Austevoll Seafood ASA · OSL:AUSS
Austevoll Seafood ASA — Q4 2012 Earnings Presentation
40 slides from Austevoll Seafood ASA's earnings presentation, February 2013
Slide 1: Q4 Financial presentation
Q4 Financial presentation Arne Møgster – CEO Britt K. Drivenes - CFO
Slide 2: Austevoll Seafood ASA
Austevoll Seafood ASA As a globally integrated pelagic fishery and seafood specialist, Austevoll Seafood ASA (AUSS) operates through subsidiaries and associated companies, fishing vessels with licensed quotas in three of the world’s most important fishery countries - Norway, Chile and Peru. Committe
Slide 3: Highlights Q4 2012
Highlights Q4 2012 All figures in NOK 1.000 Q4 12 Q4 11 2012 2011 Revenue 2 884 234 2 610 032 11 828 227 12 161 571 EBITDA 243 575 238 737 1 303 344 2 045 773 Total assets 18 957 553 18 574 485 18 957 553 18 574 485 Equity 9 420 662 9 199 608 9 420 662 9 199 608 Equity Ratio 50 % 50 % 50 % 50 % Net
Slide 4: Company overview
Company overview PERU CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP Activities 7% of Anchovy quota 9.1% of pelagic fishing 2 fishing vessels* 500-600,000 tons of pelagic fish centre-north quota Harvesting - 21 fishing vessels - 5 fishing vessels (28 vessels) 130 salmon licenses 150,000~160,00 tons of
Slide 5: Austral Group S.A.A, FoodCorp S.A., Welcon AS
Austral Group S.A.A FoodCorp S.A. Welcon AS
Slide 6: Operation in Peru (Austral Group S.A.A)
Operation in Peru (Austral Group S.A.A) Peru Q4 2012 Q4 2011 2012 2011 2013E Own catch - anchovies 27 160 241 466 312 Own catch - mackerel and jack mackerel - 3 26 64 30 Purchase - anchovies 11 57 113 221 116 Purchase - human consumption 2 8 11 15 15 Total ('000 tons) 40 228 391 766 473 • 2nd season
Slide 7: Renewal of agreement in Chile
Renewal of agreement in Chile Year 2013 Jack mackerel Sardine & anchovy (est) Fish(ton) % Quota Fish (own) % Quota Coastal (Purchase) Alimar 26 800 13 27 250 12 95 500 FoodCorp 19 210 9 7 450 3 51 000 MarFood 46 010 22 34 700 15 146 500 Total fish (ton) into Marfood 227 210 • Jack mackerel global qu
Slide 8: Fishing law in Chile
Fishing law in Chile (Published 09/02/2013) • New fishing law that establishes a management system based on environmental and sustainable principles effective from 9th Feb 2013. Fishing licenses are valid for 25 years, renewable (as before: permanent right) Establishes individual transferable qu
Slide 9: Operation in Chile (FoodCorp S.A.)
Operation in Chile (FoodCorp S.A.) Chile Q4 12* Q4 11** 2012* 2011 ** 2013E Ow n catch (mackerel & other species) 19 6 73 27 81 Purchase -mackerel - - - 9 - Purchase - sardin/anchovy 15 6 111 51 147 Total ('000 tons) 33 12 184 87 228 Mackerel Ow n catch 1 1 44 20 46 % of quota caught 100 % 100 % (*)
Slide 10: Norwegian pelagic quotas 2003~2013
Norwegian pelagic quotas 2003~2013 Source: NSSL/ICES 2 000 1 800 104 94 - 31 - 49 29 86 27 186 77 1 600 -- 17 - 51 - 82 234 6- 273 1 400 221 430 94 545 94 958 735 206 1 200 110 44 835 640 55 270 '000 ton 80 1 000 306 20 140 23 118 800 1 002 200 905 925 600 578 781 564 587 497 433 470 375 400 123 200
Slide 11: Welcon AS
Welcon AS Norway/UK/Ireland Q4 12 Q4 11 2012 2011 2013E Welcon 116 88 427 424 425 Hordafor/Rossyew 69 58 167 160 176 Total ('000 tons) 185 146 594 584 601 All volume based on 100%. • Improved FM/FO production in the quarter vs same period in 2011 • Increasing prices during the quarter • Very strong
Slide 12: Pelagic North Atlantic
Pelagic North Atlantic Norway Pelagic ASA
Slide 13: Pelagic production – North Atlantic
Pelagic production – North Atlantic Norway Pelagic ASA • EBITDA Q4 2012 of MNOK 76.1 compared to MNOK 111.3 Q4 2011. EBITDA 2012 of MNOK 78.8 compared to MNOK 168.2 in 2011. • Stable supply of raw material of herring, 108,000 MT Q4 2012 compared to 109,000 MT Q4 2011. Increase in raw material supply
