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Higher Salmon Sales Increase Austevoll Seafood Revenue

13 November 2014

NORWAY - Group revenue for Austevoll Seafood in the third quarter 2014 totalled NOK 3,351 million, up from NOK 3,283 million in the same period in 2013.

The increase in turnover is attributed to a higher sales volume for the segment for Atlantic salmon and trout. The fishmeal and fish oil segment reported a fall in turnover when compared with the same period in 2013, caused by lower sales volume.

The group’s operating profit before depreciation and value adjustment of biomass (EBITDA) for Q3 2014 was NOK 421 million compared with NOK 605 million in Q3 2013.

As previously notified, the group’s share of Villa Organic AS is now reported as a wholly-owned interest with effect from Q3 2014, and the business combination generated a gain of NOK 75 million. EBIT before value adjustment of biomass in Q3 2014 was NOK 277 million compared with NOK 473 million in Q3 2013.

All the group’s segments reported a lower profit figure for the quarter when compared with the same quarter in 2013. For fishmeal and fish oil, the reduction has been caused by a decline in sales volume.

For Atlantic salmon and trout, the decline is due to the seasonal reduction in prices realised and the ban on imports imposed by Russia. Moreover, and as expected, the profit figure was negatively impacted by the increase in output costs for Atlantic salmon and trout.

Value adjustment of biomass in accordance with IFRS was negative by NOK 222 million during the quarter, compared with the negative IFRS biomass adjustment for the same period in 2013 of NOK 319 million.

Revenue from associates for Q3 2014 totalled NOK 45 million (Q3 2013: NOK 35 million).

The largest associates are Norskott Havbruk AS (owner of the Scottish fish farming company Scottish Sea Farms Ltd.), Brødrene Birkeland AS and Pelagia AS.

Villa Organic AS was an associate up to the end of the first half of 2014, and was demerged in the summer of 2014.

Lerøy Seafood Group ASA’s share is reported as a wholly-owned group holding from and including Q3 2014.

The group’s net interest expense in Q3 2014 totalled NOK 47 million (Q3 2013: NOK 56 million).

Profit before tax and biomass adjustment for Q3 2014 was NOK 256 million, compared with a profit before tax and biomass adjustment in Q3 2013 of NOK 452 million.

The profit before tax for the quarter totalled NOK 35 million (Q3 2013: NOK 133 million). The group is financially sound with an equity ratio of 53 per cent.

The group’s net interest-bearing debt at the end of the quarter totalled NOK 3,641 million. At the end of September 2013, NIBD amounted to NOK 4,530 million.

Further Reading

You can view the full report by clicking here.

TheMeatSite News Desk

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