Q November 9th. Lerøy Seafood Group ASA. CEO Henning Beltestad CFO Sjur S. Malm
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1 Q November 9th Lerøy Seafood Group ASA CEO Henning Beltestad CFO Sjur S. Malm
2 Agenda Highlights Key financial figures Outlook
3 Q EBIT before FV adj. NOK 861 million Harvest volume GWT EBIT/kg all incl. (excl. EBIT Havfisk & LNWS) of NOK 17.4 Contract share of 30% NIBD NOK million Harvest guidance GWT for
4 Quarterly historic figures EBIT* EBIT/kg**, all inclusive ,4 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 Q4 13 Q3 13 Q2 13 Q1 13 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 Q4 13 Q3 13 Q2 13 Q NOK NOK million *before biomass adjustment **before biomass adjustment excl. EBIT contribution from Wild Catch 4
5 Lerøy Seafood Group ASA Farming Wild catch VAP, Sales and Distribution 5
6 Q3: Farming highlights Spot prices below last year NSI Q3/17 NOK 56.8 vs NOK 60.8 in Q3/16 (-7%) Down NOK 11/kg q-o-q, and down NOK 4/kg y-o-y Trout price achievement in line with salmon Contract prices above spot Cost (RFS) in line with Q2/17 Biomass at sea End Q3/17 at 108,441 LWT vs 100,565 LWT end Q3/16 (+8%) 6
7 Farming volumes: Licence s Smolt cap GWT 2013 GWT 2014 GWT 2015 GWT 2016 GWT 2017E GWT 2018E GWT Lerøy Aurora AS* 26 11, Lerøy Midt AS 57 22, Lerøy Sjøtroll 63 22, 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 7
8 Q3: Wild Catch Strong first three quarters 2017 Catch volume based on annual quotas, time of catch may vary from year to year Catch volume in Q3/17 of 17,029MT compared to 17,189MT in Q3/16. Relatively high share of haddock (14% of catch Q3/17 vs 6% of catch Q3/16) Remaining quota for 2017 about 15,000MT, compared to 12,000 MT end Q3/16. Compared to Q3/16. Positive price development for cod (up 2% y-o-y) and haddock (up 26% y-o-y). Saithe prices down 26% y-o-y Third quarter the most challenging quarter for Lerøy Norway Seafoods, with significant negative impact on profitability 8
9 Remaining quotas Havfisk/Wild Catch Catch volume Q3/17 Catch volume Q3/16 Catch volume YTD 2017 Carch volume YTD 2016 Remaining quota 2017 Remaining quota 2016 Cod Haddock Saithe Shrimps Other Total
10 Q3: VAP, Sales and Distribution Volatile prices a challenge and opportunity Quarterly operating margin of 2.6% compared to 2.3% in Q3/16. Positive development in key operations Position as full fletched seafood supplier has been enhanced significantly over the previous year 10
11 Agenda Highlights Key financial figures Outlook
12 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)* 1,14 0,64 79 % Harvested Volume (GWT) % ROCE* (%) 23,9 % 17,9 % EBIT/kg all incl. excl. WildCatch* (NOK) 17,4 14,8 * Before biomass adjustment 12
13 Key financial figures, YTD 2017 (NOKm) YTD 2017 YTD 2016 % Revenue % Other gains and losses 8 0 EBITDA % Depreciation & amortisation EBIT* % Income from associates* Net finance Pre-tax profit* % EPS (NOK)* 3,78 2,35 61 % Harvested Volume (GWT) % ROCE* (%) 27,5 % 21,2 % EBIT/kg all incl. excl. WildCatch* (NOK) 25,5 16,4 * Before biomass adjustment 13
14 Balance sheet «Wild Catch» segment consolidated from 1. September 2016 (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 57,0 % 57,8 % -1 % NIBD % 14
15 Funding NOK million Later Total To be paid Total Covenants Q NIBD/EBITDA <5 0,60 Adj. Equity ratio >30 % 66.1 % 15
16 Cash flow / NIBD Q Q YTD 2017 YTD 2016 FY 2016 EBITDA before fair value 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. The change in NIBD from business combination is presented in separate line in this overview. 16
17 EBIT per segment EBIT* Q EBIT* Q NOKm NOKm Farming Wild Catch VAPS&D Elim./LSG Q Farming Wild Catch VAPS&D Elim./LSG Q *before biomass adj. 17
18 Lerøy Aurora Q Q YTD 2017 YTD 2016 Revenue (NOKm) EBIT* (NOKm) Harvested volume (GWT) EBIT/kg* (NOK) , Strong production Q-o-q fall in RFS cost and further decline expected for Q4/17 Expected harvest volume in ,000 GWT EBIT*/kg Expected harvest volume in ,000 GWT NOK Q *before biomass adj. Q Q Q Q
19 Lerøy Midt Q Q YTD 2017 YTD 2016 Revenue (NOKm) Positive development in production, and a significant improvement y-o-y EBIT* (NOKm) Harvested volume (GWT) EBIT/kg* (NOK) Significant q-o-q fall in RFS cost and further decline expected for Q4/17 25 EBIT*/kg 24.1 Expected harvest volume in 2017 is 65,000 GWT Expected harvest volume in 2018 is 67,000 GWT NOK Q Q Q Q Q *before biomass adj.
