Strong growth in Cermaq's results
(Thomson Reuters ONE) -
(Oslo 13.8.2010) Cermaq today reported an EBIT pre fair value of NOK 215 million
for Q2 2010 based on strong results in all parts of the operations. The adjusted
earnings per share were NOK 1.8 which is significantly improved from same
quarter in 2009. All parts of the operations have experienced improved results,
driven by strong market prices on salmon in all markets, good biological
performance in farming and considerable increase in volumes in the feed
business.
- I am pleased with the results for both Mainstream and EWOS. The strong
salmon market gives especially strong profitability for Mainstream, says CEO
Geir Isaksen.
EWOS delivered an increase in volume of 12 percent from second quarter 2009,
driven by growth in Norway and Chile. Continuations of existing contracts and
new customer relations have strengthened EWOS' market position in 2010.
- The strong volume growth in EWOS has a significant impact on our
results. EWOS' product range provides strong biological performance and good
fish health for the farmers, and this is the basis for further growth in EWOS,
emphasises Geir Isaksen
Mainstream delivered an EBIT pre fair value of NOK 174 million in the quarter
compared to NOK 32 million in the same quarter last year. The sales volumes were
16,600 tonnes which was a decrease from second quarter last year. The decrease
is entirely explained by last year's significant sales of frozen salmon from
Chile.
Mainstream Chile delivered an EBIT pre fair value of NOK 1.2 million for the
second quarter. The harvesting of salmon transferred to the sea after the ISA
crisis will start in August. The transfer of smolt of Atlantic salmon in this
quarter reached 1.5 million. The total transfer in 2010 is expected to be 6
million Atlantics smolt which is somewhat lower that previously estimated. The
reduction is due to the company's strict quality standards for usage of eggs.
Mainstream Norway experienced a volume increase of 38 percent from same quarter
last year, driven by increased volumes from Finnmark. EBIT pre fair value was
103.4 million for Q2 2010, corresponding to NOK 16.3 per kg. EBIT pre fair value
same quarter last year was NOK 33.6 million.
Mainstream Scotland delivered an EBIT pre fair value of NOK 10 million against a
loss of NOK 5.9 million in the same quarter last year. The improvement comes
from strong salmon prices and restructuring of the operation in 2009.
Mainstream Canada delivered an EBIT pre fair value of NOK 59.5 million compared
to NOK 47.3 million second quarter last year. The salmon prices in the US were
record high in the early part of the quarter, but fell significantly towards the
end of the quarter. At the same time salmon prices in the US are still high.
Net interest bearing debt was NOK 2.4 billion per 30th June 2010, an increase of
NOK 344 million from first quarter. The increase in working capital is in
addition to investments and paid dividend driven by rebuilding of the operations
in Chile and seasonal variations in the feed business. A reduction of net
interest bearing debt is expected towards the end of the year.
Salmon prices are expected to remain strong in 2010 and into 2011. Expected
sales volume for salmon, trout and coho for second half of 2010 are relatively
unchanged from the previously communicated estimates. Sales volumes are expected
to increase by 9 percent in 2011 from 2010 driven by Chile. EWOS enters the peak
season in second half year, and increased volumes are expected foremost in
Norway and in Chile with further growth in 2011.
For 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 around 9 billion in 2009, and employed 2 540 end of June 2010. 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#1437784]
Result presentation Q2 2010:
http://hugin.info/134455/R/1437784/382478.pdf
2nd Quarter 2010:
http://hugin.info/134455/R/1437784/382477.pdf
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Source: Cermaq ASA via Thomson Reuters ONE
Datum: 13.08.2010 - 07:01 Uhr
Sprache: Deutsch
News-ID 39569
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