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Record operating profits for Marine Farms ASA pr. 3rd Q. 2005 |
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Marine Farms’ day-to-day operations continue to do well. EBIT before provisions per 30.9.2005 was NOK 34.8 mill, which is the best operating profit the Company has ever achieved pr. 3rd quarter and almost NOK 40 mill better than in the same period last year.
- Turnover pr. 3rd quarter increased by NOK 6,4 mill to NOK 335,2 mill compared to last year. In the UK, the Company achieved considerably higher prices than last year, but in Spain prices were somewhat lower.
- The ordinary EBIT pr. 30.9.2005 was NOK 25,6 mill. The result includes a provision of NOK 9.2 mill for a bonus scheme based on development in the share price for key employees. The share price has increased significantly during the 3rd quarter and the provision is therefore high for the same period. Any bonus due will not be paid out until 2008, so it will not have an effect on cashflow for 2005.
- At the end of October the Company successfully raised NOK 50 mill in new equity at NOK 5,50/share. The new equity has given the Company a strong negotiating position towards banks and other collaborators, which again will reduce costs going forward.
- The Company is considering selling all its Norwegian salmon activities. It is not optimal to operate just 2 licences in North-Troms. The Company has tried to transfer its 3 licences from Finmark to North-Troms but the authorities have not been willing to give the necessary permits to accomplish this.
- After a possible sale of the Norwegian salmon business, the Company’s main activities will be salmon in the UK and seabass/seabream in the Mediterranean. The Company will then have all its production within the EU and therefore not be affected by any possible trade restrictions. In addition the Company will look for opportunities within new marine species such as cobia and cod.
- The Company is optimistic about the future.
Further information can be found in the Consolidated Report 3rd Quarter 2005.
For more information contact Bjørn Myrseth:
Tel: +47 55 90 44 70
e-mail:
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Marine Farms ASA - Consolidated report 3rd Q. 2005.pdf (