Fourth quarter financial results

Arendals Fossekompani ASA (OSE:AFK) reported revenues of NOK 1,336 million (1,195 million) and an operating profit of NOK 87 million (176 million) in the fourth quarter of 2022. Arendals Fossekompani will pay a dividend of NOK 0.95 per share for the quarter.

Q4 Arendals Fossekompani

Operating revenues after four quarters for the group amounted to NOK 4,563 million (4,232 million). Operating profit for the fourth quarter was NOK 87 million (176 million) and NOK 432 million (450 million) for full year 2022. Consolidated earnings before tax came in at NOK 75 million (93 million) for the quarter and as of 31 December at NOK 421 million (332 million).

“Operating profit for the year was driven by high electricity prices and a strong result from NSSLGlobal, offset by investments in growth, new acquisitions, supply chain issues and inflation,” says Lars Peder Fensli, Interim Chief Executive Officer of Arendals Fossekompani.

Ordinary profit after tax, but before non-controlling interests, totaled NOK -109 million (-23 million) for the quarter and for the full year 2022 NOK -19 million (97 million).

AFK Hydropower contributed with substantial revenues and operating profit in the quarter due to high electricity prices. Power generation in the quarter amounted to 135 GWh (137 GWh), lifting revenues from AFK Hydropower to NOK 232 million (171 million) and operating profit to NOK 203 million (154 million) compared to the corresponding quarter previous year.

Provision for income tax in the quarter amounted to NOK 183 million (83 million) and NOK 392 million (159 million) for the full year. The tax provision reflects the increased tax burden imposed on Norwegian hydropower producers during 2022. Incremental provision for income tax as a direct result of the change, amounts to NOK 75 million in 2022.


Volue continues the transformation towards recurring revenues and Software-as-a-Service (SaaS). SaaS revenues were NOK 79 million in the quarter, an increase of 22 percent compared to the fourth quarter of 2021, representing 23 percent of total revenues.

Tekna reported 14% revenue growth in the quarter compared to the corresponding quarter previous year, driven mainly by 50% growth within the Systems segment. Materials revenue grew by 5% from the fourth quarter of 2021. Tekna has taken important and immediate steps towards improving profitability and cash position.

Evolgy’s total operating revenues increased by 17% year-over-year to NOK 388 million. Operating profit in the quarter fell to NOK -29 million (31 million), negatively affected by consolidation of IPT Technology, as well as a restructuring provision related to its German operations.

NSSLGlobal reports continued sales growth as well as solid order intake. Revenues during the fourth quarter grew by 5% compared to the same quarter the previous year, while operating profit amounted to NOK 21 million (50 million).

“Our companies are positioned within high growth global industry verticals, serving customers in reaching transformational business goals. The value creation platform provides a positive outlook for Arendals Fossekompani,” says Fensli.


Arendals Fossekompani’s financial position remains solid. The company’s cash position as of 31 December amounted to NOK 1,160 million. In addition, the company has undrawn credit facilities of NOK 1,944 million, securing gross available liquidity of NOK 3,104 million as per year-end.


AFK will pay a quarterly dividend of NOK 0.95 per share, based on the company’s quarterly dividend policy.


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For additional comments, please contact:

Lars Peder Fensli, Interim CEO: +47 974 04 496

Hanne Watts, VP Communications & Sustainability: +47 974 04 496

Arendals Fossekompani |

Arendals Fossekompani (AFK) is a long-term investment company that owns energy- and technology-related companies which enable the transition to energy security and next generation industrial technologies. AFK operates globally in a number of future-oriented industries, including 3D printing, wireless charging, 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.

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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, Interim CEO, Arendals Fossekompani ASA, on 10 February 2023 at 08:00 CET.