Villa Organic AS fourth quarter 2012

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Alan Greer
6 years ago
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1 Notice to shareholders; Villa Organic AS fourth quarter 2012 Highlights fourth quarter 2012 The average prices were approximately at the same level as Q3, but improvement was observed towards the end of the quarter. EBIT before biomass adjustments was NOK -5,2 million in Q4 2012, against NOK -17,3 million in Q Write down of biomasss related to an outbreak of cold water vibriosis ( Hitrasjuka ) at one site in Finnmark reduced the result with NOK 14 million in Q4. Reduced production costs due to operational improvements continued also in the fourth quarter. The reduction was less than expected due to the outbreak of cold water vibriosis at one site. For the year as a whole the cost of goods sold was reduced with 13%. The underlying biological development and operation has been good in the quarter with the exception of the mentioned disease affected site. Harvested volume was tons (HOG) Q4, which is about 274 tons more than earlier communicated. Net interest-bearing debt was NOK 270,6 million at the end of the quarter, and the equity ratio was 44%. 1

2 Operations in fourth quarter The biomass growth in Finnmark during the quarter has overall been as expected. The biological situation has been challenging at one of the sites in Finnmark due to cold water vibriosis. For the other sites the biological situation has been satisfactory throughout the quarter. In eastern Finnmark the sea lice challenge is limited and fully managed. The biomass per January 1 st was tons, of which tons from the 2011 generation and tons from the 2012 generation. The number of smolts put into the sea in 2012 was 4.5 million. This is 7% more than in The size of the smolts released was 43% larger compared to Mortality during the first period in sea has been reduced, but is still not at a satisfactory level. Villa is working with measures to reduce mortality in general and mortality related to the first months in sea in particular. The market for Atlantic salmon had a strong supply increase also in the fourth quarter. The volumes increased by about 11,5 % compared to The spot price during the quarter was on average NOK 3,5 per kilo higher than in the same quarter in The overall price achieved was 4 % higher than the reference price 1. The volume harvested in the fourth quarter of 2012 was tons (HOG), which is 5% less than in the fourth quarter of Villa has an ongoing improvement program. The objective of this program is to reduce production costs and improve profitability. The cost of fish harvested has been reduced with 2 % compared to the same quarter 2011.The costs of the biomass in the sea was also reduced compared to earlier generations. The feed cost for the biomass harvested during the period was in line with the level in the corresponding period in Compared to third quarter, the feed costs have increased as the higher feed prices have started to materialize in harvested biomass. 1 Average superior price per kilo gutted weight (NOS/FHL FCA Oslo) 2

3 Key financial figures The income in Q was MNOK 124,2. EBITDA for the period was MNOK 9,9. EBIT was MNOK -19,2. The result was affected negatively by exceptional items with NOK 14 million in the quarter. This item was related to a write-down on biomass due to high mortality at one site. The equity ratio at the end of the year was 44 % 2. Villa Organic (group) Key Financial figures (1 000 NOK) Q Q pr Q FY 2011 FY 2010 Total Income EBITDA EBIT Profit/loss before tax Harvest Volume (HOG) Finnmark tons Harvest Volume (HOG) Romsdal tons Harvest Volume (HOG) Total tons EBIT NOK/kg -5,70-7,62 3,91-2,17 6,40 EBIT NOK/kg non-recurring item is excluded -1,55-4,86-2,92-1,69 Balance Sheet: Fixed Assets Current Assets Total Assets Equity Long Term Liabilities Current Liabilities Total Equity and Liabilities Equity Ratio 44 % 34 % 36 % 2 Before tax calculation on the year end result 3

4 Outlook Villa expects to harvest approximately tons gutted weight in The harvested volume in the first quarter of 2013 is expected to be approximately tons (HOG). The average prices for Atlantic salmon during the fourth quarter reflect a reduction in the global supply growth. For 2012 the estimated supply increase was about 22 %. Estimates for 2013 volumes show a supply change that varies from a decrease of 1% (low) to an increase of 2 % (high) compared to This significant change in growth dynamics in 2013 is expected to be reflected in the market prices. So far in 2013 we have seen rising prices and we expect that prices will stay at such a high level in the months to come. Molde, 27 February 2012 Board of Directors - Appendix: o Quarterly Financial statement pr o List of shareholders pr

5 Financial Statement Numbers in NOK Q Q Per Q FY 2011 FY 2010 Operating Income Other Income Total Income Changes in Inventory Cost of goods Wages Other operating costs EBITDA Depreciation EBIT Net financial items Profit/loss before tax

6 Balance sheet numbers in NOK ASSETS Non-current Assets Intangible assets Licences Deferred Tax Asset Goodwill Total Intangble Assets Property, buildings etc Machinery, Equipment and other Total Fixed Assets Investment in subsidiaries Own shares Investment in associated entities Other investments Long term loans Total Financial Fixed Assets Total non-current assets Current assets Inventory Accounts receivables Other accruals, Intercompany - - Bank deposits, cash at hand Total Current Assets Total Assets

7 EQUITY AND LIABILITIES Equity Share Capital Own Shares -1 Share Premium Total Restricted Equity Retained Earnings Other Equity Result brought forward Total Retained Equity Total Equity Liabilities Deferred tax Bond Liabilities to financial institutions Other long term debt, leasing Total Long Term Liabilities Current Liabilities Liabilities to financial institutions Accounts Payables Tax, VAT etc Intercompany liabilities - Other short term debt Total Current Liabilities Total Liabilities Total Equty and Liabilities

8 List of shareholders pr

Villa Organic AS forth quarter 2009

Villa Organic AS forth quarter 29 Highlights Forth quarter 29 The fourth quarter was a good quarter for the Villa Group. The EBIT was 12,1 MNOK and net profit before tax 8,8 MNOK The harvested volume in