The krill harvesting season in Antarctica starts each year in December and lasts
for around ten months. Aker BioMarine's vessels will soon return to shore for
scheduled upgrades and maintenance ahead of the new 2022 season.

Harvesting has been slow in 2021 due to low krill availability in sub-area 48.3,
and challenging ice conditions in August and September in sub-area 48.2.
Year-to-date offshore production volume is 38 500 MT before fourth quarter
harvesting, which is less than two-thirds of the company's original ambition for
the full year. The number of fishing days this season is 18% below the lowest of
the comparable figures from the last eight years, and 23% lower than average
(Antarctic Sea and Saga Sea only) as a large number of days is spent searching
for krill. The company also notes that the total biomass in Antarctica is sound
with a recent study showing a 17% increase over the last 20 years.  

"The 2021 harvesting season has been disappointing, and the significantly lower
volumes impact our sales and earnings. As our vessels now sail to undergo
maintenance and upgrades, I'm looking forward to next season starting in the
fourth quarter", CEO Matts Johansen commented.

The low offshore production volumes this season impacts the company's financials
for 2021 in three ways:

o	Harvesting in the third quarter has been lower than anticipated and is
expected to negatively impact the company's earnings this year. The low volumes
result in a higher cost per ton of produced krill, which has a significant
impact on margins. 

o	The lower harvesting volumes, combined with a high fixed cost base, will
result in an impairment of Qrill Aqua inventory to the Net Realizable Value
(NRV) as inventories are measured at the lower of cost and NRV (estimated
selling price). The final impairment is dependent upon the full-year harvesting
volumes.

o	Lower harvesting volumes will result in reduced product availability for Qrill
Aqua towards the end of the year, and hence, impact sales in 2021. 

As reported in July, the sales volume for Superba this year is lower than last
year. The main reason for this is a large drop in sales to South Korea and
slower-than-projected sales in the US non-mass market.

Even if Superba sales in the second half of 2021 is estimated to be higher than
in the first half, the sales growth in the above-mentioned markets are lower
than previously estimated. Aker BioMarine has over the last months implemented
sales improvement initiatives. Still, annual sales are expected to be lower than
the previous estimate.

With the update above, the company revises its outlook for 2021. Both the lower
harvesting and Superba sales are likely to further impact 2021 financial
performance negatively with approximately two-thirds related to lower harvesting
and one-third related to Superba sales. Aker BioMarine expects offshore krill
production volumes in 2021 to be around 40,000-45,000 MT, depending on fourth
quarter catch. Revenue is expected to come in somewhat below last year's level
and with an adjusted EBITDA margin of 15%-17%. 

The company will host a Capital Market Update for investors and analysts in late
November or early December. 

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 Jacobsen, General Legal Counsel at Aker
BioMarine ASA, on September 9, 2021 at 10:20 CET.

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®), aquaculture (QRILL®Aqua), and animal feed applications
(QRILL®Pet), including INVITM, a highly concentrated protein isolate, and
LYSOVETATM, 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. For further
information, go to www.akerbiomarine.com.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange