Aker Seafoods Second quarter 2010 Profits improved in high season

Transcription

1 Aker Seafoods Second quarter 21 Profits improved in high season CEO Liv Monica B Stubholt CFO Gunnar Aasbø-Skinderhaug Welcome Agenda Topic Speaker Operational Update Liv Monica Stubholt, CEO Group Harvesting Processing Norway and Denmark Processing France Financials Gunnar Aasbø-Skinderhaug, CFO Income Statement Cash Flow Balance Sheets Q&A session 1

2 Highlights of the first half of 21 Increased profit, uncertainty for the second half of the year Robust harvesting Larger quotas and effective operations in AKS Substantial raw material availability for processing Norway until May Expected shortage of raw material in second half Increased revenue by 14% Increased profitability from a low level: EBITDA increased by 58% Highlights of the first half of 21 Market trends Harvesting Increased demand for white fish Cod price still in decline Frozen haddock and saithe prices increased Processing Increased demand for cod products fresh and frozen High prices for salmon products means: Decreased demand White fish more competitive Product innovation critical for success going forward 2

3 Highlights of the first half of 21 Norway Seafoods established Foto: Tom Haga Norwegian Seafood Export Council Marketing and processing activities combined in new company - Norway Seafoods Increased focus on market and quality to increase profitability Positioned for strategic partnerships Operations commenced in Norway Seafoods in Q3 Aker Seafoods continues as a focused harvesting company Owns 1% of Norway Seafoods Contracted to supply fish to Norway Seafoods Quarterly figures Key indicators Operating Revenues EBITDA EBITDA-margin (%) Earnings per share (NOK) ,2 5,8 7 13,1 8, 2,4 3 42,42,12,15 Q2 2 Q3 2 Q4 2 Q1 21 Q2 21 -,39 Q2 2 Q3 2 Q4 2 Q1 21 Q2 21 Q2 2 Q3 2 Q4 2 Q1 21 Q2 21 Q2 2 Q3 2 Q4 2 Q1 21 Q2 21 3

4 Harvesting Aker Seafoods Increased profit Operating Revenues Q2 2 Q3 2 Q4 2 Q1 21 Q2 21 EBITDA / EBITDA margin EBITDA EBITDA margin (%) Q2 2 Q3 2 Q4 2 Q1 21 Q Harvesting volumes in Q2 up % from Q2 2 Up 18% YTD Robust availability of cod and haddock Increased catch with fewer operating days at sea Increased EBITDA from MNOK 31 for Q2 to MNOK 42 for Q2 1 Increased EBITDA margin 2% Harvesting in Norway Low cod price - increased price on frozen haddock and saithe Norwegian cod landings and prices Tonnes H/G weight Price cod H/G weight NOK/KG 1 = prices Q28 Q38 Q48 Q1 Q2 Q3 Q4 Q11 Q21 *Source:The Norwegian Fishermen's Sales Organisation Still low cod price Higher frozen haddock and saithe prices Low price of fresh haddock and saithe Cod prices decreased by 13% since Q2 * Total cod landings Q2 1 37% higher than same period in 2 Total white fish landings Q2 1 39% higher than same period in 2 *Source:The Norwegian Fishermen's Sales Organisation 4

5 Harvesting Aker Seafoods Increased haddock volumes Aker Seafoods Harvesting (MT) Cod Saithe N.sea Other Saithe North of 2d Haddock Q2 1 vs. Q2 Cod: +1% Haddock: +18% Saithe north of 2p: -18% Saithe south of 2p: -34% AKS total harvesting increased by % in Q2 1 vs. Q2 4 2 Q2 28 Q3 28 Q4 28 Q1 2 Q2 2 Q3 2 Q4 2 Q1 21 Q2 21 Source: Company figures Processing Aker Seafoods/Norway Seafoods - Norway Increased sales from inventory Operating Revenues Q2 2 Q3 2 Q4 2 Q1 21 Q2 21 EBITDA / EBITDA margin 19 EBITDA EBITDA margin (%) Reduced production in Q2 1 vs. Q Q2 2 Q3 2 Q4 2 Q1 21 Q % Shortage of raw materials 8% towards end of Q2 Increased revenue 7 % % 5 % 4 % 3 % 2 % 1 % % High sales from inventory Slight increase fresh sale Increased margins -1 % Expecting raw -2 % materials shortage in -3 % second half of 21 5

6 Processing - Norway Fresh and frozen cod fillets from Norway Volume Tonnes Frozen fillets Fresh fillets Prices NOK Fresh fillets Frozen fillets Q2 1 vs Q2 Fresh % Frozen -2% Jun- 8 Sep- 8 Dec- 8 Mar- Jun- Sep- Dec- Mar- 1 Jun- 1 3 Jun- 8 Sep- 8 Dec- 8 Mar- Jun- Sep- Dec- Mar- 1 Jun- 1 Source: Eksportutvalget for fisk Processing Aker Seafoods/Norway Seafoods - Denmark Higher salmon price reduces demand Operating Revenues EBITDA / EBITDA margin 1 1 EBITDA EBITDA margin (%) Q2 2 Q3 2 Q4 2 Q1 21 Q2 21 Q2 2 Q3 2 Q4 2 Q1 21 Q Revenue decline in the consumer-packed fresh 9 fish category 8 Reduced revenue and margin from salmon 7 products due to high salmon price Decreased EBITDA from 5 MNOK 1 for Q2 to 4 MNOK for Q2 1 3 Market leader challenge from competitors 2 g 1 Product innovation critical for continued success

