Akva Group Asa · OSL:AKVA
Akva Group Asa — Q4 2012 Earnings Presentation
26 slides from Akva Group Asa's earnings presentation, Feb 27, 2013
Slide 1: Q4 2012 Presentation
Q4 2012 Presentation P t ti Oslo, February 27th, 2012 Trond Williksen, CEO Eirik Børve Monsen, CFO 1
Slide 2: Agenda
Agenda Highlights Q4 2012 Trond Williksen, CEO Financiall performance f Q4 Q 20 2012 2 Eirik Børve Monsen, CFO Statement St t t from f AKVA group ASA’s ASA’ largest shareholder Trond Williksen, CEO Outlooks Trond Williksen, CEO Acquisition of Plastsveis AS Trond Williksen, CEO Q&A 2
Slide 3: Highlights Q4 2012
Highlights Q4 2012 3
Slide 4: Challenging low season in Q4 – optimistic outlook
Challenging low season in Q4 – optimistic outlook Fourth quarter 2012 ● Q4 traditionally the most demanding quarter due to seasonal variations – low on deliveries – high on order intake ● Operating revenues of 174.3 MNOK in Q4 compared to 191.0 MNOK in Q4 last year ● EBITDA of -4.4 MNOK in Q4 compar
Slide 5: 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 6: Global presence – three regions
Global presence – three regions New office in Tasmania established in Q1 2013
Slide 7: Market segments - Revenue
Market segments - Revenue By product groups – Q4 2012 Land Revenues by product group 4Q Cage based technologies = based Cages, barges, feed systems and other operational 11 % systems for cage based aquaculture Software = Software and software systems Land based technologies = Recirculation Sof
Slide 8: Financial performance Q4 2012
Financial performance Q4 2012 8
Slide 9: Challenging low season in Q4
Challenging low season in Q4 MNOK 300 ● Low season for equipment and service & 250 after sales deliveries in the Nordic market 200 2009 affecting top line and margin in Q4 2010 ● Cage based technology in Nordic and 150 2011 100 2012 Export ending the year weaker than 50 expected. Mostly explained by
Slide 10: Q4 P&L segments – Cage Based Technologies
Q4 P&L segments – Cage Based Technologies P&L 2012 2012 2011 2012 2011 (MNOK) 4Q 4Q YTD YTD Cage based technologies Nordic operating revenues 45,1 37,3 264,8 342,3 A Americas i operating ti revenues 68 1 68,1 84 7 84,7 302 7 302,7 255 9 255,9 Export operating revenues 18,6 24,3 89,5 122,0 OPERATING
Slide 11: Q4 P&L segments - Software
Q4 P&L segments - Software P&L 2012 2012 2011 2012 2011 (MNOK) 4Q 4Q YTD YTD Software g revenues Nordic operating 19,7 26,5 102,5 98,6 Americas operating revenues 3,8 3,0 18,3 12,1 Export operating revenues 0,4 0,5 1,6 1,6 OPERATING REVENUES 23,9 29,9 122,4 112,4 Operating costs ex depreciations 18,
Slide 12: Q4 P&L segments – Land Based Technologies
Q4 P&L segments – Land Based Technologies P&L 2012 2012 2011 2012 2011 (MNOK) 4Q 4Q YTD YTD Land based technologies Nordic operating revenues 14,4 14,6 40,3 42,8 A Americas i operating ti revenues 42 4,2 01 0,1 11 8 11,8 18 1 18,1 Export operating revenues - - - - OPERATING REVENUES 18,6 14,7 52,1 6
Slide 13: Q4 Financials – Detailed P&L group
Q4 Financials – Detailed P&L group P&L 2012 2012 2011 2012 2011 (MNOK) 4Q 4Q YTD YTD OPERATING REVENUES 174,3 191,0 831,5 893,6 Operating costs ex depreciations 178,7 187,8 773,7 831,6 EBITDA -4,4 3,2 57,8 62,0 Reduced Depreciation 5,8 8,8 31,1 32,7 interest expence EBIT -10,2 -5,6 26,7 29,3 due to
Slide 14: Group financial profile – improved in 2012
Group financial profile – improved in 2012 C h balance Cash b l (MNOK) MNOK 80 70 67 Cash balance on same level 60 56 54 54 58 as in Q4 2011 50 47 50 44 43 41 40 37 37 Total available cash, 30 28 including available drawing 20 facility, y, was 70 MNOK at the 10 end of Q4 vs 57 MNOK at the 0 end
Slide 15: Group financial profile, continued
Group financial profile, continued Debt level (NIBD MNOK) MNOK 180 169 164 156 156 160 140 142 134 126 146 Net interest bearing debt reduced 120 107 substantially during 2012 due to reduction in 100 86 91 87 interest bearing debt 79 80 60 40 20 0 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 Equity ratio (%)
Slide 16: Balance Sheet
Balance Sheet BALANCE SHEET 2012 2011 (MNOK) 31.12. 31.12. Intangible fixed assets 201,2 209,6 Fixed assets 45,8 41,9 Long-term financial assets 31,5 38,0 FIXED ASSETS 278,5 289,5 Stock 161,7 174,9 Trade receivables 163,1 177,6 Other receivables 32,4 42,4 C ash and cash equivalents 36,8 37,2 CURRENT
Slide 17: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2012 2011 2012 2011 (NOK 1 000) 4Q 4Q YTD YTD Net cash flow from operations -9 945 -4 727 16 995 44 993 Net cash flow from change in working capital 4 801 7 606 24 648 -80 879 Net cash flow from operating activities -5 144 2 879 41 642 -35 886 Net cash flow fr
Slide 18: Statement from AKVA group ASA’s largest shareholder
Statement from AKVA group ASA’s largest shareholder 18
Slide 19: Statement from Egersund Group AS
STATEMENT FROM EGERSUND GROUP AS “Reference made to statement of January 25, 2013, with regards to final outcome of mandatory offering process in AKVA group ASA. Through the mandatory offering process ending January 18, 2013, Egersund Group AS received acceptances for in aggregate 9,540,208 shares i
Slide 20: Outlooks
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Slide 21: Improved order backlog and inflow
Improved order backlog and inflow Order backlog (MNOK) MNOK 400 350 300 Order backlog 306 MNOK by end of 2009 Q4 vs 255 MNOK by b endd off Q4 2011. 2011 250 200 2010 150 2011 100 2012 50 ‐ 1Q 2Q 3Q 4Q Order inflow (MNOK) MNOK 300 250 Total order inflow in Q4 of 279 MNOK vs 186 MNOK in Q4 2011 20
Slide 22: Outlooks – the future looking better
Outlooks – the future looking better ● Positive outlook in Nordic market in 2013 due to optimistic sentiment created by high salmon prices and a positive medium to long term prospects for the salmon industry. Significant growth in salmon prices into 2012 d i drives d demandd ffor technology t h l an
Slide 23: Acquisition of Plastsveis AS
Acquisition of Plastsveis AS
Slide 24: Creating synergies different areas
Creating synergies different areas ● AKVA group ASA has purchased 70 percent of the shares in Plastsveis AS for a price of NOK 20 million. With a mutual option to buy / sell the remaining 30% of the shares from January 1st, 2016 onwards ● Plastsveis AS was established in 1988 and provide PE equipmen
Slide 25: Q&A
Q&A 25
Slide 26: AKVAcRouP
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