Update 2Q11 Share Price: NOK 6.1 ( ) 12 August 2011 Target: NOK 6.6. Source: AKS/Fondsfinans Research
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1 Aker Seafoods ASA Downgrade to Neutral (Buy) Update 2Q11 Share Price: NOK 6.1 ( ) 12 August 2011 Target: NOK 6.6 Share data (NOKm) 12.aug.11 Sector Fisheries Reuters/ Bloomberg AKS Risk rating High risk Outstanding shares (M) 84,6 Market cap 516 NIBD 943 Enterprise value Free float % 22 % Average volume (thous) 33 High/ low 52w 10.4 / 6.2 Weight OSEAX % 0,0440 Rel. Perf % (3/6/12 mts) -05/ -14/ -06 Abs. Perf. % (3/6/12 mts) -26/ -36/ % 60% 50% 40% 30% 20% 10% 0% -10% -20% Aug-10 Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 OSEBX AKS DOM AKS group (ex. PA) 2011e 2011old 2012e 2012old 11Ch% 12Ch% Revenues % -8 % EBITDA % -13 % EBIT % -19 % Own catch % 1 % Prosessing volumes % 0 % PTP % -23 % EPS adj. 0,55 1,00 0,77 1,00-45 % -23 % NIBD (UB) % 11 % Source: Fondsfinans Prepared by analysts: Bent Rølland Fondsfinans ASA TEL: br@fondsfinans.no Philip M. Scrase Fondsfinans ASA TEL: ps@fondsfinans.no Cost increase throughout the value chain Yesterday, Aker Seafoods reported 2Q EBIT around 50% below consensus. The company reported on cost increase throughout the value chain. Raw material costs were up around 20% during 1H, while cost of bunkers has gone up significantly YoY. The cost inflation in the value chain was not offset by volume/price increase in the European white fish market. For the market as a whole, 1H Norwegian export volumes were up by around 10% while average prices climbed by around 4% (YoY). 1H Aker Seafoods performance lagged the market development. On the positive side, from 3Q 2011 the new and more efficient trawler Havtind will replace an older and less efficient vessel. The International Council for the Exploration of the Sea (ICEA) recently recommended 2012 white fish quotas somewhat further up YoY, which should support a tight market balance also in Aker Seafoods ASA has previously stated potential mergers, partnerships, and other rationalization of downstream activities. No further news was given at 2Q. Regulatory issues could obstruct the potential spin-off. We now estimate 2011 EBITDA of around NOK 244m, which is slightly down YoY. All in all, we reduce our 2011 and 2012 EPS estimate by 41% and 23% respectively. We downgrade Aker Seafoods ASA to Neutral recommendation and implement a price target of NOK 6.6 corresponding to P/E adj of 12 (12). Key figures (NOKm) e 2012e 2Q10 2Q11 Total revenues EBITDA EBITDA-margin 5 % 7 % 9 % 8 % 9 % 9 % 7 % EBIT EBIT-margin 1 % 0 % 4 % 4 % 5 % 5 % 3 % PTP EPS adj. -1,28-0,30 0,69 0,55 0,77 0,15 0,04 NIBD AKS harvesting Prosessing volumes Harvesting growth 23 % 2 % 3 % 1 % 6 % Prosessing growth 6 % 29 % 3 % 1 % -9 % EV/ Sales 0,6 0,5 0,5 0,4 EV/ EBITDA n.m. 6,0 6,1 5,2 EV/EBIT n.m. n.m. 11,9 9,7 Adj P/E n.m. n.m. 11,0 7,9 P/B 0,5 0,5 0,5 0,4 Source: AKS/Fondsfinans Research FONDSFINANS ASA, HAAKON VII S GATE 2, P.O.BOX 1782 VIKA, NO-0122 OSLO, TEL: , FAX: , mail@fondsfinans.no We refer to important information written later in this report
2 Aker Seafoods ASA Update 2Q11 2Q Aker Seafoods performance Higher 2Q costs EBITDA down 35 percent YoY; 50 percent below consensus While 2Q revenues were flat YoY at NOK 751m, EBIT was down 35 percent around 50 percent short of consensus estimates. Downstream performance was disappointing, due to higher cost of raw material (up 20 percent YoY), and upstream cost was also up due to higher prices of bunkers oil and increased personnel costs. Harvesting volumes were up 6 percent YoY (but still 36 percent short of our estimates), and higher prices contributed to revenues of NOK 192m (up around 4 percent YoY). AKS EBIT-margin was down from 4.5 percent to 2.8 percent YoY, as cost increases were not offset by higher volume or prices in the European white fish market. Oil prices