Austevoll Seafood Asa · OSL:AUSS
Austevoll Seafood Asa — Austevoll Seafood Asa Ord — Q1 2024 Earnings Presentation
44 slides from Austevoll Seafood Asa's earnings presentation, May 15, 2024
Slide 1: Q1 2024 financial presentation
Q1 2024 financial presentation Arne Møgster - CEO Britt Kathrine Drivenes - CFO
Slide 2: Highlights
Highlights (Amounts in NOK million) Note Q1 2024 Q1 2023 2023 The Board has recommended to the annual shareholders meeting Operating revenue and other income 8 373 8 002 33 774 in 2024 a dividend of NOK 4.50 per share. EBITDA (adj.) 7 1 660 1 627 5 269 (NOK 5.50 per share in 2023) EBIT (adj.) 7 1 16
Slide 3: Operation overview
Operation overview PERU CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP PELAGIC FISHING 7% of 18 8.6% of 4 4 350,000 - 450,000 Anchovy quota Fishing vessels Pelagic fishing Fishing vessels Fishing vessels MT of pelagic fish caught annually (26 vessels) Centre-north quota 5 3 25 1.6 – 2.0 Million MT of
Slide 4: Pelagic
Pelagic Austral Group S.A.A. FoodCorp Chile S.A. Pelagia Holding AS (associated)
Slide 5: Biomass and quota evolution
Biomass and quota evolution Peruvian anchoveta Summer cruise biomass and 1st season quota 14 60% 12 50% 10 Utilization of Biomass rate % 40% 8 Million MT 30% 6 20% 4 10% 2 0 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Quota (MILLIO
Slide 6: Operation in Peru
Operation in Peru Volume '000 MT Q1 2024 Q1 2023 2024E 2023 Austral Group S.A.A Own catch Anchoveta 14 35 304 108 Jack mackerel 1 9 10 18 Fishmeal/fish oil Mackerel 3 2 5 3 Purchase 1st season 2024 Anchoveta 2 10 92 52 • Centre/North Mackerel 0 3 3 3 o 2.47 million MT quota established vs. no quota
Slide 7: Operation in Chile
Operation in Chile Volume '000 MT Q1 2024 Q1 2023 2024E 2023 FoodCorp Chile S.A. Own catch: Mackerel and other species 46 44 110 79 Own catch: Purchase: Jack mackerel Sardine/anchovy 8 20 20 40 • Global quota for 2024 increasing 15% to 1,242 KMT and G. squid/mackerel/others - 2 - 1 819.72 KMT for Ch
Slide 8: North Atlantic pelagic quotas
North Atlantic pelagic quotas (2013-2024E) MT North Atlantic pelagic quota 2013 - 2024E ICES recommendation for 2024 5 000 000 4 500 000 • Increased quota for: o Blue whiting +13% 4 000 000 o North Sea herring +29% o Barents Sea capelin +216% 3 500 000 3 000 000 2 500 000 • Decrease in quota for o M
Slide 9: Pelagia Holding AS: Marine protein and oil
Pelagia Holding AS Marine protein and oil (MPO) Volume ('000 MT) Q1 2024 Q1 2023 2024E 2023 Raw material intake for FM/FPC/Oil 380 353 935 991 • Good production in Q1 2024 o Main season for blue whiting; giving good volume o Trimmings from herring and capelin o Salmon based raw material stable (prot
Slide 10: Pelagia Holding AS: Direct Human Consumption
Pelagia Holding AS Direct Human Consumption Volume ('000 MT) Q1 2024 Q1 2023 2024E 2023 Raw material intake 109 125 380 390 • Production in Q1 below expectations o NVG herring quota reduction(2024) resulting in lower Q1 production o Lower volume of Atlantic mackerel due to landing obligation in the
Slide 11: Pelagia Holding AS
Pelagia Holding AS (100% figures) * * (Amounts in NOK million) Q1 2024 Q1 2023 2023 Revenue and other income 2 960 3 043 13 001 EBITDA (adj) 272 386 1 721 EBIT (adj.) 168 289 1 303 EBIT (adj.) margin 6% 10 % 10 % Total assets 11 066 9 804 10 042 Net interest bearing debt 4 980 4 145 4 483 Raw materi
Slide 12: Salmon / Whitefish
Salmon / Whitefish Lerøy Seafood Group ASA
Slide 13: Lerøy Seafood Group ASA Q1 2024
Lerøy Seafood Group ASA Q1 2024 • Operational EBIT MNOK 842 (Q1/23: MNOK 989) o Lerøy Havfisk & LNWS operational EBIT MNOK 187(Q1/23: MNOK 229) Lerøy Aurora • Slaughtered volume salmon and trout 26,376 GWT (Q1/23: 28,602 GWT) • Spot prices up NOK 5/kg y-o-y • EBIT/kg all incl. (excl. EBIT Lerøy Havf
Slide 14: Lerøy Seafood Group: Salmon / trout farming volumes
Lerøy Seafood Group ASA Salmon / trout farming volumes 2019 2020 2021 2022 2023 2024E 2025 Target GWT GWT GWT GWT GWT GWT GWT Lerøy Aurora AS 32 800 35 000 44 000 ~40 100 ~43 100 ~47 000 ~50 000 Lerøy Midt AS 64 800 67 900 72 600 ~68 800 ~61 300 ~70 000 ~80 000 Lerøy Sjøtroll 60 600 68 000 70 000 ~6