Slide 14: Salmon
Salmon Lerøy Seafood Group ASA
Slide 15: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA Production capacities • Second largest salmon producer in the world. • 130 licenses for salmon farming in Norway. Global distribution network • Head office in Bergen • National distribution and processing in Norway, Sweden, Finland, France, Portugal, and Turkey • Branch offic
Slide 16: Lerøy Seafood Group ASA – salmon/trout farming
Lerøy Seafood Group ASA Salmon/trout farming Company Ownership Licences Mill. smolt 2010 2011 2012 2013E share No individuals GWT GWT GWT GWT Lerøy Midnor AS 100 % 30 9,5 34 000 35 900 34 400 36 000 Lerøy Aurora AS 100 % 17 7,5 20 300 18 100 20 000 22 000 Lerøy Hydrotech AS 100 % 24 7,0 25 200 26 40
Slide 17: Financials Q4 2012
Financials Q4 2012
Slide 18: Volume by products
Volume by products Q4 2012 Catch and purchase Figures in 1.000 tons Q4 12 * Q4 11 2012* 2011 2013E* Chile own catch 19 6 72 27 81 Chile purchase 12 6 107 60 147 Peru own catch 27 163 268 530 342 Peru purchase 13 64 124 236 131 Norway/UK purchase 184 88 594 424 601 TOTAL 254 327 1 165 1 275 1 302 Vol
Slide 19: Results Q4 2012
Results Q4 2012 All figures in NOK 1.000 Q4 12 Q4 11 2012 2011 Operating income 2 884 234 2 610 032 11 828 227 12 161 571 Operating expenses 2 640 659 2 371 295 10 524 883 10 115 798 EBITDA before fair value adj.biomass 243 575 238 737 1 303 344 2 045 773 Depreciation and amortisation 138 607 131 42
Slide 20: Fishmeal and oil
Fishmeal and oil Q4 2012 2 400 30 % Fishmeal and oil 2 000 1 600 20 % 1 200 800 10 % 400 - 0% Q4 12 Q4 11 2012 2011 Income 381 252 2 141 1 820 EBITDA 43 50 503 464 EBITDA % 11 % 20 % 23 % 25 % Volume (’000 tons) 38 34 240 226 20 www.auss.no Austevoll Seafood ASA
Slide 21: Human consumption
Human consumption Q4 2012 Human Consumption 800 15 % 600 5% MNOK 400 200 -5 % - -200 -15 % Q4 2012 Q4 2011 2012 2011 Income 93 140 608 671 EBITDA -11 -11 31 73 EBITDA margin -12 % -8 % 5% 11 % Frozen (’000 tons) 0.8 3 20 18 Canning (’000 cases) 485 787 2423 3018 21 www.auss.no Austevoll Seafood ASA
Slide 22: Salmon
Salmon Q4 2012 10 000 20 % 8 000 6 000 10 % 4 000 2 000 - 0% Q4 12 Q4 11 2012 2011 Income 2 411 2 250 9 103 9 177 EBITDA 210 192 775 1 485 EBITDA % 9% 9% 9% 16 % Volume (’000 tons) 41 40 153 137 22 www.auss.no Austevoll Seafood ASA
Slide 23: Balance
Balance Q4 2012 All figures in NOK 1.000 31.12.2012 31.12.2011 Intangible assets 6 163 567 6 082 817 Fixed assets 4 145 619 3 980 271 Financial assets 1 246 457 1 252 273 Inventories 3 478 083 3 284 724 Receivables 1 743 198 1 591 462 Bank balance 2 180 629 2 382 938 Total assets 18 957 553 18 574 4
Slide 24: Cash flow statement
Cash flow statement Q4 2012 All figures in NOK 1.000 Q4 2012 Q4 2011 2012 2011 (audited) Net cash flow from operating activities 173 796 101 063 914 342 1 031 654 Net cash flow from investing activities -154 139 -261 377 -761 849 -679 238 Net cash flow from financing activities 32 330 214 476 -354 8
Slide 25: Market outlook
Market outlook
Slide 26: Fishmeal
Fishmeal Weekly Fish meal production Week52 Week51 Same Week 2011 Cumulative Cumulative • 2012 Fishmeal production by IFFO Regions 24/12/12 30/12/12 17/12/12 23/12/12 26/12/11 1/1/12 2012 2011 6 down 40% vs 2011 Chile* 2,743 3,960 2,386 441,046 486,377 Peru 3,029 18,220 45,309 818,126 1,642,028 • Ma
Slide 27: Fishmeal
Fishmeal Main market – China • Imported fishmeal up 10% in 2012 to 1.37 mill MT • Stock still very low at 121,000 MT (160,000 in 2012) • Aqua season in South China to start in April Source: IFFO/ JCI • New import regulation – restriction on quality allowing only higher quality fishmeal from South Am
Slide 28: Fish oil
