AKVA Group — Earnings Release 2014

Aug 14, 2014

AKVA group ASA : 2Q 2014 financial reporting

AKVA group ASA : 2Q 2014 financial reporting

Best first half ever - steady performance and growth continues

Financially this has been the best first half ever for AKVA group ASA with high

revenues and very good margins. Total revenues in Q2 2014 was 301 MNOK (270

MNOK) with an EBITDA of 24 MNOK (20 MNOK). The order backlog is also the best

ever at end of a second quarter.

"AKVA group has experienced high activity in the second quarter of 2014. AKVA

group's steady performance and growth continues from the previous quarter and

has resulted in a solid EBITDA margin of 9.1% (6.2%) in the first half of 2014.

The high order backlog at the end of the second quarter of 478 MNOK and

continued high market activity gives positive expectations for the financial

performance in the quarters to come", says CEO of AKVA group ASA Trond

Williksen.

Cage Based Technology (CBT)

Record high revenue and margins in the Nordic segment have continued from

previous quarters. Revenue and margins seems to be stabilizing on a higher level

due to the high market activity and a solid order backlog. Previous quarters

decline in revenues in Chile was ended in Q2. There is positive development in

market activity in Chile. However, we continue to monitor the development

closely. Canada and UK had a first half with good margins and a solid order

backlog. 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 in Iceland. Software

continues to invest in new product modules to be launched in 2014. These product

modules will strengthen the financial performance of the SW segment further.

Land Based Technology (LBT)

We experience significantly increased activity in LBT compared to 2013. New

projects in AKVA group Denmark A/S drive the improved performance.

Order Backlog

High market activity has materialized in a good order inflow also in Q2 and as a

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

The order inflow in Q2 2014 was 327 MNOK (151 MNOK). The order backlog at the

end of Q2 2014 was 478 MNOK (208 MNOK).

Balance sheet

The balance remains strong. Working capital in percentage of 12 months rolling

revenue is improved YoY from 15.7% to 12.4%. We are able to maintain low working

capital despite significant activity ramp up in the period. Cash and unused

credit facilities amounted to 144 MNOK at the end of Q2 2014 versus 86 MNOK at

the end of Q2 2013.Total assets and total equity amounted to 796.2 MNOK and

364.9 MNOK respectively, resulting in an equity ratio of 45.8% (48.7%) at the

end of Q2 2014.

Outlooks

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

is still expected to be good in the next quarters despite turmoil after the

Russian import stop of food and fish. Investments are expected to be driven by

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

group's market risk is diversified due to presence in multiple markets. 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

continued positive development with a growing prospect mass in several markets.

Prospects in the salmon industry are growing in particular. Our effort to build

service and aftersales as a key business element in all markets and segments

continues.

About AKVA group

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

worldwide. The company has around 630 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: 14(th) August 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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