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AKVA Group Interim / Quarterly Report 2010
3532_rns_2010-04-29_6248180c-51c1-458a-acb7-9d6664a9835c.pdf
Interim / Quarterly Report
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AKVA GROUP
Quarterly report
Nr 1 – 2010
First quarter report 2010
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AKVA GROUP
Highlights
- 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 than last year.
- The order inflow in 1Q was 140% higher than last year.
In the comments below on the financial accounts, the 2009 figures are presented in parentheses following the 2010 stated values when included. From the change in the group structure that was implemented in the second half last year with a flatter structure, the group does no longer operate according to the split between the two former operational segments OPTECH and INTECH.
AKVA group supply technology for complete cage based fish farms.
Operations and profit
Operating revenues in 1Q were 158.0 MNOK (152.4) with an EBITDA of 0.5 MNOK (-3.3). The depreciations in 1Q were 7.5 MNOK (7.8) which gave an EBIT - 7.0 MNOK (-11.1). The revenue level is marked by the restrictive investments regime with the Norwegian salmon farmers in 2009 and the corresponding low order inflow in the last quarter of 2009. The order inflow in 1Q suggests a gradual improvement going forward.
Net financial items were 2.2 MNOK (1.4). The increase is related to on average higher net interest-bearing debt. Profit before tax in 1Q was -9.2 MNOK (-12.6) and net loss -5.3 MNOK after allowing for taxes of -3.8 MNOK.
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AKVA GROUP
Hardware includes Cages, barges, feed systems and other technology to operate fish farms. Recirc includes the delivery of systems for recirculation of water in land based farms. Software is software solutions and professional services related to this.
Balance sheet and cash flow
Working capital in the group balance sheet, defined as non-interest bearing current assets less non-interest bearing current liabilities was 105.6 MNOK down from 120.0 MNOK from the beginning of the year and down from 168.2 MNOK from end of 1Q last year. The reduction YTD should be seen in relation to projects but is expected to increase in 2Q.
Net interest-bearing debt amounted to 133.9 MNOK at the end of 1Q versus 141.9 MNOK at the beginning of the year. Gross interest bearing debt amounted to 177.4 MNOK versus 198.3 MNOK at the beginning of the year. The reduction is mainly related to the reduction in working capital. Cash and unused credit facilities amounted to 86.0 MNOK. Total assets and total equity amounted to 641.0 MNOK and 250.4 MNOK respectively, resulting in an equity ratio of 39.1%.
Investments in the first quarter amounted to 4.4 MNOK whereof 1.7 MNOK is capitalized R&D expenses in accordance with IFRS.
A waiver extending through 2Q 2010 relating to the financial covenants of the major credit facilities and loans was agreed with the company's main bank in 4Q.
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AKVA GROUP
AKVA group supply technology for complete land based fish farms.
Shareholder issues
Earnings per share for 1Q 2010 were -0.31 NOK (-0.51). The calculation is based on 17.222.869 shares average.
Market and future outlook
In the first quarter of 2010, we saw a normalized and sound development in the markets in the UK and Canada. There are also signs of positive developments in Chile, and an improving situation in a number of other markets. However, the general situation is still dominated by uncertainty. In spite of this uncertainty the Group experienced an improved order inflow and increased order backlog compared to previous quarters.
The order backlog was at the end of 1Q 260 MNOK versus 200 MNOK at the end of last quarter last year. During the first quarter AKVA group strengthened its position in the recirculation business with new important contracts for delivery this year and during 2011.
The salmon industry is enjoying high salmon prices and good volumes, resulting in correspondingly strong results. This should fund reason for improvement in the market development going forward, however uncertainty is still prevalent.
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AKVA GROUP
In April AKVA group signed a contract of 54 MNOK for delivery of 3 complete full scale farming sites in Croatia. AKVA group believes there will be an increasing demand for such complete turn-key solutions also in other markets in the future. Furthermore the market interest for recirculation is increasing and it is likely that this will lead to more investments by AKVA’s customers going forward.
