AKVA Group — Earnings Release 2014

Oct 31, 2014

AKVA group ASA: 3Q 2014 financial reporting

AKVA group ASA: 3Q 2014 financial reporting

Strong performance and growth continues

Financially this has been a very good year for AKVA group. Third quarter 2014 is

the best quarter ever for the Group with revenues of 330 MNOK (180 MNOK) and an

EBITDA of 34 MNOK (8 MNOK). Third quarter EBITDA margin was 10.4% (4.2%). The

order backlog is also the best ever at end of a third quarter.

"AKVA group continues to experience high activity with record high revenue and

margins in the third quarter. Based on our significant improved performance and

balance sheet over the last years we are proud to propose the launch of a half

yearly dynamic dividend policy with the first dividend of 1 NOK per share to be

distributed now in fourth quarter 2014. Continued high market activity also

gives positive expectations for the financial performance in the quarters to

come", says CEO of AKVA group ASA Trond Williksen.

Cage Based Technology (CBT)

Revenue and margins in Nordic are stabilizing on a higher level. Economies of

scale and controlled cost are the main drivers for improved margins. Previous

quarters decline in revenues in Chile seems to be ended in Q2. Chile had a

decent Q3 and there is positive development in market activity. However, we

continue to monitor the development closely. Canada and UK continues with

another strong quarter with good revenue and margins YTD 2014. AKVA group have

experienced slightly lower activity in Export, but deliveries of large contracts

to emerging markets are proceeding according to plan.

Software (SW)

SW continues to deliver stable revenue and good margins. However, we have

experienced slightly reduced margins YoY in the first half of 2014 due to

delayed launch of new modules and a slower start of 2014 for Wise ehf in

Iceland. However, Wise ehf in Iceland had a good Q3. Software continues to

invest in new product modules. These product modules will strengthen the

financial performance of the SW segment further.

Land Based Technology (LBT)

LBT have experienced significantly increased activity and improved performance

compared to previous years. An extra cost of 2.1 MNOK in AKVA group Denmark

related to postponed progress of a specific project was included in Q3 2014.

Adjusted for extra cost the underlying LBT business is profitable YTD Q3 2014.

However, margins need to be improved further going forward.

Order Backlog

Good market activity has materialized in a good order inflow also in Q3 and as a

consequence the order backlog is the best ever at the end of a third quarter.

The order inflow in Q3 2014 was 201 MNOK (271 MNOK). The order backlog at the

end of Q3 2014 was 349 MNOK (299 MNOK).

Balance sheet

The balance continued to be improved and is considered as strong. Working

capital in percentage of 12 months rolling revenue is improved YoY from 17.4% to

8.4%. We are able to maintain low working capital despite significant activity

ramp up in the period. Cash and unused credit facilities amounted to record high

183 MNOK at the end of Q3 2014 versus 68 MNOK at the end of Q3 2013. Total

assets and total equity amounted to 836.4 MNOK and 374.9 MNOK respectively,

resulting in an equity ratio of 44.8% (50.2%) at the end of Q3 2014.

Launch of dividend policy in AKVA group ASA

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.

Based on the financial performance and outlook for the company the Board propose

to implement an active dividend policy for AKVA group ASA. Further, the Board

propose a dividend to be paid out in Q4 2014 of 1.00 NOK per share. This amounts

to a total distribution of 25,834,303 NOK. An Extraordinary General Meeting to

approve the Q4 2014 dividend will be held on 24 November 2014. The shares in the

company will be traded "ex dividend" as from 25 November 2014. Payment of the

dividend shall be made no later than 4 December 2014".

Outlook

The positive outlook in all our market segments is maintained. Demand in the

Nordic market is expected to be good in the next quarters. However, fourth

quarter continues to be low season for deliveries in the Nordic market.

Investments in the Nordic market going forward are expected to be driven by

green licenses as well as openings for general growth in the industry. There is

positive development in the Chilean market. We maintain positive but modest

expectations and we are monitoring the market closely and will adjust our

operation according to the development. UK and Canada are expected to continue

to perform well in the next quarters with a significant order backlog and a

large portion of reoccurring business. Land based is expected to have a positive

development with a growing prospect mass in several market segments. Prospects

in the salmon industry are growing in particular. Earnings are expected to be

more stable going forward. We continue our effort to build service and after

sales as a key business element in all markets and segments. The introduction of

a rental model in Norway supports this effort.

About AKVA group

AKVA group is a technology and service partner to the aquaculture industry

worldwide. The company has around 695 employees, offices in 8 countries and a

total turnover of 919 MNOK in 2013. We are 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 30 years. The Corporate Headquarter is in Bryne Norway.

Dated: 31 October 2014

AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Trond Williksen Chief Executive Officer

Phone: +47 51 77 85 00

Mobile: +47 91 63 01 73

E-mail: twilliksen@akvagroup.com

Eirik Børve Monsen Chief Financial Officer

Phone: +47 51 77 85 00

Mobile: +47 91 63 98 31

E-mail: emonsen@akvagroup.com

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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