Fish oil Weekly Fish oil production Regions Week52 Week51 Same Week 2011 Cumulative Cumulative • Peruvian 2012 production from second 24/12/12 30/12/12 17/12/12 23/12/12 26/12/11 1/1/12 2012 2011 season was 81% below same season Chile* 1,690 2,024 1,408 116,866 121,321 2011 Peru 254 1,809 10,385 171
Slide 29: FoodCorp S.A. frozen and canned fish sales and prices
FoodCorp S.A. Frozen fish sales and prices - (Year 2012: 100% MarFood) ' 000 Frozen fish 35 000 2 0 0 0 31 021 • Merged companies have focused into 30 000 28 222 28 641 1 8 0 0 USD/ Price per MT frozen. USD/sales 24 780 1363 1 6 0 0 25 000 1376 22 759 1 4 0 0 • MarFood amongst the leaders in the 20
Slide 30: Atlantic salmon consumption Q4 2012
Atlantic salmon consumption Q4 2012 Consumption Q4 2010 (tons) Q4 2011 (tons) Change 2011 Q4 2012 (tons) Change 2012 EU 216 864 239 568 10 % 260 667 9% Others 93 819 117 281 25 % 143 114 22 % Russia 34 088 48 185 41 % 54 286 13 % USA 64 588 79 618 23 % 85 817 8% Japan 10 474 16 711 60 % 15 172 -9 %
Slide 31: Conclusion
Conclusion • Strong prices for fishmeal and oil in Q4. • 2nd season quota for fishery in Peru, substantially lower vs same season 2011. 2013 limited stock carried forward from 2012 compared with 2011. • Stable market until next Peru quota announcement March/April 2013. • Limited or negative growth
Slide 32: Thank You
Thank You
Slide 33: Disclaimer
Disclaimer • This Presentation has been produced by Austevoll Seafood ASA (the • Should one or more of these risks or uncertainties materialise, or “Company” or “Austevoll”) solely for use at the presentation to the should underlying assumptions prove incorrect, actual results may vary market held i
Slide 34: Appendix
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Slide 35: Fishmeal and fish oil
Fishmeal and fish oil Q4 2012 NOK '000 Operating revenue EBITDA EBITDA % 800 000 747 120 40 % 35 % 712 199 33 % 34 % 700 000 677 558 30 % 29 % 30 % 29 % 593 802 600 000 21 % 586 876 20 % 20 % 20 % 19 % 18 % 501 976 454 083 11 % 500 000 10 % 10 % 443 620 374 391 380 589 400 000 362 931 0% 318 455 300
Slide 36: Human consumption
Human consumption Q4 2012 NOK '000 Operating revenue EBITDA EBITDA % 282 500 46 % 248 948 22 % 25 % 21 % 232 500 13 % 12 % 14 % 14 % 9% 10 % 204 105 3% 204 123 198 168 196 598 208 984 -8 % -12 % 182 200 179 452 -12 % 182 500 169 047 -25 % 140 343 137 229 128 049 132 500 -75 % 93 439 82 500 -125 % 32
Slide 37: Salmon
Salmon Q4 2012 NOK '000 Operating revenue EBITDA EBITDA % 3 000 000 30 % 2 573 862 23 % 23 % 21 % 21 % 19 % 20 % 2 500 000 2 250 605 2 410 552 17 % 16 % 2 396 883 2 305 879 2 264 465 2 304 256 2 222 633 2 183 911 2 176 253 2 225 129 12 % 2 163 877 10 % 9% 10 % 9% 9% 2 000 000 1 873 091 7% 0% 1 500 0
Slide 38: Norway Pelagic ASA (100% figures)
Norway Pelagic ASA (100% figures) AUSS’s share = 43.3% NOKm Q4 2012 Q4 2011 YTD Q4 2012 2011 Revenues 1 285 1 667 3 593 4 241 EBITDA 76 112 79 188 EBIT bef adj biom 54 87 15 127 EBIT 54 87 15 127 Pre tax 70 75 -16 90 Balance sheet 31.12.2012 31.12.2011 Intangible assets 322 320 Tangible fixed assets
Slide 39: Norskott Havbruk AS (100% figures)
Norskott Havbruk AS (100% figures) LSG’s share = 50.0% NOKm Q4 2012 Q4 2011 YTD Q4 2012 2011 Revenues 236 248 937 797 EBITDA 27 6 108 175 EBIT bef adj biom 15 -7 55 124 EBIT 18 -23 48 34 Pre tax 15 -25 35 28 Volumes (gwt) 6,7 7,5 27,1 21,9 EBIT/kg 2,2 -0,9 2,0 5,7 Balance sheet 31.12.2012 31.12.2011
Slide 40: Br. Birkeland AS (100% figures)
Br. Birkeland AS (100% figures) AUSS’s share = 49.99% NOKm Q4 2012 Q4 2011 YTD Q4 2012 2011 Revenues 122 126 363 419 EBITDA 29 41 68 137 EBIT before adj.biomass 20 33 35 104 EBIT 56 41 68 60 Pre tax 52 38 53 45 Balance sheet 31.12.2012 31.12.2011 Intangible assets 135 142 Tangible fixed assets 313 2