Quarterly Report • Nov 9, 2017
Quarterly Report
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Financial Report Q3 2017
| Key figures for the Group03 |
|---|
| Q3 2017 04 |
| Operating segments 04 |
| Cash flow Q3 201707 |
| Financial factors at 30 September 2017 07 |
| Cash flows at 30 September 201707 |
| Statement of financial position at 30 September 201708 |
| Risks and uncertainties 08 |
| Shareholders09 |
| Market and outlook 09 |
| Income statement11 |
| Condensed statement of comprehensive income11 |
| Statement of financial position 12 |
| Condensed statement of changes in equity 12 |
| Cash flow statement13 |
| Note 1 Accounting policies 14 |
| Note 2 Related party transactions 14 |
| Note 3 Biological assets14 |
| Note 4 Segments 17 |
| Note 5 Associates 18 |
| Note 6 List of the 20 largest shareholders 19 |
Austevoll Seafood ASA
Alfabygget N-5392 Storebø NORWAY
www.auss.no
Good earnings for Farming from high harvest volume
Significant growth in EBITDA compared with same period in 2016
Seasonally low production for pelagic operations in all regions, but positive production and profit development in South America to date this year when compared with last year
| All figures in NOK 1,000 | Q3 2017 | Q3 2016 | YTD 2017 | YTD 2016 | 2016 |
|---|---|---|---|---|---|
| Operating revenue | 4 902 771 | 4 611 391 | 15 996 920 | 13 581 859 | 18 911 523 |
| EBITDA | 1 051 110 | 709 219 | 3 928 574 | 2 579 882 | 3 880 831 |
| EBITDA % | 21 % | 15 % | 25 % | 19 % | 21 % |
| EBIT | 822 034 | 496 482 | 3 242 891 | 1 982 067 | 2 912 911 |
| Pre tax profit | 328 812 | 457 806 | 2 561 299 | 2 024 594 | 4 682 581 |
| Earnings per share (EPS) | 0,85 | 0,82 | 5,39 | 3,74 | 8,17 |
| Total assets | 34 891 667 | 31 024 107 | 34 891 667 | 31 024 107 | 35 001 403 |
| Equity | 19 165 506 | 16 971 843 | 19 165 506 | 16 971 843 | 18 212 820 |
| Equity ratio | 55 % | 55 % | 55 % | 55 % | 52 % |
| Net interest bearing debt (NIBD) | 4 411 494 | 4 776 920 | 4 411 494 | 4 776 920 | 5 492 880 |
The Group reported operating revenue of NOK 4,903 million in the quarter, compared with NOK 4,611 million in Q3 2016. The increase in revenue comes from both the operating segment for Atlantic salmon/trout/whitefish and the pelagic segment. Subsequent to LSG's acquisition of Havfisk and Norway Seafoods Group at the end of August 2016, both companies were consolidated with effect from September 2016.
EBITDA in Q3 2017 was NOK 1,051 million, up from NOK 709 million in the same quarter of 2016.
The increase in EBITDA was generated by the Atlantic salmon/ trout/whitefish operating segment. The seasonal fluctuations in catch volumes for wild catches cause similar fluctuations in the quarterly key figures from year to year. The fall in EBITDA within the pelagic segment from Q3 2016 to Q3 2017 is mainly attributed to the early start for the first fishing season in Peru this year, as early as April. This resulted in a high catch volume in Q2 2017 and a correspondingly high sales volume of finished products in the same quarter. The fishing season started very late in 2016, at the end of June. The catch volumes were therefore reported in the third quarter and the sales volumes for finished products in the third quarter and late 2016.
EBIT before fair value adjustment related to biological assets in Q3 2017 was NOK 822 million (Q3 2016: NOK 496 million). EBIT after fair value adjustment related to biological assets in Q3 2017 was NOK 310 million (Q3 2016: NOK 398 million). Value adjustment related to biological assets was negative at NOK 512 million in Q3 2017 (Q3 2016: NOK -99 million).
Income from associates in Q3 2017 totalled NOK 89 million (Q3 2016: NOK 142 million). The largest associates are Norskott Havbruk AS (owner of the Scotland-based fish farming company Scottish Sea Farms Ltd.) and Pelagia AS. The Group's associates are generating positive results and represent substantial value.
The Group's net interest expense in Q3 2017 totalled NOK 73 million (Q3 2016: NOK 59 million).
Profit before tax for the quarter totalled NOK 329 million (Q3 2016: NOK 458 million). Profit after tax was NOK 270 million (Q3 2016: NOK 362 million).
The Group is financially sound with an equity ratio of 55%.
The Group had net interest-bearing debt totalling NOK 4,411
million at the end of Q3 2017, compared with NOK 4,777 million at the end of the same quarter last year.
Austral Group S.A.A. (Austral) is involved in fishing, production of fishmeal and oil, and consumer products. Austral holds 6.87% of the total quota for anchoveta in Central/North Peru, and just under 4% of the quota in South Peru. In addition, the company has fishing rights for horse mackerel and mackerel.
Anchoveta is used to produce fishmeal and oil, while horse mackerel/mackerel is fished for consumer products.
The main fishing seasons for anchoveta in Central/North Peru are from April to July and November to January.
Fishmeal and oil are produced in four factories, located in Coishco, Chancay, Pisco and Ilo. The company also produces consumer products in facilities that share premises with the fishmeal and fish oil factories in Coishco and Pisco.
The first fishing season for anchoveta in Central/North Peru started on 22 April 2017 and ended on 31 July 2017. The total quota of anchoveta for Peru was 2.8 million tonnes, and a total of 2.37 million tonnes had been caught by the end of the season. This is a substantial increase in both quota and catch volume when compared with the same season in 2016, when the total quota was 1.8 million tonnes of which 0.9 million tonnes were caught by the end of the season.
Catches in July, as reported in the Q2 2017 report, were impacted by very difficult conditions – poor weather, closed harbours and a concentration of fish within the five-mile offshore zone where the company's vessels are not allowed to fish. The company's catch volume in July was low, reported as approximately 6,600 tonnes.
The total catch volume for the company from its own quota was 160,000 tonnes in the first season. This represents a substantial increase in volume when compared with the same season in 2016, when the total catch volume was 67,000 tonnes.
As a result of the early start for the fishing season, a large share of fishmeal production from the season was sold during the second quarter. In Q3 2017, the company sold its remaining production volume of fishmeal and fish oil from the first season. The company's inventory of fishmeal and fish oil at the end of the quarter was approximately 500 tonnes. The corresponding inventory at the end of Q3 2016 was approximately 10,000 tonnes.
In Q2 and Q3 of 2017, the company achieved a total EBITDA of NOK 171 million, a reflection of the company's earnings from the first season of 2017.
Operating revenue in Q3 2017 totalled NOK 311 million (Q3 2016: NOK 258 million) and EBITDA was negative at NOK 10 million (Q3 2016: NOK 73 million).
Peru is one of the largest producers of fishmeal and oil in the world. Production volumes in Peru normally have a direct influence on the global prices for fishmeal. Over the last three years, Peru has struggled with low quotas and difficult operating conditions. The weather phenomenon known as "El Niño" has had an impact during this period. The institutions that monitor this weather phenomenon are now reporting a return to normal sea temperatures in 2017. This is supported by the positive development in fisheries.
