LSG 2014

LSG 2014
Havbrukskonferansen
Future growth markets
CEO|Henning Beltestad
Lerøy Seafood Group ASA
Q3 2014: Challenging quarter
•
EBIT before FV adj. NOK 303 million
•
NOK 75m in gain from consolidating share of Villa Organic
•
EBIT/kg all inclusive NOK 7.3 (NOK 5.5 excl. gain)
•
Harvest volume 41 499 GWT
•
Contract share of 38 %
•
NIBD NOK 2 207 million at end Q3 2014
•
Harvest guidance 2014 159 000 GWT
•
•
MAB flexibility and lower growth
•
178 500 including share of associates
Harvest guidance 2015 166 000 GWT
•
181 500 including share of associates
2
Quarterly historic figures
EBIT*
EBIT/kg*, all inclusive
600
18
16
14
400
13,3
16,5
16,0
13,7
13,7
13,3
12 11,3
303
300
200
NOK
NOK million
500
15,1
8
7,3
5,7
4
3,0 2,8
2
0
10,1 10,3
10
6
100
12,2
11,1
3,6
3,3
2,0
0
Q3 14
Q2 14
Q1 14
Q4 13
Q3 13
Q2 13
Q1 13
Q4 12
Q3 12
Q2 12
Q1 12
Q4 11
Q3 11
Q2 11
Q1 11
Q4 10
Q3 10
Q2 10
Q1 10
Q3 14
Q2 14
Q1 14
Q4 13
Q3 13
Q2 13
Q1 13
Q4 12
Q3 12
Q2 12
Q1 12
Q4 11
Q3 11
Q2 11
Q1 11
Q4 10
Q3 10
Q2 10
Q1 10
*before biomass adjustment
3
Key financial figures YTD
(NOKm)
YTD 2014
YTD 2013
▲%
Revenue
9 318
7 535
24 %
75
54
1 626
1 433
13 %
273
232
18 %
1 353
1 201
13 %
Income from associates*
138
62
-26 %
Net finance
-68
-83
-18 %
Pre-tax*
1 423
1 181
20 %
EPS (NOK)*
19.2
14.3
0%
Harvested Volume (GWT)
115 779
103 582
12 %
EBIT*/kg all inclusive (NOK)
11.7
11.6
1%
22.2 %
20.6 %
Other gains and losses
EBITDA
Depreciation & amortisation
EBIT*
ROCE* (%)
* Before biomass adjustment
4
Lerøy Seafood Group ASA
Farming
VAP
Sales &
Distribution
5
Farming
Lerøy Aurora
• Lerøy Aurora (salmon)
•
26 licenses
• Lerøy Midt (salmon)
•
55 licenses
• Lerøy Sjøtroll (salmon and trout)
•
59 licenses (not included awarded “green” license)
Lerøy Midt
• In total 140 licenses in Norway
Lerøy Sjøtroll
6
VAP
•
Rode Beheer BV Group
•
•
Lerøy Smøgen Seafood AB
•
•
Capacity of about 16-20,000 tons raw material
Capacity of about 12,000 tons raw material
Lerøy Fossen AS
•
Capacity of about 12,000 tons raw material
•
Bulandet Fiskeindustri AS(white fish)
•
Total VAP capacity in these factories 40-45,000
tons raw material
7
Sales & Distribution
•
Significant investments in fish cuts recent years
•
A significant industrial activity within trading,
processing, sales and distribution of fish
•
Processing and fresh distribution facilities:
•
•
•
•
•
•
•
•
•
Norway
Sweden
Finland
France
Spain
Portugal
Denmark (reported as associate)
Turkey (reported as associate)
Netherlands (reported in VAP)
Fish-cuts/fresh distribution facilities
8
Sales per market and product Q3 2014
7,8% 1,1%
9,5%
7,8%
4,3%
2,9%
39,3%
8,9%
11,9%
55,0%
16,4%
35,2%
EU
Whole salmon
Norway
Processed salmon
Asia Pacific
Whitefish
USA & Canada
Salmontrout
Rest of Europe
Shellfish
Others
Others
9
Atlantic Salmon – Supply WW
Norway
United Kingdom
Faroe Islands
Ireland
Iceland
Total Europe
2010
944 600
142 900
41 800
17 800
1 000
1 148 100
Chile
Canada
Australia
USA
Others
Total America
129 600
122 000
33 000
18 000
4 500
307 100
Total World-wide
1 455 200
Change
09-10
2011
10,4 % 1 005 600
-1,0 %
154 700
-11,3 %
56 300
20,3 %
16 000
100,0 %
1 000
8,1 % 1 233 600
-45,8 %
0,1 %
2,5 %
9,8 %
60,7 %
-25,5 %
221 000
119 500
36 000
18 300
5 000
399 800
-1,3 % 1 633 400
Change
10-11
2012
6,5 % 1 183 100
8,3 %
159 400
34,7 %
70 300
-10,1 %
15 600
2 900
7,4 % 1 431 300
70,5 %
-2,0 %
9,1 %
1,7 %
11,1 %
30,2 %
364 000
136 500
39 000
19 600
8 500
567 600
12,2 % 1 998 900
543.700 t (37 %)
Figures as per 07.11.14
Source: Kontali
Change
11-12
2013
17,7 % 1 143 600
3,0 %
157 800
24,9 %
72 600
-2,5 %
10 600
3 100
16,0 % 1 387 700
64,7 %
14,2 %
8,3 %
7,1 %
70,0 %
42,0 %
468 100
115 100
40 500
20 300
11 100
655 100
22,4 % 2 042 800
Change
Change
Change
12-13
2014
13-14
2015
14-15
-3,3 % 1 200 500
5,0 % 1 251 400
4,2 %
-1,0 %
164 800
4,4 %
169 700
3,0 %
3,3 %
81 400 12,1 %
73 500
-9,7 %
-32,1 %
12 300 16,0 %
13 000
5,7 %
6,9 %
4 000 29,0 %
5 000 25,0 %
-3,0 % 1 463 000
5,4 % 1 512 600
3,4 %
28,6 %
-15,7 %
3,8 %
3,6 %
30,6 %
15,4 %
563 100
111 100
42 000
20 400
14 100
750 700
2,2 % 2 213 700
20,3 %
-3,5 %
3,7 %
0,5 %
27,0 %
14,6 %
535 300
129 000
44 000
20 500
20 000
748 800
-4,9 %
16,1 %
4,8 %
0,5 %
41,8 %
-0,3 %
8,4 % 2 261 400
2,2 %
218.600 t (8 %)
10
SPOT prices, fresh Atlantic salmon
cross-section, FCA Oslo
as of week 47-2014 (Superior quality).
Avrg Q3 14 NOK 34,15 vs avrg Q3 13 NOK 38,12 (-9.4%)
Avrg YTD Q3 2014 NOK 40,30 vs avrg YTD Q3 2013 NOK 38,34 (+5,1%)
Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14
NOS FCA Oslo 28,24 39,72 34,44 25,92 27,47 25,00 24,34 23,10 24,94 25,02 27,72 25,33 28,22 35,09 31,72 27,52 34,00 40,00 38,02 37,77 39,78 36,77 25,84 22,67 26,03 27,03 25,32 26,41 35,36 41,53 38,12 41,27 46,83 39,54 34,54 34,69
54,00
52,00
50,00
48,00
46,00
44,00
42,00
40,00
38,00
36,00
34,00
32,00
30,00
28,00
26,00
24,00
22,00
20,00
18,00
16,00
14,00
2006-1
2006-10
2006-19
2006-28
2006-37
2006-46
2007-3
2007-12
2007-21
2007-30
2007-39
2007-48
2008-5
2008-14
2008-23
2008-32
2008-41
2008-50
2009-7
2009-16
2009-25
2009-34
2009-43
2009-52
2010-8
2010-17
2010-26
2010-35
2010-44
2011-01
2011-10
2011-19
2011-28
2011-37
2011-46
2012-03
2012-12
2012-21
2012-30
2012-39
2012-48
2013-05
2013-14
2013-23
2013-32
2013-41
2013-50
2014-07
2014-16
2014-25
2014-34
2014-43
12,00
Quarterly price NOS FCA OSLO
Figures as per 25.11.14
Source: NOS/Lerøy
Weekly price NOS FCA Oslo
11
Atlantic salmon - Harvest Quantities Europe 2014
Figures as per 07.11.14
Source: Kontali
12
Atlantic Salmon – Harvest Quantities Europe 2015
Figures as per 07.11.14
Source: Kontali
13
Consumption Atlantic Salmon WW
YTD Q3 (+ 10%)
Source: Kontali/Lerøy
14
NOK/KG (3-6):
40,71 +4,4% (38,98)
(NSI -0,75 vs NOS)
Consumption Atlantic Salmon «Other markets»
YTD Q3 2010 to 2014 (+17%)
Source: Kontali/Lerøy
15
Consumption «Others in others»
YTD Q3 - WFE
Source: Kontali/Lerøy
Export from Salmon-producing to EU
YTD Q3 – WFE – reexport not taken into account
180 000
80 %
66%
70 %
160 000
60 %
50 %
140 000
17%
120 000
9%
2%
-1%
9%
5%
30 %
22%
17%
11%
5%
100 000
40 %
30%
24%
9%
6%
20 %
10 %
-3%
0%
-9%
-10 %
80 000
-20 %
-34%
-30 %
60 000
-40 %
-50 %
40 000
-60 %
-70 %
20 000
-80 %
-90 %
0
-100 %
France
Germany
Poland
Denmark
United
Kingdom
Spain
2010
Source: Kontali/Lerøy
Netherlands
2011
Sweden
2012
Italy
Finland
2013
Lithuania
2014
Belgium
Chng 14
Estonia
Portugal
0-line
Czech
republic
Latvia
Ireland
Others
Growth through innovation in smoked
Growth through Sushi – global trend
19
Huge potential in fresh packed seafood
20
What about India??
21

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