presentation q1 2015 - norway royal...
TRANSCRIPT
PRESENTATION Q1 2015Oslo, 12 May 2015
Charles Høstlund, CEO
Ola Loe, CFO
AGENDA:
Highlights for the period
Segment information
Group financials
Markets
Outlook
2
Highlights in Q1 2015
Operational EBIT MNOK 69
Higher production costs and reduced price achievement– Harvested site on Senja with low average weight and high mortality due to the fish
disease ISA
– Accelerated harvesting at a site in Finnmark due to high share of winter wounds
Good profitability in the Trading operations
Good production during the quarter
Salmon prices under pressure in the quarter due to high supply growth and loss of the Russian market
3
Highlights in Q1 2015
Operational EBIT MNOK 69.3 in Q1 15
Operational EBIT per kg NOK 10.31
Average salmon price (NASDAQ) down NOK 6.51 per kg from Q1 last year
Harvested volume up 38 % and sold volume up 21 % from Q1 last year
Negative fair value adjustment of MNOK 124.7
Positive operational cash flow of NOK 60.2
NIBD down by MNOK 52.8 in Q1 15
4
KEY FIGURES Q1 Q1 FY
(NOK '000) 2015 2014 2014
Operating revenues 760 067 695 371 2 599 799
Operational EBITDA 81 540 96 306 199 475
Operational EBIT 69 316 87 057 158 064
Income from associates -6 991 2 522 27 136
EBIT -62 363 28 325 242 656
EBT -80 141 12 307 320 707
EPS (NOK) 1) 0,64 1,05 4,96
ROCE 2) 11,7 % 11,7 % 13,7 %
Op. cash flow 60 218 102 016 95 455
Capital expenditure 4 782 8 355 266 712
Net interest-bearing debt 586 614 367 359 639 383
Equity ratio 41,3 % 47,8 % 39,0 %
Volume harvested (HOG) 7 514 5 435 22 356
Total operational EBIT per kg 3) 10,31 17,04 9,98
Volume sold 16 959 13 978 59 110
1) Earnings per share pre fair value adjustments
3) EBIT pre fair value adjustments and non-recurring items
2) ROCE: Return on average capital employed based on 4-quarters rolling
operational EBIT / average (NIBD + Equity - Financial assets)
SEGMENT INFORMATION
5
Key segment information Q1 2015
6
SEGMENT SUMMARY
Operational Operational Operational Operational
(NOK '000) EBIT EBIT per kg EBIT EBIT per kg
Farming 65 013 8,65 100 264 18,45
Sales 12 438 1,66 2 536 0,47
Fixed price contracts 0 0,00 -10 172 -1,87
Sum segments 77 451 10,31 92 628 17,04
Volume harvested (tonnes) 7 514 5 435
Q1 2015 Q1 2014
Region North
Operational EBIT per kg farming NOK 10.21– Down NOK 7.09 from Q1 14
– Sales price FCA packing station down by NOK 7.25 per kg from Q1 14
– Low average weight and winter wounds have reduced price achievement
7
17,30
7,69
5,91
12,84
10,21
Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Operational EBIT pr kg farmingKEY FIGURES Q1 Q1
(NOK '000) 2015 2014
Operating revenues 634 003 639 705
Operational EBIT * 64 117 86 642
Volume harvested (tonnes) 6 283 5 007
Total operational EBIT per kg 10,21 17,30
* EBIT pre fair value adjustments and non-recurring
items incl. allocated margin from sales
Farming – Region North
Production cost of NOK 28.11 per kg– Production cost increased by NOK 3.23 from Q4 14 and NOK 2.91 from Q1 14
– Harvested site on Senja with low average weight and high mortality due to the fish disease ISA
– Accelerated harvesting at a site in Finnmark due to high share of winter wounds
Volume up by 25 % compared to Q1 14
Operation– The feeding in Q1 has been higher than expected
– Increased biomass by 2 511 tonnes compared with Q1 14 (21.4 %)
8
25,20
