AKVA Group — Earnings Release 2015

Feb 19, 2016

AKVA group ASA : 4Q 2015 financial reporting

AKVA group ASA : 4Q 2015 financial reporting

Best year ever - second year in a row

AKVA group has completed the best fourth quarter ever. Revenue in Q4 2015 ended

on  344 MNOK (305 MNOK) with an EBITDA of 27 MNOK (13 MNOK). Fourth quarter

EBITDA margin was 7.9% (4.4%). All business segments have made positive

contributions  to the fourth quarter result. Financially this is the best year

ever for AKVA group for the second year in a row. The order backlog is also the

highest ever. A dividend of NOK 1.00 per share was paid in Q4 2015.

"AKVA group have completed yet another strong quarter and year. We have over the

last year's transformed AKVA group to become broader and more diversified. As a

result of this transformation all our three business segments now contribute to

the good financial performance", says CEO of AKVA group ASA Trond Williksen.

Cage Based Technology (CBT)

Nordic CBT had a decent performance in Q4, which traditionally is a low season

quarter in Nordic CBT segment. The performance was driven by a slightly

different product mix compared to 2014, i.e. a wider range of products

contribute to revenue and profit in 2015 vs 2014. Chile has completed one of the

best years ever margin vice in 2015 due to reduced cost base and higher level of

service sales.

Canada had a good fourth quarter and ended their best year ever. Canada is a

lean and efficient operation. Australia continues to be a small but profitable

operation. They also completed their best year ever. UK ended their best year

ever and continues to have high a level of OPEX based revenue. Turkey had their

best year ever and is experiencing increased activity in the Sea Bass and Sea

Bream industry. Export to emerging markets experienced a slow quarter. Emerging

markets are 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 also continues with

improved performance year on year. Software continues to invest in new product

modules, which is expected to strengthen the financial performance of the

software segment further.

Land Based Technology (LBT)

LBT was 25% of total Group revenue in the fourth quarter and LBT delivered a

9.8% EBITDA in Q4. This is due to a significant improved performance year on

year and quarter on quarter. Plastsveis AS is on track with good performance in

2015. Aquatec Solutions A/S was included in the Group P&L from Q4 and onwards.

Aquatec had good performance as expected. AKVA group Denmark A/S had a decent

quarter, but there is still potential for further improvements financially. The

land based segment ends the quarter with a good order backlog.

Order Backlog

We have experienced continued good market activity throughout the second half of

2015 and this has been the best second half in terms of order inflow ever for

AKVA group of MNOK 854 (MNOK 661). The order inflow in Q4 2015 was 350 MNOK (460

MNOK). The order backlog at the end of Q4 2015 was 649 MNOK (504 MNOK). This is

the highest order backlog ever for AKVA group.

Balance sheet

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

revenue is 8.8% (10.1%). We are able to maintain low working capital despite

record high activity. Cash and unused credit facilities amounted to record high

160 MNOK at the end of Q4 (144 MNOK).Total assets and total equity amounted to

1,070 MNOK (904 MNOK) and 428 MNOK (389 MNOK) respectively, resulting in an

equity ratio of 40% (43%) at the end of Q4.

Dividend of NOK 1.00 per share paid in Q4 2015

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.

According to the AKVA group ASAs' dividend policy a dividend of 1.00 NOK per

share was paid in November 2015. Total dividend pay out in November 2015 was

25.7 MNOK.

Outlook

We have a good mid term outlook due to high market activity and the large order

backlog. The activity level is particularly high in the Nordic market segment.

The strong demand in the Nordic cages based segment continues into the new year,

with a shift towards sale of technology for more efficient production. The land

based segment has experienced increased activity in 2015 and this higher level

of activity is expected to continue. The land based segment is becoming a larger

part of AKVA group. UK and Canada experience slightly less project sales so far

in the new year compared to last year, but both entities are still expected to

perform well. We have continued low expectations in Chile due to the challenging

situation for our Chilean customers. Our exposure in Chile is reduced over the

last years. Our Turkey and Australian operations are expected to continue to

perform well in the next quarters with a good order backlog. Exports to emerging

markets have a more optimistic start of the year than last year. The activity is

still expected to fluctuate due to the nature of the business. 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 around 670 employees, offices in 8 countries and a

total turnover of NOK 1.4 billion in 2015. 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: 19 February 2016

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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