Klepp, Norway-based aquaculture services and equipment provider AKVA Group has overcome a challenging first quarter that included a cyberattack that cost the company millions.
AKVA Group received orders totaling NOK 651 million (USD 78.4 million, EUR 64.9 million) in the first quarter of this year, down from NOK 709 million (USD 85.4 million, EUR 70.6 million) in Q1 2020.
While the first-quarter 2021 order intake brought a NOK 117 million (USD 14.1 million, EUR 11.7 million) year-on-year reduction for AKVA’s Cage-Based Technology (CBT) segment to NOK 569 million (USD 68.5 million, EUR 56.7 million), its Land-Based Technology (LBT) business segment saw a NOK 59 million (USD 7.1 million, EUR 5.9 million) order upturn to NOK 69 million (USD 8.3 million, EUR 6.9 million), and its Digital Solutions (DS) segment’s order book was up NOK 1 million (USD 120,388, EUR 99,650) to NOK 14 million (USD 1.7 million, EUR 1.4 million).
Its order backlog at the end of the quarter stood at more than NOK 1.81 billion (USD 217.9 million, EUR 180.4 million), up from NOK 1.65 billion (USD 198.6 million, EUR 164.5 million) a year previously. Some MOK 929 million (USD 111.8 million, EUR 92.6 million) or 51 percent of the total order backlog relates to the LBT segment.
According to AKVA’s report for Q1 2021, the period ended with revenues of NOK 719 million (USD 86.6 million, EUR 71.7 million), down from NOK 752 million (USD 90.5 million, EUR 75 million) for Q1 2020.
CBT’s revenues in the quarter totaled NOK 590 million (USD 71 million, EUR 58.8 million), down from NOK 657 million (USD 79.1 million, EUR 65.5 million) in Q1 2020, with NOK 412 million (USD 49.6 million, EUR 41.1 million) coming from the Nordic region, NOK 84 million (USD 10.1 million, EUR 8.4 million) from the Americas, and NOK 94 million (USD 11.3 million, EUR 9.4 million) from Europe and the Middle East.
LBT’s revenues amounted to NOK 115 million (USD 13.8 million, EUR 11.5 million), up from NOK 79 million (USD 9.5 million, EUR 7.9 million) in Q1 2020, while the DS segment’s earnings for the period climbed NOK 3 million (USD 361,000, EUR 299,000) to NOK 17 million (USD 2 million, EUR 1.7 million).
Most of AKVA’s revenues are generated from the salmon sector. The revenues from other species relate mainly to the Mediterranean area.
The report also confirmed that the costs related to its cyberattack in January amounted to NOK 49.7 million (USD 6 million, EUR 5 million).
Overall, the group’s depreciation and amortization for Q1 2021 fell NOK 1 million to NOK 47 million (USD 5.7 million, EUR 4.7 million), while its earnings before interest and taxes (EBIT), including the cyber-attack costs, decreased from a gain of NOK 38 million (USD 4.6 million, EUR 3.8 million) to a loss of NOK 14 million (USD 1.7 million, EUR 1.4 million). The quarter’s net profit including the cyber-attack costs was down from NOK 21 million (USD 2.5 million, EUR 2.1 million) to a loss of NOK 25 million (USD 3 million, EUR 2.5 million).
Photo courtesy of AKVA Group
