Marine Farms continues to perform well. In 2nd quarter 2007, sales increased by 16% compared to the same period last year. EBIT before fair value was NOK 20.8 mill in 2nd quarter 2007, compared to NOK 38.6 mill last year (exceptionally high salmon prices in 2nd quarter 2006). The result for 2007 includes NOK -9.6 mill in provisions (NOK 0.3 mill in 2006).
- For the first 6 months of 2007, EBIT before fair value was NOK 41.5 mill, compared to NOK 48.1 mill last year. The result for 2007 includes NOK -14.7 mill in provisions (NOK -5.0 mill in 2006).
- Lakeland obtained an EBIT/kg gwt sold salmon of NOK 9.6 in the 2nd quarter. For the first 6 months the figure was NOK 10.1/kg gwt sold fish, which is similar to the figure for 2006. Volumes will increase in 2nd half 2007 compared to 1st half.
- Culmarex obtained an EBIT/kg sold seabass/seabream of NOK 7.6 in 2nd quarter 2007. For the first 6 months the figure was NOK 9.9/kg sold fish, which is an improvement of NOK 0.5 compared to 2006. Seabass/seabream volumes were up by approximately 70 tonnes in first 6 months of 2007 compared to 2006. Volumes will increase in 2nd half 2007 compared to 1st half.
- The cobia operation in Belize continues to develop according to plan. Based on recent test-sales to the US market, the response so far has been positive.
- Equity per 30.06.2007 was NOK 453 mill (50.2% equity ratio), compared to NOK 405 mill (47.4%) at year end 2006. Net interest-bearing debt per 30.06.07 amounted to NOK 210 mill, a NOK 17 mill decrease compared to year end 2006.
- Marine Farms ASA has together with its major subsidiaries refinanced with DnB NOR at improved terms, increasing available free liquidity to approximately NOK 350 mill. The funds will be used to finance significant organic growth over the next few years, especially in seabass/seabream and in cobia.
Marine Farms ASA combines farming of salmon with profitable farming of marine species. In addition the Company is exploiting opportunities within new marine species such as cobia. Over the past few years, the company has acquired new businesses both in the UK and in Spain and the company will continue to look for attractive acquisition opportunities going forward. In addition, the company has significant room for organic growth. The focus on bigger and more efficient business units continues and the group is well positioned for further growth.
For further information, please contact Bjørn Myrseth or Pål Angell-Hansen:
Tel: +47 55 90 44 70
e-mail:
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Web: www.marinefarms.no
MAFA - 2Q 2007 Report