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Salmon farming. (Photo Credit: Cermaq)

Higher salmon prices improve Cermaq’s profit

Click on the flag for more information about Norway NORWAY
Friday, November 08, 2013, 23:40 (GMT + 9)

Higher salmon prices allowed Cermaq to improve its financial results in the third quarter of this year, driven by stronger earnings in all its farming regions. The company expects to increase its sales volume by 14 per cent in 2014, with half of this increase in Norway and Canada.

Cermaq’s pro forma financials for third quarter 2013 showed operating revenues of NOK 1.1 billion (USD 183.6 million) versus NOK 0.7 billion (USD 116.9 million) in the same quarter last year, and an EBIT pre fair value and non-recurring items of NOK 113 million (USD 18.9 million) compared to a loss of NOK 97 million (USD 16.2 million) the previous year. These numbers are not including EWOS, which is classified as discontinued operations in the quarter.

The sale of Cermaq’s shares in Copeinca resulted in a gain of NOK 114 million (USD 19 million) in the quarter, classified as financial income.

“We have had a strong focus on the processes related to the closing of the EWOS sale during third quarter. I am very pleased that this complex transaction has been closed according to plan,” said CEO Jon Hindar.

Cermaq sold 27,900 tonnes in the third quarter, 3,400 tonnes more than in the same quarter last year, but some 3,000 tonnes lower than estimate.

Mainstream reported an EBIT pre fair value and non-recurring items of NOK 144 million (USD 24 million), versus a loss of NOK 73 million (USD 12.2 million) the previous year, an improvement of NOK 217 million (USD 36.2 million).

Mainstream Canada reported an EBIT pre fair value and non-recurring items of NOK 43 million (USD 7.2 million), an improvement from a loss of NOK 26 million (USD 4.3 million) the previous year, even though volumes sold declined from 5,600 tonnes to 4,400 tonnes. Good prices in the North American market and the IHN outbreak last year are the main factors behind the improved result.

Mainstream Chile’s earnings in third quarter improved significantly compared to last year with EBIT pre fair value at break-even level, and the Chilean operation also saw an earnings improvement towards the end of the quarter. EBIT for the same quarter last year was a loss of NOK 57 million (USD 9.5 million). Volumes sold increased from 7,000 tonnes to 10,600 tonnes.

“The current market balance and Mainstream’s production plans indicate a good coho season, and we also see strong demand from new markets such as Brazil and Russia,” added Hindar.

The volumen sold reached 12,800 tonnes, which is 900 tonnes more than last year. The PD outbreak in July had a negative EBIT impact of NOK 25 million (USD 4.2 million) for the Finnmark operation.

Cermaq expects 20,000 tonnes, or 14 percent, increased sales volume in 2014 compared to 2013, with half of this increase in Norway and Canada. Volumes sold in Canada will revert back to a normal level after the IHN outbreak in 2012, while the increase in Norway is driven by better capacity utilization in Finnmark and rebuilding of volumes after the PD outbreak. The growth in Chile is primarily a consequence of the reallocation of capacity towards Atantics from trout after the acquisition of Cultivos Marinos Chiloé in 2012.

Related articles:

- Cermaq reaches agreement to sell EWOS

- Cermaq to sell its Copeinca shares to China Fishery

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