INTERIM REPORT Q2 AND FIRST HALF 2012
The Group reported operating income of NOK 2,881
million for the quarter (Q2 2011: NOK 3,648 million).
Austevoll Fisk Gruppen was consolidated during Q2
2011 and turnover in Q2 2011 was NOK 391 million.
Austevoll Fisk Gruppen was merged with Norway Pelagic
ASA with effect from the third quarter of 2011.
The fall in turnover for Q2 2012, when compared with
Q2 2011 and adjusted for Austevoll Fisk Gruppen, is
EBITDA before value adjustment for biomass in Q2 2012
was NOK 299 million (Q2 2011: NOK 795 million).
The fall in turnover and EBITDA is attributed to a
lower sales volume for the pelagic business segment
in the quarter. Moreover, prices achieved for
Atlantic salmon, trout and fishmeal were lower during
the quarter when compared with the same quarter in
2011. The industry spot price for whole superior
salmon fell by 24% when compared with the second
quarter of 2011. The prices achieved for fish oil
were higher in Q2 2012 than in Q2 2011.
EBIT before value adjustment for biomass in Q2 2012
was NOK 164 million (Q2 2011: NOK 674 million). EBIT
after value adjustment for biomass in Q2 was NOK 80
million (Q2 2011: NOK 130 million).
Associated companies returned a total loss for Q2 of
NOK 25 million (Q2 2011: profit of NOK 2 million).
The decline in the profit from associated companies
in the quarter, when compared with the same period in
2011, is partly due to the lower prices achieved for
Atlantic salmon and trout for the associated
companies within the aquaculture segment. The pelagic
business segment's associate, Norway Pelagic ASA, has
reported a decline in profit for the quarter, when
compared with the second quarter of 2011. 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
The Group's net interest expenses in Q2 2012 totalled
NOK 46 million (Q2 2011: NOK 51 million).
The profit before tax and biomass adjustment for Q2
2012 is NOK 118 million, compared with a profit
before tax and biomass adjustment in Q2 2011 of NOK
The profit before tax for the quarter totalled NOK 34
million (Q2 2011: NOK 89 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