Nytt underskudd i Codfarmers

Codfarmers ASA fikk et resultat før skatt på -14,5 millioner kroner i andre kvartal 2011, mot -17,5 millioner kroner i andre kvartal i fjor.

Driftsresultatet før verdijustering av biomasse, ble på -17,7 millioner kroner i 2. kvartal 2011, mot -13,5 millioner kroner i 2. kvartal året før. Det fremgår av regnskapet for 2. kvartal 2011 som Codfarmers ASA la frem i dag.

Driftsinntektene steg til 36,9 millioner kroner i 2. kvartal 2011, fra 29,5 millioner kroner i 2. kvartal året før.

Les også: Codfarmers og Atlantic Cod Farms fusjonerer 01.07.2011

Les selskapets egen opplisting av hovedpunkter fra 2. kvartal 2011 her:

Highlights Q2 2011

Average prices increase.
- From NOK 26.7 per kg in Q1 to NOK 31.0 per kg in Q2.
Strong demand for our fish and price increase has continued into Q3.
The Q2 results are negative affected by write down of biomass due to lower prices than estimated and start-up costs related to STRØM® and branded product production.
The acquisition of Atlantic Cod Farms.
- Guaranteed share issue of minimum 54.2 MNOK at share price 6.80. This will strengthen the company´s Balance Sheet.
- Position COD as the only codfarmer with year round production.
- Substantial cost– and sales synergies are expected to be realized during the next 3 months.
- The combined company will have farming sites in Nordland, Sunnmøre and Sognefjorden with a total production capacity of 20 000 tons a year.
Road show and Investor presentation planned in September.

Financial Highlights Q2

Revenues of 36.9 MNOK vs. 29.5 MNOK in Q2/10.
- Total harvest of 1 025 tons (r.w.) own production and 587 tons (r.w.) from external producers.
  Average sales price: NOK 28.33 kg H&G. NOK 31.0 kg H&G inclusive contribution from liver.
EBIT -17.7 MNOK vs -13.5 MNOK in Q2/10.
- Negative contribution of 6.8 MNOK from fish sold in the period due to lower market price and start up processing costs on STRØM®.
- Write-down of biomass at Kjerkvika 09 generation of 3.5 MNOK.
- Normal administration and sales costs of 3.5 MNOK.
- Net result from subsidiaries of – 2.4 MNOK.
- Depreciation of idle locations 1.5 MNOK.
Repurchase of 39% of convertible bonds.
- At 60% of nominal value.
- P&L gain of 5.6 MNOK.
Biological assets have a fair value of 49.5 MNOK (1 578 tons r.w).
Expected break even price for harvesting in Q3 2011.
- NOK 37.4 kg H&G (before adm/sales/finance).
Cash position per Q2 was 18.7 MNOK. Net short term receivables of 3.6 MNOK.