Q3 2015 Financial presentation Arne Møgster – CEO Britt Kathrine Drivenes – CFO
Highlights
www.auss.no Austevoll Seafood ASA 2
Q3 2015 • EBITDA MNOK 549* (Q3 2014: MNOK 516*)
o Salmon MNOK 365 (Q3 2014: MNOK 398) o Pelagic MNOK 184 (Q3 2014: MNOK 118)
YTD Q3 2015 • EBITDA MNOK 1 989* (YTD Q3 2014: MNOK 2 095*)
o Salmon MNOK 1 336 (YTD Q3 2014: MNOK 1 626) o Pelagic MNOK 653 (YTD Q3 2014: MNOK 469)
All figures in NOK 1,000
Q3 2015 Q3 2014 (restated)
YTD Q3 2015 YTD Q3 2014 (restated)
2014
Revenue 3 791 291 3 391 342 11 444 921 10 639 488 14 344 177
EBITDA 446 661 439 580 1 741 353 1 938 174 2 516 189
Total assets 24 268 413 21 461 308 24 268 413 21 461 308 23 343 997 - -
Equity 12 723 625 11 305 484 12 723 625 11 305 484 12 360 106 - -
Equity ratio 52 % 53 % 52 % 53 % 53 %
Net interest bearing debt (NIBD) 4 380 395 3 969 855 4 380 395 3 969 855 3 959 866
* Incl. proportional consolidation of Pelagia (50%)
2015
www.auss.no Austevoll Seafood ASA 3
Company overview
AUSS value chain Raw materials > Processing > distribution
Salmon farming (including Brood stock and smolt production on land)
Transport of live salmon
Salmon processing
To consumer market
VAP processing
Consumer market
Pelagic fishing
Pelagic fish processing
Offcuts to fishmeal/oil
Fishmeal/oil production
To commodity market
Costumer VAP plants
Consumer market
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Salmon Pelagic
Operation overview
www.auss.no Austevoll Seafood ASA 5
Harvesting 400,000 - 500,000 MT of pelagic fish annually (30 vessels)
AUSTEVOLL SEAFOOD GROUP
Salmon 180,000 - 190,000 MT of salmon
Processing 58 processing plants Intake of 1.5 - 1.8 mill MT of pelagic fish annually
Sales Wholesale with global sales & distribution
PERU
7% of anchovy quota centre-north 21 fishing vessels
7 Processing plants
Own sales organisation
CHILE
9.1% of pelagic fishing quota 5 fishing vessels
4 Processing plants
Own sales organisation
NORTH ATLANTIC
4 fishing vessels
Norway: 150 salmon licenses
Salmon operation UK*
47 Processing plants
Own sales organisation
* Associated companies
Pelagic Austral Group S.A.A Foodcorp Chile S.A Pelagia AS (associated)
Anchovy biomass in Peru North/Centre of Peru (MT) period 2003 - 2015
www.auss.no Austevoll Seafood ASA 7
Source: IMARPE
0
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5
Mill
ions
of t
ons
NORTH-CENTRE ANCHOVY BIOMASS ACCORDING TO IMARPE CRUISES
NORTH-CENTRE ANCHOVY BIOMASS ACCORDING TO IMARPE CRUISES
Quota system
Source: ENFEN and IMARPE
Diagram Source: IMARPE
Sea surface temperature in Peru TSM PERU 08.11.2015
Chart1
Summer cruise 2003
Winter cruise 2003
Summer cruise 2004
Winter cruise 2004
Summer cruise 2005
Winter cruise 2005
Summer cruise 2006
Winter cruise 2006
Summer cruise 2007
Winter cruise 2007
Summer cruise 2008
Winter cruise 2008
Summer cruise 2009
Winter cruise 2009
Summer cruise 2010
Winter cruise 2010
Summer cruise 2011
Winter cruise 2011
Summer cruise 2012
Winter cruise 2012
Summer cruise 2013
Winter cruise 2013
Summer cruise 2014
Winter cruise 2014
Summer cruise 2015
Winter cruise 2015
NORTH-CENTRE ANCHOVY BIOMASS ACCORDING TO IMARPE CRUISES
Millions of tons
7.6
8
10.3
7.5
10.5
7.7
7.6
6.8
7.7
7.7
9.8
6.3
7.6
6.7
6.5
7.2
10.5
10.6
9.1
5.4
12.1
10.3
9.7
1.45
9.4
6.07
Cuota 2000-2009
INSTITUTO DEL MAR DEL PERU
Unidad de Dinámica de Poblaciones
BIOMASA Y CUOTAS PERMISIBLES DE ANCHOVETA EN REGION NORTE-CENTRO 2000 - 2011
AñoTemporadaRegión Norte-CentroCUOTA (Millones de toneladas)Biomasa total disponible (millones toneladas)% Rate
(millones de toneladas)USE BIOMASS RATEUTILIZATION BIOMASS RATE
1998Summer cruise 1998N+C1.81.8
Winter cruise 1998N+C2.02.7
1999Summer cruise 1999N+C5.0
Winter cruise 1999N+C5.3
2000Summer cruise 2000N+C9.1
Winter cruise 2000N+C4.7
2001Summer cruise 2001N+C11.1
Winter cruise 2001N+C6.7
2002Summer cruise 2002N+C9.8
Winter cruise 2002N+C6.5
2003Summer cruise 2003N+C3.007.639%39%39%
Winter cruise 2003N+C3.508.044%44%44%
2004Summer cruise 2004N+C5.0010.349%49%49%
Winter cruise 2004N+C2.507.533%33%33%
2005Summer cruise 2005N+C4-4.510.540%40%366152%
Winter cruise 2005N+C2.507.732%32%32%
2006Summer cruise 2006N+C3.007.639%39%39%
Winter cruise 2006N+C2.006.829%29%29%
2007Summer cruise 2007N+C3.007.739%39%39%
Winter cruise 2007N+C2.307.730%30%30%
2008Summer cruise 2008N+C3.009.831%31%31%
Winter cruise 2008N+C2.006.332%32%32%
2009Summer cruise 2009N+C3.507.646%46%46%
Winter cruise 2009N+C2.006.730%30%30%
2010Summer cruise 2010N+C2.506.538%38%38%
Winter cruise 2010N+C2.077.229%29%29%
2011Summer cruise 2011N+C3.6710.535%35%35%
Winter cruise 2011N+C2.5010.624%24%24%
2012Summer cruise 2012N+C2.70009.130%30%30%
Winter cruise 2012N+C0.815.415%15%15%
2013Summer cruise 2013N+C2.0512.117%17%17%
Winter cruise 2013N+C2.3010.322%22%22%
2014Summer cruise 2014N+C2.539.726%26%26%
Winter cruise 2014N+C0.001.50%0%0%
2015Summer cruise 2015N+C2.589.427%27%27%
Winter cruise 2015N+C6.1
En el Reg. Provisional se aplicaba manejo biologico (vedas reproductivas y vedas por juveniles)
R.M. 074-2000-PE y R.M. 266-2000-PE
NORTH-CENTRE ANCHOVY BIOMASS ACCORDING TO IMARPE CRUISES
}Cruceros de veranoCrucero de invierno
AñoTemporadaRegión Norte-CentroCUOTA (Millones de toneladas)Biomasa total disponible (millones toneladas)Biomasa total disponible (millones toneladas)
(millones de toneladas)
20031era temporadaN+C3.007.68.0
20041era temporadaN+C5.0010.37.6
20051era temporadaN+C4-4.510.57.7
20061era temporadaN+C3.007.66.9
20071era temporadaN+C3.007.77.7
20081era temporadaN+C3.009.86.3
20091era temporadaN+C3.507.66.7
20101era temporadaN+C2.506.57.2
20111era temporadaN+C3.6710.510.6
20121era temporadaN+C0.009.15.4
&Z&F
Biomasa Sur
INSTITUTO DEL MAR DEL PERU
Unidad de Dinámica de Poblaciones
CAPTURAS Y CUOTAS PERMISIBLE DE ANCHOVETA EN REGION NORTE-CENTRO Y SUR 2000 - 2009
Año
Rg. Sur **
20000.381
20010.136
20021.478
20030.491
20041.019
20052.177
20060.401
20070.569
20081.063
20090.500
En el Reg. Provisional se aplicaba manejo biologico (vedas reproductivas y vedas por juveniles)
R.M. 074-2000-PE y R.M. 266-2000-PE
** = Biomasa acústica referencial considerando que es un stock conjunto Sur Perú - Norte Chile
&Z&F
Operation in Peru Austral Group S.A.A
www.auss.no Austevoll Seafood ASA 8
'000 MT Q3 2015 Q3 2014 YTD 2015 YTD 2014 2015E 2014
Own catch - anchovies 3 32 190 165 264 165 Own catch - mackerel and jack mackerel - - - 10 - 10 Purchase - anchovies 3 8 42 56 63 56 Purchase - Human Consumption - - - 3 3 3
Total ('000 MT) 7 40 231 134 330 234
Centre / North
• IMARPE September cruise found a biomass highly impacted by the Coastal Niño, identifying a biomass of 3.3 million MT
• During second half of October, joint investigations (IMARPE & industrial vessels) identified a biomass of 6.1 million MT
• On this basis, a second season quota of 1.11 million MT was announced starting 17th November 2015.
South
• 1st season quota of 375,000 MT ended 31st July with an Austral catch of 11,580 MT, representing 4.10%.
• 2nd season started on 4th August and ends 31st December with a quota of 450,000 MT. No catch during last month, due to difficult fishing conditions.
CHD
• Annual quota for jack mackerel and mackerel was set on 96,000 MT and 44,000 MT respectively, however no catch so far due to difficult fishing conditions.