Foodcorp Chile S.A. (FC) is involved in fishing, consumer products, and production of fishmeal and oil. FC has a quota of 9.1% for horse mackerel in South Chile in addition to a quota for sardine/anchoveta.
All FC's facilities share the same premises in Coronel.
The main season for horse mackerel fishing is from December to July. The main season for sardine/anchoveta fishing is divided into two periods. The first season starts in March and ends in July/ August. The second season normally starts in October/November.
At the end of June, FC had caught its entire quota of horse mackerel for 2017, in total 21,650 tonnes. In Q2 2017, the company signed an agreement with a third party for fishing rights for the company's own vessels totalling 18,000 tonnes of horse mackerel. At the end of June, FC had caught 3,200 tonnes of this volume, and the remaining volume was caught in Q3 2017. In addition to the above-mentioned fisheries, receipt of sardine/anchoveta and squid was low for the company in the quarter, due to the low season. Access to an increased volume of horse mackerel has had a positive effect on FC's profit for Q3 2017, a quarter normally known for a low level of activity.
In Q3 2017, operating revenue was NOK 145 million (Q3 2016: NOK 90 million) and EBITDA was NOK 28 million (Q3 2016: NOK -5 million).
There has been a marked decline in fishing for horse mackerel in Chile since 2008/2009. International fish stock management was introduced in 2012, along with the first total quota for horse mackerel catches. Responsibility for the scheme is assigned to the South Pacific Regional Fisheries Management Organization (SPRFM). The quotas established in subsequent years have only seen a minor increase, in order to safeguard the build-up of biomass. As a result of the conservative stock management introduced, the SPRFM announced in October 2017 their opinion that the horse mackerel biomass has now reached a sustainable level. The SPRFM has therefore proposed a 16.8% increase in quotas for 2018. The final quotas for 2018 will be established in January 2018. As the biomass has now reached sustainable levels, the Chilean authorities have the opportunity to implement an auction of up to 15% of the horse mackerel quota in Chile.
In Q3 2017, LSG reported operating revenue of NOK 4,373 million (Q3 2016: NOK 4,268 million) and EBITDA before fair value adjustment related to biological assets of NOK 1,008 million (Q3 2016: NOK 612 million).
The company harvested 46,024 tonnes gutted weight of salmon and trout in the quarter, compared with 31,744 tonnes in the same quarter of 2016, representing an increase in harvest volume of 45%. The increase in harvest volume for salmon and trout when comparing Q3 2017 with Q3 2016 is the most important factor behind the improvement in profit when compared with the figures for the same quarter last year.
In recent years, the prices for Atlantic salmon have been impacted by the fact that Norway, the largest producer of Atlantic salmon in the world, has not increased domestic production since 2012 due to political regulation. The lack of growth together with a positive development in demand and the weaker Norwegian krone has resulted in historically high prices for salmon. Throughout Q3 2017, a seasonal increase in harvest volume in Norway has placed some pressure on the spot prices for salmon and trout. The price trend during the quarter has been falling.
The growth in harvest volume contributes towards a lower contract share than in Q2 2017. The contract share in the quarter was 30%, and contract prices have been higher than spot prices. Prices realised in the quarter have been negatively affected by a relatively low harvest volume in July. The spot prices for trout saw a significant improvement in the second half of 2016 and into 2017, and the prices realised for trout in Q3 2017 are on par with prices for salmon. The Group is pleased to confirm that the prices for trout – after three difficult years – have gradually regained the same level as salmon prices. This is thanks to a combination of sales to new markets and a fall in supply. The trade barriers that blocked access to the all-important trout market in Russia in August 2014, and which still remain, have as previously reported had a severe impact and caused substantial losses for LSG.
The release from stock costs in Q3 2017 are in total on par with those from Q2 2017, but have been affected by an acute situation for salmon in the county of Hordaland. The release from stock costs for Lerøy Aurora and Lerøy Midt in Q3 2017 are lower than in Q2 2017 and Q3 2016. These two regions can report a positive development in production, and currently expect a further reduction in release from stock costs in Q4 2017.
The situation for Lerøy Sjøtroll is more complex. The release from stock costs for trout saw a positive development and are down from Q2 2017 to Q3 2017. The company encountered some difficulties with salmon during the last part of the quarter, due to poor gill health in certain localities for the Autumn 16 generation. This required action, including early harvest. This resulted in a significantly lower profit in the quarter. By the start of Q4 2017, the situation was back to normal but the incident will, all other factors being equal, result in a somewhat lower volume at the end of the year and the start of 2018. Current estimates are for significantly lower release from stock costs in Q4 2017 when compared with Q3 2017.
LSG has a total of 146 licences: 26 in Troms, 57 in Central Norway and 63 in West Norway.
In the autumn of 2016, Lerøy Seafood Group ASA obtained 100% ownership of both Havfisk ASA (Havfisk) and Norway Seafoods Group AS. As a result of this transaction, both companies were consolidated into Lerøy Seafood Group ASA as of 1 September 2016. Norway Seafoods Group AS subsequently changed its name to Lerøy Norway Seafoods AS (LNWS).
The primary segment for Havfisk is wild catches of whitefish. Havfisk has licence rights to harvest just above 10% of the total Norwegian cod quotas in the zone north of 62 degrees latitude, corresponding to more than 30% of the total quota allocated to the trawler fleet. Havfisk has nine trawlers in operation and one under construction, scheduled for delivery in the first quarter of 2018. Havfisk owns several processing plants, which are mainly leased out to LNWS on long-term contracts. Havfisk's trawler licences stipulate an operational obligation for these processing plants.
Havfisk's total catch volume in Q3 2017 was 17,029 tonnes, compared with 17,189 tonnes in Q3 2016. The catch volume in Q3 2017 comprised 7,662 tonnes of cod, 3,436 tonnes of saithe and 2,464 tonnes of haddock. The catch distribution in Q3 2016 was 8,592 tonnes of cod, 3,445 tonnes of saithe and 977 tonnes of haddock.
When compared with Q3 2016, the prices for cod and haddock
were up 2% and 26% respectively, while the price for saithe was down 26%. Remaining quotas for cod, haddock and saithe at Q3 2017 are approximately 15,000 tonnes against approximately 12,000 tonnes at Q3 2016.
LNWS's primary business is processing wild-caught whitefish. The company has use of eight processing plants in Norway, five of which are leased from Havfisk. LNWS is the largest purchaser of cod from the coastal fishing fleet in Norway. LNWS previously owned two facilities in Denmark, but these were sold at the start of 2017 to Seafood International A/S – a Danish seafood corporation in which Lerøy Seafood Group ASA owns one third of the shares.
A business transfer was executed in Q4 2016 resulting in significant changes for LNWS. With effect from 1 January 2017, all sales and logistics were coordinated with LSG's marketing department in Bergen.
The total contribution to operating profit made by Havfisk/ LNWS in Q3 2017 was NOK 62 million. In Q3 2016, when only the result for September had been consolidated, the corresponding figure was NOK 13 million.
LSG has major downstream activities and a clearly defined goal to increase demand for seafood in the form of new products and market development. LSG sells, processes and distributes own-produced salmon and trout along with whitefish from its own fleet of trawlers, but also has substantial activities in cooperation with third parties. As a result, LSG now supplies a full range of seafood products. LSG has identified positive synergy effects in its marketing work as a result of the acquisition within whitefish.
For further information, please read LSG's presentation for Q3 2017.
BRBI owns two combined pelagic ring net/trawling vessels, each with 650 basic tonnes for ring nets and 1,425 trawling quota for blue whiting. In addition, the company owns a ring net vessel with 471 basic tonnes. The company has two vessels that fish for snow crab. In addition to fisheries activities, the company owns seven licences for farming Atlantic salmon/ trout in Hordaland.
In Q3 2017, the BRBI segment reported operating revenue of NOK 82 million (Q3 2016: NOK 131 million) and EBITDA before fair value adjustment related to biological assets of NOK 21 million (Q3 2016: NOK 27 million).
As normal, the ring net vessels had a low level of operations
in the third quarter. Mackerel fishing started at the end of September. The prices realised for mackerel were down from 2016 to 2017.
As a result of the low season for snow crab fishing, the snow crab fishing vessels also had a limited level of activity in the quarter. Norwegian vessels fishing for snow crab have not been able to fish in the Barents Sea Loophole in 2017, and have therefore operated in the waters surrounding Svalbard. In 2017, these waters had a lot of ice, making fishing difficult.
All vessels have taken advantage of the low level of operations to complete scheduled maintenance and upgrades.
The harvest volume for salmon in Q3 2017 is substantially lower than in Q3 2016 – down from 1,523 tonnes to 543 tonnes. Prices realised for salmon have been good and the entire harvest volume was sold in July.
In accordance with IFRS 11, AUSS's consolidated financial statements report the joint venture Pelagia AS as an associate. In the note to the financial statements about the operating segments (Note 4) and in the description of the segment in this report, the financial information comprises 50% of Pelagia AS's total revenue, EBITDA, EBIT and sales volume. This corresponds to AUSS's equity interest in Pelagia AS.
Revenue for the quarter was NOK 675 million (Q3 2016: NOK 664 million) and EBITDA was NOK 63 million (Q3 2016: NOK 89 million).
The third quarter is a low season. In terms of fish for consumption, the season for mackerel fishing started at the end of September. Fishmeal and fish oil production has mainly comprised receipt of blue whiting, Norway pout, brisling and cuttings from the consumer product facilities. Total receipt of raw materials in the Group (100%) in Q3 2017 for fishmeal/FPC and fish oil production was approx. 134,000 tonnes, compared with approx. 167,000 tonnes in the same quarter of 2016. The volume of raw materials received for consumer products was 60,000 tonnes, compared with 62,000 tonnes in 2016.
Cash flow from operating activities for Q3 2017 was NOK 1,207 million (Q3 2016: NOK 609 million). Cash flow from investing activities for Q3 2017 was NOK -413 million (Q3 2016: NOK -2,212 million). In Q3 2016, LSG acquired 67% of Havfisk and 73.6% of Norway Seafoods Group, totalling NOK 2,168 million. Cash flow from financing activities for Q3 2017 was NOK -232 million (Q3 2016: NOK 63 million). Net change
in cash in the third quarter 2017 was NOK 561 million (Q3 2016: NOK -1,540 million).
The Group's cash and cash equivalents at the end of Q3 2017 totalled NOK 4,600 million, compared with NOK 3,434 million at the end of Q3 2016.
The Group reported operating revenue of NOK 15,997 million as of 30 September 2017 (YTD Q3 2016: NOK 13,582 million). EBIT before fair value adjustment related to biological assets at 30 September 2017 was NOK 3,929 million (YTD Q3 2016: NOK 2,580 million).
The increase in revenue comes from both the operating segment for salmon/trout/whitefish and the pelagic segment. The increase in EBITDA is generated by the good prices realised for Atlantic salmon and trout combined with a higher harvest volume and a substantial increase in activity for the pelagic segment in South America.
EBIT before fair value adjustment related to biological assets at 30 September 2017 was NOK 3,243 million (YTD Q3 2016: NOK 1,982 million). Value adjustment related to biomass at 30 September 2017 was negative at NOK 831 million. The corresponding biomass adjustment for the same period in 2016 was negative at NOK 85 million. EBIT after fair value adjustment related to biological assets at 30 September 2017 was NOK 2,412 million (YTD Q3 2016: NOK 1,897 million).
Income from associates at 30 September 2017 totalled NOK 356 million (YTD Q3 2016: NOK 308 million). The increase in profit from associates from Q3 2016 to Q3 2017 is attributed to Norskott Havbruk AS as a result of good operations and good prices realised for salmon.
The Group's net interest expense at 30 September 2017 totalled NOK 216 million (YTD Q3 2016: NOK 178 million).
Profit before tax and fair value adjustment related to biological assets at 30 September 2017 was NOK 3,378 million, compared with NOK 2,080 million in the same period in 2016.
Profit after tax at 30 September 2017 was NOK 2,012 million (YTD Q3 2016: NOK 1,559 million).
Cash flow from operating activities at 30 September 2017 was NOK 3,208 million (YTD Q3 2016: NOK 2,431 million). Cash flow from investing activities at 30 September 2017 was NOK -972 million (YTD Q3 2016: NOK -1,384 million). Cash flow from investing activities in 2016 was affected by LSG's acquisition of 67% of Havfisk ASA and 73.6% of Norway Seafoods Group ASA, completed in August 2016 and totalling NOK 2,168 million. In addition, AUSS completed the sale of LSG shares in Q1 2016 and LSG sold treasury shares in Q2 2016. Cash flow from financing activities at 30 September 2017 was NOK -1,367 million (YTD Q3 2016: NOK -76 million). In Q1 2017, AUSS released an unsecured bond loan of NOK 400 million. In Q2 2017, AUSS issued an unsecured bond loan of NOK 500 million with maturity of six years and the following terms: 3-month NIBOR + 2.35% margin. Cash flow from financing activities in 2016 was affected by LSG carrying out a private placement in June 2016. A total of 5 million new LSG shares were issued at a price of NOK 415.00 per share. The proceeds from the placement were used as the main settlement for the acquisition of Havfisk ASA and Norway Seafoods Group AS in August 2016. Net change in cash for the Group at 30 September 2017 was NOK 868 million (YTD Q3 2016: NOK 972 million). The Group's cash and cash equivalents at the end of September 2017 totalled NOK 4,600 million compared with NOK 3,434 million at the end of September 2016.
Total equity and liabilities on the Group's statement of financial position at 30 September 2017 were NOK 34,892 million, compared with NOK 31,024 million at 30 September 2016.
The Group is financially sound with book equity at 30 September 2017 of NOK 19,166 million, equivalent to an equity ratio of 55%. At 30 September 2016, the book equity for the Group was NOK 16,972 million, also representing an equity ratio of 55%.
Net interest-bearing debt was NOK 4,411 million at 30 September 2017, compared with NOK 4,777 million at 30 September 2016.
