Quarterly Report • Nov 11, 2021
Quarterly Report
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| •4 | Profit/loss Q3 2021 |
|---|---|
| •4 | Operational review of segments for Q3 2021 |
| •7 | Joint ventures |
| •8 | Cash flows Q3 2021 |
| •8 | Financial information at end September 2021 |
| •8 | Cash flows at end September 2021 |
| •9 | Statement of financial position at 30 September 2021 |
| •9 | Other issues |
| •10 | Shareholder information |
| •10 | Austevoll Seafood ASA's focus areas for sustainability |
| •11 | Market and outlook |
| •14 | Income statement |
| •14 | Condensed statement of comprehensive income |
| •15 | Statement of financial position |
| •16 | Condensed statement of changes in equity |
| •16 | Cash flow statement |
| •17 | Note 1 Accounting policies |
| •17 | Note 2 Related party transactions |
| •17 | Note 3 Biological assets |
| •20 | Note 4 Segments |
| •21 | Note 5 Associates |
| •21 | Note 6 List of the 20 largest shareholders |
Alfabygget N-5392 Storebø NORWAY
www.auss.no
The figures include 50% of revenue, EBITDA and net interest-bearing debt from the Pelagia Holding Group. EBITDA before fair value adjustment related to biological assets NIBD is net interest-bearing debt to institutions where the main activity is financing
The Group reported operating revenue of NOK 7,390 million in the quarter, compared with NOK 5,538 million in Q3 2020.
Group EBIDTA in Q3 2021 totalled NOK 1,146 million, compared with NOK 789 million in Q3 2020.
The higher sales volume for Atlantic salmon, fishmeal and fish oil, and improved earnings from the land-based industry (whitefish), are the main factors behind the increase in earnings when comparing Q3 2021 with Q3 2020.
EBIT before fair value adjustment related to biological assets in Q3 2021 was NOK 741 million (Q3 2020: NOK 415 million).
Fair value adjustment related to biological assets in Q3 2021 was negative and totalled NOK -185 million. The corresponding figure in Q3 2020 was positive, at NOK 57 million.
EBIT after fair value adjustment related to biological assets in Q3 2021 was NOK 556 million (Q3 2020: NOK 472 million).
The largest associates are Norskott Havbruk AS and Pelagia Holding AS. Income from associates in Q3 2021 totalled NOK 172 million (Q3 2020: NOK 78 million). The profit figure for the third quarter includes a one-off gain of NOK 70 million, which was the effect of a so-called step acquisition. The Group's associates have generated good results over time, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Please refer to note 5 for more detailed information on associates.
The Group's net interest expense in Q3 2021 totalled NOK 67 million (Q3 2020: NOK 72 million). Net other financial expenses in the quarter totalled NOK 30 million. Net other financial expenses in Q3 2020 totalled NOK 21 million.
The Group reported profit before tax in the quarter of NOK 631 million (Q3 2020: profit of NOK 457 million). The profit figure after tax was NOK 517 million (Q3 2020: NOK 363 million).
The Group's activities are classified according to the following operating segments: Lerøy Seafood Group ASA (Europe), Austral Group S.A.A (Peru), Foodcorp Chile S.A (Chile), Br. Birkeland AS (Norway), Br. Birkeland Farming AS (Norway) and the joint venture Pelagia Holding AS (Europe).
LSG's operations comprise farming, wild catches (Lerøy Havfisk and LNWS), VAP and Sales & Distribution. LSG's farming operations comprise three farming regions in Norway: Lerøy Aurora in Troms and Finnmark, Lerøy Midt in Nordmøre/ Trøndelag, and Lerøy Sjøtroll in Vestland.
In Q3 2021, LSG reported revenue of NOK 6,331 million (Q3 2020: NOK 4,777 million) and EBITDA before fair value adjustment related to biological assets of NOK 895 million (Q3 2020: NOK 656 million).
The positive development when compared with Q3 2020 is attributed to improved earnings for the land-based industry (whitefish), significant growth in harvest volume for salmon and trout, the gradual lifting of COVID-19 restrictions with a corresponding positive development in prices and, finally, a sustained positive development in downstream operations. During the last part of the quarter, it became necessary to make amendments to the harvest schedule, particularly at Lerøy Aurora, but also to a certain extent at Lerøy Sjøtroll. These amendments required compulsory harvesting at a lower average weight, with higher release from stock costs and lower prices realised. Unfortunately, this resulted in a significantly poorer operating profit for the third quarter than forecast.
For Farming, the harvest volume for salmon and trout, gutted weight, was 56,397 tonnes in Q3 2021, which is a substantial increase from 44,227 tonnes in Q3 2020.
Throughout the third quarter, demand for Norwegian salmon, measured in Euro, has grown to record-high levels. When compared with Q3 2020, the export volume for salmon from Norway has increased by approx. 10%. This growth continued throughout the quarter, and salmon exports in September were approx. 20% higher than in the same period in 2020. This increase reinforced the normal seasonal trend, and is evident in the increase in weekly export volume of salmon from approx. 25,000 tonnes in July to approx. 35,000 tonnes in September. The increase resulted in a significant fall in prices throughout the quarter, but is still indication of a strong underlying market.
The average price for salmon in Q3 2021, measured according to NSI (sales price FCA Oslo), was NOK 54.70/kg, compared with NOK 62.50/kg in Q2 2021 and NOK 47.40/kg in Q3 2020. This is equivalent to a fall in price of NOK 8/kg from Q2 2021 and an increase in price of NOK 7/kg from Q3 2020.
Norwegian trout exports saw an increase in volume of around 20% in 2020. This factor, combined with the COVID-19 restrictions, had a very negative impact on pricing on the market throughout 2020. The growth in volume has flattened out throughout 2021. This has led to much better equilibrium in the trout market, and prices realised in Q3 2021 have improved significantly on the same period in 2020.
The Group's total prices realised in the quarter are impacted by the fact that approx. 40% of the harvest volume in the quarter was harvested in September. LSG's contract share for salmon in the third quarter was 23%.
During the first half of the year, the Group's prices realised were, as previously reported, significantly impaired by quality downgrades. As expected, this impact is much less evident in Q3 2021.
For Lerøy Sjøtroll, 47% of the harvest volume in Q3 2021 was trout. The Group's prices realised for trout in the quarter were approximately NOK 2/kg lower than for salmon.
LSG's release from stock costs in Q3 2021, including the new production fee of NOK 0.4/kg, are lower than in Q2 2021 but higher than in Q3 2020.
We expect to see a reduction in release from stock costs from Q3 2021 to Q4 2021. All other aspects being equal, the Group's production costs will increase in the near future due to expectations of a further price increase for practically all input factors.
Lerøy Aurora made changes to their harvest schedule, with some localities harvesting earlier than scheduled and others harvesting slightly later than scheduled. As a result, the release from stock costs in the third quarter did not fall by as much as was expected after the second quarter. At the time of writing, release from stock costs in the fourth quarter are expected to be substantially lower than those realised in the third quarter of 2021. Lerøy Aurora has forecast a harvest volume in the region of 44,000 GWT in 2021, and a corresponding volume of approx. 43,000 GWT in 2022.
Production in Lerøy Midt in Q3 2021 has shown a satisfactory development. Release from stock costs are currently expected to be lower in Q4 2021 compared with the costs reported to date in 2021. The company has forecast a harvest volume of approx. 72,000 GWT in 2021, and 71,000 GWT in 2022.
Growth reported by Lerøy Sjøtroll for parts of the autumn of 2021 has been somewhat lower than expected. The estimated harvest volume in 2021 has been reduced from the original figure of 75,000 GWT to 71,000 GWT, albeit still an increase from the figure of 67,900 GWT in 2020. For 2022, the harvest volume is forecast to increase to 76,000 GWT. At the time of writing, a reduction in release from stock costs is expected in Q4 2021.
The wholly-owned subsidiary Lerøy Havfisk's primary business is wild catches of whitefish. Lerøy 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 around 30% of the total quota allocated to the trawler fleet. Lerøy Havfisk also owns several processing plants, which are mainly leased out to its sister company Lerøy Norway Seafoods (LNWS) on long-term contracts. Lerøy Havfisk's trawler licences stipulate an operational obligation for these processing plants.
Lerøy Havfisk has had 10 trawlers in operation in Q3 2021. The catch volume in Q3 2021 was 12,336 tonnes compared with 11,083 tonnes in Q3 2020. The increase in cod catches is the most important factor behind the higher catch value when compared with the same period in 2020. Lerøy Havfisk has a large quota remaining in 2021, and therefore solid grounds for good profitability in Q4 2021. The company is in a strong position to be able to fully capitalise on their cod quota. The remaining quotas for saithe and haddock have been affected by major re-allocations throughout the year. It is normal for the catch volumes for these species to be very unsure, but the company still expects to see satisfactory catches.
