Akva Group Asa · OSL:AKVA
Akva Group Asa — Q1 2014 Earnings Presentation
23 slides from Akva Group Asa's earnings presentation, May 8, 2014
Slide 1: Q1 2014 Presentation
Q1 2014 Presentation Oslo - May 8th, 2014 Trond Williksen, CEO Eirik Børve Monsen, CFO Your Aquaculture Technology and Service Partner
Slide 2: Agenda
Agenda ● Highlights Q1 2014 Trond Williksen, CEO ● Financial performance Q1 2014 Eirik Børve Monsen, CFO ● Outlooks Trond Williksen, CEO ● Q&A Your Aquaculture Technology and Service Partner 2
Slide 3: Highlights Q1 2014
Highlights Q1 2014 Your Aquaculture Technology and Service Partner 3
Slide 4: Best Q1 ever – all time high order backlog
Best Q1 ever – all time high order backlog First quarter 2014 - Highlights • Best Q1 ever Order backlog • Revenue of 310 MNOK (222 MNOK) • EBITDA of 32 MNOK (10 MNOK) MNOK • YoY increase in revenues of 40% and a YoY increase in EBITDA of 204% 600 • EBITDA margin of 10.2% (4.7%) – medium term EBITDA
Slide 5: Acquisition of YesMaritime AS finalized; EcoNet – promising potential
Acquisition of YesMaritime AS finalized • Strategic move to strengthen the Service Segment - moving into the growing Farming Services industry • Included in the Group Accounts from April 1st, 2014 EcoNet – promising potential • First significant sale in Norway to Cermaq after proven operational resu
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
Slide 7: Global presence – three regions
Global presence – three regions Your Aquaculture Technology and Service Partner
Slide 8: Market segments - Revenue
Market segments - Revenue By product groups – Q1 2014 Revenues by product groups 1Q Land Land based technologies +7 percentage point, Cage based based 14 % technologies -5 and Software -2 percentage point vs Q1 2013 Software 8% Cage based technologies = Cages, barges, feed systems and other oper
Slide 9: Financial performance Q1 2014
Financial performance Q1 2014 Your Aquaculture Technology and Service Partner 9
Slide 10: Strong financial performance
Strong financial performance MNOK Revenue 350 300 • Good operational performance in all segments - EBITDA of 250 2011 200 10.2% in Q1 2014 (4.7%) 2012 • High revenue together with controlled direct and indirect costs 150 2013 100 2014 50 • Strong financial position - • Refinancing completed – MNOK 1
Slide 11: P & L segments – Cage Based Technologies
P & L segments – Cage Based Technologies Nordic P&L 2013 (MNOK) 2014 1Q 2013 1Q 2013 Total ● Record high revenue and margins in the Nordic segment continues from Q4 2013 due to high activity and a solid Cage based technologies order backlog Nordic operating revenues 154,8 117,2 403,9 Americas operat
Slide 12: P & L segments – Software
P & L segments – Software P&L 2013 2014 2013 2013 ● Software continues to deliver stable revenue and (MNOK) 1Q 1Q Total good margins – slightly reduced margins YoY in Q1 2014 due to delayed launch of new modules and Software slower start of 2014 in Iceland compared to Nordic operating revenues 21,6
Slide 13: P & L segments – Land Based Technologies
P & L segments – Land Based Technologies P&L 2013 (MNOK) 2014 1Q 2013 1Q 2013 Total ● Second quarter in a row with positive margins Land based technologies Nordic operating revenues 41,4 14,4 92,2 ● New projects in AKVA group Denmark A/S Americas operating revenues 1,7 1,2 4,8 drive the improved per
Slide 14: Financials – Detailed P & L
Financials – Detailed P & L P&L 2013 2014 2013 2013 (MNOK) 1Q 1Q Total OPERATING REVENUES 310,4 222,1 918,7 Operating costs ex depreciations 278,7 211,7 871,8 EBITDA 31,7 10,4 46,9 Depreciation 8,3 8,1 33,1 EBIT 23,5 2,3 13,8 Net interest expense -1,5 -1,5 -7,6 Other financial items -1,4 -0,8 -1,6 N
Slide 15: Group financial profile – strong
Group financial profile – strong Available cash (in MNOK) MNOK 180 Total available cash, including available drawing facility, was 153 160 MNOK at the end of Q1 2014 vs 63 MNOK at the end of Q1 2013 140 120 100 Significantly improved available cash during Q1 2014 due to 80 153 strong cash flow f
Slide 16: Group financial profile – strong, continued
Group financial profile – strong, continued Net interest bearing debt (NIBD in MNOK) MNOK 180 164 160 146 NIBD reduced with 52 MNOK vs end of Q1 2013 due to positive 140 126 122 earnings and reduced working capital 120 107 108 91 94 100 86 87 79 75 Lowest level in 6 years 80 70 60 40 20 0 1Q11 2
Slide 17: Balance sheet
Balance sheet BALANCE SHEET 2014 2013 2013 (MNOK) 31.3. 31.3. 31.12. Intangible fixed assets 244,8 248,4 250,8 Fixed assets 55,8 49,0 55,0 Long-term financial assets 1,9 1,9 2,0 FIXED ASSETS 302,5 299,2 307,8 Stock 151,3 170,2 144,2 Trade receivables 167,3 185,6 155,5 Other receivables 99,0 52,0 56,
Slide 18: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2014 2013 2013 (NOK 1 000) 1Q 1Q Total Net cash flow from operations 28 427 7 945 37 789 Net cash flow from change in working capital -12 238 -9 665 56 441 Net cash flow from operating activities 16 188 -1 720 94 230 Net cash flow from investment activities -1
Slide 19: Outlooks
Outlooks Your Aquaculture Technology and Service Partner 19
Slide 20: Order backlog and inflow
Order backlog and inflow Order backlog (in MNOK) MNOK 600 500 Order backlog 452 MNOK vs 327 MNOK by end of Q1 2013 400 2011 300 2012 Highest order backlog in Q1 ever 2013 200 2014 Nordic and Export being main drivers 100 - 1Q 2Q 3Q 4Q Order inflow (in MNOK) MNOK 500 450 Total order inflow of
Slide 21: Maintaining optimistic outlook
Maintaining optimistic outlook ● We maintain a positive outlook in the Nordic market. Continued high salmon prices, granting of green licenses as well as expected openings for general growth drives demand for technology and services. Normal seasonal pattern with slower order inflow during summer mon
Slide 22: Q&A
Q&A Your Aquaculture Technology and Service Partner 22
Slide 23: Your Aquaculture Technology and Service Partner
Your Aquaculture Technology and Service Partner