Q NOVEMBER 8TH 2018
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- William Casey
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1 Q NOVEMBER 8TH 2018
2 1. Highlights 2. Key Financial Figures 3. Outlook
3 Highlights
4 Klikke for å legge til annet bilde Q EBIT before FV adj. NOK 660 million - Harvest volume GWT - EBIT/kg all incl. (excl. EBIT Havfisk & LNWS) of NOK Contract share of 25% - NIBD NOK million - Harvest guidance GWT for Expected catch volume around 65,000 tons for 2018
5 Quarterly historic figures EBIT* EBIT/kg**, all inclusive , Q3 17 Q2 17 Q1 17 Q4 16 Q3 16 Q2 16 Q1 16 Q4 15 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 Q3/18 Q2/18 Q1/18 Q4/17 Q3 17 Q2 17 Q1 17 Q4 16 Q3 16 Q2 16 Q1 16 Q4 15 Q3 15 Q2 15 Q1 15 Q4 14 Q3 14 Q2 14 Q1 14 *before biomass adjustment **before biomass adjustment excl. EBIT contribution from Wild Catch NOK million NOK Q3/18 Q2/18 Q1/18 Q4/17
6 Lerøy Seafood Group ASA Farming Wild catch VAP, Sales and Distribution
7 Klikke for å legge til annet bilde Q3 2018: Farming Highlights - Spot prices below last year NSI Q3/18 NOK 54.8 vs NOK 56.4 in Q3/17 ( 3%) Down NOK 14/kg q o q, and down NOK 2/kg y o y - Trout price achievement well below salmon - Contract prices above spot prices - Cost (RFS) down q o q and y o y - Biomass at sea End Q3/18 at 112,624 LWT vs 108,441 LWT end Q3/17 (+4%)
8 Farming volumes 2013 GWT 2014 GWT 2015 GWT 2016 GWT 2017 GWT 2018E GWT 2019E GWT Lerøy Aurora AS* Lerøy Midt AS Lerøy Sjøtroll Total Norway Villa Organic AS** Norskott Havbruk (UK)*** Total *) Included harvested volume from Villa Organic after split July 2014 **) LSG s share of Villa Organic s volume in H1 2014, not consolidated ***) LSG s share, not consolidated
9 Klikke for å legge til annet bilde Q3 2018: Wild Catch - Q3/18 harvest volume at 14,282 tons, decrease in catch of cod and haddock and increase in shrimp compared with Q3/17 - Average prices up 23% y o y. Y o y prices for cod up 23%, haddock 38% while saithe down 5%. - As it takes time to adjust prices to end market, increase in raw material prices is a challenge within processing
10 Remaining quotas Havfisk/Wild Catch Catch volume Q3/18 Catch volume Q3/17 Catch volume YTD 2018 Catch volume YTD 2017 Remaining quota 2018 Remaining quota 2017 Cod Haddock* Saithe Shrimps Other Total *) Quota for Haddock was increased during 2017 and 2018 (redistributed). This number shows status as of Q3
11 Klikke for å legge til annet bilde Q3 2018: VAP, Sales and Distribution - Volatile prices, and start up of new facilities have had a negative impact on profitability in Good development with key customers - EBIT in Q3/18 of NOK 72m compared to NOK 111m in Q3/17
12 Key Financial figures
13 Key financial figures Q (NOKm) Q Q % Revenue % Other gains and losses 0 0 EBITDA % Depreciation & amortisation EBIT* % Income from associates* Net finance Pre tax profit* % EPS (NOK)* 0,90 1,14 21 % Harvested Volume (GWT) % EBIT*/kg all inclusive, excl Wildcatch (NOK) 16,6 17,4 4 % ROCE* (%) 16,5 % 23,9 % 31 % * Before biomass adjustment
14 Key financial figures YTD 2018 (NOKm) YTD 2018 YTD 2017 % Revenue % Other gains and losses 35 8 EBITDA % Depreciation & amortisation EBIT* % Income from associates* Net finance Pre tax profit* % EPS (NOK)* 3,49 3,78 8 % Harvested Volume (GWT) % EBIT* all incl. excl. Wildcatch 20,3 22,8 11 % ROCE* (%) 22,2 % 27,5 % 19 % * Before biomass adjustment
15 Balance sheet (NOKm) % Intangible assets % Tangible fixed assets % Financial non current assets % Total non current assets % Biological assets at cost % Fair value adjustment of biomass % Other inventory % Receivables % Cash and cash equivalents % Total current assets % Total assets % Equity % Equity ratio 60,3 % 57,0 % 6 % NIBD % * Before biomass adjustment
16 Funding NOK million Later Total To be paid Total Covenants Q NIBD/EBITDA < Adj. Equity ratio >30 % 67.6 %
17 Cash flow Q Q YTD 2018 YTD 2017 FY 2017 EBITDA before fair v alue adjustment on biological assets Paid tax Change in working capital Other Cash from operating activities Business combinations and redemption of non-controlling interests * Net investments in capex and intangibles Dividends received Other changes in non-current assets Cash from investing activities * Net financial cost New equity Dividends distributed Cash from financing activities Change in NIBD from business combinations Other changes (incl.currency effects) Net cash flow / change in NIBD NIBD at beginning Change in NIBD NIBD at end * The amount may differ from the corresponding amount in the cash flow statement in the quarterly report, as cash acquired through business combination is not included.
