Marine Farms continues to do well. In 2007 sales increased by 24% compared to 2006. The group's salmon operations obtained an EBIT/kg gwt sold fish of NOK 9.0 in 2007. The group's seabass/seabream operations obtained an EBIT/kg sold fish of NOK 9.1 in 2007. The group's financial position is strong. At the end of December 2007, equity amounted to NOK 475 mill (44.7% equity ratio). At year end 2007 the group had NOK 275 mill in free cash and available credit facilities.
-
In fourth quarter 2007, EBIT before fair value was NOK 29.5 mill, compared to NOK 17.1 mill in 2006.
-
For the whole year 2007, EBIT before fair value was NOK 94.6 mill, compared to NOK 99.1 mill in 2006.
-
The salmon operations in Lakeland, a 100% owned subsidiary of Marine Farms ASA, obtained an EBIT/kg gwt sold salmon of NOK 7.6 in the 4th quarter 2007 vs. NOK 8.3 in the same period the previous year. Volumes will increase from 10,200 tonnes gwt salmon in 2007 to approximately 11,500 tonnes gwt in 2008 and in 2009.
-
The seabass/seabream operations in Culmarex, a 100% owned subsidiary of Marine Farms ASA, obtained an EBIT/kg sold seabass/seabream of NOK 6.8 in 4th quarter 2007 vs. NOK 11.8 in the same period the previous year. Volumes will increase from 4,900 tonnes seabass/seabream in 2007 to approximately 6,000 tonnes in 2008 and 7,500 tonnes in 2009.
-
In 2007 Culmarex acquired 3 companies in Spain, increasing annual production capacity from 6,000 tonnes seabass/seabream to 10,200 tonnes at year end (70% increase). Culmarex is expecting an additional 1,800 tonnes increase in 2008.
-
The cobia operation in Belize and in Vietnam continues to develop according to plan.
-
The group's financial position is strong. At the end of December 2007, equity amounted to NOK 475 mill (44.7% equity ratio). Net interest-bearing debt amounted to NOK 318 mill.
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:
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.com
MAFA - 4Q 2007 Report