A natural choice in fish and seafood. 2nd quarter 2006

Transcription

1 A natural choice in fish and seafood 2nd quarter 2006

2 By the end of Q2 operating revenue amounted to MNOK 827,6, compared with MNOK 710,4 last year. EBITDA was MNOK 9,5 compared with MNOK 28,1 and EBIT was MNOK -11,9 compared with MNOK 9,2 last year. The result before tax was MNOK 27,2 compared with MNOK 190,1 last year. Result after tax was MNOK -26,9 compared with MNOK 193,5 last year. Last year s result included a profit of MNOK 194 from the sales of the shares in Fjord Seafood. The group s operating revenue in Q2 amounted to MNOK 337,8 mill. compared with MNOK 268,6 last year. EBITDA was MNOK -8,0 mill. compared with MNOK 5,7 last year and EBIT MNOK 18,8 compared with MNOK -3,8 last year. The result before tax was MNOK -27,3 compared with MNOK 181,5 last year and the result after tax was MNOK 27,5 compared with MNOK 185,5 last year. The group s balance sheet by the end of Q2 was MNOK 1.210,4 compared with MNOK 990,5 last year. Book equity was MNOK 284,3 corresponding to an equity ratio of 23,5%. Including convertible bonds the solidity was 27,3%. Net interest bearing debt was MNOK 667,3. In the 2nd quarter 2006 the group had MNOK 16,6 in negative cash flow from operations compared with MNOK 44,0 last year. Domstein Pelagic Domstein Pelagic includes pelagic fish sales organisation and production units in Kalvåg, Måløy, Selje and Bodø. Mnok Q Q YTD 2006 YTD 2005 Net operating revenues 97,6 118,8 356,6 412,9 EBITDA -5,7 4,4 13,3 23,1 EBIT -11,2-1,2 2,3 11,9 Operating margin -11,4 % -1,0 % 0,6 % 2,9 % Q2 is low season both regarding raw material and sales. The season for North Sea herring started late and there have been no supplies of capelin. Consequently the volume of raw material has been lower than last year. The volume of raw material in Q2 was tons compared with last year. Accumulated volume of raw material was tons compared with tons last year. The market for herring in Eastern Europe has been difficult and therefore the sales have been lower than last year. Owing to a negative price development it has not been possible to achieve substantial margins by sales of the stocks from the winter season. The stock of mackerel has been sold, but the stock of herring is larger than normal for the season. However, most of the stock is expected to be sold before the new season. The autumn season for mackerel is expected to start in the beginning of September and for herring at the end of September. Remaining quotas for the second half-year are approx. the same as last year and are expected to give good utilization of capacity in the factories from September and for the rest of the year. Domstein Fish Domstein Fish is a new business area for whitefish and includes the fillet factory in Måløy (former Domstein Enghav Måløy), the sales activities for whitefish in Måløy and Trondheim and the share in Ultra Seafood Loppa. The activities will include production and sales of fresh, chilled and frozen products of whitefish, based on traditional raw materials, breeded wild fish and farmed fish. The main market will be Europe. Q Q YTD 2006 YTD 2005 Net operating revenues 58,6 42,5 131,6 109,7 EBITDA 1,0-0,3-2,1 1,5 EBIT -0,7-1,9-5,3-1,7 Operating margin -1,1 % -4,4 % -4,1 % -1,5 %

3 The profitability in Q2 has improved both compared with the same period last year and Q1 this year. The improvements are due to restructuring from frozen products to fresh and chilled products and extensive cost reductions. The measures taken are expected to improve the results also in the second half-year, but low volumes of raw material may weaken the result in Q3. Domstein Enghav Domstein Enghav consists of sales organisations for VAP products in Norway, Sweden, Denmark and Finland and production units in Vardø, Haugesund, Lysekil and Kungshamn (Sweden) and Hammel (Denmark). After the acquisition of Matgrossisten Midt-Norge AS Domstein Enghav has established a nationwide distribution of fresh fish in Norway Mnok Q Q YTD 2006 YTD 2005 Net operating revenues 206,4 129,5 398,0 248,1 EBITDA -2,2 2,4 0,8 5,8 EBIT -5,6 0,4-5,9 1,8 Operating margin -2,7 % 0,3 % -1,5 % 0,7 % In Q2 the turnover increased by 59%, mainly from the new companies. The negative profit development is due to reduced margins as a consequence of increased prices of raw material and extra costs in connection with the integration of the new companies. Domstein Enghav has concluded several agreements of seafood deliveries with national and regional buying chains both in the catering- and retail market. Good organic growth together with synergy effects are expected to give improved results. Ervik Havfiske (50%) Ervik Havfiske AS is a fishing vessel company with 12 sea-going longliners and controls 13 cod and 14 haddock quotas in Norway. In addition, several of the company s vessels are fishing on foreign quotas. The share of the profit in Ervik Havfiske is included in the financial profit as income from investments in associated companies and amounted in Q2 to MNOK 1,4 and accumulated MNOK 3,8. Mnok Q Q YTD 2006 YTD 2005 Net operating revenues 59,2 64,3 120,6 119,4 EBITDA 15,4 15,1 36,1 31,5 EBIT 11,4 8,8 28,1 19,7 Operating margin 19,3 % 13,7 % 23,3 % 16,5 % Operations have been efficient and fish prices high in Q2. The prospects for the second half-year are also promising. Shareholder information Domstein ASA is listed on Oslo Stock Exchange with ticker DOM. The market value of the company per 30 th June 2006 was MNOK 409, based on a share price of NOK 5,85. Number of outstanding shares is Måløy, 23rd August 2006 The Board of Directors of Domstein ASA