Operation in Chile Foodcorp Chile S.A
www.auss.no Austevoll Seafood ASA 9
Jack mackerel: • Smaller average fish sizes, compared with Q2
• 100% of our quota caught
Anchovy/sardine: • Sea conditions affected fish availability and size, with lower than average quotas set
• Initial 2015 TAC for Centre-South was 357,000 MT, reviewed to 393,000 MT in May, and to 512,000 in October.(2014: 601,800 MT -Centre/South)
Joint operation: • The joint operation agreement between Foodcorp and Alimar ends by December 2015, and from 2016 onwards each party will run
their assets separately
000 MT Q3 2015 Q3 2014 YTD 2015 YTD 2014 2015 E 2014
Own catch - Mackerel and other species 17 2 74 64 75 72 Purchase - Sardine/Anchovy 5 7 70 88 93 102 Purchase - Giant Squid 2 7 6 17 6 19
Total ('000) 23 16 150 170 173 193
Mackerel Own catch 16 - 53 48 54 53 (*) 100% Marfood Volume
North Atlantic pelagic quotas (2007-2015 est)
www.auss.no Austevoll Seafood ASA 10
Source: NORGES SILDESALGSLAG
1 280 1 518 1 643 1 483
988 833 619
418 283
275 200
171 164
189 405 465
470 445
500 456
569 572
672 586 542
1 240
1 054
150 180
177 180
181 211
126
126
100
1 700 1 250 606
540
41 391
643
1 279
1 204
-
-
390
360
380
320 200
65
120
423
209 20
146
435
700
510
160 580
219
432
340 374
381
40
292
250 437
5
115
143 161
8
- 393
216
326
18 25
84 139
33 82
82
127
53
-
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
2007 2008 2009 2010 2011 2012 2013 2014 2015 E
‘000
MT
(TAC
)
Boar
Norway Pout
Sand Eel
Capelin Iceland
Capelin Barent sea
Blue Whiting
Horse Mackerel
Mackerel
NS-Herring
NVG-Herring
• Seasonal low raw material intake in Q3, but substantially higher raw material intake YTD 2015 vs. YTD 2014
• Positive price development during Q3
Fishmeal and fish oil
www.auss.no Austevoll Seafood ASA 11
Fishmeal and fish oil factories
Pelagia AS
Norway, UK and Ireland ('000 MT) Q3 2015 Q3 2014 YTD 2015 YTD 2014 2015 E 2014
Raw material for fishmeal and fish oil 90 87 601 501 693 634 Raw material for protein concentrate/oil 44 44 166 142 198 205
Total ('000 MT) 134 131 767 643 891 839
All volume based on 100%
Sheet1
Norway, UK and Ireland ('000 MT)Q3 2015Q3 2014YTD 2015YTD 20142015 E2014 2013(P)2013(P)
Raw material for fishmeal and fish oil9087601501693634482483
Raw material for protein concentrate/oil4444166142198205202201
Total ('000 MT)134131767643891839684684
All volume based on 100%
Volum ('000 MT) Q3 2015 Q3 2014 YTD Q3 2015 YTD Q3 2014 2015 E 2014
Raw material intake 80 96 214 247 350 453
(incl Sir Fish and NC Honningsvåg)
• Main mackerel season started in September
• Less quantities for the quarter due to reduced mackerel quota
• Sales at 62,300 MT frozen and marinated products vs. 76,000 MT in 2014
• Main African markets remain challenging due to foreign currency restrictions.
Human consumption
www.auss.no Austevoll Seafood ASA 12
Pelagia AS
Pelagic factories
Sheet1
Volum ('000 MT)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142015 E2014 2013(P)2013(P)
Raw material intake8096214247350453482483
(incl Sir Fish and NC Honningsvåg)
Pelagia AS (100% figures)
www.auss.no Austevoll Seafood ASA 13
Associated company, AUSS share = 50%
(MNOK) Q3 2015 Q3 2014 YTD Q3 2015
YTD Q3 2014
2014
Revenue 1 420,7 1229,1 3 986,1 3 592,9 5 645,6 EBITDA 205,3 153,4 496,1 312,8 589,3 EBIT 166,4 113,4 376,1 191,3 419,9
Sales volumes (tonnes):
Frozen 62 300 75 880 173 550 222 140 389 600
FM/FPC/Oil 63 422 46 352 150 456 132 272 174 900
157,1
60,2
116,2
186,3
119,2
40,2
153,4
276,5
131,9 158,9
205,3
0
50
100
150
200
250
300
Q1 2013 P Q2 2013 P Q3 2013 P Q4 2013 P Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
EBITDA (MNOK)
Br. Birkeland AS
www.auss.no Austevoll Seafood ASA 14
Salmon
• 7 salmon licenses in Norway
• Harvested volume (GWT) 700.1 MT Q3/15 vs. 1,325.5 in Q3/14
• Harvested volume (GWT) 5,455.0 MT YTD Q3/15 vs. 5,389.7 in YTD Q3/14
• EBIT/kg NOK – 6.07 in Q3/15 vs. NOK 4.33 in Q3/14
• EBIT/kg NOK 1.67 in YTD Q3/15 vs. NOK 9.73 in YTD Q3/14
Fleet • 3 fishing vessels in Norway
o Started up fishing mackerel in September
• Invested in a new crab fishing vessel in 2014 >
Salmon Lerøy Seafood Group ASA
Lerøy Seafood Group ASA
www.auss.no Austevoll Seafood ASA 16
Lerøy Aurora 26 licenses
Lerøy Midt 55 licenses
Lerøy Sjøtroll 62 licenses
* Before biomass adjustment
NOKm Q3 2015 Q3 2014 % ch. Sales 3 295 2 962 11 %
Other gains and losses -3 75
EBITDA 365 398 -8 %
Depreciation & amortisation 112 95
EBIT* 253 303 -16 %
Income from associates* 15 21
Net finance -37 -29
Pre-tax profit* 231 295 -21 %
EPS (NOK)* 3,4 4,5 -25 %
Harvested Volume (GWT) 40 682 41 499 -2 %
EBIT*/kg all inclusive (NOK) 6,2 7,3 -15 %
ROCE* (%) 11 % 14 % -25 %
Lerøy Seafood Group ASA Salmon/trout farming
www.auss.no Austevoll Seafood ASA 17
*) 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
Licences
Smolt cap.
2011 GWT
2012 GWT
2013 GWT
2014 GWT
2015E GWT
2016E GWT
Lerøy Aurora AS* 26 11,5 18 100 20 000 24 200 26 800 30 000 34 000
Lerøy Midt AS 55 22,0 62 300 61 900 58 900 68 300 70 000 65 000
Lerøy Sjøtroll 62 22,6 56 200 71 600 61 700 63 200 59 000 71 000
Total Norway 143 52,1 136 600 153 400 144 800 158 300 159 000 170 000
Villa Organic AS** 6 000
Norskott Havbruk (UK)*** 10 900 13 600 13 400 13 800 14 000 15 000
Total 147 500 167 100 158 200 178 100 173 000 185 000
Financials Q3 2015
Catch and purchase (100% volumes)
www.auss.no Austevoll Seafood ASA 19
Figures in 1,000 tonnes Q3 2015 Q3 2014 YTD Q3 2015 YTD Q3 2014 2015 E 2014
Group companies: Chile own catch 17 2 74 64 75 72 Chile purchase 6 14 76 105 98 121 Peru own catch 3 32 190 175 264 175 Peru purchase 3 8 42 60 66 60 Total Group companies 30 56 381 405 503 428
Joint ventures: Europe purchase (HC) 80 96 214 247 350 453 Europe purchase (FM/FPC/Oil) 134 131 767 643 891 839 Total Joint venture: 214 227 981 890 1 241 1 292
TOTAL GROUP 244 283 1 363 1 295 1 744 1 720
(NOK 1,000) Q3 2015 Q3 2014 (restated) Δ% Q3 2015 ** Q3 2014 (restated) ** Δ%
Revenue 3 791 291 3 391 342 11,8 % 4 501 642 4 005 893 12,4 %
EBITDA 446 661 439 580 1,6 % 549 309 516 262 6,4 %
Depreciation/Impairment 191 634 158 174 211 106 178 176
EBIT* 255 027 281 406 -9,4 % 338 203 338 087 0,0 %
Income from associates* 77 389 64 707
Net finance -68 593 -69 163
Pre-tax* 263 823 276 950 -4,7 %
Net profit 269 120 33 649
EPS (NOK) 0,87 0,24
EPS (NOK)* 0,73 0,83
Key financial figures
www.auss.no Austevoll Seafood ASA 20
** AUSS including proportional 50% of Pelagia AS
Income from associates ex. biomass adjustment: Q3 15 Q3 14 Pelagia AS NOK 61 838 42 445 (AUSS) Norskott Havbruk NOK 14 159 19 489 (LSG) Others NOK 1 392 2 773 Total NOK 77 389 64 707
Q3 2015 Q3 2014 (restated)
Biomass adj group company 76 002 -253 670
Biomass adj group associated companies -8 613 -9 068
* Before biomass adjustment ** AUSS incl. proportional 50% of Pelagia AS
(NOK 1,000) YTD Q3 2015 YTD Q3 2014
(restated) Δ% YTD Q3 2015 ** YTD Q3 2014
(restated) ** Δ%
Revenue 11 444 921 10 639 488 7,6 % 13 437 969 12 435 946 8,1 %
EBITDA 1 741 353 1 938 174 -10,2 % 1 989 407 2 094 550 -5,0 %
Depreciation/Impairment 532 503 455 970 592 499 516 684
EBIT* 1 208 850 1 482 204 -18,4 % 1 396 908 1 577 866 -11,5 %
Income from associates* 186 309 206 388
Net finance -230 840 -155 019
Pre-tax* 1 164 319 1 533 573 -24,1 %
Net profit 473 847 384 210
EPS (NOK) 1,68 1,38
EPS (NOK)* 2,90 3,84
Key financial figures
www.auss.no Austevoll Seafood ASA 21
** AUSS including proportional 50% of Pelagia AS
Income from associates ex. biomass adjustment: YTD Q3 15 YTD Q3 14 Pelagia AS NOK 131 471 67 588 (AUSS) Norskott Havbruk NOK 43 782 81 271 (LSG) Villa Organic AS NOK 53 602 (LSG) Others NOK 11 056 3 927 Total NOK 186 309 206 388
YTD Q3 2015YTD Q3 2014
(restated)
Biomass adj group company -517 375 -996 863
Biomass adj group associated companies -15 867 -75 260
* Before biomass adjustment ** AUSS incl. proportional 50% of Pelagia AS
Lerøy Seafood Group ASA
www.auss.no Austevoll Seafood ASA 22
• Spot prices above last year
o NOS Q3/15 NOK 40.2 vs. NOK 34.5 in Q3/14 (+16%)
o Up NOK 2.9/kg vs. Q2/15, and up NOK 5.6/kg vs. Q3/14
o Large differences on pricing of different sizes
o Price realisation impacted by low average harvest weights
• Contract prices above spot prices
• Challenging market for trout
o Imports to neighbouring countries of Russia stopped from late August
• Significant cost increase q-o-q
o Challenging situation in Lerøy Midt
• Biomass at sea
o End Q3/15 at 104,840 tonnes vs. 106,847 tonnes end Q3/14 (-2%)
(MNOK)
Q3 2015 Q3 2014 YTD Q3 2015
YTD Q3 2014
2014
Revenue 3 291,3 3 036,5 9 921,5 9 393,2 12 696,9 EBITDA 365,2 397,8 1 336,3 1 626,3 2 160,1 EBIT* ex. Impairment 253,2 302,8 1 027,2 1 353,4 1 790,6 EBIT* 253,2 302,8 1 027,2 1 353,1 1 788,7
Harvested volume (GWT) 40 682 41 499 116 000 115 779 158 258
EBIT/kg* (NOK) 6,2
7,3 8,9
11,7 11,3 * before biomass adj.
443,7 538,2
450,8 505,7
638,9 589,7
397,8
533,8 500,8 470,3 365,2
0
100
200
300
400
500
600
700
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
EBITDA (MNOK)
Austral Group S.A.A
www.auss.no Austevoll Seafood ASA 23
• Close to 100% of the quota was caught by end Q2, and as normal low activity in Q3
• Of the total fishmeal production from 1st
season 98% are sold by end September
• 2nd season quota was announced November 4th, and the total quota was set at 1.11 million MT.
o Season starts November 17th and ending 31st January 2016
(MNOK) Q3 2015 Q3 2014 YTD Q3 2015 YTD Q3 2014 2014 Revenue 323,4 244,7 1 020,5 842,2 1 067,3 EBITDA 50,1 24,2 298,9 163,8 180,1
EBIT ex.impairment 6,7 -8,7 177,5 65,8 42,0
EBIT 8,8 -6,9 183,8 71,5 39,0
Raw material intake (tonnes): 6 670 39 520 231 591 234 832 234 832 Sales volumes: Fishmeal (tonnes) 17 162 13 176 54 320 56 284 67 033
Fish oil (tonnes) 3 922 6 038 6 018 11 078 12 042
Canned fish (cases) 58 356 126 141 297 753 475 621 557 046
Frozen/fresh (tonnes) - 739 26 1 489 2 626
5,3 -7,4
172,1
92,2 82,5 57,1 24,2 16,3 7,3
241,6
50,1
-50
0
50
100
150
200
250
300
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
EBITDA (MNOK)
Foodcorp Chile S.A
www.auss.no Austevoll Seafood ASA 24
• 16,776 tonnes of horse mackerel/ mackerel was caught in Q3 and 100% of the quota for 2015 were caught by end September.
