Bedring i Copeinca

Del saken

Fiskemelprodusenten Copeinca ASA oppnådde i tredje kvartal 2010 et resultat før skatt på 19,0 millioner dollar, mot -2,5 millioner dollar i tredje kvartal 2009.

Copeinca hadde i tredje kvartal 2010, en omsetning på 106,2 millioner dollar, mot 68,0 millioner dollar i tilsvarende periode i 2009, fremgår det av en børsmelding fra selskapet. Les meldingen her:

THIRD QUARTER 2010 FINANCIAL RESULTS

As of 30 September 2010, volumes of production are lower than in previous years due to a moderate "El Niño" during January and February, which resulted in a late start of the fishing season and a lower quota authorized in the first fishing season in 2010 (2,500,000 MT vs. 3,500,000 MT). USD 39.6 million out of the USD 55 million CAPEX budget have already been executed, and the construction of the 3 new vessels is 85 percent advanced.

In the first nine months of the year, volumes sold were 156,309 MT, down from 199,573 MT in the same period in 2009 due to the lower quota authorized in the first fishing season in 2010.  However, a higher percentage of steam dried fishmeal was sold (70 percent of total volume equivalent to 108,684 MT) as of 30 September 2010 vs. 48 percent in 2009 equivalent to 95,954 MT.

Revenue per ton sold for the nine months of 2010 had an average of USD 1,432/MT, up 68 percent from USD 855/MT in 2009.  Meanwhile, costs per ton had an average of USD 819/MT in 2010 up from USD 560/MT in 2009.

Fishmeal had an average price of USD 1,513/MT in 2010 vs. USD 855/MT in 2009 and fish oil had an average price of USD 856/MT in 2010 vs. USD 642/MT in 2009. Operating profit for the nine months ended 30 September 2010 was USD 26.1 million after a USD 30.2 million noncash provision due to a reduction in the number of vessels used and non-operative plants, as well as USD 9.3 million of employee severance payments, compared to operating profit of USD 9.9 million for the same period in 2009.

EBITDA per ton for the nine months ended 30 September 2010 was USD 540/MT compared to USD 258/MT in 2009. EBITDA per ton for the Q3'10 was USD 597/MT vs. USD 307/MT in Q3'09.

For the first nine months of the year, COPEINCA ASA achieved an EBITDA of USD 84.4 million on revenues of USD 223.9 million, 64 percent greater than in the same period in 2009 when it reached an EBITDA of USD 51.5 million on revenues of USD 170.9 million.

Operating profit for the nine months ended 30 September 2010 was USD 26.1 million compared to an operating profit of USD 9.9 million for the same period in 2009.

Cost of goods sold (COGS) in the third quarter 2010 was USD 819/MT (128.1 million), up from USD 560/MT (111.8 million) in the corresponding period of 2009 due to changes in the purchase price of raw material from third parties, fishing ban period expenses and other expenses.

Last twelve months (LTM) EBITDA as of 30 September 2010 was USD 92 million compared to USD 65 million for the LTM as of 30 September 2009.

"The third quarter financial results clearly show that we are in line with the 2006-2007 guidance we provided.  As of 2010 we have already delivered on our promises: acquisitions and consolidation of the industry (we grew from 4.4 percent to 10.7 percent of the Peruvian quota), ITQ implementation, and we are already experiencing around 30 percent increase in EBITDA expected from ITQ.  By 2011, we expect to deliver +40 percent increase in EBITDA, which does not include the benefits from our USD 80 million CAPEX Plan," says Samuel Dyer Coriat, CEO of Copeinca ASA.

Les mer
Regnskapsrapport og presentasjonsmateriale kan lastes ned her:
•  Kvartalsrapport Q3 2010 - Copeinca ASA (pdf)
•  Presentasjon Q3 2010 - Copeinca ASA (pdf)