Havfisk reports positive cod price trends in Q2

HAVFISK achieved an EBITDA of NOK 32 million in the second quarter 2013, a reduction of NOK 6 million compared to the second quarter in 2012. EBIT in the second quarter 2013 came to NOK 14 million against NOK 17 million in the corresponding period in 2012. Operating revenues in the second quarter totalled NOK 157 million. This is NOK 40 million lower compared to the same period in 2012, according to Havfisk.

The catch rate (harvested volume per operating day) is 6 per cent higher compared to the same period in 2012. Decreased prices for cod and saithe resulted in a weaker profitability in the second quarter 2013 compared to the same period in 2012. The total catch volume is reduced by 18 percent in the second quarter compared to the same period last year. The fleet has less operating days this period, due to fewer vessels operational in the quarter.

"The operations of the trawlers have been good and the operating costs are lower than the same period in 2012. The prices have been low also in this quarter and the operating results are weaker than in the second quarter 2012", says CEO Olav Holst-Dyrnes.

Operating revenues for HAVFISK came to NOK 157 million in the second quarter 2013, against NOK 197 million in the corresponding period in 2012. The reduction in revenues is mainly due to lower prices in the quarter, and also less volume. EBITDA came to NOK 32 million against NOK 38 million in the second quarter 2012. EBIT in the second quarter 2013 came to NOK 14 million against NOK 17 million in the same period in 2012. The EBITDA margin was 20 per cent in the second quarter 2013 compared to 19 per cent in the same period in 2012.

Cash flow from operating activities came to NOK 25 million in the second quarter compared to NOK 8 million in the same period in 2012.

Net interest-bearing debt was NOK 650 million at the end of the second quarter 2013, NOK 2 million lower than the end of the last quarter.

HAVFISK had a total equity of NOK 889 million by the end of the second quarter 2013, corresponding 41.3 per cent.

"The remaining quota is good throughout the year. We have a larger portion of the cod quota remaining than at the same time in 2012. In addition, the prices appear to have a positive trend", says CEO Olav Holst-Dyrnes.

The first of the three new buildings is finished and is operating from the beginning of the third quarter. "Gadus Poseidon" is a state-of-the-art, modern trawler, where solutions that reduce fuel consumption and the physical load for the crew are emphasized.

"Gadus Poseidon" will increase the catch capacity and is a great workplace for the crew on-board, says CEO Olav Holst-Dyrnes.