Cermaq ASA : A strong quarter concludes a full year record result
(Thomson Reuters ONE) -
(2012.02.09) Cermaq reported today EBIT pre fair value for the fourth quarter
2011 of NOK 300 million, compared to NOK 574 million pre gain in fourth quarter
2010. The decline is mainly due to the sharp drop in salmon prices. At the same
time EWOS and Mainstream Chile continue a strong performance. Cermaq reports
record full year operational result and the Board of Directors proposes a 2011
dividend of NOK 4.63 per share.
Cermaq'soperating revenues were NOK 3 285 million (NOK 3 171 million) in fourth
quarter 2011 and EBIT pre fair value for the quarter was NOK 300 million (NOK
601 million). Full year EBIT pre gain and fair value was NOK 1 369 million
compared to NOK 1 343 million in 2010.
* I am pleased that Cermaq again delivers solid results in a very challenging
market. These results supports our strategy of operating a global leading
feed company continuously focusing on product development combined with a
strong and diversified farming business, says acting CEO Tore Valderhaug.
Mainstream's revenues were NOK 1 160 million (NOK 1 287 million) and volumes
sold were 41.2 thousand tonnes (36.3 thousand tonnes). Mainstream achieved an
EBIT of NOK 157 million (NOK 392 million), a decrease of NOK 235 million
compared to fourth quarter 2010. The decline is mainly due to the sharp drop in
achieved salmon prices in the quarter compared to last year.
Mainstream Chile reported an EBIT pre fair value of NOK 172 million (NOK 162
million). EBIT pre fair value per kilogram, gutted weight, was NOK 7.7 (NOK
9.3). The result was driven by higher volumes of Coho and overall solid margins
for all three species.
Mainstream Norway reported an EBIT loss pre fair value of NOK 16 million (profit
of NOK 179 million). EBIT pre fair value per kilogram, gutted weight, was a loss
of NOK 1.3 (profit of NOK 14.9). The EBIT per kilogram for Nordland and Finnmark
was a profit of NOK 0.4 and a loss of NOK 3.2, respectively. In addition to
significantly reduced prices, the start-up of the processing plant in Hammerfest
also this quarter negatively impacted the results.
Mainstream Canada reported EBIT pre fair value of NOK 1 million in the quarter
(NOK 51 million). EBIT pre fair value per kilogram, gutted weight, was NOK 0.1
(NOK 7.5). The reduction in profit was mainly due to lower prices.
* Mainstream Chile demonstrates again strong results driven by systematic fish
health efforts and solid operations. The diversification in producing three
salmonid species in Chile also continues to prove its value for Cermaq,
comments Tore Valderhaug.
EWOS'revenues were NOK 2 542 million (NOK 2 182 million) with a total volume
sold of 302 thousand tonnes (251 thousand tonnes). Higher volumes came primarily
from Chile with a 34 percent increase compared to fourth quarter 2010. The
strong growth and a continued high share of value added products resulted in an
EBIT of NOK 157 million (NOK 210 million).
* In addition to a solid quarter, EWOS has delivered a record full year EBIT
in 2011, documenting its strong market position based on a continuous
development of value added products and focus on supporting customer needs,
concludes Tore Valderhaug.
As a result of Cermaq's strong financial position, the Board of Directors will
propose a dividend for 2011 of NOK 4.63 per share, representing 40 percent of
adjusted net result, amounting to NOK 428 million.
Further information - please contact:
Tore Valderhaug, Acting CEO, phone: + 47 23 68 50 38, mobile: + 47 99 56 09 25
Cermaq is an international group of companies with activities in fish farming,
production of salmonid feed and research in aquaculture. Cermaq has operations
in Norway, Chile, Canada, and Scotland, the main geographic regions for salmon
and trout farming. Through its business unit EWOS, Cermaq ranks as the world's
second largest producer of feed for salmonids. The business unit Mainstream is
one of the world's leading farming companies of salmon and trout. The group had
sales of around NOK 11.6 billion in 2011. Cermaq is listed on the Oslo stock
exchange with ticker code CEQ. www.cermaq.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Result presentation Q4 2011:
http://hugin.info/134455/R/1583950/495439.pdf
4th Quarter 2011:
http://hugin.info/134455/R/1583950/495438.pdf
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originality of the information contained therein.
Source: Cermaq ASA via Thomson Reuters ONE
[HUG#1583950]
Datum: 09.02.2012 - 06:31 Uhr
Sprache: Deutsch
News-ID 112674
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