HAVFISK: Results for the second quarter in 2014

Thu Jul 17, 2014 1:30am EDT

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(Ă…lesund, 17 July 2014) HAVFISK achieved an EBITDA of NOK 47 million in the second quarter 2014, an increase of NOK 15 million compared to the second quarter in 2013. Operating revenues in the second quarter totalled NOK 226 million, which is NOK 69 million higher compared to the same period in 2013.

The income per operating day is 14 per cent higher in the second quarter than for the corresponding period last year. This is due to higher prices and some increase in volume. The most important species for HAVFISK is cod, haddock and saithe, but in the second quarter an increased volume of other species such as black halibut, redfish and shrimps have been fished, compared to earlier periods.

-We are satisfied with the operations in the second quarter. The income per operating day has increased compared to the same period in 2013. We have increased the volume of other species than cod and haddock. The new and upgraded trawlers have contributed to improved quota utilization, says CEO Olav Holst-Dyrnes.

In the quarter the achieved average prices for all harvested volume increased with 26 percent compared to the second quarter in 2013.

-The positive price trend has continued in the second quarter. The prices have increased for all cod, haddock and saithe, says Holst-Dyrnes.

Operating revenues for HAVFISK came to NOK 226 million in the second quarter 2014, against NOK 157 million in the corresponding period in 2013. The increase in revenues is mainly due to higher prices and change in the product mix compared the second quarter in 2013. EBITDA came to NOK 47 million against NOK 32 million in the second quarter 2013. The EBITDA margin was 21 per cent in the second quarter 2014 compared to 20 per cent in the same period in 2013. EBIT in the second quarter 2013 came to NOK 16 million against NOK 7 million in the same period in 2013. EBITDA in the first half 2014 came to 115 million NOK against 73 million NOK in the corresponding period in 2013.

Cash flow from operating activities came to NOK 13 million in the second quarter compared to NOK 25 million in the same period in 2013.

Net interest-bearing debt was NOK 1172 million at the end of the second quarter 2014. This is NOK 12 million lower than the end of the last quarter.

HAVFISK had a total equity of NOK 710 million by the end of the second quarter 2014, corresponding 27 per cent.

-The quota position is good for the second half year with much cod quota left to fish. The positive price-trend appears to continue into the second half, says Holst-Dyrnes.

For further information, please contact:

Olav Holst-Dyrnes, CEO +47 70 11 86 00

Eldar Farstad, CFO +47 70 11 86 00

HAVFISK ASA is a fishing company that operates 11 trawlers and has 29.6 quotas for cod trawling. HAVFISK ASA`s operating revenue in 2013 was NOK 779 million and the company has 382 employees. For further information please visit www.havfisk.no

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.




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Source: Havfisk via Globenewswire

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