The most important markets for whitefish remain slightly affected by COVID-19 restrictions, but the development in demand is good and most products have seen a positive development in prices. Compared with Q3 2020, prices realised for cod are down 3%, while prices for haddock and saithe are substantially up, by 59% and 35% respectively.
LNWS's primary business is processing wild-caught whitefish. The company has use of 12 processing plants and purchasing stations in Norway, five of which are leased from Lerøy Havfisk.
For several years now, it has been extremely challenging to process whitefish in Norway, and Q3 2021 has been no exception. It is, nonetheless, rewarding to note the significant improvement in land-based operations. This has also led to an improvement in the financial results in the third quarter of 2021 when compared with the same period last year.
The Group's focus on boosting the competitiveness of the whitefish industry is a long-term process and will continue undiminished, despite what the Group presumes are temporary market-related challenges brought about by the pandemic. Over time, the Group has carried out organisational changes and made significant investments in facilities, which are expected to produce sustainable earnings.
In total, Lerøy Havfisk and LNWS reported EBIT of NOK 17 million in Q3 2021, compared with NOK -50 million in the same period of 2020. Lerøy Havfisk has a higher volume remaining from its cod quota for the third quarter when compared with the same period last year.
Investigation by the competition authorities in the EU and USA On 20 February 2019, the EU's competition authorities ("the Commission") initiated investigations relating to suspected restrictive practices involving collaboration on the salmon market. The US Department of Justice (DOJ) started an investigation into the Norwegian salmon industry in November 2019. Lerøy Seafood Group ASA is one of the companies involved in these matters. In the wake of the European Commission's investigations, companies in Lerøy Seafood Group ASA and a number of other Norwegianowned aquaculture companies are among those to be sued by customers in the USA and Canada. Please refer to the Group's annual report for more information.
For further information, please refer to LSG's report and presentation for Q3 2021.
Austral Group S.A.A. (Austral) is involved in fishing, production of fishmeal and fish oil and consumer products. Austral holds 6.98% 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 fish 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 company completed fisheries for the first season on 26 July 2021, by which time they had caught 100% of their allocated quota of 175,000 tonnes. The remaining part of the quarter and first part of the fourth quarter are dedicated to maintenance of vessels, nets and factories to get ready for the second fishing season.
Operating revenue in Q3 2021 totalled NOK 658 million (Q3 2020: NOK 530 million) and EBITDA NOK 185 million (Q3 2020: NOK 139 million).
Sales volumes for fishmeal and fish oil in the third quarter were 43,700 tonnes, up from 37,600 tonnes in the same quarter of 2020. The company's prices realised for fishmeal and fish oil in Q3 2021 were up 10% and 16% respectively on Q3 2020. Fishmeal represented 80% of total sales volume in the third quarter of the year, whereas the corresponding figure in Q3 2020 was 99%.
Peru is usually the world's largest producer of fishmeal and fish oil. Production volumes in Peru therefore have a significant influence on global prices for fishmeal and fish oil.
The rate of COVID-19 infections has been on the decrease since the middle of the second quarter. National restrictions remain in place in the wake of the COVID-19 outbreak. The company is maintaining its comprehensive safety routines, which include follow-up of regulations laid down by the authorities, routines for testing and implementation/facilitation of quarantine. The COVID-19 outbreak has caused and continues to cause increased uncertainty and significantly lower predictability than normal.
Foodcorp Chile S.A. (FC) is involved in fisheries, production of consumer products and production of fishmeal and fish oil. From 2018, the regulation of fisheries in Chile has allowed greater flexibility for the fleet to carry out fishing in all the country's regions. FC's quota therefore now corresponds to 8.6% of the horse mackerel quota established for the fleet to which FC's vessels belong. FC also has a quota for sardine/anchoveta.
All FC's shore-based industrial activities are located in the same building in the coastal town of 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 and lasts until the end of December.
The company completed its main season in the first half of the year. In the third quarter, the company caught 8,500 tonnes of horse mackerel (Q3 2020: 6,700 tonnes). The remaining months of the year are mainly spent on maintenance of vessels and factories.
In 2021, the company's own quota (including leased quota) for horse mackerel was just under 40,000 tonnes (2020: 34,600 tonnes). The company has also purchased 31,800 tonnes (2020: 28,500 tonnes) of horse mackerel from third parties, to be caught by FC's own vessels. The total quota, including purchases from third parties, therefore amounts to 71,800 tonnes, up from approx. 63,100 tonnes in 2020. The higher catch volume is a reflection of administration in recent years and a positive development in the marine biomass.
In Q3 2021, operating revenue was NOK 162 million (Q3 2020: NOK 131 million) and EBITDA was NOK 34 million (Q3 2020: NOK 10 million).
Sales of frozen products totalled 12,300 tonnes in Q3 2021, up from 11,200 tonnes in the same quarter of 2020. Demand for frozen products has been good, and the company's prices realised in the quarter have been substantially higher than in Q3 2020.
The authorities in Chile, as in Peru, still have national restrictions to combat the COVID-19 pandemic. The company is maintaining its comprehensive safety routines, which include follow-up of regulations laid down by the authorities, routines for testing and implementation/facilitation of quarantine.
In Q3 2021, the BRBI segment reported operating revenue of NOK 119 million (Q3 2020: NOK 39 million). EBITDA amounted to NOK 41 million (Q3 2020: NOK 7 million).
The mackerel season for the Norwegian fishing fleet started much earlier than in previous years. BRBI's two pelagic vessels have therefore caught the main share of their mackerel quota for the year in the third quarter. In 2020, fisheries for the mackerel quota mainly took place in the fourth quarter. The company's snow crab vessel completed fisheries for the year on 1 July 2021, by which time they had caught the total volume of their snow crab quota for 2021. During the third and fourth quarters, the vessel will undergo necessary maintenance prior to start-up of the next season in January 2022. In September 2021, BRBI purchased a second-hand fishing vessel to replace the "Northguider", which sank off the coast of Spitzbergen in December 2018. This vessel is now being reconstructed and is expected to start snow crab catches in the middle of Q1 2022.
In Q3 2021, the BFARM segment reported operating revenue of NOK 110 million (Q3 2020: NOK 52 million). EBITDA before fair value adjustment related to biological assets in Q3 2021 was NOK -13 million (Q3 2020: NOK -28 million).
As mentioned in the previous report, the company unfortunately detected ILA at one of its localities in June 2021. The company has carried out a compulsory harvest resulting in very low average weights and high release from stock costs, and the company has therefore incurred a significant loss. The negative impact on operating profit is in the order of NOK 25-28 million. A provision for this loss was made in the accounts on 30 June 2021.
The company's harvest volume in Q3 2021 was 2,329 tonnes, compared with 1,542 tonnes in Q3 2020.
In the consolidated financial statements, Pelagia Holding AS (Pelagia) is defined as a joint venture and accounted for by the equity method.
In note 4 Segments, Pelagia is consolidated using the so-called "proportionate consolidation method", in accordance with AUSS's 50% shareholding.
The figures for Pelagia in this section reflect 100% of the company's financial and operational figures.
As mentioned in the previous report, Pelagia carried out a transaction/acquisition of the remaining 50% of the shares in Hordafor AS on 1 July 2021. Subsequent to this transaction, Pelagia AS owns 100% of the shares in Hordafor AS. In the financial statements, Hordafor AS is reported as a subsidiary from and including Q3 2021. The comparative figures for the third quarter in 2020 have not been converted.
The early start-up of the mackerel season for the Norwegian fishing fleet has resulted in an increased volume of raw materials for production of consumer products in the third quarter of 2021, when compared with the same period in 2020. The earlier start-up will naturally imply a lower volume of raw materials for consumer products in the fourth quarter of 2021 when compared with the same quarter of 2020. As is normal, the third quarter is a low season for production of fishmeal and fish oil.
Revenue for Pelagia in the quarter was NOK 3,037 million (Q3 2020: NOK 1,570 million) and EBITDA was NOK 455 million (Q3 2020: NOK 106 million). The figures for Q3 2021 include a one-off amount relating to the acquisition of Hordafor AS of NOK 139 million.
The sales volume for frozen products in the quarter was 80,200 tonnes, up significantly from 34,200 tonnes in the same quarter in 2020. The growth in volume resulted from the early start-up of the mackerel season. Sales of fishmeal/FPC and fish oil in the quarter totalled 70,400 tonnes, also a significant increase from 38,000 tonnes in Q3 2020. In addition to this is the sales volume of FPC and fish oil from Hordafor/Aquarius, totalling 36,400 tonnes in the third quarter.
