Aker Seafoods Q4 : Higher catches gave good fourth-quarter results
Aker Seafoods achieved an operating result (EBIT) of NOK 29 million in the fourth quarter 2011, an increase of NOK 20 million compared to the same period in 2010, reports www.megafishnet.com.
EBITDA in the fourth quarter 2011 came to NOK 51 million, up by NOK 17 million compared to the fourth quarter in 2010. Fourth-quarter sales came to NOK 201 million, up by NOK 41 million from same period in 2010. For the year 2011 Aker Seafoods achieved an EBITDA of NOK 232 million compared to NOK 171 million in 2010. Sales for 2011 came to NOK 863 million.
It was resolved to distribute the shares in Norway Seafoods Group to the shareholders in Aker Seafoods. This transaction was accomplished January 17 2012. Aker Seafood's operations is now confined solely to harvesting and operates elleven trawlers with related licenses. The company also owns several production facilities that is rented out to Norway Seafoods.
Aker Seafoods achieved a good result for the quarter and the year. We are satisfied with the results which gives Aker Seafoods a good foundation for further development of the company, says CEO Olav Holst-Dyrnes.
Operating revenues for Aker Seafoods came to NOK 201 million in the fouth quarter 2011, compared to NOK 160 million in the same period 2010. The increase in revenues is mainly due to higher harvested volume. EBIT in the fourth quarter 2011 came to NOK 29 million, up from NOK 9 million in the same period 2010. The EBIT margin was 14 per cent in the fourth quarter 2011 compared to six per cent for the same period in 2010.
Aker Seafoods has had its best-ever fourth quarter. Total harvested volum in the fourth quarter 2011 increased with 25 per cent compared to the same period in 2010. In general the harvesting has been good, especially for cod where we obtained high catch rates, says CEO Olav Holst-Dyrnes.
Cash flow from operating activities came to NOK 41 million in the fourth quarter compared to NOK 31 million in the same period in 2010.
Net interest-bearing debt was NOK 692 million at the end of the fourth quarter 2011, up by NOK 39 million compared to the end of the third quarter.
Aker Seafoods had a total equity of NOK 858 million at December 31 2011.
EBITDA of 2011 came to NOK 232 million compared to NOK 171 million in 2010. Operating revenues for 2011 came to NOK 863 million, up by NOK 101 million compared to 2010. The good results is mainly due to increased harvested volume and higher first-hand prices compared to 2010, says CEO Olav Holst-Dyrnes.
The resource situation in the Barents Sea is good, with increased cod quotas for 2012. Availability has been very good at the beginning of the year, and the outlook for cod is positive, continues CEO Olav Holst-Dyrnes.
Aker Seafoods ASA is a seafood company that operates 11 trawlers and has 29,6 quotas for cod trawling. Aker Seafoods ASA's operating revenue in 2011 was NOK 863 million and the company has about 370 employees. Aker Seafoods ASA is listed at Oslo Stock Exchange. For further information please visit www.akerseafoods.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.