• The sardine/ anchoveta quota for 2015 has been increased from 393,000 MT up to 512,000 MT, and second season started up November 4th.
• The «joint operation» agreement between Foodcorp and Alimar ends by December 2015, from 2016 onwards each party will run their assets separately.
(MNOK) Q3 2015 Q3 2014 YTD Q3
2015 YTD Q3
2014 2014
Revenue 140,0 101,2 347,4 372,3 500,7 EBITDA 11,2 -4,7 49,9 72,5 79,5 EBIT ex.impairment -5,2 -17,8 2,6 31,6 26,3 EBIT -5,2 -19,0 2,6 32,8 1,2
Rawmaterial intake (100% of Marfood volumes in tonnes): 22 967 16 090 149 892 169 713 193 125
Sales volumes (46% of Marfood volumes): Fishmeal (tonnes) 3 382 4 010 5 592 13 987 16 682 Fish oil (tonnes) 728 635 1 011 4 575 5 312 Canned fish (cases) 7 597 17 972 18 019 50 807 60 021 Frozen (tonnes) 3 553 3 640 9 858 13 915 16 823
38,0
9,1
-19,4 -6,9
24,4
52,8
-4,7 6,9 -0,8
39,6
11,2
-40,0
-20,0
-
20,0
40,0
60,0
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
EBITDA (MNOK)
Br. Birkeland AS
www.auss.no Austevoll Seafood ASA 25
Salmon Q3 • Harvested volume (GWT):
o Q3/15 700.1 MT vs. 1,325.5 in Q3/14
• EBIT/kg: o NOK – 6.7 in Q3/15 vs. NOK 4.3 in Q3/14
• Harvested volume (GWT): o YTD Q3/15 5,455 MT vs. 5,390 in YTD Q3/14
• EBIT/kg: o NOK 1.67 in YTD Q3/15 vs. NOK 9.73 in YTD
Q3/14
• Expects high release from stock cost (Spring 14 generation) also in Q4
Pelagic Q3 • The pelagic vessels have been catching mackerel in
September and had good performance • The snow crab vessel experienced lower catch in the
quarter due to ecdysis process.
(MNOK) Q3 2015 Q3 2014 YTD Q3
2015 YTD Q3
2014 2014
Revenue 85,4 71,2
338,3
276,4
429,2
EBITDA 20,1 18,1 56,4 69,6 91,5
EBIT* 3,3 4,7 10,7 31,3 39,1
25,8
38,6
25,9
63,7
24,7 26,8 18,1 21,9 15,5
20,8 20,1
0
10
20
30
40
50
60
70
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
EBITDA (MNOK)
* before biomass adj.
www.auss.no Austevoll Seafood ASA 26
Balance sheet
Pelagia is an associated company and are included in the line Financial non-current assets in the Group balance sheet. As such the Group balance sheet does not include proportional consolidation of Pelagia (50%)
(NOK 1,000) 30.09.201530.09.2014 (restated) 31.12.2014
Intangible assets 7 975 535 7 286 688 7 480 567
Tangible fixed assets 5 287 694 4 609 533 4 949 287
Financial non-current assets 1 727 237 1 483 003 1 663 735
Total non-current assets 14 990 466 13 379 224 14 093 589
Biological assets at cost 3 364 334 2 997 069 3 074 910
Fair value adjustment biomass 291 408 191 705 807 669
Other inventory 903 736 837 923 839 410
Receivables 2 298 389 2 062 929 2 330 271
Cash and cash equivalents 2 420 080 1 992 458 2 198 148
Total current assets 9 277 947 8 082 084 9 250 408
Total assets 24 268 413 21 461 308 23 343 997
NIBD 4 380 395 3 969 855 3 959 866 Equity 12 723 625 11 305 484 12 360 106
Equity ratio 52 % 53 % 53 %
Forklaring
Arkfaner merket medskal inn i Finansiell rapport(kvartal)
Arkfaner merket medskal inn i Presentasjon(kvartal)
Arkfaner merket medhjelpeark som ikke skal inn i noen offisielle rapporter
Tall fra PELAGIA som Arne skal snakke under sin presentasjon av selskapene
Nøkkeltall
Key figures for the Group
All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapportengelsk
Operating revenue3,791,2913,391,34211,444,92110,639,48814,344,177
EBITDA446,661439,5801,741,3531,938,1742,516,189
EBITDA %12%13%15%18%18%
EBIT255,027281,4061,208,8501,482,2041,855,768
Pre tax profit331,20914,212631,075461,4501,346,473
Earnings per share (EPS) from continuing operations0.870.241.681.382.76
Total assets24,268,41321,461,30823,343,997
Equity12,723,62511,305,48412,360,106
Equity ratio52%53%53%
Net interest bearing debt (NIBD)/4,380,3953,969,8553,959,866
Nøkkeltall for konsernet
Alle tall i NOK 1.000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapportnorsk
Driftsinntekter3,791,2913,391,34211,444,92110,639,48814,344,177
EBITDA446,661439,5801,741,3531,938,1742,516,189
EBITDA %12%13%15%18%18%
EBIT255,027281,4061,208,8501,482,2041,855,768
Resultat før skatt331,20914,212631,075461,4501,346,473
Resultat pr. aksje fra videreført virksomhet0.870.241.681.382.76
Sum eiendeler24,268,41321,461,30823,343,997
Egenkapital12,723,62511,305,48412,360,106
Egenkapitalandel52%53%53%
Netto rentebærende gjeld (NIBD)4,380,3953,969,8553,959,866
Resultat
Income Statement (unaudited)
All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapportQ1 2015Q2 2015
Operating revenue3,791,2913,391,34211,444,92110,639,48814,344,1773,545,8294,107,801
Raw material and consumables used2,378,8492,134,7627,023,2846,364,0238,529,3162,217,9042,426,531
Salaries and personnel expenses477,202424,7371,291,4201,149,0191,607,412408,042406,176
Other operating expenses488,579392,2631,388,8641,188,2721,691,260402,918497,367
Operating profit before depreciation (EBITDA)446,661439,5801,741,3531,938,1742,516,189516,965777,727
Depreciation and amortisation193,721158,852538,768460,391630,308170,407174,640
Impairment-2,087-678-6,265-4,42130,113-2,149-2,029
EBIT before fair value biomass adjustment255,027281,4061,208,8501,482,2041,855,768348,707605,116
Fair value adjustment biomass76,002-253,670-517,376-996,863-379,758-368,222-225,156
Operating profit331,02927,736691,474485,3411,476,010-19,515379,960
Income from associated companies68,77355,639170,441131,128217,38155,94345,725
Net interest expenses-57,308-51,067-169,778-147,594-197,074-52,329-60,141
Net other financial items (incl. agio/disagio)-11,285-18,096-61,062-7,425-149,844-37,724-12,053
Profit before tax331,20914,212631,075461,4501,346,473-53,625353,491
Income tax expenses-62,08919,437-157,228-77,240-345,80227,313-122,452
Net profit269,12033,649473,847384,2101,000,671-26,312231,039
Profit to non-controlling interest93,724-14,648135,395107,209445,561-5,71347,387
Profit to controlling interests175,39648,297338,452277,001555,110-20,599183,652
Earnings per share (EPS)0.870.241.681.382.76
Diluted EPS0.870.241.681.382.76
Average no of shares200,995200,995200,995200,995200,995
Diluted no of shares200,995200,995200,995200,995200,995
HJELPEKOLONNER:
EBIT before fair value biomass adjustment255,027281,4061,208,8501,482,2041,855,768
Fair value adjustment biomass
Operating profit255,027281,4061,208,8501,482,2041,855,768
Income from associated companies68,77655,639170,442131,128217,381Hentes fra TS note
biomassadjustment8,6139,06815,86775,26055,988Hentes fra TS note
Income from associated companies77,38964,707186,309206,388273,369
Net finance-68,593-69,163-230,840-155,019-346,918
Profit before tax263,823276,9501,164,3191,533,5731,782,219
Lerøy biomassejustering62,840-221,884-500,633-906,226-327,414Fylles inn manuelt-348,134
BRBI biomassejustering13,162-31,786-16,742-90,637-52,344Fylles inn manuelt-20,088
SUM KONSERN76,002-253,670-517,375-996,863-379,758-368,222
Norskott Havbruk
Resultat e.skatt5,54610,42127,91565,03195,540
biomassejustering8,6139,06815,86716,240-3,032
Nytt resultat e.skatt14,15919,48943,78281,27192,508
Endring8,6139,06815,86716,240-3,032
AUSS andel endring5,3885,6739,92610,160-1,897
Villa Organic
Resultat e.skatt- 0- 0- 0-5,418-5,418
biomassejustering- 0- 0- 059,02059,020
Nytt resultat e.skatt- 0- 0- 053,60253,602
Endring- 0- 0- 059,02059,020
AUSS andel endring- 0- 0- 036,92336,923
AUSS andel av resultat175,39648,297338,452277,001555,110
Biomassejustering-33,502112,933234,744446,944168,631
Norskott/Villa biomassejustering5,3885,6739,92647,08335,026
AUSS andel resultat ex. Biomassejustering147,282166,903583,122771,028758,767
EPS (NOK)*0.730.832.903.843.78
AVSTEMMING
Profit before tax adjusted263,823276,9501,164,3191,533,5731,782,219
Biomass adj76,002-253,670-517,376-996,863-379,758
Biomass adj Associated-8,613-9,068-15,867-75,260-55,988
Profit before tax IFRS331,21214,212631,076461,4501,346,473
From line 18331,20914,212631,075461,4501,346,473
Deviation-3- 0-1- 0- 0
inkl. Pelagia
Income Statement (unaudited)50%50%50%50%
Pelagia AS
All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014AUSS incl. Pelagia Q3 2015 (P)AUSS incl. Pelagia Q3 2014AUSS incl. Pelagia YTD Q3 2015AUSS incl. Pelagia YTD Q3 2014AUSS incl. Pelagia 2014 (P)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014YTD Q3 2015Q3 2015H1 2015Q2 2015Q1 2015
Operating revenue3,791,2913,391,34211,444,92110,639,48814,344,1774,501,6424,005,89313,437,96912,435,94617,166,983710,351614,5511,993,0481,796,4582,822,8063,986,0961,420,7022,565,3941,293,4261,271,968
Raw material and consumables used2,378,8492,134,7627,023,2846,364,0238,529,3162,922,8082,553,1738,594,4197,609,29810,488,729543,959418,4111,571,1351,245,2751,959,4133,142,2691,087,9182,054,3511,028,8231,025,528
Salaries and personnel expenses477,202424,7371,291,4201,149,0191,607,412506,207483,7141,364,0901,321,2461,873,11629,00558,97772,670172,227265,704145,34058,01087,33039,48247,848
Other operating expenses488,579392,2631,388,8641,188,2721,691,260523,319452,7451,490,0541,410,8531,994,31534,74060,482101,190222,581303,055202,37969,479132,90066,21366,687
Operating profit before depreciation (EBITDA)446,661439,5801,741,3531,938,1742,516,189549,309516,2621,989,4072,094,5502,810,824102,64876,682248,054156,376294,635496,108205,295290,813158,908131,905
