Highlights for the third quarter 2005
- Gross operating revenues totalled NOK 456.4 million in the third quarter 2005, compared with NOK 547.6 million in the same period last year.
- Operating profit before depreciation (EBITDA) amounted to NOK 133.1 million in the third quarter 2005, compared with NOK 17.7 million in the corresponding period in 2004.
- The Group made a net profit in the third quarter 2005 of NOK 81.8 million, compared with a loss of NOK 66.5 million in the third quarter 2004.
- Pan Fish had net interest-bearing debt of NOK 1,257.1 million at the end of the third quarter 2005 and an equity ratio of 36.5 per cent.
|
(NOK mill) |
3Q 2005 |
3Q 2004 |
|
Gross operating revenues |
456.4 |
547.6 |
|
EBITDA |
133.1 |
17.7 |
|
EBIT |
97.8 |
-23.3 |
|
Profit/loss before tax |
82.1 |
-66.5 |
|
Net profit/loss |
81.8 |
-66.5 |
"In many ways this quarter represents a turning point for Pan Fish," says CEO Atle Eide. "We have produced a good financial result, and we have recently made a number of important strategic acquisitions. Given that Pan Fish is still scaling up its production volume, I am proud to have delivered such a strong improvement in our performance in the third quarter. And there is every indication that the costs associated with the fish currently in production at our facilities around the world will be even lower when the time comes to harvest them."
Fish farming
The fish farming business generated gross operating revenues of NOK 422.4 million in the third quarter 2005, compared with 487.9 million in the same period last year. Operating profit totalled NOK 99.1 million, compared with a loss of NOK 14.0 million in the same period in 2004. Production costs for marine-phase fish in all regions continue to fall substantially, as planned. Pan Fish expects to harvest between 15,000 and 16,000 tgw in the fourth quarter 2005. This figure will be further boosted by volumes from Aqua Farms which is being taken over with effect from 1 November this year.
Value Added Products (VAP)
The VAP business had gross operating revenues of NOK 49.4 million in the third quarter 2005, compared with NOK 92.4 million in the same period last year. The reduction is due to the winding up of Vestlax Hirtshals. The business made an operating loss of NOK 7.0 million, compared with a loss of NOK 7.7 million in the same period last year. High raw materials prices have put heavy pressure on margins, but the company is optimistic with regard to sales during the important Christmas season, and expects improved results in the fourth quarter.
Outlook
"We are still seeing a buoyant market with strong demand in both the EU and the USA," says CEO Atle Eide. "This, combined with a moderate growth in production volumes, leads us to anticipate a reasonably balanced market over the next few years. We are also seeing our production costs falling as planned, making us steadily more competitive in the marketplace. In recent months we have made several important acquisitions, both in Scotland and Norway, which reinforce our low-cost focus. We expect the aquaculture industry to undergo significant restructuring going forward, and Pan Fish will play an active role in this process."
For further information, please contact:
CEO Atle Eide, +47 911 52 977
CFO Trine Sæther Romuld, +47 991 63 632
The full report including tables can be downloaded from the following link:
