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1Q 2008 Financial Report


 
Operating revenue in 1Q was 207 MNOK and the period's EBITDA was 16.3 MNOK.  
 
The order backlog was 373 MNOK at the end of 1Q indicating a stable market situation compared to last year. 
 
The general outlook for the next 6 months in 2008 remains steady, however the challenging fish health situation in Chile indicates higher uncertainty.
  
Letter of Intent signed to acquire Idema Aqua AS.
 
In this report all pro-forma accounts are presented as if Maritech were acquired 1 January 2006, unless otherwise stated. In the comments below on the financial accounts, the 2007 figures are presented in parentheses following the 2008 stated values when included.
 
Operations and profit (pro forma)
Operating revenues in 1Q were 207.3 MNOK (215.2). The decrease is mainly explained by the sale of the Marel part of Maritech last year. The EBITDA in 1Q was MNOK 16.3 (20.7), the decrease is mainly explained by the above mentioned sale and the weakening of the USD affecting OPTECH margins negatively in Chile, and the one-time restructuring costs in Chile.
 
Depreciation and amortisation amounted to 6.0 MNOK (5.1) for the period.  EBIT in the period was 10.3 MNOK (15.5).  Net interest expense year to date was -1.2 MNOK (0.1). Other financial income was -0.3 MNOK (0.1).  Profit before tax for the first quarter was 8.8 MNOK (15.8). Net profit after allowing for taxes of 2.5 MNOK (3.0) was 6.2 MNOK (12.8).
 
Operations Technology (OPTECH)
The operating revenues for OPTECH in 1Q were 92.7 MNOK (97.6). The EBITDA for 1Q was 5.8 MNOK (9.0).
 
1Q 2008 revenues compared to same period last year are affected by the disposal of the Marel distribution agreement. Furthermore, margins are also affected by the continued weakening of the USD through the first quarter 2008.
 
Operationally OPTECH has focused on developing the newly acquired recirculation activity during the first quarter. As a part of this process the acquisition of Danaq, a Danish consultancy firm within this field was finalised. The company expect that this business area will contribute to further growth within OPTECH going forward.
 
Infrastructure Technology (INTECH)
The operating revenues in 1Q were 114.6 MNOK (117.6). As for OPTECH the growth is mainly driven by the Norwegian and Chilean markets. The EBITDA in the period was 10.5 MNOK (11.7).
 
Operations in INTECH continue to focus on achieving economies of scale benefits in the main production facilities in Norway and Chile. In the first quarter there was a one-off restructuring cost for downsizing of the Chilean operations of 0.5 MNOK.
 
Operations and profit (legal accounts)
Operating revenue in 1Q increased strongly to 207.3 MNOK (160.7) representing an increase of 29%. The EBITDA in 1Q was 16.3 MNOK (17.7).  The growth in revenues is mainly explained by the acquisition of Maritech and growth in the Norwegian and Chilean market.
 
Depreciation and amortisation amounted to 6.0 MNOK (3.6) year to date. EBIT in the period was 16.3 MNOK (17.7). Net interest expense for the first quarter was -1.2 MNOK (0.3). Other financial expenses were -0.3 MNOK (0.1).  Profit before tax for 1Q was 8.8 MNOK (14.5). Net profit after allowing for taxes of 2.6 MNOK (3.0) was 6.2 MNOK (11.4).
 
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 138.1 MNOK up from 109.4MNOK at the end of 2007. The working capital has increased, mainly due to inventory build-up in Norway related to deliveries expected to take place in 2Q. Net interest bearing debt amounted to 52.2 MNOK at end of 1Q vs. 26.7 MNOK in 4Q 2007. Cash and unused credit facilities amounted to 142 MNOK. Total assets and total equity amounted to 691.4 MNOK and 344.2 MNOK, respectively, resulting in an equity ratio of 49.8% at the end of 1Q 2008. Net investments in 1Q 2008 amounted to 5.3 MNOK whereof 1.7 MNOK is capitalized R&D expenses in accordance with IFRS and excluding 3,5 MNOK related to acquisitions.
 
Shareholder issues
Earnings per share for 1Q 2008 were NOK 0.36 (0.74), the calculation is based on 17,222,869 shares average.
 
Acquisition of Idema Aqua
In March the company signed a binding Letter of Intent to acquire 100% of the shares in the company Idema Aqua AS. The company is one of the leading suppliers of underwater net cleaning systems and lighting systems for the fish farming industry. The agreement is expected to be consummated during May.
 
Discontinuation of sale of Maritceh Ehf (Iceland)
In December 2007 AKVA announced that a process to sell off Maritech Ehf. was initiated. Due to the prevalent challenging financial situation in Iceland, AKVA has decided to halt the sales process.
 
Market and future outlook
The general market outlook towards the salmon farming industry in Norway remains good at the moment. However, due to the escalating challenging fish health situation in the Chilean market, the market for INTECH products in this region is significantly affected by capital expenditure restrictions with most of the companies, this is also starting to affect the OPTECH business and is expected to continue for the remainder of 2008.  On the other hand AKVA expects the revenues from the UNI recirculation systems in Chile to increase during 2008.
 
The activity towards other species than salmon continues to expand according to the business plan, and the further outlook for 2Q and 3Q 2008 is good within this area.
 
The order backlog was 373 MNOK (291) at the end of 1Q 2008, which is up 28% compared to last year. The general market activity and  the order backlog supports a high activity for the next 6 months of 2008.
 
Bryne, 6 May 2007
AKVA group ASA
 
Web: www.akvagroup.com
 
CONTACTS:
 
Knut Molaug, Chief Executive Officer
Phone: +47 51 77 85 40
 
Rolf Andersen, Chief Financial Officer
Phone: +47 51 77 85 48
 
 
AKVA group is the leading provider of technology to the fish farming industry and the only with global distribution. The products consist of software, sensor systems, feed systems, recirculation systems and cage systems.
 
 
 
 

1Q 2008 Financial Report1Q 2008 Presentation
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