Grieg Seafood — Investor Presentation 2014

Feb 13, 2014

Grieg Seafood ASA

Q4 2013

Morten Vike | CEO

Atle Harald Sandtorv | CFO

13 February 2014

Agenda

• •Highlights
• •Business Units (Regions)
• •Financials
• •Outlook

HIGHLIGHTS Q4 2013

Highlights Q4 2013

• •A strong market and historically high prices, especially at the end of the quarter.
• • EBIT before fair value adjustment of biomass was NOK 87.0m in Q4 2013 against NOK -48.9m in Q4 2012 (NOK -140.4m after write downs in Q4 2014).
• •EBIT charged with one-off items of NOK 28.3m in Q4 (NOK 1.8 per kg).
• •Comparable EBIT per kg from -2.43 NOK in Q4 2012 to NOK 6.95 in Q4 2013.
• •The turnaround in Shetland has resulted in a greatly improved profitability.
• • The results in BC continue to reflect low production following the furunculosis outbreak in the smolt facility in 2012.
• • A high share of harvesting early in the quarter effects results in Norway negatively with more than NOK 2 per kg.
• •Harvested volume of 15,995 tons, with 1,800 tons delayed until 2014

Financial highlights Q4 2013

	Q 4 2 0 1 3	Q 4 2 0 1 2	Y T D 2 0 1 3	Y T D 2 0 1 2
To l o ing inc ( T N O K ) ta t p era om e	6 9 5 7 1 1	5 7 3 6 1 1	2 4 2 5 0 4 1	2 0 7 8 2 2 9
O E B I T D A ( T N K )	1 2 1 9 3 9	9 7 7 6 5 -	4 8 4 3 3 0	2 9 8 1 8 -
E B I T D A ion l ( T N O K ) t op era a	1 2 1 9 3 9	6 2 3 6 -	4 8 6 6 3 0	6 1 7 1 2
E B I T be for fa ir v lue d j. ( T N O K ) e a a	8 6 9 7 5	1 4 0 4 0 5 -	3 4 8 2 9 3	1 9 1 1 6 2 -
O E B I T ion l ( T N K ) t op era a	8 6 9 7 5	4 8 8 7 6 -	3 5 0 5 9 3	9 9 6 3 2 -
E B I T ion l / kg ( N O K ) t op era a	5, 4 4	2, 4 3 -	6, 0 4	1, 4 2 -
E B I T d j * a	6, 9 5	2, 4 3 -	6, 4 5	1, 4 2 -
Ha lum ( ) t v to rve s o e ns g we	1 5 9 9 5	2 0 1 2 2	5 8 0 6 1	7 0 0 0 0

* Operational EBIT before biomass adjustment and write-down smolt Q4 2013 UK MNOK 11.4/BC MNOK 12.7.

• •20.5% volume decrease.
• •36.7% average increase in realised prices.
• • Norway: EBIT of NOK 8.2 per kg, negatively affected by timing of harvest (> NOK 2.0 per kg).
• •Comparable Group EBIT per kg from NOK -2.43 to NOK 6.95.

BUSINESS UNITS(REGIONS)

Business units performance – Q4 2013

Operational EBIT before biomass adjustment and smolt write-down Q4 2013*/KG gwt

	Ro g a	la d n	F in nm	k a r	B	C	S he t	la d n
	Q 4 1 3	Q 4 1 2	Q 4 1 3	Q 4 1 2	Q 4 1 3	Q 4 1 2	Q 4 1 3	Q 4 1 2
Ha ( ) t t rve s g w	2 6 1 7	5 3 3 5	5 7 3 5	6 2 2 8	8 7 8	2 5 1 1	6 7 6 5	6 0 4 8
Sa les M N O K	1 1 9	1 5 6	2 0 9	1 4 8	6 2	7 6	3 0 1	1 8 8

* Smolt write-down Q4 2013: UK: MNOK 11.4 BC: MNOK 12.7

Business units performance – YTD 2013

Operational EBIT before biomass adjustment and smolt write-down Q4 2013*/KG gwt

	R o g	l d a a n	F i n n	k m a r	B	C	S h t e	l d a n
	Y T D 1 3	Y T D 1 2	Y T D 1 3	Y T D 1 2	Y T D 1 3	Y T D 1 2	Y T D 1 3	Y T D 1 2
Ha ( ) t t rve s g w	1 5 0 8 8	1 9 2 4 7	2 3 0 7 6	2 0 0 8 0	6 7 3 9	1 3 5 7 6	1 3 1 5 8	1 7 0 9 7
Sa les M N O K	6 4 1	5 5 8	8 7 0	5 2 0	3 3 1	4 3 8	5 6 7	5 3 8

* Smolt write-down Q4 2013: UK: MNOK 11.4 BC: MNOK 12.7

GSF Rogaland

• • Strongly improved prices driving increased profitability.
• • Higher cost of fish harvested:
• • Unusually weak growth conditions with significant impact on production volumes in 2013.
• •Higher feed and treatment capacity costs.
• •Higher share of PD affected fish in 2013.
• • Very high share of volumes harvested in first half of quarter:
• •> NOK 2 per kg profitability effect.
• •Improved PD status primo 2014 vs. primo 2013.
• • Storm damage on one site in January 2014 has led to early harvest:
• • Will lead to higher than normal costs in Q1 2014.

	Q 4 2 0 1 3	Q 4 2 0 1 2	Y T D 2 0 1 3	Y T D 2 0 1 2
Ha ( ) t t rve s g w	2 6 1 7	5 3 3 5	1 5 0 8 8	1 9 2 4 7
Sa les re ve nu es	1 1 9 1 9 4	1 5 5 5 1 8	6 4 0 5 8 4	5 5 8 3 1 7
E B I T a d j	1 8 2 7 6	1 3 8 0 2	1 4 4 7 9 4	5 8 7 8 1
E B I T a d j / kg	6, 9 8	2, 5 9	9, 6 0	3, 0 5
f w h ic h Ma ke N O K / kg ts o r	0, 8 7	0, 9 1	0, 5 8	0, 8 3

Operational EBIT before biomass adjustment

GSF Finnmark

• • Good improvement in profitability and continued positive development in biological production.
• •Strongly improved prices.
• • Somewhat higher costs of fish harvested (though below Q3).
• • Last generation of trout harvested in Q4 2013 and Q1 2014:
• •Higher costs than salmon.
• • External harvest (Russian market access) with negative cost impact.
• • Terminating production of trout and full focus on salmon.

	Q 4 2 0 1 3	Q 4 2 0 1 2	Y T D 2 0 1 3	Y T D 2 0 1 2
Ha ( ) t t rve s g w	5 7 3 5	6 2 2 8	2 3 0 7 6	2 0 0 8 0
Sa les re ve nu es	2 0 9 2 0 4	1 4 8 1 8 8	8 7 0 0 8 1	5 1 9 8 2 2
E B I T a d j	5 0 4 2 4	1 2 4 9 5 -	2 1 6 7 7 8	8 9 8 5 -
E B I T a d j / kg	8, 7 9	2, 0 1 -	9, 3 9	0, 4 5 -
O f w h ic h Ma ke N K / kg ts o r	0, 0 4	0, 0 5	0, 1 3	0, 8 6

Operational EBIT before biomass adjustment

Harvest volume and prices Q4 2013 - Norway

• •Unfavourable harvest profile in Q4 2013.
• •81% of harvest volume in October and November.
• • Negatively impacting results in Norway (Rogaland and Finnmark) with more than NOK 2.0 per kg.