27,13
28,74
24,88
28,11
20,00
22,00
24,00
26,00
28,00
30,00
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15
Production Cost - NORTH
5 007
3 275
4 443
5 261
6 283
-
2 000
4 000
6 000
8 000
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15
Harvested Volume - NORTH
Region South
Operational EBIT per kg farming NOK 10.83– Down NOK 3.17 from Q1 14
– Sales price FCA packing station down by NOK 9.79 per kg from Q1 14
9
KEY FIGURES Q1 Q1
(NOK '000) 2015 2014
Operating revenues 123 368 54 561
Operational EBIT * 13 334 5 987
Volume harvested (tonnes) 1 231 428
Total operational EBIT per kg* 10,83 14,00
* EBIT pre fair value adjustments and non-recurring
items incl. allocated margin from sales
13,99
3,19 1,76
11,40 10,83
Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Operational EBIT pr kg farming
Farming – Region South
Production cost of NOK 29.68 per kg– Production cost decreased by NOK 0.69 from Q4 14 and NOK 3.57 from Q1 14
– Still high cost due to fish disease PD and AGD
Volume up by 803 tonnes compared to Q1 14
Operation– Growth in Q1 higher than expected due to high sea water temperatures
– Decreased biomass by 653 tonnes compared with Q1 14 (13.9 %)
10
33,25
31,38
35,23
30,37 29,68
20,00
22,00
24,00
26,00
28,00
30,00
32,00
34,00
36,00
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15
Production Cost - SOUTH
428
2 107
1 674
159
1 231
-
1 000
2 000
3 000
4 000
Q1-14 Q2-14 Q3-14 Q4-14 Q1-15
Harvested Volume - SOUTH
Associated companies
3 fish-farming companies with 10 licenses2 harvesting companies and 2 hatchery with a yearly capacity of total 8 million smolt
Q1 15 EBIT per kg of NOK 9.56 for associated farming companies
NRS share of result after tax ex. fair value adjustment of MNOK 7.9– Fair value adjustment after tax negative by MNOK 14,9
11
125 661 24 432
31 480 306
-10 268 306
-18 722 86
3 294
9,56
-7 004 11
Q1 2015
Farming
companies
Other
associated
companies
93 176 25 418
32 466 2 292
15 824 2 292
5 979 1 455
2 071
15,68
2 091 431
Q1 2014
Farming
companies
Other
associated
companies
KEY FIGURES
(NOK '000)
Operating revenues
Operational EBIT *
EBIT
Result after tax
Volume harvested (tonnes)
Operational EBIT per kg *
*EBIT pre fair value adjustments
NRS' share of result after tax
GROUP FINANCIALS
12
Key income statement items
13
Revenues up by MNOK 65 (9 %) from Q1 14
– Average salmon price (NASDAQ) down 6.51 per kg
– Sold volume up 21 %
EBITDA of MNOK 81.5 (96.3 in Q1 14)
– Farming:
• Sales price down NOK 7.27/kg
• Production cost up NOK 2.52/kg
• Harvested volume up 2 079 tonnes
– Sales:
• Margins sold volume up by NOK 1.28/kg
Depreciation increased with MNOK 3.0 from Q1 14
EPS pre FV down 0.41 per share from Q1 14
695
781 760
400
500
600
700
800
900
Q1 14 Q4 14 Q1 15
MN
OK
Operating revenues
87,1
59,0 69,3
9,2
12,0 12,2
-
20,0
40,0
60,0
80,0
100,0
120,0
Q1 14 Q4 14 Q1 15
MN
OK
Operational EBITDAEBIT
Depreciation
1,05
2,08
0,64
-
0,50
1,00
1,50
2,00
2,50
Q1 14 Q4 14 Q1 15
NO
K
EPS pre fair value
Key balance sheet items
14
Biomass pre FV down by MNOK 59 from Q4 14
– Biomass down by 3 371 tonnes
– Estimate growth of MNOK 30 for 2015
Receivables pre FV down MNOK 39 from Q4 14
– Lower volumes
Working capital pre FV down MNOK 7 from Q4 14
– Accounts payable decreased by MNOK 116
Equity down by MNOK 65 from Q4 14
– Equity ratio 41.3 %
