NORWAY ROYA L S A L M ON PRESENTATION Q2 2015. Oslo, 26 August 2015 Charles Høstlund, CEO Ola Loe, CFO

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Transcription:

PRESENTATION Q2 2015 Oslo, 26 August 2015 Charles Høstlund, CEO Ola Loe, CFO

AGENDA: Highlights for the period Segment information Group financials Markets Outlook 2

Highlights in Q2 2015 NORWAY ROYA L S A L M ON Operational EBIT MNOK 19 High production costs High feed costs and unsatisfactory biological performance on harvested fish Reduced price achievement 55 % of the volume in Region North was harvested in April when the prices was at their lowest in the quarter Continued slightly high downgrading of harvested fish Production as expected during the quarter Very good status for fish health and sea lice in Region North Good underlying demand in EU and Asia 2 sites in Finnmark ASC-certified in the quarter 3

Highlights in Q2 2015 NORWAY ROYA L S A L M ON KEY FIGURES Q2 Q2 (NOK '000) 2015 2014 Operating revenues 684 370 595 727 Operational EBITDA 31 946 36 231 Operational EBIT 19 080 26 545 Income from associates 4 748 7 889 EBIT 21 340 21 412 EBT 20 893 73 795 EPS (NOK) 1) 0,45 1,79 ROCE 2) 10,6 % 24,8 % Op. cash flow 69 611 48 556 Capital expenditure 38 191 41 614 Net interest-bearing debt 625 244 450 210 Equity ratio 38,5 % 42,8 % Volume harvested (HOG) 5 620 5 382 Total operational EBIT per kg 3) 4,83 5,93 Volume sold - Sales 16 121 14 253 1) Earnings per share pre fair value adjustments 2) ROCE: Return on average capital employed based on 4-quarters rolling operational EBIT / average (NIBD + Equity - Financial assets) 3) EBIT pre fair value adjustments and non-recurring items Operational EBIT MNOK 19.1 in Q2 15 Operational EBIT per kg NOK 4.83 Average salmon price (NASDAQ) down NOK 2.40 per kg from Q2 last year Harvested volume up 4 % and sold volume up 13 % from Q2 last year Positive operational cash flow of NOK 69.6 NIBD up MNOK 38.6 in Q2 15 4

SEGMENT INFORMATION 5

Key segment information Q2 2015 SEGMENT SUMMARY Q2 2015 Q2 2014 Operational Operational Operational Operational (NOK '000) EBIT EBIT per kg EBIT EBIT per kg Farming 22 388 3,98 38 160 7,09 Sales 4 776 0,85-3 622-0,67 Fixed price contracts 0 0,00-2 630-0,49 Sum segments 27 164 4,83 31 908 5,93 Volume harvested (tonnes) 5 620 5 382 6

Region North KEY FIGURES Q2 Q2 (NOK '000) 2015 2014 Operating revenues 445 404 362 496 Operational EBIT pr kg farming 12,84 10,21 Operational EBIT * 20 882 25 194 7,69 5,91 5,68 Volume harvested (tonnes) 3 675 3 275 Total operational EBIT per kg 5,68 7,69 * EBIT pre fair value adjustments and non-recurring items incl. allocated margin from sales Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Operational EBIT per kg farming NOK 5.68 Down NOK 2.01 from Q2 14 Sales price FCA packing station down by NOK 1.96 per kg from Q2 14 and down NOK 2.64 from Q1 15 55 % of the volume is harvested in April, where the prices was at the lowest in the quarter Still some winter wounds have reduced the price achievement 7

Farming Region North NORWAY ROYA L S A L M ON 30,00 28,00 26,00 24,00 27,13 Production Cost - NORTH 29,19 28,74 28,11 24,88 8 000 6 000 4 000 Harvested Volume - NORTH 6 283 5 261 4 443 3 675 3 275 22,00 2 000 20,00 Production cost of NOK 29.19 per kg Production cost increased by NOK 1.08 from Q1 15 and NOK 2.06 from Q2 14 Feed cost up due to increased feed price and increased feed conversion ratio Unsatisfactory biological performance on harvested fish Volume up 12 % compared to Q2 14 Operation Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 The feeding in Q2 has been as expected Very good fish health and sea lice situation Completed organizational and operational changes Established feeding central in Finnmark - Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 8