The volume of raw materials received for consumer products in the quarter was 108,900 tonnes, a substantial increase from 38,600 tonnes in Q3 2020. Total receipt of raw materials in Pelagia for fishmeal/FPC and fish oil production was approx. 146,300 tonnes in Q3 2021, compared with approx. 151,600 tonnes in Q3 2020.
Cash flow from operating activities for Q3 2021 was NOK 1,553 million (Q3 2020: NOK 867 million). Cash flow from investment activities in Q3 2021 was NOK -343 million (Q3 2020: NOK -225 million). Cash flow from financing activities for Q3 2021 was NOK 460 million (Q3 2020: NOK -947 million). The subsidiary, Lerøy Seafood Group ASA, has issued three new senior unsecured green bond loans in the third quarter, each of NOK 500 million and totalling NOK 1,500 million. These bond loans mature in five, six and ten years respectively.
The Group's cash and cash equivalents at the end of Q3 2021 totalled NOK 5,371 million, compared with NOK 4,173 million at the end of Q3 2020.
The Group reported operating revenue of NOK 19,605 million at the end of September 2021 (YTD Q3 2020: NOK 16,701 million). EBITDA before fair value adjustment related to biological assets at the end of September 2021 was NOK 3,503 million (YTD Q3 2020: NOK 2,816 million).
EBIT before fair value adjustment related to biological assets at the end of September 2021 was NOK 2,315 million (YTD Q3 2020: NOK 1,695 million). The fair value adjustment related to biological assets at the end of September 2021 was positive at NOK 868 million. The corresponding value adjustment related to biological assets at the same period in 2020 was negative at NOK -250 million.
EBIT after fair value adjustment related to biological assets at the end of September 2021 was NOK 3,183 million (YTD Q3 2020: NOK 1,445 million).
Income from associates at the end of September 2021 totalled NOK 308 million (YTD Q3 2020: NOK 111 million).
The Group's net interest expenses for the first three quarters of 2021 were NOK 213 million (YTD Q3 2020: NOK 228 million).
Profit before tax and fair value adjustment related to biological assets for the first three quarters of 2021 was NOK 2,350 million, compared with NOK 1,485 million for the same period in 2020.
Profit after tax at 30 September 2021 was NOK 2,527 million (YTD Q3 2020: NOK 931 million).
Cash flow from operating activities at the end of September 2021 totalled NOK 3,713 million (YTD Q3 2020: NOK 2,238 million). Tax payments at the end of September 2021 totalled NOK 282 million compared with NOK 477 million for the same period in 2020. Cash flows from investment activities at the end of September 2021 totalled NOK -956 million (YTD Q3 2020: NOK -1,094 million). Cash flow from financing activities at the end of September 2021 totalled NOK -1,857 million (YTD Q3 2020: NOK -1,233 million). Of this, a figure of NOK 1,319 million was dividends from the Group, whereas the corresponding figure at the same time in 2020 was NOK 983 million.
Net change in cash for the Group for the first nine months of 2021 was NOK 900 million (YTD Q3 2020: NOK -89 million).
The Group's cash and cash equivalents at the end of September 2021 totalled NOK 5,371 million compared with NOK 4,173 million at the end of September 2020.
The Group's statement of financial position at 30 September 2021 showed a total of NOK 42,631 million, compared with NOK 39,999 million at 30 September 2020. Some Group companies have a functional currency other than the Norwegian krone. Changes in foreign exchange rates will therefore result in periodic changes in the amounts in the Group's statement of financial position, due to translation to Norwegian krone.
The Group is financially sound with book equity at 30 September 2021 of NOK 24,232 million, equivalent to an equity ratio of 57%. At the end of Q3 2020, the Group had book equity of NOK 23,471 million, equivalent to an equity ratio of 59%.
At the end of Q3 2021, the Group had net interest-bearing debt excluding right-of-use liabilities other than to credit institutions totalling NOK 3,926 million, compared with NOK 4,626 million at the end of September 2020. The Group's net interest-bearing debt including right-of-use liabilities other than to credit institutions was NOK 5,634 million at the end of September 2021, compared with NOK 5,950 million at the end of September 2020.
The Group and parent company's financial position is very strong. The Board of Directors considers it important that the Group, through its operations, retains the confidence of participants in the various capital markets. The Group has and shall continue to have significant financial flexibility to allow it to finance further organic growth, carry out strategic acquisitions and sustain the company's dividend policy.
At 30 September 2021, the parent company Austevoll Seafood ASA had cash and cash equivalents of NOK 320 million and net interest-bearing debt of NOK 255 million. In addition to this, the parent company has a long-term credit facility of which NOK 590 million remains unutilised at the end of September 2021.
The Group's risk exposure is described in the Annual Report 2020. 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. The Group's risk profile covers pandemics, of which the COVID-19 outbreak is an example. As a result of the outbreak, national and global authorities introduced extensive restrictions in an attempt to prevent uncontrolled spread of the infection. COVID-19 is having an impact on global value chains in that the necessary measures taken by public authorities, illness and fear are, at a global level, significantly affecting how we live our lives. As a part of the global seafood industry, the Group has also been severely affected. This has manifested in the form of changes in the pattern of demand for the Group's products, access to workforce both in the Group and externally, other input factors and increased credit risk.
As the national vaccination programme has been gradually rolled out, the COVID-19 restrictions have been partly lifted. By the end of the third quarter, the majority of restrictions had been lifted in Norway and the rest of Europe. The Group's results will continue to be affected by developments in the relationship between supply and demand in the future.
Although the uncertainty may have a negative impact on the real economy in most markets, it is our opinion that AUSS's core business is 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 2021, the Group had live fish on its statement of financial position worth NOK 5.8 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 Group's quarterly key figures.
Since LSG's acquisition of Havfisk and LNWS, the Group has had substantial exposure in relation to catches of various species of whitefish subject to Norwegian quotas.
The Group faces political risk linked to administration by the different authorities, including framework conditions for fish farming and licence terms related to fisheries legislation.
Industrial developments and employment in capital-intensive activities exposed to global competition, such as fish farming, fisheries and industry, are challenging and require a long-term perspective by businesses and politicians at a national level. The Group's strategy centres on a long-term perspective, irrespective of framework conditions, to ensure a globally competitive organisation, which can continue to safeguard industrial development in the numerous local communities where the Group has operations.
In the approval granted by the Norwegian Ministry of Trade, Industry and Fisheries, LSG's ownership of Lerøy Havfisk and LNWS is linked to the ownership structure 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. 25% 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 matched to earnings in the same currency.
The Group has increased its focus on climate risk. Overall, and as mentioned in the Group's presentation of risk, the Group's risk assessment covers various scenarios involving geopolitical and marketrelated factors, etc. In more recent years, the risk assessment has also, to a greater extent, encompassed climate-related risk. In general, opportunities and risk are assessed on the basis of what is considered the most likely scenarios in the future. In 2022, the Group aims to further develop their risk process, so that climate risk is covered more fully. The Board of Directors in the company has established an ESG committee comprising three of the Board members.
The company had 8,101 shareholders at the end of Q3 2021. The number of shareholders at the start of Q3 2021 was 7,919.
The share price was NOK 106.80 at the start of Q3 2021 and NOK 103.70 at the end of the quarter.
A list of the company's 20 largest shareholders can be found in Note 6 in this report.
Since it was established in 1981, Austevoll Seafood ASA (AUSS) has remained loyal to its strategic foundations of "creating lasting values through healthy oceans and thriving communities". The entire value chain in the Group's portfolio companies has its "origins" in the sustainable use of the sea, and the Group's growth has been and shall continue to be sustainable in terms of finance and the climate/environment. Sustainable growth places stringent requirements on the Group within finance, corporate governance, the climate and environment as well as social issues. Sustainability is essential for gaining access to capital, and is of decisive importance for the Group's survival and continued development. We are therefore proud to confirm that the Group's food production is globally competitive, according to the UN's sustainability criteria. Social sustainability is important for sustaining viable local communities and access to the Group's most important resource, people. For more detailed information, please read the company's sustainability report for 2020 on the website https://ar2020.auss.no/.
For more detailed information on the Group's work on sustainability, please go to the following links:
https://www.leroyseafood.com/en/investor/reports-andwebcast/sustainability-reports/
https://www.austral.com.pe/en/annual-reports-andsustainability-reports
https://www.unglobalcompact.org/what-is-gc/ participants/13988-FoodCorp-Chile-S-A-
Production, sale and distribution of salmon, trout and whitefish Price developments for Atlantic salmon have been very volatile in 2021, substantially influenced by the ripple effects of the COVID-19 pandemic. It is not possible to form any precise opinion on the duration or consequences of the pandemic, but developments in 2021 provide grounds for optimism. There are indications that seafood is gaining in popularity with consumers, and there are therefore grounds for optimism about the underlying future development in demand for seafood, and hence about the Group's operations and value creation.
