I would like to invite you to the fourth quarter financial presentation for Austevoll Seafood. I will start by giving you a short presentation of the numbers. We go more in detail through the different segments in the group and how we have performed in the fourth quarter. Britt will take you more in detail through the numbers, and I will end this session by giving our view on the market for the different segments we are operating within. Starting up, I would say fourth quarter is an important quarter for the group. I would say it's in particular three areas which are contributing to our result in the quarter. That's in Peru, where one of the main season is executed. We also have the main season for our human consumption products in Pelagia in the North Atlantic. Of course, similar to the other quarter, Lerøy. This is also an important quarter for Lerøy. We are pleased with the performance in the quarter, have a revenue of just above 5.7 billion NOK. It's marginally down from same quarter last year. EBITDA of 860 million NOK, down 140 million NOK for last year, EBIT of 460 million NOK, which is down 190 million NOK from same quarter last year. I would say the reduced result is mainly explained by a lower price achievement for salmon during the quarter. If you take into account the 50% shares we have in Pelagia, you see that our EBITDA for fourth quarter is close to 1 billion NOK. 750 million NOK is coming from the salmon segment. It's down by approximately NOK 280 million, 244 million NOK is coming from the Pelagic salmon segment, which is up with approximately 150 million NOK. It's mainly related to the good execution we have of the season in Peru. Looking at the full year, a revenue of NOK 22.5 billion, EBITDA of NOK 3.7 billion, and an EBIT of NOK 2.2 billion. We have a strong balance sheet, just below NOK 40 billion in total asset, net interest-bearing debt of NOK 4.6 billion and an equity ratio of approximately 58%. Taking into account the 50% shares we have in Pelagia, you see that we are just exceeding NOK 4 billion in EBITDA, whereof NOK 3.1 billion is coming from the salmon segment, and NOK 900 million is coming from the Pelagic segment. If you look at the Pelagic segment, you can see that if you're taking away the gain of sales we had on a factory in 2019, it's more or less delivering on the same level as we did in 2019 and 2020. The board will recommend a dividend of 3.50 NOK per share, which is up from NOK 2.50 per share in 2020. Now looking at the volume. Volume is important for our group. If you look at our pelagic fishing quota caught by our fishing vessels, we had a total catch last year of 400,000 tons of pelagic fish. We are expecting this year to have increased it with 50,000 ton up to 450,000 tons. We are estimating to process of our pelagic factories approximately 1.9 million tons, which is more or less in line with what we did last year. White fish, we are aiming to increase from approximately 100,000-110,000 tons with white fish in 2021. We are also estimating an increase of 190,000-215,000 tons of salmon from 2020 to 2021. Now starting up looking at the different segments in the group. I will start off by giving our thoughts about Peru. Looking at the quota development and season which were set in November in 2020, you see that the quota were more or less in line with the quota in the same period in 2019. However, the main difference was that this time we caught 2.5 million tons of the quota versus last year, we caught just below 1 million tons. It's a considerably higher volume caught in 2020 versus 2019. Although the quota was more or less in line with 2019. Looking into the first season in 2021, I would say that the research has just started, and they are aiming to end the research during April, and then we will know the outcome of the first season quota. I would say the oceanographic conditions is favorable for the fish as it looks today. Diving into our own performance during the season. We caught 166,000 tons, 125,000 tons before the year, and approximately 40,000 tons in January before the season ended. I would say they've had a very good season. The vessel and the factory were ready to start when the season opened, which normally we should expect, but due to the pandemic, it's not necessarily that we should expect that. A very good execution. What's been special this year is that the fish oil yield has been extremely good. The combined fish meal and fish oil yield are close to 30%, which is far better than we saw also the last season. Another thing is that we have a higher percentage of Super Premium Prime, which is far better paid than the standard fish meal. I would say coming into the new year, we have higher stock and also executed good sales into the