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Marine Farms ASA (OSL:MAFA) In the third quarter 2008, Marine Farms obtained a net profits of NOK 27.8 mill compared to NOK 24.9 mill in the same period last year. Its salmon operations in the UK continue to do well, generating an EBIT/kg gwt sold salmon of NOK 7.4. Its seabass/seabream operations in Spain experienced a drop in profit, mainly due to historically low seabream prices as well as increased production costs. The group's financial position is solid. At the end of September 2008, equity amounted to NOK 490 mill (39.6% equity ratio). As pr 30.09.2008, the group had approximately NOK 270 mill in free cash and available credit facilities.
- Revenue in the 3rd quarter 2008 was up 6% to NOK 191.4 mill compared to NOK 181.3 mill last year. The increase was mainly due to increased volumes for salmon in the UK. EBIT before fair value in the 3rd quarter 2008 ended at NOK 7.7 mill compared to NOK 23.5 mill in 2007. The drop was mainly due to significantly lower profitability for the seabass/seabream operation in Spain and a 13% lower GBP currency rate in the UK.
- For the first nine months of 2008, revenue was 0.4% lower compared to the same period in 2007. EBIT before fair value was NOK 26.6 mill, which was NOK 38.4 mill lower than the year before.
- The salmon operations in Lakeland (UK), a 100% owned subsidiary of Marine Farms ASA, continue to do well. The company obtained an EBIT/kg gwt sold salmon of NOK 7.4 in 3rd quarter 2008 (NOK 8.5 in 2007). Volumes increased by 8% in 3rd quarter 2008 compared to same quarter last year.
- The seabass/seabream operations in Culmarex (Spain), a 100% owned subsidiary of Marine Farms ASA, obtained an EBIT/kg sold seabass/seabream of NOK 0.9 in 3rd quarter 2008 (NOK 10.3 in 2007). Volumes increased by 3% in 3rd quarter 2008 compared to same quarter last year.
- The cobia operations in Belize and in Vietnam continue to develop according to plan. The new marine hatchery in Belize should be up and running in time for the cobia spawning season, starting in spring 2009.
- The group's financial position is solid. Per 30.09.2008, equity amounted to NOK 490 mill (39.6% equity ratio) and net interest-bearing debt amounted to NOK 452 mill. As pr 30.09.2008, the group had approximately NOK 270 mill in free cash and available credit facilities (including new DnB NOR Bank facilities announced on the 16th of June 2008).
- Strategic acquisitions in 2007 and 2008 coupled with increased concessions on existing farms have resulted in room for significant organic growth going forward, especially in seabass/seabream (Spain) and in cobia (Belize and Vietnam).
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. Marine Farms has a clearly defined strategy to invest in regions/segments where it may become one of the top producer's earnings wise. Focus is on large and efficient clusters, controlling the entire value chain from broodfish to customer. Its activity shall be diversified in terms of species and markets, leveraging on established species and investing in new ones. The company will seek market leadership in selected niches by being an innovative and trustworthy supplier of high quality seafood products.
For further information, please contact Bjørn Myrseth or Pål Angell-Hansen: Tel: +47 55 90 44 70 e-mail: bjorn.myrseth@marinefarms.no or pal.angell-hansen@marinefarms.no Web: www.marinefarms.com
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