Akva Group Asa · OSL:AKVA

Akva Group Asa — Q4 2013 Earnings Presentation

26 slides from Akva Group Asa's earnings presentation, Feb 21, 2014

  1. Slide 1: Q4 2013 Presentation

    Q4 2013 Presentation Oslo - February 21st, 2014 Trond Williksen, CEO Eirik Børve Monsen, CFO Your Aquaculture Technology and Service Partner

  2. Slide 2: Agenda

    Agenda ● Highlights Q4 2013 Trond Williksen, CEO ● Financial performance Q4 2013 Eirik Børve Monsen, CFO ● Outlooks Trond Williksen, CEO ● Q&A Your Aquaculture Technology and Service Partner 2

  3. Slide 3: Highlights Q4 2013

    Highlights Q4 2013 Your Aquaculture Technology and Service Partner 3

  4. Slide 4: Ramp up of activity – all time high order backlog

    Ramp up of activity – all time high order backlog Fourth quarter 2013 - Highlights • Ramp up of activity – all time high order backlog Order backlog • 70% YoY increase in order inflow MNOK 600 • Order backlog of 520 MNOK (306 MNOK) 500 • Order inflow of 467 MNOK (279 MNOK) 400 2010 300 2011 • Best Q

  5. Slide 5: Ramp up of activity – all time high order backlog (continued)

    Ramp up of activity – all time high order backlog Fourth quarter 2013 - Highlights, continued from previous slide • Change of main banking partner for the Group • Strengthen our financial robustness including our cash position further • Reduced cost and increased access to premium banking services •

  6. 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

  7. Slide 7: Operational structure

    Operational structure Your Aquaculture Technology and Service Partner 7

  8. Slide 8: Global presence – three regions

    Global presence – three regions Your Aquaculture Technology and Service Partner

  9. Slide 9: Market segments - Revenue

    Market segments - Revene By product groups – Q4 2013 Revenues by product groups 4Q Land  Land based technologies +4 percentage point, Cage based based technologies -1 and Software -3 percentage point vs Q4 2012 15 % Software  Cage based technologies = 11 % Cages, barges, feed systems and other ope

  10. Slide 10: Financial performance Q4 2013

    Financial performance Q4 2013 Your Aquaculture Technology and Service Partner 10

  11. Slide 11: Financially a good quarter in all areas except Chile

    Financially a good quarter in all areas except Chile MNOK Revenue • Record high activity in the Nordic segment in Q4 with 300 250 high revenue and margins, partly offset by low revenue and one off costs in Chile 200 2010 150 2011 • High order backlog driving performance in Nordic and 100 2012 2013 E

  12. Slide 12: P & L segments – Cage Based Technologies

    P & L segments – Cage Based Technologies Nordic ● Record high revenue and margins in the Nordic segment in Q4 due to high order inflow in 2H 2013 Americas P&L 2013 2013 2012 2013 2012 ● Decline in revenues in Chile – as expected. Extra cost of 9.2 (MNOK) 4Q 4Q YTD YTD MNOK in Q4 related to layoffs a

  13. Slide 13: P & L segments – Software

    P & L segments – Software ● Software continues to deliver stable revenue and P&L 2013 2013 2012 2013 2012 good margins (MNOK) 4Q 4Q YTD YTD ● Wise Ehf (Iceland) delivering a 12% EBITDA margin in Software 2013 - good operational improvement YoY Nordic operating revenues 21,8 19,7 79,3 102,5 Americas

  14. Slide 14: P & L segments – Land Based Technologies

    P & L segments – Land Based Technologies ● Best quarter ever for Land Based P&L 2013 2013 2012 2013 2012 (MNOK) 4Q 4Q YTD YTD ● New projects in AKVA group Denmark A/S drive the improved performance Land based technologies Nordic operating revenues 36,1 14,4 92,2 40,3 Americas operating revenues 1,8

  15. Slide 15: Financials – Detailed P & L

    Financials – Detailed P & L P&L 2013 2013 2012 2013 2012 2012 Q1 revenue and (MNOK) 4Q 4Q YTD YTD margins are affected by OPERATING REVENUES 245,9 174,3 918,7 831,5 the one off gain related Operating costs ex depreciations 237,2 178,7 871,8 773,7 to the sale of the EBITDA 8,7 -4,4 46,9 57,8 Norwegia

  16. Slide 16: Group financial profile – solid balance sheet

    Group financial profile – solid balance sheet Available cash (in MNOK) MNOK 140  Total available cash, including available drawing facility, was 96 120 MNOK at the end of Q4 2013 vs 70 MNOK at the end of Q4 2012 100  Improved available cash during 2013 despite the acquisition of 80 132 Plastsveis

  17. Slide 17: Group financial profile – solid balance sheet, continued

    Group financial profile – solid balance sheet, continued Net interest bearing debt (NIBD in MNOK) MNOK 180 169 164 160 146  NIBD reduced with 32 MNOK vs end of Q4 2012: 140 126 122 120 107 108 94  NIBD reduced with 49% over the last two years 100 86 91 79 87 75 80 60  Lowest level in 5.5 years 40

  18. Slide 18: Balance sheet

    BALANCE SHEET 2013 2012 Balance sheet (MNOK) Intangible fixed assets 31.12. 225,7 31.12. 201,2 Fixed assets 55,0 45,8 Long-term financial assets 27,1 31,5 FIXED ASSETS 307,8 278,5 Stock 144,2 161,7 Trade receivables 155,5 163,1 Other receivables 56,1 32,4 C ash and cash equivalents 58,3 36,8 CURRENT

  19. Slide 19: Group financial profile – Change of main banking partner

    Group financial profile – Change of main banking partner ● AKVA group ASA has entered into an agreement to change main banking partner for the Group to Danske Bank ● As part of this AKVA group ASA have refinanced its interest bearing debt. The new structure of interest bearing debt will be as follow

  20. Slide 20: Cash flow statement

    Cash flow statement CASH FLOW STATEMENT 2013 2012 2013 2012 (NOK 1 000) 4Q 4Q YTD YTD Net cash flow from operations 6 211 -9 945 37 789 16 995 Net cash flow from change in working capital 39 122 4 801 56 441 24 648 Net cash flow from operating activities 45 333 -5 144 94 230 41 642 Net cash flow fro

  21. Slide 21: Outlooks

    Outlooks Your Aquaculture Technology and Service Partner 21

  22. Slide 22: Order backlog and inflow

    Order backlog and inflow Order backlog (in MNOK) MNOK 600 500  Order backlog 520 MNOK vs 306 MNOK by end of Q4 2012 400 2010 300 2011  Highest order backlog ever 2012 200 2013  Nordic and Export being main drivers 100 - 1Q 2Q 3Q 4Q Order inflow (in MNOK) MNOK 500 450  Total order inflow of 467 M

  23. Slide 23: Maintaining optimistic outlook

    Maintaining optimistic outlook ● We maintain our positive outlook in the Nordic market for the coming quarters. Significant growth in salmon prices in 2013 and continued high prices in 2014 drives demand for technology and services. Last 6 months increase in order backlog and continued high activity

  24. Slide 24: Acquisition of YesMaritime AS

    Acquisition of YesMaritime AS  AKVA group ASA has entered into an agreement with Egersund Group AS, to acquire 100 percent of the shares in the aquaculture farming services company YesMaritime AS for a price of NOK 17.5 million. NOK 8.5 million of the purchase price will be paid in cash on completi

  25. Slide 25: Q&A

    Q&A Your Aquaculture Technology and Service Partner 25

  26. Slide 26: Your Aquaculture Technology and Service Partner

    Your Aquaculture Technology and Service Partner

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