Aker Seafoods Q4: Catch up, value down on lower prices for cod, haddock and saithe

(Oslo, 19 February 2013) Aker Seafoods achieved an operating result (EBIT) of NOK 31 million in the quarter, an increase of NOK 2 million compared to the fourth quarter in 2011, according to  the company.

EBITDA in the fourth quarter 2012 came to NOK 45 million against NOK 51 million in the corresponding period in 2011. Operating revenues in the fourth quarter totaled NOK 165 million. This is NOK 36 million lower compared to the same period in 2011. For the year 2012 Aker Seafoods achieved an EBIT of NOK 134 million, and operating revenues totaled NOK 774 million.

The catch rate (harvested volume per operating day) is 15 per cent higher compared to the same period last year. Decreased prices for cod, haddock and saithe resulted in a reduction of catch value per operating day of 10 per cent.

 "Operations have been strong in the quarter with very high catch rates. However prices have been low, and achieved prices for cod are down with 24 per cent compared to the fourth quarter 2011", says CEO Olav Holst-Dyrnes. 

Operating revenues for Aker Seafoods came to NOK 165 million in the fourth quarter 2012, against NOK 201 million in the corresponding period in 2011. The reduction in revenues is due to lower prices in the quarter. EBIT in the fourth quarter 2012 came to NOK 31 million against NOK 29 million in the same period in 2011. The EBIT result includes a capital gain amounting NOK 5 million from the sale of "Nordfjordtrål". The EBIT margin was 18.4 per cent in the fourth quarter 2012 compared to 14.4 per cent in the same period in 2011. EBITDA came to NOK 45 million against NOK 51 million in the fourth quarter 2011.

In 2012 the EBIT came to NOK 134 million compared to NOK 154 million in 2011. The reduction is caused by lower prices and less operating days for the vessels. Operating revenues totaled NOK 774 million, down from NOK 863 million in 2011. The prices has significantly decreased during 2012, caused by economic crisis in many important markets. "I am satisfied with the operations during 2012, however profitability has been reduced compared to 2011 as a result of lower prices of cod, saithe and haddock", says CEO Olav Holst-Dyrnes.

Cash flow from operating activities came to NOK 66 million in the fourth quarter compared to NOK 41 million in the same period in 2011.

Net interest-bearing debt was NOK 652 million at the end of the fourth quarter 2012, a reduction by NOK 95  million, from NOK 747 million by the end the thirs quarter 2012.

Aker Seafoods had a total equity of NOK 871 million by the end of the fourth quarter 2012, corresponding 39.9 per cent.