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AKVA group ASA: 2Q and 1H 2020 financial reporting

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Friday, August 14, 2020, 16:10 (GMT + 9)

Stable results in a challenging global situation – 93 MNOK EBITDA in Q2

AKVA group delivered revenue for Q2 of 862 MNOK (798 MNOK), an increase of 8% compared to Q2 2019. EBITDA decreased from 101 MNOK in Q2 2019 to 93 MNOK in Q2 2020. The Net Profit decreased from 58 MNOK last year to 47 MNOK in Q2 2020.

The order intake in the quarter was 994 MNOK with a backlog of 1.78 BNOK at the end of June 2020. AKVA group signed a strategically important TubenetTM contract in April 2020.

Click image to enlarge

AKVA group exercised the option to acquire the remaining shares in Sperre AS in May 2020.

AKVA group have remained focused on the implemented measures started after the COVID-19 outbreak in March 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. So far, the pandemic has impacted our Land Based segment the most with cancellation and postponement of contracts. With regards to the Cage Based segment the impact is mixed as our portfolio of offerings are more diversified in regards of customer needs.

Cage Based Technology (CBT)

CBT revenue for Q2 2020 ended at 775 MNOK (664). EBITDA for the segment in Q2 came out at 111 MNOK (85). The EBITDA margin was 14,3% (12,8%). EBIT and EBIT margin ended at 68 MNOK (46) and 8,8% (6,9%), respectively.

The revenue in the Nordic region ended at 532 MNOK (482).

Cage Based Technology►

In the Nordic region, the order intake ended at 304 MNOK (204) in the second quarter, the region continues to experience high activity with a strong pipeline.

In the Americas region, the activity is on a relatively high level and the order book is increasing. The region had revenue of 171 MNOK, which is an increase from 124 MNOK second quarter last year.

EME achieved revenue of 72 MNOK in Q2 2020, an increase from 58 MNOK in the same quarter last year. The operations in Scotland, Turkey and export out of Norway came in well above Q2 2019 revenue.

Software (SW)

The revenue in the segment was 16 MNOK (39). EBITDA and EBIT ended at 3 MNOK (4) and 0 MNOK (0), respectively. The related EBITDA and EBIT margins were 19.5% (9.6%) and 2.5% (-0.5%). Last year the sold business Wise ehf, was included in revenue and EBITDA with 23 MNOK and 0.3 MNOK respectively.


Land Based Technology (LBT)

Revenues for the second quarter were 70 MNOK (95). EBITDA for Q2 2020 was 

-21 MNOK (12) and EBIT was -26 MNOK (7). EBITDA margin was -29.9% (12.2%) and EBIT margin -36.9% (7.5%).

The low activity and negative margins are due to impacts of the COVID-19 outbreak with cancellation and postponement of projects, which lead to restructuring costs and due to closing of old projects and start-up of new generation of projects.

Land Based Technology►

Order intake in Q2 2020 was 236 MNOK compared to 77 MNOK in Q2 2019. The pipeline of projects continues to be strong. Order backlog ended at 771 MNOK compared to 611 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 was 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. During June 2020 the fish from the second batch in Atlantis were harvested and we are planning the next batch at an even more exposed site for 2020/2021.


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. According to AKVA group ASAs’ dividend policy a dividend of 1.00 NOK per share was paid on 3 March 2020, before the main outbreak of Covid-19 in Norway. Due to the overall uncertainty caused by COVID-19 the company has decided not to pay any dividend in the second half of 2020. 

Order Backlog

The order backlog at the end of Q2 was 1,783 MNOK (1,572). 771 MNOK or 43% of total order backlog at the end of Q2 is related to Land Based Technology (LBT).


AKVA group maintains focus on full grow out RAS facilities, and in June 2020 AKVA group signed a non-binding Term Sheet with the Norwegian company AquaCon AS for a potential supply of equipment, engineering and design to a new land based grow-out facility and has a potential value for AKVA group of 130 MUSD.

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 additional stations are underway.

There is strong interest in the market for TubenetTM and AKVA group signed a contract of 100 MNOK in April 2020 for several deliveries to one customer.

The fundament for growth of our net service business on the East-coast of Canada is established with the acquisition 70% of the shares in Newfoundland Aqua Service Ltd in February 2020.

AKVA group remain focused on developing digital solutions as integrated part of our product offerings.


[email protected]


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