The Group's risk exposure is described in the Annual Report 2016. The Group's activities are essentially global and will always be impacted to varying degrees by developments in the global economy. In light of the turmoil in the global economy in recent years, including trade barriers and geopolitical risk, the general consensus is that macroeconomic uncertainty is still greater than what was previously considered normal. Although this situation may have negative effects on the real economy in most markets, we are confident that AUSS's core activities are founded on long-term sustainable assets within interesting segments of the global seafood industry.
The Group is exposed to risk related to the value of the Group's assets. Risk arises mainly as a result of changes in the prices of raw materials and finished products, to the extent that these changes impact the company's competitiveness and earnings potential over time. Operational factors, such as marine biomass, fishing conditions and price trends for the Group's input factors, are other key parameters that have an impact on risk for the Group.
At the end of Q3 2017, the Group had live fish on its statement of financial position worth around NOK 5.6 billion. Biological risk has been and will remain a substantial risk factor in the Group's operations. Assessing and managing biological risk must therefore be a part of the Group's core expertise.
Changes in fishing patterns and quota adjustments mean fluctuations in catch volumes from quarter to quarter and year to year, and hence varying utilisation of the Group's production facilities. The seasonal fluctuations in catch volumes cause similar fluctuations in the quarterly key figures.
After LSG's acquisition of Havfisk and LNWS, the Group has substantial exposure in relation to catches of various species of whitefish according to Norwegian quotas. The Group faces political risk involving management by the authorities, including framework conditions for fish farming and licence terms related to the legislation governing fisheries.
Industrial developments and employment in capital-intensive activities exposed to global competition such as fish farming, fisheries and industry represent challenges and require a long-term perspective by businesses and politicians at national level. The Group's strategy centres on a long-term perspective, irrespective of framework conditions, to ensure a globally competitive organisation, which will be able to continue to ensure industrial development in the numerous local communities where the Group has operations.
In the approval granted by the Ministry of Trade, Industry and Fisheries, LSG's ownership of Havfisk and LNWS is linked to the ownership approved when the application was submitted, thereby requiring approval of any changes in ownership not covered by the exemption granted by the Ministry. The nationality requirement in section 5 of the Act relating to the right to participate in fishing must also be met.
The majority of the Group's debt is at floating interest rates, but fixed-rate contracts have been entered into for approx. 19% of the Group's interest-bearing debt.
The Group is exposed to fluctuations in foreign exchange rates, particularly the EUR, GBP, USD, Chilean peso and Peruvian
sol. Measures to reduce this risk in the short term include forward contracts and multi-currency overdraft facilities. Furthermore, parts of the long-term debt are adjusted in relation to earnings in the same currency.
The company had 4,649 shareholders at 30 September 2017. The number of shareholders at the start of the period was 4,887.
The share price at the start of the third quarter 2017 was NOK 67.25 and NOK 83.00 at the end of the quarter.
A list of the 20 largest shareholders can be found in Note 6 in this report.
The third quarter has, as normal, been a low season for production in Europe when compared with the second quarter. Price levels for fishmeal in Europe in Q3 2017 were stable but lower than in the same quarter of 2016 due to substantially higher quotas in South America in 2016. Moreover, the quotas in the North Atlantic for fish species used for fishmeal and oil in Europe have seen a substantial increase in 2017 when compared with 2016. Realised prices for fishmeal FOB Peru (superprime) are currently USD 1,500, while CIF Hamburg prices for fishmeal (standard 64%/65%) are USD 1,375.
The Group's production of consumer products takes place in Europe and South America. In Europe, the season for herring and capelin is – as normal – from January to April and the season for North Sea herring from May onwards. The mackerel season normally starts in September and continues throughout the autumn. The remaining quotas for Norwegian spring-spawning herring are also caught during the same period. The first half of the year is the season for horse mackerel in South America. The ban on imports to Russia and import quotas and currency restrictions on sales in Nigeria have made marketing much more complex. The companies have worked hard to find alternative markets for the products traditionally exported to Russia and Nigeria – the main markets for these products. The market situation in Nigeria has improved to date in 2017. We note that the Group's products are faring well in competition with alternative sources of protein.
The Norwegian fish farming industry, including LSG, is in a transitional phase with extraordinarily high direct and indirect costs, due to biological challenges, political decisions
and regulations. Since 2013/14, LSG has made substantial investments in its own production of cleaner fish. LSG can now report very positive results with cleaner fish. However, as production and utilisation of cleaner fish remain in the early stages, further improvements are expected. Investments are also being made in other tools to optimise production. These include a significant increase in capacity for mechanical cleaning and fresh-water treatment in well boats. The challenge of excessive treatment of fish has not yet been solved, but developments in 2017 have been positive. This justifies an outlook for further improvements in production as we go forward into 2018.
Developments within whitefish in 2017 have been positive, even though industrial development and processing of whitefish in Norway remain difficult. This situation is impacted by political framework conditions, but LSG has a clear ambition to increase competitiveness in and earnings from whitefish, with the prevailing conditions and by means of improved marketing and improvements to operational efficiency.
LSG's many years of building alliances, developing high-quality products, entering new markets, quality-assuring its value chain and developing its brand will enable it to continue to generate value going forward. The company will continue its work to deliver sustainable value generation by focusing on strategic business development and improvements to operational efficiency. Based on our customers' demands, this work will ensure continuity of supply, quality and cost efficiency, and lead to increased profitability. LSG's significant, long-term investments within several parts of the value chain shall ensure global competitiveness.
The Group is financially sound, has shown positive development and currently has a strong position on a number of seafood markets worldwide. The Group's strategy going forward is to continue to grow and further develop within its current operating segments. The Group has and shall continue to have the financial flexibility to support its strategy of further organic growth, carry out strategic acquisitions and sustain the company's dividend policy.
The Group's strong position within the global seafood industry gives grounds for a positive outlook for the Group's future development.
