RS Platou Markets. Seafood conference. 10th June 2010

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1 RS Platou Markets Seafood conference 10th June 2010

2 Agenda Introduction to Cermaq Highlights Q and outlook full year Chile Recovery 2

3 Overview of Cermaq One of the global leaders in the aquaculture industry - Main focus on sustainable farming and production of feed to salmon and trout EWOS is the world s second largest producer of salmonid feed market share of app. 33% - Sales 2009: tons from six feed plants Mainstream is one of the world s largest salmon farming companies - Sales 2009: tons (gwe) from approx. 100 sites Operations in Norway, Chile, Canada, Scotland Listed at Oslo Stock Exchange (ticker: CEQ) Key figures Total revenues NOK 9.0 bn - Operating result of NOK 524 mill employees 3

4 Two business units with different cyclicality NOK mill ,0 % 35,0 % 30,0 % 25,0 % 20,0 % 15,0 % 10,0 % 5,0 % 0,0 % -5,0 % -10,0 % Revenue EWOS EBITA margin EWOS Revenue Mainstream EBITA margin Mainstream 4

5 Highlights Q1 2010

6 Highlights Q110 (NOK million) Q1 10 Q1 09 Total EBIT* 122 (65) Mainstream 117 (89) EWOS 1 7 Operating Cashflow (176) (13) Investments (112) (107) ROCE** 11.4 % 0.5 % ROCE Mainstream** 9.5 % (4.9%) ROCE EWOS** 15.1 % 8.3 % (NOK million) Q1 10 Q4 09 NIBD Equity ratio 53.7 % 52.7 % Significant improvement in group operating result Strong Mainstream result driven by high salmon prices and good biological performance in Norway Growth in EWOS volume despite low water temperatures in Norway Cash flow influenced mainly by inventory build up to support future feed sales Investments of NOK 112 mill; out of which NOK 30 mill in Mainstream Chile Strong financial position; NOK 1,8 bill in available facilities * EBIT throughout this document is EBIT pre fair value adjustments on live inventory ** 12 months moving average Increased Return on Capital Employed mainly from improved operating result 6

7 Mainstream Norway Q1 10 Q1 09 FY 09 Volumes (kt, gw e) Revenues (NOKm) EBIT (NOKm) EBIT per Kg (NOK) Nordland region Q1 10 Q1 09 FY 09 Atlantic salmon ave. FHL price FCA Oslo Volumes (kt, gw e) Revenues (NOKm) EBIT (NOKm) EBIT per Kg (NOK) Finnm ark region Q1 10 Q1 09 FY 09 Volumes (kt, gw e) Revenues (NOKm) EBIT (NOKm) EBIT per Kg (NOK) NOK/kg Volume increased by 9% Y/Y Large share from Finnmark Strong prices; +NOK 6.3/kg vs Q109 Stable cost level impacts EBIT positively No major disease or sea lice issues 7

8 Mainstream Chile Total * Constant fx rate 31/03/10 Q1 10 Q1 09 FY 09 Volumes (kt, gw e) Revenues (NOKm) EBIT (NOKm) 26.3 (141.7) (172.0) EBIT per Kg (NOK) 2.3 (6.3) (3.5) Atlantic Salmon Q1 10 Q1 09 FY 09 Volumes (kt, gwe) Fresh Frozen Total Revenues (NOKm) EBIT (NOK)* 16.6 (88.7) (118.3) EBIT/kg total (NOK)* 6.3 (11.6) (6.8) USD/lb Chilean fresh fillets (3-4lb) FOB Miami Low Atlantic volumes in the quarter - limited harvestable biomass available UrnerBarry Record high prices for Atlantics sold to the US Positive effects from the turnaround process 0.8 mill. smolt stocked in the quarter 8

9 Mainstream outlook Unchanged volume guiding for 2010 Low volumes in Chile in Q210 and Q310, - No harvest of Atlantics until Q310, only small volumes before Q410 - New generation trout from Q310, finish pre Chile summer to improve performance - Cermaq committed to previously announced plans for rebuilding business in Chile Higher volumes and improved cost expected in Canada in coming quarters Sales volumes (ktonnes, gwe) Q1 10 Q2 10e Q3 10e Q4 10e FY 10e FY 09 Chile Atlantics Coho Trout Norway Nordland Finnmark Canada Scotland Total

10 Chile Recovery

11 Chile Update - Cermaq Earthquake update - EWOS significantly influenced by the earth quake in February - Back in operations after two weeks - Limited financial impact; all effects charged Q110 accounts - Some logistic issues from alternative roads being used but nothing critical EWOS - Maintain previous statement of stable volume 1h/2010 and growth 2h/ Stable raw material situation Mainstream - Maintain smolt stocking plans; 8 mill for the year expect approximately 3 mill 1h Good biological situation - Harvest volumes per quarter and full year 2010 maintained - Harvest on Atlantic and Trout to start late July, Coho in September - Invested USD 6 mill in one fresh water facility in Q1; additional fresh water facility investments expected in

12 New aquaculture law implemented Main features - New licenses granted for 25 years with option to renew - Licenses may be used as pledge for financing purposes - Defined densities per farm area - New Area Management regime introduced - Penalties for fish escapes - Cancellation of licenses if certain labour regulations are not met - No new licenses in Region X, XI and XII will be granted coming 5, 2 and 1 years respectively Observations - Cermaq supports new legislation - Most salmon companies have followed these regulations since No new ISA outbreaks - Generally good biological situation but little biomass - Proper area management a key issue going forward 12

13 Still a difficult financial market situation in Chile Arrangements made between banks and farmers for handling old debt - Debt repayment extension - Low margins to be paid - All assets pledged Limited interest from banks in supplying short term or new long term debt - Will require external guarantees or new equity - Support short term arrangements leasing of facilities, etc - When will this change? Structural agenda - Increased interest for investing in the industry through new equity but few/any deals - Local as well as international players - Increased M&A expected 13

14 Possible growth in Atlantic volumes 2011 Less than100kt Atlantic in 2010? Key issues for positive development - Smolt transfer - Health situation - Survival - Growth Possible estimate > - Latest indications from Chile; mill smolt in Volumes may increase to appr 200kt starting to be harvested from late 2011if fish health is stable - Such aggressive numbers constitutes a doubling of the market volume from Several years to recover Atlantic volume after the ISA crisis 14

15 Possible export of Atlantic in 2010? RFE Tonnes Thous E 2010E EU % % % USA % % % Japan 15 4 % 7 3 % 2 2 % Other % % % Domestic 12 3 % 8 3 % 6 6 % Total % % % Source: Kontali Analyse Total supply gap from Chile in 2010 vs of 183kt - EU 26kt - USA 65kt - Other (Brazil mostly) 83kt Norway estimate 74 kt increased production in 2010 vs Large opportunities to allocate this Canada, Scotland and Faroe Islands will also benefit 15

16 Cermaq Strategy in Chile One of the most important salmonid regions for Cermaq - Good position with available capacity for growth - Mainstream with long experience from developing aquaculture in Chile - Competitive cost position also with new regulations Main focus to profitably rebuild previous volumes - The industry s compliance with regulations and good biological situation critical Expected solid growth in Atlantic over the next 2-3 years times 2010 volumes in 2011 assuming good biological results on Atlantic - Stable volume of Coho and Trout Follow up on relevant strategic opportunities 16

17 Chile remains optimal for salmon production Ideal coast line Optimal water temperatures Low labor cost Close to main fish oil and -meal producers in Peru Product innovation - Distance from main markets drives growth of value added and frozen products High processing capacities Reduced operational risk through - Expected tight regulations - Improved husbandry 17

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