The Group's production of red fish currently takes place mainly in Norway. Norwegian and global salmon and trout production are experiencing relatively modest growth, which – combined with a weaker Norwegian krone – has resulted in very high prices. This provides an incentive to start production of salmon in new areas and using new, alternative technologies. These incentives have existed for several years now, but with long lead times for developing the industry, sea-based production in Norway has remained dominant. The harvest volume from land-based production of salmon remains insignificant on the end markets. The market share for Norwegian Atlantic salmon may, in the long term, be affected by production of salmon and trout in new regions and locations. Through business development, investments and a clear operational focus on competitiveness, the Group shall ensure that its value chain stands strong in the face of competition in the years to come. As well as developing existing farming operations, the Group is accumulating knowledge and/or expertise within both land-based and offshore salmon production.
In recent years, LSG has made significant investments in several parts of the value chain, including building facilities for smolt/post-smolt capacity in all the Group's regions. Lerøy Sjøtroll's Kjærelva facility is now completed, producing around 4,000 tonnes of biomass per year. In the fourth quarter 2020, Lerøy Aurora completed the final stages of construction for their smolt facility in Laksefjord. Lerøy Midt can report that the second stage of development of the Belsvik facility is on schedule. The plan is for completion in the first quarter of 2022, and the facility will produce around 5,000 tonnes of biomass. The schedule is to introduce the first roe in the first quarter of 2022, and the results produced by the facility are expected to gradually materialise from 2023. The Group's investments in improved smolt production and post-smolt production, combined with a number of other initiatives, will support its ambition of continued growth in volume and improved competitiveness as a result of lower production costs.
The Group has recently worked on a project in Årskog in Fitjar for further development of large smolt. Based on several factors, including COVID-19 and related consequences, the Group has decided to postpone the final decision regarding commissioning.
The Group achieved significant improvements in production in the sea in 2020. The harvest volume was up from around 158,000 tonnes in 2019 to 171,000 tonnes in 2020. Moreover, standing biomass increased from 111,000 tonnes at year-end 2019 to 119,000 tonnes at year-end 2020. The first months of 2021 were cold, affecting growth conditions negatively. Growth was good in the second quarter, while the late autumn of 2021 had slightly lower growth than expected. Since November 2020, the Group has reported a projected harvest volume for 2021, including associates, of between 205,000 and 210,000 GWT. At the time of writing, our best estimate is 204,000 GWT.
For its consolidated operations, Lerøy Seafood Group currently estimates a harvest volume of 190,000 GWT in 2022. The Group's share from associates is forecast to be 17,000 GWT. This does not include the increased share from associates, which will depend upon the final approval of Scottish Sea Farms Ltd.'s acquisition of Grieg Seafood Hjaltland. The estimated total harvest volume in 2022 will therefore be in the region of 207,000 GWT.
The Group has made significant investments within whitefish in recent years. One new vessel was added to the fleet in 2018 – Nordtind – and another in early 2020 – Kongsfjord. Further improvements to fish quality were priority design criteria for Kongsfjord. Consumers are making ever-increasing demands and expectations on quality. High quality and competitiveness are essential for success when competing for consumers' preferences.
The whitefish industry still faces significant challenges in relation to the impact on demand of COVID-19. It is naturally not possible for the Group to know how long the restrictions will last, but LSG's long-term plans remain the same. The work on and investments in making the factories less reliant on seasons continue, along with well-organised and meticulous work on making improvements to each unit. We believe that this process will generate results with time.
The Group's quotas for 2021 are up 17% for cod, up 22% for haddock, up 16% for saithe north of 62 degrees, and down 43% for saithe south of 62 degrees. Third-country quotas were re-allocated and distributed during the summer, resulting in an increase in the quotas for cod and haddock of 21% and 37% respectively when compared with the same period in 2020. The quota for saithe north of 62 degrees latitude is up 17% and the saithe quota south of 62 degrees latitude remains unchanged from 2020.
In June, ICES (the International Council for the Exploration of the Sea) published its recommendations for the total quotas of cod, haddock and saithe in 2022. These recommendations entail reductions in the cod and haddock quotas of 20% and 23% respectively. For saithe north of 62 degrees latitude, a quota roughly equivalent to that in 2021 is recommended, while a 24% reduction in the total quota is recommended for North Sea catches. In October, Norway and Russia ratified a quota agreement for 2022 that mainly complies with the ICES recommendations.
LSG works to develop an efficient and sustainable value chain for seafood. This not only provides cost-efficient solutions, but also quality, availability, a high level of service, traceability and competitive climate-related and environmental solutions. Investments in recent years, e.g., in a new industrial facility for Lerøy Midt, a new factory in Stamsund and new factories in Spain, the Netherlands and Italy, close to being commissioned, will make a positive contribution in the years to come. LSG has a good starting point for continued profitable growth and development of Group operations.
LSG issued their first bond loan in Q3 2021, and the company was rated as "investment grade". The bond loan was executed in a so-called green framework. Demand from investors has been good. It has always been important for LSG to retain the trust of the capital markets.
On 29 June 2021, Scottish Sea Farms Ltd. (SSF) – a joint venture between Lerøy Seafood Group ASA and SalMar ASA – signed an agreement to purchase 100% of the shares in Grieg Seafood Hjaltland (GSHU) from Grieg Seafood ASA. Please refer to other reports for details of the above. The transaction is expected to be completed by the end of Q4 2021, assuming approval is obtained from the relevant authorities and the standard terms and conditions.
According to the IFFO*, fishmeal production from Regions Peru, Chile and North Atlantic as of week 42 (week beginning 26 July 2021) was up 6.5% on the same period in 2020. The increase in production is from Peru and Chile, at 32.5% and 8% respectively. Production in the North Atlantic has seen a reduction when compared with the same period last year.
The quota for the first fishing season for anchoveta in Peru was 2.5 million tonnes. By the end of the season on 13 August 2021, 98% of the total national quota had been caught. As normal, IMARPE have completed their measurements prior to the second fishing season, but the results are yet to be published.
The main reason behind the lower production in the North Atlantic when compared with 2020 is the reduction in blue whiting and sand eel quotas from 2020 to 2021. ICES' recommended quota for blue whiting in 2022 represents a reduction of 19% on the recommended quota for 2021. It has been proposed to significantly increase the capelin quota off Iceland in relation to 2021. The quota for 2022 is 904,000 tonnes, up from 127,000 tonnes in 2021.
* Source: IFFO, 42 week, 2021 (Regions Chile, Peru, Denmark/ Norway, Iceland/North Atlantic)
The Group's production of consumer products takes place in Europe and South America. In Europe, the fishing season for Norwegian spring-spawning herring is usually from January to April and the season for North Sea herring from May onwards. The main season for mackerel fishing normally starts in September, but started in early August in 2021, and continues throughout the autumn. Correspondingly, the remaining quotas for Norwegian spring-spawning herring are also caught during this period. The first half of the year is the season for horse mackerel in South America. ICES' recommended quota for catches in the North Atlantic in 2022 implies a reduced quota for mackerel and Norwegian spring-spawning herring compared with the recommended quota for 2021. The reduction for these two species is 7% and 8% respectively. ICES' recommended quota for North Sea herring in 2022 reflects an increase of 45% on the recommended quota for 2021. ICES also recommends catches of up to 70,000 tonnes of capelin in the Barents Sea in 2022. For 2021, ICES recommended a ban on capelin fishing in the Barents Sea. The 2022 quota recommended by SPRFMO for horse mackerel catches in the South Pacific represents a continuation of the positive development in these fisheries. The recommendation implies an increase of approx. 15% on the quota for 2021. This was also the recommendation from SPRFMO for an increase in quotas for 2021.
The Group is financially sound, has shown positive development and is currently well positioned in several parts of the global seafood industry. The Group's products are healthy and delicious, and production is sustainable from a financial, climate and environmental perspective.
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 management and Board of Directors continue to expect good underlying growth in demand in the years ahead.
The Board of Directors underlines that uncertainties related to assessments of future developments remain higher than normal, but current estimates are that earnings could be negatively impacted by COVID-19 restrictions also in the near future.
Over the years, the Board of Directors and management have focused on building a strong Group of companies, which includes ensuring that the Group has organisations well-prepared to solve challenges in difficult and changing conditions. The Board of Directors is therefore confident that the Group will emerge stronger from this global crisis. The management and Group employees are doing what they can every day to ensure that the Group fulfils its underlying social responsibility, keeping the value chain and food supplies operational at a challenging time.