Depreciation and amortisation193,721158,852538,768460,391630,308213,193178,854598,764521,105715,00119,47220,00259,99660,71484,693119,99238,94481,04849,11031,938
Impairment-2,087-678-6,265-4,42130,113-2,087-678-6,265-4,42130,113- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0
EBIT before fair value biomass adjustment255,027281,4061,208,8501,482,2041,855,768338,203338,0871,396,9081,577,8662,065,71083,17656,681188,05895,662209,942376,116166,351209,765109,79899,967
Fair value adjustment biomass76,002-253,670-517,376-996,863-379,758
Operating profit331,02927,736691,474485,3411,476,010
Income from associated companies68,77355,639170,441131,128217,381
Net interest expenses-57,308-51,067-169,778-147,594-197,074
Net other financial items (incl. agio/disagio)-11,285-18,096-61,062-7,425-149,844
Profit before tax331,20914,212631,075461,4501,346,473
Income tax expenses-62,08919,437-157,228-77,240-345,802
Net profit from continuing operations269,12033,649473,847384,2101,000,671
I Q3 rapport var internavskrivninger på 2,037 tatt med for Welcon
Utvidet resultat
Condensed Statement of Comprehensive income (unaudited)
All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapport
Net earnings in the period269,12033,649473,847384,2101,000,671
Other comprehensive income
Currency translation differences178,23558,814359,09898,995562,141
Other comprehensive income from associated companies10-15-16
Cash flow hedges-25,080-8,81946,675-39,896-72,200
Change in value available for sale financial assets- 0
Others incl. tax effect-11,777-5,488-12,920-6,895- 0
Total other comprehensive income141,37844,517392,85352,189489,925
Comprehensive income in the period410,49878,166866,700436,3991,490,596
Allocated to;
Minority interests120,865-22,133179,69966,988501,732
Majority interests289,633100,299687,001369,411988,864
Britt Drivenes:Lagt inn plugg fra EK med 1,723
Balanse
Statement of Financial Position (unaudited)
All figures in NOK 1,0009/30/1530.09.2014 (restated)12/31/14Brukes i Finansiell rapport
Assets
Intangible assets7,975,5357,286,6887,480,567
Vessels707,944626,095699,923
Property, plant and equipment4,579,7503,983,4384,249,364
Investments in associated companies1,637,5731,375,2521,563,187
Investments in other shares33,41532,31335,773
Other long-term receivables56,24975,43864,775
Total non-current assets14,990,46613,379,22414,093,589
Inventories4,559,4784,026,6974,721,989
Accounts receivable1,618,0561,462,4791,637,571
Other current receivables680,333600,450692,700
Cash and cash equivalents2,420,0801,992,4582,198,148
Total current assets9,277,9478,082,0849,250,408
Total assets24,268,41321,461,30823,343,997
Equity and liabilities
Share capital101,359101,359101,359
Own shares-35,306-35,306-35,306
Share premium3,713,5493,713,5493,713,549
Retained earnings and other reserves4,826,4793,899,4404,541,467
Non-controlling interests4,117,5443,626,4424,039,037
Total equity12,723,62511,305,48412,360,106
Deferred tax liabilities2,357,1152,117,3202,407,445
Pensions and other obligations163,342118,024169,447
Borrowings5,351,1114,855,1064,794,922
Other long-term liabilities15,81213,49216,104
Total non-current liabilities7,887,3807,103,9427,387,918
Short term borrowings796,050631,338741,009
Overdraft facilities653,314475,869622,083
Account payable1,258,8661,094,7291,172,648
Other current liabilities949,178849,9461,060,233
Total current liabilities3,657,4083,051,8823,595,973
Total liabilities11,544,78810,155,82410,983,891
Total equity and liabilities24,268,41321,461,30823,343,997
NIBD4,380,3953,969,8553,959,866
Equity ratio52%53%53%
HJELPEKOLONNER:
Biological assets at cost3,364,3342,997,0693,074,910
Fair value adjustment biomass291,408191,705807,669
Other inventory903,736837,923839,410
Total4,559,4784,026,6974,721,989
Balanse tall4,559,4784,026,6974,721,989
Avvik- 0- 0- 0
Egenkapital
Condensed Statement of changes in equity (unaudited)
All figures in NOK 1,0009/30/1530.09.2014 (restated)12/31/14
Equity period start12,360,10611,464,19111,464,191
Comprehensive income in the period866,700436,3991,490,596
Dividends-684,061-594,024-593,599
Business combinations/acquisition180,880- 0
Transactions with non-controlling interest- 0-1,082-1,082
Effect option programme- 0- 0- 0
Other- 0- 0- 0
Total changes in equity in the period363,519-158,707895,915
Equity at period end12,723,62511,305,48412,360,106
Bokført EK fra Balanse linje 2712,723,62511,305,48412,360,106
Avstemming12,723,62511,305,48412,360,106
Avvik- 0- 0- 0
Kontantstrøm
Condensed Consolidated Cash flow statement (unaudited)
All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014
Brukes i Kvartals presentasjon
Net cash flow from operating activities412,09190,1741,131,3311,283,1691,794,738
Net cash flow from investing activities-1,753-95,707-494,436653,463374,603
Net cash flow from financing activities-208,445380,199-414,963-1,387,488-1,414,507
Net change in cash and cash equivalents*201,893374,666221,932549,144754,834
Cash and cash equivalents at beginning of period2,218,1871,617,7922,198,1481,443,3141,443,314
Cash and cash equivalents at period end2,420,0801,992,4582,420,0801,992,4582,198,148
* incl.exchange gains/losses
Cash flow statement (unaudited)
All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapport
Cash flow from operating activities
Profit before income taxes331,20914,212631,075461,4501,346,472
Fair value adjustment of biological assets-76,002253,669517,376996,863379,758
Taxes paid in the period-21,144-17,747-400,366-394,736-438,602
Depreciation and amortisation193,721158,850538,768460,391630,307
Impairments-2,087-678-6,265-4,42130,114
Associated companies - net-68,773-55,639-170,441-131,128-217,381
Interest expense64,86056,803195,438166,021244,673
Interest income-7,552-9,733-25,660-30,387-47,599
Change in inventories-242,792-255,379-339,053-222,940-316,082
Change in receivables-56,16058,63075,574333,42263,834
Change in payables184,872109,64573,960-96,64610,168
Other operating cash flow incl currency exchange111,939-222,45940,925-254,720109,076
Net cash flow from operating activities412,09190,1741,131,3311,283,1691,794,738
Cash flow from investing activities
Purchase of intangible and fixed assets-231,122-242,674-639,909-642,801-994,489
Purchase of shares and equity investments- 0195-129,343-1,746-64,418
Proceeds from sale of fixed assets/equity investments44,1014,87749,0391,129,5541,191,035
Cash inflow from business combinations4,605133,55712,337133,557133,656
Dividend received174,000- 0174,00017,49936,250
Interest income7,5529,73325,66030,38747,599
Other investing activities - net-889-1,39513,780-12,98724,970
Net cash flow from investing activities-1,753-95,707-494,436653,463374,603
Cash flow from financing activities
Proceeds from new long term debt133,861608,471983,299752,920881,174
Repayment of long term debt-178,304-136,841-605,960-1,200,714-1,394,642
Change in short term debt-109,402-35,84072,431-191,603-106,721
Interest paid-64,860-55,544-195,514-157,359-238,067
Dividends paid- 0- 0-684,061-593,679-592,222
Other finance cash flow - net- 0-1,082-1,082-1,082
Net cash flow from financing activities-218,705379,164-429,805-1,391,517-1,451,560
Net change in cash and cash equivalents191,633373,631207,090545,115717,781
Cash, and cash equivalents at start of period2,218,1871,617,7922,198,1481,443,3141,443,314
Exchange gains/losses (-)10,2601,03514,8424,02937,053
Cash and cash equivalents at period end2,420,0801,992,4582,420,0801,992,4582,198,148
Biologiske eiendeler (mal)
Bokført verdi biologiske eiendeler / Carrying amount of biological assetsYTD Q3 2015YTD Q3 20142014
Fisk i sjø til kostpris / fish in sea at historic cost193,829184,640177,463
Virkelig verdijustering fisk i sjø / Fair value adjustment fish in sea6,380-15,17023,123
Virkelig verdi på fisk i sjø / Fair value fish in sea- 0- 0200,209169,470200,586
Rogn, yngel og smolt / Fry, brood and smolt- 0- 0- 0
Bokført verdi på biologiske eiendeler / Carrying amount of biological assets- 0- 0200,209169,470200,586
Virkelig verdijustering i perioden / Fair value adjustmentQ3 2015Q3 2014YTD Q3 2015YTD Q3 20142014
Endring IFRS just. beholdn / Change IFRS adj. biolocigal assets13,162-31,785-16,743-90,637-52,344
Endring IFRS just. derivater/Change IFRS adj. derivatives- 0- 0- 0- 0- 0
Verdijustering biomasse / Fair value adj. biological assets13,162-31,785-16,743-90,637-52,344
Mengde fisk i sjø (LWT)/ Volume of fish in sea (LWT)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014
Mengde ved periodens begynnelse / Volume at beginning of period3,8224,9015,8935,9155,915
Vekst i perioden/ growht during the period2,8082,9656,0446,7898,847
Høstet volum i perioden / Harvested volume during the period-833-1,577-6,140-6,415-8,869
Mengde ved periodens slutt / Volume at end of period5,7976,2895,7976,2895,893
Herav fisk > 4kg / Fish > 4kg- 01,954- 01,9541,489
TS
Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2,014Brukes i Finansiell rapport
Norskott Havbruk AS50.0 %5,54610,42127,91565,03195,540
Pelagia AS50.0 %61,83842,445131,47167,588124,744
Villa Organic AS47.8 %- 0- 0- 0-5,418-5,418
Others1,3922,77311,0563,9272,515
Total income from ass.companies68,77655,639170,442131,128217,381
