2nd Quarter 2009 results
(Thomson Reuters ONE) - Revenue increased by 18% in 2nd quarter 2009 compared to the sameperiod in 2008. EBIT improved by NOK 23 mill. For the first sixmonths of 2009, revenue increased almost 23% compared to the sameperiod last year, while EBIT improved by NOK 57 mill.- EBIT before fair value in the 2nd quarter 2009 ended at NOK 10.1mill compared to NOK 10.9 mill in 2008. The improved result generatedby the salmon operation in the UK was offset by increased lossesgenerated by the cobia operations in Belize. EBIT before fair valuefor the first 6 months of 2009 amounted to NOK 16.6 mill, compared toNOK 18.9 mill in 2008.- The salmon operations in Lakeland (UK), a 100% owned subsidiary ofMarine Farms ASA, continue to do well. The company obtained anEBIT/kg gwt sold salmon of NOK 12.1 in 2nd quarter 2009 (NOK 7.9 in2008). Volumes kg sold salmon increased by 18% in 1st half of 2009compared to the same period last year.- The seabass/seabream operations in Culmarex (Spain), a 100% ownedsubsidiary of Marine Farms ASA, obtained an EBIT/kg soldseabass/seabream of NOK -7.0 in 2nd quarter 2009 (NOK -10.5 in 2008).Volumes kg sold seabass/seabream increased by 41% in 1st half of 2009compared to same period last year.- Costs related to the two cobia operations in Vietnam and in Belizeresulted in a negative EBIT of NOK -17 mill in 2nd quarter 2009(includes an extraordinary write down of biomass in the amount of NOK-5 mill related to bad quality juveniles supplied by third party).- As of 30.06.2009, equity amounted to NOK 503 mill (37.0% equityratio) and net interest-bearing debt amounted to NOK 655 mill. As pr30.06.2009, the group had approximately NOK 85 mill in free cash andavailable credit facilities.Marine Farms ASA combines farming of salmon with farming of marinespecies. In addition the Company is exploiting opportunities withinnew marine species such as cobia. Marine Farms has a clearly definedstrategy to invest in regions/segments where it may become one of thetop producer's earnings wise. Focus is on large and efficientclusters, controlling the entire value chain from broodfish tocustomer. Its activity shall be diversified in terms of species andmarkets, leveraging on established species and investing in new ones.The company will seek market leadership in selected niches by beingan innovative and trustworthy supplier of high quality seafoodproducts.You are invited to participate in an international conference call at15:30 (CET) today. The participants can call in on the followingnumbers:+47 800 80 119 (calling from Norway) or +47 23 00 04 00 (calling fromabroad).Participants for the telephone conference are kindly asked to call infive minutes before the commencement of the conference in order tosubscribe.For further information, please contact Bjørn Myrseth or PålAngell-Hansen:Tel: +47 55 90 44 70e-mail: bjorn.myrseth(at)marinefarms.no orpal.angell-hansen(at)marinefarms.noWeb: www.marinefarms.comhttp://hugin.info/134438/R/1335430/317364.pdfhttp://hugin.info/134438/R/1335430/317365.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 18.08.2009 - 07:30 Uhr
Sprache: Deutsch
News-ID 4798
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