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The global leader in aquaculture technology

4Q 2009 presentation18 February 2010

Knut Molaug, CEO

Morten Nærland, CFO

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Agenda

4Q 2009 Financial review

Background & highlights

Q & A

Outlook

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AKVA group in brief

Cage systems

Feed systems

AKVA group facts

Feed bargesOperational systems

& sensors

Software systems and services

Recirc. systems

• The leading aquaculture technology supplier

• Strong market position with all main products

• The only player with global presence• Strong and experienced management • Leading supplier to a global growth

industry

AKVA’s main product brands:

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One-stop-shop in aquaculture technology

Land based farms Cage based farms

Value chain planning and optimising software

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4Q highlights

● 2009 a challenging year for AKVA group

● Revenue was affected by restrictive investment policies in the salmon industry in general during 2009

●Operating revenue in 4Q was 143 MNOK which is 25 % lower than the same period last year

● The period’s EBITDA showed a loss of 16.1 MNOK

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4Q highlights

● EBITDA in 4Q hit by several items related to projects and accounting adjustments.

●Operating revenue for 2009 was 599 MNOK a reduction of 31% compared to 2008.

● The EBITDA for 2009 showed a loss of 11.5 MNOK.

● Sound order inflow in December and so far in 2010.

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4Q highlights

● Changes to the organisation made in January 2010

New temporary CFO appointed: Mr. Morten Nærland

New GM for AKVA group North America appointed: Mr. Wade Kaskiw

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Agenda

4Q 2009 Financial review

Background & highlights

Q & A

Outlook

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4Q Financials – P&LP&L 2009 4Q 4Q Year Year

(MNOK) 2009 2008 2009 2008

Operating revenues 142.9 191.8 599.3 866.5

Operating costs excl. depreciation 158.9 201.5 610.9 -813.8

EBITDA -16.1 -9.7 -11.5 52.7

Depreciation & Amortisation 7.2 9.3 30.9 -29.5

EBIT -23.2 -19.0 -42.4 23.3

Net financial items -2.1 -3.6 -9.6 -12.5

EBT -25.2 -22.7 -52.0 10.8

Taxes -3.8 -4.8 -12.9 -5.2

Net profit -21.6 -17.9 -39.1 5.5

Revenue growth -25.5% -30.8% -7.0%

EBITDA margin -11.2% -5.1% -1.9% 6.1%

EBIT margin -16.3% -9.9% -7.1% 2.7%

EPS (NOK) -1.25 -1.04 -2.27 0.32

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4Q Financials – P&L comments

● Operating revenue in 4Q09 was 143 MNOK. Quarterly revenue reduced by 25% compared to 2008

Continued low revenues due to restrictive investmentprograms by the customers

● The EBITDA result was -16.1 MNOK EBITDA in 4Q hit by several items related to projects

and accounting adjustments.

•The total effect is about 18 MNOK,•Whereof about 9 MNOK is related to accounting

adjustments

•Re-evaluation of ongoing projects and someone-off items amount to about 9 MNOK

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Business areas - OPTECH

OPTECH (MNOK)

● EBITDA in 4Q affected by the majority of items related to projectsand accounting adjustments.

98109 107 101

93

105 104 97

7382 80

93

0

25

50

75

100

125

1Q 2Q 3Q 4Q

9 9,410,7 10,3

5,8

16,4

8,5

-5,7-4,4-2,4

10,4

-9,7-10

-5

0

5

10

15

20

Revenues

EBITDA

1Q 2Q 3Q 4Q2007

2008

2009

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Business areas - INTECH

INTECH (MNOK)

118135 130 135

115

154

103 9580 83

60 49

0

50

100

150

1Q 2Q 3Q 4Q

11,7 10,6 11,3

17,6

10,5 11,5 9,6

-4,01,1 3,0

-3,0-6,4-10

0

10

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Revenues

EBITDA

1Q 2Q 3Q 4Q 20072008

2009

● Earnings affected by low volumes in 4Q.● Some effects from special cost items.

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Market segments

Norway52 %

Chile9 %

N. America

10 %

UK8 %

Medit.2 %

Other14 %

Iceland5 %

Geographic segments (YTD)

•Norway dominating segment

•Other markets showing a positive development

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20

40

60

80

100

120

140

2003 2004 2005 2006 2007 2008 2009

AKVA group revenues within other species

CAGR 2003-2009 ~64%

MN

OK

.

• The ”full stop” in the cod industry explains reduction (cod volume reduced by 45 MNOK)

•Growth in a number of regions continued.

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Balance sheetBalance sheet (legal) Year Year

(MNOK) 2009 2008

Intangible fixed assets 243.9 251.7

Tangible fixed assetsLong term financial assets

39.11.1

41.52.5

Fixed assets 284.1 295.7

Stock 114.7 142.4

Receivables 161.3 171.1

Cash and bank deposits 56.5 47.9

Current assets 332.5 380.5

Total assets 616.5 676.2

Shareholders’ equity 256.6 309.6

Long term debt 156.2 129.1

Short term debt 203.7 237.5

Total liabilities 359.9 366.6

Total shareholders’ equity and liabilities 616.5 676.2

Equity ratio 41.6% 45.8%

Net interest bearing debt 141.9 149.6

Net working capital 120.0 171.7

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Balance sheet items

109

138162

199

172 168

141128 121

020406080

100120140160180200220

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Working Capital (MNOK) ●Working Capital: Improvement seen in

4Q

Continued focus on working capital

● Net interest bearing debt (NIBD):

A waiver extending through 2Q 2010 relating to the financial covenants was agreed with the company’s main bank in 4Q

