Codfarmers ASA sitt resultat før skatt endte på -11,9 millioner kroner i første kvartal 2010, mot -10,7 millioner kroner i første kvartal i fjor.
Codfarmers ASA har i dag presentert resultatet for første kvartal 2010. Driftsresultatet før verdijustering av biomasse, ble -9,0 millioner kroner, mot -6,3 millioner kroner året før. Driftsinntektene endte på 43,5 millioner kroner i første kvartal 2010, mot 31,9 millioner kroner i første kvartal i fjor.
Her er selskapets opplisting av hovedpunkter fra første kvartal:
- Q1/10 revenue of 43.5 MNOK compared to 31.9 MNOK in Q1/09. Total harvest of 2 810 tons (r.w) of own production and 110 tons (r.w) sold for external producers.
- The average FOB (Oslo) sales price in Q1/10 was 20.2 NOK/kg compared to 24.7 NOK/kg in Q1/09. Low average market prices in general and large volumes of small fish explain the drop in price. Harvest of fast maturing fish at Kjerkvika resulted in significant average size reduction.
- Contract sales account for 41 prosent of total sales in Q1/10.
- EBIT of –9.0 MNOK in Q1/10 compared to -6.3 MNOK in Q1/09. EBIT in Q1/10 is mainly explained by the following factors:
(1) Administration and sales costs of 4.8 MNOK in Q1/10.
(2) Negative contribution of 0.6 MNOK from fish sold in the period.
(3) Net result from subsidiaries of - 3.2 MNOK. Depreciations accounts for MNOK 2.1
- Biological assets per Q1/10 have a fair value of MNOK 58.9. The expected break even price for harvesting through fourth quarter 2010 is NOK 28.1 per kg (before adm/sales).
- Agreement on sale of certain assets at book value of 14.1 MNOK to Mainstream AS. The sale comprises transfer of boats, moorings and feeding machines.
- Cash per Q1/10 of 0.9 MNOK, prior to incorporation of the following liquidity positions:
(1) Cash credit from DnB NOR of 5 MNOK not drawn
(2) Insurance compensation after fire at Halsa related to equipment and machinery of 4.2 MNOK. Expected pay out in Q2/10
(3) Cash settlement after sale of Cluster Kjerringøy of MNOK 8.4. Expected pay out in Q3/10
(4) Sale of equipment to Mainstream Norway AS MNOK 7.8. Expected pay out during Q2/10
- Refinancing plan in process. We have met the major stakeholders
(1) Shareholders
(2) Protector (Insurance company)
(3) Innovation Norway
