Lerøy Seafood Group. Quarterly report Third quarter November 1 st Ole-Eirik Lerøy. Helge Singelstad. President & CEO
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1 Seafood Group Quarterly report Third quarter 2006 November 1 st 2006 Ole-Eirik President & CEO Helge Singelstad Vice president & vice CEO
2 Agenda 1. 1 Considerations 2. 2 Key financial figures Q at a glance 4. 4 Market glance
3 Turnover LSG Mill. NOK YTD 2005 YTD 2006
4 ROCE (%) and PTP before biomass adjustments ROCE Pre tax profit YTD 2005 YTD
5 Return on capital employed (ROCE) before biomass adjustments Prosent * YTD 2006 * Target set before IPO 2002
6 Number of shareholders YTD
7 Shareholders Shareholder No. of shares Ownership share Profond AS* ,87 % Pareto Aksje Norge ,46 % Skagen Vekst ,18 % MP Pensjon ,98 % Ferd AS ,55 % Credit Suisse Securities ,64 % Verdipapirfond Odin ,61 % Lime AS* ,25 % Morgan Stanley & Co. Client ,24 % Pareto Aktiv ,99 % JPMorgan Chase Bank ,76 % JPMorgan Chase Bank ,71 % Verdipapirfond Odin ,40 % JPMorgan Chase Bank ,38 % Bank of New York ,23 % Kverva Holding AS ,15 % Meidell AS ,13 % George Harald ,09 % Bear Stearns Securities ,05 % KOS Bergen AS ,95 % Total 20 largest share owners ,60 % Others ,40 % Total shares ,00 % *controlled by CEO Ole-Eirik The company has a total of shareholders
8 Internal considerations Q All figures in mill NOK Q3-06 Q3-05 Change YTD 2006 YTD 2005 Change Turnover % % EBIT bef adj biom % % Operating profit % % Affiliated comp % % Pre-tax profit % %
9 Internal considerations Q Financially Solid Well positioned for future organic and strategic growth shareholders as of 25 October 2006 Up from shareholders at year end 2005 Consolidated business areas Satisfactory operation in production Development according to plans Difficult conditions for operations in sales and distribution Volatile Salmon prices Trade barrier from EU is negative in the long run Affiliated companies Satisfactory operation
10 Internal considerations Q Sales and distribution Acquisitions done in H106 Delico AS, Stavanger Haarberg & Larssen AS, Trondheim Fisker n Maritime Produkter AS, Oslo Production Acquisitions done in Q306 Hydrotech AS Spawn Smolt Farming Processing Fossen AS acquired smolt business Present capasity 1,7 million smolt Extension possibilities
11 External considerations Q Volatile salmon and trout spot prices Q2/Q3 Prices down 13,37% from Q206, strong, but volatile market in Q306 Prices YTD 33,5% higher than comparable figures YTD05 Prices so far in Q406 higher than prices in Q405 Strong market, less volatility Currencies Future will bring great volatility Political issues / trade barriers Minimum import price to the EU for Norwegian salmon and trout Process is unfair and based on faulty information Damaging for all parties in the global seafood business WTO
12 Agenda 1. 2 Key financial figures Q at a glance 3. 4 Market glance
13 Resultatregnskap / Income Statement Q Alle tall i NOK / All figures in NOK 1,000 Q Q YTD 2006 YTD Salgsinntekter / Operating revenue Vareforbruk / Cost of goods sold Lønnskostnader / Salaries and wages Andre driftskostnader / Other operating costs Ordinære avskrivninger / Ordinary deprreciation EBIT før verdij. Biomasse / EBIT bef fair value adjustm biomass Verdijustering biomasse / Fair value adjustment biomass Driftsresultat / Operating profit Inntekt tilknyttede selskaper / Income from affiliated companies Netto finansposter / Net financial items Resultat før skattekostnad / Profit before tax Beregnede skatter / Estimated taxation Periodens resultat / Profit for the period
14 Balanse / Balance Sheet Q Alle tall i NOK / All figures in NOK 1,000 Q Q 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
15 Balanse / Balance Sheet Q Alle tall i NOK / All figures in NOK 1,000 Q Q 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 loans Annen kortsiktig gjeld / Other short-term liabilities Sum gjeld / Total liabilities Sum egenkapital og gjeld / Total equity and liabilities
16 Key figures - Seafood Group Q Nøkkeltall / Key figures Q Q YTD 2006 YTD Resultatmargin / Profit margin 18,18 % 15,23 % 15,90 % 9,93 % 9,74 % Driftsmargin / Operating margin 14,85 % 12,85 % 13,91 % 8,61 % 8,56 % Resultat per aksje / Earnings per share 4,23 2,82 10,96 5,38 8,14 Utvannet resultat per aksje / Diluted earnings per share 4,17 2,81 10,85 5,35 8,08 Avkastning på sysselsatt kapital (annualisert) / ROCE 36,98 % 45,24 % 31,70 % 27,63 % 29,53 % Egenkapitalandel / Equity ratio 39,11 % 48,80 % 39,11 % 48,80 % 50,09 % Netto rentebærende gjeld / Net interest bearing debt Kontantstrøm per aksje / Cash-flow per share 0,75 1,49 9,90 4,06 4,13 Utvannet kontantstrøm pr aksje/dil. cash-flow pr share 0,74 1,48 9,80 4,05 4,11
17 Affiliated companies, LSG-share profit after tax All figures in mill NOK Q Q YTD 2006 Ko rr.varer / adj.invento ry YTD 2005 Ko rr.varer / adj.invento ry Hydrotech (39%) 1) Egersund Fisk AS (27%) Norskott Havbruk AS (50%) Andre / Others Sum / Total ) Affiliated until
18 Seafood Group Consolidated Key figures 30 September 2006 Total equity (39,11%) Net interest bearing debt mill NOK mill NOK Total intangible assets Licences smolt / fish farming Norway 763 mill Goodwill / def. tax mill mill NOK Total LSG-shares September
19 Agenda 1. 3 at a glance 2. 4 Market glance
20 Seafood Group - Global organization Scotland/Shetland Farming Dist. & Sales Spain, Portugal, France Dist. & Sales Norway Farming Dist. & Sales Sweden Dist. & Sales Japan Dist. & Sales North America Dist. & Sales China Dist. & Sales
21 Seafood Group ASA Sales Sales & Distribution Production Affiliated Hallvard Hallvard AS AS 100% 100% Sverige Sverige AB AB 100% 100% Nordvik Nordvik SA SA 90% 90% Portnor Portnor Lda Lda 60% 60% Sjømatgruppen Sjømatgruppen *** *** Midnor Midnor AS AS 100% 100% Aurora Aurora AS AS 100% 100% Fossen Fossen AS AS 100% 100% Hydrotech Hydrotech AS AS 100% 100% Smøgen Smøgen Seafood Seafood AB AB 100% 100% Sigerfjord Sigerfjord Aqua Aqua AS AS 90,55% 90,55% Bulandet Bulandet fiskeindustri fiskeindustri AS AS 53,2% 53,2% Norskott Norskott Havbruk Havbruk AS* AS* 50% 50% Egersund Egersund Fisk Fisk AS AS ** ** 27% 27% Alfarm Alfarm Alarko Alarko 50% 50% *Salmon farming **Pelagicactivities *** Division national distribution
22 Seafood Group Employees, September 2006 Sales and distribution 372 Production and farming 626 Total Group 998 Affiliates 301 Total included affiliates 1 299
23 Seafood Group Norway s largest seafood exporter in ,0 % share of Norwegian Seafood tot exports value 15,4 % of Norwegian salmon export 14,6 % of Norwegian salmon export in ,8 % of Norwegian value added salmon export Fish farming operations Midnor AS (100%) Aurora AS (100%) Hydrotech AS (100%) Fossen AS (100%) Scottish Sea Farms (50%), 2 nd largest Scottish salmon producer Sigerfjord Aqua AS (90,55 %)
24 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, USA)
25 Seafood Group Steady growth in operating profit and strong balance sheet Satisfactory earnings Growth potential within recently acquired businesses Satisfactory liquidity Professional and highly motivated employees Strong partnerships / Network of alliances
26 Seafood Group Market strategy: Quality Branding Diversity in product range Diversity in customer base Market-oriented solutions Geographical spread Continuity in deliveries Cost efficiency
27 PELAGIC WHITEFISH FARMED FISH H A L L V A R D L E R Ø Y A S DISTRIBUTION FRANCE DIRECT EXPORT DISTRIBUTION NORWAY DISTRIBUTION UK DISTRIBUTION PORTUGAL DISTRIBUTION TURKEY LERØY FRANCE LERØY CHINA LERØY USA LERØY PORTUGAL LERØY JAPAN DISTRIBUTION SWEDEN PROCESSING SWEDEN FARMING / PROCESSING NORWAY
28 Seafood Group - Sales per market Q ,7 % USA and Canada 4,1 % Norway 17,0 % Rest of Europe Others 1,8 % Asia Pacific 9,8 % EU 61,5 %
29 Seafood Group - Sales per product Q Other/other species 4,2 % Pelagic fish 1,8 % Shellfish 4,6 % Salmontrout 9,1 % White fish 10,4 % Whole salmon 48,8 % Processed salmon 21,0 %
