Cermaq ASA Presentation for Pareto Securities
Upcoming SlideShare
Loading in...5
×
 

Cermaq ASA Presentation for Pareto Securities

on

  • 505 views

 

Statistics

Views

Total Views
505
Views on SlideShare
499
Embed Views
6

Actions

Likes
0
Downloads
1
Comments
0

1 Embed 6

http://www.companyspotlight.com 6

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Cermaq ASA Presentation for Pareto Securities Cermaq ASA Presentation for Pareto Securities Presentation Transcript

  • Cermaq ASAPresentation for Pareto Securities Oslo, 14th June 2012 1
  • Aquaculture: a sustainable growth industry • Our growing population is consuming Aquaculture and wild capture outlook more and more animal protein Source: Food and Agriculture Million tonnes Organization of the UN 160 • As most wild fish populations are 120 already over-exploited, increased protein consumption per capita must be 80 met by an increase in supply from 40 aquaculture 0 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Feed Conversion Ratio Total capture fish Aquaculture Salmon • Farmed fish is one of the most efficient types of proteins: Poultry Pigs - can eat the same raw materials as land animalsBeef cattle - converts feed more effectively than land animals 0 1 2 3 4 5 6 7 - is healthier than meat FCR - is environmentally sustainable 2
  • Cermaqs position in the value chain Salmon Processing farmers Harvesting Terrestrial farming Nutrients not Nutrients attractivesuited for human for human consumption consumption 3
  • Cermaq Key Figures – Full year 2011(NOKm) FY 11 FY 10 • Best operating result in Cermaq historyOp. Revenues 11 634 9 991EBITDA 1 686 1 778 • Strong Mainstream performanceEBIT pre gain* 1 369 1 342 - 12% volume growthOp. Cash flow 1 185 719 - Solid results despite reduced prices 2nd halfNIBD 1 052 1 181 - Chile recovery documented by strong operationalMainstream and financial resultsVolume (kt, gwe) 108.5 96.7EBIT* 772 913 • Best EWOS result ever Chile 430 206 - 23% volume growth; 20% organic Norway 215 507 Canada 127 190 - Successful introduction of several new value Scotland - 10 added productsEBIT/kg (NOK) 7.1 9.4 - EBIT margin for 2011 of 6.7%EWOSVolume (kt) 1 081 876 • Solid cash flow further improving financial ratiosEBIT* 625 509 from 2010EBIT/tonne (NOK) 578 581 - NIBD/EBITDA reduced to 0.62EBIT % 6.7 % 6.9 % - Equity ratio 59.5% * EBIT is EBIT pre fair value adjustments on live inventory 4
  • Solid financial structure NIBD (NOKm)2 000 NEW1 800 1 8101 6001 4001 200 1 1811 000 1 052 800 600 400 200 - 2 011 2 010 2 009• Significant NIBD reduction last two years despite large dividend and investments in 2011• Almost NOK 4 billion in available cash through long- and short term facilities• A flexible financial structure with no maturity until 3rd quarter 2013• Equity ratio as of December 2011 of 59% 5
  • Strong cash flow support capacity expansions Op. Cash flow (NOKm) Capex (NOKm) 1 400 700 1 200 1 216 1 185 600 1 000 574 500 800 400 719 390 402 600 300 400 200 200 100 - 2 011 2 010 2 009 - 2 011 2 010 2 009• Improved operational cash flow in 2011• Large capacity increase projects in Mainstream Chile and Norway• 2012 capex level at around NOK 420 mill – Completion of capacity increase projects in Mainstream – Capacity expansion in EWOS Norway to meet customer requirements 6
  • Highlights Q1 12 CERMAQ Q1 12 Q1 11 • EBIT of NOK 101m despite low salmon prices Op. Revenues 2 328 2 286 EBIT* 101 403 • Good biological performance in all regions EPS** 0.7 3.2 Op. Cash flow 98 730 • Strong volume growth in EWOS Norway and Q1 Q4 11 Chile ROCE*** 16.6% 22.1% NIBD 1 043 1 052 • Continued low debt and solid financial capacity EWOS Q1 12 Q1 11 Volumes sold (kt) 229.6 164.0 • Investment programs in EWOS and Mainstream EBIT 61.6 49.7 on schedule EBIT % 3.3 % 3.4 % EBIT per tonne 268.5 302.9 Mainstream Q1 12 Q1 11 Return on capital employed (12-month rolling average) Volumes sold (kt, gwe) 26.2 26.6 EBIT 59.5 340.3 28,4 % 26,3 % 26,9 % EBIT per kg 2.3 12.8 22,1 % 16,6 %* EBIT throughout this document is EBIT pre fair value adjustments on live inventory** Earnings per share, adjusted*** Return on capital employed, 12-months rolling average, based on EBIT pre gain and fair value adjustments Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 7
  • Outlook 2012 Mainstream EWOS • Estimated volume growth of 15% • Estimated volume growth of 15% – Norway; above 10% • 19kt in Norway sold forward on financial – Chile; above 20% contracts at NOK ~27/kr FCA Oslo • Full year EBIT margin 5-7% • Continued upward volume adjustments in market estimatesSales volumes FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12 Global harvest of Atlantic salmon(kt, gwe) ACT ACT EST EST EST EST kTonnes WFE Q1 12E Q1 11 FY 12E FY 11EChile 49 13 5 11 22 51 REGION Atlantics 15 4 4 7 8 23 Canada 27 23 117 110 Coho 24 8 1 - 12 21 Trout 10 1 0 4 2 7 Chile 77 37 376 221Norway 38 10 13 16 15 54 Norw ay 269 211 1 134 1 006 Nordland 23 4 5 9 6 24 UK 35 33 149 155 Finnmark 15 7 8 7 9 30 Other 37 29 137 129Canada 21 3 5 6 6 19Total 109 26 23 33 43 125 EST. HARVEST 445 334 1 912 1 620 Source: Kontali Analyse 8
  • Chile – Brief updateMainstream Chile Operations cover 2,000 Km. 9
  • Salmon - An important export Industry in Chile US$K • Export value (2011) 2,900 m US$ (Fourth largest export sector of Chile) • Direct & indirect jobs 53,000 (unemployment in region X is 4.4%) • Companies involved >25 10
  • Export value by specie and distribution 3.500 3.000 2.500 2.000Millon USD 1.500 1.000 3,500 500 3,000 0 15% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2,500 14% 14% ATLANTIC COHO TROUT 1% 1 1% 1 2,000 1% 1 13% 14% 4% 7% 9% 9% 14% 12% 12% 14% 17% 24% Millons USD 1,500 7% 6% 8% 14% 13% 6% 5% 8% 36% 33% 26% 22% 5% 38% 1,000 5% 35% 40% 47% 43% 500 39% 44% 37% 32% 29% 30% 39% 37% 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 JAPAN USA EUROPE LATIN AMERICA OTHER MARKETS 11
  • Mainstream 2nd largest exporter in 2011 Export Value in US$ K 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 c st s t lan va s il e al ca C ile T os or ali ro rte GM CM us ve rti no Ch rd ch ue xp ue str ve ar Tr ta io ua ui tie isq m pq Au eH In sF An Ac Aq ea ul Cu nt Lo in es M str Ve ar on ain M lm M Sa 2010 2011• 14 companies account for 75% of the export 12
  • Mainstream Chiles production process Freshwater Seawater Harvesting & Logistics & Processing sales• 8 hatcheries  63 sea water licenses  2 processing plants• 3 Lakes sites  Placed in X, XI & XII - Quemchi• Placed in Region region - Calbuco VII,IX , X, XII & XIV Focus on performance Focus on Margin 13
  • Biological Performance Atlantics Accumulate Mortality (%) 40% 20% 0% 2007 2008 2009 2010 2011 Atlantic Acc. % Mort. 22% 46% 30% 19% 12% Harvested Av. Weight (LWE) Productivity (Kg/Smolt) 4 000 4,00 2 000 3,00 2,00 - 1,00 200 200 200 201 201 0,00 7 8 9 0 1 2007 2008 2009 2010 2011 Atlantic Atlantic Harvest Live W 4 090 2 955 3 444 5 115 4 994 Bio/smolt 3,28 1,32 2,25 3,40 4,25 14
  • 15