AKVA Group — Earnings Release 2015

Aug 20, 2015

AKVA group ASA : 2Q 2015 financial reporting

AKVA group ASA : 2Q 2015 financial reporting

Best Quarter and First Half ever - improved performance and growth continues

AKVA group continues with very good financial performance in Q2 2015 resulting

in the best quarter and the best first half ever in AKVA groups' history. The

order backlog remains high. Total revenues in Q2 was 402 MNOK (301) with an

EBITDA of 41 MNOK (24 MNOK). The order backlog at the end of the second quarter

was 493 MNOK (478 MNOK) which is the highest order backlog ever at the end of a

second quarter for AKVA group.

"We have completed another very good quarter in AKVA group where all segments

are pulling in the right direction. High order backlog and continued high market

activity gives us confidence and we consider ourselves to be well on track in

2015", says CEO of AKVA group ASA Trond Williksen.

Cage Based Technology (CBT)

Nordic had a good start of the year, but with slightly different product mix

compared to 2014. Sales of sensors and cameras are all time high, deliveries of

plastic cages is slightly down year on year and sales of barges continues to be

very good. Chile had a good start of the year with record high activity both on

technology and on services. However, we are now facing a slow down in line with

the local industry. Number of employees and cost base are reduced in Q2 to be

prepared for expected reduced market activity in the second half of 2015. Canada

continues the good performance in Q2 with the best 1H ever with a high order

backlog. Our UK operation continues the good performance in Q2 resulting in the

best first half with a high order backlog. Turkey had a very good Q2 and first

half. There was low activity in Export to emerging markets in the second

quarter. This area is dominated by few but large contracts and this gives

variations in the P&L quarter by quarter.

Software (SW)

AKVA group Software AS continues to deliver stable and high margins with

improved revenue and margins year on year. Wise lausnir ehf had a good first

half with improved performance compared to first half last year. Software

continues to invest in new product modules, which are expected to strengthen the

financial performance of the software segment further.

Land Based Technology (LBT)

Land based has experienced improved performance year on year and quarter on

quarter. It has been a good recovery in the second quarter for AKVA group

Denmark A/S after a slow start of the year. Plastsveis AS is on track with a

profitable first half. Both companies ends the second quarter with a good order

backlog.

Order Backlog

Good market activity has materialized in a very good order inflow in Q2 and as a

consequence the best order backlog ever at the end of a second quarter for AKVA

group. The order inflow in Q2 2015 was 348 MNOK (327 MNOK). The order backlog at

the end of Q2 2015 was 493 MNOK (478 MNOK).

Balance sheet

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

revenue is improved YoY from 12.4% to 10.4%. We are able to maintain low working

capital despite record high activity. Cash and unused credit facilities amounted

to 157 MNOK (144 MNOK). Total assets and total equity amounted to 1.007 MNOK and

417 MNOK respectively, resulting in an equity ratio of 42% (46%) at the end of

Q2 2015.

Outlooks

We have a strong overall short term outlook due to high market activity and

order backlog. Our target remains to outperform 2014. The strong demand in the

Nordic market is expected to continue, with a shift towards more investment in

land based technology. Both UK and Canada are expected to continue to perform

well in the next quarters with a significant order backlog and a large portion

of recurring business. We have low expectations in Chile. Majority of our

Chilean customers struggle with loss making operations and a need to restructure

the industry. The situation is expected to last and we are well underway to

adjust our resources, costs and activity level to the situation. The land based

segment is expected to have a positive development with a growing order backlog

and prospect mass. There is historically high market interest for Land Based

Technology. Exports to emerging markets will continue to fluctuate short term,

but improved project activity is expected in second half of the year. We

continue our effort to build service and after sales as a key business element

in all markets and segments.

About AKVA group

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

worldwide. The company has 701 employees, offices in 8 countries and a total

turnover of NOK 1.2 billion in 2014. 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: 20 August 2015

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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