Akva Group Asa · OSL:AKVA
Akva Group Asa — Q2 2014 Earnings Presentation
23 slides from Akva Group Asa's earnings presentation, Aug 14, 2014
Slide 1: Q2 2014 Presentation
Q2 2014 Presentation Oslo - August 14th, 2014 Trond Williksen, CEO Eirik Børve Monsen, CFO Your Aquaculture Technology and Service Partner
Slide 2: Agenda
Agenda ● Highlights Q2 2014 Trond Williksen, CEO ● Financial performance Q2 2014 Eirik Børve Monsen, CFO ● Outlooks Trond Williksen, CEO ● Q&A Your Aquaculture Technology and Service Partner 2
Slide 3: Highlights Q2 2014
Highlights Q2 2014 Your Aquaculture Technology and Service Partner 3
Slide 4: Best first half ever – steady performance and growth continues
Best first half ever – steady performance and growth continues MNOK 350 Revenues Second quarter 2014 - Highlights 300 250 • Strong financial performance continues 200 2011 2012 • Revenue of 301 MNOK (270 MNOK) 150 2013 • EBITDA of 24 MNOK (20 MNOK) 100 2014 • EBITDA margin of 8.0% (7.5%) 50 - • The
Slide 5: Best first half ever – order backlog
Best first half ever – steady performance and growth continues Second quarter 2014 – Highlights continued Order backlog • Order backlog remains at all-time high level • Order backlog of 478 MNOK (208 MNOK) MNOK • 600 Order inflow of 327 MNOK (151 MNOK) 500 • Positive shift on operational level expec
Slide 6: 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 the global aquaculture industry • Global presence - subsidiar
Slide 7: Global presence – three regions
Global presence – three regions Your Aquaculture Technology and Service Partner
Slide 8: Market segments - Revenue
Market segments - Revenue By product groups – Q2 2014 Revenues by product groups 2Q Land Land based technologies +3 percentage point, Cage based based technologies -3 percentage point and Software unchanged vs Q2 2013 12 % Software 9% Cage based technologies = Cages, barges, feed systems and oth
Slide 9: Financial performance Q2 2014
Financial performance Q2 2014 Your Aquaculture Technology and Service Partner 9
Slide 10: Strong financial performance
Strong financial performance MNOK Revenue 350 300 • Good operational performance - EBITDA YTD of 9.1% (6.2%) 250 2011 • CBT being main driver 200 2012 150 2013 • Strong financial position 100 2014 • Settlement of the YesMaritime AS acquisition impacting NIBD with 17.5 MNOK in 50 Q2 - 1Q 2Q 3Q 4Q • R
Slide 11: P & L segments – Cage Based Technologies
P & L segments – Cage Based Technologies P&L 2013 2014 2013 2014 2013 2013 Nordic (MNOK) 2Q 2Q YTD YTD Total ● Revenue and margins seems to be stabilizing on a higher level – third quarter in a row with solid numbers - due to high market activity and Cage based technologies a solid order backlog Nor
Slide 12: P & L segments – Software
P & L segments – Software P&L 2013 2014 2013 2014 2013 2013 (MNOK) 2Q 2Q YTD YTD Total Software Nordic operating revenues 20,4 18,6 42,0 38,2 79,3 ● Software continues to deliver stable revenue and Americas operating revenues 5,1 5,3 9,2 8,6 16,8 good margins – slightly reduced margins YoY 2014 Expo
Slide 13: P & L segments – Land Based Technologies
P & L segments – Land Based Technologies P&L 2013 2014 2013 2014 2013 2013 (MNOK) 2Q 2Q YTD YTD Total Land based technologies ● Significantly increased activity and improved Nordic operating revenues 35,7 24,0 77,1 38,3 92,2 performance compared to 2013 Americas operating revenues 1,3 1,1 3,0 2,3 4,
Slide 14: Financials – Detailed P & L
Financials – Detailed P & L P&L 2013 2014 2013 2014 2013 2013 (MNOK) 2Q 2Q YTD YTD Total OPERATING REVENUES 300,9 270,2 611,3 492,3 918,7 Operating costs ex depreciations 276,9 250,0 555,6 461,7 871,8 EBITDA 24,0 20,3 55,8 30,7 46,9 Depreciation 8,9 8,3 17,2 16,4 33,1 EBIT 15,1 11,9 38,6 14,3 13,8 N
Slide 15: Group financial profile - strong
Group financial profile - strong Available cash (in MNOK) Total available cash, including available drawing facility, was 144 MNOK at the end of Q2 2014 vs 86 MNOK at the end of Q2 2013 The acquisition of YesMaritime AS was finalized on April 1st, 2014. 8.5 MNOK of the total purchace price (of 1
Slide 16: Group financial profile – strong, continued
Group financial profile – strong, continued Net interest bearing debt (NIBD in MNOK) MNOK 160 146 140 126 122 120 The acquisition of YesMaritime AS was finalized on April 1st, 2014. 8.5 100 91 87 107 94 108 92 86 MNOK of the total purchase price was paid in cash and the remaining 80 79 75 70 9 MNO
Slide 17: Balance sheet
BALANCE SHEET 2014 2013 2013 Balance sheet (MNOK) Intangible fixed assets 30.6. 262,9 30.6. 248,4 31.12. 250,8 Fixed assets 65,2 50,9 55,0 Long-term financial assets 1,8 1,8 2,0 FIXED ASSETS 329,8 301,2 307,8 Stock 129,2 161,9 144,2 Trade receivables 202,6 159,0 155,5 Other receivables 80,5 41,0 56,
Slide 18: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2014 2013 2014 2013 2013 (NOK 1 000) 2Q 2Q YTD YTD Total Net cash flow from operations 25 819 17 045 54 246 24 990 37 789 Net cash flow from change in working capital -15 145 38 478 -27 383 28 813 56 441 Net cash flow from operating activities 10 674 55 523 26
Slide 19: Outlooks
Outlooks Your Aquaculture Technology and Service Partner 19
Slide 20: Order backlog and inflow
Order backlog and inflow Order backlog (in MNOK) MNOK 600 500 Order backlog 478 MNOK vs 208 MNOK by end of Q2 2013 400 2011 300 2012 Highest order backlog in second quarter ever 2013 200 2014 100 - 1Q 2Q 3Q 4Q Order inflow (in MNOK) MNOK 500 Total order inflow of 327 MNOK vs 151 MNOK in Q2 201
Slide 21: Maintaining positive outlook
Maintaining positive outlook ● Positive outlook in all market segments ● Demand in the Nordic market is still expected to be good in the next quarters despite turmoil after the Russian import stop of food and fish. Investments are expected to be driven by green licenses as well as openings for gener
Slide 22: Q&A
Q&A Your Aquaculture Technology and Service Partner 22
Slide 23: Your Aquaculture Technology and Service Partner
Your Aquaculture Technology and Service Partner