2013-02-12 06:33:06 -
Cermaq reported an EBIT pre fair value and non-recurring items for the fourth
quarter of NOK 11 million (NOK 300 million) from high volume growth in feed
offset by low salmon prices, especially in Americas and Japan. EBIT pre fair
value was NOK 164 million. The full year EBIT pre fair value and non-recurring
items was NOK 404 million (NOK 1 369 million). The Board of Directors propose a
dividend for 2012 of NOK 1.0 per share.
- The results in fourth quarter were acceptable taking into account the
challenging market in Americas and Japan, says CEO Jon Hindar. Strong growth and
performance in EWOS
and improved production cost in Mainstream compared to third
quarter completes a challenging year for Cermaq. The combined results support
our strategy of operating a leading feed company combined with a strong farming
business, continues Jon Hindar.
Cermaq's operating revenues were NOK 3 542 million (NOK 3 285 million) in fourth
quarter 2012. Revenues in EWOS increased by 16 percent to NOK 2 939 million.
Mainstream's revenues were NOK 1 181 million, an increase of 2 percent from
higher volumes offset by significantly reduced salmonid prices in the American
and Japanese markets. The non-recurring items mainly relate to a bargain
purchase gain from the acquisition of Cultivos Marinos Chiloé.
EWOS sold 330 thousand tonnes of fish feed in fourth quarter 2012, an increase
of 9 percent compared to fourth quarter 2011. The growth came from an increase
of 13 percent in Norway and 16 percent in Chile. EBIT pre fair value increased
to NOK 192 million (NOK 157 million) mainly from high volume growth and strong
- EWOS concludes its best year by delivering strong performance also in fourth
quarter. The organisation's competence in product development, purchasing,
production and logistics is fundamental for supporting such results. The strong
volume growth also demonstrates the recognition from its customers, says Jon
Mainstream reported a negative EBIT pre fair value and non-recurring items of
NOK 146 million (profit of NOK 157 million) in the quarter. Volumes sold were
46.7 thousand tonnes (41.2 thousand tonnes). The EBIT pre fair value per
kilogram, gutted weight, was negative NOK 3.1 (positive NOK 3.8). Cultivos
Marinos Chiloé (CMC), which was acquired in October 2012, has been consolidated
with effect from fourth quarter. Lower sales price in all markets compared to
last year, and decline in Americas and Japan from third quarter 2012, was the
main reason for the reduced results. The production cost in fourth quarter was
higher than last year, but reduced compared to third quarter 2012 due to
improved operational performance.
EBIT pre fair value and non-recurring items per kilogram, gutted weight, for
Mainstream Chile was negative NOK 5.3 (positive NOK 7.7), for Mainstream Canada
negative NOK 6.2 (positive NOK 0.1) and for Mainstream Norway NOK 1.5 (negative
NOK 1.3). Within Norway, Nordland is included with NOK 3.4 (NOK 0.4) and
Finnmark negative 0.1 (negative NOK 3.2).
- The price difference on Atlantic salmon between Europe and Americas has
increased further with significant impact for Mainstream's results in Chile and
Canada. In this challenging market, I am pleased with the operational
performance in all Mainstream companies including the solid integration of
Cultivos Marinos Chiloé in Chile, concludes Jon Hindar.
The Board of Directors of Cermaq will propose a dividend for 2012 of NOK 1.0 per
share or 40 percent of adjusted net result, amounting to NOK 93 million. Despite
the acquisition of CMC and significant expansions in a challenging market,
Cermaq's financial position and capacity remain strong with a diversified
funding structure and an equity ratio of 47 percent.
The current market situation for Atlantics may continue for some months and put
pressure on the profit contribution from Canada and Chile. The existing market
imbalance between Europe and Americas is however expected to level out during
2013. Mainstream expects sales volume for 2013 of 150 thousand tonnes, 25
percent up from 2012, due to growth in Mainstream Chile, partly from the recent
acquisition of Cultivos Marinos Chiloé.
Further information - please contact:
Jon Hindar, CEO, phone: + 47 23 68 50 10, mobile: +47 977 48 829
Tore Valderhaug, CFO, phone: + 47 23 68 50 38, mobile: +47 995 60 925
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, and in Vietnam. Through its business unit EWOS, Cermaq ranks
as the world's 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 NOK 11.8 billion in 2012. 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 2012:
4th Quarter 2012:
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Source: Cermaq ASA via Thomson Reuters ONE