Akva Group Asa · OSL:AKVA
Akva Group Asa — Q4 2011 Earnings Presentation
19 slides from Akva Group Asa's earnings presentation, Feb 15, 2012
Slide 1: Q4 2011 Presentation
Q4 2011 Presentation Oslo, February 15, 2012 Trond Williksen, CEO Eirik Børve Monsen, CFO 1
Slide 2: Agenda
Agenda Highlights Q4 2011 Financials Q4 2011 Outlooks Q&A 2
Slide 3: Highlights
Highlights 3
Slide 4: Improvements in challenging quarter
Improvements in challenging quarter ● Operating revenues in Q4 was 191.0 MNOK compared to 195.9 in Q4 last year ● Strong growth in Chile nearly compensated the expected low season in main market Norway ● EBITDA in Q4 was 3.2 MNOK compared to minus 8.7 MNOK in Q4 last year – improvement of 11.9 MNOK
Slide 5: Q4 2011 Financials
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Slide 6: Q4 Financials – P&L group
Q4 Financials – P&L group ● Operating revenues in Q4 191.0 MNOK vs 195.9 MNOK in Q4 2010 P&L 2011 (MNOK) 2011 4Q 2010 4Q 2011 Total 2010 Total ● Growth in Chile of over 84% OPERATING REVENUES 191,0 195,9 893,6 742,5 compared to Q4 2010 Operating costs ex depreciations 187,8 204,6 831,6 752,4 ● EBITD
Slide 7: Q4 P&L segments - Hardware
Q4 P&L segments - Hardware P&L 2011 2011 2010 2011 2010 (MNOK) 4Q 4Q Total Total HARDWARE OPERATING REVENUES 146,3 146,0 720,3 574,5 Operating costs ex 142,4 143,2 657,7 557,6 depreciations EBITDA 3,9 2,8 62,5 16,8 Depreciation 6,5 5,2 24,3 19,7 EBIT -2,6 -2,4 38,2 -2,9 ● Traditional low season in H
Slide 8: Q4 P&L segments - Software
Q4 P&L segments - Software P&L 2011 2011 2010 2011 2010 (MNOK) 4Q 4Q Total Total SOFTWARE OPERATING REVENUES 29,9 29,8 112,4 106,1 Operating costs ex 28,5 27,3 101,1 97,1 depreciations EBITDA 1,4 2,4 11,3 9,0 Depreciation 1,9 2,3 7,1 10,0 EBIT -0,5 0,1 4,1 -1,0 ● Stable revenue and earnings slightly
Slide 9: Q4 P&L segments - RAS
Q4 P&L segments - RAS P&L 2011 2011 2010 2011 2010 (MNOK) 4Q 4Q Total Total RAS OPERATING REVENUES 14,7 20,1 60,9 62,0 Operating costs ex 16,9 34,1 72,8 97,7 depreciations EBITDA -2,2 -13,9 -11,8 -35,8 Depreciation 0,3 0,3 1,3 1,3 EBIT -2,5 -14,2 -13,1 -37,0 ● Operating revenues in Q4 at 14.7 MNOK c
Slide 10: Market segments - Revenue
Market segments - Revenue Geographic segments 2011 Other 8% Iceland Chile growing importance at the 5% Medit. 6% relative to other regions, partly due to low season in Norway Canada 3% UK 8% Norway 42 % 2010 Chile represented 13% Chile 28 % Product Group Segments 2011 RAS 7% HW= Hardware deliv
Slide 11: Order backlog and inflow
Order backlog and inflow Order backlog (MNOK) MNOK Order backlog 400 The order backlog was 255 MNOK 350 at the end of Q4 300 250 Uncertainty after price fall of 200 salmon generated slow 150 investment decisions towards the 100 year end 50 0 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Slide 12: Other species
Other species AKVA group revenues within other species 140 MNOK 120 100 80 60 40 20 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 ● Revenue from other species was 103 MNOK in 2011. This is on the same level as previous years
Slide 13: Balance Sheet
Balance Sheet BALANCE SHEET 2011 2010 (MNOK) 31.12. 31.12. Intangible fixed assets 209,6 215,9 Fixed assets 41,9 41,6 Long-term financial assets 38,0 39,4 FIXED ASSETS 289,5 297,0 Stock 174,9 157,7 Trade receivables 177,6 177,8 Other receivables 42,4 19,6 C ash and cash equivalents 37,2 43,2 CURRENT
Slide 14: Financial position
Financial position Equity (%) 60% Equity: 50% 46% Equity ratio of 44,9% at end of Q4 45% 43,8 % 44,9 % 42% 41% 39% 40% 34% 35% 33% 33% 30% 20% 10% 0% 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Cash balance (MNOK) MNOK 80 Cash Position: 70 67 Total available cash was 57 MNOK 60 51 52
Slide 15: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2011 2010 2011 2010 (NOK 1 000) 4Q 4Q Total Total Net cash flow from operations -4 727 -12 620 44 993 -21 185 Net cash flow from change in working capital 7 606 12 154 -80 879 20 392 Net cash flow from operating activities 2 879 -466 -35 886 -793 Net cash flow
Slide 16: Outlooks
Outlooks 16
Slide 17: Outlooks
Outlooks ● Still expect effects of lower salmon prices in 2012 ● Sense of normalization of activity after initial setup from fall in salmon prices in last months of 2011 ● Q1 has higher activity in Norway than in Q4 ● The Chilean market expected to flatten out, but stay at high level into the year ●
Slide 18: Q&A
Q&A 18
Slide 19: AKVA group
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