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Aker Seafoods - 2Q Results 2006   10.8.2006 08:52:09
Flokkur: Afkomufréttir   Skuldabréfafréttir      Íslenska  English
 Aker Seafoods Press release.pdf
 Aker Seafoods 2Q 2006.pdf
Improved underlying operations

Improved underlying operations

 

Oslo 10 August 2006: Aker Seafoods had revenues of NOK 577 million in the second quarter of 2006, compared with NOK 680 million in the same period last year. Adjusted for the disposal of Nordic Group, this represents an increase of NOK 18 million. The Group reported an EBITDA of NOK 38 million in the quarter, against NOK 40 million in the second quarter of 2005.  Adjusted for the disposal of Nordic Group, EBITDA is unchanged compared with the second quarter of 2005.

- We are pleased with Aker Seafoods’ underlying operations during the second quarter. High oil prices have however been challenging for harvesting, and the high raw material costs have put pressure on margins in processing, said Yngve Myhre, CEO of Aker Seafoods.

Aker Seafoods achieved revenues of NOK 577 million in the second quarter of 2006, compared with NOK 680 million in the second quarter last year. Adjusted for the disposal of Nordic Group the company’s revenues increased by NOK 18 million in the second quarter 2006 compared with the same period last year. The moderate increase in underlying revenues reflects the increase in prices for white fish, which was mitigated by lower harvesting volumes in this quarter than in the same period in 2005. Lower harvesting volumes in first half of 2006 than in corresponding periods in 2005 partly reflects Aker Seafoods’ plan of levelling out the harvesting activity over the year, but is also a result of regulatory changes, combined with delays in dealing with applications for structural measures.

As communicated earlier, the Ministry of Fisheries and Coastal Affairs (FKD) has announced regulatory changes, which, if adopted, will weaken Aker Seafoods’ opportunities to optimise operations and the scope of activities in the group.

Aker Seafoods reported an EBITDA of NOK 38 million in the quarter. This compares to NOK 40 million in the second quarter of 2005. Adjusted for the disposal of Nordic Group, EBITDA remains unchanged compared with the second quarter of 2005. This gives the company an EBITDA margin of 6.6 percent in the second quarter 2006, compared with 5.8 percent in the second quarter of 2005.

The increase in first hand prices of whitefish has had a positive effect on harvesting profitability. In processing however, this has put pressure on margins as a result of the increase in raw material prices. A stronger Norwegian krone, higher bunkers costs and lower availability of raw materials also influenced margins in the second quarter.

Prices for processed products made good progress, and the group has secured acceptance for price adjustments from the second half-year. However, Aker Seafoods has been unable to compensate fully for high raw material costs in the frozen fish segment – particularly because China is still offering large quantities of cheap frozen cod fillets.

Net financial expenses came to NOK 12 million in the second quarter, an improvement of NOK 6 million from the same period of 2005. Pre-tax profit was NOK 4 million, compared with NOK 2 million in the same quarter of last year.

 

For further information:

Yngve Myhre, CEO of Aker Seafoods ASA. Tel. + 47 24 13 01 60

Bent Skisaker, CFO of Aker Seafoods ASA. Tel. + 47 24 13 01 60

 

 

 

 

 

 

 


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