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CEO of AKVA group ASA Trond Williksen. (Photo: AKVA)

AKVA manages to keep stable margins despite challenges in Chile and Denmark

  (NORWAY, 11/3/2016)

AKVA group delivered stable margins in the third quarter this year despite the challenges faced in America and in Denmark.

The group achieved a revenue amounting to NOK 354 million (USD 43.1 million) in the third quarter this year, which is almost the same as the one corresponding to the same period last year.

The group’s EBITDA was NOK 38 million (USD 4.6 million), representing a slight decline from NOK 41 million (4.9 million) in the third quarter last year.

The group’s board of executives highlighted the continuity of the expansion strategy through the acquisition of Sperre AS, a leading remote operating vehicle (ROV) and subsea provider to the aquaculture industry. This company will be included as a new unit in the Nordic cage based segment of AKVA group.

In addition, the group performed investments in increased capacity in Helgeland Plast AS and increased presence in the Mediterranean.

"Operationally and financially AKVA group is well positioned for further growth. This is also underlined with the highest order backlog ever at the end of a quarter", pointed out CEO of AKVA group ASA Trond Williksen.

As to the group’s activity in America, particularly in Chile there has been low activity in the analysed period due to reduced service and technology sales in a challenging market caused by uncertainty of future direction and regulatory regime.

“The Chilean operation is now leaner and well prepared for an upturn in the market when this happens. Canada had another unusually slow quarter. Australia continues to be a small, but profitable operation,” the company pointed out.

UK had a decent quarter and continues to have a high level of OPEX based revenue. Turkey continues with another very good quarter. The group is experiencing increased activity in the sea bass and sea bream industry in the Mediterranean.

Export to emerging markets have a relative low, but profitable operation in this third quarter.

As to the financial performance in Aquatec Solutions A/S and Plastsveis AS in the analysed period, it was a weak quarter for AKVA group Denmark A/S, where the restructuring process resulted in a negative EBITDA.

AKVA group has worked actively in Iran for the last 2-3 years and has now delivered the second cage farm in this market to Bushehr Aramseyd Co. Reysali Delvari Dam. The Iranian Government strategy is to grow cage farming by 200.000 tons in 5 years (barramundi, sea bream, rainbow trout, sturgeon, among others). The Government is already issuing licenses, providing financing and setting deadlines for starting-up production.

 In reference to the outlook for the future, the group expects the land based activity continues growing and that UK and Europe perform well going forward with a growing order backlog.

The executives have moderate expectations in the Canadian market and low expectations in Chile, but in their view, there are now clear signs of improvement in this market.

Their Turkey and Australian operations are expected to continue to perform well in the next quarters with a good order backlog and exports to emerging markets have a more optimistic view compared to last year.

 
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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]
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