The challenging fish health situation in the Chilean market through the last years now seems to be under control. This is now leading to a gradual improvement of the market activity, however the return of the Chilean market is expected to take years.
Bryne, 28 April - 2010
Board of Directors, AKVA group ASA
Amund Skarholt Chairperson
Anne Breiby Deputy Chairperson
Frode Teigen
Thorhild Widvey
Thore Michalsen
Ingvild Andersen
Knut Drange
Kjell Arne Corneliussen
Knut Molaug CEO
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AKVA GROUP
Hovedtall fra regnskapet
Main figures from financial accounts
| RESULTATREGNSKAP / INCOME STATEMENT | |||
|---|---|---|---|
| (in € million) | 2010 | 2009 | 2008 |
| t/d | t/d | Totalt | |
| DRIFTSINNTEKTER / OPERATING REVENUES | 158 023 | 152 379 | 599 345 |
| Driftskostnader eks. avskrivninger / Operating costs ex depreciations | 157 503 | 155 662 | 610 872 |
| DRIFTSRESULTAT FØR AVSKRIVNINGER / OPERATING PROFIT BEFORE DEPRECIATIONS (EBITDA) | 520 | -3 284 | -11 527 |
| Avskrivninger / Depreciation | 7 510* | 7 838* | 30 866 |
| DRIFTSRESULTAT / OPERATING PROFIT (EBIT) | -6 990 | -11 122 | -42 392 |
| Netto rentekostnad / Net interest expense | -2 360 | -1 823 | -8 781 |
| Andre finansielle poster / Other financial items | 187 | 377 | -830 |
| Sum finansielle poster / Net financial items | -2 173 | -1 446 | -9 611 |
| RESULTAT FØR SKATT / PROFIT BEFORE TAX | -9 162 | -12 568 | -52 003 |
| Skattekostnad / Taxes | -3 843 | -3 740 | -12 875 |
| RESULTAT ETTER SKATT / NET PROFIT | -5 320 | -8 828 | -39 128 |
| Resultat per aksje / Earnings per share | -0,31 | -0,51 | -2,27 |
| Gj.snitt antall utestående aksjer (i 1000)/ Average number of shares outstanding (in 1 000) | 17 223 | 17 223 | 17 223 |
| BALANCE / BALANCE SHEET | 2010 | 2009 | 2008 |
| --- | --- | --- | --- |
| (in € million) | 31.5. | 31.5. | 31.10 |
| Immaterielle eiendeler / Intangible fixed assets | 245 039 | 255 847 | 243 920 |
| Anleggsmidler / Fixed assets | 38 034 | 42 632 | 39 071 |
| Finansielle anleggsmidler/Long-term financial assets | 1 043 | 1 593 | 1 069 |
| ANLEGGSMIDLER / FIXED ASSETS | 284 116 | 300 072 | 284 061 |
| Varebeholdning / Stock | 133 312 | 139 397 | 116 248 |
| Kundefordringer / Trade receivables | 152 390 | 162 997 | 125 391 |
| Andre fordringer / Other receivables | 27 635 | 18 155 | 27 477 |
| Betalingsmidler / Cash and cash equivalents | 43 571 | 39 783 | 58 161 |
| OMLØPSMIDLER / CURRENT ASSETS | 356 908 | 360 333 | 327 277 |
| SUM EIENDLER / TOTAL ASSETS | 641 024 | 660 405 | 611 338 |
| Innskutt egenkapital / Paid in capital | 267 087 | 267 087 | 267 087 |
| Opptjent egenkapital / Retained equity | -16 651 | 32 756 | -10 447 |
| SUM EGENKAPITAL / TOTAL EQUITY | 250 436 | 299 843 | 256 640 |
| Annen langsiktig gjeld / Other long term debt | 5 470 | 9 602 | 5 561 |
| Langsiktig rentebærende gjeld / Long-term interest bearing debt | 150 714 | 112 780 | 150 651 |
| LANGSIKTIG GJELD / LONG-TERM DEBT | 156 184 | 122 382 | 156 212 |