Storebø, 10 November 2021 The Board of Directors of Austevoll Seafood ASA
Chairman of the Board Helge Singelstad
Board member Lill Maren Møgster Deputy Chairman of the Board Hege Charlotte Bakken
Board member Board member Eirik Drønen Melingen Helge Møgster
Board member Board member Hege Solbakken Siren M. Grønhaug
CEO Arne Møgster
| (audited) | ||||||
|---|---|---|---|---|---|---|
| All figures in NOK 1,000 | Note | Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | 2020 |
| Operating revenue | 4 | 7 389 811 | 5 538 197 | 19 605 417 | 16 700 707 | 22 446 926 |
| Raw material and consumables used | 4 377 191 | 3 185 366 | 10 612 058 | 8 981 068 | 12 079 107 | |
| Salaries and personnel expenses | 1 027 543 | 840 616 | 3 006 511 | 2 647 701 | 3 604 585 | |
| Other operating expenses | 838 736 | 722 761 | 2 483 484 | 2 255 528 | 3 088 256 | |
| EBITDA before fair value adjustments * | 1 146 341 | 789 454 | 3 503 364 | 2 816 410 | 3 674 978 | |
| Depreciation and amortisation | 398 139 | 374 642 | 1 182 202 | 1 125 033 | 1 518 825 | |
| Impairment | 7 159 | -318 | 6 601 | -3 808 | -2 554 | |
| EBIT before fair value adjustment * | 741 043 | 415 130 | 2 314 561 | 1 695 185 | 2 158 707 | |
| Fair value adjustment related to biological assets | 3 | -184 824 | 56 817 | 868 106 | -250 228 | -954 044 |
| Operating profit | 556 219 | 471 947 | 3 182 667 | 1 444 957 | 1 204 663 | |
| Income from associated companies | 5 | 171 537 | 78 176 | 308 018 | 110 599 | 250 121 |
| Net interest expenses | -67 012 | -72 368 | -213 214 | -228 307 | -294 911 | |
| Net other financial items (incl. agio/disagio) | -29 713 | -20 880 | -56 224 | -139 494 | -132 447 | |
| Profit before tax and fair value adj.* | 7 | 838 773 | 393 098 | 2 349 856 | 1 485 402 | 2 037 136 |
| Profit before tax | 631 031 | 456 875 | 3 221 247 | 1 187 755 | 1 027 426 | |
| Income tax expenses | -114 348 | -93 403 | -694 523 | -257 060 | -204 575 | |
| Net profit | 516 683 | 363 472 | 2 526 724 | 930 695 | 822 851 | |
| Profit to non-controlling interest | 147 519 | 163 187 | 1 079 691 | 404 845 | 328 736 | |
| Profit to controlling interests | 369 164 | 200 285 | 1 447 033 | 525 850 | 494 115 | |
| Earnings per share (EPS) * | 2,26 | 0,86 | 5,39 | 3,25 | 4,55 | |
| Earnings per share (EPS) | 1,83 | 0,99 | 7,17 | 2,61 | 2,45 | |
| Diluted EPS | 1,83 | 0,99 | 7,17 | 2,61 | 2,45 |
*) related to biological assets (alternative performance measure)
| All figures in NOK 1,000 | Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | (audited) 2020 |
|---|---|---|---|---|---|
| Net earnings in the period | 516 683 | 363 472 | 2 526 724 | 930 695 | 822 851 |
| Other comprehensive income | |||||
| Currency translation differences | -6 218 | -62 943 | -132 151 | 270 046 | -138 724 |
| Other comprehensive income from associated companies | 4 | -56 | -884 | -3 691 | -4 947 |
| Cash flow hedges | 14 130 | 5 283 | 58 684 | -58 881 | -34 429 |
| Others incl. tax effect | -2 753 | 3 418 | -3 149 | -9 280 | 3 635 |
| Total other comprehensive income | 5 163 | -54 298 | -77 500 | 198 194 | -174 465 |
| Comprehensive income in the period | 521 846 | 309 174 | 2 449 224 | 1 128 889 | 648 386 |
| Allocated to; | |||||
| Minority interests | 149 450 | 167 234 | 1 075 989 | 437 832 | 312 030 |
| Majority interests | 372 396 | 141 940 | 1 373 235 | 691 057 | 336 356 |
| All figures in NOK 1,000 Note |
30.09.2021 | 30.09.2020 | 31.12.2020 |
|---|---|---|---|
| Assets | |||
| Intangible assets | 11 725 387 | 11 719 416 | 11 526 318 |
| Vessels | 2 076 396 | 2 122 218 | 2 103 409 |
| Property, plant and equipment | 6 685 518 | 6 366 579 | 6 275 401 |
| Right-of-use assets 8 |
3 432 649 | 2 997 440 | 3 105 697 |
| Investments in associated companies 5 |
2 603 979 | 2 433 677 | 2 526 775 |
| Investments in other shares | 46 244 | 41 379 | 41 720 |
| Other long-term receivables | 165 806 | 174 775 | 163 885 |
| Total non-current assets | 26 735 979 | 25 855 484 | 25 743 205 |
| Inventories 3 |
7 299 494 | 7 247 808 | 6 735 346 |
| Accounts receivable | 2 474 063 | 2 047 598 | 2 045 398 |
| Other current receivables | 751 020 | 675 311 | 754 290 |
| Cash and cash equivalents | 5 370 742 | 4 172 639 | 4 462 765 |
| Total current assets | 15 895 319 | 14 143 356 | 13 997 799 |
| Total assets | 42 631 298 | 39 998 840 | 39 741 004 |
| 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 | 8 978 745 | 8 666 645 | 8 311 893 |
| Non-controlling interests | 11 457 150 | 11 007 263 | 10 882 086 |
| Total equity | 24 232 490 | 23 470 503 | 22 990 574 |
| Deferred tax liabilities | 3 568 911 | 3 508 115 | 3 261 183 |
| Pensions and other obligations | 11 025 | 83 721 | 56 647 |
| Borrowings | 6 908 677 | 5 666 185 | 5 650 866 |
| Lease liabilities to credit institutions | 1 036 896 | 932 844 | 1 093 736 |
| Lease liabilities to other than credit institutions | 1 441 971 | 1 101 025 | 1 055 920 |
| Other non-current interest bearing debt | 981 | - | - |
| Other long-term liabilities | 32 649 | 28 988 | 25 992 |
| Total non-current liabilities | 13 001 110 | 11 320 878 | 11 144 344 |
| Short term borrowings | 568 515 | 1 247 045 | 1 022 626 |
| Lease liabilities to credit institutions | 259 872 | 249 267 | 270 899 |
| Lease liabilities to other than credit institutions | 266 404 | 222 428 | 235 287 |
| Overdraft facilities | 521 473 | 674 454 | 1 049 683 |
| Account payable | 1 917 966 | 1 477 699 | 1 363 866 |
| Other current liabilities | 1 863 468 | 1 336 566 | 1 663 725 |
| Total current liabilities | 5 397 698 | 5 207 459 | 5 606 086 |
| Total liabilities | 18 398 808 | 16 528 337 | 16 750 430 |
| Total equity and liabilities | 42 631 298 | 39 998 840 | 39 741 004 |
| Net interest bearing debt (NIBD) | 3 925 672 | 4 626 144 | 4 651 037 |
| Lease liabilities to other than credit institutions | 1 708 375 | 1 323 453 | 1 291 207 |
| NIBD incl. right of use assets liabilities | 5 634 047 | 5 949 597 | 5 942 244 |
| Equity ratio | 57% | 59% | 58% |
| All figures in NOK 1,000 | 30.09.2021 | 30.09.2020 | 31.12.2020 |
|---|---|---|---|
| Equity at period start | 22 990 574 | 23 331 034 | 23 331 034 |
| Comprehensive income in the period | 2 449 224 | 1 128 889 | 648 386 |
| Dividends | -1 318 753 | -983 421 | -983 421 |
| Transactions with non-controlling interest | 111 445 | -5 999 | -5 425 |
| Other | - | - | - |
| Total changes in equity in the period | 1 241 916 | 139 469 | -340 460 |
| Equity at period end | 24 232 490 | 23 470 503 | 22 990 574 |
| All figures in NOK 1,000 | Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | (audited) 2020 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Profit before income taxes | 631 031 | 456 875 | 3 221 247 | 1 187 755 | 1 027 426 |
| Fair value adjustment of biological assets | 184 824 | -56 817 | -868 106 | 250 228 | 954 044 |
| Taxes paid in the period | -16 512 | -192 255 | -281 522 | -477 359 | -493 805 |
| Depreciation and amortisation | 398 139 | 374 642 | 1 182 202 | 1 125 033 | 1 518 825 |
| Impairments | 7 159 | -319 | 6 601 | -3 808 | -2 554 |
| Associated companies - net | -171 537 | -78 176 | -308 018 | -110 599 | -250 122 |
| Interest expense | 74 338 | 75 020 | 231 477 | 260 926 | 341 027 |
| Interest income | -7 327 | -2 653 | -18 264 | -32 619 | -46 116 |
| Change in inventories | 512 346 | -25 533 | 461 112 | -209 060 | -400 415 |
| Change in receivables | -19 410 | 263 894 | -191 869 | 596 107 | 629 946 |
