Akva Group Asa · OSL:AKVA
Akva Group Asa — Q1 2010 Earnings Presentation
24 slides from Akva Group Asa's earnings presentation, Apr 29, 2010
Slide 1: 1Q 2010 presentation
The global leader in aquaculture technology 1Q 2010 presentation 29 April 2010 Knut Molaug, CEO M t Morten N l d CFO Nærland,
Slide 2: Agenda
Agenda Background & highlights 1Q Q 2010 Financial review Outlook Q&A 2
Slide 3: Global leader in aquaculture technology
Global led@er in aquacuttare technology. Nothiag more. Nothingless.
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 market position for all main products • The only supplier with ”global” global presence. • Leading supplier in a global growth industry. Feed barges Recircul
Slide 5: "One-stop-shop" in aquaculture technology
“One-stop-shop” in aquaculture technology Value a ue C Chain a SoSoftware t a e Land Based Farms Cage Based Farms 5
Slide 6: 1Q highlights
1Q highlights ● Operating revenues in 1Q were 158 158.0 0 MNOK versus 152.4 MNOK last year. ● The EBITDA in 1Q was 0.5 MNOK versus -3.3 MNOK last year. ● Order backlog at the end of 1Q2010 was 260 MNOK which is approximately 30% higher than last year. ● The order inflow in 1Q was 140% higher than la
Slide 7: 1Q highlights
1Q highlights ● Changes to the organisation made in 2010: Morten Nærland appointed pp Chief Financial Officer (CFO) • From earlier temporary position Jone Gjerde j appointed pp Chief Technical Officer (CTO) • From the position as PRU Manager for Hardware Per e Andreas d eas Hjetland jet a d ap
Slide 8: New Management Structure
New Management Structure Knut Molaug CEO Jone Gjerde Morten Nærland CTO CFO Coord HW- R&D R&D Recirc Technical organisation (PRU) Sales & Market organisation (BU) Odd Martin Trond Andrew Wade Kaskiw Per A.Hjetland Jørgen Scheel Stig Martin Bø David Thorburn Solem Severinsen Campbell North PRU-Hardwa
Slide 9: Agenda
Agenda Background & highlights 1Q Q 2009 Financial review Outlook Q&A 9
Slide 10: 1Q Financials – P&L
1Q Financials – P&L RESULTATREGNSKAP / INCOME STATEMENT 2010 2009 2009 (NOK 1 000) 1Q 1Q Total OPERATING REVENUES 158 023 152 379 599 345 Operating costs ex depreciations 157 503 155 662 610 872 OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA) 520 -3 284 -11 527 Depreciation 7 510 7 838 30 866 OPERATI
Slide 11: 1Q Financials – P&L comments
1Q Financials – P&L comments ● Operating revenue in 1Q10 was 158 MNOK. MNOK The quarterly revenue was slightly up compared to 1Q 2009. Continued low revenues due to restrictive investment programs by the customers ● The EBITDA result was 520 KNOK The EBITDA result was negatively affected by co
Slide 12: Market segments
Market segments Geographic segments (YTD) Other 12 % • Norway is the dominating segment seg e t • The UK and other markets are UK andd Ireland 12 % Norway showing a positive development • Chilean Latin 58 % e ca America 8% Chil market k t continue ti tto North reduce it’s importance. America 10 % Pr
Slide 13: Market segments
Market segments AKVA group revenues within other species 140 MNOK. 120 CAGR 2003-2009 ~50% 100 80 60 40 20 0 2003 2004 2005 2006 2007 2008 2009 2010* * Sales and order backlog for delivery in 2010 per 1Q. • The positive development within other species than salmon continue. • Major contract for deli
Slide 14: Balance sheet
Balance sheet BALANCE SHEET 2010 2009 2009 (NOK 1 000) 31.3. 31.3. 31.12. Intangible fixed assets 245 039 255 847 243 920 Fixed assets 38 034 42 632 39 071 Long-term financial assets 1 043 1 593 1 069 FIXED ASSETS 284 116 300 072 284 061 Stock 133 312 139 397 116 248 Trade receivables 152 390 162 99
Slide 15: Balance sheet items
Balance sheet items Working Capital (MNOK) ● Working Capital: 220 199 Further improvement 200 180 162 172 168 seen in the working 160 140 138 141 128 120 capital in 1Q. 1Q 106 120 100 The company continue 80 60 to focus on maintaining 40 20 a low working capital. 0 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
Slide 16: Financial position
Financial position Equity (%) ● Equity: 55 % 50 % Sound equity position 50 % 47 % 46 % 46 % 45 % 45 % 46 % 45 % 42 % 39 % 40 % 35 % 30 % 25 % 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Cash balance (MNOK) ● Cas Cash Position: os t o Available cash 86 150 125 103 MNOK 100 75 63 57 56 48 51 52 5
Slide 17: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2010 2009 2009 (NOK 1 000) 1Q 1Q Total Net cash flow from operational activities 11 760 -6 344 32 656 Net cash flow from investment activities -4 4 194 -5 5 037 -24 24 095 Net cash flow from financial activities -22 156 3 282 1 717 Net cash flow -14 590 -8 100
Slide 18: Agenda
Agenda Background & highlights 1Q Q 2010 Financial review Outlook Q&A 18
Slide 19: Order backlog and inflow
Order backlog and inflow O d Order b kl backlog (MNOK) 400 350 ● The order backlog was 300 260 MNOK at the end 250 off 1Q. 1Q 200 ● Up 30% compared to 150 same period last year. 100 ● U 27% compared Up d to t 50 previous quarter. 0 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Order inflow (MNOK) 250
Slide 20: Outlook
Outlook ● Investment climate The market fundamentals for AKVA’s main customers remain favourable and the customers experience healthy y earnings. g The balance between supply and demand for Atlantic salmon, the product of AKVA group’s main customers, is expected p to be favourable through g 2010
Slide 21: Outlook
Outlook ● High underlying demand in Norwegian salmon market The Norwegian salmon industry is showing good p profits at p present and are p positive for the outlook for the coming years. However, the investment level of the industry is still at a considerably lower level than earlier years. The
Slide 22: Agenda
Agenda Background & highlights 1Q Q 2010 Financial review Outlook Q&A 22
Slide 23: AKVA group – global presence
AKVA group – global presence Norway Iceland Scotland Denmark Canada Canada Turkey AKVA office China AKVA representation Thailand Vietnam Malaysia Chile All major industry players as customers 23
Slide 24: AKVA group – brief historic summary
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 ations: 1985: Firs