Aker Seafoods produced a significantly higher proportion of fresh products at
its plants in Norway during the third quarter of 2009 compared with the same
period of 2008. The operations in France and Denmark increased their sales of
fresh products. However, prices for cod and haddock were lower than in the
corresponding quarter of last year. Consumption of fresh cod in France,
Europe's biggest market for this product, increased by 52 per cent up to
mid-August, but consumer prices fell by 11 per cent.
Operating revenues came to NOK 609 million for the third quarter, compared with
NOK 586 million in the same period of 2008. This increase stemmed mainly from
increased activity in the Norwegian and French business segments. Aker Seafoods
achieved earnings before interest, taxes, depreciation and amortisation
(EBITDA) of NOK 36 million for the third quarter, compared with a loss of NOK
13 million in the same period of 2008.
July-September 2009 was the group's best ever third quarter measured by EBITDA,
and represents a substantial improvement from the same three months last year.
- This signals a positive trend after a difficult period for the whitefish
industry, says Aker Seafoods' CEO Yngve Myhre.
The harvesting segment is showing a positive development and sales were
somewhat higher in the third quarter compared with the same period of last
year.
- Harvesting volumes increased, but we have more than 30 per cent of the
company cod quota left for the fourth quarter, which provides us with a very
good basis for operations for the remainder of the year. However, the foreign
exchange market provides a factor of uncertainty, and a strong NOK will be
negative for a Norwegian export-orientated seafood business, says Myhre.
The volume fished increased by 20 per cent, but reduced prices meant that sales
only grew four per cent. In addition, Aker Seafoods harvested a relatively
larger proportion of haddock in the third quarter than in the same period of
2008. Fuel prices were significantly lower in the first nine months and made a
positive contribution to results.
The processing Norway segment was affected during the period by limited the
availability of raw material, particularly from external suppliers. These
shortages arose even though substantial amounts of fish remain under the 2009
quotas.
- Reduced inventory and better product mix, with a higher share of fresh
products, contributed to a rise in sales compared with last year. We focus on
fresh production and have completed an upgrade of our processing plant in
Stamsund. This improves effeciency and further increases the quality of the
production, says Myhre.
For further information, please contact:
Yngve Myhre, CEO, Aker Seafoods ASA. Telephone +47 24 13 01 60
Gunnar Aasbø, CFO, Aker Seafoods ASA. Telephone +47 24 13 01 60
