Akva Group Asa · OSL:AKVA

Akva Group Asa — Q1 2012 Earnings Presentation

26 slides from Akva Group Asa's earnings presentation, May 10, 2012

  1. Slide 1: Q1 2012 Presentation

    Q1 2012 Presentation Oslo, May 10th, 2012 Trond Williksen, CEO Eirik Børve Monsen, CFO 1

  2. Slide 2: Agenda

    Agenda  Highlights Q1 2012 Trond Williksen, CEO  Financial performance Q1 2012 Eirik Børve Monsen, CFO  Outlooks Trond Williksen, CEO  Q&A 2

  3. Slide 3: Highlights Q1 2012

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  4. Slide 4: Gaining momentum

    Gaining momentum ● Increased activity through the quarter  Slow pace into the year but activity increased throughout the quarter  Total revenues in Q1 of 243.7 MNOK including sale of Maritech Norway  Operational revenues in Q1 2012 of 214.7 MNOK vs. 253.4 MNOK in Q1 2011 ● Total earnings higher d

  5. Slide 5: Gaining momentum, continued

    Gaining momentum, continued ● Nordic and Chile main drivers of group revenues  Growth in revenues in Chile continues  Nordic reduced revenues compared to Q1 2011  Scotland and Canada slow first months due to lower activity in these markets ● Exports pose an opportunity – good performance in Q1 ●

  6. Slide 6: AKVA group in brief

    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

  7. Slide 7: Focused operational structure

    Focused operational structure Technologies Nordic Americas Exports Hardware (HW) Akvasmart Feeding systems Akvasmart Lights Technology sales Technology sales Technology sales Akvasmart Cameras & Sensors Akvasmart Net cleaners Production and projects Production and projects Projects Service and after

  8. Slide 8: Global presence – divided in to three regions

    Global presence – divided in to three regions

  9. Slide 9: Market segments - Revenue

    Market segments - Revenue Product by segments – Q1 2012  HW still dominant segment  SW excluding gain from sale of Maritech Norway  HW= Hardware deliveries and services Cages, barges, Feed Systems and other operational systems  SW = Software and software systems  RAS = Recirculation systems Geo

  10. Slide 10: Financial performance Q1 2012

    Financial performance Q1 2012 10

  11. Slide 11: Financial highlights

    Financial highlights MNOK Quarterly revenues ● Increased activity through out Q1 300 250 200 150 ● Gain related to the sale of the 100 Norwegian Maritech business gives extraordinary strong margins and 50 cash flow in Q1 0 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 MNOK 50 Quarterly EBITDA ● Focus on streng

  12. Slide 12: Q1 P&L total

    Q1 P&L total P&L 2012 2012 2011 2011 (MNOK) 1Q 1Q Total OPERATING REVENUES 243,7 253,4 893,6 Operating costs ex depreciations 204,0 230,5 831,6 EBITDA 39,7 22,8 62,0 Depreciation 8,5 7,8 32,7 EBIT 31,1 15,0 29,3 Revenue growth -3,8 % 37,1 % 23,9 % EBITDA margin 16,3 % 9,0 % 6,9 % EPS (NOK) 0,79 0,59

  13. Slide 13: Q1 P&L segments - Hardware

    Q1 P&L segments - Hardware P&L 2012 2012 2011 2011 (MNOK) 1Q 1Q Total HARDWARE Nordic operating revenues 55,0 128,6 342,3 Americas operating revenues 83,8 50,9 255,9 Export operating revenues 38,8 19,5 122,0 OPERATING REVENUES 177,6 199,1 720,3 Operating costs ex depreciations 166,7 180,7 657,7 EBIT

  14. Slide 14: Q1 P&L segments - Software

    Q1 P&L segments - Software P&L 2012 2012 2011 2011 (MNOK) 1Q 1Q Total SOFTWARE Nordic operating revenues 51,3 26,9 98,6 Americas operating revenues 3,6 2,8 12,1 Export operating revenues 0,4 0,5 1,6 OPERATING REVENUES 55,3 30,1 112,4 Operating costs ex depreciations 22,9 25,3 101,1 EBITDA 32,4 4,8 1