| Change in payables | 29 055 | 45 828 | 441 505 | -225 726 | -334 538 |
| Other operating cash flow incl currency exchange | -68 988 | 6 405 | -162 902 | -122 486 | 620 |
| Net cash flow from operating activities | 1 553 118 | 866 911 | 3 713 463 | 2 238 392 | 2 944 338 |
| Cash flow from investing activities | |||||
| Purchase of intangible and fixed assets | -354 301 | -337 694 | -919 012 | -1 235 454 | -1 529 323 |
| Purchase of shares and equity investments | -6 064 | -1 744 | -207 704 | -1 755 | -36 672 |
| Proceeds from sale of fixed assets/equity investments | 7 556 | 9 834 | 35 238 | 17 223 | 17 223 |
| Cash inflow from business combinations | - | - | 2 948 | - | - |
| Dividend received | - | 101 700 | 113 514 | 126 140 | 129 548 |
| Interest income | 7 327 | 2 653 | 18 264 | 32 619 | 46 116 |
| Other investing activities - net | 2 230 | 399 | 466 | -33 107 | -29 716 |
| Net cash flow from investing activities | -343 252 | -224 852 | -956 286 | -1 094 334 | -1 402 824 |
| Cash flow from financing activities | |||||
| Proceeds from new long term debt | 1 497 611 | 124 205 | 2 371 013 | 1 946 446 | 2 111 463 |
| Repayment of long term debt | -630 580 | -284 046 | -2 057 536 | -1 801 587 | -2 224 573 |
| Change in short term debt | -343 121 | -687 992 | -645 836 | -191 737 | 143 721 |
| Interest paid | -74 338 | -75 020 | -228 356 | -266 230 | -344 560 |
| Dividends paid | -10 047 | - | -1 318 753 | -983 421 | -983 421 |
| Other finance cash flow - net | 20 308 | -24 569 | 22 416 | 63 371 | -28 720 |
| Net cash flow from financing activities | 459 833 | -947 422 | -1 857 052 | -1 233 158 | -1 326 090 |
| Net change in cash and cash equivalents | 1 669 699 | -305 363 | 900 125 | -89 100 | 215 424 |
| Cash, and cash equivalents at start of period | 3 701 043 | 4 481 993 | 4 462 765 | 4 251 100 | 4 251 100 |
| Exchange gains/losses (-) | - | -3 991 | 7 852 | 10 639 | -3 759 |
| Cash and cash equivalents at period end | 5 370 742 | 4 172 639 | 5 370 742 | 4 172 639 | 4 462 765 |
This interim report has been prepared in accordance with International Financial Reporting Standards (IFRS) and the related standard for interim financial reporting (IAS 34). All figures not included in the financial statements for 2020 are unaudited. 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. This interim report does not include all the information required by the International Financial Reporting Standards (IFRS) for a set of financial statements and should therefore be read in conjunction with the Group's financial statements for 2020.
Please refer to the Group's financial statements for 2020 for information on standards and interpretations applicable as of 1 January 2020.
There were related party transactions in Q3 2021. Related party transactions take place on market terms, and the relevant types of transactions are described in more detail in the Annual Report 2020.
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 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 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 4.7 kg for salmon and 4.8 kg for trout. 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 an optimal harvest weight are classified as fish 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 current liabilities.
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 liabilities.
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 ratios applied in this conversion are 14% for salmon and 16% for trout. The table for Lerøy Seafood Group ASA includes salmon and trout. The table for Br. Birkeland Farming AS only includes salmon.
LWT = live weight measured in tonnes
GWT = gutted weight measured in tonnes
| Fair value adjustments over profit and loss | Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | 2020 |
|---|---|---|---|---|---|
| Change FV adj. of biological assets | -199 113 | 96 828 | 857 676 | -166 682 | -853 236 |
| Change in FV of onerous contracts | -2 530 | -1 973 | -8 699 | 24 462 | 26 485 |
| Change in FV of fishpool contracts | -8 | 0 | -1 571 | 0 | 0 |
| Total FV adjustments over profit and loss | -201 651 | 94 855 | 847 406 | -142 220 | -826 751 |
| Change in FV of fishpool contracts * | 839 | 2 915 | 5 080 | -1 326 | -3 183 |
|---|---|---|---|---|---|
| Total FV adjustments over OCI | 839 | 2 915 | 5 080 | -1 326 | -3 183 |
* Included in change in FV financial instruments (hedges) in statement of comprehensive income
Positive amounts are assets and negative amounts are liabilities
| Carrying amount on biological assets | 30/09/2021 | 30/09/2020 | 31/12/2020 |
|---|---|---|---|
| Cost on stock for fish in sea | 4 159 281 | 4 208 157 | 4 231 901 |
| Cost on stock for fry, brood, smolt and cleaning fish | 287 791 | 261 902 | 362 065 |
| Total cost on stock for biological assets * | 4 447 072 | 4 470 059 | 4 593 966 |
| FV adj. of fish in sea | 1 177 222 | 1 006 100 | 319 546 |
| FV adj. of fry, brood, smolt and cleaning fish | 0 | 0 | 0 |
| Total FV adj. of biological assets | 1 177 222 | 1 006 100 | 319 546 |
| Monthly discount rate applied | 5% | 5% | 5% |
| FV of fish in sea | 5 336 502 | 5 214 257 | 4 551 447 |
| FV of fry, brood, smolt and cleaning fish | 287 791 | 261 902 | 362 065 |
| Carrying amount of biological assets | 5 624 293 | 5 476 159 | 4 913 512 |
| Carrying amount on onerous contracts (liability) | |||
| Carrying amount of onerous contracts | -8 731 | -2 055 | -32 |
| Carrying amount on fishpool contracts | |||
| Carrying amount of Fish Pool contracts | 1 388 | -568 | -2 939 |
* Cost on stock is historic costs after expensed mortality
| HARVESTED VOLUME: | |||||
|---|---|---|---|---|---|
| Volume in gutted weight (GWT) | Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | 2020 |
| Salmon | 47 989 | 36 699 | 118 206 | 101 694 | 142 841 |
| Trout | 8 408 | 7 528 | 17 097 | 20 805 | 28 007 |
| Total harvested volume | 56 397 | 44 227 | 135 303 | 122 500 | 170 849 |
| VOLUME | |||||
| Volume of fish in sea (LWT) | Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | 2020 |
| Volume at beginning of period | 108 448 | 95 986 | 119 407 | 111 263 | 111 263 |
| Net growht during the period | 70 031 | 69 169 | 151 063 | 147 074 | 210 396 |
| Harvested volume during the period | -65 811 | -52 651 | -157 802 | -145 833 | -202 252 |
| Volume at end of period (LWT) | 112 668 | 112 504 | 112 668 | 112 504 | 119 407 |
| Specification of fish in sea (LWT) | 30/09/2021 | 30/09/2020 | 31/12/2020 | ||
| Salmon | 96 448 | 97 052 | 105 745 | ||
| Trout | 16 220 | 15 452 | 13 662 | ||
| Total | 112 668 | 112 504 | 119 407 | ||
| Salmon > 4,7 kg (live weight) * | 11 170 | 12 216 | 7 802 | ||
| Trout > 4,8 kg (live weight) * | 132 | 179 | 0 | ||
| * Defined as mature biological assets | |||||
| FAIR VALUE ADJUSTMENTS RELATED TO BIOLOGICAL ASSETS Fair value adjustment over profit and loss |
Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | 2020 |
| Change FV adj. biological assets | 16 827 | -38 038 | 20 700 | -108 008 | -127 293 |
| FV adj. related to biological assets | 16 827 | -38 038 | 20 700 | -108 008 | -127 293 |
| BALANCE SHEET ITEMS RELATED TO BIOLOGICAL ASSETS Positive amounts are assets and negative amounts are liabilities |
|||||
| Carrying amount of biological assets | YTD Q3 2021 | YTD Q3 2020 | 2020 | ||
| Cost on stock for fish in sea | 176 812 | 258 901 | 265 042 | ||
| Fair value adjustment fish in sea | 8 118 | 6 703 | -12 582 | ||
