Brief: Akva Group Q2 EBITDA Lowers To NOK 3 Mln

Akva ASA

12/08/2022 07:07

Aug 12 (Reuters) - Akva Group ASA  AKVA.OL :
    * REG-AKVA GROUP ASA: Q2 2022 FINANCIAL REPORTING
    * Q2 AKVA GROUP DELIVERED RECORD HIGH REVENUE FOR Q2 OF MNOK
907
(832), AN INCREASE OF 9% COMPARED TO Q2 2021
    * Q2 EBITDA DECREASED FROM MNOK 79 IN Q2 2021 TO MNOK 3 IN
Q2
2022.
    * Q2 NET PROFIT DECREASED FROM MNOK 16 LAST YEAR TO MNOK -41
IN Q2
2022.
    * Q2 PROFITABILITY NEGATIVELY IMPACTED BY ESTIMATED MNOK 102
FROM
HIGH INFLATION RATES AND ONE-TIME COST PROVISIONS.
    * DURING Q4 2021 AKVA GROUP EXPERIENCED SOMEWHAT CHALLENGING
PROFIT MARGINS DUE TO COST INFLATIONS AND GLOBAL SUPPLY CHAIN
RESTRICTIONS. THIS HAS BEEN FURTHER INTENSIFIED IN H1 2022 DUE
TO WAR BETWEEN UKRAINE AND RUSSIA.
    * EXAMPLES INCLUDE INCREASED FREIGHT RATES, HIGH ENERGY
PRICES AND
INCREASED PRICE LEVEL ON RAW MATERIALS AND KEY COMPONENTS IN
GENERAL.
    * DUE TO CHALLENGING FIRST HALF YEAR OF 2022 COMPANY HAS
DECIDED
NOT TO PAY ANY DIVIDEND IN SECOND HALF OF 2022.
    * ORDER BACKLOG AT END OF Q2 WAS MNOK 1,769 (1,862). MNOK
779 OR
44% OF TOTAL ORDER BACKLOG AT END OF Q2 RELATES TO LAND BASED
TECHNOLOGY (LBT).
    * GROUP EXPECTS A CONTINUED STRONG MARKET FOR SEA BASED
SEGMENT,
WHILE FOR LAND BASED SEGMENT THERE WILL BE A POTENTIAL FOR
EXPONENTIAL GROWTH.

Source text for Eikon:  ID:nGNE4L6HrG 
Further company coverage:  AKVA.OL 

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