FINANCIAL REPORT Q1 2012
The Group reported operating income of NOK 2,989
million for the quarter (Q1 2011: NOK 2,952 million).
Austevoll Fisk group was consolidated during Q1 2011
and turnover for this company in Q1 2011 was NOK 408
million. Austevoll Fisk group was merged with Norway
Pelagic with effect from the third quarter of 2011.
The increase in turnover for Q1 2012, when compared
with Q1 2011 and adjusted for Austevoll Fisk group,
The increase in turnover is attributed to a higher
sales volume for the quarter, reported by all the
Group's business segments. However, prices achieved
for Atlantic salmon, trout and fishmeal were lower
during the quarter when compared with the same period
in 2011. The industry spot price for whole superior
salmon fell by 34.6% when compared with the first
quarter of 2011.
EBITDA before value adjustment for biomass in Q1 2012
was NOK 435 million (Q1 2011: NOK 612 million).
This decline is attributed to the fall in the price
of Atlantic salmon and trout which emerged during the
second half of 2011. The business segments involved
in pelagic fisheries reported an increase in EBITDA
for the quarter when compared with the same period in
EBIT before value adjustment for biomass in Q1 2012
was NOK 270 million (Q1 2011: NOK 486 million).
During the quarter, a figure of NOK 50 million was
booked as other costs and write-downs related to the
closure of Lerøy Seafood Group's slaughterhouse in
Kristiansund. The first quarter saw a positive IFRS
biomass adjustment of NOK 89 million. The
corresponding IFRS biomass adjustment for Q1 2011 was
positive at NOK 50 million. EBIT after value
adjustment for biomass in Q1 2012 was NOK 359 million
(Q1 2011: NOK 536 million).
Income from associated companies in Q1 2012 totalled
NOK 9 million (Q1 2011: NOK 37 million). The decline
in profit from associated companies in the first
quarter, when compared with the same period in 2011,
is due to the lower prices achieved for Atlantic
salmon and trout for the associated companies within
this segment. The largest associated companies are
Norskott Havbruk AS (owner of the Scotland-based fish
farming company Scottish Sea Farms Ltd.), Norway
Pelagic ASA and Brødrene Birkeland AS.
The Group's net interest expenses in Q1 2012 totalled
NOK 53 million (Q1 2011: NOK 47 million).
The profit before tax and biomass adjustment for Q1
2012 is NOK 227 million, compared with a profit
before tax and biomass adjustment in Q1 2011 of NOK
The profit before tax for the quarter totalled NOK
316 million (Q1 2011: NOK 521 million).
For further information please see attached report
Questions and comments may be addressed to the
company's CEO, Arne Møgster, or to the CFO, Britt
This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities