Slide 1: Austevoll Seafood ASA Q1 2010
Austevoll Seafood ASA Q1 2010 Arne Møgster CEO Britt Kathrine Drivenes CFO
Slide 2: Disclaimer
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 quarter results for 2010. • This document contains certain forward-looking statements relating t
Slide 3: 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 4: Financial highlights
Financial highlights All figures in NOK 1.000 Q1 10 Q1 09 30.12.2009 Revenue 2,745,538 2,483,083 11,324,609 EBITDA 431,000 337,292 1,921,695 EBITDA % 16% 14% 17% Total assets 16,790,356 15,546,478 16,291,209 Equity 7,618,713 5,558,128 7,095,483 Equity Ratio 45% 36% 44% Net interest bearing debt (NIB
Slide 5: Company overview
Company overview North Austevoll Seafood Peru Chile (Group) Atlantic Activities 7% of Anchovy quota 9.1% of pelagic fishing 2 vessels* 600-700,000 tons of Harvesting quota centre-north pelagic fish capacity - 37 vessels - 5 vessels (44 vessels) Salmon 105 salmon licenses 120.000~130.000 tons Operati
Slide 6: Overview of AUSS
Overview of AUSS Fishing Operation Sales Offices Sales Region Main Operation Region Austevoll Seafood ASA www.auss.no Q1 Presentation 2010 - 6
Slide 7: Operation in Chile
Fishmeal & Oil / Human Consumption Operation in Chile (FoodCorp S.A.) Chile Q1 10 Q1 09 2010 E 2009 Ow n Catch* 17 19 108 90 Purchase 15 37 76 80 Total ( ' 0 0 0 t o ns) 32 56 184 170 Mackerel Quota (000tons) 96 103 % of quota caught 100 % 75 % *Includes M ackerel & other species • Own catch 7,000 M
Slide 8: Earthquake and Tsunami
Earthquake and Tsunami • Magnitude of 8,8 in the Richter scale. • The fifth strongest earthquake in the history of the world. • Earthquake was strongly perceived from 5th to 8th Region, 800 Km long. • 3 Regions were affected seriously by the tsunami. • Most of the fishing companies were somehow dama
Slide 9: Operation in Peru
Fishmeal & Oil / Human Consumption Operation in Peru (Austral Group S.A.A) Peru Q1 10 Q1 09 2010 E 2009 Own Catch 11 15 347 427 Purchase 40 24 235 175 Total ('000) 51 39 582 602 • Partial recovery of global catch levels in South (+37% vs 2009) and increase in Austral share of unload (23% in 2010 vs
Slide 10: Operation in North Atlantic Region
Operation in North Atlantic Region Austevoll Seafood ASA • Head office – Austevoll Consolidated companies • Lerøy Seafood Group ASA Salmon/ Trout • Welcon Group Fishmeal and Oil • Epax Group Human Consumption • Austevoll Fisk Group Pelagic North Atlantic Associated companies • Br. Birkeland AS (40.2
Slide 11: Welcon AS
Fishmeal & Oil Welcon AS Norw ay Q1 10 2010E Q1 09 2009 Purchase 259 568 231 574 Total (tons) 259 568 231 574 100%of Welcon Group • Still limited unsold stocks • Good production the first quarter • All time high prices of fishmeal in Europe • Expecting oil prices to firm up 2H • Norwegian consumptio
Slide 12: Human Consumption
Human Consumption Epax AS – Norway Austevoll Seafood ASA www.auss.no Q1 Presentation 2010 - 12
Slide 13: Epax AS
Human Consumption Epax AS • Strong sales development. • Sales of refined EPAX products up 37% in Q1/10 compared to Q1/09. Sales up by 16% from Q4/09. • EPAX customers continue a strong growth as well as increased market share are main drivers. • Full ISO 14001 certification – fully integrated value
Slide 14: Pelagic
Pelagic North Atlantic Austevoll Fisk Group Austevoll Seafood ASA www.auss.no Q1 Presentation 2010 - 14
Slide 15: Pelagic Production – North Atlantic
Pelagic North Atlantic Pelagic Production – North Atlantic • High quota on herring and capelin secured seasonal high activity in Q1 2010. • Successful production of female capelin and capelin roe, but stronger competition from Iceland. • Stock unsold on an acceptable level. • Major part of herring u
Slide 16: Salmon
Salmon Lerøy Seafood Group ASA - Norway Austevoll Seafood ASA www.auss.no Q1 Presentation 2010 - 16
Slide 17: Lerøy Seafood Group ASA
Salmon / Trout Lerøy Seafood Group ASA (www.leroy.no) Production capacities • Second largest salmon producer in the world. • 105 licenses for salmon farming in Norway. Global distribution network • Global distribution from Head Office in Bergen • Local distribution and processing in Norway, Sweden,
Slide 18: Lerøy Seafood Group ASA
Salmon / Trout Lerøy Seafood Group ASA Salmon/trout farming Company Ownership Volume Volume Share Rest Share share 2010E YTD Q1 % 2010E % Lerøy Midnor AS 100 % 36 500 7 400 20 % 29 100 80 % Lerøy Aurora AS 100 % 20 500 3 100 15 % 17 400 85 % Lerøy Hydrotech AS 100 % 24 000 4 600 19 % 19 400 81 % Ler
Slide 19: Financial Q1 2010
Financial Q1 2010 Austevoll Seafood ASA www.auss.no Q1 Presentation 2010 - 19
Slide 20: Volume by products
Volume by products Catch and purchase Figures in 1.000 tons Q1 10 Q1 09 2010 E 2009 Chile own catch 17 19 108 90 Chile purchase 15 37 76 80 Peru own catch 11 15 347 427 Peru purchase 40 24 235 175 Norway/UK purchase * 259 231 568 574 TOTAL 343 326 1334 1346 Volumes sold Figures in 1.000 Q1 10 Q1 09
Slide 21: Result Q1 2010
Result Q1 2010 All figures in NOK 1.000 Q1 10 Q1 09 2009 Operating income 2,745,538 2,483,083 11,324,609 Operating expenses 2,314,538 2,145,791 9,402,914 EBITDA before fair value adj.biomass 431,000 337,292 1,921,695 Depreciation and amortisation 122,152 117,438 465,535 Impairment - - 13,667 EBIT be
Slide 22: Q1 2010 EBITDA by Segments
Q1 2010 EBITDA by Segments NOK '000 Operating revenue EBITDA EBITDA % 2 000 000 1 873 091 60 % Figures in 1.000 Q1 10 Q1 09 1 800 000 Fishmeal & Oil (tons) 46 63 50 % Frozen products (tons) 1 8 Canning (cases) 436 622 1 600 000 High & Low refined Omega-3 oils (tons) 0,420 0,567 Salmon (tons) 22,5 22
Slide 23: Fishmeal and Fishoil
Fishmeal and Fishoil NOK '000 Operating revenue EBITDA EBITDA % 700,000 50 % 644,131 620,328 40 % 600,000 36 % 35 % 547,535 33 % 521,933 30 % 495,442 500,000 24 % 448,821 21 % 443,620 21 % 20 % 425,717 19 % 14 % 13 % 400,000 362,931 10 % 300,000 0% -10 % 200,000 -20 % 100,000 -30 % - -40 % Volume So
Slide 24: Human Consumption
Human Consumption NOK '000 Operating revenue EBITDA EBITDA % 350,000 30 % 329,894 27 % 24 % 22 % 289,994 300,000 281,354 20 % 17 % 13 % 14 % 13 % 250,000 240,668 10 % 9% 6% 204,123 198,168 196,563 200,000 185,792 0% 170,025 150,000 -10 % 100,000 -20 % 50,000 -30 % - -40 % Volume Sold: Q1 08 Q2 08 Q3
Slide 25: Balance 31.03.2010
Balance 31.03.2010 All figures in NOK 1.000 31.03.2010 31.03.2009 31.12.2009 Intangible assets 5.645.974 5.868.905 5.599.398 Fixed assets 3.892.808 4.142.403 3.871.050 Financial assets 719.893 675.760 669.809 Inventories 3.113.557 2.563.838 2.696.923 Receivables 1.673.089 1.626.497 1.830.413 Bank ba
Slide 26: Cash Flow Statement
Cash Flow Statement All figures in NOK 1.000 Q1 2010 Q1 2009 2009 (audited) Net cash flow from operating activities 418.313 397.329 1.679.107 Net cash flow from investing activities -54.857 -46.035 180.600 Net cash flow from financing activities -242.037 -325.754 -879.627 Net change in cash and cash
Slide 27: Outlook
Outlook Austevoll Seafood ASA Austevoll Seafood ASA www.auss.no Q1 Presentation 2010 - 27
Slide 28: Fishmeal
Fishmeal Fishmeal Production of 10 IFFO Members (mt) Estimated Country 2009 2010 Change • Prices remain at high level due to reduced 2010/2009 production worldwide. Chile 641,556 535305 -16.6% Super Prime => USD 1800-1850/MT FOB Peru 1,346,882 1129606 -16.1% Peru Denmark/ Norway 310,232 275000 -11
Slide 29: Fishmeal
Fishmeal Situation in China – Main market • China fishmeal stocks increasing back to last year level. Stocks at 150 000 mt YTD Significant share of future production secured in Peru by all Chinese traders. Lower consumption Q1 2010 vs Q1 2009 Consumption from aqua feed sector Source: IFFO du
Slide 30: Fishoil
Fishoil • Firm market and increased prices • Global demand expected to be good for the 2H • Production is expected to be reduced Source: Kontali • IFFO 10 down 21% in 2010 Fishoil production by IFFO 10 • Omega 3 remains on an upward 800000 trend with increased supply 700000 diverted from aqua sector
Slide 31: Austral Group S.A.A
Austral Group S.A.A • Sales of our BAYOVAR label keep on increasing representing 34% of all sales during Q1. • A second label PORTOLA is distributed in Peru focusing on Peruvian Sardines. Sales represents 4% of all canned fish sales during Q1 and keep on increasing. • Domestic market is now gatherin
Slide 32: FoodCorp S.A
FoodCorp S.A ' 000 Frozen fish sales and prices Frozen fish 35,000 2000 • Chilean industry severely damaged by 28,222 1800 30,000 28,641 earthquake. USD/sales 24,780 1600 25,000 USD/ Price per MT Projected 40% less national 18,956 1179 1400 20,000 production for year 2010 15,178 17,295 1200 865 10
Slide 33: Epax Group outlook
Epax Group outlook • New customers with firm contracts of defined volumes as well as new product launches during 2010 gives confidence for overall results • New Generic Omega 3 drugs and new OTC products will contribute to increased consumer awareness – important driver for the supplement business.
Slide 34: Market development for Atlantic Salmon from Norway
Market development for Atlantic Salmon from Norway (ex Norway). Jan-Mar 2009 vs Jan-Mar 2010 Volume 2009 Volume 2010 Change Value 2009 Value 2010 Change (Volume in tons WFE, value in EU 128 461 141 582 10,2 % 3 447 221 4 236 415 22,9 % thousand NOK) Others 19 857 30 710 54,7 % 537 206 936 582 74,3 %
Slide 35: Summary
Summary Difficult first quarter for Human Consumption segment, due to low catches in Peru and Chile. Strong improvement in operational EBIT from the Salmon and Fishmeal segment. FoodCorp production facilities up and running in Q2. Shipment of Peruvian fishmeal in Q2 may be delayed by the lat
Slide 36: Thank you
Thank you This presentation is available via webcast on our website: www.auss.no Austevoll Seafood ASA Q1 Presentation 2009 - 36