Slide 15: Lerøy Seafood Group ASA – Wild catch
Lerøy Seafood Group ASA – Wild catch Q1 2024 Remaining Remaining Catch volumes wild catch Q1-24 Q1-23 Cod 6,7 8,0 quota 2024 6,3 quota 2023 11,7 • Good catch volumes but impacted by Saithe 7,1 5,7 9,8 11,4 lower quotas Haddock 5,0 7,3 1,1 3,3 Shrimps 1,4 - Other 4,0 4,3 • Historical high cod prices
Slide 16: Financials Q1 2024
) Austevoll Seafood ASA Financials Q1 2024
Slide 17: Catch, purchase and farming
Catch, purchase and farming (100% volumes) Figures in 1,000 tonnes Q1 2024 Q1 2023 2024E* 2023 Group companies: Norway (whitefish) 24 25 65 76 Norway (pelagic) 21 14 38 37 Chile own catch 47 43 110 79 Chile purchase 8 22 20 41 Peru own catch 12 47 319 129 Peru purchase 7 14 95 56 Total Group compani
Slide 18: Key financial figures Q1 2024
Key financial figures Q1 2024 (incl. 50% of Pelagia group) * Information related to APM, see note 7 under appendix 18
Slide 19: Key financial figures Q1 2024
Key financial figures Q1 2024 (Amounts in NOK million) Note Q1 2024 Q1 2023 Δ% Q1 2024 Q1 2023 Δ% Operating revenue and other income 8 373 8 002 5% 9 853 9 523 3% EBITDA (adj.) 7 1 660 1 627 2% 1 796 1 820 -1 % EBITDA(adj.) margin 20 % 20 % 18 % 19 % Depreciation 500 453 Incl. AUSS 50% proportional
Slide 20: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA (Amounts in NOK million) Q1 2024 Q1 2023 2023 Farming highlights o Seasonally low harvest volume in Q1 2024 Revenue and other income 7 108 6 975 30 906 o Impact cost per kg harvested EBITDA (adj) 1 234 1 337 4 831 o High spot prices, but price achievement impacted by EBIT (ad
Slide 21: Austral Group S.A.A.
Austral Group S.A.A. (Amounts in NOK million) Q1 2024 Q1 2023 2023 Raw material intake Revenue and other income 570 465 1 000 • 2nd season 2023 stopped mid-January 2024 EBITDA (adj) 115 50 -183 • Seasonal low activity EBIT (adj.) 57 -9 -418 EBIT (adj.) margin 10 % -42 % Sales Total assets 3 500 3 11
Slide 22: FoodCorp Chile S.A.
FoodCorp Chile S.A. (Amounts in NOK million) Q1 2024 Q1 2023 2023 Raw material intake • Good start of the horse mackerel season Revenue and other income 325 282 966 EBITDA (adj) 122 121 225 • Reduction of catches of sardine/anchovy compared to EBIT (adj.) 108 110 176 Q1 2023 EBIT (adj.) margin 33 %
Slide 23: Br. Birkeland Farming AS
Br. Birkeland Farming AS (Amounts in NOK million) Q1 2024 Q1 2023 2023 • Harvested volume (GWT) o Harvested volume up 32% y-o-y Revenue and other income 314 243 789 o Spot prices up NOK 5/kg y-o-y EBITDA (adj) 123 124 331 EBIT (adj.) 106 107 268 o High harvest weights, but price achievement impacted
Slide 24: Br. Birkeland AS
Br. Birkeland AS (Amounts in NOK million) Q1 2024 Q1 2023 2023 Pelagic Revenue and other income 155 90 357 o Good start of the year EBITDA (adj) 70 17 91 o The vessels have caught blue whiting and capelin EBIT (adj.) 54 2 28 EBIT (adj.) margin o Earlier start of the blue whiting season y-o-y o 100%
Slide 25: Statement of financial position
Statement of financial position (audited) (MNOK) 31.03.2024 31.03.2023 31.12.2023 Intangible assets 12 558 12 177 12 265 Tangible fixed assets 11 359 10 621 11 097 Right-of-use assets 3 037 3 205 3 043 Financial non-current assets 4 042 3 876 3 803 Total non-current assets 30 996 29 880 30 209 Biolo
Slide 26: Cash flow
Cash flow (MNOK) Q1 2024 Q1 2023 2023 The Board has recommended to the annual shareholders meeting in 2024 a Pre tax profit 1 085 1 568 2 845 dividend of NOK 4.50 per share. Biomass adjustment -62 -460 -77 Taxes paid -443 -103 -739 (NOK 5.50 per share in 2023) Depreciation and impairments 501 452 2
Slide 27: Outlook
Outlook
Slide 28: Fishmeal
Fishmeal Fishmeal production - week 16 (cumulative)1 Production • IFFO Fishmeal production decreased 16.7% y-o-y, Peru 25.2% down vs. 2023 Regions 2024 2023 Change % • High expectation for future Peruvian # production linked to good quota (2.47 million Chile 162,240 168,265 -3.6 % tonnes) and a good
Slide 29: Fishmeal
Fishmeal Main market – China • Stock in China at ports according JCI: o 268,550 MT2, +9% vs. same period 2023 o Off takes: 24,200 MT/week, +10% vs. same period 2023 • Current Chinese stock prices: o Quoted at RMB 16,300/MT equivalent super prime 68% USD 2,190/MT FOB Peru2 o Yuan exchange rate: 7.24
Slide 30: Fish oil
Fish oil Fish oil production - week 16 (cumulative)1 Production • IFFO Fish oil production decreased 26.3% Regions 2024 2023 Change % y-o-y, Peru 52.1% up vs. 2023 # • The onset of the new NC I-2024 season in Chile 52,277 80,463 -35.0 % Peru has indicated a rebound in yields. Peru 9,784 6,431 52.1 %
Slide 31: Atlantic salmon supply
Atlantic salmon supply (in tonnes WFE ) Figures as per 10.05.2024 - Source: Kontali 31
Slide 32: SPOT prices, fresh Atlantic salmon
SPOT prices, fresh Atlantic salmon cross-section, FCA Oslo (Superior quality) as of week 18-2024 32
Slide 33: Atlantic salmon consumption
Atlantic salmon consumption Q1 - 2024 Figures as per 10.05.2024 - Source: Kontali 33
Slide 34: Conclusion: Salmon / Whitefish
Conclusion Salmon / Whitefish Salmon • Positive start of 2024 after a challenging 2023 • Expect to see significant improvements from: • Roe and smolt quality • New farming technology • Process improvement/implementing Lerøy Way • Contracts share 2024 as of today around 25% • Increased demand for int
Slide 35: Conclusion: Pelagic South America
Conclusion Pelagic South America • 2nd season 2023 in Peru stopped mid-January 2024 o As normal seasonal low activity in Q1 2024 • 1st season 2024 in Peru started up 16 April o Quota set at 2,475,000 tonnes o Good start of the season • Good start of the horse mackerel season in Chile o 15% increase
Slide 36: Conclusion: Pelagic North Atlantic
Conclusion Pelagic North Atlantic (Pelagia Holding AS, an associated company) • Good production in Q1 2024 for the FEED segment o Main season for blue whiting; giving good volume • Production in Q1 2024 below expectations for the FOOD segment o NVG herring quota reduction (2024) resulting in lower Q
Slide 37: Slide 37
Slide 38: Disclaimer
Disclaimer • This Presentation has been produced by Austevoll Seafood ASA (the “Company” or • Should one or more of these risks or uncertainties materialise, or should underlying “Austevoll”) solely for use at the presentation to the market held in connection with the assumptions prove incorrect, ac
Slide 39: Appendix
Appendix
Slide 40: Income from joint ventures and associates
Income from joint ventures and associates Share of net All figures in MNOK profit Q1 2024 Q1 2023 2023 Norskott Havbruk AS a) 50 % 33 -17 -168 Pelagia Holding AS b) 50 % 13 75 388 Others 15 7 65 Income from JV and associates 62 66 285 Fair value adj. related to biological assets -4 8 -6 Income from
Slide 41: Associated companies: Pelagia Holding AS
Associated companies Pelagia Holding AS (100% figures) AUSS`s share = 50% (Amounts in NOK million) Q1 2024 Q1 2023 2023 Revenue and other income 2 960 3 043 13 001 EBITDA (adj) 272 386 1 721 EBIT (adj.) 168 289 1 303 EBIT (adj.) margin 6% 10 % 10 % Total assets 11 066 9 804 10 042 Net interest beari
Slide 42: Associated companies: Norskott Havbruk AS
Associated companies Norskott Havbruk AS (100% figures) LSG’s share = 50% (Amounts in NOK million) Q1 2024 Q1 2023 2023 • Improved biological status in all regions Revenue and other income 848 506 2 561 • Harvest volumes up 41% y-o-y with significant improvement in profitability EBITDA (adj) 187 57
Slide 43: Note 7 Alternative Performance Measures (APMs)
Note 7 Alternative Performance Measures (APMs) Austevoll Seafood Group’s financial statements are prepared in accordance with international standards for financial (audited) reporting (IFRS) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the (Am
Slide 44: Note 9 New Resource rent tax on Aquaculture
Note 9 New Resource rent tax on Aquaculture from 1 January 2023 On 31 May 2023, the Norwegian parliament approved an additional resource rent tax on aquaculture with a tax rate of 25%. The tax scheme applies to net profits from commercial sea-phase salmon aquaculture activity and is an additional la
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