The global leader in aquaculture technology 1 Q 2 0 1 0 presentation 1 Q 2 0 1 0 presentation 29 April 2010 Knut Molaug, CEO M Morten Nærland, CFO t N l d CFO
Agenda Background & highlights Background & highlights 1 Q 2 0 1 0 Financial review Q Outlook Q & A 2
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AKVA group in brief Softw are system s Facts about AKVA group Facts about AKVA group Cage system s Cage system s & services • The leading supplier of aquaculture technology. • Strong market position for all main products • The only supplier with ”global” The only supplier with global presence. • Leading supplier in a global growth industry. industry. Feed barges Recirculation system s Feed system s Sensors & operational AKVA’s main product brands: 4
“One-stop-shop” in aquaculture technology Value Chain Softw are a ue C a So t a e Land Based Farm s Cage Based Farm s 5
1 Q highlights ● Operating revenues in 1Q were 158 0 MNOK ● Operating revenues in 1Q were 158.0 MNOK versus 152.4 MNOK last year. ● The EBITDA in 1Q was 0.5 MNOK versus -3.3 MNOK last year. ● Order backlog at the end of 1Q2010 was 260 MNOK which is approximately 30% higher MNOK which is approximately 30% higher than last year. ● The order inflow in 1Q was 140% higher than last year. 6
1 Q highlights ● Changes to the organisation made in 2010: ● Changes to the organisation made in 2010: Morten Nærland appointed Chief Financial Officer pp (CFO) • From earlier temporary position Jone Gjerde appointed Chief Technical Officer j pp (CTO) • From the position as PRU Manager for Hardware Per Andreas Hjetland appointed as Manager for e d eas jet a d appo ted as a age o PRU Hardware • From position as manager for Service and After Sales in PRU Hardware. PRU = Product Responsible Unit, 7
New Managem ent Structure Knut Molaug CEO Jone Gjerde Morten Nærland CTO CFO Coord HW- R&D R&D Recirc Technical organisation (PRU) Sales & Market organisation (BU) Odd Martin Trond Andrew Wade Kaskiw Per A.Hjetland Jørgen Scheel Stig Martin Bø David Thorburn Solem Severinsen Campbell North PRU-Hardw are PRU – Recirc S&M Nordic UK/ I reland PRU-Softw are CMO -Export Latin Am erica Am erica SC&M SC&M Sales S l BU - UK BU – N.Am Asia BU -L.Am Nordic: Bryne, R&D R&D = Research and Development, R&D R&D Europe Trondheim SC&M = Supply Chain and Manufacturing, Mo i Rana S&AS= Service and After Sales, Other AS S&AS S&AS PS= Professional Services PS= Professional Services, m arkets m arkets DP = Delivery Projects, Represent PS DP DP S&M = Sales and marketing, atives PRU = Product Responsible Unit, S&M S&M S&M BU = Business Unit Nordic Nordic DK 8
Agenda Background & highlights Background & highlights 1 Q 2 0 0 9 Financial review Q Outlook Q & A 9
1 Q Financials – P&L RESULTATREGNSKAP / I NCOME STATEMENT 2 0 1 0 2 0 0 9 2 0 0 9 (NOK 1 000) 1 Q 1 Q Total OPERATI NG REVENUES 1 5 8 0 2 3 1 5 2 3 7 9 5 9 9 3 4 5 Operating costs ex depreciations 157 503 155 662 610 872 OPERATI NG PROFI T BEFORE DEPRECI ATI ONS ( EBI TDA) 5 2 0 -3 2 8 4 -1 1 5 2 7 Depreciation Depreciation 7 510 7 510 7 838 7 838 30 866 30 866 OPERATI NG PROFI T ( EBI T) -6 9 9 0 -1 1 1 2 2 -4 2 3 9 2 Net interest expense -2 360 -1 823 -8 781 Other financial items 187 377 -830 Net financial items -2 173 -1 446 -9 611 PROFI T BEFORE TAX -9 1 6 2 -1 2 5 6 8 -5 2 0 0 3 Taxes -3 843 -3 740 -12 875 NET PROFI T -5 3 2 0 -8 8 2 8 -3 9 1 2 8 Revenue growth Revenue growth -30 8% -30.8% 3 7 % 3,7 % -26 % 26 % EBITDA margin 0,3 % -2,2 % -1,9 % Earnings per share -0,31 -0,51 -2,27 Average number of shares outstanding (in 1 000) 17 223 17 223 17 223 10
1 Q Financials – P&L com m ents ● Operating revenue in 1Q10 was 158 MNOK ● Operating revenue in 1Q10 was 158 MNOK. The quarterly revenue was slightly up compared to 1Q 2009. Continued low revenues due to restrictive investment programs by the customers ● The EBITDA result was 520 KNOK The EBITDA result was negatively affected by continued low volumes. Cost level has been reduced compared to last year 11