| Fair value fish in sea | 184 930 | 265 604 | 252 460 | ||
| Fry, brood and smolt | - | - | - | ||
| Carrying amount of biological assets | 184 930 | 265 604 | 252 460 | ||
| HARVESTED VOLUME | |||||
| Harvested volume in gutted weight (GWT) | Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | 2020 |
| Total volume | 2 329 | 1 542 | 6 377 | 4 222 | 6 790 |
| - Salmon | 2 329 | 1 542 | 6 377 | 4 222 | 6 790 |
| VOLUME | |||||
| Volume of fish in sea (LWT) | Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | 2020 |
| Volume at beginning of period | 4 735 | 5 201 | 5 693 | 5 033 | 5 033 |
| Net growth during the period | 2 158 | 1 864 | 6 147 | 5 583 | 9 291 |
| Harvested volume during the period | -2 805 | -1 852 | -7 752 | -5 403 | -8 631 |
Volume at end of period (LWT) 4 088 5 213 4 088 5 213 5 693
Fish > 4,8 kg (live weight) 1 522 - 1 522 - -
| Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Br. | Pelagia | Group | |||||||
| All figures in | Lerøy Seafood |
Austral Group |
Foodcorp Chile |
Br. Birkeland |
Birkeland Farming |
Other/ elimina |
Total | (50% of figures and |
incl. Pelagia |
| NOK 1,000 | Group ASA | S.A.A | S.A | AS | AS | tions | Group | volumes) | (50%) |
| Q3 2021 | |||||||||
| Operating revenue | 6 331 330 | 657 503 | 161 805 | 119 477 | 109 858 | 9 838 | 7 389 811 | 1 518 618 | 8 908 429 |
| EBITDA* | 895 330 | 185 149 | 33 877 | 41 249 | -12 879 | 3 615 | 1 146 341 | 227 280 | 1 373 621 |
| EBITDA% | 14% | 28% | 21% | 35% | 16% | 15% | 15% | ||
| EBIT* | 578 976 | 144 793 | 17 717 | 30 828 | -29 826 | -1 445 | 741 043 | 189 420 | 930 463 |
| Volumes sold: | |||||||||
| Salmon (GWT tonnes) | 56 397 | 2 329 | 58 726 | 58 726 | |||||
| Fishmeal/oil/FPC (tonnes) | 43 662 | 1 971 | 45 633 | 53 400 | 99 033 | ||||
| Frozen/fresh fish (tonnes) | - | 12 259 | 12 259 | 40 100 | 52 359 | ||||
| Q3 2020 | |||||||||
| Operating revenue | 4 776 703 | 530 109 | 130 552 | 38 680 | 51 516 | 10 637 | 5 538 197 | 784 776 | 6 322 973 |
| EBITDA* | 655 526 | 139 489 | 9 868 | 7 097 | -28 168 | 5 643 | 789 455 | 52 940 | 842 395 |
| EBITDA% | 14% | 26% | 8% | 18% | 14% | 7% | 13% | ||
| EBIT* | 370 165 | 90 385 | -144 | -3 699 | -41 220 | -355 | 415 132 | 22 241 | 437 373 |
| Volumes sold: | |||||||||
| Salmon (GWT tonnes) | 44 227 | 1 542 | 45 769 | 45 769 | |||||
| Fishmeal/oil/FPC (tonnes) | 37 594 | 2 410 | 40 004 | 19 000 | 59 004 | ||||
| Frozen fish (tonnes) | 1 432 | 11 171 | 12 603 | 17 100 | 29 703 | ||||
| YTD Q3 2021 | |||||||||
| Operating revenue | 16 606 883 | 1 746 624 | 640 501 | 245 873 | 335 666 | 29 870 | 19 605 417 | 3 559 766 | 23 165 183 |
| EBITDA* | 2 553 757 | 571 782 | 227 122 | 101 767 | 43 753 | 5 183 | 3 503 364 | 333 811 | 3 837 175 |
| EBITDA% | 15% | 33% | 35% | 41% | 13% | 18% | 9% | 17% | |
| EBIT* | 1 617 177 | 446 296 | 193 995 | 70 777 | -4 265 | -9 419 | 2 314 561 | 235 028 | 2 549 589 |
| Volumes sold: | |||||||||
| Salmon (GWT tonnes) | 135 303 | 6 377 | 141 680 | 141 680 | |||||
| Fishmeal/oil/FPC (tonnes) | 112 651 | 13 621 | 126 272 | 102 300 | 228 572 | ||||
| Frozen/fresh fish (tonnes) | 13 639 | 42 321 | 55 960 | 112 000 | 167 960 | ||||
| YTD Q3 2020 | |||||||||
| Operating revenue | 14 795 223 | 981 162 | 568 860 | 123 120 | 196 324 | 36 018 | 16 700 707 | 2 838 752 | 19 539 459 |
| EBITDA* | 2 358 744 | 222 849 | 178 665 | 33 387 | 2 909 | 19 856 | 2 816 410 | 191 740 | 3 008 150 |
| EBITDA% | 16% | 23% | 31% | 27% | 1% | 17% | 7% | 15% | |
| EBIT* | 1 508 221 | 64 413 | 150 342 | 1 072 | -31 282 | 2 419 | 1 695 185 | 100 371 | 1 795 556 |
| Volumes sold: | |||||||||
| Salmon (GWT tonnes) | 122 500 | 4 222 | 126 722 | 126 722 | |||||
| Fishmeal/oil/FPC (tonnes) | 58 369 | 14 566 | 72 935 | 55 300 | 128 235 | ||||
| Frozen fish (tonnes) | 16 652 | 36 454 | 53 106 | 95 500 | 148 606 | ||||
| 2020 | |||||||||
| Operating revenue | 19 966 221 | 1 240 525 | 637 911 | 248 827 | 306 404 | 47 038 | 22 446 926 | 4 406 951 | 26 853 877 |
| EBITDA* | 3 108 795 | 337 944 | 137 834 | 102 657 | -30 291 | 18 039 | 3 674 978 | 327 387 | 4 002 365 |
| EBITDA% | 16% | 27% | 22% | 41% | 16% | 7% | 15% | ||
| EBIT* | 1 949 655 | 133 956 | 100 934 | 59 400 | -79 814 | -5 424 | 2 158 707 | 204 201 | 2 362 908 |
| Volumes sold: | |||||||||
| Salmon (GWT tonnes) | 170 849 | 6 790 | 177 639 | 177 639 | |||||
| Fishmeal/oil/FPC (tonnes) | 69 498 | 17 722 | 87 220 | 90 400 | 177 620 | ||||
| Frozen/fresh fish (tonnes) | 17 222 | 36 987 | 54 209 | 157 200 | 211 409 |
* Before fair value adjustments related to biological assets
| Q3 2021 | Q3 2020 | YTD Q3 2021 | YTD Q3 2020 | 2020 | ||
|---|---|---|---|---|---|---|
| Norskott Havbruk AS* a) | 50,0% | 7 194 | 46 354 | 104 286 | 27 255 | 48 986 |
| Pelagia Holding AS b) | 50,0% | 151 059 | 21 854 | 177 628 | 50 956 | 127 312 |
| Others | 13 284 | 9 968 | 26 104 | 32 388 | 73 823 | |
| Income from associates | 171 537 | 78 176 | 308 018 | 110 599 | 250 121 | |
| * Fair value adjustment biological assets | -22 918 | 6 960 | 3 285 | -47 419 | -55 666 | |
| Income from associates before FV adj. | 194 455 | 71 216 | 304 733 | 158 018 | 305 787 | |
| Investment in associates: | ||||||
| Norskott Havbruk | 823 530 | 717 858 | 713 502 | |||
| Pelagia Holding AS | 1 378 191 | 1 245 545 | 1 288 903 | |||
| Others | 402 258 | 470 274 | 524 370 | |||
| Total investment | - | - | 2 603 979 | 2 433 677 | 2 526 775 | |
| Dividend received | ||||||
| Norskott Havbruk | - | |||||
| Pelagia Holding AS | - | 100 000 | 100 000 | 100 000 | ||
| Others | - | 13 514 | 26 140 | 29 548 | ||
| Total dividend received from associates | - | - | 113 514 | 126 140 | 129 548 |
a) Lerøy Seafood Group ASA owns 50% of Norskott Havbruk AS
b) Austevoll Seafood ASA owns 50% of Pelagia Holding AS
| Investor | Number of shares | % of top 20 | % of total |
|---|---|---|---|
| LACO AS | 112 605 876 | 73.20 | 55.55 |
| STATE STREET BANK AND TRUST COMP | 6 990 332 | 4.54 | 3.45 |
| STATE STREET BANK AND TRUST COMP | 4 917 726 | 3.20 | 2.43 |
| J.P. MORGAN BANK LUXEMBOURG S.A. | 4 686 989 | 3.05 | 2.31 |
| FOLKETRYGDFONDET | 3 175 074 | 2.06 | 1.57 |
| SIX SIS AG | 2 853 077 | 1.85 | 1.41 |
| OM HOLDING AS | 2 199 279 | 1.43 | 1.08 |
| PARETO AKSJE NORGE VERDIPAPIRFOND | 2 058 655 | 1.34 | 1.02 |
| THE BANK OF NEW YORK MELLON SA/NV | 1 619 318 | 1.05 | 0.80 |
| JPMORGAN CHASE BANK, N.A., LONDON | 1 537 070 | 1.00 | 0.76 |
| THE NORTHERN TRUST COMP, LONDON BR | 1 532 223 | 1.00 | 0.76 |
| STATE STREET BANK AND TRUST COMP | 1 320 278 | 0.86 | 0.65 |
| DANSKE INVEST NORSKE INSTIT. II. | 1 248 163 | 0.81 | 0.62 |
| J.P. MORGAN BANK LUXEMBOURG S.A. | 1 166 073 | 0.76 | 0.58 |
| VERDIPAPIRFONDET ALFRED BERG NORGE | 1 058 015 | 0.69 | 0.52 |
| J.P. MORGAN BANK LUXEMBOURG S.A. | 1 055 691 | 0.69 | 0.52 |
| CLEARSTREAM BANKING S.A. | 1 032 944 | 0.67 | 0.51 |
| J.P. MORGAN BANK LUXEMBOURG S.A. | 984 014 | 0.64 | 0.49 |
| STATE STREET BANK AND TRUST COMP | 902 337 | 0.59 | 0.45 |
| STOREBRAND NORGE I VERDIPAPIRFOND | 899 772 | 0.58 | 0.44 |
| Total number owned by top 20 | 153 842 906 | 100% | 75.89% |
| Total number of shares | 202 717 374 | 100% |
