Sales continue to grow strongly for Morpol ASA

Oslo, 23rd October 2013: Morpol's consolidated operating revenue in Q3 2013 amounted to EUR 140.4 million, which was higher by EUR  32.9  million in comparison to the same period last year, according to the company.

Operating EBIT for the quarter amounted to EUR 10.4 million, which was EUR 5.8 million higher versus the same period last year and EUR 12.4 million higher versus Q2 2013.

The group's net interest bearing debt (NIBD) was EUR 207.6 million at the end of Q3 2013 (EUR 20.5 million increase compared to 2012 year end). The equity ratio was 40.3% at quarter end compared to 41.6% at the quarter end prior year.

Processing

Operating revenue in processing was EUR 116.0 million compared to EUR 91.2 million prior year. Higher unit sales prices to customers impacted revenue. Volume excluding contract processing was up strongly in comparison to Q3 2012.

Operating EBIT for processing in Q3 2013 was EUR 2.1 million vs. EUR 5.7 million in the previous year. Raw material purchase unit price was significantly higher in comparison to the previous year.

Salmon farming

Operating revenue in salmon farming in Q3 2013 was EUR 44.4 million (EUR 28.6 million in same period last year). Volumes sold were lower by 23% in comparison to the same period last year. Of the total revenue, EUR 19.9 million was sold internally for further processing and sales.

Salmon farming operating EBIT in Q3 2013 was EUR 8.7 million (EUR 0.5 million same period last year), resulting in an operating EBIT margin of 19.7% (Q2 2012: 1.7%).

Cash Flow

The consolidated cash flow for Q3 2013 was an ouflow of EUR 2.4 million comprising of cash inflow from operating activities EUR 14.1 miliion and outflows from financing activities of EUR 5.7 milion and investing activities EUR 10.8 milion.

During the quarter, the Morpol Group invested EUR 10.8 million in property, plant and equipment and intangible assets.