Preliminary financial figures Preliminary financial figures LERØY SEAFOOD GROUP Henning Beltestad February 23 rd 2012 Ivan Vindheim 2011 CFO CEO 1 1
Key financial figures Q4 2011 Key financial figures Q4 2011 Lerøy at a glance Considerations Market glance 2 Agenda 1 2 2 3 4 2. 3. 4. 1. 2 2
Highlights as of Q4 2011 g g • Profit down on the back of a lower salmon price • EBIT/kg all inclusive NOK 3.0 • High contract share of 35% in Q4 • Of which c.20% old contracts, i.e. committed before H2 2011 • Biology satisfactory Bi l i f • However, PD-hit in Lerøy Hydrotech of NOK33m • Biomass in sea of record-high 100.6’ LWT YE 2011 g • Decided to close down the packing station in Kristiansund • S&D second best quarter ever • Satisfactory cash-flow Satisfactory cash flow • Dividend NOK/share 7.0 indicated by the BoD • Acquisition of 50.1% of Rode Beheer B.V. • Closing date end of February 3 3
Close down of packing station L Lerøy Hydrotech H d t h • Optimization • Own packing stations • Agreement with SalMar ASA • Agreement with SalMar ASA • Volumes to Innovamar (SalMar) in exchange of SalMar North’s volumes to Lerøy Aurora’s packing station at Skjervøy station at Skjervøy • Increased processing capacity and flexibility • Cost reductions Cost reductions • Capital rationalisation C it l ti li ti 4 4
Internal considerations Q4 2011 All figures in NOK m ill All figures in NOK m ill Q4 - 11 Q4 - 10 Change 2011 2010 Change 2 574 -13 % 8 888 3 % Turnover 2 251 9 177 EBITDA 192 603 -68 % 1 485 1 806 -18 % EBIT bef adj biom 120 539 -78 % 1 213 1 586 -24 % 543 -82 % 1 623 -27 % PTP bef adj biom 96 1 183 *) PTP = Pre-Tax Profit 5 5
1980 1985 1990 1995 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 6 6 Turnover LSG Turnover LSG NOK m illion 10 000 9 000 8 000 7 000 6 000 6 000 5 000 4 000 4 000 3 000 2 000 1 000 0
7 LSG was listed on Oslo Stock Exchange in 03.06.2002 03 06 2002 EBIT LSG pre biomass adj EBIT LSG pre biomass adj 7 i h k E S O l d li NOK m illion LSG 500 0 2 000 1 500 1 000 1 000
Quartely EBIT LSG pre biomass adj Quartely EBIT LSG pre biomass adj 8 8 NOK m illion 600 500 500 400 300 200 100 0
Return on capital employed (ROCE) Return on capital employed (ROCE) 35 30 25 20 ent 18%* Perce 15 15 10 5 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 * Target communicated at the listing on Oslo Stock Exchange 03 06 2002 * Target communicated at the listing on Oslo Stock Exchange 03.06.2002 9 9
Annual dividend since 1995 Annual dividend since 1995 600 10% 500 8% NOKm 400 6% Dividend Dividend N 300 300 Yield 4% 200 2% 100 00 0 0% 19951996199719981999200020012002200320042005200620072008200920102011 Listed on Oslo Stock Exchange 03 06 2002 Listed on Oslo Stock Exchange 03.06.2002 10 10 10
Creating shareholder’s value Creating shareholder s value 15 000 15 000 10% 10% NOKm 8% 10 000 Market Cap 6% Yield 4% 5 000 2% 0 0% 199719981999200020012002200320042005200620072008200920102011 Listed on Oslo Stock Exchange 03 06 2002 Listed on Oslo Stock Exchange 03.06.2002 11 11 11
Ten years with sustainable growth more to come! Ten years with sustainable growth, more to come! 12 000 150 000 10 000 10 000 125 000 125 000 GWT NOKm Market Cap 8 000 100 000 EV 6 000 75 000 GWT GWT 4 000 4 000 50 000 50 000 2 000 25 000 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Listed on Oslo Stock Exchange 03 06 2002 Listed on Oslo Stock Exchange 03.06.2002 12 12 12
Internal considerations Q4 2011 Internal considerations Q4 2011 Production Production • Volumes in line with revised guidance • 39.6’ GWT in Q4 and 136.7’ GWT FY • In general, operations satisfactory in Q4 f Q • However, PD-hit Lerøy Hydrotech of NOK33m • Record-high biomass in sea YE of 100.6’ LWT Sales and Distribution • Second best quarter ever S d b t t • Capitalising on • Economies of scale • Systems • Global network • Organisation/human capital • Alliances 13 13
