Akva Group Asa · OSL:AKVA
Akva Group Asa — Q4 2010 Earnings Presentation
22 slides from Akva Group Asa's earnings presentation, Feb 22, 2011
Slide 1: 4Q 2010 presentation
The global leader in aquaculture technology 4Q 2010 presentation 22 February 2011 Morten Nærland, CFO & Acting CEO
Slide 2: Agenda
Agenda Background & highlights 4Q 2010 Financial review Outlook Q&A 2
Slide 3: Global leader in aquaculture technology
Global leader in aquacuture techmolopy. Nothiag more. Nothingless. AKVAI|ife 2008-2015
Slide 4: AKVA group in brief
AKVA group in brief Software systems Cage systems Facts about AKVA group & services • The leading supplier of aquaculture technology. • Strong presence in all salmon producing regions • Strong market position for all main products • Other species increasingly important • Leading supplier in a global
Slide 5: "One-stop-shop" in aquaculture technology
“One-stop-shop” in aquaculture technology Value Chain Software Land Based Farms Cage Based Farms 5
Slide 6: 4Q highlights
4Q highlights ● Operating revenues in 4Q were 195.9 MNOK versus 142.9 MNOK in 4Q 2009. ● The EBITDA in 4Q was -8.7 MNOK versus - 16.1 MNOK in 4Q 2009. Profits negatively affected by up-revision of costs on land based projects. ● Continued focus on cost control on projects and improving project manag
Slide 7: 4Q highlights cont.
4Q highlights cont. ● Trond Williksen was appointed CEO of AKVA group ASA Will assume his position on the 1st of March 7
Slide 8: Agenda
Agenda Background & highlights 4Q 2010 Financial review Outlook Q&A 8
Slide 9: 4Q Financials – P&L
4Q Financials – P&L P&L 2010 2010 2009 2010 2009 (MNOK) 4Q 4Q Total Total OPERATING REVENUES 195,9 142,9 742,5 599,3 Operating costs ex depreciations 204,6 158,9 752,4 610,9 EBITDA -8,7 -16,1 -9,9 -11,5 Depreciation 7,9 7,2 31,0 30,9 EBIT -16,6 -23,2 -40,9 -42,4 Net interest expense -3,6 -1,3 -12,0
Slide 10: 4Q Financials – P&L comments
4Q Financials – P&L comments ● Operating revenue in 4Q10 was 195.9 MNOK vs 142.9 MNOK in 4Q09. The increase driven by the Norwegian and the Chilean as well as the export markets ● The EBITDA was -8.7 MNOK vs -16.1 MNOK in 4Q09 Up-revision of costs on land based recirculation projects amounting to 11
Slide 11: Market segments
Market segments Geographic segments 2010 Iceland Other 5% 4% • Norway is the dominating segment Medit. 12 % Canada • Growth in all markets over last 3% year UK 10 % Norway 53 % • Chile gaining momentum Chile 13 % Product Group Segments 2010 REC 8% • HW= Hardware deliveries and SW 14 % services Cages
Slide 12: Market segments
Market segments AKVA group revenues within other species 140 MNOK 120 CAGR 2003-2010 ~43% 100 80 60 40 20 0 2003 2004 2005 2006 2007 2008 2009 2010 2011* * Sales and order backlog for delivery in 2011 per 4Q2010. • The positive development within other species than salmon continue going into 2011. 1
Slide 13: Balance sheet
Balance sheet BALANCE SHEET 2010 2009 (MNOK) 31.12. 31.12. Intangible fixed assets 254,5 243,9 Fixed assets 40,8 39,1 Long-term financial assets 0,9 1,1 FIXED ASSETS 296,2 284,1 Stock 157,7 116,2 Trade receivables 177,8 125,4 Other receivables 19,6 27,5 Cash and cash equivalents 43,2 58,2 CURRENT AS
Slide 14: Balance sheet items
Balance sheet items Working Capital (MNOK) ● Working Capital: MNOK 200 The company continue 180 172 168 to focus on maintaining 160 140 141 128 120 a low working capital. 113 115 120 106 102 100 80 60 40 20 ● Net interest bearing 0 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 debt (NIBD): NIBD (MNOK
Slide 15: Financial position
Financial position Equity (%) ● Equity: 60 % Equity position affected 50 % 46 % 45 % 45 % 46 % by the negative results 40 % 42 % 39 % during 2010 34 % 35 % 33 % 30 % 20 % 10 % 0% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Cash balance (MNOK) MNOK 60 51 52 56 54 50 ● Cash Position: 50 48 40 44 43 A
Slide 16: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2010 2009 2010 2009 (NOK 1 000) 4Q 4Q Total Total Net cash flow from operational activities -466 -2 830 -793 32 656 Net cash flow from investment activities -9 641 -6 407 -23 175 -24 095 Net cash flow from financial activities 3 158 15 829 8 966 1 717 Net cash
Slide 17: Agenda
Agenda Background & highlights 4Q 2010 Financial review Outlook Q&A 17
Slide 18: Order backlog and inflow
Order backlog and inflow Order backlog (MNOK) MNOK 400 373 348 350 300 305 263 260 316 270 ● The order backlog was 250 253 203 204 348 MNOK at the year. 200 200 183 150 100 ● Up 71% over 2009 50 0 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Order inflow (MNOK) MNOK 300 274 ● 4Q marke
Slide 19: Outlook
Outlook • The market fundamentals in the salmon industry are good and are expected to remain so throughout the year • The Chilean market developed well in 4Q and business volume in 2011 should be well over 2010 level unless there is a setback in the sanitary situation. • The Mediterranean market has
Slide 20: Agenda
Agenda Background & highlights 4Q 2010 Financial review Outlook Q&A 20
Slide 21: AKVA group – global presence
AKVA group – global presence Norway Iceland Scotland Denmark Canada Canada Turkey AKVA office China AKVA representation Vietnam Chile All major industry players as customers 21
Slide 22: Innovations: development and M&A
AKVA group – brief historic summary 1974: World’s fist plastic cages (Polarcirkel) – today more than 40.000 units delivered 1978: First Seafood industry software solution 1980: World’s first automatic feed systems 1984: Maritech: first seafood industry PC based ERP software system Innovations: 1985: