Austevoll Seafood Asa · OSL:AUSS
Austevoll Seafood Asa — Austevoll Seafood Asa Ord — Q3 2024 Earnings Presentation
45 slides from Austevoll Seafood Asa's earnings presentation, Nov 14, 2024
Slide 1: Q3 2024 Financial presentation
Q3 2024 Financial presentation Arne Møgster - CEO Britt Kathrine Drivenes - CFO
Slide 2: Highlights
Highlights (Amounts in NOK million) Note Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 Operating revenue and other income 9,296 8,566 26,281 25,020 33,774 Gain from sale of shares 3 0 1,268 0 0 EBITDA (adj.) 7, a) 1,192 1,011 5,910 4,079 5,269 EBIT (adj.) 7, a) 686 513 4,400 2,655 3,360 EBIT (adj.) incl. i
Slide 3: Operation overview
Operation overview PERU CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP PELAGIC FISHING 7% of 18 8.6% of 4 2 350,000 - 450,000 Anchovy quota Fishing vessels Pelagic fishing Fishing vessels Fishing vessels MT of pelagic fish caught annually (24 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 2nd season
Biomass and quota evolution 2nd season Peruvian anchoveta 9.0 40% 8.0 35% 7.0 30% 6.0 25% 5.0 20% 4.0 15% 3.0 10% 2.0 5% 1.0 0.0 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Quota (MILLIONS MT) Biomass (MILLIONS of MT) Utilization Biomass rate (MILLIONS of MT) www.auss.no 5
Slide 6: Operation in Peru
Operation in Peru Volume '000 MT Q3 2024 Q3 2023 YTD 2024 YTD 2023 2024E 2023 Austral Group S.A.A. Own catch Anchoveta 1 7 183 43 334 108 Jackmackerel 7 6 8 17 8 18 Mackerel 0 1 3 3 3 3 Fishmeal/fish oil Purchase 2nd season 2024 Centre/North Anchoveta 5 5 76 22 108 52 o 2.5 million MT quota establis
Slide 7: Operation in Chile
Operation in Chile Q3 2024 Q3 2023 YTD 2024 YTD 2023 2024E 2023 Volume '000 MT FoodCorp Chile S.A. Own catch: Mackerel and other species 37 - 112 61 120 79 Own catch: Jack mackerel Purchase: • Global quota for 2024 increased 15% to 1,242 KMT and Sardine/anchovy 1 0 14 36 20 38 819.72 KMT for Chile o
Slide 8: North Atlantic pelagic quotas
North Atlantic pelagic quotas (2014-2025E) North Atlantic pelagic quota 2014 - 2025E 5,000,000 4,500,000 ICES recommendation for 2025 4,000,000 • Increased quota for: o NVG herring +3% 3,500,000 o Horse mackerel 75 KMT 3,000,000 • Decrease in quota for: 2,500,000 o Barents sea capelin -100% 2,000,00
Slide 9: Pelagia Holding AS – Marine protein and oil
Pelagia Holding AS Marine protein and oil (MPO) Volume ('000 MT) Q3 2024 Q3 2023 YTD 2024 YTD 2023 2024E 2023 Raw material intake for 177 191 792 819 950 991 FM/FPC/Oil • Seasonal low production in Q3 2024 o Main raw material input from trimmings o Salmon based raw material stable (protein concentra
Slide 10: Pelagia Holding AS – Direct Human Consumption
Pelagia Holding AS Direct Human Consumption Volume ('000 MT) Q3 2024 Q3 2023 YTD 2024 YTD 2023 2024E 2023 Raw material intake 120 84 242 227 370 390 • Seasonal good intake in Q3 o North Sea herring through the period o Mackerel from August with good catch in Norwegian waters • High activities in Q4
Slide 11: Pelagia Holding AS
Pelagia Holding AS (100% figures) * (Amounts in NOK million) Q3 2024 Q3 2023 YTD * 2024 YTD 2023 2023 Revenue and other income 4,199 3,236 10,072 8,794 13,001 EBITDA (adj) 515 565 1,110 1,282 1,725 EBIT (adj.) 410 468 794 990 1,307 EBIT (adj.) margin 10% 14% 8% 11% 10% Total assets 12,464 10,156 10,
Slide 12: Salmon / Whitefish
Salmon / Whitefish Lerøy Seafood Group ASA
Slide 13: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA Q3 2024 • Operational EBIT MNOK 412 (Q3/23: MNOK 631) o Lerøy Havfisk & LNWS operational EBIT MNOK -58 (Q3/23: MNOK -38) Lerøy Aurora • Slaughtered volume salmon and trout 51,367 GWT (Q3/23: 53,876 GWT) • Spot prices down NOK 7/kg y-o-y • EBIT/kg all incl. (excl. EBIT Lerøy H
Slide 14: Lerøy Seafood Group ASA – Farming volumes
Lerøy Seafood Group ASA Salmon / trout farming volumes 2019 2020 2021 2022 2023 2024E 2025 E GWT GWT GWT GWT GWT GWT GWT Lerøy Aurora AS 32 800 35 000 44 000 ~40 100 ~43 100 ~45 000 ~50 000 Lerøy Midt AS 64 800 67 900 72 600 ~68 800 ~61 300 ~67 000 ~75 000 Lerøy Sjøtroll 60 600 68 000 70 000 ~65 700
Slide 15: Lerøy Seafood Group ASA – Wild catch
Lerøy Seafood Group ASA – Wild catch Q3 2024 Remaining Remaining quota Catch volumes wild catch Q3-24 Q3-23 quota 2024 2023 • Significant quota reduction impacts: Cod 1,5 3,5 3,3 5,2 Saithe 2,9 4,5 5,7 6,9 o Catch volumes for the trawling fleet Haddock 0,1 0,2 0,5 3,0 o Raw material price and volume
Slide 16: Financials
) Austevoll Seafood ASA Financials
Slide 17: Catch, purchase and farming
Catch, purchase and farming (100% volumes) Figures in 1,000 tonnes Q3 2024 Q3 2023 YTD 2024 YTD 2023 2024E* 2023 Group companies: Norway (whitefish) 13 14 55 63 64 76 Norway (pelagic) 0 6 23 28 23 37 Chile own catch 37 0 112 61 120 79 Chile purchase 1 0 14 38 20 41 Peru own catch 8 13 194 63 344 129
Slide 18: Key financial figures Q3 2024
Key financial figures Q3 2024 Revenue and other income (MNOK) EBITDA adj.(MNOK) Increase Decrease Total Increase Decrease Total 14 000 2 000 1 800 12 000 904 17 1 481 25 11 399 1 600 389 37 10 185 - 89 1 450 10 000 1 400 1 294 -7 - 44 - 124 - 25 -4 8 000 1 200 1 000 - 190 6 000 800 4 000 600 400 2 0
Slide 19: Key financial figures Q3 2024
Key financial figures Q3 2024 (Amounts in NOK million) Note Q3 2024 Q3 2023 Δ% Q3 2024 Q3 2023 Δ% Operating revenue and other income 9,296 8,566 9% 11,396 10,185 12% Gain from sales of shares 3 0 3 - EBITDA (adj.) 7 1,192 1,011 18% 1,450 1,294 12% EBITDA(adj.) margin 13% 12% 13% 13% Depreciation 507
Slide 20: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA (Amounts in NOK million) Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 Farming highlights Revenue and other income 7,891 8,015 22,659 22,660 30,906 • Quarterly harvest volume down 5% y-o-y EBITDA (adj) 818 1,008 3,352 3,652 4,831 • Y-o-y improvement in biology. Low mortality but a E
Slide 21: Austral Group S.A.A.
Austral Group S.A.A. (Amounts in NOK million) Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 Raw material intake Revenue and other income 1,041 137 2,096 839 1,000 EBITDA (adj) 312 -77 719 -184 -183 • As normal low seasonal activity in Q3 EBIT (adj.) 254 -142 544 -374 -418 o 100% of the quota for 1st season
Slide 22: FoodCorp Chile S.A.
FoodCorp Chile S.A. (Amounts in NOK million) Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 Raw material intake Revenue and other income 275 258 866 878 966 • Own catch of 37,000 MT (Q3/23: 0 MT) EBITDA (adj) 73 36 270 294 225 o Remaining quota of 7,400 MT to be caught in EBIT (adj.) 59 22 228 258 176 Decem
Slide 23: Kobbevik og Furuholmen Oppdrett AS
Kobbevik og Furuholmen Oppdrett AS (Amounts in NOK million) Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 Harvest volume (GWT) • Harvest volume up vs. Q3/23 Revenue and other income 116 115 756 592 789 EBITDA (adj) 2 10 260 280 331 o Harvest from one site with challenging biology EBIT (adj.) -16 -11 209 22
Slide 24: Br. Birkeland AS
Br. Birkeland AS (Amounts in NOK million) Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 Pelagic Revenue and other income 2 95 225 243 357 • Br. Birkeland AS finalised the sale of its Pelagic Gain from sale of shares 3 0 1,855 0 0 activity by 28 June 2024 EBITDA (adj) -9 35 1,907 52 91 o The cash effect fro
Slide 25: Statement of financial position
Statement of financial position (audited) Currency rate: (MNOK) 30.09.2024 30.09.2023 31.12.2023 30.09.2024 USD/NOK 10,51 30.09.2023 USD/NOK 10,62 31.12.2023 USD/NOK 10,17 Intangible assets 11 667 12 265 12 265 Tangible fixed assets 11 536 10 866 11 097 Right-of-use assets 2 935 3 136 3 043 Financia
Slide 26: Cash flow
Cash flow (MNOK) Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 Br. Birkeland AS paid a dividend to its shareholders of MNOK 1,757 Pre tax profit 53 -399 3,784 2,025 2,845 Biomass adjustment 629 710 388 173 -77 • Of this MNOK 754 to AUSS (42.9%) Taxes paid -103 -139 -758 -390 -739 • Of this MNOK 1,003 to th
Slide 27: Outlook
Outlook
Slide 28: Fishmeal
Fishmeal 1 Fishmeal production - week 41 (cumulative) Production • IFFO Fishmeal production increased 36.7% y-o-y, Regions 2024 2023 Change % driven by Peru’s 228% recovery from 2023 • The production outlook remains positive, with Chile # Peru’s NC 2024-2 quota set at 2.51 million MT— 265,810 269,44
Slide 29: Fishmeal – Main market China
Fishmeal Main market – China • Stock in China at ports: o 353,920 MT1 +161% vs. same period 2023 o Off takes: 3,800 MT/day +3% vs. same period 2023 • Current Chinese stock prices: o Quoted at RMB 12,900/MT equivalent SP 68% USD 1,750/MT FOB Peru1 o Yuan exchange rate: 7.12 RMB/USD • China imported o
Slide 30: Fish oil
Fish oil Fish oil production - week 41 (cumulative)1 Production • IFFO Fish Oil production increased 1.5% Regions 2024 2023 Change % y-o-y, Peru 882% up vs. 2023 • Anchovy fat content recovered in the last # Chile 104,377 140,207 -25.6 % NC season, with an average yield of 4%— Peru 96,515 9,831 881.
