Akva Group Asa · OSL:AKVA
Akva Group Asa — Q2 2007 Earnings Presentation
15 slides from Akva Group Asa's earnings presentation, Aug 21, 2007
Slide 1: 2Q 2007 presentation
The global leader in aquaculture technology 2Q 2007 presentation 21 August 2007 Knut Molaug, CEO Rolf Andersen, CFO Pro-forma ● Please note that unless otherwise stated all comments in this presentation are based on pro-forma numbers as if the merger between AKVAsmart, Helgeland Plast and the Wavema
Slide 2: Agenda; AKVA group in brief
Agenda Background & highlights 2Q 2007 Financial review Acquisition of UNI Aqua Outlook Q&A session 3 AKVA group in brief Software systems Cage systems AKVA group facts and services • The leading aquaculture technology supplier • The only player with global presence • The largest supplier to the aqu
Slide 3: 2Q highlights
2Q highlights ● Operating revenue in 2Q increased to 244 MNOK and the period’s EBITDA was 20.1 MNOK. The revenue for the first half was 460 MNOK and the periods EBITDA was 40.7 MNOK. ● The order backlog was 376 MNOK at the end of the 2Q, an increase of 84 MNOK compared to the end of 1Q. ● The outloo
Slide 4: 2Q financials – P&L
2Q financials – P&L P&L 2007 (Pro-forma) 2Q 2Q YTD YTD Year (MNOK) 2007 2006 2007 2006 2006 Operating revenues 243.6 186.7 458.8 333.1 703.8 Operating costs excl. depreciation -223.5 -155.9 -418.0 -284.8 -616.4 EBITDA 20.1 30.7 40.7 48.3 87.4 Depreciation & Amortisation -6.1 -5.1 -11.1 -10.3 -21.1 E
Slide 5: Business areas - OPTECH and INTECH
Business areas - OPTECH OPTECH OPTECH (MNOK) Pro-forma 98 101 110 94 Farm operations 100 84 93 Revenues technology 75 --- 50 2006 2007 25 Feed systems 0 1Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q Cameras 20 16,2 15 11,5 9,0 9,4 12,1 10,7 10 EBITDA Sensors 5 ● 2Q revenues within the main products were at approximately
Slide 6: Business segments; market and geographic segments
Business segments YTD 2007 Revenues YTD 2007 Profits OPTECH INTECH OPTECH 45 % 45 % INTECH 55 % 55 % 11 Market segments Geographic segments • Norway and Chile – dominating Iceland 7% Other Norway 3% 50 % Medit. segments • UK and Canada growing 1% UK 5% Canada Chile 8% 26 % AKVA group revenues within
Slide 7: Balance sheet
Balance sheet Balance sheet (legal) 30.06 31.12 (MNOK) 2007 2006 Intangible fixed assets 224.0 148.4 Tangible fixed assets 28.5 22.3 Long term financial assets 1.3 1.4 Fixed assets 253.7 172.2 Stock 108.3 96.3 Receivables 176.6 114.0 Cash and bank deposits 127.6 141.5 Current assets 412.5 351.8 Tota
Slide 8: Strong financial position; cash flow statement
Strong financial position Equity (%) ● Equity: 70 % Strong equity position 60 % 56 % 56 % 47 % 50 % 40 % 37 % 30 % 30 % 20 % 10 % 0% 2004 2005 2006 1Q07 2Q07 Cash balance (MNOK) ● Cash Position: 200 Very strong cash position 175 142 145 Increased overdraft facilities 150 128 in 2Q giving bette
Slide 9: Order backlog and inflow
Order backlog and inflow 2006 Order backlog and inflow per quarter (MNOK) 400 375 Backlog Inflow 350 291 305 300 241 250 211 211 184 200 169 145 150 100 50 na na. na. 0 1Q2006 2Q2006 3Q2006 4Q2006 1Q2007 2Q2007 ● Consolidation of Maritech accounts for approximately 35 MNOK of the increase in the ord
Slide 10: Acquisition headlines
Acquisition headlines ● Binding LOI to acquire 85% of the shares of UNI Aqua AS from Scheel & Urup Holding ApS. UNI Aqua AS is a Danish limited private company. The parties have started negotiations for the acquisition of the remaining 15 % of UNI Aqua AS. The letter of intent is binding but s
Slide 11: Acquisition headlines
Acquisition headlines ● Adding volume to other AKVA group products Through product bundling the acquisition is expected to add volume to other AKVA group products, mainly within the OPTECH area. Adding volume into existing distribution network ● Strong growth within recirculation is expected goi
Slide 12: Outlook
Outlook ● Favourable market conditions in the salmon markets Norway – Market growth continues, large investments indicated by customers over the next years Chile – still growing but uncertainties (see below) UK and Canada – Sound development In all markets customers are restructuring and inv
Slide 13: Appendix
Background & highlights 2Q 2007 Financial review Acquisition of UNI Aqua Outlook Q&A session 25 Appendix 26 13
Slide 14: Legal accounts - P&L
Legal accounts - P&L Hovedtall fra regnskapet Main figures from financial accounts *(Includes Maritech from 1 May 2007) RESULTATREGNSKAP / INCOME STATEMENT 2007 2006 2007 2006 2006 (NOK 1 000) 2Q 2Q YTD YTD Total DRIFTSINNTEKTER / OPERATING REVENUES 226 228 69 288 386 983 123 112 355 961 Driftskostn
Slide 15: Vision statement and strategy
Vision statement and strategy “The global leader in aquaculture technology” ● Lead the technological development ● Lead the consolidation of the global aquaculture supply industry ● Realise cost benefits through economies of scale Marketing and sales network Operations R&D ● Attract, motivate