INTERIM REPORT 2015 FIRST QUARTER (Q1)

Transcription

1 INTERIM REPORT 2015 FIRST QUARTER (Q1) Summary - Revenue in the first quarter came to 570 million kroner, 61 million kroner higher than the first quarter of Higher revenue was mainly a result of higher sales volumes and higher sales prices compared to the same period last year - Production volumes were lower compared to the same period last year, but production efficiency was improved - EBIT came to 14 million kroner in the first quarter compared to -3 million kroner in the same period in Net interest-bearing debt increased with 78 million kroner, from 296 million kroner on December 31 to 374 million kroner on March 31, primarily due to build-up of working capital because of high sales volumes towards the end of the quarter - The equity ratio is 13.1 per cent, which is the same as on December 31 Main figures NOK million Quarterly Year to date Year Q1 14 Q2 14 Q3 14 Q4 14 Q Operating revenues EBITDA 3 (9) (1) EBIT (3) (15) (7) (8) 14 (3) 14 (2) EBIT Margin (0) -3,8 % -2,0 % -1,9 % 2,5 % (0) 2,5 % -0,1 % Non-recurring items Net finance (4) (3) (5) 5 (3) (4) (3) (7) Profit before tax (7) (18) (12) (4) 11 (7) 11 (9) Net profit/loss continued operations (5) (13) (9) (47) 11 (5) 11 (9) Net profit/loss discontinued operations 1 0 (1) Net profit for the period (4) (13) (10) (46) 11 (4) 11 (8) Earning per share(eps) (øre) cont.op (6) (16) (10) (56) 13 (6) 13 (11) Total assets Equity Equity ratio (%) 18,7 % 19,4 % 16,7 % 13,1 % 13,1 % 18,7 % 13,1 % 13,1 % Net interest bearing debt (290) (287) (311) (296) (374) (290) (374) (296) Working capital Norway Seafoods Group AS, Inkognitogaten 8, N-0256 Oslo, PO Box 1301 Vika, N-0112 Oslo, Norway Business ID: NO MVA Telephone: post@norwayseafoods.com

2 Financial results Sales for Norway Seafoods came to 570 million kroner in the first quarter, compared to 509 million kroner for the same period in Sales volumes and product prices increased compared to the same quarter in 2014, and this resulted in higher revenue. Margins on fish products in the first quarter were on the same level as in the first quarter EBIT for the first quarter was 14 million kroner compared to -3 million kroner in the same period last year. Losses on currency hedges influence the result negatively with 6 million kroner in the first quarter. Net financial items came to -3 million kroner in the first quarter, compared to -4 million kroner for the same period in The net financial items include net interest expenses as well as currency gains and losses. The calculated tax for the period is 0, due to deferred tax assets not included in the balance sheet. Net income on discontinued operations came to 0 million kroner, compared to a net income of 1 million kroner in the first quarter of Sales and Market Sold volume of primary processed products from the Norwegian operations was tons in the first quarter compared to tons for the same period last year. Sales of whole unprocessed fish decreased from tons to tons in the quarter. Sales of whole Skrei increased from 566 tons in the first quarter in 2014 to 585 tons in the same quarter in According to the Norwegian Seafood Council, Norwegian export volumes of fresh whole cod decreased by 34 per cent in the first quarter of 2015 compared to the same period last year. Prices on fresh cod fillets increased by 30 per cent in the first quarter of 2015 compared to the same period in 2014, and prices for frozen cod fillets (not block) increased by 26 per cent. Export volumes of fresh cod fillets from Norway decreased by 13 per cent, and volumes of frozen cod fillets decreased by 24 per cent. Sales of fresh value added products were 711 tons in the first quarter compared to 882 tons in the corresponding period in 2014, while sales of frozen value added products increased from 939 to tons. Processing The volume of primary processed products from the Norwegian operations was tons in the first quarter compared to tons for the same period in Raw material prices for cod in the first quarter increased by 44 per cent compared to the same period last year. 2

3 The proportion of fresh products increased from 32.9 per cent in the first quarter of 2014 to 39.2 per cent in the first quarter of 2015 for the Norwegian operations. The production of fresh value added products was 711 tons in the quarter compared to 870 tons in the first quarter of Norway Seafoods frozen value added factories decreased the production volume during the quarter and produced tons compared to tons for the same period in Balance sheet and liquidity Total assets increased with 112 million kroner in the first quarter to 729 million kroner compared to 617 million kroner on December 31. Investments in the first quarter came to 7 million kroner. Bank deposits, including drawing rights, totaled 34 million kroner on March 31, compared to 59 million on December 31. Working capital was 284 million kroner on March 31, an increase of 98 million kroner from December 31. The working capital was 79 million kroner higher than in the same period last year. Net interest-bearing debt came to 374 million kroner on March 31, an increase of 78 million from 296 million on December 31. Norway Seafoods equity on March 31 was 96 million kroner, representing an equity ratio of 13.1 per cent, the same as on December 31. Cash flow Cash flow from operating activities was negative with 73 million kroner in the first quarter. Cash flow from investing activities was negative with 7 million kroner. Cash flow from financing activities was positive with 77 million kroner. Net cash flow was negative with 3 million kroner. Events in the quarter and after the balance sheet date New Board member elected at the General Assembly Kjell Stokbakken was elected as new Board member at the General Assembly, which was held on April 10. Mr. Stokbakken has extensive production and brand building experience from food industries and is currently CEO at Norsk Kylling. 3

4 4

5 Profit and loss accounts Group NOK million Quarterly Year to date Year Q1 14 Q2 14 Q3 14 Q4 14 Q Operating revenues Operating expenses (506) (406) (347) (432) (550) (506) (550) (1 690) EBITDA 3 (9) (1) EBITDA Margin 0-2,1 % -0,2 % 2,3 % 3,6 % 0 3,6 % 0,2 % Depreciations (7) (6) (6) (18) (6) (7) (6) (6) EBIT (3) (15) (7) (8) 14 (3) 14 (2) EBIT Margin (0) -3,8 % -2,0 % -1,9 % 2,5 % (0) 2,5 % -0,1 % Non-recurring items Net finance (4) (3) (5) 5 (3) (4) (3) (7) Profit before tax (7) (18) (12) (4) 11 (7) 11 (9) Tax on ordinary profit (44) Net profit/loss continued operations (5) (13) (9) (47) 11 (5) 11 (9) Net profit/loss discontinued operations 1 0 (1) Net profit for the period (4) (13) (10) (46) 11 (4) 11 (8) 5

6 Norway Seafoods group Balance sheet Assets Amount in NOK million Intangible Assets Fixed tangible assets Total intangible/tangible assets Financial interest-bearing fixed assets Financial interest-free fixed assets Shares and other equity investments Total financial fixed assets Total fixed assets Biological assets Inventory Interest-free short-term receivables Interest-bearing short-term receivables Liquid assets Assets discontinued operations Total current assets Total assets Equity and liabilities Amount in NOK million Total shareholders equity Minority interests Total shareholders equity and minority interests Provisions and other interest-free long-term liabilities Interest-bearing long-term debt Total long-term liabilities Interest-free short-term debt Interest-bearing short term debt Liabilities discontinued operations Total short-term liabilities Total shareholders equity and liabilities

7 Cash Flow statement from continued operations NOK million Q1 14 Q2 14 Q3 14 Q4 14 Q Profit before tax (7) (18) (12) (4) 11 (7) 11 (41) Sales losses/gains - (0) Depreciations and amortisations Changes in other net operating assets (33) 18 (14) 19 (90) (33) (90) (10) Cash flow from operating activities (33) 6 (20) 34 (73) (33) (73) (14) Cash flow from investing activities 0 (4) (2) (13) (7) 0 (7) (19) Cash flow from financing activities 36 (2) 21 (19) Total cash flow from reporting period 3 (0) (1) 1 (3) 3 (3) 3 Effects on changes in exchangerates on cash (0) 0 (0) 0 (0) (0) (0) 0 Cash and cash equivalent at the beginning of the period Cash and cash equivalent at the end of the period Year to date Year Not utilised credit facilities Cash and cash equivalent at the end of the period, incl. credit facilities Oslo, April 30 th 2015 The Board of Directors and CEO, Norway Seafoods Group AS 7