In 3rd quarter 2006 Marine Farms achieved total sales in the amount of NOK 178.0, a 63% increase compared to the same period last year. Per end of September 2006 revenue was up 52% compared to 2005. In 3rd quarter 2006 EBIT before fair value adjustment biomass ended at NOK 36.4 mill, compared to NOK 11.1 mill last year. EBIT before fair value adjustment biomass per end of September 2006 amounted to NOK 77.9 mill, which is a new record for the group. The operating profit per end of September includes NOK -5 mill in provisions and net extraordinary items.

• In the 3rd quarter of 2006, Lakeland (salmon operations in the UK) generated some NOK 11.7/kg gwt sold fish, an improvement of some NOK 5.2 compared to the same period in 2005. Accumulated so far in 2006, Lakeland has generated some NOK 10/kg gwt sold, an improvement of almost NOK 5 compared to 2005.
  
• In the 3rd quarter of 2006, Culmarex (seabass/seabream operations in Spain) obtained an EBIT per kg sold fish of approximately NOK 13.9, an improvement of NOK 4.8 compared to the same period in 2005. Accumulated so far in 2006, Culmarex has generated some NOK 11.2/kg sold fish, an improvement of almost NOK 2.5 compared to 2005.
  
• The industry for farming seabass/seabream in Spain is relatively fragmented, with many small scale producers. Culmarex is having talks with a few of these, the intention being to increase production capacity going forward.
  
• Marine Farms has put cobia juveniles into sea both in Belize and in Vietnam. The Cobia, which grows from 1g to 5-6kg in 1 year, is developing according to plan.
  
• The group's financial position is strong. Equity per 30.09.2006 was NOK 379 mill (43.9% equity ratio), compared to NOK 204 mill (34.5%) at year end 2005. Net interest-bearing debt per 30.09.2006 amounted to NOK 210 mill, a decrease of NOK 8 mill compared to year end 2005. As per 20.11.2006 the group had NOK 120 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.
  
• With effect from 4th quarter 2006, the group has negotiated substantially better margins for its borrowings in the UK and in Norway.
  
• On the 12th of October 2006 Marine Farms ASA was listed on the Oslo Stock Exchange, trading under the "MAFA" ticker. Total number of shares per 20. November 2006 is 33.318.628.

We refer to the (i) Consolidated report per 3rd quarter 2006 (IFRS), (ii) 3Q 2006 presentation as well as (iii) Annual report for 2005 (IFRS).

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 - 3Q 2006 Report 373.03 Kb

 MAFA - 3Q 2006 Presentation 183.76 Kb