AKVA Group — Earnings Release 2013

Feb 21, 2014

AKVA group ASA : 4Q 2013 financial reporting

AKVA group ASA : 4Q 2013 financial reporting

Ramp up of activity - all time high order backlog

AKVA group had good growth in activity in Q4 fueled by strong order inflow.

Total order inflow in Q4 was 467 MNOK. This represents 70% growth compared to Q4

2012 resulting in an all-time high order backlog of 520 MNOK at the end of the

quarter.

Financially this has been a quarter with high revenues and good margins in the

Group. This was however partly offset by a one off cost in Chile. Total revenues

in Q4 2013 was 246 MNOK (174 MNOK) with an EBITDA of 9 MNOK (-4 MNOK).

We have had a quarter with high activity in all markets except Chile. Outlooks

are positive, with the strongest order inflow ever in AKVA group. The high order

backlog at the end of 2013, of 520 MNOK, gives us high expectations for the

financial performance in the quarters to come. We continue to focus on managing

the high activity in the Nordic and the Export segments, at the same time as we

now have reduced our exposure in the Chilean market down to an acceptable

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

In the Cage Based Technology (CBT) segment there has been a record high market

activity this quarter resulting in the highest order inflow ever. As a

consequence this has been a good quarter financially for all our CBT operations

except in Chile. Our customers in Chile continue to face biological, operational

and financial challenges. This has reduced our activity and revenue from this

market during 2013 with 46% compared to 2012. As a consequence we have during

2013 reduced our financial exposure in Chile significantly by reducing stock and

accounts receivables YoY with 46% and 47% respectively. In Q4 we had extra cost

of 9.2 MNOK in Chile related to layoffs and extra provisions. Our exposure in

Chile at year end 2013 is considered as sustainable and acceptable. Export has

good deliveries into emerging markets in Q4 with large projects in Russia and

Saudi Arabia. Export signed a contract with DunAn in China in Q4 with a total

contract value of 23.4 MNOK. Delivery will take place in 2014.

The Software segment continues to deliver stable revenues and solid margins and

they continue to invest in new product modules to be launched throughout 2014.

These product modules will strengthen the financial performance of the SW

segment further. Our three software companies are continuing to contribute with

positive margins; AKVA group Software AS (Norway) with an EBITDA margin in 2013

of 30% and Wise Ehf (Iceland) with an EBITDA margin of 12%.

In the Land Based Technology (LBT) segment we have had the best quarter ever

financially, mostly due to increased revenues and margins in AKVA group Denmark.

AKVA group Denmark signed a contract with Fish Farm in Dubai in Q4 with a total

contract value of 9.5 MEUR. Delivery will take place in 2014. Good order inflow

for LBT in the second half of 2013 is expected to materialize in improved

financial performance going forward.

High market activity has materialized in a good order inflow in Q4 with a 70%

increase year on year. The order inflow in Q4 2013 was 467 MNOK (279 MNOK). The

order backlog at the end of Q4 2013 was 520 MNOK (306 MNOK).

The balance is improved further with good development in our balance sheet -

KPIs; Net Interest Bearing Debt, Working Capital and Available Cash. Total

assets and total equity amounted to 722.0 MNOK and 338.9 MNOK respectively,

resulting in an equity ratio of 46.9% (48.4%) at the end of Q4 2013.

We maintain our positive outlook in the Nordic market for the coming quarters.

Significant growth in salmon prices in 2013 and continued high prices in 2014

drives demand for technology and services. The last 6 months increase in order

backlog and continued high activity in the market strengthen this assumption. In

Chile the industry and investments continue to be influenced by financial,

operational and biological uncertainty. We are monitoring the market closely and

have adjusted our operation according to the development. UK and Canada are

expected to perform well in the next quarters. Performance in Export is expected

to be good in the next quarters due to deliveries of large projects and an

interesting prospect mass. Land based is expected to have continued positive

development. Good order back log supports this expectation. Effort to build

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

continues to pay off. Including YesMaritime AS in the Group in Q2 2014 is

expected to strengthen or service segment further.

About AKVA group

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

worldwide. The company has more than 572 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: 21(th) February 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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