Fish oil capsule sales caused a jump in revenue growth in Q1. (Photo: Aker BioMarine/FIS)
Aker Biomarine sees higher revenues, lower EBITDA in Q1
Tuesday, May 08, 2012, 00:30 (GMT + 9)
Aker BioMarine Group’s operating revenues in the first quarter of 2012 amounted to NOK 83 million (EUR 10.9 million) -- up from NOK 70 million (EUR 9.2 million) in the first quarter of 2011.
Simultaneously, EBITDA was NOK -7 million (EUR -921,546) compared to NOK 11 million (EUR 1.4 million) in the year‐earlier reporting period, and NOK 7 million (EUR 921,546) in the fourth quarter of 2011, due to lower production on board the company’s krill harvesting vessel.
The jump in revenue growth is mainly attributable to core‐product sales growth: Superba™ Krill sales increased by 12 tonnes and Qrill™ Aqua sales climbed by 330 tonnes.
In Q1 2012, Aker BioMarine sold 68 tonnes of Superba™ Krill oil -- 20 per cent more than the 56 tonnes sold in the first three months of 2011. The company also entered into sales agreements for Superba™ Krill in the UK and Germany, both new markets.
The firm has also entered into a distribution agreement with a leading European supplier of animal feed ingredients for sales of the new high‐value feed product, Qrill™ Pet.
Sales of both Superba™ Krill and Qrill™ Aqua were positive. In 2011, Aker BioMarine recorded 30 per cent sales growth for Superba™ Krill, and with a continued favourable market, the company expects further growth to take place this year.
Whether Qrill™ Aqua sales rise will be contingent on the volume of production achieved. In 2012, the company will also conduct a full market launch of Qrill™ Pet, but more time will be needed to secure regulatory approvals in key markets.
Although Aker BioMarine is not issuing guidance as to EBITDA, the most significant factors that will affect this element — in addition to sales – are krill harvesting and output volumes on board the vessels Saga Sea and Antarctic Sea, and the extent to which overhead costs are covered by the company’s volumes and margins.
- Aker Biomarine's Superba Krill sales rise by 35pc
By Natalia Real