GSF BC (Canada)

• Unusual low level of harvest.
• • Exceptionally low underlying level of production during 2013 :
• • Very low smolt entries following 2012 furunculosis outbreak.
• Causing very high fixed costs per kg.
• • Extensive measures implemented to improve biosecurity at hatchery and secure back-up smolt agreements:
• 2013 smolt entry number as planned
• Higher smolt costs and need to cull or writedown smolt if back-up not needed.
• • Furunculosis identified in 1 of 7 production buildings in Q4. Fish culled and building fallowed.
• 2015 harvest volume expected at appr. 15,000 tons (last smolt entry May 2014).
• •Pacific salmon production to be terminated
• • NOK 9m write-down to be taken in Q1 linked to a Jan2014 cull.

	Q 2 0 3 4 1	Q 2 0 2 4 1	Y T D 2 0 3 1	Y T D 2 0 2 1
Ha ( ) t t rve s g w	8 7 8	2 5 1 1	6 7 3 9	1 3 5 7 6
Sa les re ve nu es	6 2 4 3 1	7 6 2 3 8	3 3 0 6 8 2	4 3 8 3 7 7
E B I T a d j	8 9 4	1 5 5 2 0 -	4 9 2 3	3 2 2 0 3 -
E B I T a d j / kg	1, 0 2	6, 1 8 -	0, 7 3	2, 3 7 -

Operational EBIT before biomass adjustment and smolt write-down Q4 2013 of MNOK 12.7

GSF Hjaltland (Shetland)

• • Turnaround showing results both in profitability and biology.
• • Successfully implemented Norwegian standard sea lice strategy:
• •Significantly reduced sea lice burden.
• • High treatment costs and a high number of treatments per generation.
• •Improved AGD situation in 2013 vs. 2012.
• •Higher prices driving profitability.
• • Lower costs despite much higher treatment costs.
• • Further improvement initiatives identified and under implementation.
• • First roe incubation terminated (write-down of NOK 11.4m) due to building progress delays of the new smolt facility.

	Q 4 2 0 1 3	Q 4 2 0 1 2	Y T D 2 0 1 3	Y T D 2 0 1 2
Ha ( ) t t rve s g w	6 7 6 5	6 0 4 8	1 3 1 5 8	1 7 0 9 7
Sa les re ve nu es	3 0 1 2 0 9	1 8 8 3 1 2	5 6 7 4 3 2	5 3 8 0 8 1
E B I T a d j	5 3 9 7 4	2 1 4 3 2 -	3 8 6 8 8	8 3 6 6 2 -
E B I T a d j / kg	7, 9 8	3, 5 4 -	2, 9 4	4, 8 9 -

Operational EBIT before biomass adjustment and smolt write-down Q4 2013 of MNOK 11.4

Shetland – reduced production costs in 2013

• • 12 month rolling seawater costs added to inventory (indexed).
• • Clear cost reduction, despite much higher treatment costs.
• • Cost reductions driven by improved biological performance:
• • eFCR of last generation 0.1 lower than previous all time low generation.
• • Survival improved 8.7%-points vs. previous all time high generation.
• • Improved harvest weights (in particular in Q4)
• • Further improvement potential supported by new actions:
• •Survival
• •Feeding (growth and eFCR)
• •Smolt quality and sizes

Ocean Quality AS (sales Norway – associated company – 60%)

A l l f ig in N O K 1, 0 0 0 ur es	Q 2 0 3 4 1	Q 2 0 2 4 1	Y T D 2 0 3 1	Y T D 2 0 2 1
S l ( M N O K ) a e s r e e n e v u	7 2 0, 1	5 9 4, 8	2 9 9 0, 0	2 2 0 5, 8
E B I T ( M N O K )	2, 8	4, 8	2 4, 1	5 2, 4
M i a r g n	0, 4 %	0, 8 %	0, 8 %	2, 4 %

• • Slightly improved price realisation.
• • Price realisation hampered by:
• Tight market supply.
• Lack of Russian market access in Norther Norway.
• Implementation of UK sales under Ocean Quality completed operationally:
• Legally and accounting wise operational from Q2 2014.

