Date post: | 14-Jul-2015 |
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Food |
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Salmon vs chicken category
Future potential
Henning Beltestad
CEO
Lerøy Seafood Group ASA
AGENDA
1. Lerøy Seafood Group
2. Global Supply
3. Production time
4. Prices
5. Consumption
6. Sustainability
7. Health
8. Product categories
9. Potential
Turnover Lerøy Seafood Group ASA
3
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
11 000
12 000
13 000
2004
1999
2000
2007
2010
2012
2008
1990
1980
1985
NO
K m
illio
n
2011
2009
2014
1995
2006
2002
2003
2013
2005
2001
(NOKm) 2014 2013 ▲%
Revenue 12 579 10 765 17 %
Other gains and losses 117 54
EBITDA 2 160 1 938 11 %
Depreciation & amortisation 371 313
EBIT* 1 789 1 626 10 %
Income from associates* 148 106
Net finance -120 -102
Pre-tax* 1 817 1 630 11 %
EPS (NOK)* 24.0 21.1 14%
Harvested Volume (GWT) 158 258 144 784 9 %
EBIT*/kg all inclusive (NOK) 11.3 11.2 0.7 %
ROCE* (%) 21,2 % 20,7 %
* Before biomass adjustment4
Key financial figures 2014
Quarterly historic figures
435
0
100
200
300
400
500
600
Q4 1
4
NO
K m
illio
n
Q3 1
4
Q2 1
4
Q1 1
4
Q4 1
3
Q3 1
3
Q2 1
3
Q1 1
3
Q4 1
2
Q3 1
2
Q2 1
2
Q1 1
2
Q4 1
1
Q3 1
1
Q2 1
1
Q1 1
1
Q4 1
0
Q3 1
0
Q2 1
0
Q1 1
0
7,3
12,2
16,5
10,310,1
13,7
11,1
3,3
2,0
3,62,83,0
5,7
13,3
16,015,1
13,713,3
11,3
10,2
0
2
4
6
8
10
12
14
16
18
Q3 1
3
Q2 1
3
Q1
13
Q4 1
2
Q3 1
2
Q2 1
2
Q3 1
4
Q1 1
2
Q4 1
1
Q3 1
1
Q2 1
4
Q1 1
4
Q4 1
3
NO
K
Q4 1
4
Q2
11
Q1 1
1
Q4 1
0
Q3 1
0
Q2 1
0
Q1 1
0
EBIT* EBIT/kg*, all inclusive
*before biomass adjustment
5
Return on capital employed (ROCE)
6
0 %
5 %
10 %
15 %
20 %
25 %
30 %
35 %
2012
2011
2013
2014
2004
2003
2002
2001
2000
1999
2010
2009
2008
2007
2006
2005
1998
1997
1996
1995
1994
1993
* Target communicated at the listing on Oslo Stock Exchange 03.06.2002
18 %*
7
Lerøy Aurora
Lerøy Midt
Lerøy Sjøtroll
Farming
• Lerøy Aurora (salmon)
• Lerøy Midt (salmon)
• Lerøy Sjøtroll (salmon and trout)
• Geographic diversification along Norway’s
long coastline.
8
Farming: Guiding
Licences Smolt
cap.
2011
GWT
2012
GWT
2013
GWT2014 GWT
2015E
GWT
Lerøy Aurora AS* 26 11,5 18 100 20 000 24 200 26 800 31 000
Lerøy Midt AS 55 22,0 62 300 61 900 58 900 68 300 70 000
Lerøy Sjøtroll 60 22,6 56 200 71 600 61 700 63 200 65 000
Total Norway 141 52,1 136 600 153 400 144 800 158 300 166 000
Villa Organic AS** 6 000
Norskott Havbruk (UK)*** 10 900 13 600 13 400 13 800 15 500
Total 147 500 167 100 158 200 178 100 181 500
*) Included harvested volume from Villa Organic after split July 2014
**) LSG’s share of Villa Organic’s volume in H1 2014, not consolidated
***) LSG’s share, not consolidated
9
VAP
• Rode Beheer BV Group• Capacity of about 16-20,000 tons raw material
• Lerøy Smøgen Seafood AB• Capacity of about 12,000 tons raw material
• Lerøy Fossen AS• Capacity of about 12-15,000 tons raw material
• Bulandet Fiskeindustri AS(white fish)
• Total VAP capacity in these factories 40-50,000 tons
raw material
10
Sales & Distribution
• Global reach and sales to more than 70
countries.
• A significant industrial activity within trading,
processing, sales and distribution of fish.
• Investments in fish cuts in end markets recent
years
• Processing and fresh distribution facilities:• Norway
• Sweden
• Finland
• France
• Spain
• Portugal
• Denmark (reported as associate)
• Turkey (reported as associate)
• Netherlands (reported in VAP) 11Fish-cuts/fresh distribution facilities
12
Sales per market and product Q4 2014
17,2%
7,4%
3,0%
58,4%
9,8%
4,3%
6,8%
33,4%
4,4%
41,2%
7,4%
6,7%
EU
Norway
Asia Pacific
USA & Canada
Rest of Europe
Others
Salmontrout
Whitefish
Shellfish
Others
Whole salmon
Processed salmon
Salmon vs chicken category
- future potential
Global SupplyBroiler (+12% increase 2010-2015)
0,0%
3,8%
2,5%
1,3%
1,8%
1,5%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
4,5%
5,0%
0,0
10,0
20,0
30,0
40,0
50,0
60,0
70,0
80,0
90,0
100,0
2010 2011 2012 2013 2014 2015E
Broiler ready to eat eqv (mill tons)
Broiler Meat Chg YOY
0%
6%
22%
2%
9%
3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
-
0.5
1.0
1.5
2.0
2.5
3.0
2010 2011 2012 2013 2014 2015E
Salmon WFE (mill tons)
Salmon Chg YOY
Source: USDA / Kontali
Salmon WFE (+48% increase 2010-2015)
4%3% 4%
9%
41%39%
8%
25%24% 23%
7%
14%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Produsing Country Chicken 4 year growth
27%
350%
22%
-17%
97%
18% 13%
300%
-31%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Produsing Country Salmon 4 year growthSource: USDA / Kontali
Global Supply (mill tons)Broiler ready to eat eqv (+12% 2010-2015) Salmon WFE (+48% 2010-2015)
Production time: From eggs to processing, average days
16
21Hatchery 46Chicken
farmProcessing
plant
270-480Hatchery 360-660Salmon farm
Processing plant
Source: Tyson Foods, Inc. Fiscal 2013, Fact Book
Sustainability:
17
Chicken SalmonAmount of feed (kg) to grow 1 kg 2 1,2
Energy retention 10 % 27 %
Protein retention 21 % 24 %
Water foot print, liters/kg edible meat
4,325 1,950
Agricultural land occupied, m2/kg edible product
6,9 3,2
CO2 footprintkg Co2e/kg edible product
3,4 2,5
Edible yield, whole product
46 % 65 %
Use of antibiotics or growth promoting substances
Yes No
Source: Ytrestøyl Nofima Ressursutnyttelse og øko-effektivitet i norsk lakseproduksjon 2010 og 2012/ Ressursregnskap og analyse av fòrråvarer 2012, Mekonnen and
Hoekstra ( 2010), Matvaregruppen mars 2013, SINTEF Fiskeri og havbruk 2013 Carbon footprint and area use of farmed Norwegian salmon.
Nutrient Unit of
measure
Chicken, whole, meat with skin, raw
Salmon, farmed, whole, raw
Water G 67 61
Kilo calories Kcal 162 224
Fat g 13,6 16
- Saturated G 4,2 3
- Trans undaturated G 0 0
- Cis monounsaturated G 6,3 5,9
- Cis polyunsaturated G 1,9 5
Cholesterol Mg 75 80
Protein G 18,6 20
Carbohydrate G 0 0
Salt G 0,2 0,1
Vitamin A RAE 25 26
Vitamin D Mikrogram 0,6 10
Vitamin E Alfa-TE 0,2 1,4
Vitamin B6 Mg 0,3 0,51
Vitamin B12 Mikrogram 0,4 3,5
Selenium Mikrogram 12 30
Iodine Mikrogram 8 12
Health:
High
content of
Omega 3
High
content of
vitamins and
minerals
Source: Matvaretabellen.no
Prices - France
0,00
2,00
4,00
6,00
8,00
10,00
12,00
14,00
16,00
18,00
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
EUR
/kg
Whole Salmon
Salmon Fillet
Whole Chicken Label Rouge
Whole Chicken Prix 1
Source: Kontali
Consumption 2010-2014edible weight
44.2
9.4
19.0
44.8
31.4
2.9
24.8
17.4
41.3
32.7
6.27.2
0
5
10
15
20
25
30
35
40
45
50
55
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
Broiler Meat
2010 2014 2014 per capita
1000 tons kg/capita
1,27
0,800,66
0,330,05
0,32
1,19 1,31
5,06
1,89
0,03
0
1
2
3
4
5
6
7
-
100
200
300
400
500
600
700
2010 2014E per capita 2014
1000 tons kg/capitaAtlantic Salmon
21
Whole products:
22
Fresh packed fillets:
23
Smoked products:
24
Marinaded/breaded products:
25
Raw products:
26
From a sustainability perspective: kg feed/kg protein:
It should be no doubt about what you should eat
more of in the future…….