Preliminary figures for 1st quarter 2007 shows that Marine Farms achieved total sales in the amount of NOK 155.3 mill, a 31% increase compared to the same period last year. In the 1st quarter 2007 EBIT before fair value adjustment biomass ended at record NOK 19.4 mill, compared to NOK 8.5 mill last year. The operating profit for 1st quarter 2007 includes NOK -5.1 mill in provisions.

- In the 1st quarter of 2007, Lakeland generated some NOK 11.0/kg gwt sold fish, which was NOK 3.1 higher than the year before. The improvement is mainly due to higher salmon prices and better result from the freshwater business. The company has experienced a somewhat higher proportion of fish being downgraded in 1st quarter 2007, due to early maturation.

- In the 1st quarter of 2007, Culmarex obtained an EBIT per kg sold fish of approximately NOK 13.1, which is NOK 5.3 better compared to the same period in 2006. The improvement is mainly due to higher average seabass/seabream prices and lower average production cost.

- The group's financial position is strong. Equity per 31.03.2007 was NOK 465 mill (51.9% equity ratio), compared to NOK 405 mill (47.4%) at year end 2006. Net interest-bearing debt per 31.03.2007 amounted to NOK 180 mill, an NOK 47 mill reduction compared to year end 2006. As per 14.05.2007 the group had NOK 119 mill in free cash and available credit facilities.

- Marine Farms ASA is in the process of finalising a new NOK 500 mill corporate lending facility with DnB NOR. Parts of this new facility will be used to refinance existing facilities, at improved terms. Together with a good cash flow, the group should have enough available free liquidity to finance its planned organic growth over the next few years.

- The Company's geographical diversification and the diversity of species, plus having most of its production inside the EU, makes Marine Farms less susceptible to political risk and cyclic fluctuations. Over the past few years, the company has acquired new businesses both in the UK and in Spain. The focus on bigger and more efficient business units will continue. The Company is well positioned for further growth.
Final figures for 1st quarter 2007 will be presented as planned on Tuesday 22nd of May 2007 at 08:00, place Vika Atrium conference centre (Oslo).

For further information, please contact Bjørn Myrseth or Pål Angell-Hansen:
Tel: +47 55 90 44 70
e-mail: bjø This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Web: www.marinefarms.no

 MAFA - Preliminary 1Q 2007 Report 53.25 Kb