  15. Slide 15: Q1 P&L segments - RAS

    Q1 P&L segments - RAS P&L 2012 2012 2011 2011 (MNOK) 1Q 1Q Total RAS Nordic operating revenues 10,2 15,2 42,8 Americas operating revenues 0,7 9,0 18,1 Export operating revenues - - - OPERATING REVENUES 10,8 24,2 60,9 Operating costs ex depreciations 14,5 24,5 72,8 EBITDA -3,6 -0,3 -11,8 Depreciation

  16. Slide 16: Q1 Financials – Detailed P&L group

    Q1 Financials – Detailed P&L group P&L 2012 2012 2011 2011 (MNOK) 1Q 1Q Total OPERATING REVENUES 243,7 253,4 893,6 Operating costs ex depreciations 204,0 230,5 831,6 On expected level EBITDA 39,7 22,8 62,0 Depreciation 8,5 7,8 32,7 Reduced interest EBIT 31,1 15,0 29,3 expence due to Net interest exp

  17. Slide 17: Focus on strengthening the balance sheet in 2012

    Focus on strengthening the balance sheet in 2012 Cash balance (MNOK) MNOK 80 67 70 60 56  Total available cash was 79 MNOK end of Q1 52 54 54 51 50 50 44 43 40 41 37 40 28 30 20 10 0 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 Working capital  Growth in the Chile operation caused increased WC in 2011  Red

  18. Slide 18: Group financial profile

    Group financial profile Debt level (NIBD MNOK) MNOK 180 169 164 159 160 140 143 130 142 134 156 156 146  Substantial reduction in net interest bearing debt in Q1 due to down 126 120 100 86 91 payment of loan related to the 80 60 Maritech Norway business and 40 increased cash 20 0 1Q09 3Q09 1Q10 3Q1

  19. Slide 19: Interest bearing debt – maturity profile

    Interest bearing debt – maturity profile 160 000 000 140 000 000 120 000 000 100 000 000 Used credit facility Sandnes Sparebank 80 000 000 Serial loan Innovasjon Norge 60 000 000 40 000 000 Serial loan Sandnes Sparebank 20 000 000 - 2012 2013 2014 2015 2016 Q1 2012 ● Yearly down payment on serial lo

  20. Slide 20: Balance Sheet

    Balance Sheet BALANCE SHEET 2012 2011 2011 (MNOK) 31.03. 31.03. 31.12. Intangible fixed assets 203,1 210,9 209,6 Fixed assets 41,7 38,5 41,9 Long-term financial assets 30,3 37,7 38,0 FIXED ASSETS 275,1 287,1 289,5 Stock 188,7 171,2 174,9 Trade receivables 184,3 221,4 177,6 Other receivables 34,4 -4,

  21. Slide 21: Cash flow statement

    Cash flow statement CASH FLOW STATEMENT 2012 2011 2011 (NOK 1 000) 1Q 1Q Total Net cash flow from operations 7 560 19 712 44 993 Net cash flow from change in working capital 20 910 -10 070 -80 879 Net cash flow from operating activities 28 470 9 642 -35 886 Net cash flow from investment activities 2

  22. Slide 22: Outlooks

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  23. Slide 23: Order backlog and inflow

    Order backlog and inflow Order backlog (MNOK)  Order backlog 275 MNOK vs 265 MNOK in end Q1 2011 Order inflow (MNOK)  Activity increased throughout the quarter  Total order inflow in Q1 of 235 MNOK vs 185 MNOK in Q1 2011 23

  24. Slide 24: Outlooks

    Outlooks ● Gaining momentum into second quarter ● Still expect effects of uncertain salmon prices in 2012 ● Nordic and Chile expected to be main drivers – Export pose an opportunity ● Continues to be hands on – adjusting operations according to market development going forward, with focus on long te

  25. Slide 25: Q&A

    Q&A 25

  26. Slide 26: AKVA group

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AKVA group — Q1 2012 Earnings Presentation on 6ix