Capital employed pre FV up by MNOK 51 from Q4 14
– ROCE 11.7 %
29,3 %
24,8 %
17,7 %
13,7 %11,7 %
0%
5%
10%
15%
20%
25%
30%
Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
ROCE
877
1173
1014
1420
949
1471
0
200
400
600
800
1000
1200
1400
1600
Equity Cap. Empl. Pre FV
MN
OK
Q1 14 Q4 14 Q1 15
474
334
540
608
484
667
549
445
660
-20
80
180
280
380
480
580
680
Biomass pre FV Receivables pre FV NWC pre FV
MN
OK
Q1 14 Q4 14 Q1 15
Cash flow, Cap Ex and Net interest bearing debt
Operational cash flow positive by MNOK 60
– EBITDA MNOK 81.5
Capex of MNOK 5 in Q1 15
– Estimated capex of MNOK 125 for 2015
NIBD down by MNOK 52 from Q4 14
– Paid capex of MNOK 95
– Positive EBITDA of MNOK 83
– Realised TRS-agreements resulted in cash inflow of MNOK 95
– Unused credit facility of MNOK 343 at end of Q1 15
15
102
49
-15-40
60
-45
5
55
105
Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Op. Cash flow (MNOK)
8
42
91
126
50
20
40
60
80
100
120
140
Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Cap. Ex. - fixed assets (MNOK)
367
450
557
639
587
250
300
350
400
450
500
550
600
650
Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
NIBD (MNOK)
Dividend and TaxDividend 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
Dividend proposal of NOK 1.50 per share (30 % of EPS pre FV)
Group tax losses carried forward year end 2014 of MNOK 231
16
MARKETS
17
Market outlook
18
Global supply (including release of frozen inventory) increased 10 % yr/yr in Q1/15 to the highest level ever. Norwegian supply increased 11 % yr/yr
Spot prices fell in Q1 yr/yr due to high supply, release of frozen inventory and lower demand from Russia. Still prices were the 2nd highest price in Q1 the last 20 years
We expect positive supply growth of 2-6 % from Norway and 1-5 % globally in 2015
The currency situation in Russia/Brazil is challenging for the market development
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
50,0
200000
250000
300000
350000
400000
450000
500000
Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 Q1/14 Q1/15
NO
K p
r kg
(N
asd
aq -
0.7
5)
Glo
bal
su
pp
ly in
to
nn
es (
HO
G)
Price and volume Q1 2008 - Q1 2015
Global supply in tonnes (HOG) Q1 Salmon price (Nasdaq -0.75)
Source: Kontali, Akvafakta
Market outlook
19
Norwegian export volumes increased by 11 % in Q1
With the sanctions in Russia and the challenges in Ukraine, volumes to Eastern-Europe fell by 72 % in Q1
Strong demand from EU, but Asia, the Middle East and North-America also contributed significantly to ease the negative effect of Eastern-Europe for Norwegian salmon
Strong growth from EU countries as almost all of the 20 largest countries contributed with growth yr/yr in Q1
-1 000
0
1 000
2 000
3 000
4 000
5 000
6 000
Sto
rbri
tan
nia
Po
len
Span
ia
Fran
krik
e
Sver
ige
Dan
mar
k
Ital
ia
Ned
erl
and
Tysk
lan
d
Lita
uen
Fin
lan
d
Po
rtu
gal
Latv
ia
Tsje
kkia
Be
lgia
Ro
man
ia
Estl
and
Kyp
ros
Un
garn
Øst
erri
ke
Hel
las
Y/Yr
gro
wth
in t
on
nes
EU market growth in Q1/2015
11 % 22%
- 72 %
26% 33%
-30 000 -20 000 -10 000
- 10 000 20 000 30 000 40 000 50 000
Y/Yr
gro
wth
in t
on
nes
ro
un
d w
eigh
t
Regional market growth yr/yr
Q1/2015
Source: Norwegian Seafood Council
OUTLOOK
20
18,0
6,33,5
8,8 7,4
26,0
4,4
1,2
1,8
1,41,7
6,0
22,4
7,5
5,3
10,2 9,1
32,0
0,0
5,0
10,0
15,0
20,0
25,0
30,0
FY-14 Q1-15 Q2-15 Q3-15 Q4-15 FY-15
SOUTH NORTH