New organizational structure

• •Change to functional structure – Farming and sales on group level.
• •Knut Utheim new COO Farming starting 1 April 2014.
• •Improve coordination, synergies and best practice transfer between regions.

Financials

Profit and Loss

A l l f ig in N O K 1, 0 0 0 ur es	Q 4 2 0 1 3	Q 4 2 0 1 2	Y T D 2 0 1 3	Y T D 2 0 1 2
To l o ing inc ta t p er a om e	6 9 5 7 1 1	5 7 3 6 1 1	2 4 2 5 0 4 1	2 0 7 8 2 2 9
E B I T D A	2 9 3 9 1 1	-9 6 7 7 5	8 3 3 0 4 4	-2 9 8 8 1
De ia ion d a isa ion t t t p re c a n m or	3 4 9 6 4 -	-4 2 6 4 0	-1 3 6 0 3 7	-1 6 1 3 4 4
E B I T be fo b iom d j re as s a	8 6 9 7 5	-1 4 0 4 0 5	3 4 8 2 9 3	-1 9 1 1 6 2
Fa ir v lue d j b io log ica l a ts a a ss e	1 7 4 4 9 4	1 3 2 4 3 2	2 6 7 4 5 0	9 8 0 6 3
E B I T a f b iom d j. te r as s a	2 6 1 4 6 8	-7 9 7 4	6 1 5 7 4 3	-9 3 0 9 9
S ha f p f i fro ies t re o ro m as s. co m p an	1 6 6	-1 4 5	2 2 4 4	-9 1 3
Ne f ina ia l t nc	-1 7 1 6 9	-2 9 7 3 2	-7 3 0 5 7	-1 0 8 3 4 6
Pr f i be fo t ta o re x	2 6 6 4 4 4	-3 8 7 5 1	9 3 0 5 4 4	-2 0 2 3 8 5
Es im d ion t te tax t a a	-2 9 2 4 6	5 9 1 9	-1 1 3 9 4 5	5 5 1 7 0
Ne f i in he io d t p t t ro p er	2 2 9 1 5 1	-3 9 3 2 1	3 0 9 8 4 5	8 8 -1 4 7 1

Net financial

O A l l f ig in N K 1, 0 0 0 ur es	Q 4 2 0 1 3	Q 4 2 0 1 2	Y T D 2 0 1 3	Y T D 2 0 1 2
C h i f i l f h d i i t t a n g e s n a r v a u e r o m e g n g n s r u m e n s	-6 9 5	2 5 6	4 2 7 6	-5 9 1 9
N f i i l i t t t e n a n c a n e r e s	-2 4 9 2 3	-2 3 5 3 0	-9 5 4 8 6	-9 8 7 0 7
N i ( l ) t e c r r e n c g a n o s s e s u y	9 8 0 8	-5 2 1 8	2 5 8 8 2	6 6 6
D i i d d e n s v	2 7	0	4 9 5	2 9 6
N h f i i l /- i t t e o e r n a n c a e x p e n s e s n c o m e	-1 3 8 6	-1 2 4 0	-8 2 2 4	-4 6 8 2
N f i i l i t t e n a n c a e m	-1 7 1 6 9	2 9 7 3 2 -	-7 3 0 5 7	-1 0 8 3 4 6

Investments

•2014: Smolt investments UK NOK 47m.

Cash Flow

Net Interest Bearing Debt

NIBD

M N O K	Q 4 2 0 1 3	Q 4 2 0 1 2
T L e r m o a n	5 5 5	6 5 6
R lv i C d i t e v o n g r e	4 2 5	5 0 0
B d o n	4 0 0	4 0 0
L i e a s n g	2 1 6	2 0 1
O h i b i d b t t t t e r n e r e s e a r n g e	1 2	1 3
C h l i b l a s c o s n g a a n c e -	-1 6 4	-2 4 0
N I B D	1 4 4 5	1 5 3 0

