1

Cermaq ASA

Presentation for Pareto Securities Oslo, 14th June 2012

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0 1 2 3 4 5 6 7

Beef cattle

Pigs

Poultry

Salmon

FCR

Aquaculture: a sustainable growth industry

• Our growing population is consuming

more and more animal protein

• As most wild fish populations are

already over-exploited, increased

protein consumption per capita must be

met by an increase in supply from

aquaculture

Aquaculture and wild capture outlook

0

40

80

120

160

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2020

Total capture fish Aquaculture

Million tonnesSource: Food and Agriculture

Organization of the UN

Feed Conversion Ratio

• Farmed fish is one of the most efficient types of proteins:

- can eat the same raw materials as land animals

- converts feed more effectively than land animals

- is healthier than meat

- is environmentally sustainable

3

Harvesting Salmon farmers

Processing

Terrestrial farming

Nutrients not

suited for human

consumption

Nutrients attractive

for human

consumption

Cermaqs position in the value chain

4

* EBIT is EBIT pre fair value adjustments on live inventory

Cermaq Key Figures – Full year 2011

• Best operating result in Cermaq history

• Strong Mainstream performance

- 12% volume growth

- Solid results despite reduced prices 2nd half

- Chile recovery documented by strong operational

and financial results

• Best EWOS result ever

- 23% volume growth; 20% organic

- Successful introduction of several new value

added products

- EBIT margin for 2011 of 6.7%

• Solid cash flow further improving financial ratios

from 2010

- NIBD/EBITDA reduced to 0.62

- Equity ratio 59.5%

(NOKm) FY 11 FY 10

Op. Revenues 11 634 9 991

EBITDA 1 686 1 778

EBIT pre gain* 1 369 1 342

Op. Cash flow 1 185 719

NIBD 1 052 1 181

Mainstream

Volume (kt, gwe) 108.5 96.7

EBIT* 772 913

Chile 430 206

Norway 215 507

Canada 127 190

Scotland - 10

EBIT/kg (NOK) 7.1 9.4

EWOS

Volume (kt) 1 081 876

EBIT* 625 509

EBIT/tonne (NOK) 578 581

EBIT % 6.7 % 6.9 %

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Solid financial structure

• Significant NIBD reduction last two years despite large dividend and investments in 2011

• Almost NOK 4 billion in available cash through long- and short term facilities

• A flexible financial structure with no maturity until 3rd quarter 2013

• Equity ratio as of December 2011 of 59%

NIBD (NOKm)

1 052

1 181

1 810

-

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

2 011 2 010 2 009

NEW

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Strong cash flow support capacity expansions

• Improved operational cash flow in 2011

• Large capacity increase projects in Mainstream Chile and Norway

• 2012 capex level at around NOK 420 mill

– Completion of capacity increase projects in Mainstream

– Capacity expansion in EWOS Norway to meet customer requirements

Capex (NOKm) Op. Cash flow (NOKm)

574

390 402

-

100

200

300

400

500

600

700

2 011 2 010 2 009

719

1 1851 216

-

200

400

600

800

1 000

1 200

1 400

2 011 2 010 2 009

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* EBIT throughout this document is EBIT pre fair value adjustments on live

inventory

** Earnings per share, adjusted

*** Return on capital employed, 12-months rolling average, based on EBIT pre

gain and fair value adjustments

Highlights Q1 12

• EBIT of NOK 101m despite low salmon prices

• Good biological performance in all regions

• Strong volume growth in EWOS Norway and

Chile

• Continued low debt and solid financial capacity

• Investment programs in EWOS and Mainstream

on schedule

CERMAQ Q1 12 Q1 11

Op. Revenues 2 328 2 286

EBIT* 101 403

EPS** 0.7 3.2

Op. Cash flow 98 730

Q1 Q4 11

ROCE*** 16.6% 22.1%

NIBD 1 043 1 052

EWOS Q1 12 Q1 11

Volumes sold (kt) 229.6 164.0

EBIT 61.6 49.7

EBIT % 3.3 % 3.4 %

EBIT per tonne 268.5 302.9

Mainstream Q1 12 Q1 11

Volumes sold (kt, gwe) 26.2 26.6

EBIT 59.5 340.3

EBIT per kg 2.3 12.8

Return on capital employed(12-month rolling average)

