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AKVA's numbers for the last quarter of 2009 were rather poor. The company, however, expects a better 2010. (Photo: Stock File /FIS)

AKVA Group sees Q4 losses

Click on the flag for more information about Norway NORWAY
Friday, February 19, 2010, 23:50 (GMT + 9)

Norwegian aquaculture equipment and systems specialist AKVA Group has reported poor Q4 2009 figures with operating revenues of NOK 143 million (EUR 17.8 million), 25 per cent lower than in the same period the year prior. Fourth quarter EBITDA showed a loss of NOK 16.1 million (EUR 2 million), the company revealed on Thursday.

Operating revenues for the whole 2009 year were NOK 599.3 million (EUR 74 million), compared to NOK 866.5 million (EUR 107.6 million) in 2008, with an EBITDA of - NOK 11.5 million (- EUR 1.4 million) against NOK 52.7 million (EUR 6.5 million) in 2008.

AKVA said its EBITDA was impacted by several factors related to projects and accounting changes, and that revenue was hit by restrictive investment policies in the salmon sector in general all year. There was a “sound order inflow” in December and thus far this year.

Business volume continued at a low rate in Q4 2009 with low underlying revenue, the company told, and the results were severely affected by project re-evaluation, accounting adjustments and some other one-off items amounting in total to some NOK 18 million (EUR 2.2 million), about half of which is related to accounting adjustments.

Project re-evaluation mainly regarded land-based recirculation projects whose actual costs and cost estimates for deliveries had risen. The firm is working to ensure improved project management operationally and financially moving forward and as regards accounting procedures, AKVA said.

The firm said its restructuring plan to lower operating expenses and enhance cost flexibility is advancing smoothly.

“The general underlying investment demand from the salmon farming industry in Norway and the UK remains relatively strong. Despite most companies making strong profits, during 2009 they have been focusing on reducing capital investment and working capital,” AKVA stated.

Investments through October and November in 2009’s fourth quarter continued at a very low level, although there was a positive shift in order inflow in December, which has continued so far. Companies appear to be returning to a more normalised situation for capital expenditure in the main salmon markets in Norway, UK and Canada, according to AKVA.

“The challenging fish health situation in the Chilean market has created severe problems for the Chilean salmon industry. The production has been down scaled significantly and the fish health situation now seems to be under control,” the company wrote.

“The market outlook for recirculation smolt production facilities continue to improve and is expected to lead to significant deliveries going forward. New contracts for delivery of such systems have been made both in Chile and Norway during 2010,” AKVA added.

Related article:

- AKVA releases lower Q2 figures

By Natalia Real
[email protected]
www.fis.com


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