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3Q 2009 presentation


Highlights
 
Operating revenue in 3Q was 140 MNOK which is 33 % lower than the same period last year. The period's EBITDA was 7.4 MNOK.
 
Sales volumes are still heavily affected by restrictive investment policies in the salmon industry in general.
 
A new 30 MNOK loan from Innovation Norway is in place in 4Q to strengthen the financing of the company
 
The sale of the none-core activities in Surefish Inc (US) and Wavemaster Net Services Ltd (Canada) were concluded in September and November respectively.
 
 
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 3Q were 139.8 MNOK (207.6) and the EBITDA was MNOK 7.4 (18.1). YTD operating revenues were 456.5 MNOK (674.7) with an EBITDA of 4.5 MNOK (62.5).
 
For 3Q depreciation and amortisation amounted to 8.0 MNOK (7.7).  EBIT in the period was -0.6 MNOK (10.5).  Net interest expense was -3.3 MNOK (-4.0). Other financial income was 0.2 MNOK (-0.1).  Profit before tax for the third quarter was -3.7 MNOK (6.4). Net profit after allowing for taxes of -4.1 MNOK (2.2) was 0.4 MNOK (4.2).
 
The YTD depreciation and amortisation amounted to 23.7 MNOK (20.2).  YTD EBIT was -19.1 MNOK (42.3).  Net interest expense was -7.5 MNOK (-6.7). Other financial income was 0.0 MNOK (-2.2).  Profit before tax YTD was -26.7 MNOK (33.4). Net profit after allowing for taxes of -9.1 MNOK (10.0) was -17.6 MNOK (23.4).
 
Due to the reduced business volume the first 9 months of 2009 the company has introduced further cost reduction measures and a restructuring program both in OPTECH and INTECH. The figures reported for the third quarter includes a provision of 5 MNOK related to the restructuring of the group to reduce fixed operating costs and increase the operational flexibility.
 
The sale of the shares in Surefish Inc was made in September. The recorded gain related to the sale was about 13 MNOK and is recorded in OPTECH.
 
Operations Technology (OPTECH)
The operating revenues for OPTECH in 3Q were 80.3 MNOK (103.3). The EBITDA for 3Q was 10.4 MNOK (8.5). YTD operating revenues were 234.7 MNOK (302.4) with an EBITDA of 3.6 MNOK (30.8).
 
Generally the market situation has been challenging for OPTECH. 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 3Q the company has implanted tasks to reduce the costs further and has a continuous focus on cost reduction. For OPTECH a provision of 3.3 MNOK related to the planned restructuring has been included in the third quarter.
 
 
Infrastructure Technology (INTECH)
The operating revenues in 3Q were 59.5 MNOK (103.4). The EBITDA in the period was -3.0 MNOK (9.6). YTD operating revenues were 221.8 MNOK (372.3) with an EBITDA of 1.0 MNOK (31.7).
 
Generally the market situation has been challenging in the feed-barge market with few sales recorded.
 
The operation in Chile has been downscaled to adapt to the prevailing situation.  For INTECH a provision of 1.7 MNOK related to the planned restructuring has been included in the third quarter.
 
 
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 127.5 MNOK down from 141.3 MNOK at the end of 2Q. Measures have been implemented to further reduce the working capital level.
 
Gross interest bearing debt amounted to 181.2 MNOK at the end of 3Q vs. 193.9 MNOK in 2Q. Cash and unused credit facilities amounted to 57.2 MNOK. Total assets and total equity amounted to 608.7 MNOK and 278.8 MNOK, respectively, resulting in an equity ratio of 45.8% at the end of 3Q 2009. The equity has been reduced by 11 MNOK in currency translation differences related to goodwill and other intangible assets in 3Q.
 
Investments YTD 2009 amounted to 18.0 MNOK whereof 4.7 MNOK is capitalized R&D expenses in accordance with IFRS.
 
A new 30 MNOK loan agreement with Innovation Norway was established in the 4th quarter. The agreement was made in close cooperation with Sandnes Sparebank, the company's main bank and includes also an 18-month period without instalments on all existing long-term loans in Sandnes Sparebank. The reduction in instalments in the period will be about 30 MNOK.
 
A waiver extending through 3Q 2009 relating to the financial covenants of the major credit facilities and loans was agreed with the company's main bank in 2Q.
 
Shareholder issues
Earnings per share for 3Q 2009 were NOK 0.02 (0.76). The calculation is based on 17.222.869 shares average. YTD earnings per share were NOK -1.02 (1.36).
 
Market and future outlook
The general underlying investment demand from the salmon farming industry in Norway and the UK remains relatively strong. Despite most companies making strong profits, they have been focusing on reducing capital investment and working capital. At the moment there are many signs of the companies are coming back to a more normalised situation on capital expenditure and thus indicating an improved market situation in 2010.
 
The challenging fish health situation in the Chilean market has created severe problems for the Chilean salmon industry. AKVA has down-scaled its operations in this market to match the dismal outlook for the coming years.
 
Due to the challenging situation AKVA has implemented tasks to restructure the business to achieve a lower cost base and improved cost flexibility. The restructuring is scheduled to be fully implemented by the end of 1Q 2010. 
 
The market outlook for recirculation smolt production facilities continue improving and is expected to lead to significant deliveries going forward.
 
The order backlog was 203 MNOK (253) at the end of 3Q 2009, which is a weakening of 50 MNOK compared to the same time last year. The decline is mainly related to lower order inflow from the Norwegian and Chilean market. Compared to the end of the 2Q the order backlog increased 21 MNOK. The total prospects mass has developed strongly in the 3Q and into 4Q confirming the underlying demand.
 
Dated: 11 November 2009
AKVA group ASA
 
 
CONTACTS:
 
Knut Molaug, Chief Executive Officer
Phone: +47 51 77 85 40
 
Rolf Andersen, Chief Financial Officer
Phone: +47 51 77 85 48
 
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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 and recirculation aquaculture systems.
 

3Q 2009 Report3Q 2009 Presentation
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