Codfarmers ASA melder om et resultat før skatt på -55 millioner kroner i 3. kvartal 2009, mot -46,2 millioner kroner året før.
Driftsinntektene beløp seg til beskjedne 17,23 millioner kroner i 3. kvartal 2009, mot 26,35 millioner kroner året før.
Highlights
- Q3/09 sales revenue of 17.2 MNOK compared to 26.4 MNOK in Q3/08. Total harvest of 514 tons (r.w) of own production and 372 tons (r.w) harvested and sold for external producers.
- The average FOB (Oslo) sales price in Q3/09 was 29.5 NOK/kg compared to 30.5 NOK/kg in Q3/08 and 13 percent above the average export price for all farmed and wild COD.
- Contract sales account for 59 percent of total sales in Q3/09, at prices approximately 10 percent above average spot market prices.
- EBIT before write down of –12.5 MNOK in Q3/09 compared to -9.2 MNOK in Q3/08 is mainly explained by the following factors:
(1) A dministration and sales costs of 4.4 MNOK in Q3/09.
(2) Negative contribution of 1.4 MNOK from fish sold in the period.
(3) N et operating result of – 6.7 MNOK from subsidiaries.
- EBIT after write down of – 52.5 MNOK in Q3/09, reflecting a write down of biological assets of 40.0 MNOK. Biological assets per Q3/09 have a fair value of MNOK 107.8 with an expected break even price at NOK 28 per kg (before adm/sales) for harvested volumes until fourth quarter 2010.
- Cash per Q3/09 of 2.5 MNOK, prior to incorporation of the following liquidity positions:
(1) 30 MNOK in loan from Innovasjon Norge. Expected pay out in Q4/09.
(2) Insurance compensation after fire at Halsa related to equipment and machinery of 10 MNOK. Expected pay out in Q4/09.
(3) Cash credit from DnB NOR of 2 MNOK not drawn.
(4) Cash settlement of Cluster Kjerringøy of MNOK 14,0 (after debt deduction).
- Extraordinary cost reduction program initiated to save cash of approx. 50 MNOK in 2010.
