i figures 2008 February 26 th 2009 Helge Singelstad Ivan Vindheim

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Reynold Goodman
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1 Lerøy Seafood Group Preliminary i financial i figures 2008 February 26 th 2009 Helge Singelstad CEO Ivan Vindheim CFO

2 Agenda 1. 1 Considerations 2. 2 Key financial i figures Q Lerøy at a glance 4. 4 Market glance

3 Turnover LSG NOK million

4 Internal considerations Q All figures in NOK mill Q4-08 Q4-07 Change Change Turnover % % EBITDA % % EBIT bef adj biom % % Operating profit % % Affiliated comp % % PTP bef adj biom % % Pre-tax profit % %

5 Internal considerations Q General Mandatory takeover process in Q4 Extraordinary costs Production Lower harvest volumes in Q4 than guided Previous biological issues Lerøy Austevoll 07gS1/S0 Pancreas Disease (PD) Cost is high Finished harvesting Q gS1/S0 No Pancreas Disease (PD) Start off harvesting Q Excellent performance High proportion of salmontrout in Lerøy Hydrotech AS

6 Internal considerations Q cont d Sales and distribution Very good quarter Good demand for seafood Seasonal peak Scale advantages Affiliated companies High production costs harvested fish in the Shetland Islands (Norskott/Scottish Sea Farms) Back on track in 2009

7 External considerations Q Demand and supply Prices down 8.6% in Q4 08 versus Q3 08 Prices in Q % higher than Q4 07 Prices % higher than comparable figures for 2007 Supply growth from Norway % (volume) Currently a strong market Estimated global supply significantly down in 2009 In spite of economic recession, good demand expected going forward Political issues / trade barriers For the time being, no material issues

8 Agenda 1. 1 Considerations 2. 2 Key financial figures Q Lerøy at a glance 4. 4 Market glance

9 Income Statement Q All figures in NOK 000 Q Q Salgsinntekter / Operating revenues Vareforbruk / Cost of goods sold Lønnskostnader /S Salaries and wages Andre driftskostnader / Other operating costs EBITDA Ordinære avskrivninger / Ordinary depreciation EBIT før verdijustering biomasse / EBIT before fair value adjustment biomass Verdijustering biomasse / Fair value adjustment biomass Driftsresultat / operating profit Inntekt fra tilknyttede selskaper / Income from affiliated companies Netto finansposter / Net financial items Resultat før skattekostnad og før just biomasse/profit before tax bef adj biom Resultat før skattekostnad / Profit before tax Beregnede skatter / Estimated taxation Periodens resultat / Profit for the period

10 Balance Sheet Q All figures in NOK Immaterielle eiendeler / Intangible assets Varige driftsmidler / Tangible fixed assets Finansielle anleggsmidler / Financial fixed assets Sum anleggsmidler / Total fixed assets Varer / Inventories Fordringer / Receivables Betalingsmidler / Cash and equivalents Sum omløpsmidler / Total current assets Sum eiendeler / Total assets

11 Balance Sheet Q All figures in NOK Innskutt egenkapital / Equity contributions Opptjent egenkapital / Earned equity Minoritetsinteresser / Minority interests Sum egenkapital / Total equity Avsetning for forpliktelser / Accrued liabilities Langsiktig gjeld / Long-term liabilities Kortsiktige kreditter / Short-term term loans Annen kortsiktig gjeld / Other short-term liabilities Sum gjeld / Total liabilities Sum egenkapital og gjeld / Total equity and liabilities

12 Cash Flow Statement Q All figures in NOK 000 Q Q Kontantstrøm fra drift / Cash flow from operating activities Resultat før skatt / Profit before tax Ordinære avskrivninger / Ordinary depreciation Endring kundefordringer / Change in accounts receivable Endring leverandører / Change in accounts payable Endring verdijustering biomasse / Change in value adjustment biomass Endring varelager / Change in inventories Resultat tilknyttede selskaper / Profit impact affiliated companies Betalt skatt og andre driftsposter / Taxes paid and other operating items Netto kontantstrøm fra drift / Net cash flows from operating activities Kontantstrøm fra investeringsaktiviteter / Cash flow from investing activities Netto investering i varige driftsmidler etc. / Net investment in fixed assets etc Netto investering i immaterielle eiendeler / Net investment in intangible fixed assets Netto utbetaling ved kjøp av aksjer etc. / Net payments for acquisitions of shares etc Netto utbetaling ved kjøp av konsernselskaper / Net acquisitions of group companies Endring langsiktige fordringer etc. / Change in long-term receivables etc Netto kontantstrøm fra investeringsaktiviteter / Net cash flow from investing activities Kontantstrøm fra finansieringsaktiviteter / Cash flow from financing activities Netto endring i kortsiktige kreditter / Net change in bank overdraft Endring langsiktig gjeld / Net change in long-term debt Netto innbetaling av egenkapital / Net equity contributions Utbetaling av utbytte / Dividend payments Netto kontantstrøm fra finansieringsaktiviteter / Net cash flow from financing activities Netto kontantstrøm for perioden / Net cash flows for the period Betalingsmidler ved periodens begynnelse / Cash and equivalents at beginning of period Betalingsmidler ved periodens slutt / Cash and equivalents at end of period