30 Sweden Allt i Fisk Fiskgrossisterna Smøgen Seafood Nordhav
31 New factory in spring 2007 Site kvm Base kvm
32 Processing, France
33 Farming Norway Aurora AS Sigerfjord Aqua AS Midnor AS Hydrotech AS Fossen AS Sigerfjord Aqua AS Aurora AS Midnor AS Hydrotech AS Fossen AS
34 Seafood Group salmon/trout farming Company Ownership Licences Mill. smolt Volume gwt 2006E Volume gwt 2007E share individuals Total LSG share Total LSG share Midnor AS 100 % 28 7, Aurora AS 100 % 16 3, Fossen AS* 100 % 7 2, Hydrotech AS** 100 % 22,5 7, Total Norway 73,5 20, Norskott Havbruk AS (UK) 50 % 6, Total 26, Consolidated, farming Affiliated, farming *) Consolidated from 1 April 2006 **) Consolidated from 1 September 2006
35 Key Figures Production Q Total Figures MNOK Midnor Hydrotech 1) Aurora Fossen 2) Others Harvested Revenues 222,0 69,7 80,2 54,1 109,2 535,2 EBIT before biom.adj. 105,8 24,0 32,2 19,8 2,6 184,4 EBIT 86,8 20,2 56,7 19,8 2,6 186,1 Volumes (gwtt) 7,0 5,7 2,7 1,2-16,6 1) Included from , volumes from ) Included from
36 Key Figures Production YTD Q Total Figures MNOK Midnor Hydrotech 1) Aurora Fossen 2) Others Harvested Revenues 594,8 69,7 288,9 112,6 224, ,1 EBIT before biom.adj. 266,9 24,0 102,0 29,4 9,6 431,9 EBIT 318,5 20,2 114,3 29,4 9,6 492,0 Volumes (gwtt) 18,0 11,0 9,9 3,6-42,5 1) Included from , volumes from ) Included from , volumes from
37 Norskott Havbruk NOKm Q Q YTD 2006 YTD Revenues EBITDA EBIT bef adj biom EBIT Pre tax Volumes (gwtt) 5,3 5,2 13,1 15,2 20,7 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt Total equity and debt Net interest bearing debt
38 Hydrotech AS NOKm Q Q YTD 2006 YTD Revenues EBITDA EBIT bef adj biom EBIT Pre tax Volumes (gwtt) 5,7 3,5 11,0 8,8 12,4 Balance sheet Licences, Goodwill Tangible fixed assets Inventories Other current assets Total assets Equity Debt Total equity and debt Net interest bearing debt
39 Agenda 1. Market glance 5
40 Fresh Atlantic Salmon Norway (4-5 kgs) price development week week (FHL/NSL) NOK / Kg 50,00 45,00 40,00 35,00 30,00 25,00 20,00 15,00 10,00 5,00 0, Figures per Source: FHL/NSL
41 Oslo Salmon export from Norway as of week Fresh atlantic salmon, cross-section, FCA NOK / kg Oslo Q1-02 Q2-02 Q3-02 Q4-02 Q1-03 A.18,04 A.21,77 A.20,16 A.20,76 A.20,42 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 Q2-03 A.18,92 Q3-03 A.18,09 Q4-03 A.20,35 Q1-04 A.22,38 Q2-04 A.23,10 Q3-04 A.21,26 Q4-04 A.20,23 Q1-05 A.23,44 Q2-05 A.24,89 Av. Q3-05 NOK 26,86 Av. Q3-06 NOK 34,44 Up by 28,2 %. Av. YTD 06 NOK 33,45 Q3-05 A 26,86 Q4-05 A.25,94 Q1-06 A 28,24 Q2-06 A 39,72 Q3-06 A 34,44 W W W W W 4-02 W 8-02 W W W W W W W W W W W W 4-03 W 8-03 W W W W W W W W W W W W 4-04 W 8-04 W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W W Figures per Source: FHL/NSL
42 Market development for Atlantic Salmon from Norway Jan-Sep 2005 vs Jan-Sep 2006 Volume in tons round weight. Value in thousand NOK. Volume 2005 Volume 2006 Change Value 2005 Value 2006 Change EU % % Others % % Japan % % Russia % % USA % % In total % % Figures per Source: NSEC
43 Atlantic salmon supply In tonnes WFE Change Change Change Change E 05E-06E 2007 E 06E-07E Norway % % % % United Kingdom % % % % Faroe Islands % % % % Ireland % % % % Iceland % % % % Total Europe % % % % Chile % % % % Canada % % % % Australia % % % % USA % % % % Others % % % % Total America ,6 % % % % Total World-wide ,4 % % % % Figures per Source: Kontali / SSPO / CE / HL
44 Harvest quantities Atlantic Salmon World Wide Volumes in tons Yearly change in % % +8 % % +5% +4 % +3 % % +7% % +11% E 2006E 2007E 2008E 0 Harvest Quantity Yearly change in % in harvest quantity Figures per Source: Kontali / SSPO / CE / HL
45 Drivers Salmon per Norway total export volume of Atlantic Salmon ( mt) + 4 % Norway EU (volume Atlantic Salmon) ( mt) + 6 % Norway EU (value Atlantic Salmon) (9.215 MNOK) + 35 % Sales of fish-feed in Norway ( mt, as per August) + 7 % Figures per Sources: NSEC / Kontali / FHL
46 Thank you!
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