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AKVA group ASA : 1Q 2012 financial reporting


Highlights -Gaining momentum

Total revenues in Q1 of 243.7 MNOK including sale of Maritech Norway. Slow pace into the year but activity increased throughout the quarter resulting in operational revenues in Q1 2012 of 214.7 MNOK vs. 253,4 MNOK in Q1 2011

Total earnings higher due to gain from sale of Maritech Norway

  • Total EBIT Q1 2012 of 31.1 MNOK, including gain from Maritech Norway transaction of 29 MNOK
  • Operational EBITDA of 10.7 MNOK vs 22.8 MNOK in Q1 2011
  • Operational EBIT of 2.1 MNOK vs 15.0 MNOK in Q1 2011
  • 3.1 MNOK allowance made on projects in RAS area

Nordic and Chile main drivers of group revenues.

  • Growth in revenues in Chile continues
  • Nordic reduced volumes compared to Q1 2011
  • Scotland and Canada slow first months due to lower activity in these markets

       
Exports pose an opportunity - good performance in Q1

Software with good momentum

  • Divestment of Maritech Norway
  • Fishtalk and Maritech Iceland positive development

Strengthening balance sheet

  • Equity strengthened and Net interest bearing debt significantly reduced

Increase in sales and order backlog

  • Order inflow of 235 MNOK in Q1 vs  185 MNOK in Q1 2011
  • Order backlog 275 MNOK vs 265 MNOK in end Q1 2011

       
In the comments below on the financials, the 2011 figures are presented in brackets following the 2012 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
Total operating revenues in Q1 were 243.7 MNOK (253.4) with an EBITDA of 39.7 MNOK (22.8). EBIT was 31.1 MNOK (15.0). The overall business volume and margins in Q1 2011 includes the gain of the Maritech Norway sale.

Total revenues excluding the Maritech Norway sale in Q1 were 214.7 MNOK (253.4) with an EBITDA of 10.7 MNOK (22.8). EBIT was 2.1 MNOK (15.0). AKVA Group experienced slow pace into the year but activity increased throughout the quarter resulting in good performance in March.

Net financial costs were in Q1 3.2 million (3.3), resulting in a profit before tax of 27.9 MNOK (11.8). Net profit was 20.5 MNOK (10.1) after allowing for taxes of 7.5 MNOK (1.7).

Hardware (HW)
HW had revenues in Q1 of 177.1 MNOK (199.1). Revenue in HW Nordic was 55.0 MNOK, in HW Americas 83.8 MNOK and in HW Export 38.8 MNOK.

EBITDA was 10.9 MNOK (18.4) resulting in an EBITDA margin of 6.2% (9.2%). EBIT in Q1 was 4.2 MNOK (12.6) representing an EBIT margin of 2.4% (6.4%).

YoY revenue in Q1 is explained by slow pace into 2012 in the Norwegian market due to late order inflow, compared to 2011. Activity level increased throughout the quarter.

High activity level in Chile in 2011 continues in Q1 2012. There has been slower pace in Canada due to timing of operational activities.

Scotland and Turkey also had slower pace in Q1 due to lower activity in these markets.

Export outside Scotland and Turkey shows good development and good performance in Q1.

Software (SW)
Total operating revenue for SW in Q1 was 55.1 MNOK. Total revenues include the gain after the sale of the Maritech Norway operation in Q1 of 29 MNOK. This gives a total EBITDA in Q1 of 32.4 MNOK and a total EBIT in Q1 of 30.8 MNOK.

Operating revenue for SW excluding gain from sale in Q1 was 26.3 MNOK (30.1). The EBITDA excluding gain from sale in Q1 3.4 MNOK (4.8) resulting in an EBITDA margin of 12.9% (15.9%). EBIT excluding gain from sale in Q1 1.8 MNOK (3.0) representing an EBIT margin of 6.8% (10.1%).

Software has good momentum in Q1 with Fishtalk and Maritech Island performing well. There is now focused activity on developing remaining business after the sale of the Maritech Norway operation.

Recirculation (RAS)
RAS had operating revenues in Q1 of 10.8 MNOK (24.2) with an EBITDA of -3.6 MNOK (-0.3). The Q1 EBIT was -3.9 MNOK (-0.6).

A cost allowance of 3.1 MNOK is done in Q1 related to on-going projects. Adjusting for this RAS is on its way of becoming profitable. However volumes are too low in Q1 to create a positive margin. With the recent cost reduction measures and tuning, the RAS segment is positioned for future profitable growth.

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 161.7 MNOK at the end of Q1, down from 182.0 MNOK at the end of Q4 2011. The reduction in working capital in the quarter is a result of extra focus on this area over the last months.

Net interest-bearing debt ended at 91.3 MNOK at the end of Q1 compared to 145.7 MNOK at the end of Q4 2011. Gross interest bearing debt was at the end of Q1 145.1 MNOK versus 182.9 MNOK at the end of Q4 2011. Cash and unused credit facilities amounted to 79.0 MNOK in Q1 versus 57.2 MNOK at the end of Q4 2011. Total assets and total equity amounted to 736.5 MNOK and 341.5 MNOK respectively, resulting in an equity ratio of 46.4%.

Investments in Q1 amounted to 8.5 MNOK of which 2.4 MNOK was capitalized R&D expenses in accordance with IFRS. In 2011 total investments were 30.0 MNOK with 12.5 MNOK in capitalized R&D expenses.

AKVA group was in compliance with the financial covenants for the credit facilities at the end of Q1.

AKVA group will stay hands on going forwards in 2012 adjusting operations according to market development, focusing on long term performance, margins and customer relations.

There will be continued focus on building service and aftersales as a key business element going forward.

Continued focus will also be given on working capital and to strengthening our balance sheet.

Shareholder issues
Earnings per share for Q1 were 0.79 NOK (0.59). The calculation is based on 25,834,303 (17,222,869) shares average.

Market and future outlook
We are gaining momentum into the second quarter. Long term salmon prices are expected to develop positively, however we still expect effects of uncertain salmon prices in 2012.

Nordic and Chile are expected to be the main drivers into Q2. While Export pose an opportunity.

For the group the order backlog at the end of Q1 was 275 MNOK (265). The order inflow in Q1 was 235 MNOK (185).

AKVA group will stay hands on going forwards in 2012 adjusting operations according to market development, focusing on long term performance, margins and customer relations.

There will be continued focus on building service and aftersales as a key business element going forward.

Continued focus will also be given on working capital and to strengthening our balance sheet.

Dated: 9th May 2012
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

Eirik Børve Monsen Chief Financial Officer
Phone: +47 51 77 85 00
Mobile: +47 91 63 98 31
E-mail: emonsen@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 acc. to §5-12 vphl (Norwegian Securities Trading Act)


Q1 2012 ReportQ1 2012 presentation
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