Q3 2009 results
(Thomson Reuters ONE) - Marine Farms increased its revenue by 20% in Q3 2009 compared to thesame period in 2008. EBIT ended at NOK 5 mill compared to NOK 28 millprevious year. For the first nine months of 2009, revenue increasedalmost 22%, while EBIT improved by NOK 34 mill.- EBIT before fair value in the Q3 2009 ended at NOK -10.5 millcompared to NOK 7.7 mill in 2008. The result was reduced due to sealice problems at Lakeland as well as delays in delivery of smolts. Inaddition, Culmarex experienced low prices for seabass and seabream.EBIT before fair value for the first 9 months of 2009 amounted to NOK6.1 mill, compared to NOK 26.6 mill last year.- The salmon operations in Lakeland (UK), a 100% owned subsidiary ofMarine Farms ASA, obtained an EBIT/kg gwt sold salmon of NOK 3.6 inQ3 2009 (NOK 7.4 in 2008). Volumes kg sold salmon dropped by 9% in Q32009 compared to last year.- The seabass/seabream operations in Culmarex (Spain), a 100% ownedsubsidiary of Marine Farms ASA, obtained an EBIT/kg soldseabass/seabream of NOK -4.7 in Q3 2009 (NOK 0.9 in 2008). Volumes kgsold seabass/seabream increased by 39% in Q3 2009 compared last year.- Costs related to the two cobia operations in Vietnam and in Belizeresulted in a negative EBIT of NOK -7.4 mill in Q3 2009 (NOK -10.7mill in 2008).- As of 30.09.2009, equity amounted to NOK 448 mill (34.5% equityratio) and net interest-bearing debt amounted to NOK 607 mill. As of30.09.2009, the group had approximately NOK 100 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.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/1356010/329379.pdfhttp://hugin.info/134438/R/1356010/329383.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.11.2009 - 07:30 Uhr
Sprache: Deutsch
News-ID 8604
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