Harvesting estimates 2015
Q1 15 7 514 tonnes (- 11 % yr/yr)900 tonnes more than estimated in Q4 14 report due accelerated harvest
Estimate harvest volume for 2015 of 32 000 tonnes (+ 43 %)– No changes from Q4 14 report
– At end of Q1 15 the biomass is 1 859 tonnes (10 %) greater and 1.4 million fish ( 16 %) more than Q1 14
21
Organic growth potential for Norway Royal Salmon
3 2004 400
6 000 6 500
10 500
18 500
21 000
25 200
22 400
32 000
45 000
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Green
NRS-Farming
22
New green licenses will boost volumes
Outlook
Focus on utilisation of our growth potential– Improving operations and operational structure
Expect low long-term global supply growth, which provide good price prospects
Waiting for approval of ASC-certification in Finnmark
NRS supports the intentions of the Norwegian White Paper– A professional assessment on the split in production zones has to be done
– The regulation for production growth must be related to a site, not area
Satisfied that farming operations are primarily located in Troms and Finnmark, where there are good conditions for the production of salmon
23
Norway Royal Salmon ASANO 864 234 232
www.norwayroyalsalmon.com
Thank you for your attention
24
APPENDIX
25
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
Track record for achieving attractive prices
Sales operation
26
4 6 7 1119 21
25 22
3540 41
3932
3737
37
0
10
20
30
40
50
60
70
2007 2008 2009 2010 2011 2012 2013 2014
External VolumesNRS-Farming
Farming operations focused in attractive regions
27
NRS Finnmark (19)
Nord Senja Laks (6)
Nor Seafood (4)
NRS Feøy (6)
REGION NORTH
REGION SOUTH
Head office Norway Royal Salmon ASA
Sales office Norway Royal Salmon ASA
NRS with 35 licenses
Region North – NRS Finnmark
28
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
Region North – Senja cluster
29
Troms is an area prioritized by the authorities for growth in the past 3 allocations (5 years)
10 licenses majority owned in Senja – NRS owns 82.5 % of Nor Seafood AS (4 licenses)
– NRS owns 66.7 % of Nord Senja Laks AS (6 licenses)
– 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
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 %)
Region South
30
Operates in the Haugesundarea, 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
Group income statement
31
Q1 Q1 FY
(NOK '000) 2015 2014 2014
Operating revenues 760 067 695 371 2 599 799
Cost of goods sold 626 513 558 147 2 175 278
Salaries 27 704 21 550 104 557
Depreciation 12 224 9 248 41 412
Other operating costs 24 310 19 369 120 488
Operational EBIT 69 316 87 057 158 064
Fair value adjustments -124 687 -61 254 57 456
Income from associates -6 991 2 522 27 136
EBIT -62 363 28 325 242 656
Gain/loss on financial assets -10 643 -11 200 100 262
Other net financial items -7 136 -4 817 -22 211
EBT -80 141 12 307 320 707
Tax 16 877 -5 666 -52 422
Net profit/loss -63 264 6 641 268 284
Profit attributable to:
Parent company shareholders -62 672 2 695 254 348
Minority interests -592 3 947 13 936
Earnings per share (NOK) -1,44 0,06 5,85
Earnings per share - diluted -1,44 0,06 5,85
Group balance sheet
32
(NOK '000) 31.03.2015 31.12.2014 31.03.2014
Intangible assets 648 887 648 887 502 887
Property, plant and equipment 281 611 289 052 209 661
Non-current financial assets 148 500 155 051 139 802
Non-current assets 1 078 998 1 092 990 852 350
Inventory and biological assets 681 789 848 944 580 496
Receivables 451 796 596 035 342 700
Bank deposits, cash 84 069 61 494 58 064
Current assets 1 217 654 1 506 472 981 260
TOTAL ASSETS 2 296 652 2 599 462 1 833 610
Share capital 43 569 43 539 43 544
Other equity 841 735 905 587 775 129
Non-controlling interests 64 188 64 781 58 302
Equity 949 493 1 013 908 876 975
Pensions 18 733 18 733 10 320
Deferred tax 255 218 272 742 238 693
Provisions 273 952 291 476 249 012
Long-term interest-bearing debt 610 304 518 788 384 788
Short-term interest-bearing debt 60 379 182 089 40 635
Trade payables 310 103 426 331 231 389
Tax payable 0 2 031 7 923
Other current liabilities 92 421 164 842 42 887
Current liabilities 462 903 775 293 322 834
TOTAL EQUITY AND LIABILITIES 2 296 650 2 599 463 1 833 609
Group cash flow statement
33
Q1 Q1 FY
(NOK '000) 2015 2014 2014
Operational EBIT 69 316 87 057 158 064
Adjusted for:
Tax paid -2 031 -390 -8 313
Depreciation 12 224 9 248 41 412
Gains (-)/ losses (+) on disposal of non-current assets 0 0 802
Share based payment -1 245 -2 447 -1 137
Pension costs with no cash effect 0 0 -716
Change in inventory / biomass 65 699 27 819 -129 180
Change in debtors and creditors -66 300 -35 327 33 844
Change in other current assets and other liabilities -17 445 16 055 680
Net cash flow from operating activities 60 218 102 017 95 456
Cash flow from investing activities
Payments for purchase of PPE and licenses -94 782 -8 355 -176 712
Proceeds from investments in non-current financial assets 94 695 0 14 722
Payments for investments in non-current financial assets -2 641 -2 804 -500
Change in loans to associates and others 0 0 127
Net cash flow from investing activities -2 728 -11 159 -162 363
Cash flow from financing activities
Receipts from new long-term debt 101 195 302 285 474 722
Long-term debt repayments -9 528 -250 983 -277 236
Net change in overdraft -121 861 -133 495 -4 223
Purchase and sale of treasury shares 1 844 46 -252
Interest paid -6 565 -4 378 -21 499
Dividend payment 0 0 -96 845
Net cash flow from financing activities -34 915 -86 525 74 667
Net increase (+)/ decrease (-) in cash & cash equivalents 22 575 4 332 7 760
Cash and cash equivalents - opening balance 61 494 53 732 53 734
Cash and cash equivalents - closing balance 84 069 58 064 61 494
Statement of Equity
34
31.03.2015
(NOK '000)
Share
capital
Treasury
shares
Retained
earnings Total
Equity at 01.01.2015 43 572 -34 905 587 949 126 64 781 1 013 907
Total comprehensive income 0 0 -64 421 -64 421 -592 -65 014
Transactions with shareholders
Share based payment 0 0 -1 245 -1 245 0 -1 245
Purchase/sale of treasury shares 0 30 1 814 1 844 0 1 844
Total transactions with shareholders 0 30 569 599 0 599
Equity at 31.03.2015 43 572 -4 841 735 885 305 64 190 949 493
31.03.2014
(NOK '000)
Share
capital
Treasury
shares
Retained
earnings Total
Equity at 01.01.2014 43 572 -30 771 090 814 632 54 355 868 989
Comprehensive income 0 0 6 440 6 440 3 947 10 387
Transactions with shareholders
Share based payment 0 0 -2 448 -2 448 0 -2 448
Purchase/sale of treasury shares 0 2 46 48 0 48
Total transactions with shareholders 0 2 -2 402 -2 401 0 -2 401
Equity at 31.03.2014 43 572 -29 775 128 818 673 58 303 876 975
31.12.2014
(NOK '000)
Share
capital
Treasury
shares
Retained
earnings Total
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 with 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
Equity allocated to parent company shareholdersNon-
controlling
interests
Total equity
Equity allocated to parent company shareholdersNon-
controlling
interests
Total equity
Equity allocated to parent company shareholdersNon-
controlling
interests
Total equity
Quarterly historical information
35
QUARTERLY HISTORICAL INFORMATION Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
(NOK thousand, NOK per kg) 2015 2014 2014 2014 2014 2013 2013 2013 2013 2012 2012 2012 2012
Volumes harvested (ktonnes, HOG)
Region North 6 283 5 261 4 443 3 275 5 007 6 204 4 254 5 560 4 473 4 397 2 408 2 995 4 145
Region South 1 231 159 1 674 2 107 428 2 179 320 1 269 932 2 940 1 835 2 045 398
Total 7 514 5 421 6 118 5 382 5 435 8 383 4 574 6 829 5 405 7 337 4 243 5 039 4 543
Operational EBIT
Region North 64 117 67 574 26 273 25 194 86 642 78 796 51 219 66 219 44 097 9 039 2 719 9 297 14 140
Region South 13 334 1 818 2 943 6 714 5 987 21 316 2 024 10 532 5 923 4 184 3 461 4 150 559
Total 77 451 69 391 29 216 31 908 92 629 100 111 53 243 76 750 50 020 13 223 6 180 13 447 14 699
Operational EBIT per kg
Region North 10,21 12,84 5,91 7,69 17,30 12,70 12,04 11,91 9,86 2,06 1,13 3,10 3,41
Region South 10,83 11,40 1,76 3,19 13,99 9,78 6,33 8,30 6,36 1,42 1,89 2,03 1,40
Total 10,31 12,80 4,78 5,93 17,04 11,94 11,64 11,24 9,26 1,80 1,46 2,67 3,24
Volumes sold (ktonnes) 16 959 18 173 12 706 14 253 13 978 19 858 13 341 15 368 13 574 18 115 13 498 13 243 12 817
NRS GROUP
Operational EBITDA 81 540 71 077 -4 138 36 231 96 306 100 323 57 054 79 720 52 633 16 568 9 898 16 644 17 675
Operational EBIT 69 316 59 035 -14 574 26 545 87 057 91 366 48 404 71 450 44 781 8 484 2 186 9 271 10 395
Net interest bearing debt 586 614 639 383 556 716 450 210 367 359 453 883 443 876 478 414 603 883 566 075 542 281 477 659 455 859
Equity ratio 41,3 % 39,0 % 41,9 % 42,8 % 47,8 % 42,4 % 39,5 % 40,1 % 38,1 % 36,3 % 37,5 % 40,4 % 41,1 %
Accumulated historical information
36
HISTORICAL INFORMATION Q1 FY FY FY FY
(NOK thousand, NOK per kg) 2015 2014 2013 2012 2011
Volumes harvested (ktonnes, HOG)
Region North 6 283 17 987 20 491 13 944 12 871
Region South 1 231 4 369 4 700 7 218 5 910
Total 7 514 22 356 25 191 21 162 18 781
Operational EBIT
Region North 64 117 205 683 240 330 35 195 62 822
Region South 13 334 17 461 39 795 12 354 1 934
Total 77 451 223 144 280 125 47 548 64 756
Operational EBIT per kg
Region North 10,21 11,44 11,73 2,52 4,88
Region South 10,83 4,00 8,47 1,71 0,33
Total 10,31 9,98 11,12 2,25 3,45
Volumes sold (ktonnes) 16 959 59 110 62 141 57 673 50 428
NRS GROUP
Operational EBITDA 81 540 199 475 289 729 60 785 73 300
Operational EBIT 69 316 158 064 256 002 30 336 47 257
Net interest bearing debt 586 614 639 383 453 883 566 075 531 734
Equity ratio 41,3 % 39,0 % 42,4 % 36,3 % 36,3 %
FinancingLong term debt
Short term debt
37
(NOK '000) 31.03.2015
Long-term debt to financial institutions 500 030
Long-term finance lease 110 274
Total long-term interest bearing debt 610 304
(NOK '000) 31.03.2015
Short-term debt to financial institutions 20 715
First year's instalment long-term debt 39 664
Total short-term interest bearing debt 60 379
Cash and cash equivalents 84 069
Net interest bearing debt 586 614