I t Internal considerations l id ti Q4 2011 cont’d Affiliated companies • Negative earnings in Q4 (Norskott/Scottish Sea N ti i i Q4 (N k tt/S tti h S Farms) • Biological issues both in Scotland Mainland and in Shetland Islands Shetland Islands • Falling prices in the quarter Financially solid Financially solid • NIBD NOK1,593m as of Q4 2011 • Satisfactory cash-flow in the quarter under review and for the year as a whole and for the year as a whole • Dividend/share of NOK 7.0 indicated by the BoD • Well positioned for future organic and strategic growth th 14 14
External considerations Q4 2011 External considerations Q4 2011 Demand and supply pp y • Sequential drop in spot prices of 12.3% in Q4 11 On the back of higher supply and still high, but falling, prices to • end-customer in material markets • However, LSG high proportion of contracts in Q4 11 35% in Q4 11, of which approx. 20% at “old” prices • • Significant supply growth expected the coming months U Uncertainty related to Chile t i t l t d t Chil • • Focus on market Favourable prices from a demand point of view • • • However still somewhat price lag to end-consumer However, still somewhat price lag to end-consumer Marketing campaigns • Emerging markets • Political issues / trade barriers • US punitive duty on Norwegian fresh salmon abolished in February 2012 Positive • Can be appealed • 15 15
Key financial figures Q4 2011 Lerøy at a glance Considerations Considerations Market glance Agenda 16 1 1 2 3 4 1. 2. 3. 4. 1 16 16
Income Statement Q4 2011 All figures in NOK 000 Q4 2011 Q4 2010 YTD 2011 2010 Salgsinntekter / Operating revenues 2 250 605 2 573 862 9 176 873 8 887 671 Vareforbruk / Cost of goods sold 1 563 085 1 481 954 5 866 180 5 612 160 Lønnskostnader / Salaries and wages 272 996 248 114 967 789 777 845 Andre driftskostnader / Other operating costs 222 723 241 712 858 107 691 791 Driftsresultat før avskrivninger / EBITDA 191 802 602 081 1 484 797 1 805 874 Ordinære avskrivninger / Ordinary depreciation 62 891 219 624 71 797 271 899 Driftsresultat før verdijustering biomasse / EBIT before fair value adjustment biomass Driftsresultat før verdijustering biomasse / EBIT before fair value adjustment biomass 120 004 120 004 539 189 539 189 1 212 898 1 212 898 1 586 249 1 586 249 Verdijustering biomasse / Fair value adjustment biomass 126 707 298 538 21 857 -615 767 Driftsresultat / Operating profit (EBIT) 141 862 665 897 597 131 1 884 787 Inntekt fra tilknyttede selskaper / Income from associated companies -8 537 38 870 19 741 122 006 Netto finansposter / Net financial items -21 964 -20 190 -81 884 -66 272 Resultat før skattekostnad og før just biomasse / Profit before tax bef adj biom. 95 730 543 349 1 183 314 1 623 307 Resultat før skattekostnad / Profit before tax 111 361 684 577 534 988 1 940 521 Beregnede skatter / Estimated taxation -175 687 -510 952 -36 615 -156 311 508 890 508 890 1 429 569 1 429 569 Periodens resultat / Profit for the period Periodens resultat / Profit for the period 74 746 74 746 378 677 378 677 17 17 17
Key Figures Production Q4 2011 Key Figures Production Q4 2011 *) *) **) **) *) *) *) *) Lerøy Sjøtroll Others / Total Total Figures NOKm Lerøy Midnor Hydrotech Lerøy Aurora Lerøy Vest Havbruk elimination Q4 11 Q4 10 Revenues 339,9 201,0 172,9 260,5 132,3 181,3 1 288,0 1 480,3 57,2 -28,2 24,5 -16,6 -5,0 11,3 EBIT before biom adj 43,2 463,1 RoS before biom adj 17 % -14 % 14 % -6 % -4 % 6 % 3 % 31 % Volumes (GWTk) Volumes (GWTk) 11,3 11,3 8,0 8,0 5,7 5,7 10,3 10,3 4,2 4,2 0,0 0,0 39,6 39,6 35,8 35,8 EBIT/kg 5,0 -3,5 4,3 -1,6 -1,2 0,8 12,7 EBIT/kg all inclusive NOK 3.0 (Q4 2010 NOK/kg 15.1) Q4 10 comparable figures: Revenues 387,3 292,2 238,3 278,2 117,4 167,1 1 480,3 EBIT before biom adj 143,6 109,5 95,9 77,0 26,7 10,6 463,1 RoS before biom adj S j 37 % 3 % 37 % 3 % 40 % 0 % 28 % 8 % 23 % 3 % 6 % 6 % 31 % 3 % Volumes (GWTk) 10,2 7,7 6,3 8,5 3,0 0,0 35,8 EBIT/kg 14,0 14,1 15,3 9,1 8,8 12,7 *) *) Including VAP (post / pre-rigor, fillets, portions etc) Including VAP (post / pre rigor fillets portions etc) **) PD-hit of NOK33m in Q4 2011 18 18 18
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