Q2 2014 August 21th Bergen CEO Henning Beltestad CFO Sjur Malm - - PowerPoint PPT Presentation

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Q2 2014 August 21th Bergen CEO Henning Beltestad CFO Sjur Malm - - PowerPoint PPT Presentation

Mar 19, 2024 563 likes •984 views

Lery Seafood Group ASA Q2 2014 August 21th Bergen CEO Henning Beltestad CFO Sjur Malm Agenda Highlights Key financial figures Outlook Q2 2014: Best second quarter ever EBIT before FV adj. NOK 500 million EBIT/kg all inclusive NOK

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SLIDE 1

Lerøy Seafood Group ASA

Q2 2014

August 21th Bergen

CEO Henning Beltestad CFO Sjur Malm

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SLIDE 2

Highlights Key financial figures Outlook

Agenda

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SLIDE 3

Q2 2014: Best second quarter ever

  • EBIT before FV adj. NOK 500 million
  • EBIT/kg all inclusive NOK 12.2
  • Harvest volume 40 944 GWT
  • Contract share of 38%
  • NIBD NOK 2,050 million at end Q2 2014
  • Harvest guidance 2014 163 000 GWT

3

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SLIDE 4

Q2: Farming highlights

  • Pressure on spot prices
  • Average NOS price down NOK 7 compared to Q1/14
  • NOS Q2/14 NOK 39.5 vs NOK 41.5 in Q2/13 (-5%)
  • Spot prices higher than contract prices
  • Increase in costs
  • Cost increase both q-o-q and y-o-y
  • Biomass at sea
  • End Q2/14 at 88,048 tons vs 83,385 tons end Q2/13 (+6%)
  • Biology
  • High temperatures a challenge, but biology under control

4

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SLIDE 5

Q2: VAP and S&D highlights

  • Value added processing (VAP)
  • Strong order flow
  • New capacity gradually filled
  • EBIT NOK 21m (5.3%) in Q2/14 vs. NOK 17m (5.9%) in Q2/13
  • Sales & Distribution
  • Positive development
  • Start-up costs related to several fish-cut operations
  • EBIT NOK 64m (2.1%) in Q2/14 vs. NOK 54m (2.3%) in Q2/13

5

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SLIDE 6

Best second quarter ever

500 100 200 300 400 500 600 Q1 10 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10 NOK million Q4 12 Q3 12 Q2 12 Q1 12 Q4 11 Q3 11 Q2 14 Q1 14 Q4 13 Q3 13 Q2 13 Q1 13

16,5 10,3 10,1 13,7 11,1 3,3 2,0 3,6 2,8 3,0 5,7 13,3 16,0 15,1 13,7 13,3 11,3 12,2

2 4 6 8 10 12 14 16 18 Q1 14 Q4 13 Q3 13 Q2 14 Q3 12 Q2 12 Q1 12 Q1 11 Q4 10 Q3 10 Q4 11 Q3 11 Q2 11 Q2 10 Q1 10 NOK Q2 13 Q1 13 Q4 12

EBIT* EBIT/kg*, all inclusive

*before biomass adjustment

6

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SLIDE 7

Lerøy Seafood Group ASA

Farming VAP Sales & Distribution

7

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SLIDE 8

Lerøy Aurora Lerøy Midt Lerøy Sjøtroll

Farming segments Norway

  • Lerøy Aurora (salmon)
  • Villa Organic (VO) split between two main

shareholders July 2014

  • 25 licenses (8 added from VO)
  • Lerøy Midt (salmon)
  • 54 licenses
  • Lerøy Sjøtroll (salmon and trout)
  • 60 licenses
  • In total 139 licenses in Norway

8

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SLIDE 9

VAP segment

  • Rode Beheer BV Group
  • 4 production facilities in Netherlands
  • 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 12,000 tons raw material
  • Bulandet Fiskeindustri AS(white fish)
  • Total VAP capacity in these factories 40-45,000

tons raw material

9

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SLIDE 10

Sales & Distribution

  • Significant investments in fish cuts recent years
  • A significant industrial activity within trading,

processing, sales and distribution of fish

  • Processing and fresh distribution facilities:
  • Norway
  • Sweden
  • Finland
  • France
  • Spain
  • Portugal
  • Denmark (reported as associate)
  • Turkey (reported as associate)
  • Netherlands (reported in VAP)

10

Fish-cuts/fresh distribution facilities

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SLIDE 11

11

Sales per market and product Q2 2014

17,5% 7,1% 51,3% 1,6% 12,9% 9,6% 5,1% 2,8% 9,4% 42,4% 33,7% 6,5%

Others Rest of Europe USA & Canada Norway Asia Pacific EU Shellfish Whitefish Whole salmon Salmontrout Processed salmon Others

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SLIDE 12

Farming: Guiding

Licences Smolt cap. 2011 GWT 2012 GWT 2013 GWT 2014E GWT Lerøy Aurora AS* 25 7,5 18 100 20 000 24 200 28 000 Lerøy Midt AS 54 22,0 62 300 61 900 58 900 68 000 Lerøy Sjøtroll 60 22,6 56 200 71 600 61 700 67 000 Total Norway 139 52,1 136 600 153 400 144 800 163 000 Villa Organic AS** 6 000 Norskott Havbruk (UK)*** 10 900 13 600 13 400 12 500 Total 147 500 167 100 158 200 181 500

*) Included harvested volume from Villa Organic after split (around 3,000 gwt) **) LSG’s share of Villa Organic’s volume in H1 2014, not consolidated ***) LSG’s share, not consolidated

12

  • Ongoing discussions in Norway

regarding change in MAB-license limits to lessen impact from Russian import ban

  • Lerøy is positive to such change,

giving more flexibility. If it materialises volumes would be transferred from 2014 to 2015

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SLIDE 13

Highlights Key financial figures Outlook

Agenda

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SLIDE 14

(NOKm)

Q2 2014 Q2 2013 ▲%

Revenue 3 177 2 513 26 % EBITDA 589,7 538,2 Depreciation & amortisation 89,4 76,0 EBIT* 500,3 462,2 8 % Income from associates* 39,8 25,4 Net finance

  • 23,4
  • 26,9

Pre-tax* 516,7 460,7 12 % EPS (NOK)* 6,6 5,5 19 % Harvested Volume (GWT) 40 994 33 708 21 % EBIT*/kg all inclusive (NOK) 12,2 13,7 ROCE* (%) 24,4% 24,3% * Before biomass adjustment

14

Key financial figures Q2

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SLIDE 15

(NOKm)

YTD 2014 YTD 2013 ▲%

Revenue 6 356 4 845 31 % EBITDA 1 229 982 Depreciation & amortisation 178 150 EBIT* 1 051 832 26 % Income from associates* 117 40 Net finance

  • 39
  • 54

Pre-tax* 1 129 818 38 % EPS (NOK)* 14,7 10,1 45 % Harvested Volume (GWT) 74 280 66 939 11 % EBIT*/kg all inclusive (NOK) 14,1 12,4 ROCE* (%) 26,7% 21,6% * Before biomass adjustment

15

Key financial figures YTD

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SLIDE 16

Balance sheet

16 (NOKm) Q2/14 Q2/13 End 2013

Intangible assets 4 011 3 975 3 999 Tangible fixed assets 2 442 2 230 2 377 Financial non-current assets 829 593 767 Total non-current assets 7 282 6 799 7 143 Biological assets at cost 2 535 2 256 2 617 Fair value adjustment 428 652 1 111 Other inventory 344 317 358 Receivables 1 520 1 349 1 803 Cash and cash equivalents 766 804 873 Total current assets 5 592 5 379 6 761 Total assets 12 875 12 178 13 904 NIBD 2 050 2 256 2 117 Equity 7 231 6 428 7 549 Equity ratio 56,2% 52,8% 54,3%

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SLIDE 17

Funding

NOK million 2014 2015 2016 2017 2018 Later Total To be paid 218 318 587 270 253 994 2 640 Total 428 318 587 270 253 994 2 850 Covenants Q2 2014 NIBD/EBITDA <5 0,9

  • Adj. Equity ratio

>30% 61,8%

17

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SLIDE 18

Cash flow

18

* Before change in interest- bearing debt

Q2 2014 Q2 2013 YTD 2014 YTD 2013 FY 2013

EBITDA 590 538 1 229 982 1 938 Paid tax

  • 278
  • 40
  • 330
  • 88
  • 100

Working capital * 88

  • 155

96

  • 48
  • 535

Other

  • 4

20

  • 5
  • 5
  • 46

Cash from operating activities 397 363 989 841 1 259 Net investments in capex

  • 145
  • 131
  • 247
  • 271
  • 564

Acquisitions, divestments and other 18

  • 180

1

  • 134
  • 135

Cash from investing activities

  • 128
  • 311
  • 245
  • 405
  • 699

Net financial cost

  • 25
  • 28
  • 53
  • 56
  • 110

Dividends

  • 549
  • 394
  • 579
  • 394
  • 394

Cash from financing activities *

  • 574
  • 422
  • 632
  • 450
  • 503

Other changes (incl.currency effects) 3

  • 10
  • 47
  • 10

59 Net cash flow / change in NIBD

  • 302
  • 379

66

  • 24

115 NIBD at beginning 1 748 1 877 2 117 2 232 2 232 Change in NIBD 302 379

  • 66

24

  • 115

NIBD at end 2 050 2 256 2 050 2 256 2 117

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SLIDE 19

500,3 64,1 21,1 420,7 100 200 300 400 500 600 NOKm Q2 2014 Elim./LSG

  • 5,6

S&D VAP Farming 462,2 9,3 54,0 17,4 400,0 100 200 300 400 500 600 S&D Elim./LSG Q2 2013 VAP Farming NOKm

EBIT per segment

19

EBIT* Q2 2014 EBIT* Q2 2013

* Before biomass adjustment

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SLIDE 20

15,5 19,2 15,6 14,8 15,2 10 12 14 16 18 20 Q2 2014 Q3 2013 NOK Q2 2013 Q1 2014 Q4 2013

Lerøy Aurora

  • Another strong quarter
  • Villa Organic AS split in July 2014. 8 new licenses will

give significant volume growth from 2015

  • Costs in line with 2013
  • Marginally higher costs expected in H2

Q2 2014 Q2 2013 Revenue (NOKm) 244 260 EBIT* (NOKm) 77,4 96,1 Harvested volume (GWT) 5 006 6 317 EBIT/kg* (NOK) 15,47 15,21 EBIT*/kg

20

*before biomass adj

* Before biomass adjustment

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SLIDE 21

9,9 16,5 8,2 6,8 10,4 6 8 10 12 14 16 18 Q2 2014 Q4 2013 Q1 2014 Q3 2013 NOK Q2 2013

Lerøy Midt

Q2 2014 Q2 2013 Revenue (NOKm) 728 479 EBIT* (NOKm) 184 112 Harvested volume (GWT) 18 606 10 795 EBIT/kg* (NOK) 9,9 10,4 EBIT*/kg

  • Strong volumes
  • Cost increase q-o-q and y-o-y

– Weaker performing sites harvested Q2/14 vs. Q1/14

  • Lowest realised price among farming segments
  • Slight cost improvements expected for H2

21

*before biomass adj

* Before biomass adjustment

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SLIDE 22

9,2 12,4 4,2 8,4 11,5 4 5 6 7 8 9 10 11 12 13 Q1 2014 Q2 2013 Q3 2013 Q4 2013 Q2 2014 NOK

Lerøy Sjøtroll

Q2 2014 Q2 2013 Revenue (NOKm) 768 657 EBIT* (NOKm) 159 192 Harvested volume (GWT) 17 332 16 596 EBIT/kg* (NOK) 9,2 11,5 EBIT*/kg

  • Marginal cost increase since Q1/14
  • High temperatures over the summer a challenge
  • Expect higher costs in H2 2014 compared to H1

2014

22

*before biomass adj

* Before biomass adjustment

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SLIDE 23

7,4 17,0 12,6

  • 5,4

13,8

  • 10
  • 5

5 10 15 20 Q3 2013 Q4 2013 Q2 2014 Q2 2013 NOK Q1 2014

Villa Organic (associate)

Q2 2014 Q2 2013 Revenue (NOKm) 215 125 EBIT* (NOKm) 37 34 Harvested volume (GWT) 5 074 2 427 EBIT/kg* (NOK) 7,4 13,8 EBIT*/kg

  • Company was split July 2014. Lerøy’s share to be

reported on 100% basis in H2 2014

  • Q2/14 includes several one-off cost in connection

with the split of the company

23

*before biomass adj

* Before biomass adjustment

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SLIDE 24

10,2 12,0 9,1 9,5 7,9 7 8 9 10 11 12 Q2 2013 NOK Q4 2013 Q3 2013 Q1 2014 Q2 2014

Norskott Havbruk (associate)

Q2 2014 Q2 2013 Revenue (NOKm) 332 211 EBIT* (NOKm) 68 40 Harvested volume (GWT) 6 638 5 104 EBIT/kg* (NOK) 10,2 7,9 EBIT*/kg

  • High contract share
  • Negative cost impact y-o-y:

– Higher feed costs

  • Biological health status good
  • Expected harvest in 2014 25 000 GWT
  • NIBD end Q2 2014 NOK 187m

24

*before biomass adj

* Before biomass adjustment

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SLIDE 25

VAP – value added processing

Q2 2014 Q2 2013 ▲% Revenue (NOKm) 395 294 +34 % EBIT (NOKm) 21 17 +21 % EBIT margin 5,3 % 5,9 %

  • Positive development
  • Gradually filling new capacity
  • Lerøy Fossen expansion finished in Q3/14

25

395 367 382 305 294 200 250 300 350 400 0 % 1 % 2 % 3 % 4 % 5 % 6 % 7 % 8 % Q3 2013 Q4 2013 NOKm Q1 2014 EBIT margin Q2 2013 Q2 2014 Revenue and EBIT margin

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SLIDE 26

Sales & Distribution

Q2 2014 Q2 2013 ▲% Revenue (NOKm) 2 999 2 371 +26 % EBIT (NOKm) 64 54 +19 % EBIT margin 2,1 % 2,3 %

  • Positive development, but start-up cost in some

fish-cut operations

  • Overtime, fish-cut operations will add to margin

level and profitability

26

2 999 3 067 3 104 2 553 2 371 500 1 000 1 500 2 000 2 500 3 000 3 500 0 % 1 % 2 % 3 % EBIT margin Q2 2013 Q3 2013 Q4 2013 Q1 2014 NOKm Q2 2014 Revenue and EBIT margin

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SLIDE 27

Highlights Key financial figures Outlook

Agenda

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SLIDE 28

28

Atlantic Salmon – Supply WW

Figures as per 04.08.14 Source: Kontali

181.800 t (9%) 543.700 t (37 %)

Change Change Change Change Change Change 2009 2010 09-10 2011 10-11 2012 11-12 2013 12-13 2014 13-14 2015 14-15 Norway 855 700 944 600 10,4 % 1 005 600 6,5 % 1 183 100 17,7 % 1 143 600

  • 3,3 %

1 216 300 6,4 % 1 249 100 2,7 % United Kingdom 144 300 142 900

  • 1,0 %

154 700 8,3 % 159 400 3,0 % 157 800

  • 1,0 %

164 600 4,3 % 163 600

  • 0,6 %

Faroe Islands 47 100 41 800

  • 11,3 %

56 300 34,7 % 70 300 24,9 % 72 600 3,3 % 80 300 10,6 % 77 300

  • 3,7 %

Ireland 14 800 17 800 20,3 % 16 000

  • 10,1 %

15 600

  • 2,5 %

10 600

  • 32,1 %

12 000 13,2 % 13 000 8,3 % Iceland 500 1 000 100,0 % 1 000 2 900 3 100 6,9 % 4 000 29,0 % 5 000 25,0 % Total Europe 1 062 400 1 148 100 8,1 % 1 233 600 7,4 % 1 431 300 16,0 % 1 387 700

  • 3,0 % 1 477 200

6,4 % 1 508 000 2,1 % Chile 239 100 129 600

  • 45,8 %

221 000 70,5 % 364 000 64,7 % 468 100 28,6 % 528 800 13,0 % 504 600

  • 4,6 %

Canada 121 900 122 000 0,1 % 119 500

  • 2,0 %

136 500 14,2 % 115 100

  • 15,7 %

114 400

  • 0,6 %

129 000 12,8 % Australia 32 200 33 000 2,5 % 36 000 9,1 % 39 000 8,3 % 40 500 3,8 % 42 000 3,7 % 44 000 4,8 % USA 16 400 18 000 9,8 % 18 300 1,7 % 19 600 7,1 % 20 300 3,6 % 21 000 3,4 % 20 500

  • 2,4 %

Others 2 800 4 500 60,7 % 5 000 11,1 % 8 500 70,0 % 11 100 30,6 % 14 100 27,0 % 18 500 31,2 % Total America 412 400 307 100

  • 25,5 %

399 800 30,2 % 567 600 42,0 % 655 100 15,4 % 720 300 10,0 % 716 600

  • 0,5 %

Total World-wide 1 474 800 1 455 200

  • 1,3 % 1 633 400

12,2 % 1 998 900 22,4 % 2 042 800 2,2 % 2 197 500 7,6 % 2 224 600 1,2 %

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SLIDE 29

29

Spot prices fresh Atlantic salmon

Avrg Q2 14 NOK 39,54 vs avrg Q2 13 NOK 41,53 (-4.8%) Avrg YTD Q2 2014 NOK 43,19 vs avrg YTD Q2 2014 NOK 38,44 (+12.4%)

Figures as per 05.08.14 Source: NOS/Lerøy 12,00 14,00 16,00 18,00 20,00 22,00 24,00 26,00 28,00 30,00 32,00 34,00 36,00 38,00 40,00 42,00 44,00 46,00 48,00 50,00 52,00 54,00 2006-1 2006-10 2006-19 2006-28 2006-37 2006-46 2007-3 2007-12 2007-21 2007-30 2007-39 2007-48 2008-5 2008-14 2008-23 2008-32 2008-41 2008-50 2009-7 2009-16 2009-25 2009-34 2009-43 2009-52 2010-8 2010-17 2010-26 2010-35 2010-44 2011-01 2011-10 2011-19 2011-28 2011-37 2011-46 2012-03 2012-12 2012-21 2012-30 2012-39 2012-48 2013-05 2013-14 2013-23 2013-32 2013-41 2013-50 2014-07 2014-16 2014-25

Quarterly price NOS FCA OSLO Weekly price NOS FCA Oslo

Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14

NOS FCA Oslo 28,24 39,72 34,44 25,92 27,47 25,00 24,34 23,10 24,94 25,02 27,72 25,33 28,22 35,09 31,72 27,52 34,00 40,00 38,02 37,77 39,78 36,77 25,84 22,67 26,03 27,03 25,32 26,41 35,36 41,53 38,12 41,27 46,83 39,54 38,58

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SLIDE 30

30

Atlantic salmon - Harvest Quantities WW 2014

0% 2% 13% 16% 14% 18% 8% 4% 6% 3% 4% 5%

  • 2%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

  • 50 000

100 000 150 000 200 000 250 000

Harvest estimates Atlantic Salmon World Wide

2011 2012 2013 2014 Chng 13-14 0-line Figures as per 04.08.14 Source: Kontali

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SLIDE 31

31

Atlantic salmon - Harvest Quantities Europe 2014

  • 1%

3% 6% 17% 10% 17% 8% 3% 3% 3% 5% 5%

  • 2%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

  • 20 000

40 000 60 000 80 000 100 000 120 000 140 000 160 000

Harvest estimates Atlantic Salmon Europe

2011 2012 2013 2014 Chng 13-14 0-line Figures as per 04.08.14 Source: Kontali

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SLIDE 32

32

Atlantic Salmon – Harvest Quantities WW 2015

Figures as per 04.08.14 Source: Kontali 4% 2%

  • 5%
  • 6%
  • 2%
  • 3%

0% 5% 6% 4% 5% 5%

  • 8%
  • 6%
  • 4%
  • 2%

0% 2% 4% 6% 8%

  • 50 000

100 000 150 000 200 000 250 000

Harvest estimates Atlantic Salmon World Wide

2012 2013 2014 2015 Chng 14-15 0-line

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SLIDE 33

33

Atlantic Salmon – Harvest Quantities Europe 2015

Figures as per 04.08.14 Source: Kontali 1% 1% 1%

  • 8%
  • 1%

1% 2% 5% 7% 4% 5% 5%

  • 10%
  • 8%
  • 6%
  • 4%
  • 2%

0% 2% 4% 6% 8%

  • 20 000

40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000

Harvest estimates Atlantic Salmon Europe

2012 2013 2014 2015 Chng 14-15 0-line

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SLIDE 34

34

Consumption Atlantic Salmon WW H1 2010 to H1 2014

  • 7 %

5 % 8 % 19 % 24 %

  • 10 %
  • 5 %

0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 40 % 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 500 000 Russia USA EU Other Markets Japan 2010 2011 2012 2013 2014 Change

NOK/KG (3-6): 43,66 +13% (38,71)

(NSI -0,75 vs NOS)

Figures as per 07.08.14 Source: Kontali

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SLIDE 35

35

Russia – import ban imposed from 7 August 2014

  • Russia represent among the world’s largest market for Atlantic salmon and trout
  • Import ban imposed 7 August
  • Actively working to reallocate volumes to other markets
  • Contract portfolio and significant industrial activity gives some protection towards negative implications
  • Still, a significant set-back for the Norwegian farming industry
  • A flexible MAB solution will lessen the consequences of the import ban. Lerøy is positive to such change
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SLIDE 36

36

Consumption Atlantic Salmon «Other markets» H1 2010 to 2014

  • 38 %
  • 7 %
  • 3 %

0 % 5 % 6 % 9 % 19 % 23 % 24 % 25 % 29 % 29 % 31 % 39 % 34 % 37 % 40 % 66 % 25 %

  • 40 %
  • 20 %

0 % 20 % 40 % 60 % 80 %

  • 10 000

20 000 30 000 40 000 50 000 60 000 2010 2011 2012 2013 2014 Chng 13-14

NOK/KG (3-6): 43,66 +13% (38,71)

(NSI -0,75 vs NOS)

Figures as per 07.08.14 Source: Kontali

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SLIDE 37

Outlook

  • Market outlook

– Russian situation a challenge – Good demand growth in new markets – Global supply growth ~8% 2014, ~1% 2015

  • Strong potential in VAP and S&D segments
  • Harvest guidance 2014 163.000 GWT
  • Expected contract share Q3 ~35-40%

37

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SLIDE 38
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SLIDE 39

Appendix

39

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SLIDE 40

Historical figures, current reporting structure

40

2012 2011 Q1 Q2 Q1 Q2 Q3 Q4 FY FY FY Revenue Farming 1 420,4 1 660,2 1 165,1 1 307,7 1 317,9 1 585,6 5 376,3 4 376,5 4 592,0 VAP 367,1 395,1 254,9 294,1 305,5 381,9 1 236,3 1 027,0 783,0 S&D 3 066,7 2 998,8 2 229,2 2 371,2 2 552,6 3 104,0 10 257,0 9 098,2 9 067,9 LSG/Elim

  • 1 674,5
  • 1 877,4
  • 1 317,4
  • 1 460,0
  • 1 485,7
  • 1 841,8
  • 6 105,0
  • 5 398,8
  • 5 266,0

Operating revenue 3 179,7 3 176,6 2 331,8 2 513,0 2 690,2 3 229,6 10 764,7 9 102,9 9 176,9 EBIT Lerøy Aurora 98,3 77,4 80,8 96,1 66,3 115,9 359,0 83,1 155,1 Lerøy Midt 228,3 184,1 131,7 112,2 109,4 154,4 507,7 147,3 519,6 Lerøy Sjøtroll 179,1 159,2 71,8 191,7 134,2 62,7 460,3 7,7 303,1 Farming 505,7 420,7 284,2 400,0 309,8 332,9 1327,0 238,1 977,7 VAP 15,1 21,1 9,1 17,4 16,5 28,7 71,6 49,7 33,5 S&D 38,7 64,1 29,0 54,0 52,1 69,0 204,1 192,5 237,5 LSG/Elim

  • 9,2
  • 5,6

47,0

  • 9,3
  • 8,7
  • 6,0

23,0

  • 30,2
  • 35,8

EBIT before biomass adj. 550,4 500,3 369,4 462,2 369,7 424,6 1625,8 450,1 1212,9 2013 2014