Austevoll Seafood Asa · OSL:AUSS
Austevoll Seafood Asa — Q1 2009 Earnings Presentation
30 slides from Austevoll Seafood Asa's earnings presentation, 2009
Slide 1: Austevoll Seafood ASA Q1 2009
Austevoll Seafood ASA Q1 2009 Ole Rasmus Møgster Chairman 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 2009. • This document contains certain forward-looking statements relating t
Slide 3: Financial Highlights
Financial Highlights All figures in NOK 1.000 Q1 09 Q1 08 2008 Revenue 2 483 083 741 976 4 088 394 EBITDA 337 292 69 762 788 617 Total assets 15 546 478 8 905 857 15 984 653 Equity 5 558 128 4 191 318 5 619 768 Equity Ratio 36 % 47 % 35 % Net interest bearing debt (NIBD) -6 212 190 -2 714 061 -6 554
Slide 4: Agenda
Agenda • Overview of AUSS • Key figures Q1 • Market Outlook Austevoll Seafood ASA Q1 Presentation 2009 - 4
Slide 5: Company Overview
Company Overview North Austevoll Austevoll Seafood Seafood Peru Chile Atlantic (Group) (Group) Activities Activities 7% 7% ofof Anchovy Anchovy quota quota 9.1% 9.1% ofof pelagic pelagic fishing fishing 22 vessels* 600-700,000 600-700,000 tons tons of of Harvesting Harvesting vessels* centre-north c
Slide 6: Operation in Chile
Operation in Chile (FoodCorp S.A.) Chile Q1 09 Q1 08 2009E 2008 Ow n Catch 19 12 134 102 Purchase 37 31 77 73 Total ( ' 0 0 0 t o ns) 56 43 211 175 Mackerel Quota (000tons) 103 120 % of quota caught 16,9% 6,2% 100,0% 66,7% • FoodCorp S.A continued to show improvements in utilization of fish for huma
Slide 7: Operation in Peru
Operation in Peru Austral Group S.A.A. 9 9 fishmeal and fish-oil plants 9 2 cannery plants 9 2 frozen-fish plants 9 31 active vessels – 7% Quota ¾ Incl. 11 RSW-equipped vessels Austevoll Seafood ASA Q1 Presentation 2009 - 7
Slide 8: Fishing Overview Q1
Fishing Overview Q1 (Austral Group S.A.A.) Peru Q1 09 Q1 08 2009E 2008 Ow n Catch 15 35 469 462 Purchase 24 35 248 194 Total ('000 tons) 39 70 717 656 9 Estimated total quota (including south zone) for 2009: 6,350,000 MT. 9 Austral’s quota: 7% in the north-centre zone. 9 Well positioned to face the
Slide 9: Operation in North Atlantic Region
Operation in North Atlantic Region Austevoll Seafood ASA • Head office – Austevoll Consolidated companies • Lerøy Seafood Group ASA • Welcon AS • Epax AS • Atlantic Pelagic AS • Austevoll Fiskeindustri AS • Sir Fish AS • Modolv Sjøset AS • North Capelin Honningsvåg AS Associated companies • Br. Birk
Slide 10: Welcon AS
Welcon AS Norw ay Q1 09 2009E Q1 08 2008 Purchase 231 600 208 371 Total (tons) 231 600 208 371 100%of volume from Welcon Group • Increased competition for some of the resources, but still good margins. • Low unsold fishmeal stocks • Stable fishmeal prices and expected increased fish oil price for 2.
Slide 11: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA Production capacities – 105 licenses for salmon farming Global distribution network – Global distribution from Head Office in Bergen – Local distribution and processing in Norway, Sweden, France, Portugal and Turkey – Local representative offices in some key markets (France,
Slide 12: Lerøy Seafood Group ASA - Salmon/trout farming
Lerøy Seafood Group ASA - Salmon/trout farming Company Ownership Licences Mill. smolt 2007 2008 2009E share No individuals GWT GWT GWT Lerøy Midnor AS 100 % 30 9,5 29 200 29 100 35 000 Lerøy Aurora AS 100 % 17 5,0 17 100 17 200 20 500 Lerøy Fossen AS 100 % 7 4,2 9 100 6 500 10 000 Lerøy Hydrotech AS
Slide 13: Pelagic Production – North Atlantic
Pelagic Production – North Atlantic The group has strengthened its position in the pelagic seafood markets during 2008 • 1 sales company • 4 factories with good proximity to fishing grounds • 2008, ca 130,000 tons of pelagic fish. • 2009E 200,000 tons • 2 factories approved by MSC • 1 factory in las
Slide 14: EPAX AS
EPAX AS • Effect of increased capacity production of core products up 38% Q1 09 vs Q1 08. • Increased sales volumes compared to Q1/2008 • Increased sales volumes compared to Q4/2008 Total Sales volume Q1 08 Q1 09 Hi Concentrate Fish oils (Metric Ton) 301 505 Other fish oils (Metric tons) 598 1 279 A
Slide 15: Investments & Innovation
Investments & Innovation • Investments on production • Lipromega © Patent Granted in capacity and premises finalized China, US and EPO countries covers the composition of • Moved into new offices and Phospolipids >25% and DHA >30% production control areas • Production of Lipromega © running, focus v