Balance sheet 1

A S S E T S	3 2. 3 1. 1 1	3 2. 2 1. 1 1
Go dw i l l o	10 7 3 10	10 5 10 8
L ice ns es	9 9 4 0 6 6	9 76 74 0
Ot he inta i b le a ets r ng ss	4 5 45	3 8 0 0
Pro lan d e ip ert t a nt p p n q me y, u	1 2 0 4 2 0 7	1 1 41 3 17
Inv in a itat d a d j int ies tm ts ntu es en ss oc e n o ve re co mp an	41 19 0	49 22 9
Ot he nt ts r n on -cu rre as se	2 6 6 7	2 4 0 9
To ta l n nt ts on -cu rre as se	2 3 5 3 9 8 6	2 27 8 6 0 4
Inv ies tor en	74 0 15	6 5 6 9 2
B io log ica l as ts se	1 3 6 8 3 21	1 1 9 3 6 43
Fa ir v lue b io log ica l as ts a se	3 9 8 0 11	11 6 49 9
Ac iva b le ts co un rec e	17 7 8 15	124 6 5 7
Ot he iva b les t re r c urr en ce	5 4 0 15	5 1 2 9 9
De iva d o he f ina ia l ins tes t tru nts r an r nc me	5 18	0
Ca h a d c h e iva len ts s n as q u	16 3 9 13	23 9 8 8 5
To l c ta nt ts ur re as se	2 2 3 6 6 0 8	1 7 9 1 6 7 6
To l a ta ets ss	9 0 9 4 5 5 4	0 0 27 9 4 7

Balance sheet 2

E Q U I T Y A N D L I A B I L I T I E S	3 1. 1 2. 1 3	3 1. 1 2. 1 2	3 1. 1 2. 1 2
S ha ita l re ca p	44 6 6 48	44 6 6 48	44 6 6 48
Tre S ha as ury res	-5 0 0 0	5 0 0 0 -	5 0 0 0 -
Re ine d e ing d o he ity ta t arn s a n r e q u	1 5 46 9 10	1 0 71 5 8 2	1 0 71 5 8 2
To l e ity ta q u	1 9 8 8 5 5 8	1 5 1 3 2 3 0	1 5 1 3 2 3 0
De fer d t l ia b i l it ies re ax	5 5 8 8 21	42 6 78 1	42 6 78 1
Pe ion d o he b l ig ion t at ns - a n r o s	10 17 7	10 3 77	10 3 77
Su bo d ina d loa te r ns	22 5 9 8	22 8 40	22 8 40
Bo ing d lea ing rro w s a n s	1 0 22 3 5 4	1 1 0 9 15 4	1 1 0 9 15 4
To l n l ia b i l it ies ta nt on -cu rre	1 6 1 3 9 5 1	1 5 6 9 15 2	1 5 6 9 15 2
S ho loa fac i l it ies rt-t erm n	5 8 2 2 0 9	6 5 4 2 72	6 5 4 2 72
Ac b le ts co un p ay a	3 17 75 3	24 6 11 9	24 6 11 9
De iva d o he f ina ia l ins tes t tru nts r an r nc me	11 5 3 5	13 8 0 5	13 8 0 5
Ot he l ia b i l it ies t r c urr en	76 5 8 7	73 70 1	73 70 1
To l c l ia b i l it ies ta nt ur re	9 8 8 0 8 5	9 8 7 8 9 7	9 8 7 8 9 7
To l l ia b i l it ies ta	2 6 0 2 0 3 5	2 5 6 2 4 6 8	2 5 5 7 0 4 9
To l e ity d l ia b i l it ies ta q u an	4 5 9 0 5 9 4	4 0 7 0 27 9	4 0 7 0 27 9

