Akva Group Asa · OSL:AKVA
Akva Group Asa — Q4 2006 Earnings Presentation
15 slides from Akva Group Asa's earnings presentation, Feb 27, 2007
Slide 1: 4Q 2006 presentation
The global leader in aquaculture technology 4Q 2006 presentation 27. February 2007 Steven A. Morrell, Chairman of the Board Knut Molaug, CEO Rolf Andersen, CFO Agenda Background & highlights 4Q 2006 Financial review Status Maritech acquisition Outlook Q&A session 2 1
Slide 2: Pro-forma and legal numbers; AKVA group in brief
Pro-forma and legal numbers ● Please note that all comments in this presentation are based on pro- forma numbers as if the merger between AKVAsmart, Helgeland Plast and the Wavemaster group had taken place 1 January 2005. ● The legal numbers for the company are described in the appendix to this pres
Slide 3: 4Q highlights
4Q highlights ● IPO, secondary sale and share issue to raise NOK 130 million was successfully carried out in November. ● Operating revenue in 4Q was NOK 152,3 million – up 75% from previous year. The period’s EBITDA was NOK 15,9 million versus NOK 8,1 million previous year – up 96%. ● Operating reve
Slide 4: 4Q financials – P&L
4Q financials – P&L Pro-forma P&L Year Year 4Q 4Q (NOK m) 2006 2005 2006 2005 Operating revenues 528.1 315.9 152.4 87.0 Operating costs excl. depreciation -456.7 -296.3 -136.4 -78.9 EBITDA 71.4 19.6 15,9 8.1 Depreciation -13.6 -11.7 -3.5 -3.3 EBIT 57.7 7.9 12.4 4.8 Net financial items -2.9 -3.2 0.4
Slide 5: Business areas - OPTECH and INTECH
Business areas - OPTECH OPTECH OPTECH (NOK m) Pro-forma Farm operations 250 Revenues EBITDA technology 200 196 Last quarter --- 150 125 106 Feed systems 100 49 Cameras 50 10 13 35 31 5 6 0 Sensors 2004 2005 2006 4Q2005 4Q2006 Software ● Strong revenue growth in 2006: + 58% Etc. ● Strong EBITDA margi
Slide 6: Business and geographic segments
Business segments 2006 Revenues 2006 Profits OPTECH INTECH INTECH 37 % 52 % OPTECH 63 % 48 % Pro-forma 2006 11 Market segments contd. Geographic segments Other Norway 45 % • Norway and Chile – dominating 2% segments • UK and Canada Medit. 3% UK 3% Canada 8% Chile 39 % • Mediterranean AKVA group reve
Slide 7: Balance sheet
Balance sheet Balance sheet (legal) 31.12 31.12 (NOK m) 2006 2005 Intangible fixed assets 148.4 170.9 Tangible fixed assets 17.7 19.8 Long term financial assets 7.2 0.5 Fixed assets 178.0 191.1 Stock 96.3 55.2 Receivables 114.0 73.5 Cash and bank deposits 141.5 15.1 Current assets 351.8 143.8 Total
Slide 8: Strong financial position
Strong financial position Equity (%) ● Equity: Strong equity position 70 % 60 % 57 % 50 % 40 % 37 % ● Cash Position: 30 % 30 % 20 % 10 % Strong cash position 0% Cash from IPO is fully available 2004 2005 2006 for strategic purposes together with additional debt financing. Cash balance (NOK m)
Slide 9: Order backlog and inflow
Order backlog and inflow 2006 Order backlog and inflow per quarter (NOK m) Backlog Inflow 300 273 250 241 184 197 200 145 150 100 50 na. na na. 0 1Q2006 2Q2006 3Q2006 4Q2006 ● Norwegian market main growth driver ● Canadian and UK market revival ● Chilean market remain strong ● Mediterranean main mar
Slide 10: LOI to acquire Maritech
LOI to acquire Maritech ● LOI signed in December ● Valuation, EV= 80 million NOK ● Estimated annual revenue of NOK 130 million ● Will be included in the OPTECH business area ● By this acquisition AKVA group positions itself as the leading IT & Competence provider to the seafood industry globally. ●
Slide 11: Outlook
Outlook ● Favourable market conditions in all major salmon markets at present. Norway – large investments indicated by customers over the next years Chile – growing steadily UK – coming out of the gloom Canada – market revitalisation 2H 2006 Faeroes – on the way up… In all markets custom
Slide 12: Appendix
Background & highlights 4Q 2006 Financial review Status Maritech acquisition Outlook Q&A session 23 Appendix 24 12
Slide 13: Vision statement and strategy; Key growth drivers
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
Slide 14: P&L legal
P&L legal RESULTATREGNSKAP / INCOME STATEMENT 2006 2005 2006 2005 (NOK 1 000) 4Q 4Q Total Total DRIFTSINNTEKTER / OPERATING REVENUES 151 623 40 453 355 961 146 102 Driftskostnader eks. avskrivninger / Operating costs ex depreciations 137 078 35 349 311 177 135 593 DRIFTSRESULTAT FØR AVSKRIVNINGER /
Slide 15: Balance sheet - legal; Cash flow statement - legal
Balance sheet - legal Balance sheet (legal) 31.12 31.12 (NOK m) 2006 2005 Intangible fixed assets 148.4 37.2 Tangible fixed assets 17.7 5,5 Long term financial assets 7.2 0.4 Fixed assets 178.0 43.1 Stock 96.3 28.4 Receivables 114.0 47.1 Cash and bank deposits 141.5 6,2 Current assets 351.8 81.8 Tot