Cermaq ASA Presentation for Pareto Securities Oslo, 14 th June 2012

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1 Cermaq ASA Presentation for Pareto Securities Oslo, 14 th June

2 Aquaculture: a sustainable growth industry Our growing population is consuming more and more animal protein As most wild fish populations are already over-exploited, increased protein consumption per capita must be met by an increase in supply from aquaculture Million tonnes Aquaculture and wild capture outlook Source: Food and Agriculture Organization of the UN Feed Conversion Ratio Total capture fish Aquaculture Salmon Poultry Pigs Beef cattle FCR Farmed fish is one of the most efficient types of proteins: - can eat the same raw materials as land animals - converts feed more effectively than land animals - is healthier than meat - is environmentally sustainable 2

3 Cermaqs position in the value chain Terrestrial farming Salmon farmers Harvesting Processing Nutrients not suited for human consumption Nutrients attractive for human consumption 3

4 Cermaq Key Figures Full year 2011 (NOKm) FY 11 FY 10 Op. Revenues EBITDA EBIT pre gain* Op. Cash flow NIBD Mainstream Volume (kt, gwe) EBIT* Chile Norway Canada Scotland - 10 EBIT/kg (NOK) EWOS Volume (kt) EBIT* EBIT/tonne (NOK) EBIT % 6.7 % 6.9 % Best operating result in Cermaq history Strong Mainstream performance - 12% volume growth - Solid results despite reduced prices 2nd half - Chile recovery documented by strong operational and financial results Best EWOS result ever - 23% volume growth; 20% organic - Successful introduction of several new value added products - EBIT margin for 2011 of 6.7% Solid cash flow further improving financial ratios from NIBD/EBITDA reduced to Equity ratio 59.5% * EBIT is EBIT pre fair value adjustments on live inventory 4

5 Solid financial structure NIBD (NOKm) NEW Significant NIBD reduction last two years despite large dividend and investments in 2011 Almost NOK 4 billion in available cash through long- and short term facilities A flexible financial structure with no maturity until 3 rd quarter 2013 Equity ratio as of December 2011 of 59% 5

6 Strong cash flow support capacity expansions Op. Cash flow (NOKm) Improved operational cash flow in Capex (NOKm) Large capacity increase projects in Mainstream Chile and Norway 2012 capex level at around NOK 420 mill Completion of capacity increase projects in Mainstream Capacity expansion in EWOS Norway to meet customer requirements 6

7 Highlights Q1 12 CERMAQ Q1 12 Q1 11 Op. Revenues EBIT* EPS** Op. Cash flow Q1 Q4 11 ROCE*** 16.6% 22.1% NIBD EWOS Q1 12 Q1 11 Volumes sold (kt) EBIT EBIT % 3.3 % 3.4 % EBIT per tonne Mainstream Q1 12 Q1 11 Volumes sold (kt, gwe) EBIT EBIT per kg EBIT of NOK 101m despite low salmon prices Good biological performance in all regions Strong volume growth in EWOS Norway and Chile Continued low debt and solid financial capacity Investment programs in EWOS and Mainstream on schedule Return on capital employed (12-month rolling average) 26,3 % 28,4 % 26,9 % 22,1 % 16,6 % * EBIT throughout this document is EBIT pre fair value adjustments on live inventory ** Earnings per share, adjusted *** Return on capital employed, 12-months rolling average, based on EBIT pre gain and fair value adjustments Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 7

8 Outlook 2012 Mainstream EWOS Estimated volume growth of 15% 19kt in Norway sold forward on financial contracts at NOK ~27/kr FCA Oslo Continued upward volume adjustments in market estimates Estimated volume growth of 15% Norway; above 10% Chile; above 20% Full year EBIT margin 5-7% Sales volumes FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 (kt, gwe) ACT ACT EST EST EST EST Chile Atlantics Coho Trout Norway Nordland Finnmark Canada Total Global harvest of Atlantic salmon ktonnes WFE Q1 12E Q1 11 FY 12E FY 11E REGION Canada Chile Norw ay UK Other EST. HARVEST Source: Kontali Analyse 8

9 Chile Brief update Mainstream Chile Operations cover 2,000 Km. 9

10 Salmon - An important export Industry in Chile US$K Export value (2011) 2,900 m US$ (Fourth largest export sector of Chile) Direct & indirect jobs 53,000 (unemployment in region X is 4.4%) Companies involved >25 10

11 Millons USD Millon USD Export value by specie and distribution , , ATLANTIC COHO TROUT 2,500 2,000 11% 11% 7% 9% 14% 11% 13% 14% 15% 14% 4% 1,500 1, % 5% 5% 47% 37% 7% 6% 8% 40% 39% 9% 14% 12% 12% 14% 17% 6% 8% 14% 13% 36% 38% 33% 26% 22% 35% 39% 44% 37% 32% 29% 30% 24% 43% JAPAN USA EUROPE LATIN AMERICA OTHER MARKETS 11

12 Mainstream 2 nd largest exporter in 2011 Export Value in US$ K 350, , , , , ,000 50,000 0 Aquachile Mainstream Chile Multiexport Los Fiordos Marine Harvest Salmones Antartica Trusal Australis Acuinova GMT Cupquelan Invertec CMC Ventisqueros companies account for 75% of the export 12

13 Mainstream Chiles production process Freshwater Seawater Harvesting & Processing Logistics & sales 8 hatcheries 3 Lakes sites Placed in Region VII,IX, X, XII & XIV 63 sea water licenses Placed in X, XI & XII region 2 processing plants - Quemchi - Calbuco Focus on performance Focus on Margin 13

14 Biological Performance Atlantics Accumulate Mortality (%) 40% 20% 0% Atlantic Acc. % Mort. 22% 46% 30% 19% 12% Harvested Av. Weight (LWE) Atlantic Harvest Live W ,00 3,00 2,00 1,00 0,00 Productivity (Kg/Smolt) Atlantic Bio/smolt 3,28 1,32 2,25 3,40 4,25 14

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