Key financial indicators

	Q 2 0 3 4 1	Q 2 0 2 4 1	Y T D 2 0 3 1	Y T D 2 0 2 1
E B I T D A- i b f d j b i m a r g n e o r e a o m a s s	1 8 %	-1 7 %	2 0 %	-1 %
E B I T- i b f d j b i m a r g n e o r e a o m a s s	1 3 %	-2 4 %	1 4 %	-9 %
N I B D / E B I T D A b f d j b i e o r e a o m a s s	3, 0	-5 1, 3	3, 0	-5 1, 3
O C f R E b d j b i e o r e a o m a s s	1 2 %	-1 9 %	1 2 %	-6 %
E i i t t q r a o u y	4 3 %	3 7 %	4 3 %	3 7 %

OUTLOOK

Harvest estimate

Gu i d ing 2 0 1 4 ( 1, 0 0 0 ) ton s g e w	Ro lan d g a	F inn k m ar	B C	S he lan d t	G S F Gr ou p
Q 1	1, 5	5, 8	1, 0	3, 5	1 1, 8
G h % t ro w	-6 5 %	1 5 %	-4 8 %	4 1 %	-1 4 %
Q 2- Q 4	1 7, 5	1 9, 2	6, 0	1 4, 5	5 7, 2
G h % t ro w	6 1 %	7 %	2 5 %	3 6 %	2 9 %
T l t o a	1 9, 0	2 5, 0	7, 0	1 8, 0	6 9, 0
G h % t ro w	2 6 %	8 %	4 %	3 7 %	1 9 %

• 1,800 tons moved from 2013 to 2014.
• Increased 2014 harvest guidance by 2,000 tons.
• •Strong growth in Norway and Shetland.
• •64% of 2014 harvest volumes in Norway.
• • Early harvest in Rogaland in Q1 due to storm damage – will influence cost per kg negatively.

29

Supply outlook

• Higher supply growth in 2014 vs. 2013 (winter temperatures), but not above long-term demand growth.
• Tight supply situation in 1H expected.
• • Period of temporary higher supply growth in autumn 2014 expected.
• • Norway:
• 2013: -3%
• 2014: +8%
• Chile :
• 2013: +29%
• 2014: +2%
• UK Continued decline:
• 2013: -1%
• 2014: -3%
• Canada No growth:
• •2013: -16%
• 2014: +5%

Outlook summary

• •2014 harvest volume expected at 69,000 tons (+19% vs 2013)
• •2014 harvest volume guidance increased by 2,000 tons (2013 transfer).
• •Q1 2014 volumes expected at 11,800 tons (-14% vs 2013)
• •Significant growth in Rogaland and Shetland.
• •64% of 2014 harvest from Norway.
• • Turnaround Shetland shows biological and financial results. Further improvements expected.
• • BC harvest volumes remain low in 2014, returning to 15,000 tons in 2015. 2013 smolt entries according plan.
• • Focus on utilising organic growth potential and complete turnarounds in Shetland and BC.
• • Early harvest of one site in Rogaland (storm damage) in Q1 2014 will impact costs negatively.
• •Smolt cull with NOK 9m effect in BC in Q1 2014.

Thank you !

APPENDIX

Share info

• − Number of shares
• •111.7 million (after full conversion of bonds in August 2009).
• − Last issues: Q2 2009
• •139 MNOK new share issue.
• − Subordinated convertible bond issue: Q1 2009
• •100 mill. convertible at NOK 4.00 per share within 31.12.2010.
• •85% converted in Q2 2009.
• •15% converted in Q3 2009.
• − EPS before adj biomass
• •-0,29 NOK/share Q4 2012.
• •1,95 NOK/share Q4 2013.
• − Shareholder structure
• •Largest 20 have 92.68% of total no. of shares.

