Norway Seafoods did better in fourth quarter 2012

February 17, 2012 17:28

Norway Seafoods received an operating result of 1 million kroner in the forth quarter 2012, a slight improvement from the same period 2011. Despite that the finished goods market in Eurpean was weeker this year compare to last year. Increased by-catch contributed positively to the result, reports with reference to the company's statement.

Sales in Norway Seafoods came to 506 million kroner in the fourth quarter 2011, compared to 618 million kroner in the same period 2010. The decline in the sales is mainly due to smaller sales from inventory compared to last year.

- The end of 2011 was better than last year (2010) and substantial better than previous periods of 2011. By-catch for cod was an important contribution during the quarter with increased raw material base. At the same time we experienced that the European market for finished goods is even more demanding that previous, says Thomas Farstad, CEO, Norway Seafoods.

 Norway Seafoods profit before financial items (EBIT) for the quarter came to 1 million kroner. EBIT-margin was 0.2 per cent in the fourth quarter, compared to 0.0 per at the same period last year. Cash flow from operations was (9) million kroner in the fourth quarter.

 Earnings before taxes (EBT) came to 10 million kroner ( 5 million kroner compared to same period last year).

 Net interest-bearing debt was reduced to 275 million kroner (278 million kroner by the end of the third quarter). The equity ratio was 31.0 per cent by the end of the third quarter, compared to 30.3 per cent by the end of the third quarter 2010. Norway Seafoods has established new financing adjusted to the company's needs and the shares were distributed out to the shareholders in Aker Seafoods in January 2012.

Due to the economic challenges in Europe Norway Seafoods expects a continuously demanding market. The raw material access is expected to be good in the first half of the year. The strengthened  by-catch regime and the quota bonuses for fresh deliveries for the trawlers and larger coastal fleet are expected to give a better raw material situation in the second half of the year. However, surplus capacity is still expected in the second half of the year for the company's plants in Norway.

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