PRESENTATION Q Oslo, 26 February 2014 John Binde, CEO Ola Loe, CFO
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1 PRESENTATION Q Oslo, 26 February 2014 John Binde, CEO Ola Loe, CFO
2 AGENDA: Highlights for the period Segment information Group financials Outlook 2
3 Highlights in Q4 2013: The best quarterly and yearly result in NRS history MNOK 91 in Q4-13 and MNOK 256 for the year Continued strong salmon market driven by increased demand and low supply growth Historically high salmon prices throughout the quarter Promising outlook with historically high forward prices Reduced harvesting volume Planned harvesting in December was reduced due to unforeseen events in Region North and low growth in Region South Estimated harvesting volume for 2014 is reduced to tonnes due to low growth in Region South, and premature harvesting in Troms due to sea lice Favourable refinancing with increased flexibility Dividend proposal of NOK 2.20 per share 41 % of earnings per share 3
4 Highlights in Q KEY FIGURES Q4 Q4 FY FY (NOK '000) Operating revenues Operational EBITDA Operational EBIT 1) EBIT Income from associates EBT EPS (NOK) 2 ) 2,43-0,30 5,43-0,12 ROACE 3) 25,3 % 2,1 % 25,3 % 2,1 % Op. cash flow Capital expenditure Net interest-bearing debt Equity ratio 42,4 % 36,2 % 42,4 % 36,2 % Volume harvested (HOG) Operational EBIT per kg Farming 12,02 1,45 11,71 1,25 Op. EBIT per kg Sales inc. contracts -0,08 0,35-0,59 1,00 Total operational EBIT per kg 11,94 1,80 11,12 2,25 Volume sold Average salmon price (NASDAQ) up 52 % from Q4 last year with significant positive impact on profits Harvested volume up by 14 % and sold volume up by 10 % from Q4 last year Operational EBIT MNOK 91.4 in Q4 13 Cost of escaped fish by MNOK 2.2 Loss on fixed price contracts of MNOK 5.8 Increased provision for doubtful receivables with MNOK 5.8 Positive cash flow from operations with MNOK 38.7 Equity ratio increased in Q4 13 to 42.4 % from 39.5 % due a strong total result 1) EBIT pre fair value adjustments and non-recurring items 2) Earnings per share pre fair value adjustments 3) ROACE: Return on average capital employed based on 4-quarters rolling operational EBIT / average (NIBD + Equity - Financial assets) 4
5 SEGMENT INFORMATION 5
6 Key segment information Q Operational Operational (NOK '000) EBIT EBIT per kg Farming ,02 Sales ,61 Open fixed price contracts ,69 Sum segments ,94 Volume harvested (tonnes) Operational EBIT per kg from Sales increased by NOK 0.26 from NOK 0.35 in Q4 12. Q4 13 is negatively impacted by increased provision for doubtful receivables with MNOK 5.8 (NOK 0.69 per kg) Fixed price contracts represents 7 % of harvested volume in Q4 13 at a prices well below spot prices. Operational EBIT per kg of NOK from Sales after loss from open fixed price contracts of NOK
7 Sales operation Market knowledge, motivated employees, low historical losses and low capital cost makes this to an important business for NRS Access to volumes from own operations, associated companies, NRS members and independent salmon farmers External Volumes NRS-Farming Global sales to 50 countries Track record for achieving attractive prices 7
8 Farming operations focused in attractive regions REGION NORTH NRS Finnmark (14) Nord Senja Laks (3) Nor Seafood (2) NRS with 25 licenses Head office Norway Royal Salmon ASA REGION SOUTH NRS Feøy (6) Sales office Norway Royal Salmon ASA 8
