Q4 2009 results
(Thomson Reuters ONE) -
Marine Farms increased its revenue by 5% in Q4 2009 compared to the same period
in 2008. EBIT ended at NOK 11 mill in 4Q 2009 compared to NOK -42 mill in the
same period last year. For the year 2009 revenue increased almost 17%, while
EBIT improved by NOK 86 mill.
* EBIT before fair value in Q4 2009 ended at NOK -1.7 mill compared to NOK
-0.5 mill in Q4 2008. The result was negatively affected by several
exceptional items (NOK 16.6 mill net), including write down of biomass and
goodwill. EBIT before fair value for the year 2009 amounted to NOK 4.4 mill,
compared to NOK 26.1 mill last year.
* The salmon operations in Lakeland (UK) obtained an EBIT/kg gwt sold salmon
of NOK 3.9 in Q4 2009 (NOK 7.4 in 2008). Volumes kg sold salmon dropped by
15% in Q4 2009 compared to same period last year. For the year 2009,
Lakeland generated an EBIT of NOK 6.9/kg gwt sold fish, which is NOK 0.9
less than the year before.
* The seabass/seabream operations in Culmarex (Spain) obtained an EBIT/kg sold
seabass/seabream of NOK 2.1 in Q4 2009 (NOK 2.2 in Q4 2008). Volumes kg sold
seabass/seabream increased by 45% in Q4 2009 compared to last year. For the
year 2009, Culmarex generated an EBIT of NOK -3.3/kg gwt sold fish, which is
NOK 1.5 less than the year before. 2009 has been a tough year with low
prices for seabass/seabream.
* Costs related to the two cobia operations in Vietnam and in Belize resulted
in a negative EBIT of NOK -17.9 mill in Q4 2009 (NOK -23.0 mill in 2008).
Included in this figure are write downs of biomass and goodwill in the
amount of NOK 8.3 mill. For the year 2009 EBIT was NOK -48.4 mill (NOK 39.3
mill in 2008), including write downs in the amount of 13.6 mill.
* As of 31.12.2009, equity amounted to NOK 444 mill (34.5% equity ratio) and
net interest-bearing debt amounted to NOK 676 mill. As of 31.12.2009, the
group had approximately NOK 75 mill in free cash and available credit
facilities.
Marine Farms ASA combines farming of salmon with farming of marine species. In
addition the Company is exploiting opportunities within new marine species such
as cobia. Marine Farms has a clearly defined strategy to invest in
regions/segments where it may become one of the top producer's earnings wise.
Focus is on large and efficient clusters, controlling the entire value chain
from broodfish to customer. Its activity shall be diversified in terms of
species and markets, leveraging on established species and investing in new
ones. The company will seek market leadership in selected niches by being an
innovative and trustworthy supplier of high quality seafood products.
For further information, please contact Bjørn Myrseth or Pål Angell-Hansen:
Tel: +47 55 90 44 70
e-mail:bjorn.myrseth(at)marinefarms.no
pal.angell-hansen(at)marinefarms.no
Web: www.marinefarms.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1388194]
MAFA - 4Q 2009 Presentation: http://hugin.info/134438/R/1388194/346405.pdf
MAFA - 4Q 2009 Report: http://hugin.info/134438/R/1388194/346404.pdf
Unternehmensinformation / Kurzprofil:
Datum: 25.02.2010 - 07:32 Uhr
Sprache: Deutsch
News-ID 12899
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"Q4 2009 results"
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