Total investment1,637,5731,375,2521,563,187
Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2,014
Biomassejustering:
Norskott Havbruk AS-8,613-9,068-15,867-16,2403,032
Villa Organic AS- 0- 0- 0-59,020-59,020
Totalt-8,613-9,068-15,867-75,260-55,988
Resultat ex.biomassejustering
Norskott Havbruk AS14,15919,48943,78281,27192,508
Villa Organic AS- 0- 0- 053,60253,602
Pelagia AS61,83842,445131,47167,588124,744
Others1,3922,77311,0563,9272,515
Totalt77,38964,707186,309206,388273,369
Segment Q3_15
(ikke inkl. 50% av Hordafor i 2014)
All figures in NOK 1,000Lerøy Seafood Group ASAAustral Group S.A.AFoodcorp Chile S.ABr. Birkeland ASOther/ eliminationsTotal GroupPelagia AS (50% of figures and volumes)Total Group incl. Pelagia AS (50%)
Q3 2015
Operating revenue3,291,271323,351139,96985,380-48,6803,791,291710,3514,501,642
EBITDA365,17150,05211,15320,143142446,661102,647549,308
EBITDA %11%15%8%24%12%14%12%
EBIT ex. Impairment253,2376,713-5,1653,306-5,151252,94083,175336,115
EBIT253,2378,800-5,1653,306-5,151255,02783,175338,202
Volumes sold:
Salmon (gwt tonnes)40,68270041,38241,382
Fishmeal/oil/FPC (tonnes)21,0844,11025,19431,71156,905
Frozen fish (tonnes)- 03,5533,55334,02537,578
Canning (cases)58,3567,59765,95365,953
Q3 2014 (restated)
Operating revenue3,036,495244,652101,19371,234-62,2323,391,342614,5514,005,893
EBITDA397,76424,244-4,69818,0934,177439,58076,682516,262
EBITDA %13%10%-5%25%13%12%13%
EBIT ex. Impairment302,758-8,741-17,8024,704-191280,72856,681337,409
EBIT302,758-6,855-19,0104,704-191281,40656,681338,087
Volumes sold:
Salmon (gwt tonnes)41,4991,32642,82542,825
Fishmeal/oil/FPC (tonnes)19,2144,63523,84923,17647,025
Frozen fish (tonnes)7393,6904,42937,94042,369
Canning (cases)126,14117,972144,113- 0144,113
YTD Q3 2015
Operating revenue9,921,4581,020,489347,387338,305-182,71811,444,9211,993,04813,437,969
EBITDA1,336,261298,89749,94756,405-1571,741,353248,0541,989,407
EBITDA %13%29%14%17%15%12%15%
EBIT ex. Impairment1,027,193177,4952,63810,700-15,4411,202,585188,0581,390,643
EBIT1,027,193183,7602,63810,700-15,4411,208,850188,0581,396,908
Volumes sold:
Salmon (gwt tonnes)116,0005,158121,158121,158
Fishmeal/oil/FPC (tonnes)60,3386,60366,94175,228142,169
Frozen fish/fresh (tonnes)269,8589,88489,23799,121
Canning (cases)297,75318,019315,772315,772
YTD Q3 2014 (restated)
Operating revenue9,393,161842,226372,271276,443-244,61310,639,4881,796,45812,435,946
EBITDA1,626,292163,82572,54269,6095,9061,938,174156,3762,094,550
EBITDA %17%19%19%25%18%9%17%
EBIT ex. Impairment1,353,43365,82731,60131,272-6,7661,475,36795,6621,571,029
EBIT1,353,43371,45632,80931,272-6,7661,482,20495,6621,577,866
Volumes sold:
Salmon (gwt tonnes)115,7795,390121,169121,169
Fishmeal (tonnes)67,36218,56285,92466,136152,060
Frozen fish/fresh (tonnes)1,48913,91515,404111,070126,474
Canning (cases)475,62150,807526,428- 0526,428
2014
Operating revenue12,696,8741,067,299500,696429,190-349,88214,344,1772,822,80617,166,983
EBITDA2,160,138180,13779,48391,5234,9072,516,188294,6342,810,822
EBITDA %17%17%16%21%18%10%16%
EBIT ex. Impairment1,790,62542,04526,34139,117-12,2471,885,881209,9422,095,823
EBIT1,788,67638,9771,24339,117-12,2471,855,766209,9422,065,708
Volumes sold:
Salmon (gwt tonnes)158,258158,258158,258
Fishmeal/oil/FPC (tonnes)79,07521,9947,520108,58987,432196,021
Frozen fish/fresh (tonnes)2,62616,82319,449194,808214,257
Canning (cases)557,04660,021617,067- 0617,067
Segment Q2_15
(ikke inkl. 50% av Hordafor i 2014)
All figures in NOK 1,000Lerøy Seafood Group ASAAustral Group S.A.AFoodcorp Chile S.ABr. Birkeland AS**Other/ eliminationsTotal GroupPelagia AS * (50% of figures and volumes)Total Group incl. Pelagia AS (50%)
Q2 2015
Operating revenue3,351,660534,083133,423140,575-51,9404,107,801646,7134,754,514
EBITDA470,255241,57239,55620,7835,561777,72779,454857,181
EBITDA %14%45%30%15%19%12%18%
EBIT ex. Impairment370,054202,41824,1976,195223603,08754,898657,985
EBIT370,054204,44724,1976,195223605,11654,898660,014
Volumes sold:
Salmon (gwt tonnes)40,2952,37442,66942,669
Fishmeal/oil/FPC (tonnes)32,5581,01833,57626,13259,708
Frozen fish (tonnes)- 04,2084,20822,68926,897
Canning (cases)102,2554,185106,440106,440
Q2 2014 (restated)
Operating revenue3,176,402241,539178,335117,889-108,0113,606,154535,3894,141,543
EBITDA589,67657,12752,84026,8192,700729,16220,081749,243
EBITDA %19%24%30%23%20%4%18%
EBIT ex. Impairment500,31528,86140,29914,305-1,511582,269-1,128581,141
EBIT500,31526,99240,29914,305-1,511580,400-1,128579,272
Volumes sold:
Salmon (gwt tonnes)40,9442,52943,47343,473
Fishmeal/oil/FPC (tonnes)16,80810,97927,78724,27952,066
Frozen fish (tonnes)5715,6896,26026,60732,867
Canning (cases)146,37927,981174,360- 0174,360
H1 2015
Operating revenue6,630,187697,138207,418252,925-134,0387,653,6301,282,6978,936,327
EBITDA971,090248,84538,79436,262-2991,294,692145,4071,440,099
EBITDA %15%36%19%14%17%11%16%
EBIT ex. Impairment773,957170,7827,8037,394-10,290949,646104,8821,054,528
EBIT773,957174,9607,8037,394-10,290953,824104,8821,058,706
Volumes sold:
Salmon (gwt tonnes)75,3184,32179,63979,639
Fishmeal/oil/FPC (tonnes)39,2542,49341,74743,51785,264
Frozen fish/fresh (tonnes)266,3056,33155,21261,543
Canning (cases)239,39710,422249,819249,819
FPC/Oil (tonnes)- 0
H1 2014 (restated)
Operating revenue6,356,666597,574271,078205,209-182,3807,248,1471,181,9078,430,054
EBITDA1,228,528139,58177,24051,5151,7291,498,59379,6941,578,287
EBITDA %19%23%28%25%21%7%19%
EBIT ex. Impairment1,050,67574,56851,81926,565-6,5751,197,05238,9811,236,033
EBIT1,050,67578,31151,81926,565-6,5751,200,79538,9811,239,776
Volumes sold:
Salmon (gwt tonnes)74,2804,06478,34478,344
Fishmeal/oil/FPC (tonnes)48,14813,92762,07542,960105,035
Frozen fish/fresh (tonnes)75010,22510,97571,82182,796
Canning (cases)349,48032,835382,315- 0382,315
2014
Operating revenue12,696,8741,067,299500,696429,190-349,88214,344,1772,822,80617,166,983
EBITDA2,160,138180,13779,48391,5234,9072,516,188294,6342,810,822
EBITDA %17%17%16%21%18%10%16%
EBIT ex. Impairment1,790,62542,04526,34139,117-12,2471,885,881209,9422,095,823
EBIT1,788,67638,9771,24339,117-12,2471,855,766209,9422,065,708
Volumes sold:
Salmon (gwt tonnes)158,258158,258158,258
Fishmeal/oil/FPC (tonnes)79,07521,9947,520108,58987,432196,021
Frozen fish/fresh (tonnes)2,62616,82319,449194,808214,257
Canning (cases)557,04660,021617,067- 0617,067
Segment Q4_14
(ikke inkl. 50% av Hordafor i 2014)
All figures in NOK 1,000Lerøy Seafood Group ASAAustral Group S.A.AFoodcorp Chile S.ABr. Birkeland AS**Other/ eliminationsTotal GroupPelagia AS * (50% of figures and volumes)Total Group incl. Pelagia AS (50%)
Q4 2014
Operating revenue3,303,713225,073128,425152,747-105,2693,704,6891,026,3494,731,038
EBITDA533,84616,3126,94121,914-998578,015138,259716,274
EBITDA %16%7%5%14%16%13%15%
EBIT ex. Impairment437,225-23,782-7,6767,845-5,479408,133114,280522,413
EBIT435,243-32,479-31,5667,845-5,479373,564114,280487,844
Volumes sold:
Salmon (gwt tonnes)42,4792,13144,61044,610
Fishmeal (tonnes)10,7492,69513,44415,17028,614
Fish oil (tonnes)9647381,7024,9426,644
Frozen fish (tonnes)- 02,9082,90885,04787,955
Canning (cases)81,4259,21490,639- 090,639
FPC/Oil (tonnes)1,1841,184
Q4 2013 (restated)
Operating revenue3,229,684332,89065,591162,168-64,6233,725,7101,070,5134,796,223
EBITDA505,69792,193-6,90763,7461,726656,45593,135749,590
EBITDA %16%28%-11%39%18%9%16%
EBIT ex. Impairment430,10647,542-22,23751,310-2,673504,04869,550573,598
EBIT424,606-41,526-22,23751,310-2,673409,48068,800478,280
Volumes sold:
Salmon (gwt tonnes)41,2022,38543,58743,587
Fishmeal (tonnes)21,5292,02023,54915,65039,199
Fish oil (tonnes)7,0715017,5723,48911,061
Frozen fish (tonnes)- 081181179,10679,917
Canning (cases)169,6347,626177,260- 0177,260
FPC/Oil (tonnes)6,5206,520
2014
Operating revenue12,696,8741,067,299500,696429,190-349,88214,344,1772,822,80617,166,983
EBITDA2,160,138180,13779,48391,5234,9072,516,188294,6342,810,822
EBITDA %17%17%16%21%18%10%16%
EBIT ex. Impairment1,790,62542,04526,34139,117-12,2471,885,881209,9422,095,823
EBIT1,788,67638,9771,24339,117-12,2471,855,766209,9422,065,708
Volumes sold:
Salmon (gwt tonnes)158,258158,258158,258
Fishmeal (tonnes)67,03316,6827,52091,23565,224156,459
Fish oil (tonnes)12,0425,31217,35418,30035,654
Frozen fish/fresh (tonnes)2,62616,82319,449194,808214,257
Canning (cases)557,04660,021617,067- 0617,067
FPC/Oil (tonnes)3,9083,908
2013
Operating revenue10,818,5191,290,433321,795430,111-202,97412,657,8842,972,17515,630,059
EBITDA1,938,474262,16920,838153,9834,6272,380,091259,9092,640,000
EBITDA %18%20%6%36%19%9%17%
EBIT ex. Impairment1,631,299112,660-34,604104,301-12,7211,800,935174,0451,974,980
EBIT1,625,79928,619-34,604104,301-12,7211,711,394174,0451,885,439
Volumes sold:
Salmon (gwt tonnes)144,784144,784144,784
Fishmeal (tonnes)84,2828,5197,425100,22657,310157,536
Fish oil (tonnes)12,4661,69014,15618,99533,151
Frozen fish/fresh (tonnes)2,61113,61716,228184,427200,655
Canning (cases)1,067,84458,5521,126,3961,126,396
FPC/Oil (tonnes)24,41424,414
* Figures and volumes Q4 13 and full year 2013 are proforma figures for Pelagia Group as if the transaction had taken place January 1st. 2013.