Slide 16: Agenda
Agenda • Overview of AUSS • Key figures Q1 • Market Outlook Austevoll Seafood ASA Q1 Presentation 2009 - 16
Slide 17: Volume by products
Volume by products Catch and purchase Figures in 1.000 to ns Q1 09 Q1 08 2009 E 2008 Chile own catch 19 12 133 102 Chile purchase 37 31 77 73 Peru own catch 15 35 469 462 Peru purchase 24 35 248 194 Norway/UK purchase 231 * 208 600 * 371 TOTAL 326 321 1527 1202 Volumes sold Figures in 1.000 Q1 09 Q1
Slide 18: Result Q1 2009
Result Q1 2009 All figures in NOK 1.000 Q1 09 Q1 08 2008 Operating income 2.483.083 741.976 4.088.394 Operating expenses 2.145.791 672.214 3.299.777 EBITDA before fair value adj.biomass 337.292 69.762 788.617 Depreciation and amortisation 117.438 53.954 250.029 Impairment - - 59.997 EBIT before fair
Slide 19: Result Q1 2009
Result Q1 2009 All figures in NOK 1.000 Total AUSS Pelagic Salmon Farming Operating income 2.483.083 961.489 1.521.594 Operating expenses 2.145.791 816.090 1.329.701 EBITDA before fair value adj.biomass 337.292 145.399 191.893 Depreciation and amortisation 117.438 67.398 50.040 Impairment - - - EBIT
Slide 20: Q1 2009 EBITDA by Segments
Q1 2009 EBITDA by Segments NOK '000 40 % Operating revenue EBITDA EBITDA % 1 466 799 1 500 000 30 % 1 300 000 23 % 22 % 20 % 13 % 1 100 000 11% 10 % 900 000 719 543 2% 0% 700 000 -10 % 500 000 425 717 281 354 307 733 300 000 -20 % 166 307 55 343 61 021 32 471 32 764 100 000 -30 % -100 000 -40 % Fi s
Slide 21: Balance 31.03.2009
Balance 31.03.2009 All figures in NOK 1.000 31.03.2009 31.03.2008 31.12.2008 Intangible assets 5 868 905 1 582 909 5 842 802 Fixed assets 4 142 403 2 578 438 4 385 334 Financial assets 675 760 2 476 510 706 259 Inventories 2 563 838 689 418 2 554 543 Receivables 1 626 497 713 755 1 852 179 Bank bala
Slide 22: Cash Flow Statement
Cash Flow Statement All figures in NOK 1.000 Q1 2009 Q1 2008 2008 (audited) Net cash flow from operating activities 397 329 -62 654 413 783 Net cash flow from investing activities -46 035 -128 840 -1 448 194 Net cash flow from financing activities -325 754 15 412 637 037 Net change in cash and cash
Slide 23: Agenda
Agenda • Overview of AUSS • Key figures Q1 • Market Outlook *Friends of the Sea certified that Austral products ;Fishmeal, Fish Oil, Canned Fish and Frozen Fish - are sourced from sustainable species Austevoll Seafood ASA Q1 Presentation 2009 - 23
Slide 24: Fishmeal
Fishmeal • Prices remain on an upward trend. 9 Super Prime => USD 970/MT FOB Peru 9 FAQ 64-65% >USD 910/MT+ FOB Peru • 450,000MT fishmeal pre-sold in Peru. • ITQ regulation fully implemented; 9 Longer fishing period. 9 Improved quality • Market expected to remain firm in the coming months. Source: K
Slide 25: Fishmeal
Fishmeal Situation in China – Main Market • Low level of stocks in China 104,000MT ¾ Stock down 38% vs same period 08 ¾ Approx. 1 month consumption • Market sentiment remains bullish ¾ Aquaculture demand expected to follow seasonal increase ¾ Pig feed sector remains strong • FAQ 65% at approx. USD 1
Slide 26: Fish oil
Fish oil • Major discount vs. Rape Oil • Increase usage of fish oil in the fish feed industry • Omega 3 market growing despite financial crisis. • Increased demand from China in 2009 Source: Oilworld Austevoll Seafood ASA Q1 Presentation 2009 - 26
Slide 27: Human consumption market – Austral Group S.A.A.
Human consumption market – Austral Group S.A.A. Canned Fish: Sales by Species during Q1 09 43 % • Market remains firm • Stable prices • Domestic market remains solid • 40% domestic 14 % • 60% export 28 % 15 % • Majority of sales oriented to own BAYOVAR label. Jack Mackerel Tuna Mackerel Sardines Sou
Slide 28: Human consumption market – FoodCorp S.A.
Human consumption market – FoodCorp S.A. FoodCorp Frozen fish sales and prices Frozen fish '000 30 000 28 222 945,1 1000 • Average price 912,4 900 25 000 800 9 USD/MT Q1-09: 945 (Q1-08: 679) 700 20 000 18 956 574,4 537,8 17 295 • Total export from Chile 2009 600 USD/sales USD/Price 15 178 15 000 500
Slide 29: Omega-3 market – EPAX AS
Omega-3 market – EPAX AS • Customer resistance to keeping inventories 9 shorten delivery time • Growth in US (8%, Q1) • Stable in Europe • Expect stable production and sales next quarter • New EPAX customers presently launching products Austevoll Seafood ASA Q1 Presentation 2009 - 29
Slide 30: Thank you
Thank you