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Marine Farms ASA – 2nd Quarter 2006 |
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In the 1st half of 2006 Marine Farms achieved total sales in the amount of NOK 287.2 mill, a 46% increase compared to the same period last year. EBIT ended at NOK 54.7 mill, compared to NOK 29.5 mill last year. This is the best result ever for the group. The strong result is mainly due to continued high salmon prices, good seabass/seabream prices together with more efficient production in both sectors. Marine Farms will apply for listing on the Oslo Stock Exchange in the autumn of 2006.
- In the second quarter of 2006, Lakeland generated some NOK 10.7/kg gwt sold fish, an improvement of some NOK 5.0 compared to the same period last year. Lakeland group was one of the most profitable salmon producers in the UK in 2005, with an EBIT/kg gwt sold fish of NOK 5.9.
- In the second quarter of 2006, Culmarex S.A. (the parent company in Spain) obtained an EBIT of about NOK 14.3/kg sold fish, an improvement of NOK 2.6 compared to the same period last year. Culmarex group was one of the largest and most profitable seabass/seabream producers in Spain in 2005, with an average EBIT/kg sold fish of about NOK 8.5.
- The group's financial position is strong. Equity per 30.06.2006 was NOK 230 (35,8% equity ratio), compared to NOK 204 mill (34,5%) at year end 2005. Net interest-bearing debt amounted to NOK 195 mill, a decrease of NOK 23 mill compared to year end 2005. As per 21.08.2006 the group had NOK 130 mill in free cash and available credit facilities. Together with a good cash flow, the group should have enough free liquidity to finance its planned organic growth over the next few years.
- At the end of July 2006 Culmarex acquired the remaining 80% of the shares in Piagua S.L. (Spain). Culmarex now owns 100% in Piagua S.L., which has a production capacity of some 1,500 tons of seabass/seabream.
- On the 25th of August 2006 Lakeland acquired the remaining 50% of Sea Products of Scotland Ltd (SPoS), a company located in Glasgow and which over the past few years has sold all Lakeland's salmon production. Lakeland now owns 100% in SPoS. Lakeland also increased its shareholdings in Marine Products Ltd to 80% from today's 20%. Marine Products is operating a filleting factory just outside Glasgow.
- To finance acquisitions in Spain, the Company successfully raised NOK 89 mill in new equity at NOK 7.0/share in July. In connection with the acquisition of SPoS on the 25th of August, Marine Farms issued 1.121.250 new shares. Total number of shares after these two issues is 64.637.255 shares. As a consequence of these transactions, the company's equity ratio has improved significantly since 30.06.2006.
- The Board of Directors of Marine Farms ASA has decided to apply for a stock listing on the Oslo Stock Exchange. The plan is to be listed in the autumn of 2006.
We refer to the Consolidated report per 2nd quarter 2006 (IFRS) as well as Annual report for 2005 (IFRS).
For further information, please contact Bjørn Myrseth or Paul Angell-Hansen:
Tel: +47 55 90 44 70
e-mail: bjø
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Web: www.marinefarms.no
 MAFA - 2Q 2006 IFRS report 494.93 Kb
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