Norway Royal Salmon. Charles Høstlund, CEO September 2018

Transcription

1 Norway Royal Salmon Charles Høstlund, CEO September

2 Agenda 1. Norway Royal Salmon (NRS) in brief 2. Highlights in Q Projects for growth 4. Outlook 2

3 Norway Royal Salmon in brief Farming MAB tonnes Estimate harvest volume 2018: tonnes Region North MAB tonnes Associated companies Norway: 10 licenses (3 companies) Iceland: Arctic Fish ehf > 88 % in Region North Trading Own and external volume Selling to over 50 countries Volume 2017: tonnes Region South MAB tonnes Head office Sales office 3

4 Volume development External Volumes NRS-Farming

5 New system for future growth in Norway Ensure sustainable and predictable growth of 6 % each second year in Norway REGION NORTH Based on the risk assessment related to sea lice challenges, each area is rated by green, yellow or red 37 licenses < Half of the licenses in Norway are in green areas in 2017 REGION SOUTH 2 licenses 4 licenses NRS is well positioned with 37 of 43 licenses in green areas 5

6 Highlights in Q2 18 6

7 Highlights in Q NORWAY ROYAL SALMON - KEY FIGURES Q2 Q2 (NOK '000) Operating revenues Operational EBITDA Operational EBIT Income from associates EBIT EBT EPS (NOK) before fair value adjustments 3,39 2,37 ROCE 1) 40,1 % 48,5 % Net cash flow from operating activities Investments in tangible fixed assets Net interest-bearing debt Equity ratio 52,1 % 45,4 % Volume harvested (HOG) Operational EBIT per kg 2) 24,39 30,17 Volume sold - Sales Operational EBIT MNOK 181 Operational EBIT per kg NOK Costs related to ISA at one site in Region North have significant impact on Q2 results Harvested volume up 67 % and sold volume down 1 % from Q2 last year Net cash flow from operating activities MNOK 325 NIBD down by MNOK 33 in Q2 18 Strong demand and high salmon prices in the quarter

8 Projects for growth 8

9 Growth projects Arctic Offshore Flip Cage Smolt facility Arctic Fish

10 In process with new smolt facility NRS is in process of building a hatchery that will produce 10 million grams smolt yearly Strategically located in short distance to our farming sites in Region North Strategically important for NRS The hatchery will contribute to increase the biological safety and quality of our smolt Planning to start building next year 10

11 Development licenses Arctic Offshore Farming Arctic Offshore Farming - the offshore technology for the future aquaculture industry NRS has been granted 8 development licenses (5 990 tonnes MAB) Provide significantly increased area utilization of Norwegian sea waters when more exposed areas can be used Target of releasing the fish during autumn 2020

12 Development licenses Arctic Offshore Farming

13 Development licenses FlipCage NRS has applied for 6 development licenses FlipCage is a multifunctional rotable cage The concept includes a rotatable cage that can alternate between open operations and closed operations

14 Icelandic salmon industry Three steps (waves) s and 90 s - Experimental salmon farming in sea cages 2. Early 2000 Sea farming in east of Iceland 3. From Professional salmon farming starting in the Westfjords of Iceland Good farming conditions with a big potential for growth Two main areas for salmon farming: Westfjords and Eastfjords Big part of the Icelandic coastline is closed to seacage farming Only 5 farming companies Farming condition similar to Finnmark in Norway Colder during winter, but warmer during summer

15 Arctic Fish (Iceland) NRS owns 50 % of Arctic Fish Experienced owners both within farming and processing All sites and pending licenses are located in the Westfjords Licenses capacity Existing licenses: tonnes Potential capacity: tonnes Operation in Westfjords with good farming conditions and big potential for growth Gradually increase production in sea State-of-the art hatchery with close proximity to the farming sites 15

16 Outlook 16

17 Norway Royal Salmon - growth history NRS-Farming NRS - Farming range Associated (NRS share) Iceland (NRS Share) E Milestone

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