9 Region North NRS Finnmark Finnmark is an area nominated by the authorities for growth following new license awards and increase of MAB. At least 10 new licenses will be awarded in licenses owned 100 % through NRS Finnmark AS Attractively located sites, history of good profitability Good biological conditions Low biological risk Relatively high water temperature in winter Relatively low water temperature in summer No algae in the area resulting in lower maintenance costs of nets Long term harvesting agreement with major industry player Close to and approved for the Russian market. Smolt production through Ranfjorden Fiskeprodukter NRS own % of the company Capacity of 5.5 million smolt Long term agreement with other smolt suppliers 9
10 Region North Senja cluster TROMSØ Troms is an area nominated by the authorities for growth following new license awards and increase of MAB. At least 10 new licenses will be awarded in licenses majority owned in the Senja cluster NRS owns 82.5% of Nor Seafood AS (2 licenses) NRS owns 66.7% of Nord Senja Laks AS (3 licenses) Operated in co-operation with Wilsgård Fiskeoppdrett in a 9 licenses cluster NRS owns 37.5% of Wilsgård Attractive area with a history of good profitability Good conditions for salmon farming in the area Low biological risk Optimal sea temperatures during the summer Good growth and no oxygen problems Shorter production time than Finnmark Harvesting at Wilsgård and Nord Senja Smolt production through Skardalen Settefisk Kåfjord based smolt producer with capacity of 2.5 million smolt Owned together with associated company Wilsgård Fiskeoppdrett (70%, NRS subsidiaries 30%) 10
11 Region North KEY FIGURES Q4 Q4 (NOK '000) Operating revenues Operational EBIT * Operational EBIT pr kg farming 13,65 12,31 12,78 10,09 Volume harvested (tonnes) Operational EBIT per kg Farming 12,78 1,70 Op. EBIT per kg Sales inc. contracts -0,08 0,35 Total operational EBIT per kg 12,70 2,06 1,71 * EBIT pre fair value adjustments and non-recurring items incl. allocated margin from sales Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Operational EBIT per kg farming NOK Margin from Sales down by NOK 0.43 per kg compared with Q4 12 due to loss on contracts by NOK 0.69 per kg Sales price FCA packing station up by NOK per kg from Q4 12 Planned harvest in December was reduced due to unforeseen events, such as storms and a diesel leak at harvesting plant. As prices were at the highest in December, this reduced average price achieved in the quarter. 11
12 Farming Region North 26,00 Production Cost - NORTH 25,35 25,16 24, Harvested Volume - NORTH ,00 23,37 23, , ,00 Q4-12 Q1-13 Q2-13 Q3-13 Q Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Production cost of NOK per kg Volume increase of 41 % compared to Q4 12 Operation Good growth in Q4 despite low sea temperatures Higher than normal costs as a result of extended sea lice treatments, especially in Troms The harvesting in Troms of the 2012 generation has been accelerated, due to sea lice challenges This years smolt release has better growth and lower mortality than normal Temperatures Region North 12,0 10,0 8,0 6,0 4,0 2,0 0,0 Jan Mar May Jul Sep Nov Spread Average
13 Region South HAUGESUND Operates in the Haugesund area, both in Rogaland and Hordaland counties STAVANGER Region South holds a total of 6 licenses Owned 100% through NRS Feøy AS One single MAB Zone from 2013 Enables smoother and better utilization of MAB Harvesting at Espevær Laks Approved for the Russian market 13
14 Region South KEY FIGURES Q4 Q4 (NOK '000) Operating revenues Operational EBIT pr kg farming 10,03 9,86 Operational EBIT * Volume harvested (tonnes) ,59 6,60 Operational EBIT per kg Farming 9,86 1,07 Op. EBIT per kg Sales inc. contracts -0,08 0,35 Total operational EBIT per kg* 9,78 1,42 1,07 * EBIT pre fair value adjustments and non-recurring items incl. allocated margin from sales Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Operational EBIT per kg farming NOK 9.86 Margin from Sales down by NOK 0.43 per kg compared with Q4 12 due to loss on contracts by NOK 0.69 per kg Sales price FCA packing station up by NOK per kg from Q
