Net operating revenues 93,3 74,6 316,0 292,9 EBITDA 5,1-14,4 6,5-17,7 EBIT 4,0-16,2 1,5-25,2 Operating margin 4,3 % -21,7 % 0,5 % -8,6 %

Transcription

1 4th quarter 2009

2 Group The Group s operating revenues in Q was MNOK 156,6 compared to MNOK 138,1 proforma last year. EBITDA was MNOK 10,0 compared to MNOK -13,2 proforma last year. EBIT was MNOK 6,7 compared to MNOK -17,2 proforma last year, and result after tax was MNOK 8,8 compared to MNOK -6,2 proforma last year. The proforma figures for 2008 are excluding the discontinued operations, and are directly comparable to the 2009 figures. Operating revenues per 31st December was MNOK 523,8 compared to MNOK 505,8 proforma last year. EBITDA was MNOK 14,4 compared to MNOK -15,0 proforma last year and EBIT was MNOK - 0,4 compared to MNOK -31,0 proforma last year. Result after tax was MNOK 7,4 compared to MNOK -47,6 proforma last year. The group s balance sheet at December 31st was MNOK 658,7 compared to MNOK 667,2 last year. Book equity is MNOK 215,3, corresponding to an equity ratio of 32,7%. Net interest bearing debt is MNOK 340,5. All business areas, including associated companies, have shown increased profitability except for Ervik Havfiske where low prices for whitefish have had a negative impact on the results. Domstein Fish Domstein Fish is a supplier of fresh and frozen whitefish products with a high quality and environmental profile, based on long lined fish and breeded cod. The main market is Europe. Net operating revenues 93,3 74,6 316,0 292,9 EBITDA 5,1-14,4 6,5-17,7 EBIT 4,0-16,2 1,5-25,2 Operating margin 4,3 % -21,7 % 0,5 % -8,6 % Domstein Fish has increased revenues by 25 % in the fourth quarter, and there has been good demand and positive sales development for all product categories. Low raw material prices for especially cod have given improved margins. A lower level of activity is expected in the first quarter of 2010 due to strong competition and low price level in the fresh market. Domstein Sverige Domstein Sverige is a producer and marketer of seafood in Sweden. The main products are breaded fish, fish gratin, ready meals and roe products. The factory in Vardø, which produces Arctic Delight roe products, is included in Domstein Sverige from Net operating revenues 75,7 72,3 258,3 236,3 EBITDA 6,4 4,2 17,4 12,3 EBIT 4,7 2,5 10,2 5,5 Operating margin 6,2 % 3,4 % 4,0 % 2,3 % Revenues have been stable in Sweden during the fourth quarter, including a significant increase in sales of caviar products and similar decrease in sales of gratins and ready meals. The increased operating margin is mainly due to improved productivity. The positive development is expected to continue in the first quarter of 2010.

3 Domstein Eiendom (49 %) Domstein Eiendom controls the properties in Norway which are hired out to Norway Pelagic and Domstein. Yearly lease is MNOK 25,5. The share of the profit in Domstein Eiendom is included in the accounts as result from operations held for sale, and amounted in the fourth quarter to MNOK 0,6 and MNOK 2,2 accumulated. Net operating revenues 6,3 6,3 25,4 24,8 EBITDA 6,1 5,8 25,0 22,9 EBIT 3,3 3,0 13,7 11,5 Operating margin 52,9 % 47,9 % 53,7 % 46,3 % Ervik Havfiske (50 %) Ervik Havfiske AS is Norway s largest long-line fishing company with activities both in Norway and abroad. The share of the profit in Ervik Havfiske is included in the financial profit as income from investments in associated companies and amounted in the fourth quarter to MNOK -4,4 and MNOK 0,4 accumulated. Net operating revenues 71,4 93,2 219,1 278,5 EBITDA -5,4 37,0 6,3 84,9 EBIT -8,3 34,3-4,2 67,2 Operating margin -11,7 % 36,8 % -1,9 % 24,1 % Revenues and results are significantly reduced owing to low price level for cod. The fourth quarter is charged with MNOK 15,9 one-off costs due to write-down on accounts receivable. The fourth quarter of 2008 figures include MNOK 30 in positive one-off items. Low fish prices will influence the results in the first quarter of 2010, being partially compensated by higher quotas. Naustvik Enghav (45 %) As of 1st July 2008 the Norwegian activities of Domstein Enghav were merged with Naustvik AS. The company sells and distributes fish and other food products to the Norwegian retail and catering market. Naustvik Enghav is the leading fish and seafood company in Norway. The share of the profit in Naustvik Enghav after tax is included in the net financials as income from investments in associated companies, and amounted in the fourth quarter to MNOK -1,4 and MNOK -1,6 accumulated. proforma proforma Net operating revenues 213,7 219,9 841,4 833,8 EBITDA 8,5-0,9 12,7-15,4 EBIT 2,7-3,3-0,5-27,6 Operating margin 1,3 % -1,5 % -0,1 % -3,3 %

