Q1 2010 results
(Thomson Reuters ONE) -
Marine Farms salmon operations in the UK obtained record results in 1Q 2010,
while its seabass/seabream operations in Spain improved significantly compared
to same period in 2009. Revenue increased by 13% in 1Q 2010 compared to the same
period last year.
· EBIT before fair value in Q1 2010 ended at NOK 21.1 mill compared to
NOK 6.5 mill in Q1 2009. The improvement was very much due to historically high
prices for salmon in the UK together with higher prices and lower costs for our
seabass/seabream operation in Spain.
· The salmon operations in Lakeland (UK) obtained an EBIT/kg gwt sold
salmon of NOK 10.2 in Q1 2010 (NOK 7.2 in 2009). Volumes kg sold salmon was down
by 6% in Q1 2010 compared to same period last year.
· The seabass/seabream operations in Culmarex (Spain) obtained an
EBIT/kg sold seabass/seabream of NOK 2.4 in Q1 2010 (NOK -7.1 in Q1 2009).
Volumes kg sold seabass/seabream increased by 43% in Q1 2010 compared to last
year.
· Costs related to the two cobia operations in Vietnam and Belize
resulted in a negative EBIT of NOK 8.6 mill in Q1 2010 (NOK -6.3 mill in 2009).
· As of 31.03.2010, equity amounted to NOK 440 mill (35.5% equity ratio)
and net interest-bearing debt amounted to NOK 660 mill. As of 31.03.2010, the
group had approximately NOK 60 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#1418660]
MAFA - 1Q 2010 Presentation: http://hugin.info/134438/R/1418660/368849.pdf
MAFA - 1Q 2010 Report: http://hugin.info/134438/R/1418660/368825.pdf
Unternehmensinformation / Kurzprofil:
Datum: 26.05.2010 - 07:16 Uhr
Sprache: Deutsch
News-ID 21441
Anzahl Zeichen: 0
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Town:
Bergen
Kategorie:
Business News
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"Q1 2010 results"
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