are expected to be higher during 2H 2011 than in 2H 2010, which will have a negative impact on results for the rest of 2011compared with last year. Expecting strong harvesting division going forward due to increased quotas All in all, for the full year 2011 we expect corporate EBITDA around NOK 244m, down about 20 percent. From harvesting we expect EBITDA of around NOK 200m (unchanged). Downstream processing and sales (Norway Seafoods) is expected to remain weak, as margins will continue to be weak. Upstream division Aker Seafoods Harvesting Harvesting volume and prices up YoY Upstream cost up Recommended 2012 quota increase for cod and haddock reduction for saithe Strengthened quota base for harvesting in 2H 2011 Aker Seafoods Harvesting achieved operating revenues of NOK 192m and EBIT of NOK 28m in 2Q (up from NOK 184m and NOK 22m YoY, respectively). Corrected for the sale of Pesquera Ancora in 4Q 2010, EBIT was up by NOK 13m. Higher price for all species was the main factor behind the performance improvement YoY. Furthermore, volume increased by six percent YoY, and the increase was primarily related to cod, while the availability of haddock in the North Sea was poor. Though prices achieved for the Harvesting unit were up YoY, they were lower QoQ. Higher bunkers prices hit cost with a 2Q effect of NOK 5m. Even though maintenance cost was low in the quarter, it is expected to come up again in 2H. Aker Seafoods controls long term (25-year) quotas in the Barents Sea. Yearly fishing volumes are set by Norwegian and Russian governments based on standing biomass and spawning. The white fish biomass in the Barents Sea is at high levels not seen in the last years. During the second quarter, quotas for haddock in 2011 were increased by eight percent, while cod quotas are up by four percent. The International Council for the Exploration of the Sea (ICES) recommended in June that cod quotas be increased by seven percent in It recommended a five percent rise for haddock in the same year, a five percent reduction for saithe north of the 62 nd parallel and a 15 percent cut for saithe south of that line. Remaining volumes of cod, saithe and haddock at 30 June corresponded to 58 percent of actual quotas, which is equivalent to the situation at 2Q However, the increased quotas provide a better operating basis for the rest of 2011, and the company expects fisheries for cod and haddock to remain good. The table below sums up Norwegian white fish quotas. The 2011 cod quotas in the Barents Sea are up 9% YoY while haddock quotas are up 24% YoY. Although saithe quotas are down, the combined Norwegian quotas are up by around 7% YoY (all fishing areas together). Page 2 12 August 2011 Fondsfinans Research
3 Update 2Q11 Aker Seafoods ASA Quotas up by another 7% in 2011 Haddock up by 24% this year Preliminary quotas up by another 2% in 2012 Saithe down this year, both North Sea and Barents Sea Norwegian cod quotas (wfe t) E The coastal fleet n 62 latitude The trawling fleet n 62 latitude Norwegian cod north of 62 latitude R&D cod Cod, Russia (Norwegian zone) TAC North of 62 latitude Cod quota YoY 0 % 4 % 13 % 15 % 14 % 6 % Cod in North Sea Cod in Skagerak Total cod quotas (Norway) Total cod quota growth YoY 0 % 4 % 11 % 13 % 9 % 4 % Norwegian saithe quota (wfe t) E Trawling fleet n 62 latitude Line fleet (Not) Coastal fleet Total n 62 latitude Saite in North Sea Total saite quotas (Norway) Saite quota growth 2 % -9 % -7 % -9 % -5 % Norwegian haddock quota (wfe t) E Haddock trawling n Coastal fleet n Total Norwegian haddock quotas Haddock, other countries Total haddock quotas (Norway) Haddock quota growth 26 % 27 % 24 % 4 % Total white fish quotas YoY white fish quota growth -4 % 3 % 6 % 9 % 7 % 2 % Source: Fondsfinans Aker Seafoods ASA controls around 1/3 of the trawling quotas in the Barents Sea. The following table shows changes in AKS quotas for the main species in this area. We expect AKS harvesting to broadly follow the development in market quotas. For 2011, we expect the total harvesting volume for AKS to be around 53kt, including additional saithe caught in the North Sea as well as prawn and other by-catch. For 2012, we expect quotas up by around 2% on average. We estimate harvesting revenues for 2011 and 2012 to be around NOK 818m and NOK 843m, respectively (unchanged). Vessel performance and structure Fresh and fresh with freeze capacity vessels had better performance in 2Q 2011 than in the same period in 2010, while freeze vessels had lower margin due to less efficient fisheries of non cod species. During the last five years AKS has gradually upgraded its vessel portfolio. The new vessel Havtind will be fully operational throughout 3Q 2011 onwards, reducing overhead costs. The table below sums up the present 2011 AKS vessel structure. Overview of AKS trawling vessel portfolio Aker Seafoods Harvesting No. Fishing vessel Fresh Type Built/modernized Gross ton Licences Cod Saithe Haddock Redfish Prawn Halibut N. Sea 1 Rairo 1 Fresh trawl 1970/ ,5 x x x x 2 Nordfjordtrål Combi trawl x x x x 3 Doggi/Ex. Soløyvåg Freezer trawl to 2 x x x x Hammerfest Industrifiske AS 60% - Shareholder agreement 5,70 x x x x 4 Vestind II Freezer trawl to 2 x x 5 Hekktind Combi trawl to 2.5 x x x x x x 6 K. Arctander Freezer trawl 1995/ ,0 x x x x x x 7 Stamsund 2 Fresh trawl to 2.5 x x x Røstnesvåg Fresh trawl 1972/ to 2.5 1Q laid up and sold 8 Havtind/ex. Polar Amarog 2 Combi trawl 1997 New vessel transf. From Greenland (capex= 55MNOK) Nordland Havfiske AS 96.5% 11,85 x x x x x x 9 Båtsfjord Freezer trawl ,6 x x x 10 Skaidi Combi trawl to 3 x Jergul Fresh trawl 1970/ to laid up 11 Kongsfjord Freezer trawl to 3 x x x Finnmark Havfiske AS 97.62% 12,04 x x x 11 2 Total quotas 29,59 Source: Aker Seafoods/Fondsfinans Fondsfinans Research 12 August 2011 Page 3
4 Aker Seafoods ASA Update 2Q11 Downstream - Norway Seafoods ASA Weaker results downstream due to higher raw material prices squeezing margins Norway Seafoods is the group s marketing and processing company, and consists of the business areas processing Norway, processing Denmark and processing France. The company achieved revenues of NOK 632m in 2Q (-3% YoY). EBIT was negative at NOK 7m, compared with a positive NOK 12m in 2Q 2011, with EBIT-margin equalling -1.1%. Performance deteriorated in all segments, but especially in Norway, due to higher raw material prices (up around 20%), which has not been reflected in increased prices and volume of processed products in the European market. In addition, poor biological performance on the fresh water trout in Angulema, due to fresh water drought, led to reduced production in France. 5 main plants in Norway Satellite plants in Norway sourcing raw materials from the coastal fleet VAP/MAP-plants in DK France 2 distribution plants + 2 farming plants (trout and turbot) Now further news at 2Q regarding structural possibilities downstream The split-up of Norway Seafoods ASA from AKS opens for a restructuring of the value chain and orients it more towards meeting the needs of modern day retailing giants. Norway Seafoods rents processing plants from its mother company AKS. The table below sums up the processing/downstream infrastructure of Norway Seafoods present. Norway Seafoods From Company Location Supply Comments Frozen Fresh Salted Iced MAP Fillets Loins Portions Tails Main processing plants in Norway 1 AKS J.M. Jonansen Stamsund x New fresh fish line x x x x x x x 2 AKS Melbu Melbu x Mainly frozen fillets x x x x x x x x 3 AKS Finnmark Hammerfest x All products x x x x x x x x x 4 AKS Båtsfjord Båtsfjord x Also live catch x x x x 5 AKS Nordkyn Mehamn x x x x Sourcing plants of raw materials in Norway 0 Vardø Vardø Closed Plant finally closed Svartnes-plant sold to Aker Solution in AKS Nordkyn