Akva 2012: Revenues down, spirits up
Norwegian aquaculture services and equipment provider Akva posted losses of revenues and earnings in its 2012 annual report, but the company is expecting changes in the market and a new acquisition to make for a better 2013.
According to the report, the company's 2012 revenues were at NOK 831.5 million (USD 145.7 million, EUR 111.2 million), which is down from NOK 893.5 million (USD 156.6 million, EUR 119.5 million) recorded in 2011. Earnings before interest, dividends, taxes and acquisitions (EBITDA) were also down, from NOK 61.9 million (USD 10.8 million, EUR 8.3 million) in 2011 to NOK 57.8 million (USD 10.1 million, EUR 7.7 million) in 2012. The company's report blamed the decreases in part on dropping salmon prices and a known reduction of CAPEX spending by 30 percent compared to 2011.
Despite this, CEO Trond Williksen said he was encouraged by the company's performance in 2012.
“Our top line and operational performance was reduced, but significantly less than the reduction in investment volume in our markets, reflecting an improvement in our performance in the marketplace,” he said.
Williksen noted a reduction in volume coming out of the company's operations in Chile, but he still called the Chilean and North American operations “a significant contributor” to the company's 2012 performance.
Williksen also noted the company's recent acquisition of 70 percent of Plastsveis as part of Akva's ongoing efforts to develop land-based aquaculture.
“We strongly believe that land based aquaculture is a large market area that holds the potential to become a significant part of Akva’s business activities in the future,” he said.