18 EBIT per segment EBIT* Q EBIT* Q NOKm NOKm Farming Havfisk/NWS VAPS&D Elim./LSG Q Farming Wild Catch VAPS&D Elim./LSG Q * Before biomass adjustment
19 Lerøy Aurora Q Q YTD 2018 YTD 2017 Revenue (NOKm) EBIT* (NOKm) Harvested volume (GWT) EBIT/kg* (NOK) Strong profitability in quarter RFS (Release from stock) cost remains at low level, albeit some impact from higher industry cost in quarter EBIT*/kg Construction of expansion of RAS smolt facility according to plan NOK As of today, expectations are continued low costs in 2018 and into Q Q Q Q Q * Before biomass adjustment
20 Lerøy Midt Q Q YTD 2018 YTD 2017 Revenue (NOKm) EBIT* (NOKm) Positive development continues, fifth quarter in a row with decline in RFS cost Harvested volume (GWT) EBIT/kg* (NOK) New industry facility in start up EBIT*/kg Potential for further cost reductions into 2019 NOK Q Q Q Q Q * Before biomass adjustment
21 Lerøy Sjøtroll Q Q YTD 2018 YTD 2017 Revenue (NOKm) EBIT* (NOKm) Weak profitability on back of final harvesting of the V17G, which was high cost Harvested volume (GWT) EBIT/kg* (NOK) ~50% of quarterly harvest volume trout. Price achievement for the Group NOK 7/kg lower for trout than for salmon NOK EBIT*/kg New smolt facility progressing according to plan. First release of smolt from new facility in Significant potential for both volume and costs Positive development in biology. Cost down q o q, but expectations for significant cost reduction from Q4/18 0 Q Q Q Q Q * Before biomass adjustment
22 Wild Catch (Havfisk/LNWS) Q Q YTD 2018 YTD 2017 EBITDA (NOKm) Lower quotas on cod and haddock, and positive development in demand, gives lift in prices for cod and haddock EBIT (NOKm) Havfisk, catch volume Q Q YTD 2018 YTD 2017 Cod Haddock Saithe Shrimps Other Total Havfisk, prices Q Q YTD Cod Investments in fleet gives capacity for more shrimp catches Development of the white fish processing industry in Norway is challenging. Several initiatives are initiated. The solution is higher efficiency in operations, and broader market reach The solution will require time, and investments. Lerøy is expecting stability in framework conditions to make necessary steps possible for a turn around of this industry in Norway Haddock Saithe
23 Norskott Havbruk (associate, 50% owned by LSG)** Q Q YTD 2018 YTD 2017 Revenue (NOKm) EBIT* (NOKm) Harvested volume (GWT) EBIT/kg* (NOK) Satisfactory result, with good biological performance in all regions Good harvest size in quarter, but some increase in costs q o q on higher cost in Shetland region EBIT*/kg New RAS facility being built with first eggs in Q and first release of smolt in 2019 NOK Potential for sustainable, organic growth in coming years Q Q Q Q Q * Before biomass adjustment ** Figures based on 100% basis
24 VAP&D VAP, Sales and Distribution Q Q YTD 2018 YTD 2017 Revenue (NOKm) EBIT (NOKm) EBIT margin 1.6 % 2.6 % 1.4 % 2.3 % Volatile prices has been a challenge in 2018 New facilities in start up in both Netherlands and Spain impact profitability level Revenue and EBIT margin (line graph) Improvements expected from Q4/ % NOKm % EBIT margin Q Q Q Q Q Q %
25 Outlook
26 Atlantic salmon Supply in tons WFE Change Change Change Change Change Change Change Norway 1,143, % 1,199, % 1,234, % 1,171, % 1,207, % 1,262, % 1,319, % United Kingdom 157, % 170, % 166, % 157, % 177, % 150, % 176, % Faroe Islands 72, % 82, % 75, % 77, % 80, % 71, % 76, % Ireland 10, % 12, % 15, % 15, % 17, % 14, % 17, % Iceland 3, % 4, % 3, % 8, % 11, % 13, % 18, % Total Europe 1,387, % 1,468, % 1,495, % 1,429, % 1,493, % 1,512, % 1,607, % Chile 468, % 582, % 598, % 504, % 564, % 652, % 663, % Canada 115, % 95, % 135, % 146, % 139, % 146, % 152, % USA 20, % 24, % 20, % 22, % 21, % 18, % 17, % Australia 39, % 42, % 54, % 50, % 61, % 60, % 61, % Others 11, % 15, % 13, % 12, % 12, % 14, % 20, % Total Others 653, % 759, % 821, % 736, % 799, % 892, % 915, % Total World-wide 2,041, % 2,228, % 2,317, % 2,166, % 2,293, % 2,405, % 2,522, % Figures as per Source: Kontali