Region South KEY FIGURES Q2 Q2 (NOK '000) 2015 2014 Operational EBIT pr kg farming 11,40 10,83 Operating revenues 235 663 231 975 Operational EBIT * 6 282 6 714 Volume harvested (tonnes) 1 945 2 107 Total operational EBIT per kg* 3,23 3,19 3,19 1,76 3,23 * EBIT pre fair value adjustments and non-recurring items incl. allocated margin from sales Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Operational EBIT per kg farming NOK 3.23 Up NOK 0.04 from Q2 14 Sales price FCA packing station down by NOK 0.28 per kg from Q2 14 and down NOK 3.40 from Q1 15 9

Farming Region South 36,00 Production Cost - SOUTH 35,23 34,00 33,07 32,00 31,38 30,00 30,37 29,68 28,00 26,00 24,00 22,00 20,00 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 4 000 3 000 2 000 1 000 - Harvested Volume - SOUTH 2 107 1 945 1 674 1 231 159 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Production cost of NOK 33.07 per kg Production cost increased by NOK 3.39 from Q1 15 and NOK 1.69 from Q2 14 Still high cost due to fish disease PD and AGD Feed cost up due to increased feed price and increased feed conversion ratio Accelerated harvesting of fish with low average weight from a site with the fish disease PD Volume down 8 % compared to Q2 14 Operation Growth in Q2 little below expected due to low sea water temperatures Good control on the sea lice situation, but some higher treatment cost Change in smolt supply 10

Associated companies NORWAY ROYA L S A L M ON KEY FIGURES (NOK '000) Farming companies Q2 2015 Other associated companies Farming companies Q2 2014 Other associated companies Operating revenues Operational EBIT * 41 402 64 733 3 805 11 473 34 833 51 850 3 234 3 685 EBIT Result after tax 11 718 11 473 11 126 2 068 17 815 3 685 19 847 2 703 Volume harvested (tonnes) Operational EBIT per kg * NRS' share of result after tax *EBIT pre fair value adjustments 580 6,56 4 109 641 721 4,49 6 928 962 3 fish-farming companies with 10 licenses 2 harvesting companies and 2 hatchery with a yearly capacity of total 8 million smolt Q2 15 EBIT per kg of NOK 6.56 for associated farming companies NRS share of result after tax ex. fair value adjustment of MNOK 1.8 Fair value adjustment after tax positive by MNOK 3.0 11

GROUP FINANCIALS 12

NOK MNOK MNOK NORWAY ROYA L S A L M ON Key income statement items 800 700 600 500 400 100,0 80,0 60,0 40,0 20,0-2,00 1,50 1,00 0,50-596 Operating revenues 760 684 Q2 14 Q1 15 Q2 15 EBIT 9,7 26,5 Operational EBITDA Depreciation 12,2 69,3 12,9 19,1 Q2 14 Q1 15 Q2 15 1,79 EPS pre fair value 0,64 0,45 Q2 14 Q1 15 Q2 15 Revenues up by MNOK 88 (15 %) from Q2 14 Average salmon price (NASDAQ) down 2.40 per kg Sold volume up 13 % EBITDA of MNOK 31.9 (36.2 in Q2 14) Farming: Sales price down NOK 1.37/kg Production cost up NOK 1.74/kg Harvested volume up 238 tonnes Sales: Margins sold volume up by NOK 0.73/kg Depreciation increased with MNOK 3.2 from Q2 14 EPS pre FV down 1.34 per share from Q2 14 Gain on financial assets of MNOK 57.5 in Q2 14 13

