Slide 1: Austevoll Seafood ASA Q4 and Preliminary Figures 2010
Austevoll Seafood ASA Q4 and Preliminary Figures 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 fourth quarter results for 2010. • This document contains certain forward-looking statements relating
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 Q4 10 Q4 09 2010 2009 Revenue 3 503 761 3 201 071 12 744 751 11 324 609 EBITDA 753 743 555 666 2 540 827 1 921 695 Total assets 19 042 235 16 291 209 19 042 235 16 291 209 Equity 9 110 861 7 095 483 9 110 861 7 095 483 Equity Ratio 48 % 44 % 48 % 44 % Ne
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 - 30 vessels - 5 vessels (37 vessels) Salmon 130 salmon licenses 150.000~160.000 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 Preliminary Figures 2010 Presentation 2010 - 6
Slide 7: Operation in Chile
Fishmeal & Oil / Human Consumption Operation in Chile (FoodCorp S.A.) Chile Q4 10 Q4 09 2010 2009 2011 E Ow n Catch* 5 16 44 ** 90 28 Purchase - Anchoveta 8 4 61 80 65 Total ('000 tons) 12 20 105 170 93 Mack ere l Catch (000tons) 28 77 22 % of quota caught 29 % 75 % *Include M ackerel & ot her speci
Slide 8: Operation in Peru
Fishmeal & Oil / Human Consumption Operation in Peru (Austral Group S.A.A) Peru Q4 10 Q4 09 2010 2009 2011E Ow n Catch 29 142 221 427 416 Purchase 20 38 134 175 235 Total ('000 tons) 49 180 355 602 651 • 2nd season cut short due to unexpected high presence of juveniles (0.4m tons in 2010 & 0.4m tons
Slide 9: 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 • Austevoll Fisk Group Pelagic North Atlantic Associated companies • Br. Birkeland AS (40.2%) Pelagic North Atlantic & Sal
Slide 10: Norwegian pelagic quotas 1998~2011
Norwegian pelagic quotas 1998~2011 Austevoll Seafood ASA www.auss.no Preliminary Figures 2010 Presentation 2010 - 10
Slide 11: Welcon AS
Fishmeal & Oil Welcon AS Norw ay Q4 10 Q4 09 2010 2009 2011E Purchase 107 141 550 574 529 Total ('000 tons) 107 141 550 574 529 100%of Welcon Group • Lower production and sales vs Q4 2009. • Good production and sales throughout 2010 with all time high avg fishmeal prices. • Limited unsold stocks of
Slide 12: Pelagic
Pelagic North Atlantic Austevoll Fisk Group Integration with Norway Pelagic ASA Austevoll Seafood ASA www.auss.no Preliminary Figures 2010 Presentation 2010 - 12
Slide 13: Pelagic Production – North Atlantic
Pelagic North Atlantic Pelagic Production – North Atlantic Austevoll Fisk AS • Repricing of both mackerel and herring in Q4 due to good demand and less available raw material • Very successful mackerel season, increase in both volumes and margins, although mackerel profits this year divided between
Slide 14: Merger rationale and synergies
Merger rationale and synergies • On 31.01.2011, an integration agreement was reached between NPEL and AUSS. • Plan for merger with settlement in NPEL shares, will increase AUSS stake in NPEL from 33% to 43 %. • Due diligence process in February • General Meeting in the company planned end March. • T
Slide 15: Locations and activity
Locations and activity Honningsvåg Sommarøy Lødingen Bodø Mackerel landings in Norway 2010 Træna + 25% ownership Shetland Catch Ltd 35 % NPEL 58 % AF 7% Others Liavåg Måløy Selje Capelin landings in Norway 2010 Herring landings in Norway 2010 Kalvåg Florø 47 % 33 % 49 % 37 % NPEL NPEL Bergen AF Aust
Slide 16: Salmon
Salmon Lerøy Seafood Group ASA - Norway Austevoll Seafood ASA www.auss.no Preliminary Figures 2010 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. • 130 licenses for salmon farming in Norway. Global distribution network • Head Office in Bergen • National distribution and processing in Norway, Sweden, France, Portugal, and
Slide 18: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA Salmon/trout farming Company Ownership Licences Mill. smolt 2009 2010E 2011E share No individuals GWT GWT GWT Lerøy Midnor AS 100 % 30 9,5 35 000 34 000 36 500 Lerøy Aurora AS 100 % 17 5,0 19 300 20 300 20 500 Lerøy Hydrotech AS 100 % 24 7,0 21 500 25 200 24 000 Lerøy Vest AS
Slide 19: Financial
Financial Q4 2010 Preliminary Figures 2010 Austevoll Seafood ASA www.auss.no Preliminary Figures 2010 Presentation 2010 - 19
Slide 20: Volume by products
Volume by products Catch and purchase Figures in 1.000 tons Q4 10 Q4 09 2010 2009 2010 E 2011E Chile own catch 5 16 44 90 55 28 Chile purchase 8 4 61 80 61 65 Peru own catch 29 142 221 427 340 416 Peru purchase 20 38 134 175 196 235 Norway/UK purchase * 107 141 550 574 550 529 TOTAL 168 341 1.010 13
Slide 21: Result Q4 2010
Result Q4 2010 Fourth quarter All figures in NOK 1.000 2010 2009 2010 2009 Operating income 3.503.761 3.201.071 12.744.751 11.324.609 Operating expenses 2.750.018 2.645.405 10.203.924 9.402.914 EBITDA before fair value adj.biomass 753.743 555.666 2.540.827 1.921.695 Depreciation and amortisation 129