27 SPOT prices, fresh Atlantic salmon cross-section, FCA Oslo as of week (Superior quality).
28 Atlantic salmon - Harvest Quantities Norway in tons WFE Harvest qty, YTD Sept: ,4% ( ) 2018 Figures as per Source: Kontali
29 Atlantic salmon - Harvest Quantities Europe in tons WFE Harvest qty, YTD Oct: ,2% ( ) ,000 30% 180, ,000 18% 20% 140, ,000 10% 10% 100,000 80,000 3% 2% 1% 3% 5% 3% 3% 1% 0% 60,000 8% 40,000 20,000 14% 10% 0 January February March April May June July August September October November December Chng line 20% Figures as per Source: Kontali
30 Atlantic salmon - Harvest Quantities Chile in tons WFE Harvest qty, YTD Sept: ,9% ( ) 2018 Figures as per Source: Kontali
31 Atlantic salmon - Harvest Quantities WW in tons WFE Harvest qty, YTD Oct: ,9% ( ) ,000 30% 23% 200,000 20% 14% 150, ,000 10% 1% 2% 4% 8% 5% 3% 1% 0% 10% 0% 6% 50,000 10% 0 January February March April May June July August September October November December 20% Chng line Figures as per Source: Kontali
32 Atlantic Salmon Consumption Q3 Salmon Market Growth Growth % EU 272, , ,200 2,800 1% USA 99, , ,300 13,000 12% Japan 16,200 14,800 14, % Other Markets 145, , ,700 8,900 5% Russia 19,500 19,800 26,500 6,700 34% Total Consumption 553, , ,600 31,500 5% NOK/KG (NSI 3-6) Q3: 55,36-3,0 % (57,10) 300,000 34% 40% 250, , , ,000 1% 12% 1% 5% 30% 20% 10% 0% 10% 50,000 20% 30% EU USA Japan Other Russia Markets Growth % 0 line Figures as per Source: Lerøy/Nasdaq
33 Atlantic Salmon Consumption YTD September NOK/KG (NSI 3-6) YTD w38: 62,22-3,1 % (64,48) Market - Salmon Grow th Grow th % Eu % Other Markets % USA % Japan % Russia % Total Consumption % % 60 % 50 % 40 % 30 % % 9 % 11 % 20 % 10 % % 0 % % Eu Other Markets USA Japan Russia 20 % Figures as per Source: Lerøy/Nasdaq Growth % 0 line
34 Atlantic salmon - Harvest Quantities Norway in tons WFE 2019 Figures as per Source: Kontali
35 Atlantic salmon - Harvest Quantities Europe in tons WFE ,000 30% 180, ,000 20% 140,000 14% 120, ,000 2% 3% 4% 4% 9% 6% 7% 4% 8% 6% 7% 10% 80,000 0% 60,000 40,000 10% 20,000 0 January February March April May June July August September October November December 20% E 2019 E Chng line Figures as per Source: Kontali
36 Atlantic salmon - Harvest Quantities Chile in tons WFE 2019 Figures as per Source: Kontali
37 Atlantic salmon - Harvest Quantities WW in tons WFE ,000 30% 200,000 20% 150,000 1% 2% 4% 5% 5% 5% 3% 2% 8% 6% 7% 9% 10% 100,000 0% 50,000 10% 0 January February March April May June July August September October November December 20% E 2019 E Chng line Figures as per Source: Kontali
38 Klikke for å legge til annet bilde Outlook - Demand for seafood remains strong, outlook remains positive - Harvest guidance for salmon and trout including associates GWT for 2018, and GWT for Expected contract share for salmon and trout in Q4/18 ~20% - Significant potential in whitefish. Expected catch volume around 65,000 tonnes in Quota set for cod down 6.5%, and haddock down 15%, Greenland halibut unchanged, and redfish up 64% 2019 Quota advice for saithe down 13% north of 62, and up 21% in the North Sea
39
40 CONTACT Henning Beltestad, CONTACT Sjur Malm,
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