Akva Group Asa · OSL:AKVA
Akva Group Asa — Q1 2011 Earnings Presentation
20 slides from Akva Group Asa's earnings presentation, Apr 27, 2011
Slide 1: 1Q 2011 Presentation
1Q 2011 Presentation Oslo, April 27, 2011 Trond Williksen, CEO Morten Nærland, CFO 1
Slide 2: Agenda
Agenda Highlights Q1 2011 Financials Q1 2011 Way forward Q&A 2
Slide 3: Highlights
Highlights 3
Slide 4: Turning the tide
Turning the tide ● Momentum in operations – growth in revenues ● Revenues of 253,4 MNOK in 1Q 2011 compared to 158,0 MNOK in 1Q 2010 ● Profits after two years of losses ● EBITA of 22,8 MNOK in 1Q 2011 compared to 0,5 MNOK in 1Q 2010 ● EBIT of 15,0 MNOK in 1Q 2011 compared to minus - 7,0 MNOK in 1Q 2
Slide 5: 1Q 2011 Financials
1Q 2011 Financials 5
Slide 6: 1Q Financials – P&L group
1Q Financials – P&L group P&L 2011 2011 2010 2010 (MNOK) 1Q 1Q Total OPERATING REVENUES 253,4 158,0 742,5 Operating costs ex depreciations 230,5 157,5 752,4 EBITDA 22,8 0,5 -9,9 Depreciation 7,8 7,5 31,0 EBIT 15,0 -7,0 -40,9 Net interest expense -3,1 -2,4 -12,0 Other financial items -0,1 0,2 2,0 Net
Slide 7: 1Q Financials – P&L comments
1Q Financials – P&L comments ● 1Q operating revenues 253.4 MNOK vs 158.0 MNOK last year ● Growth in all business segments ● High activity on deliveries for HW in Norway and Chile ● Significant increase in activity in the Chilean market ● Operating revenues in 1Q11 about 5 times the revenue level in
Slide 8: 1Q Financials – P&L segments
1Q Financials – P&L segments P&L 2011 2011 2010 2010 (MNOK) 1Q 1Q Total HARDWARE OPERATING REVENUES 199 061 117 936 574 480 Operating costs excluding depreciations 180 700 115 357 557 631 EBITDA 18 361 2 579 16 849 Depreciation 5 711 4 644 19 723 EBIT 12 650 -2 065 -2 874 SOFTWARE OPERATING REVENUES
Slide 9: Market Segments
Market Segments Geographic segments 1Q 2011 Iceland Other Medit. 4% 8% 5% Norway is the dominating Canada 4% segment UK 6% Chile’s revenues were 5 times the revenue in 1Q last year Norway 53 % Chile 20 % Product Group Segments 1Q 2011 RAS 9% HW= Hardware deliveries and SW 12 % services Cages, barges
Slide 10: Order backlog and inflow
Order backlog and inflow Order backlog (MNOK) MNOK 400 373 350 305 316 348 The order backlog was 279 300 253 263 260 270 279 MNOK at the end of 1Q. 250 200 200 183 203 204 Up 7,3 % over 2010 150 100 50 0 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Order inflow (MNOK) MNOK 300 27
Slide 11: New markets
New markets AKVA group revenues within other species 140 MNOK 120 CAGR 2003-2010 100 ~43% 80 60 40 20 0 2003 2004 2005 2006 2007 2008 2009 2010 2011* * Sales and order backlog for delivery in 2011 per 1Q2011. - The positive development within other species than salmon continued going into 2011.
Slide 12: Balance Sheet
Balance Sheet BALANCE SHEET 2011 2010 2010 (MNOK) 31.03. 31.03. 31.12. Intangible fixed assets 210,9 216,1 215,9 Fixed assets 38,5 38,0 41,6 Long-term financial assets 37,7 30,0 39,4 FIXED ASSETS 287,1 284,1 297,0 Stock 171,2 133,3 157,7 Trade receivables 221,4 152,4 177,8 Other receivables -4,4 27,
Slide 13: Financial position
Financial position Equity (%) 60 % 50 % 45 % 45 % 46 % 42 % Equity: 39 % 40 % 34 % 35 % 33 % 33 % Equity of 32.9% en 1Q 30 % Waiver extending through 2Q 20 % 2011 related to the financial 10 % covenants 0% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Cash balance (MNOK) MNOK 60 51 52 56 54 50 Cash P
Slide 14: Cash flow statement
Cash flow statement CASH FLOW STATEMENT 2011 2010 2010 (NOK 1 000) 1Q 1Q Total Net cash flow from operational activities 9 642 11 760 -793 Net cash flow from investment activities -4 772 -4 194 -23 175 Net cash flow from financial activities -19 891 -22 156 8 966 Net cash flow -15 021 -14 590 -15 00
Slide 15: Way ahead
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Slide 16: Cautious optimists
Cautious optimists ● Market fundamentals in main market - the salmon industry - are good and are expected to remain so throughout the year ● The Chilean market developed well in 1Q and business volume in 2011 should be well over 2010 level unless there is a setback in the sanitary situation ● Other
Slide 17: Focus – long term positioning of AKVA group
Focus – long term positioning of AKVA group ● Long term development of AKVA as a leading technology partner to the aquaculture industry ● Focus on main markets – gradual development in new markets ● Aiming for a robust business model ● Partner in solving the challenges in the salmon industry ● Struc
Slide 18: Rights issue
Rights issue ● The Board will ask the General Assembly for an authorization to increase the share capital ● The intention is to carry out a rights issue in June of app. NOK 94.7 mill. ● The purpose of the rights issue is to strengthen balance sheet, to gain momentum in development and positioning of
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Slide 20: AKVA group
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