Acuicultura en Tierra


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AKVA group ASA : 1Q 2014 financial reporting

Best Q1 ever - all time high order backlog

Financially this has been the best first quarter ever for AKVA group ASA with high revenues and very good margins. Total revenues in Q1 2014 was 310 MNOK (222 MNOK) with an EBITDA of 32 MNOK (10 MNOK). The order backlog is the best ever in Q1.

We have had a quarter with record high activity as expected. This has resulted in a solid EBITDA margin of 10.2% (4.7%). The high order backlog at the end of Q1 of 452 MNOK and continued high market activity gives positive expectations for the financial performance in the quarters to come. We continue to focus on managing the high activity in the Nordic and the Export segments", says CEO of AKVA group ASA Trond Williksen. 

Cage Based Technology (CBT)
In the CBT segment there has been very high activity in this quarter resulting in the best Q1 ever. Record high revenue and margins in the Nordic segment have continued from Q4 2013. This result is mainly due to high activity, controlled costs and a solid order backlog. We have experienced decline in revenues in Chile in Q1, as expected. Our exposure in Chile was significantly reduced during 2013 and we are well positioned for the future in this market. Both Canada and UK have a good start of the year with good margins and a solid order backlogs. Deliveries of large contracts to emerging markets are proceeding according to plan.

Software (SW)
SW continues to deliver stable revenue and good margins. However, we have experienced slightly reduced margins YoY in Q1 2014 due to delayed launch of new modules and slower start of 2014 in Iceland compared to expectations. Software continues to invest in new product modules to be launched in 2014. These product modules will strengthen the financial performance of the SW segment further.

Land Based Technology (LBT)
LBT has had its second quarter in a row with positive margins. New projects in AKVA group Denmark A/S drive the improved performance.

Order Backlog
High market activity has materialized in a good order inflow in Q1 and as a consequence the order backlog at the end of Q1 2014 is the best ever. The order inflow in Q1 2014 was 243 MNOK (243 MNOK). The order backlog at the end of Q1 2014 was 452 MNOK (327 MNOK).

Balance sheet
The balance is improved even more compared to previous quarters and is considered as strong. Working capital in percentage of 12 months rolling revenue is improved YoY from 20.0% to 11.5%. We are able to maintain low working capital during Q1 despite significant activity ramp up in the period. Cash and unused credit facilities amounted to 153 MNOK at the end of Q1 2014 versus 63 MNOK at the end of Q1 2013.Total assets and total equity amounted to 782.1 MNOK and 346.9 MNOK respectively, resulting in an equity ratio of 44.4% (44.3%) at the end of Q1 2014.

We maintain a positive outlook in the Nordic market. Continued high salmon prices, granting of green licenses, as well as expected openings for general growth, drives demand for technology and services. The normal seasonal pattern with slower order inflow during summer months and main investment period during the fall is anticipated also this year. There are signs of awakening in the Chilean market. However, we have modest expectations and we are monitoring the market closely and will adjust our operation according to the development. UK and Canada are expected to continue to perform well in the next quarters. Land based is also expected to continue the positive development and we experience high market activity in the Land based segment. We continue our effort to build service and aftersales as a key business element in all markets and segments. Including YesMaritime AS in the Group in Q2 2014 is expected to strengthen or service segment further.

About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has around 600 employees, offices in 8 countries and a total turnover of 919 MNOK in 2013. We are a public listed company operating in one of the world's fastest growing industries and supply everything from single components to complete installations, both for cage farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through more than 30 years. The Corporate Headquarter is in Bryne Norway.

Dated: 7th May 2014
AKVA group ASA



Trond Williksen Chief Executive Officer
Phone: +47 51 77 85 00
Mobile: +47 91 63 01 73

Eirik Børve Monsen Chief Financial Officer
Phone: +47 51 77 85 00
Mobile: +47 91 63 98 31

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

2014 Q1 AKVA group report2014 Q1 AKVA group presentation


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