Good morning. It's a pleasure for me to welcome you to fourth quarter presentation for Austevoll Seafood and the preliminary full year numbers for 2022. I will first start by giving you a short introduction to the highlights of this quarter and also for the year. Then I will go through segment by segment. Britt Kathrine Drivenes, our CFO, will take you through more in detail through the numbers, and we will end this presentation by giving our view on the different market we are operating within. Starting up, we have had a quarter where the revenue were exceeding last year's numbers for the same quarter, 7.6 billion NOK./
ower versus the same quarter last year and has mainly to do with the weaker performance, particularly from the Peruvian companies, which holds approximately 180 of the $250 million we are lower than the same quarter last year. An EBITDA of just north of NOK 1 billion and an EBIT of NOK 630 million. Pretax profit, NOK 727 million, is mainly due to a very good performance from the associated company, Pelagia
If you take into account the EBITDA from our 50% share of Pelagia, we have an EBITDA of NOK 1.4 billion, whereas NOK 1.1 billion is coming from Lerøy, and the remaining NOK 258 million is coming from our rest pelagic activity, which is more or less in line with the same quarter last year. Looking at full year figures, you can see that revenue is NOK 31 billion. EBITDA is NOK 6 billion. EBIT NOK 4.2 billion, and pretax profit is NOK 4.4 billion. Strong balance sheet, total assets of NOK 48 billion.
Net interest-bearing debt increased mainly due to higher level of working capital, NOK 5.1 billion, and we have an equity ratio of 59%. Doing the same exercise, taking into account the result before depreciation from our 50% share in Pelagia, you can see that the EBITDA for the full year is NOK 6.8 billion, whereas NOK 4.7 billion is coming from our salmon activity. For the first time, we have passing the NOK 2 billion when it comes to EBITDA from the pelagic activity in Austevoll. Exceeding NOK 2.1 billion.
Summing up, as I mentioned, I would say the result was weaker from our Peruvian activity, and our the season has been challenging and also influenced the total volume going through our own system. In 2022, we caught approximately 350,000 tons of pelagic raw material with our own vessels. We were receiving in our factories a volume of NOK 1.850 million on our pelagic factories. We were catching on our whitefish trawlers the similar volume as we did in 2021, 72,000 ton.
We're also purchasing an additional 25,000 tons for our whitefish activity and just passing the 200,000 tons level in slaughter volumes for 2022. Going through the different companies, and I will start up talking about our Peruvian activity, Austral. We have been through our season, the second season, catching season during the quarter. The quarter was set for 2.3 million tons, up from 2 million tons in 2021. Started up in 23 of November, so it was quite late. The season seems to be quite challenging compared with the same season last year.
The total fleet in Peru didn't catch the final quota, and out of the 2.3 million tons, the Peruvian fleet caught 1.9 million tons. The challenge was mainly that it was a high % of juveniles, and it was a lot of fishing zones closed. The main fishery were mainly occurring up north in Peru. Where we have a low presence of factory, meaning that it was a lot of sailing for our fleet, and we didn't have the daily unloading as we wanted.
Uh, so if you look at, uh, the table, you can see that, uh, all in all, uh, during the season, uh, we caught hundred and nine, uh, thousand ton, uh, whereas thirty-seven thousand tons were caught in January, uh, so not into this quarter, uh, and, uh, versus the hundred and forty-three thousand tons, uh, which were caught, uh, in November, December in, uh, twenty twenty-one. We purchased more or less, uh, a similar volume, uh, and we have also seen that the quality of the raw material we have been producing on has been, uh, on a lower grade, and we have not been able to have the same, uh, percentage of, uh, high quality fish meal as we did in, uh, twenty-one.
Also the combined fish meal and fish oil yield, in particular the fish oil yield, were lower this season versus same season last year. Also, if you look at the fourth quarter in 2021, we were purchasing over 30,000 tons in our factory in Ilo during fourth season. This year it was, or this quarter it was, no catch at all. We also entered into the season with lower volumes for fish meal and fish oil on stock, and the sales has been considerably lower compared with the same season last year. When it comes to Chile, they are doing their year mainly first half, where they are mostly catching all their volumes.
It's been another good year in Chile in 2022. The fourth quarter is as normal, a seasonable weak quarter, where we are doing maintenance and only having fixed cost and very limited income. What to say about Chile is that I would say the biomass for horse mackerel has been developing quite positive during the last three and four years with a total increase of quota of 15% annually. We are also expecting at least 15% increase of the quota also in 2023.
Last year, we were catching approximately 80,000 tons between our own quota and also the quota we purchased from third parties and caught with our own vessels. Next year or in 2023, we are expecting this volume to increase to 90,000 tons. Have invested in increasing tunnel capacity and are having a daily capacity now into the new year of 750 tons a day in order to be more efficient when it comes to production. Looking at the North Atlantic pelagic quotas, I think it's summing up no changes from the last quarterly presentation we did. Again, the conclusion is the same.
Quota is up, considerably for the blue whiting, whereas we are expecting higher volume in for our fish meal factory. It's going down for fish going in for the human consumption, and also going a bit down for trimmings from the human consumption activity and for the fish meal activity. All in all, I would say that the next year quota, we are expecting a higher volume in for fish meal and a lower volume in for human consumption. Again, if you look at the quarterly numbers, you can see that raw material intake for marine protein and oil has increased. This is mainly pelagic, but also trimmings from salmon and also from whitefish versus the same quarter last year.
Also on an annual basis, we had a higher volume intake versus the same period last year. We are also expecting in 2023 an increase of volume to over 900,000 tons of raw material in for this segment. I would say the weaker performance in Peru has led to increasing prices, which we have also benefited in this segment. We are doing mainly all the purchases of raw material in the first half and selling the main proportion of our products in the second half.
The market has been developed positively during the year, which has been favorable for the result and also have a good drive into 2023 in terms of market prices. When it comes to the human consumption activity, I would say that the fact that we don't have access to the UK zone have led the fishing vessels to go fishing earlier than normal when it comes to mackerel and are splitting the volumes both on third quarter and fourth quarter. I've had a good year I would say, and volume on more or less on the same level as last year and we are also expecting a minor decrease in 2023.
First quarter is also an important quarter for this segment, where we are receiving mackerel, herring and capelin during this period. Now looking in the result of Pelagia, and it's fair to say that Pelagia has become important company within a segment, among the largest fish meal and fish oil producer, both when it comes to handling trimmings from pelagic, whole pelagic fish, also whitefish and also salmon trimmings, and has been benefiting in particular in this segment for the increasing prices.
has also an important position for production of human consumption products based on pelagic products and are also one of the largest omega-3 producers of high concentrate omega-3 oils. All of this segment has been developing very well during the quarter and also during the year, which is the basis of the result you are seeing. revenue of 3.8 billion NOK, EBIT of 660 million NOK and an EBIT of 567 million NOK. If you look at the full year numbers, you can see that balance sheet total assets is over NOK 9 billion now, EBIT margin of 12%, and an EBIT of NOK 1.7 billion, and the revenue is NOK 11 billion, which is a very good performance in our opinion for the year.
When it comes to Lerøy, EBIT of NOK 800 million, down from NOK 900 million the year before, and you can see, if you look at the result coming from the whitefish segment, it's almost down NOK 100 million, and mainly explained by lower quota, a bit high cost, and also later sales by the end of the year. I will come back to that later. The slaughter volume is 53,000 tons. It's 15,000 tons up north, 21,000 tons in mid-Norway, and also approximately 70,000 tons in the west coast of Norway.
Also if you look at, you can see that the prices is up, but also cost and EBIT per kilo, is 15.2 NOK, and it's divided by 19 NOK per kilo up in the north, where the performance has been, I would say, back on track after two to three different difficult years in Lerøy Aurora, are performing very well, at the moment. We are having high expectation also, during 2023, of the performance in Lerøy Aurora, when it comes to biological, and financial performance. /
Lerøy Midt is having an EBIT per kilo in the quarter of 14 NOK, and it's been more challenging, I would say, second half there, a lot of treatments and the growth has been marked by that. I would say it's also challenging coming into 2023, but on a better level now. Lerøy Sjøtroll has also had the same development as Lerøy Midt, EBIT per kilo of 11 NOK, and are having a cocktail of different diseases and are due to do sea lice treatment, which is not a good combination.
Based on that, we are increasing a bit the volume in volume guidance in the north and also taking down the volume compared with same period last year in Lerøy Midt or, and, Lerøy Sjøtroll. If you look at the performance from the whitefish segments, you can see that result is down. Prices has been developing quite well during the year and recovering, compensating, I would say, mainly for the lower quota we have on cod. Entered the 4th quarter with a lower volume left on the cod quota, which is more or less reflected in the numbers.
Fuel prices is considerably up compared with the same period last year. I would say also it's been more challenging for the industry when the raw material has gone up in order to move the prices they have to pay for the raw material over to the end customers for the end products. I give the floor to Britt.
Thank you. We start with summing up. Actually, I'll give you a total picture of the raw material intake in the quarter. As Arne has mentioned, we have had a challenging season in Peru, so lower raw material intake there in fourth quarter 2022 compared with same quarter in 2021. In North Atlantic, we have had a higher raw material intake compared with same quarter in 2021, and also a good volume of slaughtered with the salmon and trout in fourth quarter. Arne has already given you or taken you through the key figures, so I will not repeat all of them. We have had a 9% increase in revenue, and the increase comes from Lerøy. We have also had a decrease in earnings in EBIT.
The EBIT was NOK 630 million in the quarter compared with NOK 903 in same quarter in 2021. It's especially the Austral Group in Peru which have had a challenging season as mentioned. This of course impact the earnings in fourth quarter. However, if we look at this, the companies within Wild Catch, they will always have some volatility in their earnings in the quarters because of the seasonality of their operation. If you look at the year in total for 2022, Austral Group has had a very good year, their earnings are in the same level as 2021.
Looking at the income from associated company, that is NOK 140 million in fourth quarter, compared to or up from NOK 83 million in same quarter in 2021. Especially, this is coming from Pelagia, which has had a very good fourth quarter. They have had a high raw material intake, high sales volumes, and in addition, higher price achievement for their marine protein and oil. All of these factors has contributed to increase in earnings. The earnings from Nor skott was substantially weaker than same quarter in 2021. They have had a very challenging biological situation in Scotland. Net finance is a little bit lower in fourth quarter 2022 compared to same quarter in 2021.
The reduction is caused by positive currency effects. The net interest is higher in fourth quarter 2022 compared to same quarter in 2021, and that is because we have had an increase in interest rates, but we also have higher working capital. The pre-tax in fourth quarter was NOK 727, and that is before biomass adjustments, down from NOK 905 million. This gives an earnings per share of NOK 1.84, down from NOK 2.14. Looking at the full year 2022, there is an increase in revenue of 17%. The increase comes from all the companies in the group. The EBITDA, and that is before biomass adjustments and settlement cost, is close to NOK 6 billion, up from NOK 4.8 billion.
The EBIT is NOK 4.3 billion, up from NOK 3.2 billion. Income from associated is also increased in 2022, NOK 483 million, up from NOK 387 million. Again, it's Pelagia which has had a very good year in 2022. Net finance is -NOK 307 million, down from NOK 350 million. Again, this is impacted by positive currency effects, so the net interest rate is up compared with 2021. 2022 in total, a pre-tax profit before biomass adjustment and settlement cost of NOK 4.4 billion, up from NOK 3.2 billion. This gives an earnings per share of a little bit over NOK 10, up from NOK 7.53 in 2021.
As mentioned, we have had a higher revenue in the group in total. Most of it comes from Lerøy. They have had a higher revenue both in fourth quarter and in 2022, full year 2022. Looking into fourth quarter 2022, they have slaughtered a volume of 53,000 tons, up from 51,000 tons. We have been talking about inflationary trends. This gives also a higher price for our finished products. It also gives a higher cost. You can see that the spot prices are up 21% in fourth quarter 2022 compared with same period in 2021.
The total price achievement for Lerøy is heavily impacted by the contract share, which was 36% in the quarter, and the price realizations on contracts are below the spot prices. Looking into the white fish segments, they have caught a lower volume in the fourth quarter in 2022 compared with same quarter in 2021, and that of course impact the earnings. The EBIT from the Wild Catch segment is NOK -9, and it was positive at NOK 73 in same quarter in 2021.
We have seen higher prices for the for the raw material, and that is of course very positive for the fishing fleet, but it's quite challenging for the land-based industry which has not been able to move the raw material prices to their end customer, in the same at the same level as the raw material has increased in price. To sum up, an EBIT in the fourth quarter of NOK 800 million, down from NOK 902 million in same quarter 2021.
Looking at the total or full year of 2022, the company has an EBIT of a little bit less than NOK 3.2 billion, which gives an EBIT margin of 10%. That is up from NOK 2.5 billion in 2021, and the EBIT margin in 2021 was 11%. I will not repeat, of course, the quarterly earnings are impacted by the second season. If we compare second season 2022 with 2021, in 2021 we had a total quota of 143,000 tons, and everything was caught in fourth quarter of 2021, a quite efficient season.
In second season now in 2022, we caught of our total quota of 159,000 tons, we caught 109,000 tons, two third of that was caught in fourth quarter, the remaining 37,000 ton was caught in January in now in 2023. The concentration of the fishing was up north, which was not favorable for our plant structure, all of these factors have of course impacted the result in Q4.
We went into Q4 with low, low volumes of finished products and of course with the late start of the season, we have only sold a little bit less than 6,700 tons of fish meal, and that is substantially lower than the 15,600 tons we sold in Q4 in 2021. Fish meal prices are, yeah, approximately on the same level as same quarter last year. We are entering into 2023 with finished products of fish meal of 20,200 tons, and that is substantially lower than when we entered into 2022. We had finished products of fish meal of 43,400 tons.
If we look into the full year 2022, you see we have had another good year. Revenue of NOK 2.5 billion, an EBIT of NOK 663 million, approximately same level as 2021, an EBIT of NOK 468 million, a little bit down from NOK 506 million. It's not much to report from Food Corp in fourth quarter. As normal, it's a seasonable low quarter. They have caught 4,000 tons of horse mackerel. They have sold 2,500 tons of frozen products, a little bit down from 3,300 in fourth quarter in 2021. As normal, they are not able to make positive earnings in fourth quarter.
Looking into the full year of 2022, I would say that also in Chile we've had another good year. The total revenue of NOK 821 million, an EBIT of NOK 200 million, and an EBIT of NOK 128 million. Approximately at the same levels as 2021. We see that the EBIT margin is down by 16% in 2022, down from 21% in 2021. If we look at the frozen prices, they have been approximately 10% lower for the full year 2022 compared to 2021. But the increased production of frozen products have somewhat eliminated the negative effect of the price reduction. Brødrene Birkeland Farming, they have seven licenses on the west coast of Norway, and they sell all their fish in the spot market. /
We've had two very challenging year in 2020 and 2021. It's very positive, and we are happy to see that we have had a very good performance in 2022. This also shows that there is substantial biological risk for this operation, and there is volatility in the earnings between the years. In fourth quarter, they slaughtered 3,100 tons up from 1,800 tons in same quarter in 2021, and the EBIT per kilo is above 25 NOK. You saw in the fourth quarter in 2021, the EBIT per kilo was negative with -4.5 NOK. Looking at the full year, they have slaughtered 8,600 tons up from 8,100 tons in 2021.
The total EBIT per kilo is almost NOK 35. In 2021, they had a negative EBIT per kilo of NOK 1.5. Going into 2023, they have a little bit higher biomass in sea compared to going into 2022. Also cost inflation are impacting the cost on the salmon going forward or the release from stock cost going forward. Brødrene Birkeland has had limited operation in fourth quarter. Only one pelagic vessel has been in operation, and they have caught their remaining quotas of mackerel and herring. As we also mentioned in our presentation in November, we have been doing large maintenance work on the vessels fishing snow crab.
This is the main impact on the negative result in Q4, and it also impacts the full year result or earnings for Brødrene Birkeland. Looking at 2022, the revenue were NOK 333 million, and the EBIT was negative NOK -18. The fishing for snow crabs stopped in June, then the Total Allowable Norwegian Quota was caught. We have also achieved substantial lower prices for our snow crab in 2022 compared with 2021. The group has total assets of NOK 48 billion, and that is up from the almost NOK 44 billion by the end of 2021. Some of the group companies have another functional currency than NOK, and of course, exchange rate will also impact the size of the financial positions.
What we can see is that the inflationary trends have also given us a substantially higher value on our inventory. We see that the value of the fish in sea are up, even though we have lower volumes in sea. We also see that finished products on inventory are up and also our receivables. The net interest-bearing debt by the end of 2022 is NOK 5.1 billion, and the equity ratio is 59%. I will take you through the cash flow, we look at the full year, you can see that cash flow from operation is almost NOK 3.2 billion and heavily impacted in that we tie up a lot more working capital in 2022 compared with 2021.
We actually released some working capital. Looking at the investing activities, we have invested in CapEx NOK 1.8 billion. We have received a dividend from associated companies of NOK 131 million, and the net cash from investing activity is a little bit less than minus NOK 1.7 billion. Cash from financing, we have paid out dividend from the mother company or from Asterå Seafood also, but also from the group companies to minority interests. Dividends in 2022 was a little bit above NOK 1.7 billion. Cash from financing is minus NOK 2.5 billion in 2022. We started 2022 with a cash position of NOK 5.3 billion, and we ended the year with a cash position of NOK 4.3 billion.
I will end the presentation by giving our view on the different markets we are operating within, starting up with the fish meal market. If you look at the total volumes produced from the five largest producing regions, you can see that it's a drop in the production and in particular in Peru, which is by far the largest fish meal producer in the world. Volume is down by 20% and has led to an increase of prices during I would say the last three months. We have seen now prices on $1,660 per ton for low-quality meal and $1,860 per ton for high-quality meal.
I would say consumption has been good, and the demand has been also quite good during the period. I would say that the lower volume coming from Peru is also strengthening the price picture for meal going forward. When it comes to main market, which is China, which are consuming more or less same volume as Peru is producing, you can see that the stocks are more or less on the same level as it was last year. We also see that the daily offtakes is up approximately 50% versus the same period last year. Prices they are receiving in China is also higher than what we are receiving in Peru, which is also leading to a higher trade.
We're also seeing that the currency, the strengthening of the yuan, the Chinese currency, is also making import of fishmeal more favorable. Last item to highlight when it comes to China is that domestic production has been down, which is also has been increasing the fishmeal import, and also again, leading to higher prices. I would say if you look at fish oil, you can see that in particular in Peru for the high EPA and DHA volumes, it's considerably down in 2022 versus 2021.
The fish oil yield during the last season were as low as down to 0.6% and has also led in the deep increase in prices as you see, and which is currently traded for feed-grade just under $5,000 per ton and for, with a premium of approximately $500 for omega-3 oil. As a consequences of the low production, there's also limited stock available, and it's also the reason why you're seeing the high prices.
When it comes to salmon volumes, at 1% down in Norway, 1% down on a global level in 2022. The increase for next year is also, I would say, modest, meaning that we are also expecting a quite tight supply growth going forward into this year. If you look at the prices we have had during the different quarters in 2022, you can see that it's been extremely volatile prices, which has also make it extremely challenging for our VOP and sales and distribution segments, in particular with the high contract coverage. Better position for 2023, and better prepared, I would say, in this segment.
If you look at the consumption of salmon, you can see that EU market is more or less consuming the same volumes despite the increase in prices we have had in 2022. If I'm gonna mention one market which has been extremely strong is the American market, which we also have expectation to increase during 2023 as well. Summing up, I would say on the salmon whitefish segment is a record year in terms of revenue. Has been a challenging year, the first three quarters for the sales and distribution segments, but recovered a bit in fourth quarter. Harvest volume is more or less on the same level in 2023 as we achieved in 2022.
We are also worried about the resource rent tax and what kind of impact that will have for this type of industry. Lerøy is present today in 60 municipalities along the coast of Norway. It is 3,500 employees, and it has an employment effect if you look at the associated company to the salmon industry of 13,000 tons. We are every year investing from Norwegian suppliers up to NOK 13 billion from 4,500 Norwegian suppliers in over 300 municipalities in Norway. In 2021, we were paying NOK 1.5 billion in taxes and other duties.
I would say it's an important assess regime, are challenging the salmon company's position in terms of securing value going forward. Whitefish, healthy profitability in 2022. Cod quota is continuing down with 20%. Haddock quota down with 5%, and there's an increase in the skate quota. When it comes to pelagic, I would say we are also feeling the inflation impact in all our cost, fuel, power, all the raw materials we are having in. I would say we have been managing to cope with that situation and are delivering the best year in terms of our pelagic activity if you look at our total business.
South America, the research for next season started up yesterday, and we are expecting to have a quota in beginning of April and hopefully more favorable conditions than what we saw during second quarter 2022. Chile again has had a very positive journey for the last four years, and they are expecting this year and have secured this year more or less a volume of 90,000 tons, which we're gonna be catching, has started up quite well. 22,000 tons caught until today, and expecting also a good year for Chile in 2022.
Again, summing up in the end on the Pelagia business, a very good year for Pelagia has been helped, of course, by favorable development in market prices. All in all, having a good drive into 2023 and expecting higher volumes for fish meal activity and a bit lower volume for the human consumption activity. Thank you.