BREAKING NEWS – Big rise in Norway’s Havfisk profits and earnings. Published: 01 November, 2013
HAVFISK, formerly Aker Seafoods, has today revealed an operating profit – or EBTIDA – of 45 million Norwegian kroners for the third quarter 2013.
This is an increase of NOK 16 million compared to the third quarter in 2012. Operating revenues in the third quarter totalled NOK 189 million, which is NOK 18 million higher compared to the same period in 2012. The Norwegian owned company, which has a fleet of 11 trawlers, 330 employees and considerable cod fishing quoats, says trends are on the rise.The income per operating day is 12 per cent higher in the third quarter than for the corresponding period last year. Higher prices and changed product mix are the main contributors to increased operating income. The catch rate (harvested volume per operating day) is 7 per cent lower compared to the same period in 2012. The total catch volume is reduced by 7 percent in the third quarter compared to the same period last year.CEO Olav Holst-Dyrnes said: “We are satisfied with the operations in the third quarter. The income per operating day has increased compared to the same period in 2012. The price trend is increasing and the haddock prices have been at a high level in the quarter.Operating revenues for HAVFISK came to NOK 189 million in the third quarter 2013, against NOK 171 million in the corresponding period in 2012. The increase in revenues are mainly due to higher prices, especially for haddock, and also change in product mix. EBITDA came to NOK 45 million against NOK 29 million in the third quarter 2012. The EBITDA margin was 24 per cent in the third quarter 2013 compared to 17 per cent in the same period in 2012. EBIT in the third quarter 2013 came to NOK 25 million against NOK 36 million in the same period in 2012. Third quarter 2012 included a non-recurring item of NOK 28 million from the sale of a vessel.Cash flow from operating activities came to NOK 41 million in the third quarter compared to NOK – 10 million in the same period in 2012.Net interest-bearing debt was NOK 844 million at the end of the third quarter 2013. This is NOK 194 million higher than the end of the last quarter and is related to the utilization of the loan facility with the delivery of the vessel “Gadus Poseidon”.HAVFISK (the name means Ocean Fish in English) had a total equity of NOK 904 million by the end of the third quarter 2013, corresponding 38.3 per cent.CEO Olav Holst-Dyrnes added: .”The remaining quota for the fourth quarter is larger than at the same time last year. The prices appear to have an increasing trend for all species and the market situation is more stable than in the same period last year”,says CEO Olav Holst-Dyrnes.”Gadus Poseidon” has been in operation since July and has met the expectations. The trawler has given us increased catch capacity and the crew is highly satisfied with their new work-place”.