7 Processing Aker Seafoods/Norway Seafoods - France High profitability on farmed trout Operating Revenues Q2 2 Q3 2 Q4 2 Q1 21 Q2 21 EBITDA / EBITDA margin 2 1 EBITDA EBITDA margin (%) 2 7 Q2 2 Q3 2 Q4 2 Q1 21 Q Increased sales of products from AKS in Norway High salmon/trout t prices Lower revenue from fresh salmon products High price on farmed trout Increased EBITDA from MNOK 2 for Q2 to MNOK 5 for Q2 1 Agenda Topic Speaker Operational Update Liv Monica Stubholt, CEO Group Harvesting Processing Norway and Denmark Processing France Financials Gunnar Aasbø-Skinderhaug, CFO Income Statement Cash Flow Balance Sheets Q&A session 7

8 Financials Key figures (NOK million) Q2 Q3 Q4 Q1 1 Q2 1 YTD YTD 1 2 Operating revenues EBITDA EBITDA margin (%) Non-recurring items (13) (41) (54) EBIT 22 () (29) Profit before tax 9 13 (51) Profit after tax 99 (33) Earnings per share* (.39) Total assets Equity Equity ratio (%) Net interest bearing debt * Based on average number of shares in the period Financials Cash Flow (NOK million) Q2 Q3 Q4 Q1 1 Q2 1 YTD YTD1 2 Profit before tax 9 13 (51) Sales losses/gains - (8) (13) (1) (2) - (12) (21) Depreciation and amortisation Changes in other net operating assets 42 (157) 222 (15) (88) 153 Cash flow from operating activities 8 (1) 19 (32) Cash flow from investing activities (25) (95) (57) (9) (43) (8) (195) Cash flow from financing activities (39) 91 (4) (22) (18) (95) (4) (5) Total cash flow reporting period 1 (5) 93 (2) 4 2 (1) 18 Cash and cash equivalent at the beginning of period Cash and cash equivalent at end of period Not utilized credit facilities Cash and cash equivalent at end of period, incl. credit facilities

9 Financials Debt and working capital Net interest bearing debt Working capital * * Q2 adjusted for reclassification of ISK bonds Welcome Agenda Topic Speaker Operational Update Liv Monica Stubholt, CEO Group Harvesting Processing Norway and Denmark Processing France Financials Gunnar Aasbø-Skinderhaug, CFO Income Statement Cash Flow Balance Sheets Q&A session 9

10 Aker Seafoods second quarter 21 Enclosures Financials Income statement NOK million Q2 Q3 Q4 Q1 1 Q2 1 YTD YTD 1 2 Operating revenues Operating expenses (59) (573) (77) (78) (87) (1 243) (1 35) (2 493) EBITDA Depreciation (29) (28) (38) (31) (31) (58) (2) (124) Non-recurring items (13) (41) (54) Operating profit 22 (5) (29) Net financial items (14) 141 (22) (19) (17) (3) (3) 83 Profit before tax 9 13 (51) Tax on ordinary profit (3) (37) 18 (1) (4) (4) (21) (23) Net ordinary profit 99 (33) Minority interest Majority interest 99 (33) Earnings per share* (.39) * Based on average number of shares in the period Interim presentation second quarter 2 2 Aker 18 August 2 1

11 Financials Balance sheet - Assets NOK million Intangible assets Tangible fixed assets Total intangible/tangible fixed assets Financial interest-bearing fixed assets Financial interest-free fixed assets Shares and other equity investments Total financial fixed assets Total fixed assets Biological assets Inventory Interest-free short-term receivables Interest-bearing short-term receivables Liquid assets Total current assets Total assets Financials Balance sheet - Equity and liabilities NOK million Total shareholders' equity Minority interests Total shareholders' equity and minority interests Provisions and other interest-free long-term liabilities Interest-bearing long-term debt Total long-term liabilities Interest-free short-term debt Interest-bearing short term debt Total short-term liabilities Total shareholders' equity and liabilities

12 Harvesting Landings and price - Haddock Landings (MT) and price (NOK/kg) Tonnes round weight 35 3 Price round weight NOK/KG = prices Q2 8 Q3 8 Q4 8 Q1 Q2 Q3 Q4 Q1 1 Q2 1 5 Source: Råfisklaget Harvesting Landings and price - Saithe Landings (MT) and price (NOK/kg) Tonnes round weight Price round weight NOK/KG = prices Source: Råfisklaget Q2 8 Q3 8 Q4 8 Q1 Q2 Q3 Q4 Q1 1 Q

13 Aker Seafoods Contact information Name Phone Liv Monica B Stubholt lms@akersea.com CEO Gunnar Aasbø-Skinderhaug gunnar.aasbo@akersea.com CFO Aker Seafoods ASA Fjordalleen 1 PO Box 131, Vika. N-112 Oslo, Norway Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Seafoods ASA including subsidiaries i and affiliates. These expectations, ti estimates t and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Seafoods' businesses, fish prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Aker Seafoods ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Aker Seafoods ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Seafoods ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. Interim presentation third second quarter quarter Aker August October 2 13