MNOK MNOK NORWAY ROYA L S A L M ON Key balance sheet items Biomass pre FV up by MNOK 34 from Q1 15 Biomass down by 881 tonnes from Q1 15 Biomass up by 1 949 tonnes from Q2 14 680 580 480 380 280 180 80 498 549 583 Q2 14 Q1 15 Q2 15 530 393 445 439 660 627 Receivables pre FV down MNOK 6 from Q1 15 Working capital pre FV down MNOK 33 from Q1 15 Accounts payable up by MNOK 52 Equity down by MNOK 48 from Q1 15 Equity ratio 38.5 % Dividend payment of MNOK 65.4-20 1600 1400 1200 1000 800 600 400 200 0 Biomass pre FV Receivables pre FV NWC pre FV Q2 14 Q1 15 Q2 15 1471 1461 1199 949 847 901 Equity Cap. Empl. Pre FV Capital employed pre FV down by MNOK 10 from Q1 15 ROCE 10.6 % 30% 25% 20% 15% 10% 5% 0% 24,8 % 17,7 % ROCE 13,7 % 11,7 % 10,6 % Q2 14 Q3 14 Q4 14 Q1 15 Q2 1514

Cash flow, Cap Ex and Net interest bearing debt Op. Cash flow (MNOK) 90 70 70 60 50 49 30 10-10 -30-15 -40-50 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Operational cash flow positive by MNOK 70 EBITDA MNOK 32 140 120 100 80 60 40 20 0 Cap. Ex. - fixed assets (MNOK) 126 91 42 38 5 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Capex of MNOK 38 in Q2 15 Estimated capex of MNOK 125 for 2015 650 600 550 500 450 400 350 300 250 NIBD (MNOK) 639 625 587 557 450 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 NIBD up by MNOK 38 from Q1 15 Paid dividend of MNOK 65 Paid capex of MNOK 38 Positive EBITDA of MNOK 32 Working capital down MNOK 33 Unused credit facility of MNOK 341 at end 15 of Q2 15

MARKETS 16

Global supply in tonnes (HOG) NOK pr kg (Nasdaq -0.75) Market outlook NORWAY ROYA L S A L M ON Global supply at all time high Price and volume Q2 2008 - Q2 2015 High spot prices, but below last year s due to trade barriers 550 000 500 000 450 000 400 000 45,0 40,0 35,0 30,0 25,0 Low supply growth in H2 2015 Norway: -2 % to +2 % Global: 0-3 % 350 000 300 000 250 000 200 000 Q2/08 Q2/09 Q2/10 Q2/11 Q2/12 Q2/13 Q2/14 Q2/15 Global supply in tonnes (HOG) Q2 Salmon price (Nasdaq -0.75) 20,0 15,0 10,0 5,0 0,0 Strong underlying demand in most markets Significant currency movements in several markets Source: Kontali, Akvafakta 17

Y/Yr growth in tonnes Y/Yr growth in tonnes round weight Market outlook Norwegian export volumes increased by 2 % in Q2 Strong demand from EU, Asia and the US ease the negative effects in Eastern- Europe NORWAY ROYA L S A L M ON 25 000 20 000 15 000 10 000 5 000 - -5 000-10 000-15 000-20 000-25 000 Norwegian export Regional market growth EU Eastern-Europe Asia Nord-Amerika Q2/2014 Strong growth from most EU countries in Q2 7 000 6 000 EU market growth in Q2/2015 5 000 4 000 3 000 2 000 1 000 0-1 000 Source: Norwegian Seafood Council 18

OUTLOOK 19

Harvesting estimates 2015 30,0 25,0 22,4 SOUTH NORTH 30,5 5,7 20,0 4,4 15,0 10,0 5,0 0,0 18,0 10,1 24,8 7,5 7,3 2,1 1,2 5,6 0,5 6,3 1,9 3,7 6,8 8,0 FY-14 Q1-15 Q2-15 Q3-15 Q4-15 FY-15 Q2 15: 5 620 tonnes (4 % yr/yr) 300 tonnes more than estimated in Q1 15 report Estimate harvest volume for 2015 of 30 500 tonnes (+ 36 %) Down 1 500 tonnes from Q1 15 report Lower than expected production so far in Q3 due to low sea temperatures 20

Organic growth potential for Norway Royal Salmon 50 000 45 000 40 000 NRS-Farming 45 000 35 000 30 500 30 000 25 000 20 000 18 500 21 000 25 200 22 400 15 000 10 000 5 000 3 200 4 400 6 000 6 500 10 500 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Green 21

Outlook Focus on reduction of production costs Implemented organisational changes Established feeding-central in Finnmark Good experience with use of cleaner fish New and bigger sites with an efficient operational structure 2 sites ASC-certified in Finnmark Expect more sites to be certified this year NRS will apply for 5 % growth on existing licenses in Troms and Finnmark and this production fit our green production Farming operations primarily located in Troms and Finnmark, where there are good conditions for the production of salmon Expect low long-term global supply growth, which provide good price prospects 22

Thank you for your attention Norway Royal Salmon ASA NO 864 234 232 www.norwayroyalsalmon.com 23

APPENDIX 24

Sales operation NORWAY ROYA L S A L M ON Market knowledge, motivated employees, low historical losses and low capital cost makes this to an important business for NRS Access to volumes from own operations, associated companies, NRS members and independent salmon farmers. Global sales to 50 countries 70 60 50 40 30 20 35 External Volumes NRS-Farming 32 40 41 39 37 37 37 Track record for achieving attractive prices 10 0 19 21 25 22 4 6 7 11 2007 2008 2009 2010 2011 2012 2013 2014 25

Farming operations focused in attractive regions REGION NORTH NRS Finnmark (19) Nord Senja Laks (6) Nor Seafood (4) NRS with 35 licenses Head office Norway Royal Salmon ASA REGION SOUTH NRS Feøy (6) Sales office Norway Royal Salmon ASA 26

Region North NRS Finnmark Finnmark is an area prioritized by the authorities for growth in the past 3 allocations (5 years) 19 licenses owned 100 % through NRS Finnmark Attractively located sites, history of good profitability Good biological conditions Low biological risk Relatively high water temperature in winter Relatively low water temperature in summer Long term harvesting agreement with major industry player Approved for the Russian market. Smolt production through Ranfjorden Fiskeprodukter and other partners NRS own 37.75 % of Ranfjorden Fiskeprodukter Capacity of 5.5 million smolt Long term agreement with other smolt suppliers 27

Region North Troms cluster Troms is an area prioritized by the authorities for growth in the past 3 allocations (5 years) 10 licenses majority owned in Troms NRS owns 82.5 % of Nor Seafood AS (4 licenses) NRS owns 66.7 % of Nord Senja Laks AS (5 licenses) NRS owns 100 % of NRS Feøy AS (1 license) Operated in co-operation with Wilsgård Fiskeoppdrett in a 15 licenses cluster NRS owns 37.5 % of Wilsgård Attractive area with a history of good profitability Good conditions for salmon farming in the area Low biological risk Optimal sea temperatures during the summer Good growth and no oxygen problems Shorter production time than Finnmark Harvesting at Wilsgård and Nord Senja Laks Smolt production through Skardalen Settefisk Smolt producer with capacity of 2.5 million smolt Owned together with associated company Wilsgård Fiskeoppdrett (70 %, NRS subsidiaries 30 %) 28

Region South NORWAY ROYA L S A L M ON Operates in the Haugesund area, both in Rogaland and Hordaland Region South holds a total of 6 licenses Owned 100 % through NRS Feøy AS One single MAB Zone Enables smoother and better utilization of MAB Harvesting at Espevær Laks Approved for the Russian market 29

Group income statement Q2 Q2 YTD YTD FY (NOK '000) 2015 2014 2015 2014 2014 Operating revenues 684 370 595 727 1 444 436 1 291 098 2 599 799 Cost of goods sold 596 905 507 089 1 223 418 1 065 236 2 175 278 Salaries 22 738 21 057 50 442 42 607 104 557 Depreciation 12 865 9 687 25 089 18 935 41 412 Other operating costs 32 781 31 349 57 091 50 718 120 488 Operational EBIT 19 080 26 545 88 396 113 602 158 063 Fair value adjustments -2 488-13 022-127 175-74 277 57 456 Income from associates 4 748 7 889-2 243 10 411 27 136 EBIT 21 340 21 412-41 022 49 737 242 656 Gain/loss on financial assets 5 375 57 470-5 268 46 270 100 262 Other net financial items -5 822-5 087-12 958-9 905-22 211 EBT 20 893 73 795-59 248 86 102 320 707 Tax -2 917-2 278 13 960-7 944-52 422 Net profit/loss 17 976 71 517-45 288 78 158 268 284 Profit attributable to: Parent company shareholders 16 808 67 533-45 864 70 228 254 348 Minority interests 1 169 3 984 576 7 930 13 936 Earnings per share (NOK) 0,39 1,55-1,05 1,61 5,85 Earnings per share - diluted 0,39 1,55-1,05 1,61 5,85 EXTENDED INCOME STATEMENT Q2 Q2 YTD YTD FY (NOK '000) 2015 2014 2015 2014 2014 Net profit/loss 17 976 71 517-45 288 78 158 268 284 Items to be reclassified to profit or loss: Cash Flow hedges (net) 4 248-4 545 2 499-799 -18 306 Itens not to be reclassified to profit or loss: Actuarial gains/losses) on defined benefit plans (net) 0 0 0 0-6 665 Total comprehensive income 22 224 66 972-42 789 77 359 243 313 Total comprehensive income attributable to: Parent company shareholders 21 056 62 988-43 366 69 429 229 377 Minority interests 1 169 3 984 576 7 930 13 936 30

Group balance sheet (NOK '000) 30.06.2015 31.03.2015 31.12.2014 30.06.2014 Intangible assets 648 887 648 887 648 887 502 887 Property, plant and equipment 307 867 281 611 289 052 241 588 Non-current financial assets 150 312 148 500 155 051 144 269 Non-current assets 1 107 066 1 078 998 1 092 990 888 744 Inventory and biological assets 705 010 681 789 848 944 602 194 Receivables 447 804 451 796 596 035 451 095 Bank deposits, cash 82 005 84 069 61 494 36 249 Current assets 1 234 819 1 217 654 1 506 472 1 089 538 TOTAL ASSETS 2 341 885 2 296 652 2 599 462 1 978 282 Share capital 43 502 43 569 43 539 43 539 Other equity 792 041 841 735 905 587 744 327 Non-controlling interests 65 357 64 188 64 781 58 775 Equity 900 900 949 493 1 013 908 846 641 Pensions 18 733 18 733 18 733 10 320 Deferred tax 259 669 255 218 272 742 239 235 Provisions 278 402 273 952 291 476 249 554 Long-term interest-bearing debt 619 531 610 304 518 788 404 528 0 Short-term interest-bearing debt 87 718 60 379 182 089 81 930 Trade payables 362 078 310 103 426 331 328 476 Tax payable 74 0 2 031 7 589 Other current liabilities 93 183 92 421 164 842 59 563 Current liabilities 543 053 462 903 775 293 477 558 TOTAL EQUITY AND LIABILITIES 2 341 885 2 296 652 2 599 464 1 978 282 31

Group cash flow statement Q2 Q2 YTD YTD FY (NOK '000) 2015 2014 2015 2014 2014 Operational EBIT 19 080 26 545 88 396 113 602 158 064 Adjusted for: Tax paid 0-334 -2 031-724 -8 313 Depreciation 12 865 9 687 25 089 18 935 41 412 Gains (-)/ losses (+) on disposal of non-current assets 1 0 1 0 802 Share based payment 23 0-2 108-2 447-1 137 Pension costs w ith no cash effect 0 0 0 0-716 Change in inventory / biomass -32 185-34 347 33 514-6 528-129 180 Change in debtors and creditors 94 399 40 760 28 099 5 433 33 844 Change in other current assets and other liabilities -24 573 6 246-41 132 22 301 680 Net cash flow from operating activities 69 611 48 556 129 828 150 572 95 455 Cash flow from investing activities Proceeds from sale of property, plant and equipment 67 0 67 0 0 Payments for purchase of PPE and licenses -38 191-41 614-132 973-49 969-176 712 Proceeds from investments in non-current financial assets 4 054 11 208 98 749 8 404 14 722 Payments for investments in non-current financial assets 0 0-2 641 0-500 Change in loans to associates and others 1 800 0 1 800 0 127 Net cash flow from investing activities -32 270-30 406-34 998-41 565-162 363 Cash flow from financing activities Receipts from new long-term debt 21 614 29 402 122 809 331 687 474 722 Long-term debt repayments -10 173-7 754-19 701-258 737-277 236 Net change in overdraft 25 125 39 390-96 736-94 105-4 223 Purchase and sale of treasury shares -4 433-298 -2 589-252 -252 Interest paid -6 185-5 296-12 750-9 673-21 499 Dividend payment -65 353-95 410-65 353-95 410-96 845 Net cash flow from financing activities -39 405-39 966-74 320-126 490 74 667 Net increase (+)/ decrease (-) in cash & cash equivalents -2 065-21 815 20 511-17 484 7 759 Cash and cash equivalents - opening balance 84 069 58 064 61 494 53 732 53 734 Cash and cash equivalents - closing balance 82 005 36 249 82 005 36 249 61 494 32

Statement of Equity NORWAY ROYA L S A L M ON 30.06.2015 (NOK '000) Equity allocated to parent company shareholders Share capital Treasury shares Retained earnings Total Non-controlling interests Total equity Equity at 01.01.2015 43 572-34 905 587 949 126 64 781 1 013 907 Total comprehensive income 0 0-43 366-43 366 576-42 789 Transactions with shareholders Dividend 0 0-65 353-65 353 0-65 353 Share based payment 0 0-2 108-2 108 0-2 108 Purchase/sale of treasury shares 0-37 -2 552-2 589 0-2 589 Other changes 0 0-165 -165 0-165 Total transactions w ith shareholders 0-37 -70 179-70 216 0-70 216 Equity at 30.06.2015 43 572-71 792 043 835 546 65 358 900 900 30.06.2014 (NOK '000) Equity allocated to parent company shareholders Share capital Treasury shares Retained earnings Total Non-controlling interests Total equity Equity at 01.01.2014 43 572-30 771 090 814 632 54 355 868 989 Comprehensive income 0 0 69 429 69 429 7 930 77 359 Transactions with shareholders Dividend 0 0-93 332-93 332 0-93 332 Share based payment 0 0-2 448-2 448 0-2 448 Dividend to non-controlling interests 0 0 0 0-3 511-3 511 Purchase/sale of treasury shares 0-4 -248-252 0-252 Other changes associated companies 0 0-163 -163 0-163 Total transactions w ith shareholders 0-4 -96 191-96 196-3 511-99 707 Equity at 30.06.2014 43 572-35 744 328 787 867 58 775 846 641 31.12.2014 (NOK '000) Equity allocated to parent company shareholders Share capital Treasury shares Retained earnings Total Non-controlling interests Total equity Equity at 01.01.2014 43 572-30 771 090 814 632 54 355 868 989 Total comprehensive income 0 0 229 377 229 377 13 936 243 313 Transactions with shareholders Dividend 0 0-93 332-93 332 0-93 332 Share based payment 0 0-1 137-1 137 0-1 137 Dividend to non-controlling interests 0 0 0 0-3 511-3 511 Purchase/sale of treasury shares 0-4 -248-252 0-252 Other changes associated companies 0 0-163 -163 0-163 Total transactions w ith shareholders 0-4 -94 880-94 884-3 511-98 395 Equity at 31.12.2014 43 572-34 905 587 949 126 64 781 1 013 907 33

Quarterly historical information QUARTERLY HISTORICAL INFORMATION Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 (NOK thousand, NOK per kg) 2015 2015 2014 2014 2014 2014 2013 2013 2013 2013 2012 2012 2012 Volumes harvested (ktonnes, HOG) Region North 3 675 6 283 5 261 4 443 3 275 5 007 6 204 4 254 5 560 4 473 4 397 2 408 2 995 Region South 1 945 1 231 159 1 674 2 107 428 2 179 320 1 269 932 2 940 1 835 2 045 Total 5 620 7 514 5 421 6 118 5 382 5 435 8 383 4 574 6 829 5 405 7 337 4 243 5 039 Operational EBIT Region North 20 882 64 117 67 574 26 273 25 194 86 642 78 796 51 219 66 219 44 097 9 039 2 719 9 297 Region South 6 282 13 334 1 818 2 943 6 714 5 987 21 316 2 024 10 532 5 923 4 184 3 461 4 150 Total 27 164 77 451 69 391 29 216 31 908 92 629 100 111 53 243 76 750 50 020 13 223 6 180 13 447 Operational EBIT per kg Region North 5,68 10,21 12,84 5,91 7,69 17,30 12,70 12,04 11,91 9,86 2,06 1,13 3,10 Region South 3,23 10,83 11,40 1,76 3,19 13,99 9,78 6,33 8,30 6,36 1,42 1,89 2,03 Total 4,83 10,31 12,80 4,78 5,93 17,04 11,94 11,64 11,24 9,26 1,80 1,46 2,67 Volumes sold (ktonnes) 16 121 16 959 18 173 12 706 14 253 13 978 19 858 13 341 15 368 13 574 18 115 13 498 13 243 NRS GROUP Operational EBITDA 31 946 81 540 71 077-4 138 36 231 96 306 100 323 57 054 79 720 52 633 16 568 9 898 16 644 Operational EBIT 19 080 69 316 59 035-14 574 26 545 87 057 91 366 48 404 71 450 44 781 8 484 2 186 9 271 Net interest bearing debt 625 244 586 614 639 383 556 716 450 210 367 359 453 883 443 876 478 414 603 883 566 075 542 281 477 659 Equity ratio 38,5 % 41,3 % 39,0 % 41,9 % 42,8 % 47,8 % 42,4 % 39,5 % 40,1 % 38,1 % 36,3 % 37,5 % 40,4 % 34

Accumulated historical information HISTORICAL INFORMATION YTD FY FY FY FY (NOK thousand, NOK per kg) 2015 2014 2013 2012 2011 Volumes harvested (ktonnes, HOG) Region North 9 958 17 987 20 491 13 944 12 871 Region South 3 175 4 369 4 700 7 218 5 910 Total 13 133 22 356 25 191 21 162 18 781 Operational EBIT Region North 84 999 205 683 240 330 35 195 62 822 Region South 19 616 17 461 39 795 12 354 1 934 Total 104 615 223 144 280 125 47 548 64 756 Operational EBIT per kg Region North 8,54 11,44 11,73 2,52 4,88 Region South 6,18 4,00 8,47 1,71 0,33 Total 9,98 11,12 2,25 3,45 Volumes sold (ktonnes) 33 080 59 110 62 141 57 673 50 428 NRS GROUP Operational EBITDA 113 485 199 475 289 729 60 785 73 300 Operational EBIT 88 396 158 064 256 002 30 336 47 257 Net interest bearing debt 625 244 639 383 453 883 566 075 531 734 Equity ratio 38,5 % 39,0 % 42,4 % 36,3 % 36,3 % 35

Financing NORWAY ROYA L S A L M ON Long term debt (NOK '000) 30.06.2015 Long-term debt to financial institutions 500 016 Long-term finance lease 119 515 Total long-term interest bearing debt 619 531 Short term debt (NOK '000) 30.06.2015 Short-term debt to financial institutions 45 840 First year's instalment long-term debt 41 878 Total short-term interest bearing debt 87 718 Cash and cash equivalents 82 005 Net interest bearing debt 625 244 36

Dividend and Tax NORWAY ROYA L S A L M ON Dividend policy The company aims to provide a dividend level that reflects the company s value creation in the form of dividends and increases in the company s share price At least 60 % of the profit shall be distributed as dividends, provided that the company s equity ratio is above 40 % and that the company s own capital requirements have been satisfied Paid dividend of NOK 1.50 per share in Q2 NOK 0.75 per share by cash NOK 0.75 per share by shares in NRS Group tax losses carried forward year end 2014 of MNOK 231 37