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AKVA group ASA Q3 2011 financial reporting


 

Highlights

  • Operating revenues in Q3 was 226.7 MNOK compared to 212.3 in Q3 last year - an increase of 6.8%
     
  • EBITDA in Q3 was 22.0 MNOK compared to 10.2 MNOK in Q3 last year - up 11.8 MNOK
     
  • EBIT was 13.8 MNOK versus 2.1 in Q3 last year - up 11.7 MNOK
     
  • Order backlog at the end of Q3 was 260 MNOK versus 270 MNOK at the end of Q3 last year
     
  • Uncertainty in regards to effect of low salmon prices especially in Norway, but activity level in Chile expected to stay high into 2012
     
  • Still strong focus on operational improvements and costs

In the comments below on the financial accounts, the 2010 figures are presented in parentheses following the 2011 stated values when included.

AKVA group is organized into three business segments; Hardware (HW): Includes cages, barges, feed systems and other technology to operate fish farms, Recirculation (RAS): Includes the delivery of land based farms based on recirculation technology, Software (SW): includes software solutions and professional services related to this.

Operations and profit
Operating revenues in Q3 were 226.7 MNOK (212.3) with an EBITDA of 22.0 MNOK (10.2). EBIT was 13.8 MNOK (2.1). The overall business volume is comparable to last year, but margins are significantly higher. The measures implemented last year has a positive effect in current year's earning.

Net financial costs were in Q3 2.6 million (3.7), resulting in a profit before tax of 11.2 MNOK (-1.7). Net profit was 8.1 MNOK (-1.5) after allowing for taxes of 3.1 MNOK (-0.1). 

YTD operating revenues were 702.6 MNOK (546.6) with an EBITDA of 58.8 MNOK (-1.2). YTD EBIT was 34.8 MNOK (-24.4). Net financial cost in the three first quarters of 2011 was 8.2 MNOK (7.3). Profit before tax for the first nine months was 26.6 MNOK (-31.7). YTD net profit was 20.5 MNOK (-23.1).

Hardware (HW)
HW had revenues in Q3 of 190.6 MNOK (173.8). EBITDA was 22.9 MNOK (10.5) resulting in an EBITDA margin of 12.0% (6.0%). EBIT in Q3 was 16.7 MNOK (5.2) representing an EBIT margin of 8.8% (3.0%).

3rd quarter was marked by stability in revenue generation from the segment supported by growth and high activity in Chile who experienced over 300% growth in the revenue level from Q3 last year.

YTD revenues for HW were 573.9 MNOK (428.5) with an EBITDA of 58.6 MNOK (14.1). EBIT was 40.8 MNOK (-0.4) after depreciations of 17.8 MNOK (14.5).

Software (SW)
Operating revenue for SW in Q3 was 25.1 MNOK (24.8). The EBITDA was in Q3 3.6 MNOK (3.6) resulting in an EBITDA margin of 14.3% (14.5%). EBIT was in Q3 2.0 MNOK (1.2) representing an EBIT margin of 8.0% (4.8%).

In Norway the market for software and professional services has remained fairly good with healthy earnings in the quarter.  Maritech in Iceland still remained slow, but profitable, due to the slow economy caused by the financial crisis.

YTD operating revenues were 82.4 MNOK (76.3) with an EBITDA of 9.8 MNOK (6.6). EBIT was 4.7 MNOK (-1.1) after depreciation of 5.2 MNOK (7.7). 

Recirculation (RAS)
RAS had operating revenues in Q3 of 11.0 MNOK (13.8) with an EBITDA of -4.6 MNOK (-3.9). The Q3 EBIT was -4.9 MNOK (-4.4).

With the recent cost reduction measures and tuning, the RAS segment is positioned for future profitable growth. The financial risk is reduced at the same time as it is a growing interest for recirculation technology for the production of smolt. This is expected to result in higher volume and improved earnings from 2012 onwards.

YTD operating revenues were 46.2 MNOK (41.8) and YTD EBITDA was -9.7 MNOK (-21.8). The YTD EBIT was -10.6 MNOK (-22.8).

Balance sheet and cash flow
The working capital in the group balance sheet, defined as non-interest bearing current assets less non-interest bearing current liabilities was 185.6 MNOK, up from 101.6 MNOK from the beginning of the year. The increase is related to the higher business volume especially in Chile.

Net interest-bearing debt ended at 126.0 MNOK at the end of Q3 compared to 85.8 MNOK at the end of Q2. Gross interest bearing debt was at the end of Q3 167.1 MNOK versus 152.6 MNOK at the end of Q2. Cash and unused credit facilities amounted to 84.5 MNOK. Total assets and total equity amounted to 744.9 MNOK and 326.6 MNOK respectively, resulting in an equity ratio of 43.8%.

Investments in Q3 amounted to 5.0 MNOK of which 2.0 MNOK was capitalized R&D expenses in accordance with IFRS. YTD investments were 18.1 MNOK and 7.4 in capitalized R&D expenses.

AKVA group was in compliance with the financial covenants for the credit facilities at the end of Q3.

Shareholder issues
Earnings per share for Q3 2011 were 0.31 NOK (-0.09). The calculation is based on 25,834,303 (17,222,869) shares average.

Market and future outlook
The salmon prices fell significant to low levels during Q3. Market fundamentals in the salmon market are therefore subject to higher uncertainty, especially in the Norwegian market. For AKVA group, the Chilean market has developed strong also during Q3 both in terms of revenues and order inflow. This high activity level in Chile is expected to continue into 2012.

For the group the order backlog at the end of Q3 was 260 MNOK (270). The order inflow in Q3 was 146 MNOK (167).

AKVA group continues its focus on improving operations, project management and cost control. Focus is also given to development of service and aftermarket in order to increase relative portion of recurring business, less subject to CAPEX variations by our customers.

Q4 normally has lower activity due to seasonality, especially in the Norwegian cage segment.

With the share issue in place AKVA group has regained the financial position to play a leading role as technology partner in the aquaculture industry. AKVA group will invest in its own product portfolio to improve customer satisfaction.

Dated: 28th October 2011
AKVA group ASA

Web: www.akvagroup.com

CONTACTS:

Trond Williksen Chief Executive Officer
Phone: +47 51 77 85 00
Mobile: +47 91 63 01 73
E-mail: twilliksen@akvagroup.com

Arve Ouff Acting Chief Financial Officer
Phone: +47 51 77 85 00
Mobile: +47 97 11 68 88
E-mail: aouff@akvagroup.com

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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, net cleaning systems, light systems and recirculation aquaculture systems.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

AKVA group ASA Q3 2011 reportAKVA group ASA Q3 2011 presentation
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