Storebø, 8 November 2017 The Board of Directors of Austevoll Seafood ASA
Chairman of the Board
Board member
Board member Board member
Board member Board member
Deputy Chairman of the Board
CEO
| (audited) | ||||||
|---|---|---|---|---|---|---|
| All figures in NOK 1.000 | Note | Q3 2017 | Q3 2016 | YTD 2017 | YTD 2016 | 2016 |
| Operating revenue | 4 | 4 902 771 | 4 611 391 | 15 996 920 | 13 581 859 | 18 911 523 |
| Raw material and consumables used | 2 437 894 | 2 774 241 | 7 984 934 | 8 013 310 | 10 522 582 | |
| Salaries and personnel expenses | 707 222 | 560 065 | 2 137 936 | 1 486 854 | 2 229 746 | |
| Other operating expenses | 706 545 | 567 866 | 1 945 476 | 1 501 813 | 2 278 364 | |
| EBITDA before fair value adjustments * | 1 051 110 | 709 219 | 3 928 574 | 2 579 882 | 3 880 831 | |
| Depreciation and amortisation | 229 790 | 213 983 | 688 209 | 602 541 | 845 126 | |
| Impairment | -714 | -1 246 | -2 526 | -4 726 | 122 794 | |
| EBIT before fair value adjustment * | 822 034 | 496 482 | 3 242 891 | 1 982 067 | 2 912 911 | |
| Fair value adjustment related to biological assets | 3 | -511 708 | -98 552 | -830 572 | -84 911 | 1 549 449 |
| Operating profit | 310 326 | 397 930 | 2 412 319 | 1 897 156 | 4 462 360 | |
| Income from associated companies | 5 | 89 357 | 142 338 | 355 695 | 307 800 | 459 498 |
| Net interest expenses | -73 098 | -59 357 | -215 845 | -177 925 | -251 644 | |
| Net other financial items (incl. agio/disagio) | 2 227 | -23 105 | 9 130 | -2 437 | 12 367 | |
| Profit before tax | 328 812 | 457 806 | 2 561 299 | 2 024 594 | 4 682 581 | |
| Income tax expenses | -58 389 | -95 949 | -549 271 | -465 924 | -974 607 | |
| Net profit | 270 423 | 361 857 | 2 012 028 | 1 558 670 | 3 707 974 | |
| Profit to non-controlling interest | 99 215 | 195 883 | 924 381 | 805 840 | 2 063 069 | |
| Profit to controlling interests | 171 208 | 165 974 | 1 087 647 | 752 830 | 1 644 905 | |
| Earnings per share (EPS) | 0,85 | 0,82 | 5,39 | 3,74 | 8,17 | |
| Diluted EPS | 0,85 | 0,82 | 5,39 | 3,74 | 8,17 |
*) related to biological assets (alternative performance measure)
| All figures in NOK 1.000 | Q3 2017 | Q3 2016 | YTD 2017 | YTD 2016 | (audited) 2016 |
|---|---|---|---|---|---|
| Net earnings in the period | 270 423 | 361 857 | 2 012 028 | 1 558 670 | 3 707 974 |
| Other comprehensive income | |||||
| Currency translation differences | -172 438 | -167 693 | -128 284 | -381 408 | -224 901 |
| Other comprehensive income from associated companies | 64 | -2 663 | |||
| Cash flow hedges | 9 476 | 22 331 | 14 914 | 9 021 | 38 091 |
| Change in value available for sale financial assets | |||||
| Others incl. tax effect | 7 033 | 5 263 | 10 415 | 12 311 | 7 556 |
| Total other comprehensive income | -155 865 | -140 099 | -105 618 | -360 076 | -179 254 |
| Comprehensive income in the period | 114 558 | 221 758 | 1 906 410 | 1 198 594 | 3 528 720 |
| Allocated to; | |||||
| Minority interests | 78 293 | 224 964 | 925 736 | 697 973 | 1 984 792 |
| Majority interests | 36 265 | -3 206 | 980 674 | 500 621 | 1 543 928 |
| (audited) | ||||
|---|---|---|---|---|
| All figures in NOK 1.000 | Note | 30.09.2017 | 30.09.2016 | 31.12.2016 |
| Assets | ||||
| Intangible assets | 11 635 381 | 10 812 552 | 11 746 906 | |
| Vessels | 1 941 556 | 1 938 296 | 1 992 120 | |
| Property, plant and equipment | 5 151 017 | 4 786 872 | 4 698 944 | |
| Investments in associated companies | 5 | 1 900 749 | 1 644 924 | 1 710 001 |
| Investments in other shares | 32 717 | 35 065 | 33 821 | |
| Other long-term receivables | 165 807 | 99 092 | 120 842 | |
| Total non-current assets | 20 827 227 | 19 316 801 | 20 302 634 | |
| Inventories | 3 | 6 694 202 | 5 645 829 | 7 878 681 |
| Accounts receivable | 2 007 586 | 1 860 919 | 2 340 495 | |
| Other current receivables | 762 514 | 766 337 | 734 205 | |
| Cash and cash equivalents | 4 600 138 | 3 434 221 | 3 745 388 | |
| Total current assets | 14 064 440 | 11 707 306 | 14 698 769 | |
| Total assets | 34 891 667 | 31 024 107 | 35 001 403 | |
| Equity and liabilities | ||||
| Share capital | 6 | 101 359 | 101 359 | 101 359 |
| Own shares | -18 312 | -18 312 | -18 312 | |
| Share premium | 3 713 549 | 3 713 549 | 3 713 549 | |
| Retained earnings and other reserves | 5 925 609 | 4 487 057 | 5 451 621 | |
| Non-controlling interests | 9 443 301 | 8 688 190 | 8 964 603 | |
| Total equity | 19 165 506 | 16 971 843 | 18 212 820 | |
| Deferred tax liabilities | 3 849 081 | 2 901 874 | 3 986 198 | |
| Pensions and other obligations | 120 667 | 154 293 | 146 067 | |
| Borrowings | 7 945 627 | 6 228 339 | 7 065 191 | |
| Other long-term liabilities | 27 549 | 26 182 | 33 927 | |
| Total non-current liabilities | 11 942 924 | 9 310 688 | 11 231 383 | |
| Short term borrowings | 886 983 | 1 564 890 | 1 350 926 | |
| Overdraft facilities | 151 473 | 391 730 | 788 224 | |
| Account payable | 1 198 949 | 1 473 540 | 1 500 089 | |
| Other current liabilities | 1 545 832 | 1 311 416 | 1 917 961 | |
| Total current liabilities | 3 783 237 | 4 741 576 | 5 557 200 | |
| Total liabilities | 15 726 161 | 14 052 264 | 16 788 583 | |
| Total equity and liabilities | 34 891 667 | 31 024 107 | 35 001 403 | |
| NIBD | 4 411 494 | 4 776 920 | 5 492 880 | |
| Equity ratio | 55 % | 55 % | 52 % |
| (audited) | |||
|---|---|---|---|
| All figures in NOK 1.000 | 30.09.2017 | 30.09.2016 | 31.12.2016 |
| Equity period start | 18 212 820 | 13 610 808 | 13 610 808 |
| Comprehensive income in the period | 1 906 410 | 1 198 594 | 3 528 720 |
| Dividends | -952 709 | -1 757 091 | -1 757 525 |
| Business combinations/acquisition | - | 1 028 312 | 947 016 |
| Transactions with non-controlling interest | -1 015 | 2 891 220 | 1 883 801 |
| Effect option programme | - | - | - |
| Other | - | - | - |
| Total changes in equity in the period | 952 686 | 3 361 035 | 4 602 012 |
| Equity at period end | 19 165 506 | 16 971 843 | 18 212 820 |
| All figures in NOK 1.000 | Q3 2017 | Q3 2016 | YTD 2017 | YTD 2016 | (audited) 2016 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Profit before income taxes | 328 812 | 457 805 | 2 561 299 | 2 024 593 | 4 682 581 |
| Fair value adjustment of biological assets | 511 708 | 98 552 | 830 572 | 84 911 | -1 549 449 |
| Taxes paid in the period | -13 133 | -9 447 | -580 456 | -226 381 | -249 323 |
| Depreciation and amortisation | 229 790 | 213 984 | 688 209 | 602 541 | 845 126 |
| Impairments | -714 | -1 246 | -2 526 | -4 726 | 122 794 |
| Associated companies - net | -89 357 | -142 338 | -355 695 | -307 800 | -459 498 |
| Interest expense | 85 017 | 71 921 | 248 540 | 209 030 | 297 631 |
| Interest income | -11 919 | -12 564 | -32 695 | -31 105 | -45 987 |
| Change in inventories | 134 978 | -458 330 | 353 907 | 64 874 | -241 520 |
| Change in receivables | 248 586 | 396 925 | 304 601 | -45 503 | -492 985 |
| Change in payables | -85 441 | 142 048 | -270 618 | 323 603 | 391 699 |
| Other operating cash flow incl currency exchange | -131 482 | -148 441 | -537 581 | -262 800 | -51 984 |
| Net cash flow from operating activities | 1 206 845 | 608 869 | 3 207 557 | 2 431 237 | 3 249 085 |
| Cash flow from investing activities | |||||
| Purchase of intangible and fixed assets | -456 493 | -299 877 | -1 190 602 | -731 070 | -1 142 494 |
| Purchase of shares and equity investments | - | -2 286 641 | -77 170 | -2 395 609 | -3 419 408 |
| Proceeds from sale of fixed assets/equity investments | 8 243 | 42 764 | 74 873 | 1 162 353 | 110 484 |
| Cash inflow from business combinations | - | 288 311 | - | 288 311 | 288 311 |
| Dividend received | 26 515 | 25 300 | 236 515 | 252 300 | 278 800 |
| Interest income | 11 919 | 12 564 | 32 695 | 31 105 | 45 987 |
| Other investing activities - net | -3 150 | 5 723 | -48 452 | 8 731 | -11 193 |
| Net cash flow from investing activities | -412 966 | -2 211 856 | -972 141 | -1 383 879 | -3 849 513 |
| Cash flow from financing activities | |||||
| Proceeds from new long term debt | 187 561 | 409 421 | 1 488 137 | 1 457 791 | 2 866 555 |
| Repayment of long term debt | -201 739 | -198 761 | -1 012 703 | -1 095 601 | -1 946 937 |
| Change in short term debt | -133 238 | -68 803 | -628 282 | -573 240 | -176 746 |
| Interest paid | -85 017 | -79 044 | -263 655 | -221 546 | -313 517 |
| Dividends paid | - | -950 584 | -1 694 645 | -1 695 079 | |
| Other finance cash flow - net | - | - | 2 051 656 | 3 143 219 | |
| Net cash flow from financing activities | -232 433 | 62 813 | -1 367 087 | -75 585 | 1 877 495 |
| Net change in cash and cash equivalents | 561 446 | -1 540 174 | 868 329 | 971 773 | 1 277 067 |
| Cash, and cash equivalents at start of period | 4 047 315 | 4 978 647 | 3 745 198 | 2 470 222 | 2 470 222 |
| Exchange gains/losses (-) | -8 861 | -4 420 | -13 627 | -7 942 | -2 091 |
| Cash and cash equivalents at period end | 4 599 900 | 3 434 053 | 4 599 900 | 3 434 053 | 3 745 198 |
This interim report has been prepared in accordance with International Financial Reporting Standards (IFRS) and the related standard for interim financial reporting (IAS 34). The interim financial statements, including historical comparative amounts, are based on current IFRS standards and interpretations. Changes in the standards and interpretations may result in changes to the result. The interim report has been prepared in accordance with the same policies applied to the most recent annual report, but does not contain all the information and notes required for an annual report. This report must therefore be read in the context of the company's most recent annual report (2016).
There were related party transactions in Q3 2017. Related party transactions take place on market terms, and the relevant types of transactions are described in more detail in the Annual Report 2016.
The Group recognises and measures biological assets at fair value according to IAS 41 and IFRS 13. For salmon and trout, including parent fish, a present value model is applied to estimate fair value. For roe, fry, smolt and cleaner fish, historical cost is assumed to be the best estimate of fair value.
The value of fish in the sea is estimated as a function of the estimated biomass at the time of release from stock, multiplied by the estimated sales price. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to harvest weight. The cash flow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents that have an effect on cash flow, (2) hypothetical licence lease and (3) the time value of money.
Estimated biomass (volume) is based on the actual number of individuals in the sea on the date of the statement of financial position, adjusted to cover projected mortality up to harvest time and multiplied by the estimated harvest weight per individual at harvest time. The measurement unit is the individual fish. However, for practical reasons, these estimates are carried out individually per locality. The live weight of fish in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing.
Pricing is based on the Fish Pool forward prices. The forward price for the month in which the fish is expected to be harvested is applied in order to estimate cash flow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvesting cost (well boat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any projected differences in size and quality. The adjustments to the reference price are made individually per locality. Joint regional parameters are applied, unless factors specific to an individual locality require otherwise.
Valuation and classification are based on the principle of highest and best use according to IFRS 13. The actual market price per kilo may vary in relation to fish weight. When estimating fair value, the optimal harvest weight, i.e. the weight when the fish is ready for harvest, is defined as the live weight that results in a gutted weight of 4 kg. This corresponds to a live weight of 4.8 kg. The optimal harvest weight may, however, be lowered slightly if required by factors at an individual locality (biological challenges etc.). In terms of valuation, only fish that have achieved a live weight greater than 4.8 kg are classified as ready for harvest.
The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, the fair value adjustment of the biological assets will be included in the estimated expenses required to fulfil the contract. This implies that the Group may experience loss-making (onerous) contracts according to IAS 37 even if the contract price for physical delivery contracts is higher than the actual production cost for the products. In such a scenario, a provision is made for the estimated negative value. The provision is classified in the financial statements as other short-term debt.
The fair value adjustment related to biological assets recognised in the income statement for the period comprises (1) fair value adjustment related to biological assets, (2) change in fair value (provision) related to onerous contracts and (3) change in unrealised gain/loss related to financial sale and purchase contracts (derivatives) for fish in Fish Pool. Fish Pool contracts are treated as financial instruments on the statement of financial position, where unrealised gain is recognised as other current receivables and unrealised loss as other current debt.
The figures for harvested volume and net growth in the tables below have been estimated on the basis of gutted weight (GWT) and converted to live weight (LWT). The gutting loss ratio for salmon and trout applied in this conversion is 16%. The table for Lerøy Seafood Group ASA includes salmon and trout. The table for Br. Birkeland AS only includes salmon.
