Cermaq presents its best results ever - proposing dividend of NOK 5.40 per share
(Thomson Reuters ONE) -
(Oslo 2011.02.16) Cermaq presented today an EBIT pre fair value adjustment for
Q4 of NOK 601 million. The EBIT adjusted for sales gains was NOK 574 million,
which is the best result ever for Cermaq. The excellent result for the quarter
is based on increased farming volumes, high salmon prices and strong results
from the Chilean operations.
Cermaq reported an EBIT for Q4 2010 of NOK 601 million against NOK 218 million
in the corresponding quarter last year. Adjusted for a gain on sale of property
the EBIT was NOK 574 million. The strong performance contributed to an
operational cash flow of NOK 504 million. The net interest bearing debt was
reduced by NOK 475 million to NOK 1 181 million in the quarter.
- I am proud of the results from both Mainstream and EWOS which we
present today. Building on the current strong market, both business units
demonstrate improvements in volumes, cost, and working capital, comments CEO of
Cermaq Geir Isaksen.
EWOS reported an EBIT of NOK 210 million for the quarter, a Q4 record in the
company's history. The result includes one off items in the range of NOK 30
million. The Norwegian feed market decreased by 4 % in the forth quarter 2010
compared to last same quarter year. Despite this, EWOS achieved a growth of 7 %
compared to same quarter 2009, primarily from increased volumes in Chile and
continued rising demand for value added products.
- This result reflects a volume increase for EWOS in all regions in the
quarter and also increased attention by the farmers to our functional feeds
which provide better yield and fish health, explains Geir Isaksen.
Mainstream demonstrated continued improvements and reported an EBIT pre fair
value adjustment of NOK 392 million in Q4 2010, representing an EBIT/kg of NOK
10.8. The good result is mainly driven by increased prices in all regions
combined with higher volumes and improved biological performance in Chile.
- We experience good sanitary situation in all Mainstream operations
and this is reflected in the strong results. I am very pleased with the
operational improvement in Mainstream Chile which has contributed significantly
to a fantastic Q4 result. I would also emphasise the good results Mainstream
Norway achieved this quarter, comments Geir Isaksen.
For the full year 2010, Cermaq reported an operating revenue of NOK 9 991
million and an EBIT pre fair value adjustment of NOK 1 439 million - the best
result ever in Cermaq's history. Cermaq's return on capital employed (ROCE)
reached 21.7 % for 2010 compared to 8.0 % in 2009. The equity ratio increased by
7.1 % in the quarter to 59.8 percent at the end of fourth quarter 2010.
- Cermaq is well positioned to meet the future growth in the salmon
market. The improvements we have demonstrated in Chile and our completed and
planned investments in farming, particularly in Chile and Norway, will amongst
other contribute to an increase in our farming volumes of 8 % in 2011, says Geir
Isaksen.
- In this situation it is promising to note how EWOS continues building
its product portfolio and thus contributes to ensure the good operational and
financial results for Cermaq and its customers, concludes Geir Isaksen.
Cermaq announced in December that the annual dividend level over time will be
30-50 % of adjusted net profit. Based on this and the company's expectations for
2011, the Board will propose to the Annual General Meeting a dividend of NOK
5.40 per share for 2010, representing 45 % of the net result pre fair value
adjustments after tax.
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 business unit EWOS, Cermaq ranks as the world's
second largest producer of feed for salmonids. The business unit Mainstream is
one of the world's leading farming companies of salmon and trout. The group had
sales of around 10 billion in 2010, and employed ca. 3 500 employees at year end
2010. Cermaq is listed on the Oslo stock exchange with ticker code
CEQ.www.cermaq.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Result presentation Q4 2010:
http://hugin.info/134455/R/1489393/424760.pdf
4th Quarter 2010:
http://hugin.info/134455/R/1489393/424755.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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
[HUG#1489393]
Datum: 16.02.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 51524
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Town:
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