15 Farming Region South 30,00 Production Cost - SOUTH 29,90 30, Harvested Volume - SOUTH 28,00 27, ,00 24,00 25,75 26, ,00 Q4-12 Q1-13 Q2-13 Q3-13 Q Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Production cost of NOK per kg Weak performance Changed production regime implemented to reduce biological risks Volume down by 26 % compared to Q4 12 Operation Growth being significantly lower and mortality higher than expected due to challenges with AGD and sea lice Escape of fish from one of the sites after a storm Temperatures Region North 18,0 16,0 14,0 12,0 10,0 8,0 6,0 4,0 2,0 0,0 Jan Mar May Jul Sep Nov Spread Average
16 Associated companies KEY FIGURES (NOK '000) Farming companies Q Other associated companies Operating revenues Operational EBIT * EBIT Result after tax Volume harvested (tonnes) Operational EBIT per kg * *EBIT pre fair value adjustments NRS' share of result after tax , fish-farming companies with 9 licenses 2 harvesting companies and 2 hatchery with a yearly capacity of total 8 million smolt Q4 13 EBIT per kg of NOK for associated farming companies NRS share of result after tax of MNOK 13.6 in Q
17 GROUP FINANCIALS 17
18 NOK MNOK MNOK Key income statement items ,0 80,0 60,0 40,0 20,0-2,50 2,00 1,50 1,00 0, ,50 Operating revenues Q4 12 Q3 13 Q4 13 8,1 8,5 EBITDA EBIT Depreciation 8,6 48,4 9,0 91,4 Q4 12 Q3 13 Q4 13-0,30 EPS pre fair value 1,11 2,43 Q4 12 Q3 13 Q4 13 Revenues up MNOK 308 (57 %) from Q4 12 Average salmon price (NASDAQ) up 52 % Sold volume up 10 % Increased our market share EBITDA of MNOK 100 (17 in Q4 12) Farming: Sales price up NOK /kg Production cost up NOK 2.09/kg Harvested volume up tonnes Sales: Traded volume up tonnes Margins down NOK 0.18/kg Provision for doubtful receivables NOK 0.29/kg Loss on contracts NOK 0.29/kg Loss on fish escape MNOK 2.2 Depreciation increased with MNOK 0.9 from Q4 12 EPS up NOK 2.73 per share from Q
19 NOK million MNOK Key balance sheet items Q4 12 Q3 13 Q Biomass pre FV down by MNOK 50 from Q3 13 Receivables up by MNOK 169 from Q3 13 Higher salmon prices Higher sold volume Biomass pre FV Receivables NWC pre FV Working capital pre FV up by MNOK 63 from Q3 13 Accounts payable increased by MNOK Q4 12 Q3 13 Q Equity up by MNOK 112 from Q3 13 Equity ratio 42.4 % Total assets up MNOK 135 Capital employed pre FV up by MNOK 20 from Q3 13 ROACE 25.3 % Equity Cap. Empl. Pre FV 19
20 Cash flow, Cap Ex and Net interest bearing debt 0 Op. Cash flow (MNOK) Q4 12 Q1 13 Q2 13 Q3 13 Q Operational cash flow positive by MNOK 38 EBITDA MNOK 100 Negatively impacted by increased net working capital by MNOK Cap. Ex. - fixed assets (MNOK) Capex of MNOK 18 in Q3 13 MNOK 65 in 2013 Estimated Capex in 2014 MNOK 70 0 Q4 12 Q1 13 Q2 13 Q3 13 Q NIBD (MNOK) NIBD up by MNOK 10 from Q3 13 Seasonal growth in receivables Paid dividend MNOK Q4 12 Q1 13 Q2 13 Q3 13 Q
21 Credit days Account receivables Days outstanding for NRS continues to trade at a normal level Credit risk at an acceptable level Increased provision for doubtful receivables with MNOK 5.8 in Q4 13 The high provisions in Q4 is mainly related to 2 customers 55 Accounts receivables: Days outstanding 3-months average jan. 12 mar. 12 mai. 12 jul. 12 sep. 12 nov. 12 jan. 13 mar. 13 mai. 13 jul. 13 sep. 13 nov
22 Financing Refinancing in January 2014 Agreement with Danske Bank Total facilities of MNOK 700 over five years MNOK 300 long-term loan with no installment MNOK 400 short-term overdraft and guarantee facility Financial covenant Equity ratio of minimum 30 % Short-term credit facility shall not exceed 75 % of the inventory and accounts receivables Gives a good financial flexibility Dividend proposal of NOK 2.20 per share - 41 % of earnings per share In addition to NOK 1.00 per share paid as interim dividend in 2013 Group tax losses carried forward year end 2013 MNOK
