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Aker Seafood - 1Q Results 2006   28.4.2006 09:16:49
Flokkur: Afkomufréttir   Skuldabréfafréttir      Íslenska  English
 Aker Seafood - Q1 Results 2006.pdf
 Aker Seafood - Q1 2006 Presentation.pdf
RAW MATERIAL PRICES INFLUENCE PROCESSING MARGINS

RAW MATERIAL PRICES INFLUENCE PROCESSING MARGINS

 

 

 

Aker Seafoods achieved operating revenues of NOK 605 million for the first quarter compared with NOK 667 million in the same period of last year. Adjusted for Nordic Group, this represents an increase of NOK 42 million in operating revenues for the remaining business. The group could report an EBITDA of NOK 67 million for the first quarter, compared with NOK 83 million in the same period of 2005.

Aker Seafoods had operating revenues of NOK 605 million for the first quarter, compared with NOK 667 million in the same period of last year.  The decline in operating revenues reflects the disposal of Nordic Group by Aker Seafoods during the first quarter, with accounting effect from 1 January 2006.

Adjusted for the disposal of Nordic Group, the company’s operating revenues rose by NOK 42 million during the first quarter compared with the same period of 2005. This primarily reflects a general increase in whitefish prices.

Aker Seafoods reported an EBITDA of NOK 67 million for the first quarter 2006, which represents a reduction of NOK 16 million compared to the same period in 2005. The reasons for the reduction is the lower catch volumes, especially on cod, and the higher bunker prices in the harvesting business area compared to the same period in 2005. Further the profitability in the processing business area has been influenced negatively by increased raw material prices and unfavourable development in currencies in the first quarter 2006 compared to the same period in 2005.  This resulted in an EBITDA-margin of 11.0 percent for the first quarter of 2006 compared with 12.4 percent in the first quarter of 2005.

The first quarter has been a challenging three months, where a high price on raw material has put pressure on the company’s land based activities. In the short term this is challenging for the Group’s processing, but increased willingness to pay high prices for quality seafood products promises exciting opportunities in the future. Long term trends, with increased demand for healthy seafood forms a solid basis for optimism for the industry. Reduced catches of cod in the first quarter was in line with the stated plan of levelling out activity over the year, comments Yngve Myhre CEO in Aker Seafoods ASA.

As with the salmon processing industry, the Aker Seafoods processing plants have faced a substantial rise in raw material prices. As communicated earlier, securing immediate compensation for this increase from customers in the frozen fish segment is difficult. In addition, Asia is sending supplies of low priced cod fillets to Europe. The overall effect is that the processing industry has failed to secure full compensation for the rise in raw material prices.

A three per cent strengthening of the Norwegian krone against important European trade currencies in the first quarter has had a negative effect on profitability, since about 80 per cent of total sales for the processing segment are made to Europe.

Net financial expenses for Aker Seafoods came to NOK 11 million in the first quarter, an improvement of NOK 5 million from the same period of 2005. The level of net financial expenses is in line with earlier communications from the company.

For further information:

Yngve Myhre, CEO Aker Seafoods ASA. Telephone: 24 13 01 60

Bent Skisaker, CFO, Aker Seafoods ASA. Telephone: 24 13 01 60

www.akersea.com

 

 

 


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