Akva Group Asa · OSL:AKVA
Akva Group Asa — Shareholder Meeting (May 2016)
37 slides from Akva Group Asa's shareholder meeting presentation, May 10, 2016
Slide 1: Annual General Meeting
Annual General Meeting Bryne, 10 May 2016 Your Aquaculture Technology and Service Partner
Slide 2: Opening of the annual general meeting and registration of shareholders
1. Opening of the annual general meeting by the Chairman of the Board and registration of shareholders present Your Aquaculture Technology and Service Partner
Slide 3: 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 Your Aquaculture Technology and Service Partner
Slide 4: Approval of the meeting notice and the agenda
3. Approval of the meeting notice and the agenda Your Aquaculture Technology and Service Partner
Slide 5: Ordinary agenda items
4. Ordinary agenda items 4.1. Presentation of business activities by Group chief executive Trond Williksen Your Aquaculture Technology and Service Partner
Slide 6: Presentation of Business Activities
Presentation of Business Activities Annual General Meeting Bryne, 10 May 2016 Trond Williksen, CEO Your Aquaculture Technology and Service Partner
Slide 7: Highlights 2015
Highlights 2015 2015 has been the best year ever for AKVA group Years of effort from many employees to make the Group more streamlined and efficient is shining through in our results A broader mix of product and services contributing to revenues in 2015 compared to earlier years – becoming a stronge
Slide 8: Building a stronger AKVA - step by step
Building a stronger AKVA - step by step Revenue +14% EBITDA +31% MNOK 1 425 MNOK 1 246 135 743 103 -10 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 Your Aquaculture Technology and Service Partner 8
Slide 9: Best order backlog ever – higher degree of LBT and OPEX based revenue
Best order backlog ever – higher degree of LBT and OPEX based revenue Order Inflow +152% Order Backlog +29% 505 MNOK MNOK 649 460 504 350 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Good market activity and sales so far in the new year Your Aquaculture
Slide 10: Group financial profile – remains strong
Group financial profile – remains strong Available cash Working capital +16 MNOK MNOK160 14 % MNOK 140 11,6 % 12 % 10,1 % 120 9,1 % 8,8 % 10 % 100 8% MNOK MNOK 226 80 6% 183 60 126 127 126 153 147 157 160 106 144 144 4% 40 96 20 2% 0 0% 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 4Q13 1Q14 2Q14 3Q1
Slide 11: Group financial profile – remains strong, continued
Group financial profile – remains strong, continued ROCE Equity +39 MNOK 15,2 % 15,0 % 15,2 % 14,1 % 13,9 % 500 50% 43,1 % 450 46,9 % 45% 12,3 % 40,0 % 400 40% 350 35% 300 30% MNOK 250 25% 8,4 % 8,3 % 200 20% 150 15% 100 10% 3,3 % 50 339 347 365 375 389 403 417 443 428 5% 0 0% 4Q13 1Q14 2Q14 3Q14 4Q
Slide 12: Net debt/EBITDA of 1.0x
Net debt/EBITDA of 1.0x Net debt (MNOK) and net debt/EBITDA 150 2,0 136 1,6 120 1,3 98 92 89 90 1,0 82 75 76 1,0 70 1,0 0,9 0,8 0,8 60 0,7 44 0,4 30 - - Q4 - 2013 Q1 - 2014 Q2 - 2014 Q3 - 2014 Q4 - 2014 Q1 - 2015 Q2 - 2015 Q3 - 2015 Q4 - 2015 Net interest bearing debt NIBD/EBITDA(12months rolling) Y
Slide 13: AKVA group – uniquely positioned for future growth
AKVA group – uniquely positioned for future growth Leading technology solutions and service partner to the global aquaculture industry Global presence - subsidiaries in 8 countries 670 employees at end of 2015 Market cap of NOK ~1500m Your Aquaculture Technology and Service Partner
Slide 14: Acquisition of Aquatec Solutions A/S
Acquisition of Aquatec Solutions A/S • Acquisition finalized at 30.09.2015 • Purchase of all the shares in Aquatec Solutions for a price of DKK 35 million. In addition AKVA paid an adjustment amount based on the net debt and working capital position of Aquatec Solutions as of 30.09.2015. Finally, AK
Slide 15: An interim dividend of 1.00 NOK per share was paid in November 2015
An interim dividend of 1.00 NOK per share was paid in November 2015 AKVA group ASAs’ current dividend policy: The Company’s main objective is to maximize the return on the investment made by its shareholders through both increased share prices and dividend payments • Step one: NIBD/equity - ratio =
Slide 16: Presence in all main farming regions
Presence in all main farming regions Map of activities Revenue per region, 2015 Export 14 % Americas 18 % Nordic Nordic Americas 68 % Export Your Aquaculture Technology and Service Partner
Slide 17: Strategic priority to increase the proportion of OPEX based revenue
Strategic priority to increase the proportion of OPEX based revenue OPEX based vs CAPEX based revenue, 2015 Comments • OPEX based revenue defined as our revenue booked as OPEX in our customers P&L OPEX based • Aim of increasing relative share of OPEX based revenue through revenue software and servic
Slide 18: Revenue by product groups and species
Revenue by product groups and species By product groups – 2015 By species – 2015 Non Land seafood based 10 % 16 % Other species 10 % Software 9% Cage based 75 % Salmon 80 % Cage based technologies = Cages, barges, feed systems and other Salmon = Revenue from technology and services sold to produ
Slide 19: Q&A
Q&A Your Aquaculture Technology and Service Partner 19
Slide 20: Approval of the 2015 annual accounts
4. Ordinary agenda items contd. 4.2 Approval of the 2015 annual accounts of AKVA group ASA and the Group, and the board's annual report “The General Meeting resolved to approve the annual accounts for 2015 for AKVA group ASA and the Group, and the board's annual report, including the board's proposa
Slide 21: Group P&L 2015
Group Note 2015 2014 2013 OPERATING REVENUES Sales revenues 19 1 420 712 1 246 059 918 670 Other income 22 4 626 - - Total revenues 2 1 425 338 1 246 059 918 670 Group P&L 2015 (Amounts in NOK 1 000) OPERATING EXPENSES Cost of goods sold 11 837 754 759 890 556 603 Payroll expenses 3,15,21 341 094 27
Slide 22: Group balance 2015
Group Note 2015 2014 2013 NON-CURRENT ASSETS Intangible assets Deferred tax asset 5 12 659 20 874 25 117 Group balance 2015 Goodwill 7 269 453 202 688 178 018 (Amounts in NOK 1 000) Other intangible assets 7 78 677 54 521 47 696 Total intangible assets 360 789 278 083 250 831 Tangible fixed assets L
Slide 23: Group balance 2015
Group Note 2015 2014 2013 EQUITY Group balance 2015 Equity attributable to equity holders of AKVA group ASA 14,21,24,25 424 988 387 577 336 601 (Amounts in NOK 1 000) Non-controlling interests 3 444 1 676 2 255 Total equity 428 432 389 252 338 856 LIABILITIES Provisions Deferred tax liabilities 5 18
Slide 24: AKVA group ASA parent company summary 2015
Summary parent company 2015 (Amounts in NOK 1 000) AKVA group ASA Income statement 01.01. - 31.12. (in NOK 1 000) Parent company Note 2015 2014 2013 NET PROFIT FOR THE YEAR 36 293 45 276 7 280 ALLOCATION OF PROFIT FOR THE YEAR Other equity 36 293 45 276 7 280 Total allocated 36 293 45 276 7 280 Your
Slide 25: 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 General Meeting resolved that the remuneration to the Board of Directors shall be set as follows: • Chairman of the board: NOK 275,000 per year • Deputy
Slide 26: Determination of 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 General Meeting resolved that the remuneration shall be set at: • NOK 25,000 per year to the chairman of the Nomination Committee • NOK 1
Slide 27: Approval of auditors' fees
4. Ordinary agenda items contd. 4.5 Approval of auditors’ fees "The General Meeting approves the auditor's fees of NOK 479.000 for the 2015 accounting year." Your Aquaculture Technology and Service Partner
Slide 28: Election of auditor
4. Ordinary agenda items contd. 4.6 Election of auditor In accordance with the proposal from the Board of Directors, the General Meeting made the following resolution: “KPMG AS is elected as auditor for the company.” Your Aquaculture Technology and Service Partner
Slide 29: Advisory vote on guidelines for remuneration of leading employees
4. Ordinary agenda items contd. 4.7 Advisory vote on the board’s guidelines for the remuneration of leading employees ” The General Meeting endorses item 2 of the board's statement on the determination of salary and other remuneration to leading employees of the company." Your Aquaculture Technology
Slide 30: Approval of guidelines for share-linked incentive arrangements
4. Ordinary agenda items contd. 4.8 Approval of the board's guidelines for share-linked incentive arrangements for leading employees ” The General Meeting approves item 3 of the board's statement on the determination of salary and other remuneration to leading employees of the company." Your Aquacul
Slide 31: Statement on corporate governance
4. Ordinary agenda items contd. 4.9 Consideration of the board’s statement on corporate governance in accordance with the Norwegian Accounting Act section 3-3 b "The General Meeting endorses the board's statement on corporate governance, included in the annual report." Your Aquaculture Technology an
Slide 32: Election of Board members
4. Ordinary agenda items contd. 4.10 Election of Board members In accordance with the proposal from the Nomination Committee, the General Meeting made the following resolution: The following are elected as members of the board: Ms. Anne Breiby (elected to 2018) Mr. Hans Kristian Mong (elected to 201
Slide 33: Election of Nomination Committee members
4. Ordinary agenda items contd. 4.11 Election of Nomination Committee members In accordance with the proposal from the Nomination Committee, the General Meeting made the following resolution: The Nomination Committee shall consist of: Mr. Eivind Helland, Chair Ms. Therese Log Bergjord, member Mr. Bj
Slide 34: Authorization to increase the share capital
5. Authorization to increase the share capital “The board is authorized to increase the company’s share capital by up to NOK 2,583,430, through subscription of new shares. The authorization does not authorize the board to waive the pre-emptive right of shareholders pursuant to section 10-4 of the Pu
Slide 35: Authorization to purchase own shares
6. Authorization to purchase own shares 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 this authorization shall not be acquired at a higher value than at market terms o
Slide 36: Authorisation to the Board to approve the distribution of dividends
7 . Authorisation to the Board to approve the distribution of dividends The board of directors is authorised pursuant to the Public Limited Liability Companies Act § 8- 2(2) to approve the distribution of dividends based on the Company annual accounts for 2015. The authorisation also includes distri
Slide 37: Your Aquaculture Technology and Service Partner
Your Aquaculture Technology and Service Partner