Salmar ASA Buy

Initial coverage Share Price: NOK 50.5 (17.09.2010)

17 September 2010 Target: NOK 57

Share data (NOKm) 16-Sep-10 From regional farming to global VAP next years
Sector Aquaculture
Reuters/ Bloomberg SALM Over two decades of acquiring plants and licenses Salmar ASA has grown to
Risk rating Medium
the number 3 position among Norwegian salmon farmers. Around 80% of the
Salmar’s Norwegian production capacity is based in Mid-Norway with the
Outst shares (mill) 103.0
remainder in Troms (Northern Norway). In addition, Salmar ASA owns 50% of
Market cap 5 202
Scottish Seafarms through Norskott. The most recent acquisition was Rauma-
NIBD 953
Gruppen (72.8%) from 3Q 2010, adding further farming capacity in Mid-
EV 6 154 Norway.
Free float % <55
Average volume 10 019 Within a fistful of months Salmar will start production at InnovaMar, the
High/ low 52w 57.2 / 39.5 behemoth VAP processing plant newly built on the island of Frøya at Kverva. It
Weight OSEBX % 0.3331 will have more than sufficient capacity to process all the Mid-Norway salmon
Rel. Perf % (3/6/12 mts) -07/ 05/ 05
production of Salmar in addition to that of a number of third parties in the
Abs. Perf. % (3/6/12 mts) -05/ 06/ 23
region. This bold move marks a major change in business strategy from
primarily selling whole fish (HOG) to becoming key player in salmon pre/post
rigor fillets. At the same time, Salmar is significantly strengthening its sales
organisation through Volstad and Rauma to enable servicing the key fillet
markets on a global scale.
Needless to say, the switch comes with both promises and risks. The
advantage will be in terms of better quality, more efficient distribution logistics
and a better environmental profile. The risks come from the plant and concept
Salmar – From regional farming to global
VAP next years being new and untested. Furthermore, the processing cost itself can easily be
bettered in a lower cost country.
Given the uncertainty tied to the un-tested InnovaMar unit we prefer to be a
little conservative when estimating the share value. We suggest a P/E adj. of 8
based on our 2011 forecast which represents full year effect of the new VAP
and Rauma (incl. a liquidity discount). This translates into a target share price
of NOK 57.

Key figures 2009 2010E 2011E 2012E 3Q09 3Q10e

Total revenues 2 377 3 376 3 685 3 637 688 980
EBITDA 656 1 055 1 059 967 246 350
EBIT (before IFRS adj.) 585 967 970 873 225 327
IFRS adj. -5 220 0 0 -161 0
Assosiates (Farming UK) 57 94 76 69 7 14
PTP 634 1 232 1 018 914 78 331
EPS adj. 4.68 6.81 7.26 6.50 1.70 2.37
DPS (40%) 2.20 3.54 2.86 2.57
NIBD 784 952 795 651 982 1 140
Northern Norway 15 800 17 000 18 600 18 600 7 000 6 700
Mid-Norway 50 300 57 890 62 921 63 550 14 800 18 100
Norwegian volumes 66 100 74 890 81 521 82 150 21 800 24 800
Volume growth 13% 9% 1% 13.8%
EBIT-margin (NOK/kg). Norway 8.53 12.54 11.59 10.34 10.01 13.12
EV/ Sales 2.5 1.8 1.6 1.6
EV/ EBITDA 9.1 5.8 5.7 6.1
Prepared by
EV/EBIT, before adj. n.m. 6.4 6.2 6.7
analyst: Bent Rølland P/ E adj n.m. 7.5 7.1 7.9
Fondsfinans ASA P/B 4.3 4.0 3.9 3.3
TEL: +47 23113027
br@fondsfinans.no Source: Salmar ASA/FF research

FONDSFINANS ASA, HAAKON VII’S GATE 2, P.O.BOX 1782 VIKA, NO-0122 OSLO, TEL: +47 23 11 30 00, FAX: +47 23 11 30 03, mail@fondsfinans.no
We refer to important information written later in this report
Salmar ASA Initial coverage

General Description
Among the big boys Salmar ASA got listed in May 2007 at NOK 39 per share. With an annual
production capacity just above 80kt in 2011 Salmar is # 3 player in terms of
Norwegian salmon farming production.
10-20 year streak of Following its incorporation in 1991, Salmar has developed into its present form
acquisitions through a series of bold and successful acquisitions.. These have mostly been
salmon farming licenses and facilities, but in 2007 they also bought additional
smolt production capacity at Straumsnes nearby Kristiansund.
The most recent acquisition (from 3Q 2010) of a 72.8% stake in Rauma
Gruppen. This purchase adds another 6 farming licenses in Mid-Norway
(Romsdalsfjorden) in addition to 2 broodstock farms (parent fish and egg
production). The table below illustrates farming licenses of Salmar group divided
into regions.
Salmon farming Salmar Group Licenses MAB (t) Smolt sites
Møre og Romsdal 15 11 700 1
Sør-Trøndelag 20 15 600 2
Mid-Norway, core Organic licenses (Labor Rouge) 3 2 340
farming region Nord-Trøndelag 5 3 900 1
Rauma-gruppen (72.8%) 6 4 680 2
Rauma broodfish farms (72.8%) 2 1 560
Total Mid-Norway (incl Rauma) 51 39 780 6
Senja Sjøfarm (South of Troms) 10 9 000 2
Alsvåg (Uløya, Nordreisa, Northern Troms) 3 2 700 0
Total Northern Norway 13 11 700 2
Total Norway (Mid and North) 64 51 480 8
Assosiated licenses, Region Mid (contract) 3 2 340
R&D licenses (SINTEF contracted) 3 2 340
R&D license (VESO contracted) 1 780
Total Norway, included other licenses 71 56 940 18-20 mill
2010E production (Norway) 71 74 890
1H 2010 Rauma group production 3 900
2010 Biomass utilization (MAB-yield) 1.110
Scottish Seafarms production (50%) 37 23 700 5
Source: Salmar/Fondsfinans. MAB=Maximum Allowed Biomass.

Processing and In 2009 Salmar produced 14.5kt of processed products whereas the great
distribution majority of its farming output was brought to market as whole fish (HOG). Salmar
also harvests and process farmed salmon on behalf of external fish farmers (3.
party processing).
The main processing plant (InnovaMar) at the island of Frøya is presently being
expanded and upgraded to have an annual capacity of 70kt per personnel shift.
More about that later.
Location and The company headquarter is on the island of Smøla in the Møre og
management Romsdal county on the NW ‘corner’ of South Norway.
The company CEO Leif Inge Nordhammer has a 25 year long and
Around 570 employees outstanding track record within the fish-farming industry.
in Salmar group The company’s original founder Gustav Witzøe is responsible for
VAP business development and implementing the new InnovaMar
VAP strategy.
Transparency. . Presently, the company does not break out the performance of its farming,
processing and 3.party processing in its financial reporting. This makes it difficult
.. or lack thereof to 100% verify or refute Salmar’s claim to be among the most efficient operators
in the industry. Presently, comparing Salmar to industry benchmarks such as
EBIT/kg could be misleading. As shown in the table above, we estimate the
biomass/production yield to 1.11 which is some above industry peers, but not
best in class this year whereas we have examples of MAB-yield of around 1.2-
1.25.

Page 2 17 September 2010 Fondsfinans Research

Initial coverage Salmar ASA

According to the company, the financial reporting structure will be revised from
2011 and onwards. A key objective is to break out value added processing as a
separate business unit for reporting purposes and guide some more on the fixed
contracts and its price levels. As an illustration, 2Q estimates were too high
compared with reporting numbers.

Financial information
Revenues In 2009 group turnover was nearly NOK 2.4bn, but this figure will easily be
surpassed in 2010 on the back of the strong market for farmed salmon. For the
first 6 months of 2010 turnover was NOK 1.3bn which is 37% above the previous
year.
EBIT EBIT (before IFRS) was NOK 585m in 2009, i.e. an EBIT margin of 24.6%. For
the first 6 months of 2010 EBIT was NOK and the margin was 25.5%.
EPS Earnings per share (before IFRS) were NOK 4.60. During the first 6 months of
2010 EPS adj. was NOK 2.76 which is approx. 65% improvement on last year.
Debt Group net interest bearing debt was NOK 953m, but this is will escalate during
2H10 as they pay NOK 316m in cash for the Rauma group (72.8%) while they
will consolidate in a debt of approximately NOK 128m. Further, the working
capital in farming will increase in 3Q due to higher seasonal standing biomass.
Strong balance Nevertheless, Salmar has a strong balance with an Equity Ratio around the 50%
mark. In May this year Salmar paid around 40% dividend of EPS (DPS=2.2).
Next years we forecast 40% dividend as well.

Outlook and forecast

Biology Salmar has its production concentrated to only two farming regions in Norway.
This implies there is a somewhat higher biological risk than for global players
with a better spread of its farming sites.
In the summer of 2009 Salmar faced three outbreaks of Pancreatic Disease (PD)
in the Smøla area (Mid Norway Region). In addition, there were several 2008
cases of ILA incidences in Troms (inside the island of Senja; Dyrøya –
Solbergfjorden area). But during 2010 Salmar has so far not had any problems
and outlook for the rest of the year is good, even sea lice levels are increasing in
Mid-Norway these days. PD-sites were last year fallowed, and these sites are
stocked again. The sites in Solbergfjorden in Troms are 1H 2010 stocked.
Farming volume The disease outbreaks during 2009 caused loss of a generation at the affected
farming sites. This leads us to believe the production volume targets issued by
Somewhat ambitious Salmar for 2010 may be a little on the high side. Ex the newly purchased Rauma
volume guidance… group, Salmar’s guidance is a volume of 73kt. This implies approximately 77.2kt
when including Rauma 100%. Our forecast (also including Rauma) is 74.8kt as
We estimate volumes shown in the table below:
3% below the 2010
Salmar harvesting/sales 2006 2007 2008 2009 2010E 2011E 2012E
guidance. We expect SalMar Mid-Norway 29 700 45 200 42 300 50 300 57 890 62 921 63 550
2011 volume growth SalMar Northern-Norway 6 000 7 000 11 300 15 800 17 000 18 600 18 600
due to extra MAB Total Norway 35 700 52 200 53 600 66 100 74 890 81 521 82 150
capacity and full year UK - Scottish Sea Farms (50%) 10 050 11 950 11 350 13 200 11 850 11 987 12 362
SALM volumes (HOG) 45 750 64 150 64 950 79 300 86 740 93 508 94 512
effect of Rauma
Volume growth YoY 40% 1% 22.1% 9.4% 7.8% 1.1%
Source: Fondsfinans. Inclusive Rauma-group from 2H 2010

Market price – strong Current spot prices (HOG / FOB Oslo) are in the NOK 33 – 35 / kg range having
seasonal prices in 2H come down from above NOK 40 during this summer. We believe the spot prices
this year due to lack of during 2H10 will swing between NOK 30 – 35.
Chilean fish in the
marked Salmar has fixed price contracts, probably comparable to Marine Harvest and
Cermaq at about NOK 34.50 / kg. We guess this applies to about 20% of
production volume in 2H10.

Fondsfinans Research 17 September 2010 Page 3

Salmar ASA Initial coverage

Salmar EBIT (NOK/KG) 2006 2007 2008 2009 2010E 2011E 2012E
SalMar Mid-Norway 14.98 9.40 7.61 10.08 13.92 12.87 11.37
We estimate around SalMar Northern-Norway - 2.11 2.87 5.46 9.97 9.07 8.57
same EBIT level in Norskott Havbruk (50%) 10.55 4.20 2.48 6.27 9.46 8.78 7.74
2011 as in 2010 – (full Salmar EBIT (MNOK) 2006 2007 2008 2009 2010E 2011E 2012E
effect of the Rauma SalMar Mid-Norway 534 425 322 507 806 810 723
SalMar Northern-Norway - 15 32 86 170 169 159
transaction in 2011) Norskott Havbruk (50%) 212 100 56 166 224 210 191
Farming EBIT Norway 534 440 355 593 976 979 882
Source: Fondsfinans. Inclusive Rauma-group from 2H 2010

InnovaMar into FROM REGIONAL FARMING TO GLOBAL VAP NEXT YEARS

production in 4Q10
– the largest VAP The creation of InnovaMar represents a dramatic change in strategy for Salmar.
factory in Norway. Total The plant will have capacity of processing 70-80kt (HOG) on a single-shift basis
capex around 0.5b. and can be ramped up further by engaging a second shift during peak
production.
The project has been running for over two years, draining a lot of resources and
management capacity.
For the plant and property the total investments have been upwards to NOK
500m. The real estate property owners are Salmar ASA (42.5%) while
governmental institutions and Kverva Holding AS owns the remainder. Kverva
Holding AS is fully owned by the founder of Salmar Gustav Witzøe.
The production machinery (estim just under NOK 200m) will be owned by Salmar
ASA directly. Initial plans were for start-up in 2Q10, but have been postponed to
4Q10 due to unforeseen delays. A cold winter has delayed the project. The
operations of InnovaMar (save ownership and management of the property) will
be fully consolidated into Salmar’s books.
Dramatic improvement Salmar’s old factory will be closed and machinery will be sold off/delivered back
in efficiency to the owners. At Kverva/Frøya the old processing plant employs a lot of
seasonal workers from abroad in the high season. Despite increasing the
capacity from about 50kt to 80kt and beyond (one shift), the new factory
InnovaMar will probably employ less than 100 persons. The need of seasonal
workers from abroad will be significantly lower than today.
A major change of Establishing InnovaMar will transform Salmar from a player that mainly sells the
strategy bulk of its salmon output as whole unprocessed (HOG) fish into one that process
the great majority of its own output as well as that of other local (region Mid
Norway) farmers into fillets.
The switch lowers the transport cost of fish for the export market. The number of
trailer loads will go down by approximately 40%. The environmental gain is
noteworthy with a significantly lower carbon footprint. At the same time, Salmar
will switch to reusable boxes from the traditional disposable styrofoam crates.
Reaching out to the Salmar has recently purchased 100% of Volstad Sales in Ålesund plus Rauma
market Sales team. These will now become Salmar Sales. The strategy is to sell much
more fish in-house, with a special emphasis on salmon-fillets for the export
market. The sales organisation will get a head start on the US and Asian market
with prior experience from the Volstad and Rauma/Vikenco VAP team.
Still un-tested Being all new and untested, these changes make it hard to make reliable
forecasts for Salmar for 2011 and beyond. In particular EBIT/kg in the VAP
processing segment will be mostly guesswork.
Silver lining Salmar having 80% of its production capacity in mid-Norway also comes with a
silver lining. Provided they are able to avoid serious setbacks due to local
biological conditions they will be able to gain from local economies of scale and
its proximity to the InnovaMar plant. The InnovaMar strategy cannot easily be
duplicated by other major players as their production is more spread out
geographically than is the case with Salmar.

Page 4 17 September 2010 Fondsfinans Research

Initial coverage Salmar ASA

Our forecasts Our forecasts in the table above include the InnovaMar operation. But the
company does not plan to report the processing as a separate entity until 2011,
hence our forecasts follow the old financial reporting form until then. We have
recommended the management to enter into more segment transparency. It
seems that the company will increase number of P&L segments from 2011 and
onwards.

Salmar Group Valuation

Resorting to good old Due to the aforementioned lack of transparency we are unable to construct our
P/E valuation preferred bottom-up SOTP valuation model where we value each business
subunit according to individual turnover, performance, risks and margin.
We have therefore resorted to the good old P/E adj. method. Given the
All in all, at this stage, uncertainty tied to the un-tested InnovaMar unit we prefer to be a little
We are quite tepid, but conservative and suggest a P/E IFRS adj. of 8 based on our 2011 forecast.
still 10+% upside Needless to say, the EPS we refer to is adjusted back to leave out fair value
adjustments of the biomass and the tax considerations thereof. The SOTP table
below is only as a control method of potential values divided into different part of
the value chain and segments. The SOTP table includes Rauma.
SOTP values around SOTP values of Salmar Group HOG volumes EV/kg Values
NOK 57 per share - only SalMar Mid-Norway 53 690 67 3 597
SalMar Northern-Norway 17 000 70 1 190
as a control method at
Rauma group (acquisition price) 8 100 64 518
this stage Rauma brood fish farms 20
Vikenco VAP-house, Volda (51%) 20
Rauma smolt plants 40
EV Farming (upstream values) 78 790 68 5 386
Separate VAP values, MHG benchmark value 1 200
Scottish Sea Farms (50%) 11 850 62 729
Total EV Group 7 315
NIBD 30.06.2010 (+Rauma) 1 553
Equity values 5 762
Outs shares (ex. own shares, 1.4 mill) 102
SOTP values 57
Source: Fondsfinans

Risk assessment of the Salmar Group

The sensitivity of Salmar estimates to key assumptions is as for the other faming
Sea lice issues could companies high. Unforeseen changes in the market situation may have a
happen in region Mid dramatic effect. A change of NOK 1 per kilo in salmon price should represent an
annual EBIT and CF effect of around NOK 75 -80 m. We consider the present
ISA - map from the Salmar volume guidance as somewhat optimistic, but not entirely unrealistic.
government – Lavangen
is a local ISA fight area Less favourable sea water temperatures may affect growth and farming volumes.
(ree) Furthermore, sea water temperatures peak in September, making this a high-risk
time for disease outbreaks. From October onwards things should improve, but
active sea lice attack these days could slow down 2H growth like we experienced
last year. In region Mid sea water cages will be deloused this year as last year
when the sea water getting colder again.
In North, there have been some ISA-outbreaks some 30km away from one of the
Salmar production area at Solbergfjorden. We don’t expect this ISA to spread to
the Salmar cages, but local ISA-risks can not be ignored when stocking the
Dyrøya sites this year after fallowing last year.

Fondsfinans Research 17 September 2010 Page 5

Salmar ASA Initial coverage

Definitions of ratings
Buy Low risk: with a potential of min 5%. Medium risk: with a potential of min 10%. High risk: with a
potential of min 15%.
Neutral Low risk: -5% to +5%. Medium risk: -10% to +10%. High risk: -15% to +15%.
Sell Low risk: min 5%. Medium risk: min 10%. High risk: min 15%.
Risk ratings are based on price volatility, fundamental criteria and perceived risk. Ratings are: Low (L), Medium (M) and High (H).

Target: Our valuation as of today.

Time frame of target: Target is what we value the share as of today.

Recommendation distribution as of 06.09.10: Companies in each recommendation category that have been
investment banking clients over the past 12 months:
Recommendation No Percent Recommendation No Percent
Buy 46 87 % Buy 9 20 %
Neutral 5 9% Neutral 0 0%
Sell 2 4% Sell 0 0%
Total 53 100 % Total 9

Our intention is to issue preview and update research on a quarterly basis.

Our investment recommendation is elaborated in accordance with “The Norwegian Securities Dealers Associations” standards.
This report has not been sent to the company for correction of any factual errors.
Fondsfinans is organized with Chinese walls between the Corporate Department and the Research/Broking Department. In addition,
Fondsfinans has internal instructions and guidelines for handling sensitive information.
The analyst receives compensation that is impacted by overall firm profitability, including investment banking activities.
The analyst is partner in DIS Fondsfinans.
Fondsfinans is under supervision of The Financial Supervisory Authority of Norway.

Ownership per 17.09.10 in Salmar:

Analyst (including his/her closely related persons or companies):
0, corresponding to 0% of the company share capital
Employees (including their respective closely related persons or companies):
0, corresponding to 0% of the company share capital
Group Fondsfinans (including the holdings of its Chairman, his spouse and their closely related companies, Erik Must AS and its 100%
controlled subsidiaries):
0, corresponding to 0% of the company share capital

Fondsfinans may hold shares in Salmar as a result of daily trading/market making. Information on such holdings is not given when of
non-significant value.

This report was issued and distributed 17.09.10.

Page 6 17 September 2010 Fondsfinans Research

 Salmar ASA Analyst: Bent Rølland +23113027

Sector: Aquaculture Price (NOK): 50.5 Shares outst.: 103m

Date: 17-Sep-10 Book equity per share (NOK): 21.0 Market cap (NOKm): 5 202
Next result: 29.10.2010 Equity ratio: 52% NIBD (MNOK): 953
Target 57 Avg daily vol (90d): 23 Entrprise value (NOKm): 6 154
Recommendation: Buy 12 months High / Low: 57.2 / 39.5 OSEBX: 373

Financial data (MNOK) 2008 2009 2010e 2011e 2012e 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10e 4Q10e
Operating income 1 714 2 377 3 376 3 685 3 637 456 688 757 618 660 980 1118
EBITDA 393 656 1055 1059 967 119 246 201 172 194 350 336
EBITDA-margin 23% 28% 31% 29% 27% 26% 36% 27% 28% 29% 36% 30%
EBIT before adj biomass 338 585 967 970 873 102 225 175 153 173 327 313
EBIT-margin 20% 25% 29% 26% 24% 22% 33% 23% 25% 26% 33% 28%
Fair value adjustment of biomass -33 -5 220 0 0 202 -161 14 194 26 0 0
EBIT after adjustments 305 580 1 187 970 873 304 65 189 346 200 327 313
Associates (Norskott 50%) 12 57 94 76 69 25 7 10 42 26 14 12
Other financial items -62 -10 -49 -28 -28 -8 7 -4 -11 -21 -10 -7
Earnings before tax 235 634 1 232 1 018 914 327 78 194 378 205 331 319
Taxes -66 -163 -313 -265 -238 -85 -20 -53 -94 -50 -86 -83
Result from period 169 471 920 753 677 242 57 142 284 155 245 236
Minority share of result 0.3 -0.1 8.1 16.0 16.0 0.1 -0.1 -0.1 0 0.1 4 4
Net profit adjusted 202 476 691 737 661 90 173 132 144 136 241 232
Outstanding shares (mill) 103 103 103 103 103 103 103 103 103 103 103 103
EPS 1.64 4.57 8.85 7.16 6.41 2.35 0.56 1.38 2.75 1.50 2.34 2.25
EPS adj. 1.96 4.68 6.81 7.26 6.50 0.88 1.70 1.30 1.42 1.34 2.37 2.28
DPS 0.40 2.20 3.54 2.86 2.57
CEPS 1.41 5.16 6.47 7.01 5.91 1.35 0.20 2.73 1.40 0.83 1.93 2.31
Impl. cash flow per kilo fish 2.24 6.71 7.69 7.72 6.44 9.37 0.81 11.77 9.07 6.04 7.38 8.02
Multiples:
EV/ Sales 2.5 1.8 1.6 1.6
EV/ EBITDA 9.1 5.8 5.7 6.1
EV/EBIT, before adj. n.m. 6.4 6.2 6.7
P/ E adj n.m. 7.5 7.1 7.9
P/B 4.3 4.0 3.9 3.3
Norwegian volumes (HOG)
Mid-Norway (43 licences+ assosierte) 42 300 50 300 57 890 62 921 63 550 10 600 14 800 16 500 9 600 9 100 18 100 21 090
Northern-Norway (13 licenses) 11 300 15 800 17 000 18 600 18 600 1 500 7 000 3 100 2 100 2 000 6 700 6 200
Norwegian volumes (t) 53 600 66 100 74 890 81 521 82 150 12 100 21 800 19 600 11 700 11 100 24 800 27 290
Farming EBIT Mid-Norway 322 507 806 810 723 87 181 173 131 142 260 274
Sale/HOG volumes 40.2 46.5 54.1 54.0 53.0 43.2 46.6 43.8 65.6 70.0 49.6 45.8
EBIT-margin (NOK/kg) 7.6 10.1 13.9 12.9 11.4 8.2 12.2 10.5 13.6 15.5 14.3 13.0
Farming EBIT Northern-Norway 32 86 170 169 159 17 52 3 23 31 75 40
Sale/HOG volumes 24.3 25.4 34.3 33.6 32.6 37.1 22.1 25.0 34.9 38.1 35.6 31.6
EBIT-margin (NOK/kg) 2.9 5.5 10.0 9.1 8.6 11.1 7.4 1.0 10.9 15.7 11.2 6.5
UK farming (HOG) 50% ownership - Assosiates
Scottish Sea Farms (37 sites) 22 700 26 400 23 700 23 973 24 723 5 500 6 700 8 500 8 300 6 300 4 300 4 800
Sale/HOG volumes 34.1 34.9 36.2 35.2 34.2 36.7 35.8 34.8 34.4 39.3 36.3 35.3
Farming EBIT UK 56 166 224 210 191 42 39 52 73 80 38 34
EBIT-margin (NOK/kg) 2.5 6.3 9.5 8.8 7.7 7.7 5.8 6.1 8.7 12.7 8.8 7.1
EBIT Norskott (SALM Associates) 12 57 104 76 69 31 10 14 42 36 14 12
Elimination to EBIT -17 -8 -9 -9 -9 -2 -7 -1 -1 1 -7 -1
Balanse Sheet (IFRS MNOK) 2008 2009 2010e 2011e 2012e No Shareholders (10.08.2010) Shares (1000) Pst
Total fixed assets 1 796 1 959 2 519 2 703 2 895 1 Kverva AS 55 000 53.4%
Total current assets 1 256 1 462 1 848 2 057 2 252 2 Folketrygdfondet 8 222 8.0%
Total assets 3 052 3 422 4 367 4 761 5 147 3 JP Morgan Chase Bank 6 741 6.5%
Total equity 1 315 1 700 2 397 2 786 3 168 4 Odin Norge 4 793 4.7%
Total long-term liabilities 1 309 1 316 1 313 1 318 1 323 5 Pareto Aksje Norge 4 593 4.5%
Total equity and liabilities 3 067 3 421 4 366 4 760 5 146 6 Lin AS 2 500 2.4%
Equity share 43% 50% 55% 59% 62% 7 Odin Norden 2 348 2.3%
Return on equity 13% 31% 44% 28% 22% 8 Pareto Aktiv 2 148 2.1%
Cash flow from operations 146 532 667 722 609 9 Salmar ASA 1 400 1.4%
Cash flow from investments -194 -246 -592 -200 -170 10 Holberg Norge 833 0.8%
Cash flow from financing 42 -234 -42 -359 -290 OTHER SHAREHOLDERS 14 423 14%
Cash end period 41 93 126 288 437 TOTAL SHAREHOLDERS 103 000 100%

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