Kjøllefjord x King crab plant x x x 7 Skarsvågfisk Honningsvåg Coastal fleet Still some volumes x 8 Skårvågen Vesterålen Coastal fleet Rented plant x 9 Aker Seafoods Tromvika Coastal fleet Rented plant as NFEC 50% Berlevåg Coastal fleet x x as NFEC 50% Sørvær Coastal fleet x x as Tobø Fisk 38% Havøysund Coastal fleet Upgraded x x x x x Processing plants in Denmark 0 Denmark Grenaa Plant closed 1 Denmark Grenaa Plant closed x x 2 Denmark Thyborøn Frozen supply x x x x x x x 3 Denmark Hvide Sande Frozen supply x x x x x x x 4 Denmark Bagenkop Frozen supply x x x x x x x 5 AKS Sweden Kungshamn Plant closed x x x x Processing plants in France 1 Bolougne de Mer North Norway Turbot farming 260 employees 2 Castets South Denmark Trout farming Maki, suchi. Strong trout prices in France Source: AKS/Fondsfinans Aker Seafoods ASA has previously stated potential mergers, partnerships, and other rationalization of downstream activities. No further news was given at 2Q. Regulatory issues could obstruct the potential spin-off. Expecting the strong white fish market to continue The Norwegian market as a whole Record white fish export in July For the market as a whole, Norwegian exports of cod fish, including clip fish, salted and dried fish totalled NOK 787 m in July (up 7 % YoY), while the YTD export reached NOK 6.4b. This is a record for both July and YTD export. Clip fish export came in at a record of NOK 233m in July (up 10% YoY), led by strong demand from the Dominican Republic and Angola, especially for clip fish of saithe. In addition, low stocks in Italy led to high prices at the start of the dried fish season in July. Export of whole, frozen cod fish totalled NOK 258m (up 29% YoY), which is a record for July. Export to China grew from NOK 85m tom 148m, and was the biggest contributor to the increase. Aquaculture export equalled NOK 26m in July (up 2% YoY), and the biggest markets were Spain (whole fish) and Denmark (fillets). Page 4 12 August 2011 Fondsfinans Research
5 Update 2Q11 Aker Seafoods ASA The table below sums up Norwegian white fish exports in 1H H white fish export value up 14 percent YoY. Prices up 10 percent, volume up 4 percent 1H Aker Seafoods performance lagged the market Product YTD 2011 Change Y/Y (YTD) Volume Value Price/kg Volume Value Pric e/kg Cod, atlantic, clip fish ,6 3 % 16 % 12 % Cod, atlantic, frozen ,9-11 % 1 % 14 % Cod, atlantic, non-farmed, fresh ,8 21 % 40 % 16 % Cod, frozen fillet block ,1-1 % 1 % 2 % Cod, frozen fillets, non-block ,3-7 % -1 % 6 % Cod, salted ,5 6 % 23 % 16 % Haddock, fresh ,5 42 % 36 % -4 % Haddock, frozen ,2 2 % 3 % 1 % Haddock, frozen fillets, non-block ,9 5 % 4 % -1 % Saithe, clip fish ,6 7 % 4 % -2 % Saithe, frozen ,1 41 % 45 % 3 % Sum ,3 10 % 14 % 4 % Cod ,6 10 % 11 % 0 % Haddock ,4 17 % 23 % 5 % Saithe ,6-9 % 2 % 12 % Aker Seafoods ASA, YTD ,4-4 % 0 % 5 % Aker Seafoods ASA, Y/Y (2Q ) ,3 6 % 0 % -5 % While cod prices on average were flat, prices for haddock and saithe increased from 1H 2010 to 1H 2011 by 12 and 5 percent, respectively. A strong Brazilian GDP growth is helpful as their import of salted/dried cod from Norway has boomed. To date, export value of white fish is up 14 percent and we expect the market to remain strong going forward. SOTP control valuation Pretty comfortable upstream We are pretty comfortable with respect to the value of the upstream unit Aker Seafoods. Fishing quotas and vessels are assets being traded in the market and reference prices are readily available. Our value estimates for the quotas correspond only to the audited book value used by AKS itself. We continue to set quota values equal to NOK 34m apiece even though free quotas have been traded at much higher levels (NOK 70 80m). This is because AKS has landing commitments (5% - 10% of volume) towards third party processing plants. Furthermore, the Aker Seafood vessels are obliged to offer its harvest to Norway Seafoods processing plants on a firstright-of-refusal basis. However, onboard frozen fish has somewhat more landing flexibility than is the case for fresh fish. In addition, we put a separate value per vessel equal to NOK 30, leading to total upstream value per quota of NOK 43m. In its 2010 annual report AKS did an impairment test of quota values (DCF). This concluded in a value of NOK 50 per quota, but according to IFRS regulations, the quota values cannot be written up. Downstream values EV/EBITDA... Placing a firm value on the downstream unit Norway Seafoods ASA is more challenging. There are few peers to relate to and using financial ratios will have the uncertainties that come with a volatile operating margin and earnings. However, a future listing or spin-off of Norway Seafoods ASA could unlock more shareholder value. Applying 6 x EBITDA multiple on our expected EBITDA of around NOK 45m, we get an EV somewhat below NOK 270m for Norway Seafoods. The French division includes 6 fresh water trout sites and one turbot sea water Fondsfinans Research 12 August 2011 Page 5
6 Aker Seafoods ASA Update 2Q11 site. About 5 years ago the purchase price for the French units was approximately NOK 100m. We value France at NOK 72m. We believe Norway Seafoods should be valued separately per country implying a total downstream value equal to NOK 270m. Using a SOTP model, we estimate upstream (harvesting quotas and the vessel fleet) at an EV of around NOK 1.3bn leading us to a total group EV around NOK 1.6bn. The table below sums up our SOTP estimates. EV Upstream equal to NOK 1.3b EV Downstream equal to NOK 270m pre potential spin-off SOTP value indicated somewhat above our multiple based target of NOK 6.6 per share SOTP Aker Seafoods ASA Quotas Ownership Value EBITDA E Nordland Havfiske AS (P/B=1) 11,85 96, Finnmark Havfiske AS (P/B=1) 12,04 97, Hammerfest Industrifiske AS 60% (P/B=1) 5, Trawling vessel value (ex. quotas) 10 97, AKS white fish quota values 29, Prawn quotas (impairment value) 6 97, Greater silver smelt quotas (impairment value) 2 96, EV upstream (Aker Seafoods) EV Processing/sales EV/EBITDA EBITDA E Denmark (3 plants) 100 6, Norway (7 plants) 100 6, France (6 trout plants, 1 turbot, 2 VAP plants) 100 6, EV downstream (Norway Seafoods ASA) P/B=1 45 6, Total Group EV 6, NIBD Equity value 599 Outstanding Shares (mill) P/B (ex impairment test) 84,6 Aker Seafoods ASA 0,53 6,4 7 Source: Fondsfinans We downgrade Aker Seafoods ASA to neutral recommendation and implement a price target of NOK 6.6 corresponding to P/E adj of 12 (12). Risk assessment Always regulatory risks in wild-catch Our Aker Seafoods valuation is based on long term sustainable harvesting volumes of white fish in the North Sea, the Nordic Sea and the Barents Sea. Higher or lower sea water temperature may over time affect white fish stocks or the fish could move to other sea waters. Thus, harvest volumes upstream and profitability downstream may be affected. We assume stable fishery policy, but new governments could - over time - implement less favourable terms for the industry. Regulatory risks in the white fish sector are generally higher than in other industries. Aker Seafoods ASA has previously stated potential mergers, partnerships, and other rationalization of downstream activities. No further news was given at 2Q. Regulatory issues could obstruct the potential spin-off. The annual issue of white fish quotas in the Barents Sea is subject to an agreement between Norwegian and Russian governments. Fishing in the North Sea is subject to a multilateral agreement between EU-countries and Norway. Page 6 12 August 2011 Fondsfinans Research