LWT = live weight measured in tonnes
GWT = gutted weight measured in tonnes
| Fair value adjustments over profit and loss | Q3 2017 | Q3 2016 | 2016 |
|---|---|---|---|
| Change fair value adj. biological assets | -554 269 | -76 288 | 1 730 028 |
| Change in onerous contracts, biological assets | 45 854 | - | -284 381 |
| Change in fair value on fishpool contracts | -6 202 | 6 508 | 24 914 |
| Total FV adj. related to biological assets | -514 617 | -69 780 | 1 470 561 |
| Fair value adjustments over profit and loss | YTD 2017 | YTD 2016 | |
| Change fair value adj. biological assets | -990 131 | -50 697 | |
| Change in onerous contracts, biological assets | 249 269 | - | |
| Change in fair value on fishpool contracts | -23 443 | 4 963 | |
| Total FV adj. related to biological assets | -764 305 | -45 734 |
Positive amounts are assets and negative amounts are liabilities
| Carrying amount on biological assets | 30.09.2017 | 30.09.2016 | 31.12.2016 | ||
|---|---|---|---|---|---|
| Cost on stock for fish in sea | 3 445 491 | 3 247 760 | 3 433 980 | ||
| Cost on stock for fry, brood, smolt and cleaning fish | 156 261 | 220 930 | 283 234 | ||
| Total cost on stock for biological assets * | 3 601 752 | 3 468 690 | 3 717 214 | ||
| Fair value adj. on fish in sea | 1 710 967 | 920 373 | 2 701 099 | ||
| Fair value adj. on fry, brood, smolt and cleaning fish | - | - | - | ||
| Total fair value adj. on biological assets | 1 710 967 | 920 373 | 2 701 099 | ||
| Fair value on fish in sea | 5 156 458 | 4 168 133 | 6 135 079 | ||
| Fair value on fry, brood, smolt and cleaning fish | 156 261 | 220 930 | 283 234 | ||
| Carrying amount of biological assets | 5 312 719 | 4 389 063 | 6 418 313 | ||
| Carrying amount on onerous contracts (liability) | |||||
| Carrying amount of onerous contracts | -35 112 | - | -284 381 | ||
| Carrying amount on fishpool contracts | |||||
| Carrying amount of fishpool contracts | 1 964 | 4 963 | 24 914 | ||
| * Cost on stock is historic costs after expensed mortality | |||||
| HARVESTED VOLUME | |||||
| Volume in gutted weight (GWT) | Q3 2017 | Q3 2016 | YTD 2017 | YTD 2016 | 2016 |
| Salmon | 39 748 | 22 956 | 99 989 | 83 533 | 114 939 |
Trout 6 276 8 788 15 498 27 505 35 243 Total harvested volume 46 024 31 744 115 487 111 038 150 182
Lerøy Seafood Group ASA (forts.)
| Volume of fish in sea (LWT) | Q3 2017 | Q3 2016 | 30.09.2017 | 30.09.2016 | 31.12.2016 |
|---|---|---|---|---|---|
| Volume at beginning of period | 96 258 | 81 700 | 108 413 | 108 270 | 108 270 |
| Net growht during the period | 66 973 | 57 507 | 137 513 | 127 319 | 178 931 |
| Harvested volume during the period | -54 790 | -38 642 | -137 485 | -135 024 | -178 788 |
| Volume at end of period (LWT) | 108 441 | 100 565 | 108 441 | 100 565 | 108 413 |
| Specification of fish in sea (LWT) | 30.09.2017 | 30.09.2016 | 31.12.2016 |
|---|---|---|---|
| Salmon | 91 700 | 84 023 | 94 644 |
| Trout | 16 741 | 16 542 | 13 769 |
| Total | 108 441 | 100 565 | 108 413 |
| Fish > 4,8 kg (live weight) | 8 133 | 1 165 | 15 786 |
FAIR VALUE ADJUSTMENTS RELATED TO BIOLOGICAL ASSETS
| Fair value adjustment over profit and loss | Q3 2017 | Q3 2016 | YTD 2017 | YTD 2016 | 2016 |
|---|---|---|---|---|---|
| Change FV adj. biological assets | 2 909 | -28 773 | -66 267 | -39 177 | 78 888 |
| FV adj. related to biological assets | 2 909 | -28 773 | -66 267 | -39 177 | 78 888 |
Positive amounts are assets and negative amounts are liabilities
| YTD 2017 | YTD 2016 | 2016 |
|---|---|---|
| 157 869 | 203 136 | 176 748 |
| 93 803 | 42 005 | 160 070 |
| 251 672 | 245 141 | 336 818 |
| - | - | - |
| 251 672 | 245 141 | 336 818 |
| HARVESTED VOLUME | |
|---|---|
| Harvested volume in gutted weight (GWT) | Q3 2017 | Q3 2016 | YTD 2017 | YTD 2016 | 2016 |
|---|---|---|---|---|---|
| Total volume | 543 | 1 523 | 5 345 | 5 582 | 8 093 |
| Salmon | 543 | 1 523 | 5 343 | 5 582 | 8 093 |
| Volume of fish in sea (LWT) | Q3 2017 | Q3 2016 | YTD 2017 | YTD 2016 | 2016 |
|---|---|---|---|---|---|
| Volume at beginning of period | 3 007 | 4 784 | 5 688 | 5 755 | 5 755 |
| Net growht during the period | 2 026 | 2 955 | 5 228 | 6 747 | 9 636 |
| Harvested volume during the period | -686 | -1 876 | -6 569 | -6 639 | -9 703 |
| Volume at end of period (LWT) | 4 347 | 5 863 | 4 347 | 5 863 | 5 688 |
| Fish > 4,8 kg (live weight) | - | - | - | - | - |
| Pelagia AS | ||||||||
|---|---|---|---|---|---|---|---|---|
| Lerøy | Austral | Foodcorp | Br. | (50% of | Total Group | |||
| All figures in NOK 1.000 |
Seafood Group ASA |
Group S.A.A |
Chile S.A |
Birkeland AS |
Other/ eliminations |
Total Group | figures and volumes) |
incl. Pelagia AS (50%) |
| Q3 2017 | ||||||||
| Operating revenue | 4 373 199 | 311 125 | 144 976 | 81 500 | -8 029 | 4 902 771 | 675 173 | 5 577 944 |
| EBITDA * | 1 007 515 | -9 730 | 27 761 | 20 692 | 4 872 | 1 051 110 | 62 799 | 1 113 909 |
| EBITDA% | 23 % | -3 % | 19 % | 25 % | 21 % | 9 % | 20 % | |
| EBIT ex. impairment * | 861 310 | -55 080 | 19 277 | -3 769 | -418 | 821 320 | 39 985 | 861 305 |
| EBIT * | 861 310 | -54 148 | 19 059 | -3 769 | -418 | 822 034 | 39 985 | 862 019 |
| Volumes sold: | ||||||||
| Salmon (gwt tonnes) | 46 024 | 543 | 46 567 | 46 567 | ||||
| Fishmeal/oil/FPC (tonnes) | 26 774 | 4 681 | 31 455 | 33 800 | 65 255 | |||