** Br. Birkeland AS owns two pelagic purse seiners with quota of 650 basiston and 7 salmon licenses, all in Norway.
Result highligts
Result highlights
Brukes i Kvartals presentasjon
All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014
Revenue3,791,2913,391,34211,444,92110,639,48814,344,177
EBITDA446,661439,5801,741,3531,938,1742,516,189
Total assets24,268,41321,461,30824,268,41321,461,30823,343,997
- 0- 0
Equity12,723,62511,305,48412,723,62511,305,48412,360,106
- 0- 0
Equity ratio52%53%52%53%53%
- 0- 0
Net interest bearing debt (NIBD)4,380,3953,969,8554,380,3953,969,8553,959,866
Volum
Catch and purchase (100% volumes)
Figures in 1,000 tonnesQ3 2015Q3 2014YTD Q3 2015YTD Q3 20142015 E2014
Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014
Group companies:Raw Material HC219765520316079106207
Chile own catch17274647572Raw Material FM/FPC/ Oil305336147407298482179210
Chile purchase6147610598121524412202610458561285417
Peru own catch332190175264175
Peru purchase3842606660
Total Group companies3056381405503428423
Joint ventures:
Europe purchase (HC)8096214247350453
Europe purchase (FM/FPC/Oil)135131767643891839
Totalt Joint venture:2152279818901,2411,292
TOTAL GROUP2452831,3631,2951,7441,720
Volum
Raw Material HC
Raw Material FM/FPC/ Oil
'000 MT
Volum spec
Catch and purchase (100% volumes)
Figures in 1,000 tonnesQ1 2015Q2 2015Q3 2015Q4 20152015Q1 2014Q2 2014Q3 2014Q4 20142014Q1 2013*Q2 2013*Q3 2013*Q4 2013*2013*
Group companies:
Chile own catch2236177424382872251611758
Chile purchase11596764250141612116107740
Peru own catch118531902611832- 01753213513143323
Peru purchase0383427458- 06029551750151
Total Group companies3431830- 038199250562342810221638217572
Joint ventures:
Europe purchase (HC)88468021412335961994531855754197492
Europe purchase (FM/Oil)321311135767236276133194839238138111197684
Totalt Joint venture:409357215- 09813593112293931,2934231951643941,176
TOTAL GROUP443675245- 01,3634585612854171,7215254112026111,748
Volum (2)
Catch and purchase (100% volumes)
Figures in 1,000 tonnesQ1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015
Chile:
Own catch HC23.5712.85- 03.2224.3132.942.116.1515.5035.54
Purchase HC- 02.650.661.034.335.647.141.724.20- 0
Own FM/Oil1.123.100.5313.77- 04.86- 01.476.14- 0
Purchase FM/Oil15.917.706.455.8737.6143.946.8414.086.4659.10
Total Group companies40.6026.307.6323.8866.24287.38116.0923.4132.2994.64- 0- 0
Peru
Own catch HC7.511.50- 00.026.923.34- 0- 00.22- 0
Purchase HC3.121.750.622.441.891.79- 0- 0- 0- 0
Own FM/Oil24.27133.4513.27142.8018.92114.1931.78- 01.20185.06
Purchase FM/Oil25.3953.5116.3347.435.1643.117.75- 00.2938.15
Total Group companies60.29190.2130.22192.6832.889162.42339.52- 01.72223.21- 0- 0
Joint ventures:
Europe purchase (HC)185.0056.9253.51196.77122.9135.2496.33198.7587.5346.06
Europe purchase (FM/Oil)238.00138.45110.56196.89236.44275.60132.91194.44321.41311.10
Totalt Joint venture:423.00195.37164.06393.65359.35310.84229.24393.20408.94357.16- 0- 0
TOTAL GROUP523.89411.87201.91610.22458.48560.65284.85416.61442.95675.01- 0- 0
Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015
Rawmaterial HC21976552031607910620710782- 0- 0
Rawmaterial FM/Oil305336147407298482179210335593- 0- 0
Volum (2)
Rawmaterial HC
Rawmaterial FM/Oil
'000 MT
Key financial figures Q
Key financial figures
(NOK 1,000)Q3 2015Q3 2014 (restated)Δ%Q3 2015**Q3 2014 (restated)**Δ%
Revenue3,791,2913,391,34211.8 %4,501,6424,005,89312.4 %
EBITDA446,661439,5801.6 %549,309516,2626.4 %
Depreciation/Impairment191,634158,174211,106178,176
EBIT*255,027281,406-9.4 %338,203338,0870.0 %
Income from associates*77,38964,707
Net finance-68,593-69,163
Pre-tax*263,823276,950-4.7 %
Net profit269,12033,649
EPS (NOK)0.870.24
EPS (NOK)*0.730.83
* Before biomass adjustment
** AUSS incl. proportional 50% of Pelagia AS
Q3 2015Q3 2014 (restated)
Biomass adj group company76,002-253,670
Biomass adj group associated companies-8,613-9,068
Key financial figures H
Key financial figures
(NOK 1,000)YTD Q3 2015YTD Q3 2014 (restated)Δ%YTD Q3 2015**YTD Q3 2014 (restated)**Δ%
Revenue11,444,92110,639,4887.6 %13,437,96912,435,9468.1 %
EBITDA1,741,3531,938,174-10.2 %1,989,4072,094,550-5.0 %
Depreciation/Impairment532,503455,970592,499516,684
EBIT*1,208,8501,482,204-18.4 %1,396,9081,577,866-11.5 %
Income from associates*186,309206,388
Net finance-230,840-155,019
Pre-tax*1,164,3191,533,573-24.1 %
Net profit473,847384,210
EPS (NOK)1.681.38
EPS (NOK)*2.903.84
* Before biomass adjustment
** AUSS incl. proportional 50% of Pelagia AS
YTD Q3 2015YTD Q3 2014 (restated)
Biomass adj group company-517,375-996,863
Biomass adj group associated companies-15,867-75,260
Balance sheet
Balance sheet
Brukes i Kvartals presentasjon
(NOK 1,000)9/30/1530.09.2014 (restated)12/31/14
Intangible assets7,975,5357,286,6887,480,567
Tangible fixed assets5,287,6944,609,5334,949,287
Financial non-current assets1,727,2371,483,0031,663,735
Total non-current assets14,990,46613,379,22414,093,589
Biological assets at cost3,364,3342,997,0693,074,910
Fair value adjustment biomass291,408191,705807,669
Other inventory903,736837,923839,410
Receivables2,298,3892,062,9292,330,271
Cash and cash equivalents2,420,0801,992,4582,198,148
Total current assets9,277,9478,082,0849,250,408
Total assets24,268,41321,461,30823,343,997
NIBD4,380,3953,969,8553,959,866
Equity12,723,62511,305,48412,360,106
Equity ratio52%53%53%
Cash flow
Cash flow
Brukes i Kvartals presentasjon
(NOK 1,000)Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014
Pre tax profit331,20914,212631,075461,4501,346,472
Biomass adjustment-76,002253,669517,376996,863379,758
Paid tax-21,144-17,747-400,366-394,736-438,602
Depreciaton and impairments191,634158,172532,503455,970660,421
Associated companies-68,773-55,639-170,441-131,128-217,381
Interest (net)57,30847,070169,778135,634197,074
Working capital-2,141-309,563-148,594-240,884-133,004
Cash from operating activities412,09190,1741,131,3311,283,1691,794,738
Net investment in capex-231,122-242,674-639,909-642,801-994,489
Acquisitions and divestments48,706138,629-67,9671,261,3651,260,273
Others180,6638,338213,44034,899108,819
Cash from investing activities-1,753-95,707-494,436653,463374,603
Change in long term loans-44,443471,630377,339-447,794-513,468
Change in short term loans-109,402-35,84072,431-191,603-106,721
Dividends- 0- 0-684,061-593,679-592,222
Others-64,860-56,626-195,514-158,441-239,149
Cash from financing activities-218,705379,164-429,805-1,391,517-1,451,560
Cash at the beginning of the period2,218,1871,617,7922,198,1481,443,3141,443,314
Net change in cash (incl.exchange gain/losses)201,893374,666221,932549,144754,834
Cash at the end of the period2,420,0801,992,4582,420,0801,992,4582,198,148
LSG
Lerøy Seafood Group ASA
(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014
Revenue3,291.33,036.59,921.59,393.212,696.9
EBITDA365.2397.81,336.31,626.32,160.1
EBIT* ex. Impairment253.2302.81,027.21,353.41,790.6
EBIT*253.2302.81,027.21,353.11,788.7
Harvested volume (GWT)40,68241,499116,000115,779158,258
EBIT/kg* (NOK)6.27.38.911.711.3
* before biomass adj.
EBITDA
Q1 2013443.7
Q2 2013538.2
Q3 2013450.8
Q4 2013505.7
Q1 2014638.9
Q2 2014589.7
Q3 2014397.8
Q4 2014533.8
Q1 2015500.8
Q2 2015470.3
Q3 2015365.2
LSG
EBITDA (MNOK)
Austral
Austral Group S.A.A
(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014
Revenue323.4244.71,020.5842.21,067.3
EBITDA50.124.2298.9163.8180.1
EBIT ex.impairment6.7-8.7177.565.842.0
EBIT8.8-6.9183.871.539.0
Rawmaterial intake (tonnes):6,67039,520231,591234,832234,832
Sales volumes:
Fishmeal (tonnes)17,16213,17654,32056,28467,033
Fish oil (tonnes)3,9226,0386,01811,07812,042
Canned fish (cases)58,356126,141297,753475,621557,046
Frozen/fresh (tonnes)- 0739261,4892,626
EBITDA
Q1 20135.3
Q2 2013-7.4
Q3 2013172.1
Q4 201392.2
Q1 201482.5
Q2 201457.1
Q3 201424.2
Q4 201416.3
Q1 20157.3
Q2 2015241.6
Q3 201550.1
Austral
EBITDA (MNOK)
FC
Foodcorp Chile S.A.
(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014
Revenue140.0101.2347.4372.3500.7
EBITDA11.2-4.749.972.579.5
EBIT ex.impairment-5.2-17.82.631.626.3
EBIT-5.2-19.02.632.81.2
Rawmaterial intake (100% of Marfood volumes in tonnes):22,96716,090149,892169,713193,125
Sales volumes (46% of Marfood volumes):
Fishmeal (tonnes)3,3824,0105,59213,98716,682
Fish oil (tonnes)7286351,0114,5755,312
Canned fish (cases)7,59717,97218,01950,80760,021
Frozen (tonnes)3,5533,6409,85813,91516,823
EBITDA
Q1 201338.0
Q2 20139.1
Q3 2013-19.4
Q4 2013-6.9
Q1 201424.4
Q2 201452.8
Q3 2014-4.7
Q4 20146.9
Q1 2015-0.8
Q2 201539.6
Q3 201511.2
FC
EBITDA (MNOK)
BRBI
Br. Birkeland AS
(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014
Revenue85.471.2338.3276.4429.2
EBITDA20.118.156.469.691.5
EBIT*3.34.710.731.339.1
* before biomass adj.