4 Resultatregnskap konsern 2006 Q Q YTD 2006 YTD Consolidated profit and loss account Group Nok.mill. Netto driftsinntekt Operating revenues 337,8 268,6 827,6 710, ,8 Varekostnad Raw materials and consumables used -258,3-198,0-628,4-538, ,1 Øvrige betalbare driftskostnader Other operating expenses -87,5-65,0-189,6-143,9-323,1 Sum driftskostnader Total operating expenses -345,8-262,9-818,1-682, ,2 EBITDA -8,0 5,7 9,5 28,1 57,5 Ordinære avskrivinger Ordinary depreciation -10,8-9,5-21,4-18,9-42,7 EBIT -18,8-3,8-11,9 9,2 14,8 Inntekt på investering i tilknyttet selskap 1,4 195,5 3,5 202,3 203,0 Income from investments in associated companies Netto finanskostnader Net financial expenses -10,0-10,2-18,9-21,5-35,8 Ordinært resultat før skatt Result before tax -27,3 181,5-27,2 190,1 182,0 Skattekostnad Taxes -0,2 3,9 0,4 3,4-33,1 Resultat etter skatt Result after tax -27,5 185,5-26,9 193,5 148,9 Minoritetsandel Minority share -0,13 0,27-0,03 0,54-0,72 Resultat margin Profit margin -8,1 % 69,0 % -3,2 % 27,2 % 8,6 % Driftsmargin Operating margin -5,6 % -1,4 % -1,4 % 1,3 % 0,9 % Resultat pr. aksje (nok) Profit per share -0,39 3,17 2,30 Utv.resultat pr. aksje (nok) Diluted profit per share -0,33 2,90 2,12 Avkastning sysselsatt kapital Return on capital employed -1,6 % 50,51 % 47,4 % Egenkapitalandel (inkl min int) Book equity ratio 23,5 % 44,2 % 26,7 % Utestående aksjer Outstanding shares Balanse konsern Consolidated balance sheet Group Nok.mill. Immaterielle eiendeler Intangible fixed assets 134,9 124,0 116,0 Varige driftsmidler Tangible fixed assets 406,7 372,0 383,4 Finansielle anleggsmidler Financial fixed assets 44,7 40,8 41,7 Anleggsmidler Total fixed assets 586,3 536,8 541,1 Varer Inventories 348,8 248,3 335,5 Fordringer Receivables 258,5 191,6 307,7 Betalingsmidler Cash and equivalents 16,9 13,8 26,4 Omløpsmidler Current assets 624,2 453,7 669,6 Sum eiendeler Total assets 1210,4 990,5 1210,7 Innskutt egenkapital Equity contributions 88,7 133,7 88,7 Opptjent egenkapital Earned equity 193,3 302,9 234,2 Minoritetsinteresser Minority interests 2,2 1,1 1,0 Egenkapital og minoritetsinteresser Total equity 284,3 437,7 323,8 Avsetning for forpliktelser Provisions 13,7 11,0 13,3 Rentebærende langsiktig gjeld Interest bearing long term debt 461,5 281,2 294,1 Øvrig langsiktig gjeld Other long term liabilities 2,1 2,5 2,3 Sum annen langsiktig gjeld Total other long term liabilities 463,6 283,7 296,4 Rentebærende kortsiktig gjeld Interest bearing current liabilities 222,7 119,1 303,8 Ikke-rentebærende kortsiktig gjeld Non interest bearing current liabilities 226,1 139,1 273,4 Kortsiktig gjeld Current liabilities 448,8 258,1 577,2 Sum egenkapital og gjeld Total equity and liabilities 1210,4 990,5 1210,7 Netto rentebærende gjeld Net interest bearing debt 667,3 386,5 571,5 Egenkapitalandel Equity ratio 23,5 % 44,2 % 26,7 %

5 Kontantstrømoppstilling konsern Consolidated cash flow statement Group Kontantstrøm operasjonelle aktiviteter Net cash flow from operating acitvities -16,6-44,0-98,7 Kontantstrøm investeringsaktiviteter Net cash flow investment activities -56,2 406,5 354,8 Kontantstrøm finansieringsaktiviteter Net cash flow from financial activities 63,3-366,2-246,8 Effekt av valutakursendringer Effect of change in exchange rates 0,0-0,2-0,4 Endring av kontanter og innskudd Net change in cash and bank deposits -9,5-3,8 8,8 Kontanter og innskudd ved periodens begynnelse Cash and bank deposits at start of period 26,4 17,6 17,6 Kontanter og innskudd ved periodens slutt Cash and bank deposits at end of period 16,9 13,8 26,4 Avstemming av egenkapital Change in equity Egenkapital ved begynnelsen av perioden Equity at the start of the period Resultat i perioden Result for the period Omregningsdifferanser Conversion differences Emisjon Capital increase Utbytte dividend Andre egenkapital justeringer Other changes in equity Egenkapital ved slutten av perioden Equity at the end of the period Denne rapporten er utarbeidet I henhold til International Financial Reporting Standards IFRS herunder standard for delårsrapportering ( IAS 34 ). - This report is produced according to International Financial Reporting Standards IFRS Including the interim report standard ( IAS 34 ). - ved utarbeidelse av delårsrapporten er det benyttet de samme prinsipper som i årsregnskapet - When preparing interim reports we utilise the same principles as for the annual report

6 Domstein ASA N-6706 Måløy, Norway Tel.: Fax: