Hello. Welcome to Leary Receifel Group's 4th Quarter Presentation 2020. My name is Hany Belster. I'm the CEO of Leary Safer Group. And with me today, I have First of all, I want to show this fantastic value chain that Leary represents today.
A fully integrated company of Redfish and Whitefish. This gives us a unique opportunity And it's not many companies like Leary in the world today. For 20 years, we invested heavily in the whole value chain, in farming, in fisheries, in processing, building smolt facilities, building WAP activities, and distribution centers and fish cuts and delivering our products all the way to the End Customer. And our goal is to create the world's most efficient and sustainable Value Shame for Seafood. And we will make it happen, I promise.
We have a huge potential of improvements, but I'm sure with our 5,000 employees, We will reach this goal. Then 2020, A challenging year, but still only a small dip in the turnover. So close to NOK 20,000,000,000 compared to a little bit lower than 2019. And we see Going all the way back to 1990, we see that we have had a very, very good development in the Group. Then we will go to Q4.
First of all, I will take you through The highlights, then Sjoerd will take us through the key financial figures, and then I will come back into a little bit about the outlook, Supply and Demand of Seafood. Yes, we start with the highlights. Loyce Seaford Group, we report in 3 segments: Farming, Wild Catch, Pulp, Sales and Distribution. 4th quarter, we had an EBIT before fair value adjustment of SEK 441,000,000. We have an EBIT per kilo, all inclusive, but excluded well catch of SEK 9.3.
Of course, this quarter, we've been affected by prices of both whitefish and Redfish, because of the very special situation that we have had in 2020. We have not had ability to sell through one of our channels, the Horeca, which has been very difficult for the whole industry, of course. Yes. If we look a little bit forward and going forward, we expect to harvest about 205,000 to 210,000 tonne of 7 100 and Trot in 2021, including our 50% share of Scotts Seaford. And we have potential for further growth beyond this going forward.
And we expect the white fish volume of around 73,000 tonne. If we look at the volumes in Q4, we had 48,300 tonnes. We catched 12,600 tonnes, and we had a revenue of NOK 5,200,000,000. Farming. Like I said, it's been challenging, and the prices this quarter is the lowest price in the quarter that we have seen since, I think, 2015.
Compared to Q4 last year, it's NOK 13 knockdown, and then we had a price of NOK 56. And it's 4 knockdown compared to 3rd quarter. So for us to have a good result, even though with extremely low prices is good to see. And we also see that the truck market is more in balance than earlier quarters. And this trend is also continuing into 20 2021.
And we now face prices for trough that is higher than the 7. That's good. We expect the contract share. Now we had a contract share of 32% in 4th quarter, And the cost is down, like we also indicated with our last in our last presentation. And the EBIT per kilo in farming is 6.1% compared to 14% in 20 19.
For the farming volumes, the guiding, yes, 2020, we achieved 35,000 tonne in Lere Ruhr, 69,900 in Lere Mitt and 68,000 tonne in Loehr Schotthorn and a total of close to 171,000 tonne. And when we presented a guiding for 2020 In November 2019, we guided 172,000 tonnes. So we are very close to what we said all the way back in November 2019. And Noskod achieved 24,000 tonne and our share is 12,000 tonne. So a total of $482,900 For this year, we see 47,000 tonne in Lere Euroa, 70,000 tonne in Leeramid, 75,000 tonne in Leeram Short tonne and a total of 192,000 tonne in Norway.
And we also see that Scottish Seaford is increasing their volume up to 36,000 tonne and our share then 18,000 tonne. So a total of 210,000 tonne, which is close to 30,000 tonne increase in volume for 2021. Yes. If we look at the well catch challenging quarter, we have a very good start in 2020, But the last three quarters has been very difficult for the Whitefish. One of the main reasons is that a large Share of our volumes in Whitefish is going into the Horeca channel.
And So the prices is also affected in Whitefish. But if we look at total, We have NOK205 1,000,000 in EBIT compared to NOK293 1,000,000 EBIT in 2019. And I will say, in total, this is acceptable. And I will say that we have performed relatively good in a very, very difficult year. If we look at the volumes in Hafizk, so and split on On volumes, we have 7,000 tonne cord, 2,000 tonne seit, 1,000 tonne head dock and a total of 12,000 600 tonne.
Then we have WAP Sales and Distribution. And It's been very good to see the way that we this part of the value chain has Handled a very difficult situation, holding the value chain open and being and keeping a very high service level towards our customers all over the world and delivering high quality and stable volumes the whole year. And the result of this segment is very good, SEK176,000,000 compared to SEK 162,000,000 in Q4 2019. But we still have a lot of potential to take out of this part of the value chain, a lot of capacities. And We think that we are able to take out this potential going forward.
Anshu, he will take us through the key financial figures.
Yes. Thank you, Henning. So, we've invested a lot downstream over the recent decades. And this year has been a demanding year in any respect, but we believe that those long term investments in a vertical integrated value chain and a high customer focus is proving profitable in such a demanding year as 2020 has been. And we believe this supports our business model and our strategy.
Looking into the numbers, Henning has already talked us through the key figures. Here, you can see key drivers. When looking at salmon and kraut, we harvested a larger volume this year compared to last year. The profitability per kilo is reduced, and cost is also reduced. So that profitability per kilo is reduced due to price achievement.
Looking into the wild cash segment, that reduction in profitability per kilo is also related to price realization. So in sum then, our operating number, our operating profit is SEK 441,000,000, down from last year, driven by price effects. In light of those price effects, it's positive to see that revenue is only down 1%, and that indicates a very high activity level through the value chain also in this quarter. Income from associates is a little bit up. I'll return to the largest asset.
And we have a profitability per share of SEK 62,000,000 down from last year. Looking at 2020 as a whole, we find many of the same drivers as in Q4. We have seen a substantial increase in harvested volume in redfish. And beyond that, the standing biomass, Meaning, amount of life efficiency is higher in 2020 than it was 2019, meaning that 2020 is our best production year in terms of volume ever in our farming operation. Profitability is down and this is related to price achievement.
Looking into the Wildcat segment, it has been a demanding year. We have seen lower prices on the total portfolio of products, and those lower prices impact profitability. And in Sanddun, our operating profit for the year is down 29% from last year, driven basically by price effects. And again, we see that underlying activities is high given the relatively minor reduction in revenue. Earnings per share for the year is NOK 2.46, down 29% from last year.
Looking into the balance sheet, our intangible assets start up. That's due to acquisitions of license This is in Norway from the Norwegian Government. We have invested a lot in assets. Key assets include The new drawer in the Whitefish segment, it includes further build out of small facilities in both in Central Norway and well in Norway. And those are the key drivers for the increase in tangible or total non current asset.
Looking at biological asset, here measured at cost, we see that that figure is up. Well, it's comforting to know that the amount of biomass has grown more. So the cost per kilo going into 2021 of our live inventory is lower than it was going into 2020. Inventories, there are no larger changes on receivables. I would like to use this opportunity To give, so it's been a fantastic job done in the credit department and we've seen only Very minor losses in that challenging year.
In sum, we have a very strong balance sheet in our view, Net interest bearing debt of SEK 3,500,000,000 Looking on changes in net interest bearing debt or cash flow, We focus on what's happened on the year as a whole. Our EBITDA or profitability has been less Last year, it's been less than what we expected coming into the year. Those changes in expectations are related to price achievement. We paid a little bit less tax as our profitability in 2019 was lower than 2018. And we built a little bit of working capital in due to building higher biomass.
We have invested and continue to invest heavily in our own value chain. Those investments I already covered. It's drawers and smelting facilities. And we paid a dividend of SEK 1.50. And in sum, our net interest bearing debt is up by just below SEK 900,000,000.
We believe we have a strong and balance sheet in a good position going forward. Looking then on return on capital employed. The long term objective for Leer is reaching 18%, and that is a tough objective. And we are not there in 2020. And key drivers for the reduction from 'eighteen is lower prices.
But we do believe that the investments we are making both in Assets and also in our organization gives us a good potential also going forward, not saying that we will reach 18%, but we will do our best. In this period from 1993 up to and including 2020, Leer's average return on capital employed is just about at 18%. On dividend, the Board has proposed to the general assembly dividend of SEK 2 per share. That is higher than the normal stated dividend policy between 30% 40% And it's also then the reflection of the dividend paid out last year, which was reduced from SEK 2.30 to SEK 1.50. We see that the trend of paying dividends and also stable increase in dividends is continuing and dividend yield based on Market cap end 2020 is around 3%.
Looking into the segment that's already been covered by Henning. We see the price effects in farming in Walgaz and I get more into the following slides. Looking into our operation in Northern Norway, Leer Eora, We had a healthy good performance Q3 and Q4, good development in costs. But we are seeing some increased challenges on development of winter That will impact price realization in the coming months. But we do believe we are much better prepared To handle the situation now in 2021 than what we was in 2020.
We continue to expect harvest volume this year of 47,000 Also in the small facility in Luxafjord is now finalized and will be fully utilized in 2021. We've had a good production here and production continue to be good. And among choices we have to make is which fish harvest and we are harvesting fish that is not performing As good as we have expected. And this quarter, we've harvested smaller sized fish at the lower average harvest weight, which is negatively impacting both price and cost. But it's no change to the underlying development in Central Norway.
And our expectation is, despite no growth in 2021 or basically no growth in 2021, We are in position to lower our cost slightly. And for future growth potential, we are currently building a new smote facility, which will be finalized late this year, early 2022, which will give growth potential for the years following. At our operation in Western Norway, this has been challenging for many years. And we are very proud and very Happy to present these numbers. It's a lot of effort and a lot of investments, and it's very positive to see that, that is bearing fruit.
Among investments, our small facility in Ciaralva seems to be giving the impact we have been hoping for. And we believe that the focus to work in the organization is also developing this region. And the numbers this quarter are strong compared to previous numbers, and it's comforting to see looking forward that we expect this trend to continue. So in 2021, we expect a higher harvest volume and a lower cost than what we saw in 2020. Still, our expectations are that costs So this region are higher than other 2 regions.
So there is still potential to be taken out. Looking into wild cash, Henning has already covered that the catches of Haddock was a little bit below expectations in Q4. Other than that, there are no cash volumes were in line with last year. And what we are seeing in profitability is an impact from lower price realization. Looking at the year as a whole, profitability for the year is down due to lower price realization.
Looking into 2021, we know there will be a high quarter, which is positive for asset utilization. And the big uncertainty It is obviously price. Downstream, we are seeing improvements, And we see that our focus on working through the value chain is working well. We have improvement projects in many of Our factories and those are working also well. And we see that the focus on A very strong customer focus is also working well.
So positive development, increase in profitability from last year. And we do expect that there is a higher potential in the segments for the year to come. And to our associated company in the UK, And Moskva Tabuk, which is the owner of Scottish Sea Farms. This is a good quarter, with cost reduction, expectations for further cost reductions. Also here, there's been done investments in improving the size and quality of smolts.
And also here, those investments I'm working in terms of potential volume growth and potential cost reductions. So good quarter, and we continue to expect to harvest 36,000 tonnes in 2021. So with that, I'll hand the word back to you, Henning, to tell us more of where the seafood market is setting.
Thank you, Jurgen. Okay. Then we will, First of all, have a look at the supply side. If we look at 2020, we see a global growth of So 5.1 percent and split it down on a growth of 1.6% in Europe and 11.4 percent in Americas. If we look at the estimates for this year, we see that We expect a growth of 8.4% in Norway and a negative growth of 7.3% in Americas.
And it's mainly Chile that is driving down that volumes. In Europe, it's of course Norway It's the largest one, increase of 7.1%. The UK percentage is It's up 12.3 percent and Faroe Island up 21% and Iceland up further up 23%. So we expect a good growth in Europe this year. And but at the same time, we are facing extremely low temperatures in Norway at the moment that might affect the total volume of the years.
But it's probably too early to say what effective it will have. If we look at the prices, we see that the 4th quarter is the lowest quarter that we had all the way back to 2,000 and yes, Q2 no, Q3 20 And 2015, we had 41 NOK. So the main reason for that is, of course, 2020 has been extremely challenging for everyone in the world. And also, it has affected the Atlantic segment. And we also see that into 2021, we also see the low price level around 45.
But we think that looking at the February, the price is a little bit higher than that. And we are facing extremely high volumes. This is not shown here, because this is Controlling numbers from 27th January. And I think that The volumes in January is much higher than this. And also in February, we are seeing very high volumes on a weekly level.
And I think last week was up to export of 28% in a 1,000 tonne compared to 22,000 tonne last year. So every week, the volume is much higher than what Kotale estimated. So we are taking out more biomass than what we expected. So that might change this picture. So it will be interesting to see next week when we get all new updates from Kuntali.
And then we see we have stable volumes all the way until July. We will have a volume around 110,000 tonne. We believe that the All the channels, the ORECA and in all markets will step by step open up, And we believe that the demand will slowly come back and which might give us positive price development going forward. And we also believe that the volumes in Q2 might be lower than what we expect because we take out more fish now that we will see a high price level, 2nd quarter this year. And when you come to second half of the year, we expect that then Even more will have an open up, hopefully, and the market will not be back to normal, but close to normal.
And then we expect that the low prices for a long time into retail now, reach new consumers that also will stay there when the Orica is back, which will increase the demand for us. So we believe in a positive trend going forward, and we hope that we are at the bottom level at the moment. Yes, Europe, same total Europe, the same picture. If we look at Americas, we saw that We will have a reduction of 7.1% and a lot of this reduction will come from May until end of the year. And this It's good with the volume from Europe, and we see that we have a very stable supply situation for salmon through the year in total.
And that's good. That makes us in a better position to have stability volume into the market and which is good for the growth of demand. So that's positive. If we look at the markets, 4th quarter, you see EU is up 15%, Other markets are up 2%, U. S.
A. 5% and Russia 13% and Japan is growing Fast now and ends up 26%. And if we look at other markets, I will especially Put my attention to China, which is down 50%. And, but we see now going into the Q1 that the volumes in China is increasing step by step. So that's on the positive side for this year.
Also, if we look at the full year, We see that EU is up 6%, ODDO's down 3%, U. S. A. Up 6%. So and Russia stable and Japan up 20%.
And I think as we see, We have never consumed more salmon in Europe ever, 1,200,000 tons. That's impressive. And we still believe and that the market for Europe can grow even further when the Horeca is opening up again. If we look at the consumption of the markets full year, we see China is down 33%, Brazil stable. And but there, we still have some heavy growth in a lot of these other markets, which is positive.
Then the trot, of course, the trot is very, very important for Leroy and especially for Leroy short haul. We are one of the largest producer of Chult, and we have been affected heavily by volume growth last year and also So the difficulties with the market access, especially to Russia. And so The 4, 5 last year has been difficult and with a low price achievement for us and for other truck producers. But now, as I said, it It looks more positive going into Q1. And right now, we are facing higher prices for the chalt than the salmon, but at a very low volumes.
In total, Americas, we see down 11%, Chile is down 26%, Europe is down 8% and Norway is down 15% and a global reduction of 9.5%. So and so we believe that We have grown a lot of markets because of a high supply the last year, up 12% 2019, up 4.5% 2020 globally and up 20% in Norway last year And no going down, we built up a lot of channels for the Stolt, and we believe that the price situation will be favorable for the chart in 2021 and going forward. Also on a monthly level, we see we are at very low volumes In January, February, March, April, May June, and then step by step, it will come up. And this is normal for the season. And it's at the same last 6 months at the same Same level, maybe a little bit lower than last year.
So also for the second half, we expect okay prices for Then, for the outlook, we see a light in the tunnel regarding To open up the channel, especially for the Voreca segment, we expect 205,000 to 210,000 tonne harvest, including 50% of Scottish Seafood. We expect a contract share of 20% to 25%. We see a significant potential in the Whitefish and especially on the land side. We have been facing increasing prices every year after we came into the Whitefish, and it's been Been challenging for the industry on land. And now we see that the quotas is up.
The coastal fisheries are up a lot, and we are Right in the season, right now, and we see that the power prices is falling, which hopefully will affect the industry on the positive side. Then we have a new farming a new management group in farming. Stig Nielsen, which was the COO for farming, is now going into new position in the group. And also Svein Hermann Fjalva, which were The General Manager in Nerimid is also going into new position in Group as a project manager. This has been the plan for a long time.
We built up a good organization with management to be ready to take over their positions. And Bjorn Reinhard, 38 years old, is the new CEO for farming starting from January 2021. He came from a position as a fish health manager in Loehr Siefer Group, has a master in fish health from Norwegian School of Fisheries and a master in Strategy and Management from Norwegian School of Economics, NHH. And Nina Mokstad He's been General Manager in Loehr Sjetil since 2018 as developed in a very positive way, taking Leeru Sjotol into new good performance. And she came from the position as CFO in Leer Seifertorp.
She has a master in Fisheries and Agriculture Science from Norwegian School of Fisheries, MBA in Seafood Management from Norwegian School of Economics. And A very good has been a fantastic manager for the last few years and will do a fantastic job going forward. And Harald Larsen, General Mano from February, new General Manager in Leerimit. He came from position as a production manager in Leerimit Nummerde. He has Master in Biology in Marine Resources and Agriculture from Ente Anu, and Bachelor in Marine Biology and Economics from Olesen University College.
And then, Kurt Enner Karlsson has been in the company for many, many years also. He was Head of Industry and R and D in Leer Ruhr until 2016. And then he took over the General Manager position from 2016. Also coming from Fisheries and Aquaculture Science in Norwegian School of Fisheries and has a 1 year studies in innovation management and a long, long experience both in Industry and Farming and Agriculture. And so a very good background.
And this team is we believe a lot of this team. And we really have a good feeling that they will take out the potential of future growth in this segment. So good luck to this fantastic team. Then we have some new investments coming up. We are in final negotiations for further loss capacity in Norwegian West.
We have on the top picture there, we have Schallerba, which we built and So full operation, and we are very happy with the development in this facility. And we see that we are taking A lot of improvements in our farming activities, having this facility in the first stage of before we put the fish into the sea. And now we have decided to invest in Sarawatu, new facility, a RAS model that we have built that we have developed each model up for around 2,000 tonne biomass. We are considering to build 3 such models at Osgood in Fitcha, close to the other operation, but not next to it. Model 1 will have 6,000,000 smot going from 160,000,000 up to 500 grams and module 2 will go from 500 up to 12 100 gram.
And the 3rd model can also be used for growing fish to fill harvest if we Feel that the timing is right for that. But this is a strategic direction for us is to learn more the builder organization to handle this kind of facilities. We are doing loss. We have done loss investments in all regions and we Feel that we have a good know how and a very good team organized to operate these facilities in a good way. The total CapEx for this investment will be close to NOK 1,000,000,000 and will Increased the production in Leeraj Chutol of 10,000 ton in total.
And and the decision will be made shortly. And construction can be finalized in 2023. Then at the end, again, I take up our value chain. Like I said, we see improvements in all parts of the value chain, small improvements, and we believe that we can take out A lot of the potential that we see in this value chain. And to work towards every part of the value chain and to educate our people, better understanding How to work and how to work together to take out the full potential, because we need to work together through the whole value chain in the best way.
And everyone needs to understand that All we do in this value chain to create the most efficient and sustainable value chain is because we care about the customer and to deliver our customer ability to have sustainable an cost efficient product and to grow the category together with our key strategic customers all over the world. Thank you very much.