EBITDA
Q1 201325.8
Q2 201338.6
Q3 201325.9
Q4 201363.7
Q1 201424.7
Q2 201426.8
Q3 201418.1
Q4 201421.9
Q1 201515.5
Q2 201520.8
Q3 201520.1
BRBI
EBITDA (MNOK)
Pel
Pelagia AS (100% figures)
AUSS`s share = 50%
(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014
Revenue1,420.71,229.13,986.13,592.95,645.6
EBITDA205.3153.4496.1312.8589.3
EBIT166.4113.4376.1191.3419.9
Net interest bearing debt1,3011,4921,818
EBITDA
Q1 2013 P157.1
Q2 2013 P60.2
Q3 2013 P116.2
Q4 2013 P186.3
Q1 2014119.2
Q2 201440.2
Q3 2014153.4
Q4 2014276.5
Q1 2015131.9
Q2 2015158.9
Q3 2015205.3
Pel
EBITDA (MNOK)
Norskott
Norskott Havbruk AS (100% figures)
LSG`s share = 50%
(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014
Revenue4633731,1311,0961,385
EBITDA5764173247293
EBIT*3648116203232
Volumes (gwt)8,5888,10820,73322,00727,508
EBIT/kg* (NOK)4.25.95.69.28.4
Net interest bearing debt446147249
* before biomass adj.
EBIT*/kg
Q1 20135.9
Q2 20137.9
Q3 20139.5
Q4 20139.1
Q1 201412.0
Q2 201410.2
Q3 20145.9
Q4 20145.3
Q1 20157.7
Q2 20155.7
Q3 20154.2
Norskott
EBIT*/kg (NOK)
Pelagia
Pelagia Group (100% figures)
(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014
Revenue1,420.71,229.13,986.13,592,916.05,645.6
EBITDA205.3153.4496.1312.8589.3
EBIT166.4113.4376.1191.3419.9
Sales volumes (tonnes):
Frozen68,05075,880178,474222,140389,600
FM/FPC/Oil63,42246,352150,456132,272174,900
EBITDA
Q1 2013 P157.1
Q2 2013 P60.2
Q3 2013 P116.2
Q4 2013 P186.3
Q1 2014119.2
Q2 201440.2
Q3 2014153.4
Q4 2014276.5
Q1 2015131.9
Q2 2015158.9
Q3 2015205.3
Pelagia
EBITDA (MNOK)
Inkl.Pelagia 2014
100%50%-50%100%50%-50%100%50%-50%
PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia Q1 13 (P)Pelagia Q1 13 (P)
H1 2014H1 2014H1 2014H1 2014H1 2014H1 201350%Q2 2014Q2 2014Q2 2014Q2 2014Q2 2014Q2 201350%Q1 2014Q1 2014Q1 2014Q1 2014Q1 2014Q1 201350%
Operating revenue2,363,813124,1312,487,944-1,243,9721,243,9722,501,6841,250,8421,070,777- 073,5621,144,339-572,170572,1701,036,650518,3251,293,03650,5691,343,605-671,802671,8021,465,034732,517
Raw material and consumables used1,653,72856,6861,710,414-855,207855,2071,715,221857,611761,407- 036,543797,950-398,975398,975720,901360,451892,32120,143912,464-456,232456,232994,320497,160
Salaries and personnel expenses226,49916,158242,657-121,329121,329257,501128,751106,121- 08,031114,152-57,07657,076114,49757,249120,3788,127128,505-64,25364,253143,00471,502
Other operating expenses324,19936,186360,385-180,193180,193311,628155,814163,087- 018,442181,529-90,76590,765141,04970,525161,11217,744178,856-89,42889,428170,57985,290
Operating profit before depreciation (EBITDA)159,387- 015,101174,488-87,244- 087,244217,334108,66740,162- 010,54750,709-25,354- 025,35460,20330,102119,225- 04,554123,779-61,890- 061,890157,13178,566
Depreciation and amortisation81,4254,24085,665-42,83342,83383,72941,86542,417- 02,08444,501-22,25022,25041,80920,90539,0082,15641,164-20,58220,58241,92020,960
Impairment- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0
EBIT before fair value biomass adjustment77,962- 010,86188,823-44,412- 044,412133,60566,803-2,255- 08,4636,208-3,104- 03,10418,3949,19780,217- 02,39882,615-41,308- 041,308115,21157,606
Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0
Operating profit77,962- 010,86188,823-44,412- 044,412133,60566,803-2,255- 08,4636,208-3,104- 03,10418,3949,19780,217- 02,39882,615-41,308- 041,308115,21157,606
Income from associated companies37,293-3,357- 033,936-16,968-25,143-8,175-1,433-71724,370-2,330- 022,040-11,0207,62118,640-9,387-4,69412,923-1,027- 011,896-5,948-32,764-26,8167,9543,977
Net interest expenses-60,935-1,456-62,39131,196-31,196-65,717-32,859-34,803- 0-1,362-36,16518,082-18,082-35,640-17,820-26,132-94-26,22613,113-13,113-30,077-15,039
Net other financial items (incl. agio/disagio)3,812-1,2682,544-1,2721,272- 0- 0-5,289- 0-1,268-6,5573,279-3,279- 0- 09,101- 09,101-4,5514,551- 0- 0
Profit before tax58,132-3,3578,13762,912-31,456-25,1436,31366,45533,228-17,977-2,3305,833-14,4747,2377,621384-26,633-13,31776,109-1,0272,30477,386-38,693-32,7645,92993,08846,544
Income tax expenses-5,790-2,235-8,0254,013-4,013-10,255-5,1283,480- 0-1,6131,867-9339339,1594,580-9,270-622-9,8924,946-4,946-19,414-9,707
Net profit from continuing operations52,342-3,3575,90254,887-27,444-25,1432,30156,20028,100-14,497-2,3304,220-12,6076,3037,6211,317-17,474-8,73766,839-1,0271,68267,494-33,747-32,76498373,67436,837
Net profit from discontinued operation
Net profit52,342-3,3575,90254,887-27,444-25,1432,30156,20028,100-14,497-2,3304,220-12,6076,3037,6211,317-17,474-8,73766,839-1,0271,68267,494-33,747-32,76498373,67436,837
Profit to minority interests2,0552,5464,601-2,3012,301- 0742- 01,8912,633-1,3161,316- 01,3136551,968-9849842,4281,214
Profit to equity holder of parent from continuing operations50,286-3,3573,35750,286-25,143-25,143028,100-15,241-2,3302,330-15,2417,6207,6210-8,73765,527-1,0271,02765,527-32,763-32,764-171,24635,623
- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0
Net profit to equity holder of parent from cont. and discont. operations50,286-3,3573,35750,286-25,143-25,1430- 028,100-15,241-2,3302,330-15,2417,6207,6210- 0-8,73765,527-1,0271,02765,527-32,763-32,764-171,24635,623
100%50%-50%100%50%-50%
PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)
YTD Q3 2014YTD Q3 2014YTD Q3 2014YTD Q3 2014YTD Q3 2014YTD Q3 201350%Q3 2014Q3 2014Q3 2014Q3 2014Q3 2014Q3 201350%
Operating revenue3,592,915226,0683,818,983-1,909,4911,909,4913,803,3231,901,6621,229,102- 0101,9371,331,039-665,519665,5191,301,639650,820
Raw material and consumables used2,490,549112,6582,603,207-1,301,6041,301,6042,676,2601,338,130836,821- 055,972892,793-446,397446,397961,039480,520
Salaries and personnel expenses344,45324,994369,447-184,724184,724360,408180,204117,954- 08,836126,790-63,39563,395102,90751,454
Other operating expenses445,16250,537495,699-247,849247,849433,106216,553120,963- 014,351135,314-67,65767,657121,47860,739
Operating profit before depreciation (EBITDA)312,751- 037,879350,630-175,315- 0175,315333,549166,775153,364- 022,778176,142-88,071- 088,071116,21558,108
Depreciation and amortisation121,4286,359127,787-63,89463,894124,56062,28040,003- 02,11942,122-21,06121,06140,83120,416
Impairment- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0
EBIT before fair value biomass adjustment191,323- 031,519222,842-111,421- 0111,421208,989104,495113,361- 020,658134,019-67,010- 067,01075,38437,692
Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0
Operating profit191,323- 031,519222,842-111,421- 0111,421208,989104,495113,361- 020,658134,019-67,010- 067,01075,38437,692
Income from associated companies46,630-17,245- 029,385-14,69314,693-7,025-3,5139,337-13,888- 0-4,5512,276-2,276-5,592-2,796
Net interest expenses-88,713-2,259-90,97245,486-45,486-95,652-47,826-27,778- 0-803-28,58114,291-14,291-29,935-14,968
Net other financial items (incl. agio/disagio)9,1711,12410,295-5,1485,148- 0- 05,359- 02,3927,751-3,8763,876- 0- 0
Profit before tax158,411-17,24530,384171,550-85,775- 085,775106,31253,156100,279-13,88822,247108,638-54,319- 054,31939,85719,929
Income tax expenses-20,457-8,241-28,69814,349-14,349-4,640-2,320-14,667- 0-6,006-20,67310,336-10,3365,6152,808
Net profit from continuing operations137,954-17,24522,143142,852-71,426- 071,426101,67250,83685,612-13,88816,24187,965-43,983- 043,98345,47222,736
Net profit from discontinued operation
Net profit137,954-17,24522,143142,852-71,426- 071,426101,67250,83685,612-13,88816,24187,965-43,983- 043,98345,47222,736
Profit to minority interests2,7794,9007,679-3,8403,840- 0724- 02,3543,078-1,5391,539- 0
Profit to equity holder of parent from continuing operations135,174-17,24517,245135,174-67,587- 067,58750,83684,888-13,88813,88884,888-42,444- 042,44422,736
- 0- 0- 0- 0- 0- 0- 0- 0- 0
Net profit to equity holder of parent from cont. and discont. operations137,953-17,24522,145142,853-71,427- 071,427- 050,83685,612-13,88816,24287,966-43,983- 043,983- 022,736
100%50%-50%100%50%-50%
PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)
2014201420142014YTD Q3 2014Q4 2014Q4 2014Q4 2014Q4 2014Q4 2014Q4 201350%
Operating revenue5,645,612312,5945,958,206-2,979,1032,979,1032,052,697- 086,5262,139,223-1,069,6121,069,6121,301,639650,820
Raw material and consumables used3,918,826153,5114,072,337-2,036,1682,036,1681,428,277- 040,8521,469,129-734,565734,565961,039480,520
Salaries and personnel expenses531,40835,510566,918-283,459283,459186,955- 010,516197,471-98,73598,735102,90751,454
Other operating expenses606,10971,047677,156-338,578338,578160,947- 020,510181,457-90,72990,729121,47860,739
Operating profit before depreciation (EBITDA)589,269- 052,527641,796-320,898- 0320,898276,518- 014,648291,166-145,583- 0145,583116,21558,108
Depreciation and amortisation169,3858,794178,179-89,08989,08947,957- 02,43450,391-25,19625,19640,83120,416
Impairment- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0
EBIT before fair value biomass adjustment419,884- 043,733463,617-231,809- 0231,809228,561- 012,214240,775-120,387- 0120,38775,38437,692
Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0
Operating profit419,884- 043,733463,617-231,809- 0231,809228,561- 012,214240,775-120,387- 0120,38775,38437,692
Income from associated companies36,586-21,006- 015,580-7,7907,790-10,044-3,761- 0-13,8056,903-6,903-5,592-2,796