Shareholders

	No ha . s re s	%
G R I E G H O L D I N G S	5 5 8 0 1 4 0 9	49 9 7 % ,
D N B N O R B A N K A S A	22 18 0 73 9	19 8 6 % ,
N O R D E A B A N K N O R G E A S A	6 6 6 5 9 9 8	5, 9 7 %
K O N T R A R I	4 3 17 5 9 2	3, 8 7 %
Y S T H O L M E N	3 8 6 8 19 7	3, 46 %
O M H O L D I N G A S	2 6 10 0 0 0	2, 3 4 %
G R I E G S E A F O O D A S A	1 2 5 0 0 0 0	1, 12 %
S T A T E S T R E E T B A N K A N D T R U S T C O.	1 1 3 5 44 1	1, 0 2 %
S K A N D I N A V I S K A E N S K I L D A E G B E A N N H K A E N N D A E L B S K O N T O	8 5 0 74 2	0, 76 %
G R I E G S H I P P I N G I I A S	8 24 5 6 5	0, 74 %
V E R D I P A P I R F O N D E T P A R E T O N O R D I C V A L	74 5 79 3	0, 5 2 %
U B S A G, L O N D O N B R A N C H	5 27 8 17	0, 47 %
S T O R E B R A N D V E K S T	44 3 6 70	0, 40 %
S T A T E S T R E E T B A N K A N D T R U S T C O.	43 4 3 6 3	0, 3 9 %
D E U T S C H E B A N K A G	3 9 7 3 18	0, 3 6 %
V E R D I P A P I R F O N D E T D N B S M B	3 75 0 0 0	0, 3 4 %
H S B C B A N K P L C	3 73 42 8	0, 3 3 %
S T A T E S T R E E T B A N K & T R U S T C O M P A N Y	3 0 0 0 0 0	0, 27 %
H U S T A D L I T T A S	3 0 0 0 0 0	0, 27 %
P I C T E T & C I E ( E U R O P E ) S. A.	25 3 29 3	0, 23 %
To l lar ha ho l de 2 0 ta t s g es re rs	1 0 3 4 8 8 9 4 6	9 2, 6 8 %
To l ot he ta r	8 17 3 0 5 4	7, 3 2 %
To l n be f s ha ta um rs o re s	11 1 6 6 2 0 0 0	1 0 0, 0 0 %

Profit and Loss

All fig s in NO K 1 000 ure ,	Q 4 2 0 1 3	Q 4 2 0 1 2	Y T D 2 0 1 3	Y T D 2 0 1 2
To tal tin inc op era g om e	695 71 1	573 61 1	2 4 25 04 1	2 0 78 229
Sh of ofit fro m j oin t v ent are pr ure	208	1 9 47	5 6 45	12 744
Ch e in inv orie ent ang s	95 668	126 81 4 -	133 26 1	182 75 0 -
Raw ials d c ab les ed ter ma an ons um us	37 1 0 46 -	287 73 6 -	1 1 02 239 -	1 0 19 564 -
Sa lari and l ex es pe rso nne pen ses	90 37 1 -	79 498 -	302 22 3 -	276 10 3 -
Oth ing rat er ope ex pen ses	208 23 1 -	179 27 4 -	675 15 5 -	642 37 4 -
EB ITD A	121 93 9	97 765 -	484 33 0	29 818 -
De cia tion d a rtis atio pre an mo n	34 423 -	41 036 -	133 46 8 -	-15 7 8 25
De cia tion d a rtis atio f lic pre an mo n o ens es	54 1 -	1 6 04 -	-2 569	3 5 20 -
Imp airm ad jus ent tme nts set on as s	0	0	0	0
EB IT be for e b iom dj as s a	86 975	140 40 5 -	348 29 3	191 16 2 -
Fai alu dj bio log ica l as set r v e a s	174 49 4	132 43 2	267 45 0	98 063
EB IT aft bio ad j. er ma ss	26 1 4 68	7 9 74 -	615 74 3	93 099 -
Sh of ofit fro ani are pr m a ss . co mp es	166	145 -	2 2 44	913 -
Ne t fi cia l nan	-17 16 9	29 732 -	73 057 -	108 34 6 -
Pro fit be for d b iom dj e t ax an as s a	69 972	170 28 3 -	277 48 0	300 42 1 -
Pro fit bef tax ore	244 46 6	37 85 1 -	544 93 0	202 35 8 -
Est ima ted atio tax n	-29 24 6	5 9 19	113 94 5 -	55 170