13 Key figures - Lerøy Seafood Group Q Nøkkeltall / Key figures Q Q Resultatmargin / Profit margin 1) 12,16 % 15,72 % 2,71 % 5,86 % Driftsmargin før just.biomasse./ Operating margin before adj.biomass. 5,89 % 4,13 % 5,57 % 6,16 % Driftsmargin / Operating margin 2) 14,60 % 15,98 % 497% 4,97 641% 6,41 Resultat per aksje før just.biomasse/ Earnings per share before adj.biomass 0,81 1,14 2,83 5,80 Resultat per aksje / Earnings per share 3) 2,77 3,53 2,33 5,75 Utvannet resultat per aksje / Diluted earnings per share 2,77 3,52 2,33 5,71 ROCE før just.biomasse (annualisert) / ROCE before adj.biomass (annualised) 721% 7,21 597% 5,97 638% 6,38 985% 9,85 ROCE (annualisert) / ROCE (annualised) 4) 17,16 % 19,20 % 5,51 % 9,44 % Egenkapitalandel / Equity ratio 48,37 % 50,34 % 48,37 % 50,34 % Netto rentebærende gjeld / Net interest bearing debt Kontantstrøm per aksje / Cash-flow per share 5) -0,12-0,98 3,91 2,03 Utvannet kontantstrøm per aksje / Diluted cash-flow per share -0,12-0,97 3,91 2,01 1) Resultatmargin = Resultat før skatt/salgsinntekter Profit margin = Profit before tax/revenues 2) Driftsmargin = Driftsresultat/salgsinntekter Operating margin = Operating profit/revenues 3) Resultat per aksje = Majoritetens andel resultat/gjennomsnittlig antall aksjer Earnings per share = Majority interests/average number of shares 4) ROCE = [Res. før skatt+nto fin.poster] / Gj.sn.[nto renteb. gjeld+sum egenkapital] ROCE = [Profit before tax+net financial items]/[net interest bearing debt+total equity] 5) Kontantstrøm fra drift Cash-flow from operations

14 Funding Sound debt repayment profile Bank loans and no balloons NOK million Instalments Covenants NIBD/EBITDA < 5 and Equity ratio > 30% YE and 48.3% respectively Satisfactory committed unused credit lines Lower capex going forward

15 Agenda 1. 1 Considerations 2. 2 Key financial figures Q Lerøy at a glance 4. Market glance 4

16 Lerøy Seafood Group - Global organization Scotland/Shetland Farming Dist. & Sales Spain, Portugal, France Dist. & Sales Norway Farming Dist. & Sales Sweden Dist. & Sales Turkey Dist. & Sales Japan Dist. & Sales North America Dist. & Sales China Dist. & Sales Chile

17 Lerøy Seafood Group ASA Sales & Distribution Production Affiliated Hallvard Lerøy AS 100% Lerøy Sverige AB 100% Nordvik SA 90% Portnor Lda 60% Lerøy Sjømatgruppen * * Division national distribution ** Salmon farming *** Distribution, processing, smokehouse Lerøy West 100% Lerøy Mid-Norway 100% Lerøy North 100% Lerøy Fossen AS 100% Lerøy Smøgen Seafood AB 100% Sigerfjord Aqua AS 95.55% 55% Bulandet Fiskeindustri AS 53.17% Norskott Havbruk AS** 50% Alfarm Alarko Lerøy*** 50% = Salmon farming, processing = Processing, smokehouse = Arctic char farming = Processing white fish

18 Lerøy Seafood Group 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, Japan, China and USA) 11.0% share of Norwegian Seafood tot exports value 17.3% of Norwegian salmon export 24.5% of Norwegian value added salmon export Total of 1,590 employees (inc share of affiliates) Sales and distribution 449 Production and farming 976 Affiliates 329

19 Lerøy Seafood Group Market strategy: Quality Branding Diversity in product range Diversity in customer base Market-oriented solutions Geographical spread Continuity in deliveries Cost efficiency

20 Lerøy Seafood Group - Sales per market Q4 08 Rest of Europe USA and Canada 7,0 % 52 5,2 % Others 1,7 % Norway 15,3 % EU 58,7 % Asia Pacific Asia Pacific 12,1 %

21 Lerøy Seafood Group - Sales per product Q4 08 Other/other species 5,7 % Pelagic fish 2,8 % Shellfish 5,7 % Salmontrout 8,3 % White fish 9,0 % Whole salmon 51,6 % Processed salmon 16,8 %