new year. We are seeing also that the quota for mackerel and horse mackerel is more or less on the same level as last year. This season has also started up in a very acceptable way. We also have an acceptable start of 2021 as it looks today. Chile, I would say we are doing the year in Chile in the first seven months of the year, and that we did this year as well. Fourth quarter is more or less a year where you also fix cost. What's been very good in Chile this year is they've had a very good performance both in terms of fishing operation and sales. I would say we have had one of the best years for the last 10 years in Chile in terms of financial contribution. A positive development in the quota increasing with 15% for the main important species we are having, and that's amount to approximately 40,000 tons. We have been able to acquire 24,000 tons to be caught by our own vessel for 2021. We'll also say that it's also a good start going into 2021 for our operation in Chile. The North Atlantic quotas, we have just done one change in the estimates from that we did in last quarter. It's been set a quota for Icelandic capelin on 127,000 tons. It's the first time in three years that we are having this quota. Of course, it's given also a contribution for our fishing vessel, but also for productivity in the North Atlantic. Otherwise, the herring quota is up in the north. The herring quota in the North Sea is down, and mackerel is down, and also blue whiting is down. There is still not settled the final quota for sandeel, but it seems like the stock is in a very good condition, and the quota will be set in beginning of May. Summing up the fish meal and oil activity, I would say that it's been a special year for the fish meal and oil activity in the North Atlantic. They're doing most of the purchases of raw material in the first half of the year, and then they are selling Not the raw material, but the fish meal and oil in the second half of the year. The market prices have been reducing during the year, and also currency has been not that favorable for sales during the year. The margins have been under pressure, I would say. The contribution from the fishmeal and oil segment in Pelagia has not been as strong this year as it's been on the previous years. I would say although that Peru has been having a successful fishing season, I would say the consumption in China has more compensated that, and we have seen increasing prices, which is also favorable for the stock Pelagia holds on fishmeal and fish oil. Some uncertainties related to Brexit, mainly related to access to fishing zones and also distribution agreement between participating nations. Meaning that it's not settled what the final distribution between the, in particular, I would say cod and blue whiting will be. Yes, can have an impact on the volume we are expecting in Pelagia. For the human consumption segment, I would say that it's been a very good fourth quarter. You can see on the volume that more than 50% of the volume is being processed in fourth quarter. It's been, both in terms of the mackerel and the winter herring season, been good production and also good sales. I would say the positive development has been transferred also into first quarter where we had our mackerel herring production and also the Icelandic capelin production. Strong sales and limited stock going into the new year. Looking at the performance in the quarter, EBITDA marginally up from same quarter last year, EBIT also marginally up or more or less on the same level. Looking at the full year, you can see that the EBITDA in 2020 is lower than 2019. If you take away the gain of sales, we are delivering approximately NOK 120 million lower than last year. It's mainly related to lower margins on fishmeal and fish oil from the pelagic segment in 2020. Coming to Lerøy. I would say that Lerøy has been developing in the right direction from the start to the end of the year. I would say it's pleasant to see in particular development down the west coast of Norway, where we are delivering margins on a difficult market conditions now. EBIT of NOK 441 million. It's down from same quarter last year, NOK 769 million, it's mainly explained by lower prices. Spot prices is down by 23%, approximately NOK 30 per kilo. Of course that also hits the margin. Saying that, if you look at the EBIT per kilo, we are only down by approximately 8 NOK. The underlying operation is far better now than it was in the start of the year, obviously. Looking at the volumes, 48,000 tonnes, approximately 15,000 tonnes in the north, 16,000 tonnes in mid Norway, and 18,000 tonnes in Lerøy Sjøtroll. We have done some investments, started back in, particularly in Smolt, actually down in 2016. Now we are starting to see effect of the investments we have done and are expecting to continue the positive development and growth of volume we had from 2019-2020, and also into 2021. When you see the volume from Norway is expected to be up at approximately 22,000 tonnes in 2021 versus 2020. If you take into account the growth we have in Scotland as well, we will expect increase from Lerøy on 28,000 tonnes in volume for 2021 versus 2020. Going to the wild catch segment in Lerøy. I would say that similar to the third quarter, fourth quarter has also been extremely challenging in terms of price achievement on the most important products we are having. Cod prices is down by 18% and haddock prices is down by 17%. If you compare with where we started in the beginning of the year. Consequently also impacted the EBIT we had achieved in 2020. We are delivering an EBIT of NOK 205 versus NOK 293 in 2019. I'll give the floor to Britt. Thank you, Arne. We start with the table summing up the raw material intake in the quarter. Arne has gone through this and he went through the operation. As you can see, we have had a very good activity within the pelagic segment in Peru and also the North Atlantic. We have also some higher slaughtered volumes of salmon and trout in the quarter compared with same quarter last year. You can see we have given our estimate for year 2021. This is of course based on the recommendations and quotas. I would like to mention that of course the quotas in Peru are not set for 2021 and they are as normal subjected to IMARPE cruises in front of each season. Starting the presentation, Arne commented on the key figures. The fall in earnings can be summed up by the lower price achievement for salmon and for whitefish in the quarter. The spot prices for salmon are down 23% in Q4 2020 compared to same quarter in 2019. If you look at the turnover though, it's NOK 5.7 billion, so it's only down 3% from NOK 5.9 billion Q4 2019. That is a sign that we have a very good activity in the downstream segments. In addition, we have also had a very good second season in Q4 2019. Earnings from associated companies are up. It's NOK 148 million, NOK 130 million in the same quarter in 2019. The two largest associated companies are Norskott and Pelagia, and they represent the 72% of the income from associated companies in the quarter. Net finance is minus NOK 60 million, approximately at the same level as the same period in 2019. This gives a pre-tax profit before the IFRS biomass adjustment of NOK 552 million, down from NOK 715 million. Earnings per share ex biomass adjustment of NOK 1.30 and a little bit down from NOK 1.36 in Q4 2019. Looking at the full year 2020, the revenue was NOK 22.4 billion, down 3.8% from NOK 23.3 billion in 2019. 2020 has been a challenging year. The market for seafood has been significantly negatively impacted by the ongoing pandemic, COVID-19. The fall in prices for salmon and whitefish has of course impacted our earnings in 2020. The EBIT for the full year is a little bit less than NOK 2.2 billion, down from NOK 2.9 billion in 2019. Income from associated companies are NOK 306 million. Again, Norskott and Pelagia represent 75% of the earnings from associated company. In 2019, the earnings from associated companies was NOK 469 million. We had some gain from sale of assets included in that figure in 2019. Of the net finance, the net interest represented NOK 295 million, and that is a little bit down from NOK 298 million in net interest in 2019. The pre-tax profit, and that is before the IFRS biomass adjustment, is NOK 2 billion, and that is down from NOK 3.1 billion in 2019. This gives a earnings per share ex IFRS biomass adjustment of NOK 4.55, down from NOK 6.89. Looking into Lerøy Seafood Group, their main drivers are the slaughtered volume of salmon and trout, and also the catch volume of whitefish. Harvested volume of salmon and trout are a little bit more than 48,000 tons, up from 43,000 tons in the same quarter in 2019. If we look at the EBIT per kilo ex the wild catch segment, that is NOK 99.3, down from NOK 17. I would say that is a very good contribution if you look into the substantial increase in salmon prices in the fourth quarter of 2020 compared with the same quarter in 2019. The price is down NOK 13 in the fourth quarter in 2020 compared with 2019. Also, the cost is down from the third quarter in 2020, and also down from the fourth quarter in 2019. If you look into the volumes of the whitefish, it's almost at the same level as same quarter in 2019. However, there is a little bit less haddock caught in fourth quarter 2020 compared with 2019. The prices for cod and haddock are down 13% and 17% in fourth quarter 2020 compared with 2019. In total, the EBIT for Lerøy fourth quarter was NOK 441 million, down from NOK 769 million in the same quarter in 2019. In Peru, we have had a very good fishing season in the fourth quarter and the raw material intake in the quarter was almost 168,000 tons. The sales volume of finished products, fish meal and fish oil, are substantially lower than the same quarter in 2019 and there are two reasons for that. We went into fourth quarter with very low inventory of fish meal and fish oil and the fishing season started up a little bit late, 12th of November, so not much of that production has been sold in the fourth quarter. That gives us a very good position going into 2021. That we have a fish meal inventory of over 30,000 tons and a fish oil inventory of 7,700 tons. EBIT in fourth quarter 2020 was NOK 70 million and that is a substantial improvement from the negative EBIT of -NOK 86 million in the same quarter in 2019. As we have communicated in our last presentation, we expected a low activity in Chile in the fourth quarter. We have sold almost all the frozen production by the end of 2020, so our storage is almost empty. There is a negative EBIT in the quarter, -NOK 49 million. That is the same level as same quarter in 2019. However, I like to focus on the full year 2020. The company has had one of their best earnings for a very long time and they have had an EBIT of NOK 101 million in 2020, up from NOK 12 million in 2019. We see that the increased quotas of horse mackerel and also the increased purchase of horse mackerel third party gives a very good activity for our fishing vessels and plants and earnings. Looking into the farming segment of Brødrene Birkeland, we also communicated in our last presentation that they were harvesting from two generations with very high cost, the spring 2019 generation and the autumn 2019 generation. We finalized the harvesting from the spring 2019 generation in fourth quarter of 2020 and we are finalizing harvesting from the autumn 2019 generation now in first quarter 2021. The company sell all their salmon in spot market and they have harvested a little bit less than 2,600 tons in the quarter. A combination of low price achievement and high cost has given a loss per kilo of salmon harvested of NOK 19. That gives us a negative EBIT in the quarter of NOK -49 million and that is substantially down from the positive EBIT of NOK 6 million in the same quarter in 2019. The pelagic vessel of Brødrene Birkeland finalized their quotas of mackerel NV G herring and they have had a very good earning in the quarter. It's an EBIT of NOK 58 million from NOK 1 million in the same quarter in 2019. In short, they have done their earnings for the full year actually in fourth quarter in 2020. Looking into the total asset position of the group. The total assets are NOK 39.7 billion and that is the same level as by the end of 2019. Looking into the tangible fixed assets, that has increased from 2019 and we have taken over a new fishing trawler in 2020 and we also still have the ongoing program in building smolt and post-smolt facilities. We finalized up earlier in by the end of 2020 and still ongoing with the program in Area eight. The biological asset and costs You can see are up by 7.5% by the end of 2020 compared same period in 2019. As a consequence of a very good fishing season in Peru, we have also reached our by the end of 2020. The booked equity is almost NOK 23 billion, and we have an equity ratio of 50%. The net interest bearing debt by the end of 2020 is NOK 4.6 billion up from NOK 4.1 billion in 2019. Looking at the cash flow position, I will comment on the full year. We have had lower earnings in 2020. Of course, that also influenced the cash generation in the year. Looking at the cash from operation, it's NOK 2.9 billion, down from NOK 3.2 billion in 2019. One of the large changes here is that the taxes that we have paid are approximately NOK 500 million in 2020 and then down from almost NOK 900 million in 2019. Did I say billion? It's million, NOK 500 million. Cash from investing activities in 2020 is NOK 1 point over a billion. As mentioned, we have taken over a new fishing trawler, Kongsfjord, and we are still in the program of building smolt and post-smolt facilities. Dividend received from associated companies are NOK 130 million in 2020, and that is down from NOK 391 million in 2019. Looking at cash from financing activities, that is minus NOK 1.3 billion and payout dividend from the group is NOK 983 million. Of that, dividend paid from the mother company, Austevoll Seafood ASA, is NOK 507 million. In 2019, we paid out from the group NOK 1.4 billion in dividend, and the dividend from Austevoll Seafood to the shareholders of Austevoll Seafood was NOK 710 million. To sum up, we had a cash position