as increased revenues and EBITDA compared to last year. The Turkish operation is stable and AKVA is ramping up activities in Spain, Greece and Iran. The newly established office in Spain secured above 10 MNOK of orders in Q2.
 
Software (SW)
The Icelandic ERP business (Wise ehf) had good and improved order intake in Q2 2017. Several new customers were secured in Q2 and further product modules will be launched during the year.  Margins in Wise ehf on Iceland were lower than expected in first quarter 2017 due to an unfavourable product mix and pressure on cost. The margins are significantly improved in Q2 2017, still lower than Q2 2016, but absolute margins are up. 
 
The company holds strong, well-known brand names and the product line range from feed barges, steel & plastic cages, feed systems, nets, net cleaning, underwater lights, feed cameras, environmental sensors, production and process control software, workboats, recirculation systems to PE piping etc.
 
Land Based Technology (LBT) 
Revenues are up year on year for the land based segment. Amongst others the segment has secured two significant orders to Midt-Norsk Havbruk AS (105 MNOK) and Tytlandsvik Aqua AS (78 MNOK), in the quarter. The cost reduction initiated in AKVA group Denmark in 2016 has improved this entity's cost position and the Q2 EBITDA is positive.
 
The margins in the segment has been negatively influenced by two older contracts that are being closed out as well as an increase in provision for potential non-payment from one customer. 
 
AKVA group allows customers to keep their focus on fine tuning operations to increase profitability, while sharing the technical load with a reliable partner with the right people, the right technology and the right knowledge to achieve excellence.
Balance Sheet
The balance sheet remains strong. Working capital as a percentage of 12 months rolling revenue is 6.7% (7.5%). The twelve months average working capital is 5.5%. Cash and unused credit facilities amounted to 197 MNOK at the end of Q2 (203 MNOK).Total assets and total equity amounted to 1,606 MNOK (1,180 MNOK) and 473 MNOK (460 MNOK) respectively, resulting in an equity ratio of 29% (39%) at the end of Q2.
 
Atlantis Subsea Farming AS
In partnership with the companies Sinkaberg-Hansen AS and Egersund Net AS, AKVA group ASA established the company Atlantis Subsea Farming AS on February 1st, 2016 with the purpose of developing submersible fish-farming facilities for salmon on an industrial scale.  Atlantis Subsea Farming AS has applied for six development licenses to enable large-scale development and testing of the new technology and operational concept. 
 
AKVA group is present in all markets with offices in Norway, Chile, Denmark, Scotland, Spain, Iceland, Canada, Australia, Iran and Turkey.

The Norwegian Directorate of Fisheries have informed the company that the concept has progressed another step in the process to be awarded development licenses. The Directorate will go ahead with processing the application limited to 2 licenses, but have rejected the application in terms of the other 4 permits applied for. On May 9th, 2017 the company appealed the decision. The appeal is limited to 2 of the 4 rejected licenses.On June 16th 2017 the Directorate forwarded the appeal to the Norwegian Ministry of Trade, Industry and Fisheries, for their final decision.
 
Dividend of NOK 0.75 per share to be paid out in September 2017 
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 the AKVA group ASAs' dividend policy a dividend of 0.75 NOK per share will be paid out in September 2017. Total dividend payout in September 2017 will be 19.4 MNOK.
 
AKVA group has more than 30 years of aquaculture engineering experience. AKVA's team of world leading experts is renowned for designing sustainable recirculation and land based fish farming systems that are second to none.

Order Backlog
AKVA has experienced good market activity across all regions in the second quarter of 2017. The order intake in Q2 2017 was 778 MNOK (533 MNOK). The order backlog at the end of Q2 2017 was 1,318 MNOK (822 MNOK). MNOK 620 of total order backlog at end of Q2 is related to land based technology. 
 
Outlook
AKVA has strengthened and re-focused the organization during Q2. The changes are enabling increased focus on growing in selective markets as well as continuing to develop good products and solutions for its customers.  
Going forward the company is revisiting its strategy and is aiming to implement an improvement program at the end of 2017. Key focus areas are growth, operational excellence and product development.
 
AKVA group is recognized as a pioneer and technology driver in the global aquaculture industry for more than 30 years. Today, the company is the world´s largest supplier, from single components to large, advanced and tailor made cage based aquaculture projects.

About AKVA group
 
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 882 employees, offices in 9 countries and a total turnover of NOK 1.6 billion in 2016.
 
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 40 years. The Corporate Headquarter is in Bryne Norway.

Source: AKVA

Related News

[email protected]
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: [email protected]
More about:


Location:

View Larger Map



 Print


Click to know how to advertise in FIS
MORE ARTICLES
Thai Union “Highly Commended” for Sustainability Efforts at Ethical Corporation Awards
20 Years on Over 400 fisheries Engaged with the MSC
Sixty South Salmon Receives “Good Alternative” Rating from Seafood Watch
Louisiana Seafood Promotion & Marketing Board Seeks New Look Through Student Design Competition
Handy Seafood Celebrates 100th Season of Soft Shell Crab Processing
PADI Joins Global Ghost Gear Initiative to Combat Lost and Abandoned Fishing Gear
Survey: Gender on the Agenda of the Seafood Industry
Slapfish Showcases Responsibly Farmed Tilapia
Tallink Silja Becomes the World’s First Cruise Line to Serve MSC Certified Seafood
Coles Awarded Best Sustainable Seafood Supermarket in Australia
DHL Doubles Airfreight Capacities to Support Fast Growing Norwegian Seafood Exports to Asia
The Co-op Launches Sustainable Farmed Salmon Initiative
Seafood Watch Recommends B.C. Farm-Raised Atlantic Salmon as a Good Alternative
Alimentsa Approved to Join BioMar
Bristol Bay Sockeye Fishermen Harvest 37 Million Sockeye
Top 3 Emerging Trends to Impact the Canned Seafood Market in the Next Five Years
Aller Aqua Launches Power2
World’s First MSC Certified Pearls Confirms Sustainability of Intergenerational Fishery
Creation Gardens Announces Acquisition of Bluefin Seafoods
Survey Says: Americans Will Splurge on Sustainable Seafood
More Articles...

Lenguaje
FEATURED EVENTS
  
TOP STORIES
Bluefin tuna remains popular in Japan but not at the top
Japan A recent survey to 1,000 Japanese consumers shows that over 70 per cent choose to grill fish fillets while 63.8 per cent and 50.4 per cent go for sashimi and sushi, respectively, when asked how they l...
Ten rivers may dump almost 4 million tonnes of ocean plastic debris
Germany A team of scientists from the Helmholtz Centre for Environmental Research and the Weihenstephan-Triesdorf University of Applied Science, both in Germany, has found that only 10 rivers may be to blame for millions of tonnes of ocean plastic.
EU audit speeds up fishing sector's thorough checks
Thailand Thai authorities have been urged to boost the fishing sector ahead of a visit by European Union representatives to audit the country's measures against illegal fishing next month.
Brussels settle deal with Norway and Faroe Islands on mackerel
European Union The European Commission welcomes the agreement reached in London between the European Union, Norway and the Faroe Islands on the mackerel fishery in 2018.
 
Maruha Nichiro Corporation
Nichirei Corporation -Headquarter-
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd.
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods Inc. -Headquarter-
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO -Food and Agriculture Organization- Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation -Headquarter-
Marona S.A.
Marine Harvest ASA - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation -Headquarter-
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2017 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER