Akva Group Asa · OSL:AKVA
Akva Group Asa — Shareholder Meeting (May 2020)
41 slides from Akva Group Asa's shareholder meeting presentation, May 7, 2020
Slide 1: Annual General Meeting
Annual General Meeting AKVA group ASA Egersund, 7th May 2020
Slide 2: 1. Opening of the annual general meeting
1. Opening of the annual general meeting by the Chairman of the Board and registration of shareholders present Technology for sustainable biology
Slide 3: 2. Election of chair of the meeting and co-signer of minutes
2. Election of chair of the meeting and a person to co-sign the minutes along with the meeting chair Technology for sustainable biology
Slide 4: 3. Approval of the notice to the meeting and the agenda
3. Approval of the notice to the meeting and the agenda Technology for sustainable biology
Slide 5: 4. Ordinary agenda items
4. Ordinary agenda items 4.1. Presentation of business activities by Group chief executive Knut Nesse Technology for sustainable biology
Slide 6: Presentation of Business Activities
Presentation of Business Activities Annual General Meeting AKVA group ASA Egersund, 7th May 2020 Knut Nesse
Slide 7: Highlights 2019
Highlights 2019 • Order intake of MNOK 4,014 in 2019, compared to MNOK 2,555 in 2018 • Revenue in 2019 of MNOK 3,077 – a 19% increase compared to revenue in 2018 • Net profit in 2019 of MNOK 17 – a decrease from MNOK 89 in net profit in 2018 • Dividend of 1.75 NOK per share paid out in March 2019 (0
Slide 8: Operational leverage and profitable growth
Operational leverage and profitable growth Revenue EBITDA EPS +92% +89% -58% 3 077 272 3,86 2 579 240 238 3,17 2 088 1 603 144 1,06 0,44 2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019 Technology for sustainable biology
Slide 9: EBITDA development
EBITDA development EBITDA -171% 115 • EBITDA of minus 40 MNOK in the quarter, including 15 MNOK in effect of reclassification due to IFRS 16 (leases) 97 101 18 7 7 7 • The software business sold in 2019 was included with 5 MNOK in Q4 8 8 8 2018 71 60 59 57 • Americas has improved EBITDA margins comp
Slide 10: Exceptional items in Q4
Exceptional items in Q4 Profit warning sent January 20th as preliminary Q4 numbers was poor compared to expectations: Exceptional high guarantee costs within the Nordic Cage based segment Several projects within cage based with cost overruns Bad debt and claims within the Land Based segment
Slide 11: Review of Land Based activities
Review of Land Based activities What happened and why Late awareness of cost overruns in projects Incorrect financial recognition from project accounting Actions in progress Third party evaluation of project management competence Strengthening the organization with new positions Evalua
Slide 12: Our presence
Our presence AKVA group’s geographical regions Income distribution Q4 2019 22%(25%) 13%(14%) 65%(61%) Nordic Americas EME Nordic AKVA group EME Agents and Distributors Americas
Slide 13: Organization structure
New corporate CEO* Knut Nesse structure CFO* CCO* A. Pierre Hatjoullis/Ronny Meinkøhn Per Andreas Hjeltand HR & HSE EPA Livar Salte Astrid Bekkeheien SVP - Strategy Johan Fredrik Gjesdal CAGE BASED CAGE BASED NORDIC LAND BASED R&D INTERNATIONAL COO* COO* COO* CTO* Andrew Campbell Erlend Sødal Morten
Slide 14: Solutions
Solutions Cage Based Technology Land Based Technology Software
Slide 15: CAPEX Based Revenue / OPEX Based Revenue
CAPEX Based Revenue OPEX Based Revenue Technology for sustainable biology
Slide 16: Group Strategy
Group Strategy Focused growth and Operational expansion excellence Increased international focus Improvement programs within sourcing, Land based post smolt logistics and manufacturing Expand services and OPEX based Streamline project execution and service business delivery Product portfolio add-ons
Slide 17: Tube net
Tube net • A patented concept • Proven to reduce lice infestation with 80%, with the potential to reduce the lice precence to almost 0 if the tube is deep enough • A concept for improved fish welfare • Suitable for AGD treatment • Reduced risk of escape: damages to the upper part of the net will not
Slide 18: Separate focus on full grow out RAS facilities
Separate focus on full grow out RAS facilities • AKVA as strategic partner in NAP • Potential equity stake to secure partnership and successful execution • Learning and developing by a close follow-up on all technical, operational and biological performance measures • Final financing is still pendin
Slide 19: AKVA Observe provides a Management Tool
AKVA Observe provides a Management Tool for overview and continous improvement - I.e «audit trial» w/video capture of alert situations, benchmark between sites / cages etc.