20 Lerøy Sjøtroll Q Q YTD 2017 YTD 2016 Revenue (NOKm) EBIT* (NOKm) Harvested volume (GWT) EBIT/kg* (NOK) Positive development in trout, and falling RFS q- o-q. Significant challenges on some salmon sites late in quarter, with early harvest of several sites, with negative impact on production and profitability EBIT*/kg Situation has normalised, but will have impact on NOK production volume and cost for Q4/17. Still, a significant drop in q-o-q RFS cost is expected for Q4/17 Expected harvest volume for 2017 is 55,000 GWT 5 0 Q Q Q Q *before biomass adj. including EBIT from Norsk Oppdrettsservice Q Expected harvest volume for 2018 is 62,000 GWT 20
21 Wild Catch (Havfisk/LNWS) Q Q YTD 2017 YTD 2016 EBITDA (NOKm) EBIT (NOKm) Havfisk, catch volume Q Q YTD 2017 YTD 2016 Consolidated from 1. September 2016 Continued strong development in Havfisk, record profitability YTD driven by high catch rates and increasing catch volume. Cod Haddock Saithe Shrimps Other Total Havfisk, prices Q Q YTD 2017 YTD 2016 Havfisk profitability level for Q3/17 on par with Q3/16. Third quarter is the most challenging quarter of the year in Lerøy Norway Seafoods. Low season, with low volumes, gives significant negative profitability in the quarter. Cod 25,5 25,0 26,4 24,9 Haddock 17,5 13,9 18,6 14,0 Saithe 11,2 15,2 11,5 16,0 21
22 Norskott Havbruk (associate) Q Q YTD 2017 YTD 2016 Revenue (NOKm) EBIT* (NOKm) Harvested volume (GWT) EBIT/kg* (NOK) ,3 15,0 Strong operational results in the quarter Results negatively impacted by challenges at some sites with early harvest, impacting harvest volumes in 2017 and 2018 Normal biological performance on the majority of NOK Q *before biomass adj 24.4 Q EBIT*/kg 24.2 Q Q Q sites with good harvest weights Contract share 41% Expected harvest volume for 2017: 32,000GWT Expected harvest volume for 2018: 27,000GWT 22
23 VAPS&D VAP, Sales and Distribution Q Q YTD 2017 YTD 2016 Revenue (NOKm) EBIT (NOKm) EBIT margin 2.6 % 2.3 % 2.3 % 2.2 % Positive impact from more whitefish, and significant potential in further development of the whitefish segment as well as fish cuts. Volatile prices a challenge, and an opportunity High focus on product development, seeing Revenue and EBIT margin (line graph) % positive development in key markets NOKm % 2 % EBIT margin Q Q Q Q Q % 23
24 Agenda Highlights Key financial figures Outlook
25 Atlantic salmon Supply in tons WFE Change Change Change Change Change Change Change Norway ,7 % ,3 % ,8 % ,9 % ,1 % ,0 % ,8 % United Kingdom ,0 % ,0 % ,0 % ,5 % ,4 % ,1 % ,9 % Faroe Islands ,9 % ,3 % ,9 % ,6 % ,2 % ,2 % ,4 % Ireland ,5 % ,1 % ,0 % ,6 % ,6 % ,9 % ,8 % Iceland ,8 % ,1 % ,3 % ,2 % ,0 % ,7 % ,7 % Total Europe ,0 % ,1 % ,8 % ,8 % ,4 % ,5 % ,8 % Chile ,7 % ,6 % ,5 % ,6 % ,7 % ,3 % ,7 % Canada ,2 % ,7 % ,5 % ,3 % ,4 % ,3 % ,0 % USA ,1 % ,6 % ,2 % ,8 % ,9 % ,4 % ,8 % Australia ,1 % ,5 % ,7 % ,5 % ,4 % ,9 % ,8 % Others ,0 % ,3 % ,7 % ,9 % ,8 % ,2 % ,4 % Total Others ,1 % ,0 % ,1 % ,2 % ,9 % ,9 % ,3 % Total World-wide ,4 % ,1 % ,1 % ,0 % ,7 % ,3 % ,0 % Figures as per Source: Kontali 25
26 SPOT prices, fresh Atlantic salmon cross-section, FCA Oslo as of week (Superior quality). 26
27 Atlantic salmon - Harvest Quantities Norway 2017 in tons WFE Harvest qty, YTD Oct: ,9% ( ) Figures as per Source: Kontali 27
28 Atlantic salmon - Harvest Quantities Europe 2017 in tons WFE Harvest qty, YTD Oct: ,7% ( ) 50% % % % 1% 14% 6% 0% 6% 9% 9% 0% 12% 7% 10% 20% 10% 0% 10% % % 0 January February March April May June July August September October November December 40% E Chng line Figures as per Source: Kontali 28
29 Atlantic salmon - Harvest Quantities Chile 2017 in tons WFE Harvest qty, YTD Oct: ,2% ( ) Figures as per Source: Kontali 29
30 Atlantic salmon - Harvest Quantities WW 2017 in tons WFE Harvest qty, YTD Oct: ,3% ( ) 30% % % 9% 5% 11% 12% 7% 14% 9% 11% 10% % 0% % 10% 10% 0 January February March April May June July August September October November December 20% E Chng line Figures as per Source: Kontali 30
31 Atlantic salmon - Harvest Quantities Norway 2018 in tons WFE Figures as per Source: Kontali 31
32 Atlantic salmon - Harvest Quantities Europe 2018 in tons WFE % % % % 5% 8% 12% 11% 14% 6% 4% 5% 8% 10% 20% 10% % 0% 10% % % 0 January February March April May June July August September October November December 40% E 2018 E Chng line Figures as per Source: Kontali 32
33 Atlantic salmon - Harvest Quantities Chile in tons WFE Figures as per Source: Kontali 33
34 Atlantic salmon - Harvest Quantities WW 2018 in tons WFE % 14% % 10% 8% 10% 10% 4% 7% 6% 8% 10% 2% % 0% % % 0 January February March April May June July August September October November December 30% E 2018 E Chng line Figures as per Source: Kontali 34
35 Atlantic Salmon Consumption YTD October Market - Salmon Grow th Grow th % Eu % Other Markets % USA % Japan % Russia % Total Consumption % % % % % 10 % % 2 % 1 % 6 % 5 % 0 % 5 % % % % Eu Other Markets USA Japan Russia 25 % Figures as per Source: Lerøy/Nasdax Growth %
36 Atlantic Salmon Consumption Q3 Salmon Market Growth Growth % EU % USA % Japan % Other Markets % Russia % Total Consumption % % 8 % 9 % 16 % 3 % 30 % 20 % 10 % 0 % % % 30 % 40 % EU USA Japan Other Markets Russia 50 % Growth % Figures as per Source: Lerøy/Nasdax
37 Atlantic Salmon Consumption (Other markets) 2017 Q3 NOK/KG (NSI 3-6) Q3: 57,10-7,8 % (61,92) Figures as per Source: Kontali / Nasdaq
38 Outlook Continued positive outlook Harvest guidance for salmon and trout including associates GWT for 2017 and for 2018 Expected contract share for salmon and trout in Q4 ~30% Significant potential in whitefish: Expected catch volume up towards 70,000 tonnes in Quota set for cod down 13%, haddock down 12%, Greenland halibut up 12.5% and redfish up 9% 2018 Quota advice for saithe up 15% north of 62 and up 7% in the North Sea 38
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