7 Update 2Q11 Aker Seafoods ASA Definitions of ratings Buy Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a potential of min 15%. Neutral Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -15% to +15%. Sell Low risk: min 5%. Medium risk: min 10%. High risk: min 15%. Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H). Target: Our valuation as of today. Time frame of target: Target is what we value the share as of today. Recommendation distribution as of : Companies in each recommendation category that have been investment banking clients over the past 12 months: Recommendation No Percent Recommendation No Percent Buy % Buy 7 15 % Neutral % Neutral 1 8 % Sell 3 5 % Sell 0 0 % Total % Total 8 Our intention is to issue preview and update research on a quarterly basis. Our investment recommendation is elaborated in accordance with The Norwegian Securities Dealers Associations standards. This report has not been sent to the company for correction of any factual errors. Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition, Fondsfinans has internal instructions and guidelines for handling sensitive information. The analyst receives compensation that is impacted by overall firm profitability, including investment banking activities. The analyst is partner in DIS Fondsfinans. Fondsfinans is under supervision of The Financial Supervisory Authority of Norway. The recommendation has been changed from Buy to Neutral. The previous recommendation was issued Ownership per in Aker Seafoods: Analyst (including his/her closely related persons or companies): 0, corresponding to 0% of the company share capital Employees (including their respective closely related persons or companies): 0, corresponding to 0% of the company share capital Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100% controlled subsidiaries): 0, corresponding to 0% of the company share capital Fondsfinans may hold shares in Aker Seafoods as a result of daily trading/market making. Information on such holdings is not given when of non-significant value. This report was issued and distributed Distribution in the United States Research reports are prepared by Fondsfinans ASA for information purposes only. Fondsfinans ASA and its employees are not subject to the Rules of the Financial Industry Regulatory Authority (FINRA) governing research analyst conflicts. The research reports are intended for distribution in the United States solely to major U.S. institutional investors as defined in Rule 15a-6 under the United States Securities Exchange Act of 1934, as amended and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of a Fondsfinans ASA research report by its acceptance thereof represents and agrees that it shall not distribute or provide copies to any other person. Reports are prepared by Fondsfinans ASA and distributed to major U.S. institutional investors under Rule 15a-6(a)(2). These research reports are prepared by Fondsfinans ASA and distributed in the United States by Fondsfinans Inc. under Rule 15a-6(a)(2). Any U.S. Person receiving these reports that desires to effect transactions in any securities discussed within the report should call or write Fondsfinans Inc., a member of FINRA. Fondsfinans Research 12 August 2011 Page 7
8 Aker Seafoods ASA Analyst: Bent Rølland Sector: Fisheries Price (NOK): 6,1 Shares outst.: 84,65m Date: Book equity per share (NOK): 13,3 Market cap (NOKm): 516 Next result: Equity ratio: 38,8% Net int.bearing debt (NOKm): 943 Target 6,6 Avg daily vol (90d): 33,1 Entrprise value (NOKm): Recommendation: Neutral 12 months High / Low: 10.4 / 6.2 OSEBX: 344 Financial data (NOK mill) e 2012e 2q10 3q10 4q10 1q11 2q11 3q11e 4q11e Operating income Costs of goods/other op. ex EBITDA EBITDA-margin 5 % 7 % 9 % 8 % 9 % 9 % 6 % 6 % 11 % 7 % 6 % 8 % Depreciation EBIT (operating profit) EBIT-margin 1 % 0 % 4 % 4 % 5 % 5 % 1 % 1 % 8 % 3 % 2 % 4 % Associates Net financial expences PTP (profit before tax) Taxes Profit for the period Outstanding shares (m) 48,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 84,6 Adjusted result Adj. EPS -1,28-0,30 0,69 0,55 0,77 0,15-0,12 0,19 0,35 0,04-0,02 0,18 CEPS adj. -4,9 2,4 0,9 2,0 2,5 0,8 0,2 0,4-0,1 1,4 0,9-0,2 Multiples: EV/Sales 0,5 0,5 0,4 P/B 0,5 0,5 0,4 EV/EBIT n.m. 11,9 9,7 EV/EBITDA 6,0 6,1 5,2 Adj P/E n.m. 11,0 7,9 Harvesting Norway (Aker Seafoods) Operation income Operation costs Extra costs (bunkers/nox-tax/refund) EBITDA Cod Saithe Haddock Shrimps/others Saithe in North Sea Pesquera Ancora fishing Total harvesting Norway (t) Harvesting growth YoY 2 % 23 % 2 % 3 % 1 % -8 % 83 % -15 % -12 % 6 % 8 % 18 % EBITDA (NOK/kg harvested) 2,52 2,67 3,43 3,80 3,83 3,06 2,34 3,63 5,19 3,51 2,56 3,92 Depreciation EBIT (operating profit) First hand payments (NOK/kg) 14,7 11,9 14,9 15,5 15,8 14,8 15,3 17,1 15,9 14,7 15,8 15,8 EBIT-margin, pst. 9 % 14 % 12 % 15 % 16 % 12 % 3 % 5 % 24 % 15 % 8 % 14 % Processing Norway (Norway Seafoods) Operation income Operation costs EBITDA - processing Processing volumes Processing growth YoY 6 % 6 % 29 % 3 % 1 % 64 % 69 % -30 % 1 % -9 % 14 % 15 % EBIT-margin (NOK/kg) -0,42-0,26 0,14-0,06 0,00 0,32-0,12 0,13 0,15 0,30-0,11 0,12 Depreciation (processing) EBIT (operating profit) Average sale price (NOK/kg) 31,1 26,8 21,9 22,0 22,5 26,3 22,1 32,7 13,5 28,1 22,1 33,7 EBIT-margin -2 % -2 % 1 % 0 % 0 % 2 % -1 % 1 % -1 % -2 % -1 % 2 % Processing Denmark (Norway Seafoods) Operation income Operation costs EBITDA EBIT (operating profit) EBIT-margin 2 % 4 % 2 % 2 % 3 % 3 % 2 % 0 % 2 % 2 % 2 % 3 % Processing France (Norway Seafoods): Operation income EBITDA (bef. IFRS) Depresiations EBIT (bef. IFRS) Eliminations to EBITDA Group balance Sheet e 2012e Shareholders of Aker Seafoods ASA ( ) Shares Per cent Intangible assets Converto Capital Fund AS ,9% Tangible fixed assets Marine Harvest ASA ,9% Total intangible and intangible fixed assets ODIN Norge ,9% Financial fixed assets ODIN Norden ,4% Total assets Peba AS ,8% Total equity AS Bemacs ,2% Total long-term liabilities Frode Teigen ,2% Total equity and liabilities SEB ,8% NIBD Ictus Capital AS ,7% Cash flow 10 Mobilmote as ,6% From operations Bjarte Tunold ,5% From investments SES as ,4% From finance Odin Norge II ,3% Net cash flow Other shareholders ,5% Cash end of the period Total Shares % DISCLAIMER This report is provided for information purposes only. It should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. Any opinions expressed are subject to change without prior notice. This report is based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that the information herein is not misleading, Fondsfinans ASA makes no representation or warranty expressed or implied as to its accuracy or completeness. Neither Fondsfinans ASA, its partners and employees, nor any other person connected with it, accepts any liability whatsoever for any direct or consequential loss of any kind arising out of the use or reliance on the information in this report. This report is prepared for general circulation and general information. It does not take into account the specific investment objectives and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in this report, should seek independent financial advice relating thereto. This report may not be distributed, quoted from or reproduced for any purpose without written approval by Fondsfinans ASA. DISCLOSURE OF INTERESTS Fondsfinans ASA is constantly seeking investment-banking mandates, and may at any time perform investment banking or other services or solicit investment banking or other mandates from the company or companies covered in this report. Fondsfinans ASA may from time to time as part of its investment services hold positions in securities covered in this report. Under our internal regulations, our analysts are not permitted to purchase new securities in the companies they cover. Holdings are specified as part of shareholder information in each report.
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