(Arendal, 10 February 2022) Arendals Fossekompani ASA (Arendals Fossekompani, OSE:AFK) reported revenues of NOK 1,181 million in the fourth quarter of 2021 (873) and an operating profit of NOK 179 million, up from NOK 56 million in the same quarter in 2020. Arendals Fossekompani will pay dividend of NOK 0.9 per share for the fourth quarter 2021, in addition to in-kind dividend in the form of 0.2 share in portfolio company Tekna.
“The fourth quarter of 2021 goes down in our 126-year old financial history as the best quarter ever, leveraging on the strong portfolio built from our power and material technology heritage. Our companies continue to deliver growth and solid industrial development, aligned with Arendals Fossekompani’s focus on quarterly dividend yield, net asset value growth, and ESG score,” says Ørjan Svanevik, Chief Executive Officer of Arendals Fossekompani.
“We are recognized as an attractive developer of advanced technology and carbon free energy. This was recently confirmed when Swedish energy giant Vattenfall entered into a partnership with Seagust, our joint offshore wind initiative with Ferd,” says Svanevik.
Arendals Fossekompani reported revenues of NOK 1,181 million (873) in the fourth quarter of 2021 and an operating profit of NOK 179 million (56). AFK will pay a quarterly dividend of NOK 0.9 per share, based on the company’s quarterly dividend policy. In addition, AFK will pay in-kind dividend in the form of 1 Tekna share for every 5 AFK shares.
SEGMENT DEVELOPMENTS
AFK Hydropower delivered substantial revenues and a solid operating profit based on significantly higher electricity prices in the Nordics. The average price of electricity in price area NO2, where AFK’s two hydropower plants are located, was 10 times higher than the average price in the corresponding quarter last year.
30% top-line growth in the fourth quarter helped Volue reach a milestone as annual revenues exceeded NOK 1 billion for the first time. Volue reported 36% growth in Software-as-a-Service revenues and 17% increase in annual recurring revenues between the fourth quarter of 2020 and the same quarter in 2021.
Tekna reported a solid order intake for materials in the fourth quarter, raising its total annual order intake to CAD 19.8 million, up 46% year-on-year. Powder production capacity increased by 26% during the quarter. Tekna aims to uplist to the Oslo Stock Exchange in 2022.
EFD Induction has seen higher revenue and sharply improving operating margins during 2021. Operating profit for the fourth quarter came in at NOK 31 million (18 million) and 83 million (14 million) for the full year.
NSSLGlobal delivered yet another strong quarter with a 23% operating margin. In the fourth quarter alone, NSSLGlobal won £12.2m of new business opportunities.
“Our companies are well-positioned within attractive high growth megatrends, supporting customers and society in reaching ambitious 2030 sustainable development goals. Combined with strong underlying results, a robust balance sheet and attractive development projects, the value creation platform provides a positive outlook for Arendals Fossekompani,” Svanevik adds.
CORPORATE DEVELOPMENTS
Arendals Fossekompani’s financial position remains solid. The company’s net cash position as of 31 December amounted to NOK 1,4 billion. In addition, the company has undrawn credit facilities of NOK 2 billion, securing net available liquidity of NOK 3,4 billion as per end of the quarter.
PRESENTATION OF Q4 RESULTS
Ørjan Svanevik and Lars Peder Fensli, Chief Financial Officer, will host a presentation of the fourth quarter financial results 2021 at Hotel Continental in Oslo at 09:00 CET Thursday 10 February 2022.
Link to webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20211112_5/
Questions can be submitted during the webcast. The presentation is scheduled to conclude at 09:45 CET.
ENDS
- - - - -
For additional comments, please contact:
Ørjan Svanevik, CEO at Arendals Fossekompani: +47 414 51 560
Arendals Fossekompani | www.arendalsfossekompani.no
Arendals Fossekompani (AFK) is a green-tech investment company that owns energy- and technology-related companies which enable the transition to a green economy. AFK operates globally in several future-oriented industries, including 3D printing, algo trading, satellite services, battery- and solar technology, software, and digitization. Established in 1896, AFK has been a proud producer of renewable hydro power for more than 100 years. The company is headquartered in Arendal, Norway and listed at the Oslo Stock Exchange.
- - - - -
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This stock exchange announcement was published by Lars Peder Fensli, CFO, Arendals Fossekompani ASA, on 10 February 2022 at 07:00 CET.