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Strong Q2 for AKVA Group

28 August 2013

NORWAY - AKVA group experienced a strong second quarter of 2013, achieving revenues of 270 million NOK (211 million NOK) in the second quarter of 2013 with an EBITDA of 20 million NOK (10 million NOK).

"There has been strong underlying operational performance in Nordic, Scottish and Canadian market with improved top line and earnings in Q2. At the same time we have managed challenging times in the Chilean market with reduced activity, but positive earnings. In the Export segment large deliveries to emerging markets have been completed successfully. Outlooks, especially in the Nordic segment are strong, at the same time as opportunities in the Exports segment is growing", says CEO of AKVA group ASA Trond Williksen.

In the Cage Based Technology segment there has been strong underlying operational performance in the Nordic segment with improved top line and earnings. Chile is managing challenging times with reduced activity and has managed to take down the cost base significantly and in due time, which has materialized in positive margins in Q2 and year to date. Both Canada and Scotland are performing well with improved margins and revenues compared to Q1. Export has strong deliveries into emerging markets in Q2 with large projects in Russia and Saudi Arabia.

Software continues to deliver stable revenues and solid margins and they continue to invest in new product modules to be launched throughout 2013. It is expected that new product modules will strengthen the financial performance of the SW segment further.

The Land Based Technology segment experienced increased revenues in AKVA group Denmark in Q2. Plastsveis AS being included from Q2 2013 also contributes to increased revenues in the quarter. Margins have been influenced by a weak midseason for land based technologies.

Growing prospect mass gives signals of increased interest in the market. The Land Based Technology segment is positioned for future profitable growth and strengthened through the acquisition of 70 per cent of Plastsveis AS in March 2013.

The order backlog at the end of Q2 2013 was 208 million NOK (253 million NOK). The order inflow in Q2 2013 was 151 million NOK (190 million NOK).

The balance sheet is continuing to be improved compared to previous quarters with positive development in our balance sheet - KPIs; Net Interest Bearing Debt, Working Capital and Equity.
Total assets and total equity amounted to 701.8 MNOK and 341.6 MNOK respectively, resulting in an equity ratio of 48.7 per cent vs 46.9 per cent at the end of Q2 2012.

"We maintain our positive outlook in the Nordic market for the coming quarters. Significant growth in salmon prices into 2013 drives demand for technology and services and we are currently experiencing strong growth in prospect mass. We see some positive signals in Chile after significant decline in volumes of sales and deliveries in the first half of 2013 compared to 2012. Industry and investments are influenced by financial and biological uncertainty, but strong increase in salmon prices is easing the situation. We are monitoring the Chilean market closely and adjusting according to the development.

"We have increased our expectations for the second half of 2013 for the UK and Canadian market. Performance in Export is expected to be good in the next quarters due to deliveries of large projects and a promising prospect mass.

"Our effort to build service and after sales as a key business element in all markets and segments will continue to pay off. Our strong focus on working capital and cash management continues."

TheFishSite News Desk

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