Slide 20: Covid-19
Covid-19 The Covid-19 virus together with a total collapse of the global oil price has had a massive impact around the globe. So far AKVA group has been moderately impacted. The major impacts financially for AKVA group has been related to two newly awarded RAS contracts on Land Based being cancell
Slide 21: Outlook – AKVA group
Outlook – AKVA group • Order backlog remains high • Service station for nets to be built in northern Norway (with partner), plans for additional station underway • New generation tube net (preventive sea lice solution) launched, strong interest in the market and contract of 100 MNOK signed in April
Slide 22: AKVA's input to Norwegian authorities
AKVA’s input to Norwegian authorities Norway should strengthen and evolve our natural comparative advantages in the aftermath of Covid-19 by granting new innovation permits for coastal farming. This will: • Advance Norway's natural advantages and affirm the position as the technological leader of fi
Slide 23: AKVAcRovur
AKVAcRovur
Slide 24: 4.2 Approval of the 2019 annual accounts
4. Ordinary agenda items contd. 4.2 Approval of the 2019 annual accounts of AKVA group ASA and the Group, and the board's annual report The board proposes that the general meeting passes the following resolution: “The General Meeting resolved to approve the annual accounts for 2019 for AKVA group AS
Slide 25: Group P&L 2019
Group P&L 2019 (Amounts in NOK 1 000) Technology for sustainable biology
Slide 26: Group balance 2019
Group balance 2019 (Amounts in NOK 1 000) Technology for sustainable biology
Slide 27: Group balance 2019
Group balance 2019 (Amounts in NOK 1 000) Technology for sustainable biology
Slide 28: Summary parent company 2019
Summary parent company 2019 (Amounts in NOK 1 000) AKVA group ASA Income statement 01.01. - 31.12. (in NOK 1 000) Technology for sustainable biology
Slide 29: 4.3 Determination of Board members' remuneration
4. Ordinary agenda items contd. 4.3 Determination of Board members’ remuneration In accordance with the proposal from the Nomination Committee, the board proposes that the general meeting passes the following resolution remuneration to the Board of Directors shall be: • Chairman of the board: NOK 32
Slide 30: 4.4 Nomination Committee members' remuneration
4. Ordinary agenda items contd. 4.4 Determination of Nomination Committee members’ remuneration In accordance with the proposal from the Nomination Committee, the board proposes that the general meeting passes the following resolution: The Nomination Committee members’ remuneration shall be set at:
Slide 31: 4.5 Approval of auditors' fees
4. Ordinary agenda items contd. 4.5 Approval of auditors’ fees The board proposes that the general meeting passes the following resolution: "The General Meeting approves the auditor's fees of NOK 665.811 for the 2019 accounting year." Technology for sustainable biology
Slide 32: 4.6 Advisory vote on remuneration guidelines
4. Ordinary agenda items contd. 4.6 Advisory vote on the board’s guidelines for the remuneration of leading employees The board proposes that the general meeting passes the following resolution: "The General Meeting endorses item 2 of the board's statement on the determination of salary and other re
Slide 33: 4.7 Share-linked incentive guidelines
4. Ordinary agenda items contd. 4.7 Approval of the board's guidelines for share-linked incentive arrangements for leading employees The board proposes that the general meeting passes the following resolution: "The General Meeting approves item 3 of the board's statement on the determination of sala
Slide 34: 4.8 Statement on corporate governance
4. Ordinary agenda items contd. 4.8 Consideration of the board’s statement on corporate governance in accordance with the Norwegian Accounting Act section 3-3 b The board proposes that the general meeting passes the following resolution: "The General Meeting endorses the board's statement on corpora
Slide 35: 4.9 Election of board members
4. Ordinary agenda items contd. 4.9 Election of board members In accordance with the proposal from the Nomination Committee, the board proposes that the general meeting passes the following resolution: The following are elected as members of the board: Ms. Anne Breiby Mr. Hans Kristian Mong Ms. Kris
Slide 36: 4.10 Election of Nomination Committee members
4. Ordinary agenda items contd. 4.10 Election of Nomination Committee members In accordance with the proposal from the Nomination Committee, the board proposes that the general meeting passes the following resolution: The Nomination Committee shall consist of: Mr. Eivind Helland, Chair (elected to 2
Slide 37: 5. Authorization to increase the share capital
5. Authorization to increase the share capital The board proposes that the general meeting passes the following resolution: "The board is authorized to increase the Company’s share capital by up to NOK 3,333,430, through subscription of new shares. The authorization does not authorize the board to w
Slide 38: 6. Authorization to purchase own shares
6. Authorization to purchase own shares The board proposes that the general meeting passes the following resolution: "The board is, pursuant to Section 9-2 to 9-4 of the Public Limited Liability Companies Act, authorized to purchase and hold shares in the Company. The shares to be acquired under thi
Slide 39: 7. Authorisation to approve distribution of dividends
7. Authorisation to the Board to approve the distribution of dividends The board proposes that the general meeting passes the following resolution: "The board of directors are authorised pursuant to the Public Limited Liability Companies Act § 8-2(2) to approve the distribution of dividends based on
Slide 40: Technology for sustainable biology
Technology for sustainable biology
Slide 41: AKVAcRovur
AKVAcRovur