22 Farming Norway Lerøy Aurora AS Lerøy Aurora AS Sigerfjord Aqua AS Lerøy Midnor AS Lerøy Hydrotech AS Lerøy Fossen AS Lerøy Austevoll AS Lerøy Hydrotech AS Lerøy Midnor AS Sigerfjord Aqua AS Lerøy Fossen AS Lerøy Austevoll AS

23 Lerøy Seafood Group Salmon/trout farming Company Ownership Licences Mill. smolt E share No individuals GWT GWT GWT Lerøy Midnor AS 100 % 30 9, Lerøy Aurora AS 100 % 17 5, Lerøy Fossen AS 100 % , Lerøy Hydrotech AS 100 % 24 7, Lerøy Austevoll AS*) 100 % 27 10, Total Norway , Norskott Havbruk AS (UK) **) 50 % 6, Total 41, Consolidated, farming Affiliated, farming *) Acquisition 2007, consolidated from **) LSG s share

24 Key Figures Production Q Figures MNOK Lerøy Midnor Lerøy Hydrotech Lerøy Aurora Lerøy Fossen Lerøy Austevoll Others/ elimination Total Revenues 232,8 177,1 150,4 64,0 119,7 92,7 836,7 EBIT before biom.adj 46,6 1,8 22,6 3,0-17,6 6,5 62,9 EBIT 112,2 12,2 47,3 12,7 20,4 6,5 211,2 Volumes (gwtt) 8,4 7,0 5,6 1,6 5,2 N/A 27,9 EBIT/kg 5,54 0,26 4,04 1,82-3,40 N/A

25 Key Figures Production 2008 Figures MNOK Lerøy Midnor Lerøy Hydrotech Lerøy Aurora Lerøy Fossen Lerøy Austevoll Others/ elimination Total Revenues 823,3 619,7 451,9 252,6 401,9 322, ,1 EBIT before biom.adj 162,6 42,9 59,8 14,5-39,0 11,3 252,0 EBIT 149,5 27,5 28,2 26,3-27,2 11,3 215,7 Volumes (gwtt) 29,1 23,0 17,2 6,5 16,9 N/A 92,6 EBIT/kg 5,59 1,87 3,47 2,25-2,31 N/A

26 Key Figures Sales & Distribution Q Sales & Figures MNOK Distribution Elimination Total Revenues 1 827,5-135, ,0 EBIT before biom.adj 52,8 0,2 53,0 EBIT 52,8 0,2 53,0

27 Key Figures Sales & Distribution 2008 Figures MNOK Sales & Distribution Elimination Total Revenues 6 425,9-498, ,7 EBIT before biom.adj 127,9 0,7 128,6 EBIT 127,9 0,7 128,6

28 Norskott Havbruk LSG s share = 50% NOKm Q Q Revenues EBITDA EBIT bef adj biom EBIT Pre tax Volumes (gwtt) 6,6 5,8 22,8 23,8 EBIT/kg 15 1,5 09 0,9 25 2,5 59 5,9 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt 696,3 637 Total equity and debt Net interest bearing debt

29 Agenda 1. 1 Considerations 2. 2 Key financial figures Q Lerøy at a glance 4. Market glance 4

31 50 Fresh Atlantic Salmon Norway (4-5 kg) price development week week (FHL/NSL/NOS) NOK/kg Figures as per Source: FHL/NSL/NOS

32 Oslo Salmon export from Norway as of week Fresh Atlantic salmon, cross-section, FCA Oslo. NOK / kg Oslo 46,00 44,00 42,00 40,00 38,00 36,00 34,00 32,00 30,00 28,00 26,00 24,00 22,00 20,00 18,00 16,00 14,00 12,00 Avrg. Q NOK (+9.7%) Avrg. Q NOK Avrg NOK (+3.1%) Avrg NOK Q1-02 Q2-02 Q3-02 Q4-02 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Q4-04 Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q ,04 21,77 20,16 20,76 20,42 18,92 18,09 20,35 22,38 23,10 21,26 20,23 23,44 24,89 26,86 25,94 28,24 39,72 34,44 25,92 27,47 25,00 24,34 23,10 24,94 25,02 27,72 25,33 27,18 W 1-02 W W W W W W 9-03 W W W W W 7-04 W W W W W W W W W W W W W W W W W W W W W 8-08 W W W W W 6 09 Quarterly price Weekly price Figures as per Source: FHL/NSL/NOS

33 Market development for Atlantic Salmon from Norway Jan-Dec 2007 vs Jan-Dec 2008 Volume 2007 Volume 2008 Change Value 2007 Value 2008 Change EU ,0 % ,6 % Others ,6 % ,6 % Japan ,6 % ,3 % Russia ,5 % ,0 % USA ,6 % ,7 % In total ,7 % ,5 % (Volume in tons round weight, value in thousand NOK) Others is specified on the following slide Figures as per Source: NSEC

