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1Q 2009 Financial Reporting


Highlights
 
  •          Operating revenue in 1Q was 152 MNOK which is 26% lower than the same period last year. The period's EBITDA was -3.3 MNOK primarily negatively affected by reduced revenues.
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  •          Sales volumes were heavily affected by low investment level in Chile and general restrictive investment policies throughout the salmon industry.  
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  •           Cost reduction programs have been implemented in Chile and Norway to adapt to lower sales volumes.
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  •           Strategic contracts won in Malaysia and Saudi Arabia.
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  •           The general market uncertainty has increased due to the global financial crisis.
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    In the comments below on the financial accounts, the 2008 figures are presented in parentheses following the 2009 stated values when included.
     
    Operations and profit
    Operating revenues in 1Q were 152.4 MNOK (207.3) and the EBITDA was MNOK -3.3 (16.3).
     
    The 1Q operational result is affected by a loss of 1.5 MNOK related to a penalty for delays in a project.
     
    For 1Q depreciation and amortisation amounted to 7.8 MNOK (6.0).  EBIT in the period was -11.1 MNOK (10.3).  Net interest expense was -1.8 MNOK (-1.2). Other financial income was 0.4 MNOK (-0.3).  Profit before tax for the first quarter was -12.6 MNOK (8.8). Net profit after allowing for taxes of -3.8 MNOK (2.6) was -8.8 MNOK (6.2).
     
    Due to the reduced business volume in 1Q the company has introduced further cost reduction measures both OPTECH and INTECH in 1Q.
     
    Operations Technology (OPTECH)
    The operating revenues for OPTECH in 1Q were 72.9 MNOK (92.7). The EBITDA for 1Q was -4.4 MNOK (5.8).
     
    Generally the market situation is challenging for OPTECH, competitive pressure has also been reducing margins on achieved sales. Operationally OPTECH continue to focus on customer service, product enhancement, organisational integration, general operational improvements and lowering of cost. Due to the low business volume during 1Q the company has implanted tasks to reduce the costs further and has a continuous focus on cost reduction.
     
    Infrastructure Technology (INTECH)
    The operating revenues in 1Q were 79.5 MNOK (114.6). The EBITDA in the period was 1.1 MNOK (10.5).
     
    The operation in Chile has been downscaled to adapt to the prevailing situation.  The Norwegian operations in INTECH continue to focus on achieving economies of scale benefits in the main production facility. Generally the market situation is challenging in the feed-barge market. Competitive pressure has been reducing margins on achieved sales.
     
     
    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 168.2 MNOK down from 171.7 MNOK at the end of 4Q. Measures have been implemented to further reduce the working capital level.
     
    Net interest bearing debt amounted to 198.6 MNOK at end of 1Q vs. 197.5 MNOK in 4Q. Cash and unused credit facilities amounted to 44.3 MNOK. Total assets and total equity amounted to 660.4 MNOK and 299.8 MNOK, respectively, resulting in an equity ratio of 45.4% at the end of 1Q 2009.
     
    Investments in 1Q 2009 amounted to 5.0 MNOK whereof 1.6 MNOK is capitalized R&D expenses in accordance with IFRS.
     
    A waiver extending through 3Q 2009 relating to the financial covenants of the major credit facilities and loans has been agreed with the company's main bank.
     
    Shareholder issues
    Earnings per share for 1Q 2009 were NOK -0.51 (0.36). The calculation is based on 17.222.869 shares average. Based on the current financial and market uncertainties the Board of Directors proposes not to pay dividend for 2008.
     
    Market and future outlook
    The current general economic outlook together with the challenging fish health situation in Chile increases the uncertainty about the market development for the remainder of 2009.
     
    The continued challenging fish health situation in the Chilean market has created severe problems for the Chilean salmon industry. We do not expect to see a material improvement in the traditional business in this market for the next 2-4 years.  Based on this development substantial cost reduction measures are being implemented in Chile. The governmental plan launched in November to counter the challenging sanitary situation has not yet been implemented, and consensus is now that the tasks will not be sufficient. The companies are generally in financial distress and incapable to execute necessary tasks. The coming transformation of the Chilean industry involves significant business opportunities for AKVA group in recirculation technology; however the development is expected to be pushed back into next year.
     
    The company will continue to meet the challenging situation by an uninterrupted cost reduction focus, protection of margins and reduced capital binding.
     
    The general underlying investment demand from the salmon farming industry in Norway and the UK remains relatively strong. Despite most companies making money, they are all focussing on reducing capital investment and working capital until the overall economic picture is clearer.
     
    The market outlook for recirculation smolt production facilities continue improving and is expected to lead to significant deliveries going forward.
     
    In February a strategic important contract to the Malaysian authorities was signed.  In March another strategic contract of 7 MNOK and a Letter of Intent was signed with National Prawn Company in Saudi Arabia totaling 135 MNOK. These agreements and the general development in business volume towards other species than salmon are confirming AKVA groups strategic direction. 
     
    The order backlog was 200 MNOK (373) at the end of 1Q 2009, which is a weakening of 173 MNOK compared to the same time last year. The decline is mainly related to lower order inflow from the Norwegian and Chilean market. The total prospects mass continue at a relatively high level confirming the underlying demand. However, as mentioned due to the global financial turmoil the market players are generally holding back on their capital expenditure.
     
    Statement from the Board and Chief Executive Officer
    We confirm that, to the best of our knowledge, the condensed set of financial statements for 1Q 2009, which have been prepared in accordance with IAS 34 Interim Financial Statements gives a true and fair view of the Company's consolidated assets, liabilities, financial position and results of operations, and that the interim management report includes a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph.
     
    Bryne, 27 April 2009
    Board of Directors, AKVA group ASA
     
     
    Web: www.akvagroup.com
     
    CONTACTS:
     
    Knut Molaug, Chief Executive Officer
    Phone: +47 51 77 85 40
    Email: kmolaug@akvagroup.com
     
    Rolf Andersen, Chief Financial Officer
    Phone: +47 51 77 85 48
    E-mail: randersen@akvagroup.com
     
    ******************************
     
    AKVA group is the leading provider of technology to the global fish
    farming industry and the only with global distribution. The products
    consist of software systems, operational equipment and sensor
    systems, feed systems, cage systems, net cleaning systems, light
    systems and recirculation aquaculture systems.
     

    1Q 2009 Report1Q 2009 Presentation
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