| Frozen fish (tonnes) | - | 10 122 | 10 122 | 20 950 | 31 072 | |||
| Q3 2016 | ||||||||
| Operating revenue | 4 267 702 | 258 300 | 90 178 | 130 906 | -135 695 | 4 611 391 | 664 264 | 5 275 655 |
| EBITDA * | 612 048 | 73 363 | -4 714 | 27 409 | 1 113 | 709 219 | 88 516 | 797 735 |
| EBITDA% | 14 % | 28 % | -5 % | 21 % | 15 % | 13 % | 15 % | |
| EBIT ex. impairment * | 481 222 | 30 970 | -21 562 | 9 121 | -4 515 | 495 236 | 68 919 | 564 155 |
| EBIT * | 481 222 | 32 216 | -21 562 | 9 121 | -4 515 | 496 482 | 68 919 | 565 401 |
| Volumes sold: | ||||||||
| Salmon (gwt tonnes) | 31 744 | 1 523 | 33 267 | 33 267 | ||||
| Fishmeal/oil/FPC (tonnes) | 16 597 | 2 611 | 19 208 | 25 200 | 44 408 | |||
| Frozen fish (tonnes) | 1 464 | 5 537 | 7 001 | 21 100 | 28 101 | |||
| YTD 2017 | ||||||||
| Operating revenue | 14 065 223 | 1 234 454 | 405 899 | 510 031 | -218 687 | 15 996 920 | 1 957 396 | 17 954 316 |
| EBITDA * | 3 378 665 | 258 906 | 108 622 | 169 046 | 13 335 | 3 928 574 | 191 268 | 4 119 842 |
| EBITDA% | 24 % | 21 % | 27 % | 33 % | 25 % | 10 % | 23 % | |
| EBIT ex. impairment * | 2 939 373 | 118 162 | 81 742 | 103 124 | -2 036 | 3 240 365 | 126 384 | 3 366 749 |
| EBIT * | 2 939 373 | 121 315 | 81 115 | 103 124 | -2 036 | 3 242 891 | 131 954 | 3 374 845 |
| Volumes sold: | ||||||||
| Salmon (gwt tonnes) | 115 487 | 5 345 | 120 832 | 120 832 | ||||
| Fishmeal/oil/FPC (tonnes) | 94 425 | 13 205 | 107 630 | 74 700 | 182 330 | |||
| Frozen fish/fresh (tonnes) | 8 136 | 23 821 | 31 957 | 76 600 | 108 557 | |||
| YTD 2016 | ||||||||
| Operating revenue | 12 345 257 | 735 088 | 344 814 | 519 840 | -363 140 | 13 581 859 | 1 829 640 | 15 411 499 |
| EBITDA * | 2 185 036 | 123 105 | 36 453 | 218 852 | 16 436 | 2 579 882 | 212 005 | 2 791 887 |
| EBITDA% | 18 % | 17 % | 11 % | 42 % | 19 % | 12 % | 18 % | |
| EBIT ex. impairment * | 1 826 127 | -3 029 | -13 575 | 167 645 | 173 | 1 977 341 | 152 219 | 2 129 560 |
| EBIT * | 1 826 127 | 1 698 | -13 575 | 167 645 | 173 | 1 982 068 | 152 219 | 2 134 287 |
| Volumes sold: | ||||||||
| Salmon (gwt tonnes) | 111 038 | 5 582 | 116 620 | 116 620 | ||||
| Fishmeal/oil/FPC (tonnes) | 46 664 | 11 762 | 58 426 | 57 200 | 115 626 | |||
| Frozen fish/fresh (tonnes) | 1 536 | 16 188 | 17 724 | 81 500 | 99 224 |
* before fair value adjustments related to biological asset
| Pelagia AS | ||||||||
|---|---|---|---|---|---|---|---|---|
| Lerøy | Austral | Foodcorp | Br. | (50% of | Total Group | |||
| All figures in | Seafood | Group | Chile | Birkeland | Other/ | figures and | incl. Pelagia | |
| NOK 1.000 | Group ASA | S.A.A | S.A | AS | eliminations | Total Group | volumes) | AS (50%) |
| 2016 | ||||||||
| Operating revenue | 17 269 735 | 1 020 483 | 425 333 | 789 702 | -593 730 | 18 911 523 | 2 879 204 | 21 790 727 |
| EBITDA * | 3 355 089 | 140 105 | 31 135 | 344 541 | 9 961 | 3 880 831 | 314 098 | 4 194 929 |
| EBITDA% | 19 % | 14 % | 7 % | 44 % | 21 % | 11 % | 19 % | |
| EBIT ex. impairment * | 2 843 469 | -35 189 | -37 797 | 277 279 | -12 057 | 3 035 705 | 232 110 | 3 267 815 |
| EBIT * | 2 843 469 | -8 819 | -186 961 | 277 279 | -12 057 | 2 912 911 | 232 110 | 3 145 021 |
| Volumes sold: | ||||||||
| Salmon (gwt tonnes) | 150 182 | 8 093 | 158 275 | 158 275 | ||||
| Fishmeal/oil/FPC (tonnes) | 62 125 | 13 219 | 75 344 | 77 850 | 153 194 | |||
| Frozen fish (tonnes) | 7 788 | 21 869 | 29 657 | 132 300 | 161 957 |
* before fair value adjustments related to biological asset
| Q3 2017 | Q3 2016 | YTD 2017 | YTD 2016 | 2016 | ||
|---|---|---|---|---|---|---|
| Norskott Havbruk AS | 50.0% | 39 905 | 68 883 | 232 954 | 162 730 | 238 804 |
| Pelagia AS | 50.0% | 41 494 | 55 859 | 97 838 | 118 817 | 193 415 |
| Others | 7 955 | 17 596 | 24 901 | 26 253 | 27 279 | |
| Total income from ass.companies | 89 354 | 142 338 | 355 693 | 307 800 | 459 498 | |
| Total investment | 1 900 747 | 1 644 923 | 1 710 001 |
| Investor | Number of shares | % of top 20 | % of total |
|---|---|---|---|
| LACO A/S | 112 605 876 | 77,12 % | 55,55 % |
| STATE STREET BANK AND TRUST COMP | 5 859 836 | 4,01 % | 2,89 % |
| STATE STREET BANK AND TRUST COMP | 3 853 675 | 2,64 % | 1,90 % |
| PARETO AKSJE NORGE | 2 499 008 | 1,71 % | 1,23 % |
| DANSKE INVEST NORSKE INSTIT. II. | 2 002 429 | 1,37 % | 0,99 % |
| FOLKETRYGDFONDET | 1 938 691 | 1,33 % | 0,96 % |
| MITSUI AND CO., LTD | 1 782 236 | 1,22 % | 0,88 % |
| OM HOLDING AS | 1 781 850 | 1,22 % | 0,88 % |
| MSIP EQUITY | 1 740 028 | 1,19 % | 0,86 % |
| JPMORGAN CHASE BANK, N.A., LONDON | 1 349 382 | 0,92 % | 0,67 % |
| STATE STREET BANK AND TRUST COMP | 1 297 660 | 0,89 % | 0,64 % |
| SIX SIS AG | 1 137 100 | 0,78 % | 0,56 % |
| MP PENSJON PK | 1 136 091 | 0,78 % | 0,56 % |
| JPMORGAN CHASE BANK, N.A., LONDON | 1 081 407 | 0,74 % | 0,53 % |
| CITIBANK, N.A. | 1 071 434 | 0,73 % | 0,53 % |
| DANSKE INVEST NORSKE AKSJER INST | 1 052 824 | 0,72 % | 0,52 % |
| J.P. MORGAN BANK LUXEMBOURG S.A. | 1 007 334 | 0,69 % | 0,50 % |
| JPMORGAN CHASE BANK, N.A., LONDON | 994 697 | 0,68 % | 0,49 % |
| PARETO AS | 921 000 | 0,63 % | 0,45 % |
| AUSTEVOLL SEAFOOD ASA | 893 300 | 0,61 % | 0,44 % |
| Total number owned by top 20 | 146 005 858 | 100,00 % | 72,02 % |
| Total number of shares | 202,717,374 | 100 % |
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