34 Market development for Atlantic Salmon from Norway Jan-Dec 2007 vs Jan-Dec 2008 Others: Others Volume 2007 Volume 2008 Change Value 2007 Value 2008 Change Ukraine ,2% ,9% Hongkong ,8 % ,4 % China ,7 % ,0 % Thailand ,8 % ,3 % South Korea ,4 % ,2 % Israel ,7 % ,0 % Taiwan ,4 % ,8 % Singapore ,5 % ,2 % Switzerland ,0 % ,0 % Turkey ,2 % ,2 % Vietnam ,1 % ,8 % Belarussia ,1 % ,9 % Australia ,2 % ,7 % Kazakhstan ,0 % ,2 % South Africa ,5 % ,2 % Other countries ,0% ,2% Total "Others" ,6 % ,6 % (Volume in tons round weight, value in thousand NOK) Figures as per Source: NSEC

35 Market development for Atlantic Salmon from Norway Jan 2008 vs Jan 2009 Volume 2008 Volume 2009 Change Value 2008 Value 2009 Change EU ,0 % ,0 % Others ,1 % ,1 % Japan ,8 % ,3 % Russia ,2 % ,8 % USA ,5 % ,8 % In total ,2 % ,5 % (Volume in tons round weight, value in thousand NOK) Others is specified on the following slide Figures as per Source: NSEC

36 Market development for Atlantic Salmon from Norway Jan 2008 vs Jan 2009 Others: "Others" Volume 2008 Volume 2009 Change Value 2008 Value 2009 Change Ukraine ,8 % ,0 % Hongkong ,2 % ,4 % China ,1 % ,9 % Thailand ,0 % ,4 % South Korea ,9 % ,4 % Israel ,7 % ,5 % Taiwan ,9 % ,0 % Singapore ,1 % ,0 % Switzerland ,9 % ,2 % Turkey ,8 % ,6 % Vietnam ,4 % ,1 % Belarussia ,7 % ,8 % Australia ,1 % ,8 % Kazakhstan ,0 % ,9 % South Africa ,9 % ,6 % Other countries ,0 % ,1 % Total "Others" ,1 % ,1 % (Volume in tons round weight, value in thousand NOK) Figures as per Source: NSEC

37 Atlantic salmon Supply in tons WFE Change Change Change Change Change Change Change E E 06-07E 2008 E 07E-08E 2009 E 08E-09E Norway ,5 % % % % ,9 % ,4 % ,7 % United Kingdom ,8 % % % % ,8 % ,1 % ,6 % Faroe Islands ,9 % % % % ,7 % ,1 % ,1 % Ireland ,5 % % % % ,3 % ,3 % ,7 % Iceland ,7 % % % % ,0 0 % ,0 0 % % 0,0 Total Europe ,6 % % % % ,4 % ,9 % ,5 % Chile ,7 % % % % ,3 % ,5 % ,0 % Canada ,9 % % % % ,8 % ,2 % ,8 % Australia % % % ,7 % ,0 % ,1 % USA ,4 % % % % ,6 % ,2 % ,8 % Others ,0 % % % % ,0 % ,0 % ,0 % Total America ,5 % ,4 % % % ,2 % ,5 % ,5 % Total World-wide ,2 % ,5 % ,6 % ,7 % ,0 % ,3 % ,5 % Chilean 2009 harvest figures are subject to significant uncertainty Figures as per Source: Kontali / Lerøy Seafood Group

38 Drivers Salmon per Norway total export volume of Atlantic Salmon (722,488 MT WFE) % Norway total export value of Atlantic Salmon (NOK18,054m) % Norway EU (volume Atlantic ti Salmon) (533,648 MT WFE) + 5.0% Norway EU (value Atlantic Salmon) (NOK13,262m) % Norway Russia (volume Atlantic Salmon) (63,211 MT WFE) % Sales of fish-feedfeed in Norway 08 (1,201, MT) +57% 5.7 MT = Metric Ton = 1 Ton Figures as per Sources: NSEC / Kontali / FHL

39 Going forward! Satisfactory financing Lower capex Operational improvements Good demand for seafood Improved profitability Continued consolidations Credit crunch

40 Thank you!

Lerøy Seafood Group. Quarterly report First quarter May 12th Helge Singelstad. Ivan Vindheim CEO CFO

Lerøy Seafood Group. Quarterly report First quarter May 12th Helge Singelstad. Ivan Vindheim CEO CFO Lerøy Seafood Group Quarterly report First quarter 2009 May 12th 2009 Helge Singelstad CEO Ivan Vindheim CFO Agenda 1. 1 Considerations 2. 2 Key financial figures Q1 2009 3. 3 Lerøy at a glance 4. 4 Market