Strong results in farming and good prospects for 2010
(Thomson Reuters ONE) -
(Oslo 7th May 2010) Cermaq delivers a strong result for Q1 2010 based on solid
increase in operating result in farming due to high prices on salmon, good
biological results in Norway, and a robust improvement of the operations in
Chile. Cermaq maintains the guiding on farming volumes for 2010.
Cermaq delivers a EBIT pre fair value of NOK 122 million for the first quarter
2010 compared to a loss of NOK 65 million in first quarter 2009. High prices on
salmon in all markets have been a strong driver, but also good biological
results in Norway, and a positive development in Chile have contributed
substantially to the result. EWOS increased its feed sales by 10 percent due to
growing activity in more markets. However, low sea temperatures as well as
rising fishmeal prices have temporary weakened the operating result in the feed
division.
- The results for Q1 are over all in line with expectations and what we
have communicated earlier. High salmon prices are certainly a positive element,
but equally important for this result is our long term planning and work,
especially within farming in Norway and Chile, say CEO Geir Isaksen.
Mainstream delivered a EBIT pre fair value of NOK 117 million in Q1 compared to
a loss of NOK 89 million in Q1 last year. The sales volumes were 22,300 tonnes,
a reduction from the same quarter last year, mainly because the company in first
quarter 2009 sold large volumes of frozen salmon from Chile from fish harvested
in 2008.
The Norwegian farming operations delivered an EBIT pre fair value of NOK 86
million and a volume increase of 9 percent compared to same quarter 2009. The
operating result corresponds to NOK 9.8 per kg compared to NOK 3.6 per kg in
2009. The volume increased mainly in Finnmark, and larger volumes combined with
strong operations contributed to a good result for Mainstream Norway.
- I am pleased with the strong results in farming operations in Norway.
Our results reflects good fish health and low number of sea lice, and Finnmark
excels particularly this quarter, says Geir Isaksen
Mainstream Chile delivered an operating result of NOK 26 million and around half
of Mainstream's total volumes in the quarter. The results for Atlantic salmon
were strong. Whereas the biomass is low, the biological development is regarded
as positive, and is supporting the growth initiatives implemented by the
company.
- It is promising to see the improving results in Chile. We still
expect a transfer of 8 million Atlantic smolt in 2010, and our investment plans
for Chile remain unchanged, Geir Isaksen emphasises.
Farming operations in Canada and Scotland remain stable. As previously stated
the volumes for the quarter are low.
Cermaq maintains the volume guiding for 2010 for the group's farming operations.
EWOS delivered a volume increase of 10 percent in the quarter compared to Q1
2009, despite lower than normal sea temperatures in Norway. The volume growth is
due both to market growth as well as EWOS' systematic development of a strong
product portfolio. The result decreased compared to same quarter last year,
partly due to costs related to the tragic earthquake in Chile in February and
also due to increased prices for fishmeal.
- Through strong research EWOS has developed a product portfolio which
is well received in the market. It is a healthy sign for the industry that
competence is valued, says Geir Isaksen.
Salmon prices are expected to remain at a high level throughout 2010 following
the reduction in the global supply of Atlantic salmon. A continued reasonable
growth in Norwegian farming and increased biomass in second half year in Chile
is expected to contribute to a solid underlying growth in the global feed
market.
Further information - please contact:
Geir Isaksen, CEO, phone: + 47 23 68 50 10, mobile: + 47 91 34 82 81
Tore Valderhaug, CFO phone: + 47 23 68 50 38, mobile: + 47 99 56 09 25
About Cermaq
Cermaq is an international group of companies with activities in fish farming,
production of salmonid feed and research in aquaculture. Cermaq has operations
in Norway, Chile, Canada and Scotland, the main geographic regions for salmon
and trout farming. Through its EWOS subsidiary, Cermaq ranks as the world's
second largest producer of feed for salmonids. The Mainstream subsidiary is one
of the world's leading farming companies of salmon and trout. The group had
sales of around 9 billion in 2009, and employs approximately 3 300 people.
Cermaq is listed on the Oslo stock exchange with ticker code CEQ. www.cermaq.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1412840]
Result presentation Q1 2010: http://hugin.info/134455/R/1412840/365049.pdf
1st Quarter 2010: http://hugin.info/134455/R/1412840/365053.pdf
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Datum: 07.05.2010 - 01:00 Uhr
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