Slide 22: Q4 2010 EBITDA by Segments
Figures in 1.000 Q4 10 Q4 09 Q4 2010 EBITDA by Segments Fishmeal & Oil (tons) Frozen products (tons) 37,15 0,73 65,97 5,4 Canning (cases) 337,4 460,6 High & Low refined Omega-3 oils (tons) 0,14 0,36 Salmon (tons) 539,19 311,44 NOK '000 EBITDA Q4 2010 EBITDA Q4 2009 EBITDA % Q4 2010 EBITDA % Q4 2009
Slide 23: 2010 EBITDA by Segments
Figures in 1.000 2010 2009 2010 EBITDA by Segments Fishmeal & Oil (tons) Frozen products (tons) Canning (cases) 214,66 5,48 1534,71 314,98 33,5 2186,01 High & Low refine d Ome ga-3 oils (tons) 1,53 1,82 Salmon (tons) 116,81 108,50 NOK '000 EBITDA 2010 EBITDA 2009 EBITDA % 2010 EBITDA % 2009 2 000 00
Slide 24: Fishmeal and Fishoil
Fishmeal and Fishoil NOK '000 Operating revenue EBITDA EBITDA % 800.000 50 % 677.558 40 % 700.000 36 % 35 % 35 % 644.131 620.328 33 % 586.876 30 % 30 % 600.000 547.535 24 % 521.93321 % 21 % 19 % 20 % 495.442 500.000 448.82114 % 13 % 443.620 425.717 10 % 10 % 400.000 374.391 362.931 0% 300.000 -10 %
Slide 25: Human Consumption
Human Consumption NOK '000 Operating revenue EBITDA EBITDA % 350.000 60 % 329.894 50 % 300.000 289.994 46 % 281.354 40 % 250.000 240.668 30 % 27 % 185.792 24 % 208.984 22 % 204.123 204.105 20 % 196.563 198.168 196.598 200.000 17 % 13 % 14 % 13 % 12 % 170.025 10 % 9% 10 % 6% 150.000 0% 100.000 -10 %
Slide 26: Balance 31.12.2010
Balance 31.12.2010 All figures in NOK 1.000 31.12.2010 31.12.2009 Intangible assets 6.024.816 5.599.398 Fixed assets 3.864.944 3.871.050 Financial assets 1.068.856 669.809 Inventories 3.465.006 2.696.923 Receivables 1.808.059 1.830.413 Bank balance 2.810.554 1.623.616 Total Assets 19.042.235 16.291.
Slide 27: Cash Flow Statement
Cash Flow Statement All figures in NOK 1.000 Q4 2010 Q4 2009 2010 2009 Net cash flow from operating activities 486.655 353.423 2.112.276 1.679.107 Net cash flow from investing activities -65.027 -18.838 -587.092 180.600 Net cash flow from financing activities 1.062.064 -184.855 -338.246 -879.627 Net
Slide 28: Outlook
Outlook Austevoll Seafood ASA Austevoll Seafood ASA www.auss.no Preliminary Figures 2010 Presentation 2010 - 28
Slide 29: Fishmeal
Fishmeal • Fishmeal production was significantly low in 2010 as Peru registered the lowest landings in a decade. Supply of the main IFFO countries was down by 31,5% in 2010 vs. 2009. • Peruvian authorities stopped landings in a protective measure to safeguard small fishes. • Current available stock
Slide 30: Fishmeal
Fishmeal Situation in China – Main market • Stocks in China currently at 147,000 MT, on a down trend with limited arrivals. • Demand is very good from Chinese customers, to supply pig feed industry which is the largest fishmeal consumer at this time of the year. • Current price levels in China are v
Slide 31: Fish oil
Fish oil • World production of fishoil is estimated down 15 % in 2010. ü IFFO 6 down 20,7 % in 2010 • World Supply for 2010 is indicated at 109,000 tons lower than consumption. • Supply from Peru was sharply down during last fishing season with only 24,000 tons produced. • Most of fish oil was alrea
Slide 32: Austral Group S.A.A – Human consumption business
Austral Group S.A.A – Human consumption business. • Sales of Sardines and Tuna have strongly increased in 2010 in an effort to compensate the temporary lack of Jack Mackerel. ü Sales of Tuna are up by 122% supplying both domestic market and export with strong focus on Colombia. ü In 2010, Tuna repre
Slide 33: FoodCorp S.A frozen and canned fish sales and prices
FoodCorp S.A Frozen fish ' 000 Frozen fish sales and prices 35.000 • Chilean industry severely damaged by 2 0 0 0 28.222 28.641 1 8 0 0 30.000 earthquake. 24.780 1 6 0 0 USD/ Price per MT 25.000 1 4 0 0 18.956 1158 • Lack of fish, only 21% of mackerel quota USD/sales 20.000 17.295 1 2 0 0 15.178 865
Slide 34: Market development for Atlantic Salmon from Norway
Market development for Atlantic Salmon from Norway (ex Norway). Jan-Dec 2009 vs Jan-Dec 2010 Volum e 2009 Volum e 2010 Change Value 2009 Value 2010 Change (Volume in tons WFE, EU 591 671 615 472 4,0 % 16 611 654 20 632 613 24,2 % value in thousand NOK) Others 101 316 130 892 29,2 % 2 904 417 4 423 9
Slide 35: Summary
Summary ü Strong operational EBIT from the Salmon segment. ü Sales agreement for our Omega-3 operation – Epax concluded ü LSG concluded on the acquisition of 50.7% of the shares in Sjøtroll AS. ü Late start up of second season and reduced volumes directly affecting production and sales in Q4 2010 an
Slide 36: Thank you
Thank you This presentation is available via webcast on our website: www.auss.no Austevoll Seafood ASA- 36