Slide 31: Atlantic salmon supply
Atlantic salmon supply (in tonnes WFE ) Figures as per 31.10.2024 - Source: Kontali 31
Slide 32: SPOT prices, fresh Atlantic salmon
SPOT prices, fresh Atlantic salmon cross-section, FCA Oslo (superior quality) as of week 43-2024 32
Slide 33: Atlantic salmon consumption
Atlantic salmon consumption YTD 2024 Figures as per 31.10.2024 - Source: Kontali 33
Slide 34: Conclusion – Salmon / Whitefish
Conclusion Salmon / Whitefish Salmon • Biological development in 2024 is promising for 2025 • Expect to see significant improvements from: o Roe, genetics and smolt quality o New farming technology o Process improvement/implementing Lerøy Way • Contracts share for salmon in 2024 currently around 30%
Slide 35: Conclusion – Pelagic South America
Conclusion Pelagic South America • As normal low activity in Q3/2024 o Austral caught its quota for 1st season 2024 by end June • 2nd fishing season 2024 started 1 November o Quota set at 2.5 million tonnes vs 1.6 million tonnes same season 2023 • Good catches of horse mackerel in Q3 and YTD 2024 in
Slide 36: Conclusion – Pelagic North Atlantic
Conclusion Pelagic North Atlantic (Pelagia Holding AS, an associated company) • The important season for production of Human consumption products (FOOD) started in Q3 o Main season for mackerel and herring • As normal seasonal lower production in Q3 2024 for the FEED segment • ICES recommendation fo
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: Key financial figures YTD Q3 2024
Key financial figures YTD Q3 2024 Revenue and other income (MNOK) Operational EBITDA*(MNOK) Increase Decrease Total Increase Decrease Total 8 000 35 000 1 837 639 32 586 1 855 1 257 164 7 000 6 464 30 000 29 417 - 715 - 86 -1 - 12 - 582 6 000 25 000 903 5 000 4 720 - 24 - 20 20 000 4 000 - 300 15 00
Slide 41: Key financial figures YTD 2024
Key financial figures YTD 2024 (Amounts in NOK million) Note YTD 2024 YTD 2023 Δ% YTD 2024 YTD 2023 Δ% Operating revenue and other income 26,281 25,020 5% 31,317 29,417 6% Gain from sales of shares 1,268 0 1,268 - EBITDA (adj.) 7 5,910 4,079 45% 6,464 4,720 37% EBITDA(adj.) margin 22% 16% 21% 16% De
Slide 42: Note 5 Income from joint ventures and associates
Note 5 Income from joint ventures and associates Share of net All figures in MNOK profit Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 Norskott Havbruk AS a) 50% -16 -55 78 -150 -168 Pelagia Holding AS b) 50% 117 135 189 275 388 Others 17 10 53 51 65 Income from JV and associates 117 89 320 176 285 Fair va
Slide 43: Associated companies – Norskott Havbruk AS
Associated companies Norskott Havbruk AS (100% figures) LSG’s share = 50% (Amounts in NOK million) Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023 • Significant increase in harvest volume with good harvest weights in the quarter Revenue and other income 1,176 867 3,438 2,065 2,561 EBITDA (adj) 145 -76 617 -1
Slide 44: 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 Income statement (unaudited) reporting (IFRS) and interpretations established by the International Accounting Standards Board (IASB) and
Slide 45: Note 9 New Resource rent tax on Aquaculture from 1 January 2023
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
Austevoll Seafood Asa Ord — Q3 2024 Earnings Presentation on 6ix