AKVA Group ASA (LTS:0DIP)

kr 84.8 0 (0%) Market Cap: 2.37 Bil Enterprise Value: 3.81 Bil PE Ratio: 0 PB Ratio: 2.05 GF Score: 81/100

Q3 2023 Akva Group ASA Earnings Call Transcript

Nov 10, 2023 / 09:00AM GMT

Release Date Price: kr84.8

Transcript

Knut Nesse

AKVA Group ASA - CEO

Good morning, ladies and gentlemen, and very much welcome to the webcast Q3 presentation of AKVA Group. The agenda for this morning is that I will do the introduction and the highlights; Ronny MeinkÃ¸hn, the CFO, will do financial performance; and then we will have a Q&A session. So please post any questions during my presentation, and the moderator will read the question during the Q&A.

Let's go straight to the highlights for Q3. We had a revenue of NOK817 million and an EBIT of NOK29 million in third quarter. Acceptable overall order intake in sea based, but slow market in land based due to the resource tax. A rightsizing process, targeting NOK45 million in annual cost savings, will be carried out in Q4 to adapt the organization to the current and expected activity level, and for the most, it is already executed.

Due to the change in market conditions, AKVA will revise the medium-term financial targets during Q4. Also, we completed the acquisition of the 51% of the shares in Submerged. That was completed in the quarter in line with earlier

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