26,3 %

22,1 %

28,4 %26,9 %

16,6 %

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12

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Outlook 2012

Mainstream

• Estimated volume growth of 15%

• 19kt in Norway sold forward on financial

contracts at NOK ~27/kr FCA Oslo

• Continued upward volume adjustments in

market estimates

EWOS

• Estimated volume growth of 15%

– Norway; above 10%

– Chile; above 20%

• Full year EBIT margin 5-7%

Sales volumes FY 11 Q1 12 Q2 12 Q3 12 Q4 12 FY 12

(kt, gwe) ACT ACT EST EST EST EST

Chile 49 13 5 11 22 51

Atlantics 15 4 4 7 8 23

Coho 24 8 1 - 12 21

Trout 10 1 0 4 2 7

Norway 38 10 13 16 15 54

Nordland 23 4 5 9 6 24

Finnmark 15 7 8 7 9 30

Canada 21 3 5 6 6 19

Total 109 26 23 33 43 125

Global harvest of Atlantic salmon

kTonnes WFE Q1 12E Q1 11 FY 12E FY 11E

REGION

Canada 27 23 117 110

Chile 77 37 376 221

Norw ay 269 211 1 134 1 006

UK 35 33 149 155

Other 37 29 137 129

EST. HARVEST 445 334 1 912 1 620

Source: Kontali Analyse

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Chile – Brief update

Mainstream Chile Operations cover 2,000 Km.

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Salmon - An important export Industry in Chile

• Export value (2011) 2,900 m US$ (Fourth largest export sector of Chile)

• Direct & indirect jobs 53,000 (unemployment in region X is 4.4%)

• Companies involved >25

US$K

11

Export value by specie and distribution

0

500

1.000

1.500

2.000

2.500

3.000

3.500

2003 2004 2005 2006 2007 2008 2009 2010 2011

Mill

on

USD

ATLANTIC COHO TROUT

37%39% 37% 32% 29% 30%

39% 44%

43%47%

40%35%

36% 38% 33% 26% 22%

24%

5%

8%

14%

14% 12% 12%

8%13%

4%

5%

6%

6%

7% 9% 11%

14%17%

14%

5%

7%

9%

11% 11%14%

13% 14%

15%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2003 2004 2005 2006 2007 2008 2009 2010 2011

Mill

on

s U

SD

JAPAN USA EUROPE LATIN AMERICA OTHER MARKETS

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Mainstream 2nd largest exporter in 2011

Export Value in US$ K

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Aquachile

Mai

nstre

am C

hile

Multi

export

Los F

iord

os

Mar

ine H

arvest

Salm

ones Anta

rtica

Trusa

l

Austra

lis

Acuin

ovaGM

T

Cupquelan

Inve

rtec

CMC

Ventis

queros

2010 2011

• 14 companies account for 75% of the export

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Freshwater Seawater Harvesting &

Processing

Logistics &

sales

Mainstream Chiles production process

• 8 hatcheries

• 3 Lakes sites

• Placed in Region

VII,IX , X, XII & XIV

63 sea water licenses

Placed in X, XI & XII

region

2 processing plants

- Quemchi

- Calbuco

Focus on performance Focus on Margin

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Biological Performance Atlantics

2007

2008

2009

2010

2011

Atlantic

Harvest Live W 4 090 2 955 3 444 5 115 4 994

- 2 000 4 000

Harvested Av. Weight (LWE)

2007 2008 2009 2010 2011

Atlantic

Acc. % Mort. 22% 46% 30% 19% 12%

0%

20%

40%

Accumulate Mortality (%)

2007 2008 2009 2010 2011

Atlantic

Bio/smolt 3,28 1,32 2,25 3,40 4,25

0,001,002,003,004,00

Productivity (Kg/Smolt)

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