Austevoll Seafood Group's accounts are submitted in accordance with international standards for financial reporting (IFRS) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU. In addition, the Board and management have chosen to present certain alternative performance measures to aid understanding of the Group's development. The Board and management are of the opinion that these performance measures are sought and utilised by investors, analysts, credit institutions and other stakeholders. The alternative performance measures are derived from the performance measures defined in IFRS. The figures are defined below. They are consistently calculated and presented in addition to other performance measures, in line with the Guidelines on Alternative Performance Measures from the European Securities and Markets Authority (ESMA).
EBIT before fair value adjustments is an alternative performance measure utilised by the Group. Pursuant to IFRS, biological assets (fish in the sea) shall be measured at fair value in the statement of financial position (IAS 41). Estimates of fair value require various assumptions about the future, including price developments. Changes in the market's price expectations may therefore result in major changes in carrying amount. As this change in value is included in the operating profit or loss (EBIT) as defined in IFRS, this figure alone is not sufficient to illustrate the Group's performance during the period. The same applies to two other items on the statement of financial position related to biological assets: onerous contracts (IFRS 37) and financial Fish Pool contracts (IFRS 9). The Group has therefore elected to present operating profit/loss as it would be presented before recognition of the above-mentioned fair value adjustments, as an alternative performance measure. By presenting (1) EBIT before fair value adjustments, (2) fair value adjustments in the period and (3) EBIT after fair value adjustments, the user of the financial statements can easily see how much of the operating profit comprises changes in fair value (fair value adjustments) and thereby compare performance with other companies in the same industry. The note on biological assets contains a detailed description of how fair value adjustment is calculated and the figures for each component. The following components are included:
| Q3 2021 | Q3 2020 | |
|---|---|---|
| Operating profit (EBIT) | 556 219 | 471 947 |
| - Fair value adjustments | -184 824 | 56 817 |
| = EBIT berfore fair value adjustments | 741 043 | 415 130 |
Fair value adjustments consists of:
Change in fair value adjustment on fish in sea
Change in fair value adjustment on roe, fry and cleaning fish *
Change in fair value adjustment on onerous contracts (salmon and trout)
Change in fair value adjustment on fish pool contracts (financial contracts on salmon)
* For this group historical cost provides the best estimate of fair value. See note 3 for further details.
The operating profit/loss before depreciation and fair value adjustments is an alternative performance measure. This is estimated in the same way as for "Operating profit/loss before fair value adjustments" (above).
The profit/loss before tax and fair value adjustments is an alternative performance measure utilised by the Group. Pursuant to IFRS, biological assets shall be measured at fair value in the statement of financial position (IAS 41). The alternative performance measure shows what the profit/loss before tax would have been if IAS 41 had not been applied. This requires reversal of fair value adjustments made for fish in the sea. The reversal comprises the Group's own fair value adjustment in addition to fair value adjustments included in the share of profit/loss from associates carried according to the equity method, also in accordance with IAS 41. The following components are included:
| Q3 2021 | Q3 2020 |
|---|---|
| 631 031 | 456 875 |
| -184 824 | 56 817 |
| -22 918 | 6 960 |
| 838 773 | 393 098 |
NIBD is an alternative performance measure used by the Group. The figure shows how much capital the Group employs and is an important key figure for stakeholders who are planning to provide financing to the Group and for those who want to value the company. The Group therefore defines NIBD as interest-bearing liabilities, both short-term and long-term, to persons or institutions where the main objective is to provide financing and/or credit, minus interest-bearing cash or cash equivalents. This implies that long-term interest-bearing receivables (asset) and other lease liabilities exceeding lease commitments to credit institutions (liability) are not included. The latter component covers the majority of the new lease liabilities capitalised in connection with the implementation of IFRS 16. The following components from the statement of financial position are included:
| 30/09/2021 | 30/09/2020 | 31/12/2020 | |
|---|---|---|---|
| Loans from credit institutions * | |||
| + Lease liabilities to credit institutions * | 1 296 768 | 1 182 1 1 1 | 1 364 635 |
| + Other long term loans * | 7 478 173 | 6 942 218 | 6 699 484 |
| + Overdrafts/other short term loans | 521 473 | 674 454 | 1 049 683 |
| - Cash and cash equivalents | -5 370 742 | -4 172 639 | -4 462 765 |
| = Net interest bearing debt (NIBD) | 3 925 672 | 4 626 144 | 4 651 037 |
* Both long-term and short-term portion
The Group implemented IFRS 16 Leases on 1 January 2019. This new standard requires practically all leases to be capitalised, as there is no longer a distinction, for the lessee, between operating and finance leases. Under the new standard, the asset (right of use) and the liability to pay rent are recognised in the financial statements. Exemptions are made for short-term leases and low-value leases.
The lease liabilities (previously operating leases) are recognised at the present value of the future lease payments. The lease payments are discounted by the Group's estimated marginal average interest rate on loans (4%). The interest on the lease liability in each accounting period of the lease period shall be the amount that provides a constant periodic interest rate for the remaining balance of the lease liability (annuity principle). The interest expense related to the liability is presented as a financial expense. Lease costs that were previously included in cost of goods sold and other operating expenses are now presented in the income statement as depreciation and interest expense.
The right-of-use assets are depreciated on a straight-line basis from the date of commissioning until the end of the useful life of the right-of-use asset or the end of the lease period, whichever comes first. In the statement of cash flows, cash payments for the lease liability's principal (instalment component) are presented under financing activities. The same applies to cash payments for the interest component of the lease liability.
The table shows the breakdown of right-of-use assets by asset group.
| Plant, equipment and |
||||||
|---|---|---|---|---|---|---|
| Right-of-use assets | Land | Buildings | other fixtures | Vessels | Total | |
| Carrying value 01.01. | 40 272 | 588 398 | 1 411 464 | 1 065 562 | 3 105 696 | |
| Foreign currency translation differences | - | -8 784 | -10 977 | -23 450 | -43 2 1 1 | |
| Right-of-use assets acquired | 8 499 | 14 574 | 288 371 | 654 812 | 966 256 | |
| Disposal | -45 036 | -1 606 | -108 389 | -155 031 | ||
| Depreciation | -4 529 | -44 231 | -231 126 | -168 065 | -447 951 | |
| Business combinations | - | - | 6 890 | - | 6 890 | |
| Reclassification | - | - | - | - | - | |
| Carrying value 30.09.2021 | 44 242 | 504 921 | 1 463 016 | 1 420 470 | 3 432 649 |
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