Cermaq presents Q3 result being its best quarter ever
(Thomson Reuters ONE) -
(Oslo 2010.11.05) Cermaq presented today an EBIT pre fair value adjustment of
NOK 502 million for Q3 2010. Adjusted for gains on divestment, the EBIT was NOK
432 million which is the best quarterly result Cermaq has ever achieved. The
main drivers behind the record result are strong salmon prices, major growth in
feed volumes and considerable improvements in the farming operations in Chile.
In Q3 2010 the EBIT was NOK 502 million compared to NOK 300 million in the same
quarter 2009. The divestment of the Scottish farming operations which was
completed in August 2010 resulted in a gain of NOK 70 million. EBIT from normal
operations was thus NOK 432 million.
Cermaq also sold its shares in Marine Farms in Q3. The two transactions
contributed with a total net consideration of approximately NOK 460 million.
Together with the strong operating results this has reduced the net interesting
debt by close to NOK 0.8 billion to NOK 1.7 billion at the end of September
2010.
- I am very satisfied with the result presented today, says CEO Geir
Isaksen. In this quarter we have demonstrated excellent profitability in all
parts of our operations. At the same time we have divested Mainstream Scotland
and sold our shares in Marine Farms with a satisfying gain.
EWOS presented a strong result with an EBIT of NOK 238 million for Q3 and a
return on capital employed (ROCE) of 16.1 %. High activity in all markets and
strong demand for EWOS' value added products contributed to a volume growth of
15 % Y-o-Y.
- EWOS has over a period delivered stable margins at a satisfactory
level. The investments in research and development the last five years have
provided EWOS with a product portfolio well adapted to customers needs. The
portfolio combined with good operations is essential to maintain the results at
a sustained high level, underlines Geir Isaksen.
Mainstream continued to strengthen its results and presented an EBIT of NOK 230
million for Q3. This corresponds to an EBIT per kg of NOK 10.8. Investments in
smolt production in Chile and Norway are important for securing future
production capacity and quality of smolt. In Chile all atlantic smolt is already
in land based facilities, and from 2012 the freshwater production of trout will
also be operated in the same way. The acquisition of 37 % of the shares in
Ranfjord Fiskeprodukter AS (Norway) enables better utilization of the licenses
in Finnmark with smolt supplied from the region of northern Norway. This will
ensure long term growth in production.
The sanitary situation has been good in all Mainstream's operations, with low
levels of sea lice and continued reduction in the use of antibiotics. In
Mainstream Canada there have been a challenging summer with algae blooming and
low oxygen levels in the sea. This has resulted in reduced feeding to avoid
injuries and increased mortality. As a consequence the production is somewhat
delayed versus previous estimate.
- Even though the high salmon prices are reflected in Mainstream's
result, the result clearly demonstrates the effect of the measures that have
been implemented in Chile over the last two years, says Geir Isaksen. The
continued strong results in Nordland region in Mainstream Norway this quarter
should be highlighted. I am also very pleased with the positive efforts to
invest in new capacity to ensure future sustainable growth, concludes Isaksen.
The market continues to be strong, even if prices in the US market have been
significantly lower in Q3 than in Q2. Mainstream's estimated production in Q4
and for 2011 remains overall unchanged.
As a consequence of the strong results and significantly reduced net interesting
debt, the equity ratio increased by 1.4 % to 52.7 % at the end of Q3. Based on
normal seasonal fluctuations Cermaq expects a strong cash flow in Q4.
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 2 796 end of September 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#1459252]
3rd Quarter 2010:
http://hugin.info/134455/R/1459252/398727.pdf
Result presentation Q3 2010:
http://hugin.info/134455/R/1459252/398726.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cermaq ASA via Thomson Reuters ONE
Datum: 05.11.2010 - 07:01 Uhr
Sprache: Deutsch
News-ID 48456
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contact information:
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