| Kortsiktig rentebærende gjeld / Short-term interest bearing debt | 26 710 | 85 782 | 49 364 |
| Annen kortsiktig gjeld / Other current liabilities | 207 695 | 152 398 | 149 123 |
| KORTISKTIG GJELD / SHORT-TERM DEBT | 234 405 | 238 180 | 198 487 |
| SUM EGENKAPITAL OG GJELD / TOTAL EQUITY AND DEBT | 641 024 | 660 405 | 611 338 |
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| SNØRING SOMKARTAL / CHANGES IN EQUITY
(n/w tons) | 2010
1Q | 2009
1Q | 2008
Total |
| --- | --- | --- | --- |
| Bokført egenkapital ved periodens begynnelse / Book equity at the beginning of the period | 256 640 | 309 595 | 309 595 |
| Periodens resultat / The period's net profit | -5 320 | -8 828 | -39 128 |
| Endring i virkelig verdi av sikringsinstrumentet ved kontantstrømsikring / Gains/(losses) on cash flow hedges (fair) | -1 535 | -1 757 | 20 |
| Endring i pensjonsforpliktelse ført mot egenkapitalen / Change in pension liability recorded against equity | - | - | 1 005 |
| Bokføring av opsjonsavtale / Recording of option agreement | 0 | - | -223 |
| Omløpningsdifferanser / Translation differences | 651 | 833 | -14 630 |
| Bokført egenkapital ved periodens slutt / Book equity at the end of the period* | 250 436 | 299 843 | 256 640 |
*Proposed dividend for 2007 included in equity
| KONTANTSTRØM OPPSTILLING / CASH FLOW STATEMENT
(n/w tons) | 2010
1Q | 2009
1Q | 2008
Total |
| --- | --- | --- | --- |
| Netto kontanstrøm fra operasjonelle aktiviteter / Net cash flow from operational activities | 11 760 | -6 344 | 32 656 |
| Netto kontanstrøm fra investerinsaktiviteter / Net cash flow from investment activities | -4 194 | -5 037 | -24 095 |
| Netto kontanstrøm fra finansieringsaktiviteter / Net cash flow from financial activities | -22 156 | 3 282 | 1 717 |
| Netto kontanstrøm / Net cash flow | -14 590 | -8 100 | 10 277 |
| Betalingsmidler ved periodens begynnelse / Cash and cash equivalents at the beginning of the period | 58 161 | 47 883 | 47 883 |
| Betalingsmidler ved periodens slutt / Cash and cash equivalents at the end of the period | 43 571 | 39 783 | 58 161 |
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AKVA GROUP
AKVA group ASA,
Nordlysvn.4
P.O. Box 271,
N-4349 Bryne
Norway
Tel +47 51 77 85 00.
Fax +47 51 77 85 01.
E-mail: [email protected]
www.akvagroup.com
Other AKVA group offices:
| AKVA group, Trondheim | Tel (+47) 73 84 28 00 |
|---|---|
| AKVA group, Brønnøysund | Tel (+47) 75 00 66 00 |
| AKVA group, Sandstad | Tel (+47) 72 44 11 00 |
| AKVA group, Mo i Rana | Tel (+47) 75 13 95 00 |
| AKVA group, Averøy | Tel (+47) 71 51 73 00 |
| AKVA group, Denmark | Tel (+45) 755 13 211 |
| AKVA group Chile, Puerto Montt. | Tel (+56) 65 250 250 |
| AKVA group UK, Inverness. | Tel (+44) 1463 221 444 |
| AKVA group North America, Campbell River, Canada | Tel (+1) 250 286 8802 |
| AKVA group North America, Halifax, Canada | Tel (+1) 902 482 2663 |
| AKVA group SEA, Bangkok, Thailand | Tel (+66) 2 960 3835 / 55 |
| AKVA group Turkey, Bodrum | Tel (+90) 252 374 6434 |
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