Akva Group Asa · OSL:AKVA
Akva Group Asa — Q2 2012 Earnings Presentation
23 slides from Akva Group Asa's earnings presentation, Aug 15, 2012
Slide 1: Q2 2012 Presentation
Q2 2012 Presentation P t ti Oslo, August 15th, 2012 Trond Williksen, CEO Eirik Børve Monsen, CFO 1
Slide 2: Agenda
Agenda Highlights Q2 2012 Trond Williksen, CEO Financial performance Q2 2012 Eirik Børve Monsen, CFO Outlooks Trond Williksen, CEO Q&A 2
Slide 3: Highlights Q2 2012
Highlights Q2 2012 3
Slide 4: Steady performance in a slow market
Steady performance in a slow market ● Operating revenues in Q2 of 211.5 MNOK compared to 222.5 in Q2 last year ● EBITDA in Q2 of 10.0 MNOK compared to 14.0 MNOK in Q2 last year ● EBIT in Q2 of 1.6 MNOK compared to 6.0 in Q2 last year ● Nordic and Chile - main drivers of group revenues Nordic incre
Slide 5: AKVA group – uniquely positioned for future growth
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 – Q2 2012 Cage based technologies = Cages, barges, feed systems and other operational systems for cage based aquaculture Software = Software and software systems Land based technologies = Recirculation systems and technologies for land based aquacult
Slide 8: Financial performance Q2 2012
Financial performance Q2 2012 8
Slide 9: Financial highlights Q2
Financial highlights Q2 MNOK Quarterly revenues ● Continue to deliver positive results 300 250 200 150 ● Focus on strengthening the balance 100 sheet continues to show results 50 0 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 ● Reduced working capital ● Increased cash ● Increased credit facility in Sandnes Sp
Slide 10: Q2 P&L total Group
Q2 P&L total Group P&L 2012 2012 2011 2012 2011 2011 (MNOK) 2Q 2Q YTD YTD Total OPERATING REVENUES 211,5 222,5 455,2 475,8 893,6 Operating costs ex depreciations 201,4 208,5 405,4 439,0 831,6 EBITDA 10,0 14,0 49,7 36,8 62,0 Depreciation 84 8,4 80 8,0 17 0 17,0 15 8 15,8 32 7 32,7 EBIT 1,6 6,0 32,8 2
Slide 11: Q2 P&L segments – Cage Based Technologies
Q2 P&L segments – Cage Based Technologies P&L 2012 2012 2011 2012 2011 2011 (MNOK) 2Q 2Q YTD YTD Total Cage based technologies Nordic operating revenues 82,5 110,7 137,5 232,8 327,2 Americas operating revenues 76,1 76 1 53 0 53,0 159,9 159 9 103,9 103 9 255,9 255 9 Export operating revenues 19,8 20,
Slide 12: Q2 P&L segments - Software
Q2 P&L segments - Software P&L 2012 2012 2011 2012 2011 2011 (MNOK) 2Q 2Q YTD YTD Total Software Nordic operating revenues 16,7 24,0 68,0 50,9 98,6 Americas operating revenues 53 5,3 28 2,8 88 8,8 56 5,6 12,1 12 1 Export operating revenues 0,4 0,4 0,8 0,8 1,6 OPERATING REVENUES 22,4 27,1 77,6 57,3 1
Slide 13: Q2 P&L segments – Land Based Technologies
Q2 P&L segments – Land Based Technologies P&L 2012 2012 2011 2012 2011 2011 (MNOK) 2Q 2Q YTD YTD Total Land based technologies Nordic operating revenues 8,1 6,3 18,3 21,5 42,8 Americas operating revenues 2,6 4,7 3,2 13,7 18,1 Export operating revenues - - - - - OPERATING REVENUES 10,7 11,0 21,5 35,2
Slide 14: Q2 Financials – Detailed P&L group
Q2 Financials – Detailed P&L group P&L 2012 2012 2011 2012 2011 2011 (MNOK) 2Q 2Q YTD YTD Total OPERATING REVENUES 211 5 211,5 222 5 222,5 455 2 455,2 475 8 475,8 893 6 893,6 Reduced interest Operating costs ex depreciations 201,4 208,5 405,4 439,0 831,6 expence due to reduced total interest EBITDA
Slide 15: Focus on strengthening the balance sheet in 2012
Focus on strengthening the balance sheet in 2012 C h balance Cash b l (MNOK) MNOK 80 67 70 60 56 54 54 58 Total cash was 58 MNOK at the end of 50 51 52 44 50 Q2 vs 37 MNOK at the end of Q4 2011 43 40 41 37 Total available cash, including available 30 28 drawing facility, was 108 MNOK at the 20 e
Slide 16: Group financial profile
Group financial profile Debt level (NIBD MNOK) MNOK 180 169 164 156 156 160 140 143 130 142 134 146 Continued reduction of interest bearing debt and increased cash in 126 120 100 86 91 Q2 79 80 60 40 20 0 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 Equity ratio (%) 60% 50% 46 % 47 % 45 % 46 % 44 % 45 % 42
Slide 17: Balance Sheet
Balance Sheet BALANCE SHEET 2012 2011 2011 (MNOK) 30.06. 30.06. 31.12. Intangible fixed assets 203,9 207,2 209,6 Fixed assets 42,8 41,0 41,9 Long-term financial assets 29,7 37,8 38,0 FIXED ASSETS 276 4 276,4 286 0 286,0 289 5 289,5 Stock 192,6 181,4 174,9 Trade receivables 173,2 234,0 177,6 Other re
Slide 18: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2012 2011 2012 2011 2011 (NOK 1 000) 2Q 2Q YTD YTD Total Net cash flow from operations 9 932 10 191 17 492 29 903 44 993 N t cash Net h flow fl from f change h in i working ki capital it l 8 039 -11 11 008 28 949 -21 21 078 -80 80 879 Net cash flow from operat
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 253 MNOK vs 328 300 MNOK in end Q2 2011. 250 200 Stable order backlog despite slow 150 market over last quarters 100 Extraordinary high order backlog 50 in Q2 2011 due to strong ramp up 0 2Q09 4Q09
Slide 21: Outlooks
Outlooks ● More positive outlook in Nordic market due to optimistic sentiment created by medium to long term prospects for the salmon industry ● Chile stabilizing, but with more uncertainty ● Expected improvements in UK and Canada ● Continue to be hands on – adjusting operations according to market
Slide 22: Q&A
Q&A 22
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