Strong fourth quarter concludes improved operations in 2009
(Thomson Reuters ONE) -
(Oslo 19.02.10) EBIT pre fair value of NOK 218.1 million in the quarter
concludes a year with strong improvement in Cermaq's operational results. Both
the feed and the farming division are delivering robust results based on strong
and sound operations. Net interest bearing debt was reduced by NOK 447.8 million
in the quarter to NOK 1 809.8 million. The board proposes a dividend of NOK
1.50 per share.
Cermaq presented a strong fourth quarter result with an EBIT pre fair value of
NOK 218.1 million, compared to a loss of NOK 59.7 million in the same quarter
prior year. Improved operations and continued strong market prices for salmon
are the main drivers.
- We are now seeing positive results of the measures we have focused
on, and Cermaq is well positioned to improve further in 2010, says Geir Isaksen,
CEO of Cermaq
Mainstream delivered a solid EBIT pre fair value, and especially the Norwegian
and Chilean results were very positive. Though volumes of atlantic salmon in
Chile are low and will be further reduced this year, the biological performance
has been good. The increased measures taken over the last period to improve the
health situation in both fresh and salt water together with other operational
actions have so far proven effective on the new generations of smolts. Norwegian
farming has experienced significant growth in the quarter; The Nordland region
continued its strong performance and Finnmark has improved significantly from
previous quarters. Increased production cost on specific batches of fish
influenced the results negatively in Canada in the quarter whereas Scotland
produced improved results. Strong salmon prices and stable demand has
contributed to good margins.
- Farming operations in Chile is recovering according to plan, and Cermaq
will continue investing there and further in Norway to strengthen the
geographical balance in our supplies, says Geir Isaksen
EWOS improved its result in the quarter despite slightly lower volumes globally
compared to last year. While volumes in Chile were significantly reduced, all
other regions experienced increased volumes and especially EWOS Norway enjoyed
considerable growth. EWOS has developed an excellent portfolio which has been
positively received in the market. The improved profitability also reflects
tight cost control and improved market position.
- EWOS continues to strengthen its highly regarded portfolio of well
performing and differentiated products and we see this as an important success
factor for the increased market momentum, says Geir Isaksen
Cermaq generated a strong cash flow in the quarter both from higher operating
result as well as from reduced working capital, mainly due to reduced inventory
and receivables. Net interest bearing debt was reduced by NOK 447.8 million in
the quarter to NOK 1 809.8 million at the end of 2009.
- Cermaq has high financial flexibility which allows for profitable
growth, concludes Geir Isaksen
Further information - please contact:
Geir Isaksen, CEO, phone: + 47 23 68 50 10, mobile: +47 91 34 82 81
Tore Valderhaug, CFO, phone: + 47 23 68 50 38, mobile: + 47 99 56 09 25
About Cermaq
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 EWOS subsidiary, Cermaq ranks as the world's second largest producer
of feed for salmonids. The Mainstream subsidiary is one of the world's leading
farming companies of salmon and trout. The group had sales of nearly NOK 9
billion in 2009, and employs approximately 3,300 people. Cermaq is listed on the
Oslo stock exchange with ticker code CEQ.
www.cermaq.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1385993]
Result presentation Q4 2009: http://hugin.info/134455/R/1385993/344937.pdf
4th Quarter 2009: http://hugin.info/134455/R/1385993/344935.pdf
Datum: 19.02.2010 - 07:04 Uhr
Sprache: Deutsch
News-ID 12699
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"Strong fourth quarter concludes improved operations in 2009"
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