Aker Seafoods : Strong operations, but lower prices
Aker Seafoods achieved an operating result (EBIT) of NOK 17 million, a decrease of NOK 12 million compared to the second quarter in 2011, reports www.megafishnet.com with reference to the company's release.
EBITDA in the second quarter 2012 came to NOK 38 million against NOK 46 million in the corresponding period in 2011. Turnover in the second quarter came to NOK 197 million, up by NOK 5 million compared to the same period in 2011.
Operations have been strong and the catch rate (harvested volume per operating day) has increased with 7 per cent compared to the corresponding period in 2011. The total catch volume is the highest achieved in any second quarter in the history of the company. The market prices have decreased, while operating costs, especially fuel costs, are higher than earlier. "The market situation considered, the results achieved in the quarter are good", says CEO Olav Holst-Dyrnes.
Operating revenues for Aker Seafoods came to NOK 197 million in the second quarter 2012, against NOK 192 million in the corresponding period 2011. The increase in revenues is mainly due to good cod- and haddock fishing in the second quarter. EBIT in the second quarter 2012 came to NOK 17 million against NOK 29 million in the same period 2011. The EBIT margin was 8.8 per cent in the second quarter 2012 compared to 14.7 per cent for the same period in 2011. EBITDA came to NOK 38 million against NOK 46 million in the second quarter 2011. The main explanation for the lower EBITDA is lower prices and increased costs.
Aker Seafoods continues the renewal of the trawler fleet and has made an agreement for the sale of the vessel "Hekktind" to a Russian company. The trawler "K.Arctander" has been rebuilt from being a pure freeze trawler into being able to deliver both fresh and frozen products. "We aim to have a flexible and modern fleet", says CEO Holst-Dyrnes.
The good availability of cod and haddock are expected to continue throughout the year. The preliminary quota advice for 2013, with an increase of the cod quota of 25 per cent is also positive, says CEO Olav Holst-Dyrnes.
There are still great economic challenges in important markets in Europe and therefore uncertainty regarding demand and prices, continues CEO Olav Holst-Dyrnes.
Cash flow from operating activities came to NOK 8 million in the second quarter compared to NOK 84 million in the same period in 2011.
Net interest-bearing debt was NOK 726 million at the end of the second quarter 2012, up by NOK 23 million, from NOK 703 million by the end the first quarter 2012.
Aker Seafoods had a total equity of NOK 869 million by the end of the second quarter 2012, corresponding 38.2 per cent.