Akva Group Asa · OSL:AKVA
Akva Group Asa — Q3 2012 Earnings Presentation
23 slides from Akva Group Asa's earnings presentation, Oct 31, 2012
Slide 1: Q3 2012 Presentation
Q3 2012 Presentation P t ti Oslo, October 31th, 2012 Trond Williksen, CEO Eirik Børve Monsen, CFO 1
Slide 2: Agenda
Agenda Highlights Q3 2012 Trond Williksen, CEO Financial performance Q3 2012 Eirik Børve Monsen, CFO Outlooks Trond Williksen, CEO Q&A 2
Slide 3: Highlights Q3 2012
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Slide 4: Highlights for the quarter
Highlights for the quarter ● Operating revenues of 202.0 MNOK in Q3 compared to 226 226.7 7 MNOK in Q3 last year ● EBITDA of 12.5 MNOK in Q3 compared to 22.0 MNOK in Q3 last year ● EBIT of 4.2 MNOK in Q3 compared to 13.8 MNOK in Q3 last year ● Nordic and Chile – continues to be main revenue drivers
Slide 5: AKVA group in brief
AKVA group – uniquely positioned for future growth Cage based farming Land based farming Technology AKVA group in brief Technology • The most recognized brand in aquaculture technology • Leading technology solutions and service partner to global aquaculture industry • Global presence - subsidiaries
Slide 6: Global presence – three regions
Global presence – three regions
Slide 7: Market segments - Revenue
Market segments - Revenue By product groups – Q3 2012 Revenues by product group Land Cage based technologies = based Cages, barges, feed systems and other operational 6% systems for cage based aquaculture Software 10 % Software = Software and software systems Land based technologies = Recircul
Slide 8: Financial performance Q3 2012
Financial performance Q3 2012 8
Slide 9: Financial highlights Q3
Financial highlights Q3 MNOK Quarterly revenues 300 250 ● Continue to deliver positive results 200 150 100 ● Financial performance according to 50 expectations. Performing well in a 0 year with low salmon prices 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 MNOK Quarterly EBITDA ● Strong balance shee
Slide 10: Q3 P&L total Group
Q3 P&L total Group P&L 2012 2012 2011 2012 2011 2011 (MNOK) 3Q 3Q YTD YTD Total OPERATING REVENUES 202,0 226,7 657,2 702,6 893,6 Operating costs ex depreciations 189,6 204,8 595,0 643,8 831,6 EBITDA 12,5 22,0 62,2 58,8 62,0 D Depreciation i ti 83 8,3 82 8,2 25 3 25,3 23 9 23,9 32 7 32,7 EBIT 4,2 13,
Slide 11: Q3 P&L segments – Cage Based Technologies
Q3 P&L segments – Cage Based Technologies P&L 2012 2012 2011 2012 2011 2011 (MNOK) 3Q 3Q YTD YTD Total Cage based technologies Nordic operating revenues 82,1 102,9 219,7 335,7 327,2 Americas operating revenues 74,7 67,3 234,6 171,2 255,9 Export operating revenues 12,3 20,4 70,9 67,1 137,2 OPERATING
Slide 12: Q3 P&L segments - Software
Q3 P&L segments - Software P&L 2012 2012 2011 2012 2011 2011 (MNOK) 3Q 3Q YTD YTD Total Software Nordic operating revenues 14,8 21,2 82,8 72,1 98,6 Americas operating revenues 5,7 3,6 14,5 9,1 12,1 Export operating revenues 0,4 0,3 1,2 1,2 1,6 OPERATING REVENUES 20,9 25,1 98,5 82,4 112,4 Operating c
Slide 13: Q3 P&L segments – Land Based Technologies
Q3 P&L segments – Land Based Technologies P&L 2012 2012 2011 2012 2011 2011 (MNOK) 3Q 3Q YTD YTD Total Land based technologies Nordic operating revenues 7,6 6,7 25,9 28,3 42,8 Americas operating p g revenues 4,4, 4,3, 7,6 , 17,9, 18,1, Export operating revenues - - - - - OPERATING REVENUES 12,0 11,0
Slide 14: Q3 Financials – Detailed P&L group
Q3 Financials – Detailed P&L group P&L 2012 2012 2011 2012 2011 2011 (MNOK) 3Q 3Q YTD YTD Total OPERATING REVENUES 202,0 226,7 657,2 702,6 893,6 p Operating g costs ex depreciations p 189,6 , 204,8 , 595,0 , 643,8 , 831,6 , EBITDA 12,5 22,0 62,2 58,8 62,0 Reduced interest Depreciation 8,3 8,2 25,3 2
Slide 15: Group financial profile
Group financial profile C h balance Cash b l (MNOK) MNOK 80 67 70 56 58 Total cash was 47 MNOK at the end of Q3 vs 60 52 54 50 54 47 37 MNOK at the end of 2011 50 40 44 43 41 37 Total available cash, including available 28 drawing facility, was 95 MNOK at the end of 30 Q3 vs 57 MNOK at the end o
Slide 16: Group financial profile, continued
Group financial profile, continued Debt level (NIBD MNOK) MNOK 180 169 164 160 142 156 156 146 Net interest bearing debt reduced 140 130 134 126 substantially during 2012 due to reduction in 120 interest bearing debt and increased cash 100 86 91 79 87 Increase in NIBD in Q3 is explained by a 80
Slide 17: Balance Sheet
Balance Sheet BALANCE SHEET 2012 2011 2011 (MNOK) 30 09 30.09. 30 09 30.09. 31 12 31.12. Intangible fixed assets 200,4 205,4 209,6 Fixed assets 43,0 39,6 41,9 Long-term financial assets 29,9 23,8 38,0 FIXED ASSETS 273,3 268,8 289,5 Stock 177,4 178,8 174,9 Trade receivables 129,8 216,3 177,6 Other re
Slide 18: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2012 2011 2012 2011 2011 (NOK 1 000) 3Q 3Q YTD YTD Total Net cash flow from operations 9 447 19 816 26 939 49 719 44 993 Net cash flow from change in working capital -9 9 102 -67 67 406 19 847 -88 88 484 -80 80 879 Net cash flow from operating activities 345 -
Slide 19: Outlooks
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Slide 20: Order backlog and inflow
Order backlog and inflow O d Order b backlog kl (MNOK) MNOK Order backlog 400 350 Order backlog 200 MNOK by end of Q3 vs 300 260 MNOK by b end d off Q3 2011. 2011 250 200 150 100 50 0 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 Order inflow (MNOK) MNOK Order inflow 300 250 Total order inflow in Q3 of 149
Slide 21: Outlooks
Outlooks ● Q4 traditionally di i ll the h most demanding d di quarter due d to seasonall variations ● Positive outlook in Nordic market in 2013 due to optimistic sentiment created by medium to long term prospects for the salmon l iindustry. d t Hi High h activity ti it llevell iin th the market k t
Slide 22: Q&A
Q&A 22
Slide 23: AKVA group
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