going into 2020 of NOK 4.2 billion, and the cash position by the end of 2020 was NOK 4.5 billion. To sum up, the board will recommend to the annual general meeting in 2021 a dividend of NOK 3.5 per share and compared to NOK 2.5 per share in 2020. I'm going to give you our view on the market we are operating within, starting up with the fish meal market. As I briefly explained in the start, we have had a very good season in Peru, which has led into a 33% increase of the volume coming from Peru in 2020 versus 2019. If you look at the largest producers, you can see that the volume is up 17%. The season was well executed, and although the volume were extremely high, we have seen increasing prices during the season starting off from November and coming into the new year. You can see that the prices we are seeing now is $1,660 per ton on super prime and a discount of $200 for standard fish meal. It's mainly driven by feed producers and end users building stock mainly for aqua cultured peak season starting up in second quarter and third quarter. It's already started with forward sales for the next season to start up in Peru hopefully during April. The market is quite strong at the moment. Main driver, of course, behind the consumption is China coming into the season with low stocks. They have been quite active and aggressive buying fish meal, in particular from Peru during the fishing season. Several reason, I would say that, the prices we are seeing on the Chinese fish meal now is stimulating the traders higher than what they are selling for in Peru. Currency is favorable and also the soy bean ratio versus fish meal is also favorable for fish meal consumption. Same development in fish oil. I would say volume in Peru higher than what we expected. Yield were higher than what we expected, and you can see it's an increase of 36% in Peru. From the largest producer, an increase of 17.5% versus 2019. Prices very good, although we have high volumes, $740 in for feed grade and a premium of approximately about $400 a ton into the omega-3 grade. It's limited stock available. Going into the salmon supply, you can see that on a global basis, we had a growth in 2020 of 5%. Most of that growth came from South America. For 2021, we are expecting a growth of 2.4%, and you can see that most of the growth is coming from Europe in 2021 versus last year. The main volume is coming in the second half in Europe. Also we see that the reduction of volume is coming also in the second half in South America. I would say the supply picture is favorable going into 2021 if you disregard the pandemic. Looking at the prices we have achieved for the last quarter, you can see that it's quite low, and I hope we have more or less been in the bottom of the price range during the end of 2020. You see a small increase of prices in 2021. I would say that the underlying market is okay. It's been quite high volume going out from, in particular in November during the start of this year. This is also in a period where the HORECA market is non-existent. Hopefully, when the HORECA market is back, we will also see our development on prices going forward. I would say also the consumption has been very good in the pandemic period. You see EU, which is the main market for the Norwegian producers, up by 6%. I would say if you look at the other markets, which is dependent on flight transport, it's only down by 3%. I would say all in all, consumption is good considering HORECA is down. Summing up, I think I want to start by thanking our employees, which have been able to maneuver our companies during the difficult and challenging period we had in 2020 and also maybe into 2021. I'm extremely pleased and thankful for the work that has been laid on in our company and in this challenging period. We are having a good drive, I would say, developing the value chains in Lerøy and having focus on each part of the value chain. We are also seeing that it makes effect both in terms of price achievements and also in volume we were selling in 2020 and what we are expecting in 2021 as well. It looks the quotas and the species are strong for the whitefish segments, which is a good fundament for our fleet and our onshore activity in Havfisk, Lerøy, and Norway Seafoods. I think it's a significant potential in the whitefish segment. When it comes to the pelagic, I would say, summing up, we have executed a good season in Peru and had a good start and a good drive going into 2021. Similar situation for Chile and also similar situation for the North Atlantic activity. We are excited also going into the new year and are true believers that we will continue the positive development we have seen here in 2021. Thank you.
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