23 OUTLOOK 23
24 Harvesting estimates 2014 (tonnes HOG) 32,0 SOUTH NORTH 29,0 27,0 22,0 25,2 4,7 6,2 17,0 12,0 7,0 2,0-3,0 11,1 9,7 22,8 20,5 1,2 3,1 5,4 0,4 2,8 9,9 5,0 6,6 1,5 1,3 FY-13 Q1-14 Q2-14 Q3-14 Q4-14 FY : tonnes (+ 19 % yr/yr) tonnes lower than estimated in Q3 report Planned harvest in December was prevented by unforeseen events in Region North, such as storms and diesel leak at harvesting plant Low growth in Region South due to biological challenges 2014: tonnes (+ 15 % yr/yr) tonnes lower than estimated in Q3 report Low growth and escape of fish in Region South Premature harvesting in Troms due to challenges with sea lice
25 Outlook - Farming Recently approved 2 new sites in a new area in Western Finnmark (Hasvik) with total MAB of tonnes - Improved opportunities for separation of generations and further growth - Overall MAB for all sites in Finnmark is approx tonnes - Total MAB for licenses in Finnmark is tonnes Investing in new technologies to prevent challenges with sea lice - Both biologically and economically sustainable and the concept will be a part of our future green production system Fixed price contracts Volume hedged 2014 (tonnes) Q1-14 Q2-14 Q3-14 Q
26 BNOK General Market Outlook Record high export value of salmon from Norway. The growth in export value of more than BNOK 10 in one year is also the highest we have seen in this industry. 45,0 40,0 Export value of Atlantic Salmon from Norway 39,9 35,0 30,0 31,3 29,2 29,6 25,0 23,7 20,0 17,1 17,4 17,9 15,0 10,0 9,9 11,3 13,7 5,
27 General Market Outlook The growth in export values is mainly driven by fresh sales, both whole and fillets. Frozen whole, frozen fillets, smoked, marinated etc has seen a decline in the share of total exports from Norway. Frozen fillet 8 % Volume distribution 2003 (rwe) Frozen whole 11 % Other 1 % Fresh fillet 7 % Frozen fillet 5 % Volume distribution 2013 (rwe) Frozen whole 4 % Other 0 % Fresh fillet 10 % Fresh whole 73 % Fresh whole 81 % 27
28 Export growth last 4 quarters from Norway General Market Outlook Strong demand for Atlantic salmon in Q4 as prices were significantly above last year s level, while Norwegian supply increased 2% and global supply 4%. EU growth in line with Norwegian supply growth, due to strong demand from Poland, Germany and the UK. Russia affected by the high salmon prices. Improving demand from Asia in Q4. Japan improved on fresh fillets, while Greater China saw a 14% import growth from Norway. 28% 14% 1% 6% 0% 2% -8% -11% EU-27 France Russia Poland Japan Greater China Others In total Q1/2013 Q2/2013 Q3/2013 Q4/
29 Thank you for your attention Norway Royal Salmon ASA NO TRONDHEIM: KRISTIANSAND: Olav Trygvasons gt. 40 Tel: Gravane 8 Tel: Pb Sentrum Fax: Pb. 110 Fax: Trondheim 4662 Kristiansand 29
30 APPENDIX 30
31 Group income statement INCOME STATEMENT Q4 Q4 FY FY (NOK '000) Operating revenues Cost of goods sold Salaries Depreciation Other operating costs Operational EBIT Fair value adjustments EBIT Gain on financial assets Income from associates Other net financial items EBT Tax Net profit/loss Profit attributable to: Parent company shareholders Minority interests Earnings per share (NOK) 2,53-0,03 6,96 0,66 Earnings per share - diluted 2,53-0,03 6,96 0,66 31
