Steady performance in slow market
AKVA group achieved revenues of 211.5 MNOK (222.5 MNOK) in the second quarter of 2012. EBITDA was 10.0 MNOK (14.0 MNOK) and EBIT was 1.6 MNOK (6.0MNOK) in the quarter.
"AKVA group achieved a steady operational and financial performance in a rather slow market in the second quarter of 2012. Overall, taken rather slow market conditions in to consideration, we are satisfied that we continue to deliver positive margins and results. Going forward we see positive signals in the market, especially in the Nordic region", says CEO of AKVA group ASA Trond Williksen.
Nordic and Chile were main drivers of group revenues in the second quarter of 2012. Nordic increased its revenues compared to first quarter of 2012. We see revenues in Chile stabilizing on a high level in the quarter. Exports pose an exciting opportunity despite relative low activity in emerging markets in the second quarter of 2012. Software continues to deliver solid margins.
Focus on balance sheet continues to show results and all key indicators have improved in the second quarter of 2012. AKVA group have increased its credit facility in Sandnes Sparebank by 25 MNOK to a total limit of 90 MNOK. This further improves our financial flexibility and ability to grow in the time to come.
Total assets and total equity amounted to 738.9 MNOK and 346.9 MNOK respectively, resulting in an equity ratio of 46.9% versus 44.9% at the beginning of the year.
Order backlog at the end of the second quarter was 253 MNOK (328 MNOK). The order backlog has been kept fairly stable since end of the third quarter of 2011 despite slower market.
There is an increased positive outlook in the Nordic market due to optimistic sentiment created by medium to long term prospects for the salmon industry. Chile is expected to stabilize on rather high business volumes for the rest of the year, but with more uncertainty for the quarters to come.
We expect improvements in our performance in UK and Canada in the rest of the year.
AKVA group continues to be hands on in second half of 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 after sales as a key business element. The financial situation is now comfortable. However, we will continue to have strong focus on working capital and cash management.
About AKVA group
AKVA group is a technology partner and supplier of technologies and services to the aquaculture industry worldwide. The company has more than 700 employees, offices in 8 countries and a total turnover of 900 MNOK in 2011. 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. Corporate headquarters are in Bryne Norway.
Dated: 15th August 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 |
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