Market segm ents Geographic segm ents ( YTD) Geographic segm ents ( YTD) • Norway is the dominating Other 12 % segment seg e t • The UK and other markets are UK and d Ireland 12 % showing a positive development Norway • Chil • Chilean market continue to Latin 58 % America e ca k t ti t 8 % reduce it’s importance. North America 10 % Product Group Segm ents ( YTD) • HW= Hardware deliveries and REC services services 9 % SW SW 1 6 % Cages, barges, Feed Systems and other operational systems • SW = Software and software SW Software and software systems HW • REC = Recirculation systems 7 5 % 12
Market segm ents AKVA group revenues w ithin other species AKVA group revenues w ithin other species 140 MNOK . 120 CAGR 2 0 0 3 -2 0 0 9 ~ 5 0 % 100 100 80 60 40 40 20 0 2 0 0 3 2 0 0 3 2 0 0 4 2 0 0 4 2 0 0 5 2 0 0 5 2 0 0 6 2 0 0 6 2 0 0 7 2 0 0 7 2 0 0 8 2 0 0 8 2 0 0 9 2 0 0 9 2 0 1 0 * 2 0 1 0 * * Sales and order backlog for delivery in 2010 per 1Q. • The positive development within other species than salmon continue. • Major contract for delivery of 3 complete cage farms to Cromaris in Croatia was signed signed in 2Q (54 MNOK). 13
Balance sheet BALANCE SHEET 2 0 1 0 2 0 0 9 2 0 0 9 (NOK 1 000) 3 1 .3 . 3 1 .3 . 3 1 .1 2 . Intangible fixed assets 245 039 255 847 243 920 Fixed assets 38 034 42 632 39 071 Long-term financial assets 1 043 1 593 1 069 FI XED ASSETS FI XED ASSETS 2 8 4 1 1 6 2 8 4 1 1 6 3 0 0 0 7 2 3 0 0 0 7 2 2 8 4 0 6 1 2 8 4 0 6 1 Stock 133 312 139 397 116 248 Trade receivables 152 390 162 997 125 391 Other receivables 27 635 18 155 27 477 Cas Cash and cash equivalents a d cas equ a e s 43 571 3 5 39 783 39 83 58 161 58 6 CURRENT ASSETS 3 5 6 9 0 8 3 6 0 3 3 3 3 2 7 2 7 7 TOTAL ASSETS 6 4 1 0 2 4 6 6 0 4 0 5 6 1 1 3 3 8 Paid in capital 267 087 267 087 268 815 Retained equity -16 651 32 756 -12 175 TOTAL EQUI TY 2 5 0 4 3 6 2 9 9 8 4 3 2 5 6 6 4 0 Other long term debt 5 470 9 602 5 561 Long-term interest bearing debt 150 714 112 780 150 651 LONG-TERM DEBT 1 5 6 1 8 4 1 2 2 3 8 2 1 5 6 2 1 2 Short-term interest bearing debt 26 710 85 782 49 364 Other current liabilities 207 695 152 398 149 123 SHORT-TERM DEBT 2 3 4 4 0 5 2 3 8 1 8 0 1 9 8 4 8 7 TOTAL EQUI TY AND DEBT 6 4 1 0 2 4 6 6 0 4 0 5 6 1 1 3 3 8 Equity ratio 39.1% 45.4% 42.0% Net Interest Bearing Debt (KNOK) 133.9 158.8 141.9 Net Working Capital (KNOK) 105.6 168.2 120.0 14
Balance sheet item s ● W orking Capital: ● W orking Capital: W orking Capital ( MNOK) W orking Capital ( MNOK) Further improvement 199 220 seen in the working 200 172 162 168 180 capital in 1Q. capital in 1Q 141 160 138 138 128 128 140 120 106 The company continue 120 100 80 to focus on maintaining 60 40 a low working capital. a low working capital. 20 20 0 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 ● Net interest bearing ● Net interest bearing NI BD ( MNOK) NI BD ( MNOK) debt ( NI BD) : 159 170 150 A waiver extending 146 143 142 150 134 130 through 2Q 2010 through 2Q 2010 130 130 121 110 relating to the financial 90 covenants was agreed 70 with the company’s with the company s 50 52 main bank in 4Q09 30 10 -10 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 15
Financial position ● Equity: ● Equity: Equity ( % ) Equity ( % ) Sound equity position 55 % 50 % 50 % 47 % 46 % 46 % 45 % 46 % 45 % 45 % 45 % 42 % 39 % 40 % 35 % 30 % 25 % 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 ● Cash Position: Cash balance ( MNOK) Cas os t o Available cash 86 150 MNOK 125 103 100 63 75 57 56 52 51 48 44 40 50 25 25 0 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 16
Cash flow statem ent CASH FLOW STATEMENT 2 0 1 0 2 0 0 9 2 0 0 9 (NOK 1 000) 1 Q 1 Q Total Net cash flow from operational activities 11 760 -6 344 32 656 Net cash flow from investment activities Net cash flow from investment activities -4 194 4 194 -5 037 5 037 -24 095 24 095 Net cash flow from financial activities -22 156 3 282 1 717 Net cash flow -1 4 5 9 0 -8 1 0 0 1 0 2 7 7 Cash and cash equivalents at the beginning of the period 58 161 47 883 47 883 Cash and cash equivalents at the end of the period 4 3 5 7 1 3 9 7 8 3 5 8 1 6 1 ● Investments in 1Q amounted to 4.4 MNOK whereof 1.7 MNOK is capitalized R&D expenses in accordance with IFRS. 17
Agenda Background & highlights Background & highlights 1 Q 2 0 1 0 Financial review Q Outlook Q & A 18
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