Net interest expenses-107,189-9,047-116,23658,118-58,118-18,476- 0-6,787-25,26312,632-12,632-29,935-14,968
Net other financial items (incl. agio/disagio)-16,606-16,6068,303-8,303-25,777- 0-1,124-26,90113,451-13,451- 0- 0
Profit before tax332,675-21,00634,687346,356-173,178- 0173,178174,264-3,7614,302174,805-87,403- 087,40339,85719,929
Income tax expenses-78,607-9,365-87,97243,986-43,986-58,150- 0-1,124-59,27429,637-29,6375,6152,808
Net profit from continuing operations254,068-21,00625,321258,383-129,192- 0129,192116,114-3,7613,178115,531-57,765- 057,76545,47222,736
Net profit from discontinued operation
Net profit254,068-21,00625,321258,383-129,192- 0129,192116,114-3,7613,178115,531-57,765- 057,76545,47222,736
Profit to minority interests4,579- 0- 0
Profit to equity holder of parent from continuing operations249,489-21,006- 0- 022,736
- 0- 0- 0- 0
Net profit to equity holder of parent from cont. and discont. operations254,068-21,006- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 022,736
bridri:Eliminering av TS føring av Hordafor
bridri:Eliminering av TS føring i AUSS
bridri:Eliminering av TS føring i AUSS
bridri:Eliminering av TS føring av Hordafor
bridri:Eliminering av TS føring i AUSS
bridri:Eliminering av TS føring av Hordafor
bridri:Eliminering av TS føring i AUSS
bridri:Eliminering av TS føring i AUSS
bridri:Eliminering av TS føring av Hordafor
bridri:Eliminering av TS føring i AUSS
bridri:Eliminering av TS føring i AUSS
Pelagia 2014
Pelagia Group - 2014
All figures in NOK 1,000Q1 2014Q2 2014Q3 2014Q4 2014YTD Q2 2014YTD Q3 2014YTD Q4 2014
Operating income1,293,0361,070,7771,229,1022,052,6972,363,8133,592,9155,645,612
Raw material and consumables used892,321761,407836,8211,428,2771,653,7282,490,5493,918,826
Salaries and personnel expenses120,378106,121117,954186,955226,499344,453531,408
Other operating expenses161,112163,087120,963160,947324,199445,162606,109
Operating profit before depreciation (EBITDA)119,22540,162153,364276,518159,387312,751589,269
Depreciation and amortisation39,00842,41740,00347,95781,425121,428169,385
Impairment- 0- 0- 0- 0- 0- 0- 0
EBIT before fair value biomass adjustment80,217-2,255113,361228,56177,962191,323419,884
Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0
Operating profit80,217-2,255113,361228,56177,962191,323419,884
Income from associated companies12,92324,3709,337-10,04437,29346,63036,586
Net interest expenses-26,132-34,803-27,778-18,476-60,935-88,713-107,189
Net other financial items (incl. agio/disagio)9,101-5,2895,359-25,7773,8129,171-16,606
Profit before tax76,109-17,977100,279174,26458,132158,411332,675
Income tax expenses-9,2703,480-14,667-58,150-5,790-20,457-78,607
Net profit from continuing operations66,839-14,49785,612116,11452,342137,954254,068
Minority1,3137427241,8002,0552,7794,579
50%50%50%50%50%50%50%
Pelagia incl. Proportional Hordafor (50%)Q1 2014Q2 2014Q3 2014Q4 2014YTD Q2 2014YTD Q3 2014YTD Q4 2014
Operating income1,343,6051,144,3391,331,0392,139,2232,487,9443,818,9835,958,206
Raw material and consumables used912,464797,950892,7931,469,1291,710,4142,603,2074,072,337
Salaries and personnel expenses128,505114,152126,790197,471242,657369,447566,918
Other operating expenses178,856181,529135,314181,457360,385495,699677,156
Operating profit before depreciation (EBITDA)123,77950,709176,142291,166174,488350,630641,796
Depreciation and amortisation41,16444,50142,12250,39185,665127,787178,179
Impairment- 0- 0- 0- 0- 0- 0- 0
EBIT before fair value biomass adjustment82,6156,208134,019240,77588,823222,842463,617
Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0
Operating profit82,6156,208134,019240,77588,823222,842463,617
Income from associated companies11,89622,040-4,551-13,80533,93629,38515,580
Net interest expenses-26,747-35,644-28,580-25,264-62,391-90,971-116,236
Net other financial items (incl. agio/disagio)9,622-7,0757,747-26,9002,54710,294-16,606
Profit before tax77,386-14,471108,635174,80562,915171,550346,356
Income tax expenses-9,8921,867-20,673-59,274-8,025-28,698-87,972
Net profit from continuing operations67,494-12,60487,962115,53154,890142,852258,383
HORDAFOR GROUPQ1 2014Q2 2014Q3 2014Q4 2014YTD Q2 2014YTD Q3 2014YTD Q4 2014
Operating income101,138147,124203,873173,053248,262452,135625,188
Raw material and consumables used40,28773,085111,94481,705113,372225,316307,021
Salaries and personnel expenses16,25516,06117,67221,03232,31649,98871,020
Other operating expenses35,48836,88428,70141,02172,372101,073142,094
Operating profit before depreciation (EBITDA)9,10921,09345,55529,29630,20275,757105,053
Depreciation and amortisation4,3124,1684,2394,8688,48012,71917,587
Impairment- 0- 0- 0- 0- 0- 0- 0
EBIT before fair value biomass adjustment4,79616,92641,31724,42721,72263,03987,466
Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0
Operating profit4,79616,92641,31724,42721,72263,03987,466
Income from associated companies- 0- 0- 0- 0- 0- 0- 0
Net interest expenses-1,231-1,681-1,604-13,577-2,912-4,516-18,093
Net other financial items (incl. agio/disagio)1,042-3,5724,776-2,246-2,5302,246- 0
Profit before tax4,60711,67344,4888,60516,28060,76869,373
Income tax expenses-1,244-3,226-12,012-2,249-4,470-16,482-18,731
Net profit from continuing operations3,3638,44732,4776,35611,81044,28750,642
Minority1,3103,7864,7015,0969,797
Majority2,0534,66127,7766,71434,490
Hordafor etter egenkapitalametoden1,0272,33013,8883,7613,35717,24521,006
Disco
CombinedCombined
YTD July 13aug/sep
YTD Q3 13
Salgsinntekter2,091,1981,412,558678,640
Kostnader-2,071,588-1,389,195-682,393
Resultat før skattekostnad før ny måling av eiendeler klassifisert som holdt for salg19,61023,363-3,753
Skattekostnad11,347-2,60913,956
Resultat etter skattekostnad før ny måling av eiendeler klassifiert som holdt for salg30,95720,75410,203
Resultat etter skattekostnad til majoritet19,44810,7278,721
Gevinst/tap før skattekostnad ved ny måling av eiendeler klassifisert som holdt for salg-258,117-249,396-8,721
Skattekostnad- 0- 0- 0
Gevinst/tap etter skattekostnad ved ny måling av eiendeler klassifisert som holdt for salg-258,117-249,396-8,721
Resultat etter skattekostnad for avviklet virksomhet-238,669-238,669- 0
Q4 13
YTD Q3 13Q4 132013MinorietMajoritet
Revenue2,091,1981,649,3713,740,569NPEL606
Expenses-2,071,588-1,530,140-3,601,728Welcon1,972
Profit before tax of discontinued operations19,610119,231138,841Totalt2,57884,048
Tax11,347-32,605-21,258
Profit after tax of discontinued operations30,95786,626117,583
Profit after tax to majority19,44884,048103,496
Pre-tax gain/(loss) recognised on the re-measurement of assets of disposal group-258,117-84,048-342,165
Tax- 0- 0- 0
After tax gain/(loss) recognised on the re-measurement of assets of disposal group-258,117-84,048-342,165
Profit for the year from discontinued operations-238,669- 0-238,669
Pelagia 2013(P)
Proforma tall 2013 - Pelagia Group
All figures in NOK 1,000Q1 2013Q2 2013Q3 2013Q4 2013YTD Q2 2013YTD Q3 2013YTD Q4 2013
Operating income1,465.0341,036.6501,301.6392,141.0262,501.6843,803.3235,944.349
Raw material and consumables used994.320720.901961.0391,594.7451,715.2212,676.2604,271.005
Salaries and personnel expenses143.004114.497102.907155.501257.501360.408515.909
Other operating expenses170.579141.049121.478204.511311.628433.106637.617
Operating profit before depreciation (EBITDA)157.13160.203116.215186.269217.334333.549519.818
Depreciation and amortisation41.92041.80940.83147.16983.729124.560171.729
Impairment- 0320.269- 01.500320.269320.269321.769
EBIT before fair value biomass adjustment115.211-301.87575.384137.600-186.664-111.28026.320
Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0
Operating profit115.211-301.87575.384137.600-186.664-111.28026.320
Income from associated companies7.954-9.387-5.59230.408-1.433-7.02523.383
Net interest expenses-30.077-35.640-29.935-33.901-65.717-95.652-129.553
Net other financial items (incl. agio/disagio)- 0- 0- 0- 0- 0- 0- 0
Profit before tax93.088-346.90239.857134.107-253.814-213.957-79.850
Income tax expenses-19.41422.5995.615-36.7783.1858.800-27.978
Net profit from continuing operations73.674-324.30345.47297.329-250.629-205.157-107.828
Sheet1
Cash flow
www.auss.no Austevoll Seafood ASA 27
(NOK 1,000) Q3 2015 Q3 2014 (restated) YTD Q3 2015 YTD Q3 2014
(restated) 2014
Pre tax profit 331 209 14 212 631 075 461 450 1 346 472 Biomass adjustment -76 002 253 669 517 376 996 863 379 758 Paid tax -21 144 -17 747 -400 366 -394 736 -438 602 Depreciaton and impairments 191 634 158 172 532 503 455 970 660 421 Associated companies -68 773 -55 639 -170 441 -131 128 -217 381 Interest (net) 57 308 47 070 169 778 135 634 197 074 Working capital -2 141 -309 563 -148 594 -240 884 -133 004 Cash from operating activities 412 091 90 174 1 131 331 1 283 169 1 794 738
Net investment in capex -231 122 -242 674 -639 909 -642 801 -994 489 Acquisitions and divestments 48 706 138 629 -67 967 1 261 365 1 260 273 Others 180 663 8 338 213 440 34 899 108 819 Cash from investing activities -1 753 -95 707 -494 436 653 463 374 603
Change in long term loans -44 443 471 630 377 339 -447 794 -513 468 Change in short term loans -109 402 -35 840 72 431 -191 603 -106 721 Dividends - - -684 061 -593
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