Slide 1: Austevoll Seafood ASA 1st Quarter 2008
AUSTEVOLL SEAFOOD ASA 1st Quarter 2008 26.05.2008 Arne Møgster - CEO Britt Drivenes - CFO Disclaimer • This Presentation has been produced by Austevoll Seafood ASA (the “Company” or “Austevoll”) solely for use at the presentation to the market held in connection with the announcement of First quarte
Slide 2: Agenda; Company Overview
Agenda • Overview of AUSS • Key figures Q1 • Market Outlook Austevoll Seafood ASA Q1 Presentation - 3 Company Overview Austevoll Austevoll Seafood Seafood Peru Chile Norway (Group) (Group) Activities Activities 15.794m33 of 15.794m of anchovy anchovy hold 9.1% -- 22 vessels vessels (2 (2 licenses) l
Slide 3: Operation in Chile
Operation in Chile FOODCORP S.A. • Head office – Santiago Fishing • 5 modern purseiner vessels Production • 2 fishmeal and oil plants • 2 canning plants • 1 freezing plant CHILEFOOD S.A. • Sales and marketing company for Angelmo products Austevoll Seafood ASA Q1 Presentation - 5 Operation in Chile Q
Slide 4: Project overview; Operation in Peru
Project overview FINISHED PROJECTS 1. Increased freezing blast tunnel capacity These two new tunnels started operations in April 2008. Increasing our freezing capacity from 344 to 504 tons per day. 2. Spiral IQF freezing system: § Started in mid-March, is performing as expected, freezing 4 ton/hour
Slide 5: Operation in Peru; Operation in Norway
Operation in Peru Q1 overview Total Peru operation: • 38 fishing vessels with total licensed hold capacity of; – 15,794 m3 of anchovy (7.18% real capacity) – 5,474 m3 license capacity for human consumption. • Catching / Purchase in Q1: • Own catch: 35,400 tons (Q1 07: 23,600 tons) • Purchase: 34,000
Slide 6: Associated companies; Welcon AS
Associated companies Lerø Lerøy Seafood Group ASA (33.34%) Bergen • 2nd largest salmon company in the world Br. Birkeland AS (40.2%) Austevoll • 2 modern purseiner vessels • 7 salmon farm licenses Modolv Sjø Sjøset AS (49%) Træ Træna • Strategically located near herring fishing ground • Production c
Slide 7: Epax AS
Epax AS Omega-3 Leadership through Purity | Quality | Innovation • Specialist in indication specific Omega-3 marine lipids • Worlds largest producer of Concentrated Omega-3 Triglycerides • QA systems according to Good Manufacturing Practice (GMP) and approved by Norwegian Medicinal Agency for produc
Slide 8: Epax – G3
Epax – G3 ü EPAX G3 is a new and patented product with a series of physiological actions in the human body directed to serious medical indications ü Improved bioavailability - Enhances effect of Omega-3 and DHA in particular. G3 ü Third animal study in final stage, measuring various physiological ef
Slide 9: G3 animal model conclusions and indications
Conclusions from experiments with G3 in animal model of metabolic syndrome • Reduced weight gain • Improved insulin sensitivity • Reduced serum triglycerides – better blood circulation • Reduced liver triglycerides – reduce liver related illnesses. • Well tolerated • No adverse effects (lab. data) A
Slide 10: Volume by products
Agenda • Overview of AUSS • Key figures Q1 • Market Outlook Austevoll Seafood ASA Q1 Presentation - 19 Volume by products Catch and purchase Figures in 1.000 tons Q1 08 2008E Q1 % of 2008E Q1 07 Q1 07 % of 2007 2007 Chile own catch 12 149 8% 36 26 % 139 Chile purchase 31 59 52 % 26 44 % 59 Peru own
Slide 11: Result Q1 2008; Balance 31.03.2008
Result Q1 2008 Condensed Condolidated Income Statement All figures in NOK 1.000 Q1 08 Q1 07 2007 O perating income 741 976 847 982 3 468 957 Operating expenses 672 214 711 453 2 985 546 O perating profit before depreciation (EBITDA) 69 762 136 529 483 411 Depreciation and amortisation 53 954 50 230
Slide 12: Cash Flow Statement; EBITDA by Segments
Cash Flow Statement Condensed Condolidated Cash flow statement All figures in NOK 1.000 Q1 08 Q1 07 2007 Net cash flow from operating activities -62 654 -403 925 277 166 Net cash flow from investing activities -128 840 -1 097 972 -2 195 459 Net cash flow from financing activities 15 412 1 512 011 1
Slide 13: Fishmeal
Agenda • Overview of AUSS • Key figures Q1 • Market Outlook Austevoll Seafood ASA Q1 Presentation - 25 Fishmeal Market situation: Ø Prices are recovering. Production in South America was reduced during Q1 while demand soared, especially from China, where lower catches reduced domestic output. Ø Peru
Slide 14: Fishmeal
Fishmeal Ø Fishmeal ‘s usage in aquaculture is growing steadily. Ø Fishmeal consumption benefits from the solid growth of several species including shrimps and salmonids and pangasius (Vietnam). Ø Feed consumption has been increasing over the last 10 years supported by the constant growth of harvest
Slide 15: Fishoil
Fishoil Market Situation: Ø Prices remain at record level pushed by short supply and strong demand for Omega3 usage. Ø Premium paid for 18/12 and high DHA oils have reached USD 500 -700/MT over salmon feed grades, with prices remaining at Source: Kontali USD 2200 - 2500/MT FOB Peru. Ø Un-precedent i
Slide 16: Human consumption market - Austral
Human consumption market - Austral CANNED FISH Canned fish sales during Q1 2008 • Prices of all canned fish products have increased million $20,0 substantially and to unprecedented levels during Q1 due to fishing situation in Chile and overall $9,4 increase of cost, especially oils. $7,4 $10,0 $2,1
Slide 17: Hi-concentrate Omega-3: Epax Q1 overview
Hi-concentrate Omega-3 Epax Q1 overview • Positive synergies towards Austevoll Seafood ASA, utilized raw material access • Promising in Germany and working on exiting prospects to be launched this year • Established Nordic market, steady business • Short term Margin pressure due to high prices on cr
Slide 18: Thank you
Hi-concentrate Omega-3 Epax well positioned in the Omega-3 market • EPAX vertical integration well received in the market, starts to pay off specially in US • Alzheimer study on DHA has lead to a “sold out” situation for EPAX1050, growth of 16% compared to Q1-07 • EPAX awarded as “Supplier of The Ye