Improved results in both farming and feed for Cermaq
(Thomson Reuters ONE) - (Oslo 07.08.2009) Cermaq reports a second quarter EBIT pre fair valueof NOK 81.4 million (loss of NOK 31.2 million). A higher profit wasachieved in both EWOS and Mainstream. EWOS returned an EBIT marginwell above 2008 levels due to more favourable raw material pricedevelopments. Mainstream had better results following lower losses inChile than in 2008 and improved profits in Canada and Norway, due tobetter sales prices.Cermaq's operating revenues in the quarter were NOK 2 170.0 million(NOK 2 182.1 million). Although the revenue for the quarter was at2008 levels, the volumes for both EWOS and Mainstream were lower. Thevolume reduction was compensated by higher unit sales prices in EWOS,partly as a result of currency translation effects to Norwegiankroner. In addition, higher sales prices for salmon gave increasedrevenues in Mainstream.- I am pleased with the results, which show significantimprovement for EWOS and also good results in Mainstream due to thestrong market in the quarter. I am optimistic about the rest of 2009and expect to see a continued improvement in operating performancefor the group, says CEO Geir Isaksen.EWOS EBIT pre fair value was NOK 54.7 million for the quarter (NOK32.1 million). Despite the volume and revenue reduction, EBIT marginincreased in the second quarter to 4.2 percent (2.2 percent). In2008, EWOS had a challenging year due to rising raw material coststhrough most of the year. With raw material prices at lower levels in2009, EWOS has been able to establish much improved margins despitethe impact of the reduced sales in Chile.- EWOS has achieved a significant improvement so far in 2009.We expect to see a double digit increase in volumes in Norway in 2009although the large reduction in Chile volumes is expected to reduceEWOS total sales volumes of feed with approximately 15 percent, saysCEO Geir Isaksen.A major risk in EWOS in Chile is the possibility of a bad debt.Improvements were made in the quarter with a reduction in totalreceivable exposure of 20 percent from the end of the first quarter,but there is still a significant risk that a customer defaults in thecoming period.Mainstream's operating revenues in the second quarter 2009 were NOK607.2 million (NOK 557.6 million). Volumes were 22 percent lower thanthe comparable period in 2008. The decrease is mainly due to lowersales volumes of coho and trout as a result of selling more in thefirst quarter in 2009. The reduction in volumes was more thancompensated by higher sales prices in both local currency andNorwegian kroner in all the three large farming regions Chile, Norwayand Canada. Mainstream's EBIT pre fair value for the second quarterwas a profit of NOK 32.1 million (loss of NOK 54.7 million).- I remain optimistic about the future of the industry inChile, but recognize that there are still many challenges ahead. Wecontinue with our plans to transfer 2.5 atlantic smolts to sea during2009, says CEO Geir Isaksen.On 13 July 2009, the Cermaq group subsidiary Norgrain AS, enteredinto an agreement to sell 11 percent of its shareholding in Denofa ASto the Brazilian company Amaggi, a division of the André Maggi Group.Norgrain's ownership will be 49 percent after the sale. Denofa isconsolidated in the Cermaq group accounts as per 30 June and will beuntil the transaction is completed.The balance sheet improved also in the second quarter. The equityratio increased to 48.0 percent, up from 46.1 percent at the end ofthe first quarter. Net interest bearing debt was reduced by NOK 38.9million in the quarter, being NOK 2 989.5 at June end. The group hasavailable committed credit lines and these are considered sufficient.Further information - please contact:Geir Isaksen, CEO, phone: + 47 23 68 50 10, mobile: +47 91 34 82 81Steven Rafferty, CFO, phone: + 47 23 68 50 24, mobile: + 47 97 66 4104About CermaqCermaq is an international group of companies with activities in fishfarming, production of salmonid feed and research in aquaculture.Cermaq has operations in Norway, Scotland, Canada and Chile, the maingeographic regions for salmon and trout farming. Through its EWOSsubsidiary, Cermaq ranks as the world's second largest fish feedproducer. The Mainstream subsidiary is the second biggest farmer ofsalmon and trout in the world. The group had sales of over NOK 9.8billion in 2008. Per 30 June 2009 the group employs around 2 600people. Cermaq is listed on the Oslo stock exchange with ticker codeCEQ.www.cermaq.comhttp://hugin.info/134455/R/1333275/316000.pdfhttp://hugin.info/134455/R/1333275/316003.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 07.08.2009 - 07:28 Uhr
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