Aker Seafoods has had its best-ever fourth quarter (Photo: Aker Seafoods ASA)

COMPANY OF THE WEEK: Aker Seafoods Posts Good Results Due to Higher Catches

The leading international seafood company Aker Seafoods (Public, OSL:AKS) had a good harvesting quarter with high catch rates for cod.

Aker Seafoods achived an operating result (EBIT) of USD 4.99 million (NOK 29 million) in the fourth quarter 2011, an increase of USD 3.43 million (NOK 20 million) compared to the same period in 2010.

EBITDA in the fourth quarter 2011 came to USD 8.76 million (NOK 51 million), up by USD 2.92 million (NOK 17 million) compared to the fourth quarter in 2010.

Total harvested volume in the fourth quarter 2011 increased 25 percent compared to the same period in 2010

Fourth-quarter sales came to USD 34.55 million (NOK 201 million), up by USD 7.04 million (NOK 41 million) from same period in 2010. For the year 2011 Aker Seafoods achieved an EBITDA of USD 39.88 million (NOK 232 million) compared to USD 29.39 million (NOK 171 million) in 2010. Sales for 2011 came to USD 148.36 million (NOK 863 million).

Aker Seafoods' CEO Olav Holst-Dyrnes

It was resolved to distribute the shares in Norway Seafoods Group to the shareholders in Aker Seafoods. This transaction was accomplished January 17 2012.

Aker Seafoods’ operations are now confined solely to harvesting, operating eleven trawlers with related licenses. The company also owns several production facilities that are rented out to Norway Seafoods.

”Aker Seafoods achieved a good result for the quarter and the year. We are satisfied with the results which gives Aker Seafoods a good foundation for further development of the company”, says CEO Olav Holst-Dyrnes.

Operating revenues for Aker Seafoods came to USD 34.55 million (NOK 201 million), in the fourth quarter 2011, compared to USD 27.5 million (NOK 160 million) in the same period 2010. The increase in revenues is mainly due to higher harvested volume.

EBIT in the fourth quarter 2011 came to USD 4.98 million (NOK 29 million), up from USD 1.54 (NOK 9 million) in the same period 2010. The EBIT margin was 14 percent in the fourth quarter 2011 compared to 6 percent for the same period in 2010.

Good results are mainly due to increased harvested volume and higher first-hand prices compared to 2010

”Aker Seafoods has had its best-ever fourth quarter. Total harvested volume in the fourth quarter 2011 increased 25 percent compared to the same period in 2010. In general the harvesting has been good, especially for cod where we obtained high catch rates”, says CEO Olav Holst-Dyrnes.

Cash flow from operating activities came to USD 7.04 million (NOK 41 million) in the fourth quarter compared to USD 5.33 million (NOK 31 million) in the same period in 2010.

Aker Seafoods' integrated value chain creates a close link between harvesting and processing

Net interest-bearing debt was USD 118.96 million (NOK 692 million) at the end of the fourth quarter 2011, up by USD 6.7 million (NOK 39 million) compared to the end of the third quarter.

Aker Seafoods had a total equity of USD 147.5 million (NOK 858 million) at December 31 2011.

EBITDA of 2011 came to USD 39.88 million (NOK 232 million) compared to USD 29.39 million (NOK 171 million) in 2010. Operating revenues for 2011 came to USD 148.36 million (NOK 863 million), up by USD 17.36 (NOK 101 million) compared to 2010.

“The good results is mainly due to increased harvested volume and higher first-hand prices compared to 2010, says CEO Olav Holst-Dyrnes. The resource situation in the Barents Sea is good, with increased cod quotas for 2012. Availability has been very good at the beginning of the year, and the outlook for cod is positive”, concluded CEO Olav Holst-Dyrnes.

Aker Seafoods ASA

Aker Seafoods is a leading international seafood company with focus on harvesting, processing and sale of whitefish. The company headquarters is in Oslo, and Aker Seafoods have operations in Norway, Denmark, France, the UK and Spain.

With 1,200 employees in Norway, the company is one of the largest employers in the Norwegian fishing industry. It employs a total of 1,584 people in Scandinavia and the rest of Europe. 

The company‘s trawlers harvest about half of the raw material consumption at its Norwegian processing plants.

Ranked as Europe‘s larges whitefish harvesting company, Aker Seafoods delivers fresh fish products 364 days a year

Source: Aker Seafoods

Margaret E.L. Stacey
Editor Companies and Products
editorial@fis.com
www.fis.com

Address:	Fjordalléen 16 - P.O. Box 1301, Vika
City:	Oslo
State/ZIP:	(NO-0112)
Country:	Norway
Phone:	+47 2 413 0160
Fax:	+47 2 413 0161
E-Mail:	norway@norwayseafoods.com
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