Austevoll Seafood Asa · OSL:AUSS

Austevoll Seafood Asa — Q1 2014 Earnings Presentation

39 slides from Austevoll Seafood Asa's earnings presentation, May 2014

1. Slide 1: Q1 2014 Financial presentation

   Q1 2014 Financial presentation Arne Møgster – CEO Britt Kathrine Drivenes – CFO

2. Slide 2: Highlights Q1 2014

   Highlights Q1 2014 All figures in MNOK Q1 2014 Q1 2013 (restated) 2013 Q1 2014 (P)* Revenue 3 616 2 755 12 410 4 288 EBITDA 745 485 2 226 807 Total assets 19 701 19 164 21 224 21 355 Equity 10 704 9 917 10 699 10 756 Equity Ratio 54 % 52 % 50 % 50 % Net interest bearing debt (NIBD) 3 159 3 414 4 768

3. Slide 3: Company overview 2014

   Company overview 2014 PERU CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP Activities 7% of anchovy quota 9.1% of pelagic fishing 4 fishing vessels* 400,000-500,000 tonnes of pelagic fish annually centre-north quota Harvesting 21 fishing vessels 5 fishing vessels (28 vessels) 130 salmon licenses 180,00

4. Slide 4: Pelagic

   Pelagic Austral Group S.A.A FoodCorp S.A. Pelagia AS (Associated)

5. Slide 5: Operation in Peru (Austral Group S.A.A)

   Operation in Peru (Austral Group S.A.A) Q1 2014 Q1 2013 2014E 2013 Own catch - anchovies 19 24 354 314 Own catch - mackerel and jack mackerel 7 8 30 9 Purchase - anchovies 5 25 91 143 Purchase - Human Consumption 2 3 6 8 Total ('000 MT) 33 60 481 474 Centre / North • 1st season 2014 opened from 23rd

6. Slide 6: Anchovy biomass in Peru (IMARPE)

   6 Millons of Tonnes 10 11 12 13 0 1 2 3 4 5 6 7 8 9 Summer cruise 2003 • • Winter cruise 2003 www.auss.no Summer cruise 2004 Winter cruise 2004 Summer cruise 2005 Winter cruise 2005 Summer cruise 2006 Winter cruise 2006 Subject to Imarpe research Summer cruise 2007 Winter cruise 2007 Total catch 201

7. Slide 7: Operation in Chile (FoodCorp S.A.)

   Operation in Chile (FoodCorp S.A.) Chile (*) Q1 2014 Q1 2013 2014 E 2013 Own catch - Mackerel and other species 24 24 75 58 Purchase - Sardine/Anchovy 38 16 55 36 Purchase - Giant Squid 4 - 6 4 Total ('000) 66 40 136 98 Mackerel Own catch 20 24 49 40 % of quota catch 41 % 57 % 100 % 95 % (*) 100% Ma

8. Slide 8: North Atlantic pelagic quotas (2007-2014 est)

   North Atlantic pelagic quotas (2007-2014 est) 5 000 Source: NSSL/ICES 4 500 219 115 127 84 139 216 4 000 432 143 161 82 250 340 374 82 393 3 500 1 700 40 606 33 391 292 1 250 540 1 279 3 000 381 20 146 41 643 '000 tons (TAC) 390 700 360 435 2 500 209 171 423 - 160 200 164 65 - 380 320 510 2 000 275

9. Slide 9: Pelagia locations

   Pelagia locations Pelagia - Headquarters Pelagia – Human consumption factory Pelagia – Fishmeal and fish oil factory 9 www.auss.no Austevoll Seafood ASA

10. Slide 10: Operation North Atlantic (Pelagia AS)

    Operation North Atlantic (Pelagia AS) Pelagia AS • Transaction completed in January 2014. • Headquarter in Bergen. • Management structure established.  Focusing in:  Increasing productivity  Strategic locations.  Product development.  Improving utilisation of resources with an integrated struct

11. Slide 11: Pelagia - Fishmeal and fish oil

    Pelagia - Fishmeal and fish oil Norway, UK and Ireland Q1 2014 Q1 2013(P) 2014 E 2013(P) Raw Material for Fishmeal and fish oil 182 188 510 483 Raw Material for Protein Concentrate/oil 54 50 190 201 Total ('000 MT) 236 238 700 684 All volume based on 100% • Delayed start up of the Blue whiting seaso

12. Slide 12: Pelagia – Human Consumption

    Pelagia – Human Consumption Volume (‘000MT) Q1 2014 Q1 2013(P) 2014 2013(P) Raw material 123 186 480 492 intake • Intake volume for this quarter behind last year due to significantly lower quota of NVG herring and capelin • Strong demand for mackerel in Q1. Intake volume higher for mackerel for this

13. Slide 13: Pelagia AS (100%)

    Pelagia AS (100%) AUSS’s share = 50.00% NOKm Q1 2014* Q1 2013 (P)* YTD Q1 2014* 2013 (P)* Revenues 1 292 1 465 1 292 5 944 EBITDA 119 157 119 520 EBIT 80 115 80 348 Pre tax 76 93 76 242 Intake rawmaterial (100% all group companies) 359,0 423,1 359,0 1 176,2 Sales volume FM/Oil/FPC* 37,4 43,6 37,4 20

14. Slide 14: Br. Birkeland AS

    Br. Birkeland AS AUSS’s share = 49.99% • 2 pelagic purse seiners with maximum quotas in Norway • 7 salmon licenses in Norway (Hordaland) NOKm Q1 2014 Q1 2013 YTD 2014 2013 Revenues 87 79 87 429 EBITDA 25 26 25 154 EBIT before adj.biomass 16 17 16 118 EBIT -26 37 -26 182 Pre tax -31 16 -31 154 Balanc

15. Slide 15: Salmon

    Salmon Lerøy Seafood Group ASA

16. Slide 16: Lerøy Seafood Group ASA

    Lerøy Seafood Group ASA MNOK Q1 2014 Q1 2013 2013 Revenue 3 180 2 332 10 764 Other gains 0,6 - 53 EBITDA 639 444 1 938 EBIT 550 369 1 625 EBIT/kg (all inclusive) 16,50 11,10 11,20 Total Volume (GWT) 33 336 33 231 144 800 16 www.auss.no Austevoll Seafood ASA

17. Slide 17: Lerøy Seafood Group ASA salmon farming

    Lerøy Seafood Group ASA Salmon/trout farming Licences Smolt 2011 2012 2013 2014E cap. GWT GWT GWT GWT Lerøy Aurora AS* 17 7,5 18 100 20 000 24 200 28 000 Lerøy Midt AS 54 22,0 62 300 61 900 58 900 66 000 Lerøy Sjøtroll 59 22,6 56 200 71 600 61 700 69 000 Total Norway 130 52 136 600 153 400 144 800 1

18. Slide 18: Financials Q1 2014

    Financials Q1 2014

19. Slide 19: Volume by products

    Volume by products Q1 2014 Catch and purchase (100% volumes) Figures in 1,000 tonnes Q1 2014 Q1 2013* 2013* 2014E Group companies: Chile own catch 24 25 58 75 Chile purchase 42 16 40 61 Peru own catch 26 32 323 384 Peru purchase 7 29 151 96 Total Group companies 99 102 572 616 Joint ventures (Pelagi

20. Slide 20: Results Q1 2014

    Results Q1 2014 Proforma AUSS Proforma AUSS Q1 2013 All figures in NOK 1.000 Q1 2014 2013 incl. Pelagia incl. Pelagia Restated 50% Q1 14* 50% Q1 13* Operating income 3 616 231 2 754 660 12 409 756 4 288 033 3 487 177 Operating expenses 2 871 497 2 269 188 10 183 648 3 481 410 2 923 140 EBITDA before

21. Slide 21: Balance Q1 2014

    Balance Q1 2014 31.03.2013 All figures in NOK 1.000 31.03.2014 31.12.2013 (restated) Intangible assets 6 009 650 5 970 233 6 035 665 Fixed assets 3 967 629 3 921 846 4 095 855 Financial assets 1 968 163 706 098 1 145 026 Inventories 3 904 320 3 455 883 4 467 682 Receivables 1 966 402 1 682 830 2 290

22. Slide 22: Cash flow statement

    Cash flow statement Q1 2014 Q1 2013 All figures in NOK 1.000 Q1 2014 2013 (restated) Net cash flow from operating activities 779 333 491 156 1 361 625 Net cash flow from investing activities 1) 945 753 -200 031 -1 812 050 Net cash flow from financing activities 2) -1 236 751 -249 579 -315 559 Net ch

23. Slide 23: Fishmeal and fish oil

    Fishmeal and fish oil Q1 2014 1 400,0 Fishmeal and oil 30% 1 200,0 25% 1 000,0 20% MNOK 800,0 15% 600,0 10% 400,0 5% 200,0 - 0% Q1 2014 Q1 2013 2013 Income 342,6 216,0 1 261,9 EBITDA 93,9 15,4 319,0 EBITDA % 27% 7% 25% - Figures are only from our South America operations 23 www.auss.no Austevoll Sea

24. Slide 24: Human consumption

    Human consumption Q1 2014 HUMAN CONSUMPTION 550,0 80% 60% 350,0 40% MNOK 20% 150,0 0% -20% -50,0 -40% Q1 2014 Q1 2013 2013 Income 106,1 141,5 350,2 EBITDA 12,9 27,8 -36,1 EBITDA margin 12% 20% -10% - Figures are only from our South America operations 24 www.auss.no Austevoll Seafood ASA

25. Slide 25: Salmon

    Salmon Q1 2014 12 000 SALMON 30% 10 000 8 000 MNOK 6 000 20% 4 000 2 000 0 10% Q1 2014 Q1 2013 2013 Income 3 180,2 2 385,5 10 818,0 EBITDA 638,8 443,7 1 938,0 EBITDA % 20% 19% 18% 25 www.auss.no Austevoll Seafood ASA

26. Slide 26: Pelagia AS (50%)

    Pelagia AS (50%) Q1 2014 PELAGIC NORTH ATLANTIC 3 500 12% 3 000 10% 2 500 8% 2 000 MNOK 6% 1 500 4% 1 000 2% 500 0 0% Q1 2014 Q1 2013 2013 Income 671,8 732,5 2 972,2 EBITDA 61,9 78,5 259,9 EBITDA % 9% 11% 9% * Figures and volumes Q1 13 and full year 2013 are proforma figures for Pelagia Group as the

27. Slide 27: Market outlook

    Market outlook

28. Slide 28: Fishmeal

    Fishmeal Regions Week18 Week17 Same Week 2013 Cumulative Cumulative • Fishmeal production by IFFO 6 up 25% ytd vs 28.4.14 4.5.14 21.4.14 27.4.14 29.4.13 5.5.13 2014 2013 same period 2013. Chile* 11 240 17 188 5 745 168 350 123 158 • Peru quota 1st season at 2.53 mill MT. Peru 32 966 28 911 0 153 502

29. Slide 29: Fishmeal

    Fishmeal Main market – China • Stocks at high level: 253,675 tonnes as of May 07th vs. 121,210 same period 2013 (+109%), no more arrivals expected until mid June onwards.  Current stocks are to meet the consumption of May-July (aqua season).  Off takes starting to increase: 16-18,000 MT per week •

30. Slide 30: Fish oil

    Fish oil Weekly Fish oil production Regions Week18 Week17 Same Week 2013 Cumulative Cumulative • Fish oil production by IFFO 6 up 20% ytd vs 28.4.14 4.5.14 21.4.14 27.4.14 28.4.13 5.5.13 2014 2013 same period 2013. Chile* 4 107 6 064 1 448 78 353 41 042 • Low pre-sold volumes in front of the Peruvia

31. Slide 31: Pelagia AS

    Pelagia AS 3-500 g Mackerel 16,0 • 33 800 MT of mackerel sold in Q1 2014 14,0 (29,600MT in Q1 2013) 12,0 10,0 • Increase in prices last quarter 8,0 6,0 • Strong demand from the market in Q1. 4,0 2,0 0,0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2009 2010 2011 2012 2013 2014 FOB

32. Slide 32: FoodCorp / MarFood S.A.

    FoodCorp / MarFood S.A. Frozen fish • MarFood is focusing on frozen. • Amongst the leaders in the industry (2nd largest jack mackerel producer in Chile). • Average price Q1-2014: USD 1,301/MT (USD 1,236/MT in 2013) • Implementation of import quotas in Nigeria affecting the frozen fish market. ' 000

33. Slide 33: Atlantic salmon consumption Q1 2014

    Atlantic salmon consumption Q1 2014 Market Q1 2012 Q1 2013 Q1 2014 Grow th Change Russia 40400 37100 31900 -5200 -14,0 % EU 206600 202600 204000 1400 0,7 % USA 78400 92700 98600 5900 6,4 % Other Markets 111800 125300 133700 8400 6,7 % Japan 14700 11800 14100 2300 19,5 % Avrg Q1 2014 NOK 46,83 vs avr

34. Slide 34: Conclusion

    Conclusion Salmon • Strong performance from the salmon company • Limited growth in global salmon supply combined with strong demands, gives a strong outlook for the coming years Pelagic - South America • 1st season 2014 quota for fishery in Peru 2.53 mill MT up from 2.05 mill MT same season 2013 • R

35. Slide 35: Thank You

    Thank You

36. Slide 36: Disclaimer

    Disclaimer • This Presentation has been produced by Austevoll Seafood ASA (the • Should one or more of these risks or uncertainties materialise, or “Company” or “Austevoll”) solely for use at the presentation to the should underlying assumptions prove incorrect, actual results may vary market held i

37. Slide 37: Appendix

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38. Slide 38: Norskott Havbruk AS (100% figures)

    Norskott Havbruk AS (100% figures) LSG’s share = 50.0% High contract share Negative cost impact y-o-y: Higher feed costs Biological health status good Expected harvest in 2014 25 000 GWT NIBD end Q1 2014 NOK 237m * Before biomass adjustment EBIT*/kg 12,0 12 11 10 9,5 9,1 9 NOK 8 7,9 7 5,9 6 5 Q1 201

39. Slide 39: Villa Organic AS (100% figures)

    Villa Organic AS (100% figures) LSG’s share = 49.40% No contracts, high price realisation Positive development in biology Company will be split in June 2014 Lerøy share, 8 licenses will be operated by Aurora NIBD end Q1 2014 NOK – 2m (net cash) * Before biomass adjustment EBIT*/kg 20 17,0 15 13,8 12

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