STOCK EXCHANGE RELEASE - 14.07.21
Aker BioMarine ASA Q2 2021
14 July 2021 - Aker BioMarine ASA (“Aker BioMarine” or “the company”) today announces its results for the second quarter 2021.
Aker BioMarine reports revenues of USD 74.3 million in the second quarter, up 48% from the previous quarter and up 3% from second quarter last year. Adjusted EBITDA was USD 19.4 million, up 53% from the previous quarter and up 10% from second quarter last year. “I am pleased to show that we continue to grow our business, with strong sales development in both the Qrill category and in the Brands segment. Total revenues and margins are lifted in the quarter. However, we are not satisfied with the recent sales of Superba, and we imply sales improvement measures to develop existing and new markets” said Matts Johansen, CEO of Aker BioMarine.
Second quarter highlights:
- Revenues of USD 74.3 million (compared to USD 72.2 million in the corresponding period last year) - Adjusted EBITDA of USD 19.4 million (USD 17.6 million), with 26% (24%) Adjusted EBITDA margin in the quarter. Quarterly adjustments of USD 0.3 million (USD 5.4 million)
- Strong sales growth for Brands segment with a 32% increase compared to the same quarter last year, and 39% growth versus previous quarter, indicating recovery in the US mass market
- Kori continues to grow in the quarter. Important milestone reached with agreed distribution in Sam's Club physical stores from October 2021
- Ingredients segment declined 10% versus same quarter last year. Strong Qrill product sales that were up 17% year-over-year only partially compensated the reduced Superba sales in Korea
- Superba sales were 36% below same period last year. Strengthening of the sales organization in growth regions ongoing, as well targeted initiatives for converting US sales opportunities
- Harvesting volumes of 13,920 MT for the quarter compared to 16,387 MT in the same period last year, suffering from poor krill harvesting conditions in second quarter
- Houston plant continued its strong performance with production 29% above same quarter last year at lower production costs. Inventory build-up is consistent with desired level of safety stock
- The company changed listing venue from Euronext Growth to the Oslo Børs main list with first trading day on 14 April
Fishing has been challenging in the second quarter. Consequently, the company has changed the estimated 2021 full year vessel production to 45,000-50,000 MT, down from previously 60,000-70,000 MT. Aker BioMarine has made investments in new drone technology to limit the effects of the natural variation of krill availability. Aker BioMarine is progressing well in many important areas, but recent setbacks in krill harvesting and Superba sales will impact 2021 results compared to the previous guiding for the year. Nevertheless, Aker BioMarine expects modest revenue growth in 2021 compared to last year
Management invites investors, analysts, and other stakeholders to a webcast presentation today at 09:00 am CET. The presentation will be followed by a Q&A session. Written questions can be submitted during the online event.
A replay of the presentation and Q&A session will be made available as soon as possible after the presentation. The quarterly report, presentation material, and webcast will be available the company website. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
CFO Katrine Klaveness
Tel: +47 991 58 915
About Aker BioMarine
Aker BioMarine is a biotech innovator and Antarctic krill-harvesting company, dedicated to improving human and planetary health. Listed on Oslo Stock Exchange, the company develops krill-based ingredients for pharmaceutical, nutraceutical (Superba®, NKO® and K·REAL®), aquaculture (QRILL® Aqua), and animal feed applications (QRILL® Pet), including INVI™, a highly concentrated protein isolate, and LYSOVETA™, a targeted transporter of EPA and DHA from krill. Aker BioMarine’s fully transparent value chain stretches from sustainable krill harvesting in pristine Antarctic waters through its Montevideo logistics hub, Houston production plant, and to customers around the world. The company’s strong focus on sustainability inspired the launch of AION by Aker BioMarine, a circularity company dedicated to helping companies to recycle and reuse waste. Read more: www.akerbiomarine.com