32 Group balance sheet (NOK '000) Intangible assets Property, plant and equipment Non-current financial assets Non-current assets Inventory and biological assets Receivables Bank deposits, cash Current assets TOTAL ASSETS Share capital Other equity Non-controlling interests Equity Pensions Deferred tax Provisions Long-term interest-bearing debt Short-term interest-bearing debt Trade payables Tax payable Dividend Other current liabilities Current liabilities TOTAL EQUITY AND LIABILITIES
33 Group cash flow statement Q4 Q4 FY FY (NOK '000) Operational EBIT Adjusted for: Tax paid Depreciation Gains (-)/ losses (+) on disposal of non-current assets Share based payment Pension costs with no cash effect Change in inventory / biomass Change in debtors and creditors Change in other current assets and other liabilities Net cash flow from operating activities Cash flow from investing activities Proceeds from sale of property, plant and equipment Payments for purchase of property, plant and equipment Proceeds from investments in non-current financial assets Payments for investments in non-current financial assets Change in loans to associates and others Net cash flow from investing activities Cash flow from financing activities Receipts from new long-term debt Long-term debt repayments Net change in overdraft Net payments from share issue Purchase and sale of treasury shares Interest paid Net cash flow from financing activities Net increase (+)/ decrease (-) in cash & cash equivalents Cash and cash equivalents - opening balance Cash and cash equivalents - closing balance
34 Statement of Equity (NOK '000) Share capital Equity allocated to parent company shareholders Treasury shares Share premium fund Retained earnings Total Noncontrolling interests Total equity Equity at Total comprehensive income Transactions with shareholders Dividend Share based payment Purchase/sale of treasury shares Total transactions with shareholders Egenkapital (NOK '000) Share capital Equity allocated to parent company shareholders Treasury shares Share premium fund Retained earnings Total Noncontrolling interests Total equity Equity at Total comprehensive income Transactions with shareholders Share issue Net share issue transaction costs Share based payment Change in non-controlling interests Purchase/sale of treasury shares Other changes in accosiates Total transactions with shareholders Equity at
35 Quarterly historical information QUARTERLY HISTORICAL INFORMATION Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 (NOK thousand, NOK per kg) Volumes harvested (ktonnes, HOG) Region North Region South Total Operational EBIT Region North Region South Total Operational EBIT per kg Region North 12,70 12,04 11,91 9,86 2,06 1,13 3,10 3,41 0,52 2,82 12,62 14,10 Region South 9,78 6,33 8,30 6,36 1,42 1,89 2,03 1,40-0,20 0,54 1,89 0,00 Total 11,94 11,64 11,24 9,26 1,80 1,46 2,67 3,24 0,27 1,90 10,74 14,11 Volumes sold (ktonnes) NRS GROUP Operational EBITDA Operational EBIT Net interest bearing debt Equity ratio 42,4 % 39,5 % 40,1 % 38,1 % 36,3 % 37,5 % 40,4 % 41,1 % 36,3 % 34,4 % 36,3 % 42,3 % 35
36 Accumulated historical information HISTORICAL INFORMATION FY FY FY (NOK thousand, NOK per kg) Volumes harvested (ktonnes, HOG) Region North Region South Total Operational EBIT Region North Region South Total Operational EBIT per kg Region North 11,73 2,52 4,88 Region South 8,47 1,71 0,33 Total 11,12 2,25 3,45 Volumes sold (ktonnes) NRS GROUP Operational EBITDA Operational EBIT Net interest bearing debt Equity ratio 42,4 % 36,3 % 36,3 % 36
37 Financing Long term debt (NOK '000) Long-term debt to financial institutions Long-term finance lease Total long-term interest bearing debt Short term debt (NOK '000) Short-term debt to financial institutions First year's instalment long-term debt Total short-term interest bearing debt C ash and cash equivalents Net interest bearing debt
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