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52

121

146150

159

143130

142

-10

10

30

50

70

90

110

130

150

170

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

NIBD (MNOK)

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Financial position

● Equity: Sound equity position

● Cash Position: Available cash 76

MNOK

49 %50 %

47 %46 % 46 %

45 % 45 %46 %

42 %

30 %

35 %

40 %

45 %

50 %

55 %

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Equity (%)

98103

6357

4840

51 5256

0

25

50

75

100

125

150

4Q071Q082Q083Q084Q081Q092Q093Q094Q09

Cash balance (MNOK)

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Cash flow statementCash flow statement 2009 2008 2009 2008

(KNOK) 4Q 4Q Total Total

Net cash flow from operational activities -2 830 8 530 32 656 - 15 504

Net cash flow from investment activities -6 407 -12 597 -24 095 -90 936

Net cash flow from financial activities 14 119 -4 982 7 56 279

Net cash flow 4 882 -9 050 8 567 -50 161

Cash and cash equivalents beginning of period 51 569 56 934 47 883 98 044

Cash and cash equivalents end of period 56 451 47 883 56 451 47 883

● A new 30 MNOK loan agreement with Innovation Norway wasestablished in the 4Q.

The agreement includes also an 18-month period withoutinstalments on all existing long-term loans

The reduction in instalments in the period will be about 30 MNOK.

● Net investments for 2009 amounted to 24.1 whereof 10.4MNOK is capitalized R&D expenses in accordance with IFRS.

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Order backlog and inflow

382 373

305253 263

200 183 204205

281

198 189155

202

90

147 161 144

0

100

200

300

400

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

● Order backlog is reduced by 49 MNOK compared to the sametime last year. Compared to 3Q this year the order backlogincreased was approximately the same.

● A shift in order inflow was seen in December and so far in2010.

Order backlog and inflow per quarter (MNOK)

Order backlog

Order inflow

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Agenda

3Q 2009 Financial review

Background & highlights

Q & A

Outlook

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Outlook● Investment climate The market fundamentals of the aquaculture industry

remain favourable.

AKVA’s main customers experienced healthy earnings in 2009.

Still the company experienced significant negative impact in the market in 2009 based on the global financial and economic crisis.

● Future expectations Although negative impact from the financial crisis and a

weak global economy during 2008 and 2009, the underlying prospects for the aquaculture industry remain favourable.

The balance between supply and demand for Atlantic salmon, the product of AKVA group’s main customers, is expected to be favourable through 2010 and 2011. This indicating healthy prices.

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Outlook

● Market development A positive shift in order inflow was seen in December

and so far in 2010.

The market fundamentals are developing well

● High underlying demand in Norwegian salmon market

The Norwegian salmon industry is showing good profits at present and are positive for the outlook for the coming years.

The prospect mass towards the Norwegian industry is at the moment at the highest level recorded.

The prospect development is positive within all main product groups.

Most of the sales prospects are for planned deliveries in 2010.

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Outlook

● Other species / markets The growth towards other species than salmon

continue to expand according to strategic objectives.

The prospect mass for deliveries to other species than salmon continue increasing

The global financial has added uncertainty also to these markets, but there are signs that the uncertainty is now easing of.

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Future changes to reporting

● The announced restructuring plan is advancing according to plan, aiming at reduced operating expenses and improved cost flexibility.

● As a result of the restructuring implemented during 4Q 2009 the financial reporting will be adapted to the new organisation in future reporting.

● This implies that the division into the business areas INTECH and OPTECH will be ended. Further details of the new reporting format will be described in the 1Q 2010 report.

Awarenes to market cycles

Happy customers

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Agenda

3Q 2009 Financial review

Background & highlights

Q & A

Outlook

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AKVA group – global presence

All major industry players as customers

Norway

Iceland

Scotland Denmark

Turkey

Canada

Canada

Chile

Vietnam

AKVA office

AKVA representation Thailand

Malaysia

China

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AKVA group – brief historic summary

1980 1990 200019951985 2005

1974: World’s fist plastic cages (Polarcirkel) – today more than 40.000 units delivered1978: First Seafood industry software solution

1980: World’s first automatic feed systems 1984: Maritech: first seafood industry PC based ERP software system

1985: First Wavemaster steel cages1992: World’s first software system for fish farm planning

1995: First fish pellet sensing system1997: First Steel barges

2000: Polarcirkel – large cage designs introduced2001: Introduction of AkvaMaster feed barges

2002: Akvasmart – integrated control system (CCS)2004: Fishtalk–fist aquaculture integrated software system

2005: Wavemaster – introduction of 40 x40 steel cages2006: Akvasmart – integrated sensor system

2007: 10 new products launched at Aquanor show2008: UNI recirculation–“all in all out” concept

1980: First AKVA deliveries 1982: AKVA incorporated as company

1990s: International expansion through distributors and agents1995: First International investment (Canada)

1998: Open subsidiaries in Chile and Scotland2001: Aquasmart International AS (No)2001: Superior Systems AS (No)

2002: Vicass (Ca)2003: Feeding Systems AS (No,Ch)

2004: Cameratech AS (No)2006: Akva kompetanse AS (No)

2006: Wavemaster Group (UK, Ca, Ch) 2006: Helgeland Plast (No, Ch)

2006: IPO – company listed at Oslo Stock Exchange2007: Maritech International AS (No, Is, US, Ca, Ch)2007: UNI Aqua AS (Dk)

2008: Danaq Amba (Dk)2008: Open office in South East Asia (Thai)

2008: Idema Aqua AS (No, UK, Ch)

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