Akva Group Asa · OSL:AKVA
Akva Group Asa — Q3 2013 Earnings Presentation
24 slides from Akva Group Asa's earnings presentation, Oct 30, 2013
Slide 1: Q3 2013 Presentation
Q3 2013 Presentation Oslo - October 30th, 2013 Trond Williksen, CEO Eirik Børve Monsen, CFO Your Aquaculture Technology and Service Partner
Slide 2: Agenda
Agenda ● Highlights Q3 2013 Trond Williksen, CEO ● Financial performance Q3 2013 Eirik Børve Monsen, CFO ● Outlooks Trond Williksen, CEO ● Q&A Your Aquaculture Technology and Service Partner 2
Slide 3: Highlights Q3 2013
Highlights Q3 2013 Your Aquaculture Technology and Service Partner 3
Slide 4: Strong growth in order inflow and backlog
Strong growth in order inflow and backlog Third quarter 2013 • 82% YoY increase in order inflow • Order backlog of 299 MNOK (200 MNOK) • Order inflow of 271 MNOK (149 MNOK) • High market activity continue in to the fourth quarter • Operationally and financially a slow quarter • Revenue of 180 MNOK (
Slide 5: Strong growth in order inflow and backlog
Strong growth in order inflow and backlog Third quarter 2013, continued from previous slide • Software continuing to perform well with positive outlooks • Land based performing below our expectations. Good increase in order backlog gives promising signals for the next quarters. YTD 2013 • Operationa
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 global aquaculture industry • Global presence - subsidiaries
Slide 7: Operational structure
Operational structure Your Aquaculture Technology and Service Partner 7
Slide 8: Global presence – three regions
Global presence – three regions Your Aquaculture Technology and Service Partner
Slide 9: Market segments - Revenue
Market segments - Revene By product groups – Q3 2013 Land based technologies +4 percentage point, Cage based technologies -7 and Software +3 percentage point vs Q3 2012 Cage based technologies = Cages, barges, feed systems and other operational systems for cage based aquaculture Software = Sof
Slide 10: Financial performance Q3 2013
Financial performance Q3 2013 Your Aquaculture Technology and Service Partner 10
Slide 11: Financially a slow quarter
Financially a slow quarter Revenue • Low volumes in cage based technology in Nordic and Chile • Nordic market being in between seasons • Continued challenging situation in Chile with EBITDA customers struggling with financial, operational and biological issues – further actions taken to adjust opera
Slide 12: P & L segments – Cage Based Technologies
P & L segments – Cage Based Technologies ● A slow quarter in the Nordic segment in technology sale after a good second quarter. Significant increase in order backlog during the quarter build confidence for the next quarters P&L 2013 2013 2012 2013 2012 2012 (MNOK) 3Q 3Q YTD YTD Total ● Decline in re
Slide 13: P & L segments – Software
P & L segments – Software ● Software continues to deliver stable revenue and P&L 2012 2013 2012 2013 2012 2012 margins (MNOK) 3Q 3Q YTD YTD Total Software ● AKVA group Software AS (Norway), Wise Ehf Nordic operating revenues 19,3 14,8 57,5 82,8 102,5 (Iceland) and Wise Dynamics Inc (Canada) are all
Slide 14: P & L segments – Land Based Technologies
P & L segments – Land Based Technologies ● Increased revenues YoY due to: increased activity in AKVA group Denmark AS and Plastsveis AS being included from Q2 2013 P&L 2012 2013 2012 2013 2012 2012 ● Margins influenced by a weak midseason for land (MNOK) 3Q 3Q YTD YTD Total based technologies and de
Slide 15: Financials – Detailed P & L
Financials – Detailed P & L P&L 2013 2013 2012 2013 2012 2012 2012 Q1 revenue and (MNOK) 3Q 3Q YTD YTD Total margins are affected by OPERATING REVENUES 180,4 202,0 672,8 657,2 831,5 the one of gain related to Operating costs ex depreciations 172,9 189,6 634,5 595,0 773,7 the sale of the Norwegian EB
Slide 16: Group financial profile – solid balance sheet
Group financial profile – solid balance sheet Cash balance (in MNOK) Total available cash, including available drawing facility, was 68 MNOK at the end of Q3 2013 vs 95 MNOK at the end of Q3 2012 Down payment of LTD as well as financing of the Plastsveis AS transaction impacting cash compared to
Slide 17: Group financial profile – solid balance sheet, continued
Group financial profile – solid balance sheet, continued Net interest bearing debt (NIBD in MNOK) Net interest bearing debt increased by 21 MNOK vs end of Q3 2012: 18 MNOK in increased NIBD in Q2 due to the acquisition of Plastsveis AS Adjustments in credit facility utilisation explains the re
Slide 18: Balance sheet
Balance sheet BALANCE SHEET 2013 2012 2012 (MNOK) 30.09. 30.09. 31.12. Intangible fixed assets 224,1 200,4 201,2 Fixed assets 51,7 43,0 45,8 Long-term financial assets 27,8 29,9 31,5 FIXED ASSETS 303,6 273,3 278,5 Stock 158,8 177,4 161,7 Trade receivables 153,7 129,8 163,1 Other receivables 34,3 40,
Slide 19: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2013 2012 2013 2012 2012 (NOK 1 000) 3Q 3Q YTD YTD Total Net cash flow from operations 6 588 9 932 31 578 17 492 16 995 Net cash flow from change in working capital -11 494 8 039 17 319 28 949 24 648 Net cash flow from operating activities -4 905 17 971 48 897
Slide 20: Outlooks
Outlooks Your Aquaculture Technology and Service Partner 20
Slide 21: Order backlog and inflow
Order backlog and inflow Order backlog (in MNOK) Order backlog 299 MNOK vs 200 MNOK by end of Q3 2012 Order inflow (in MNOK) Total order inflow of 271 MNOK vs 149 MNOK in Q3 2012 High market activity has materialized in a good order inflow – + 82% YoY Strong order inflow continues into Q4
Slide 22: Maintaining optimistic outlook
Maintaining optimistic outlook ● We maintain our positive outlook in the Nordic market for the coming quarters. Significant growth in salmon prices into 2013 drives demand for technology and services. Last quarters increase in order backlog and continued high activity in the market in to Q4 strength
Slide 23: Q&A
Q&A Your Aquaculture Technology and Service Partner 23
Slide 24: Your Aquaculture Technology and Service Partner
Your Aquaculture Technology and Service Partner