4 The fourth quarter revenues show a slight decrease compared to proforma figures for 2008, mainly due to the phasing out of non profitable products. The profitability is however significantly improved as a result of cut in costs and increased productivity. The positive development is expected to continue in Norway Pelagic (32 %) Norway Pelagic is a production and sales company for pelagic fish, mainly herring and mackerel. The share of the profit in Norway Pelagic after tax is included in the net financials as income from investments in associated companies, and amounted in the fourth quarter to MNOK 16,5 and MNOK 35,1 accumulated. The figures include an equity dilution of MNOK -1,1 connected to the merger with Fryseriet. Net operating revenues 1096,1 1115,4 2643,8 2243,4 EBITDA 84,6 139,5 191,1 183,3 EBIT 74,3 131,3 168,4 165,2 Operating margin 6,8 % 11,8 % 6,4 % 7,4 % The fourth quarter was high season for Norway Pelagic, with record herring quantities. The mackerel quantities were lower than normal due to a dispute with the EU. The decrease in mackerel quantities is partially compensated by increased volumes of horse mackerel. There are good demands for all products, but also a slight pressure on the herring margins. The first quarter of 2010 is expected to show a high level of activity with good supplies of herring and capelin. Shareholder information Domstein ASA is listed on Oslo Stock Exchange with ticker DOM. The market value of the company per 31st December 2009 was MNOK 143, based on a share price of NOK 1,86. Number of outstanding shares is Måløy, 25 February 2010 The board of directors of Domstein ASA

5 Resultatregnskap konsern 2009 Q Q YTD 2009 YTD 2008 Consolidated operating results Group Nok.mill. Proforma Proforma Netto driftsinntekt Operating revenues 156,6 138,1 523,8 505,8 Varekostnad Raw materials and consumables used -109,4-110,1-361,5-369,4 Øvrige betalbare driftskostnader Other operating expenses -37,2-41,2-147,9-151,5 Sum driftskostnader Total operating expenses -146,6-151,3-509,4-520,8 EBITDA 10,0-13,2 14,4-15,0 Ordinære avskrivinger Ordinary depreciation -3,3-3,9-14,0-16,0 EBIT 6,7-17,2 0,4-31,0 Inntekt på investering i tilknyttet selskap 11,5 16,5 33,9 16,5 Income from investments in associated companies Netto finanskostnader Net financial expenses -8,4-4,4-27,6-32,5 Ordinært resultat før skatt Result before tax 9,9-5,0 6,7-47,0 Skattekostnad Taxes -1,7-1,2-1,4-0,6 Resultat etter skatt Result after tax 8,2-6,2 5,3-47,6 Resultat fra videreført virksomhet Result from continuing operations 8,2-6,2 5,3-47,6 Resultat fra virksomhet holdt for salg Result from operations held for sale 0,5 0,0 2,2 0,0 Resultat result 8,8-6,2 7,4-47,6 Resultat margin Profit margin 5,6 % -4,5 % 1,4 % -9,4 % Driftsmargin Operating margin 4,3 % -12,4 % 0,1 % -6,1 % Resultat pr. aksje (nok) Profit per share 0,10-0,63 Utv.resultat pr. aksje (nok) Diluted profit per share 0,14-0,52 ROCE 6,4 % -0,2 % Egenkapitalandel (inkl min int) Book equity ratio 32,69 % 32,21 % Utestående aksjer Outstanding shares Balanse konsern Consolidated balance sheet Group Nok.mill. Immaterielle eiendeler Intangible fixed assets 12,6 14,7 Varige driftsmidler Tangible fixed assets 70,5 81,2 Finansielle anleggsmidler Financial fixed assets 339,2 295,3 Anleggsmidler Total fixed assets 422,3 391,2 Varer Inventories 114,6 131,3 Fordringer Receivables 89,7 94,4 Omløpsmidler holdt for salg Current assets held for sale 24,2 24,5 Betalingsmidler Cash and equivalents 8,0 25,8 Omløpsmidler Current assets 236,4 276,0 Sum eiendeler Total assets 658,7 667,2 Innskutt egenkapital Equity contributions 59,9 59,9 Opptjent egenkapital Earned equity 155,5 155,0 Minoritetsinteresser Minority interests 0,0 0,0 Egenkapital og minoritetsinteresser Total equity 215,3 214,9 Avsetning for forpliktelser Provisions 23,8 27,3 Rentebærende langsiktig gjeld Interest bearing long term debt 189,6 67,6 Øvrig langsiktig gjeld Other long term liabilities 1,0 2,2 Sum annen langsiktig gjeld Total other long term liabilities 190,6 69,8 Rentebærende kortsiktig gjeld Interest bearing current liabilities 158,9 285,1 Ikke-rentebærende kortsiktig gjeld Non interest bearing current liabilities 70,1 70,1 Kortsiktig gjeld holdt for salg Current liabilities held for sale 0,0 0,0 Kortsiktig gjeld Current liabilities 229,0 355,2 Sum egenkapital og gjeld Total equity and liabilities 658,7 667,2 Netto rentebærende gjeld Net interest bearing debt 340,5 327,0 Egenkapitalandel Equity ratio 32,7 % 32,2 %

6 Kontantstrømoppstilling konsern Consolidated cash flow statement Group Kontantstrøm operasjonelle aktiviteter Net cash flow from operating acitvities -2,6-89,3 Kontantstrøm investeringsaktiviteter Net cash flow investment activities -9,0 36,7 Kontantstrøm finansieringsaktiviteter Net cash flow from financial activities -6,0 68,7 Effekt av valutakursendringer Effect of change in exchange rates 0,2-0,1 Endring av kontanter og innskudd Net change in cash and bank deposits -17,8 16,3 Kontanter og innskudd ved periodens begynnelse Cash and bank deposits at start of period 25,8 9,5 Kontanter og innskudd ved periodens slutt Cash and bank deposits at end of period 8,0 25,8 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 ). Regnskapet er ikke revidert. - This report is produced according to International Financial Reporting Standards IFRS Including the interim report standard ( IAS 34 ). The financial statements are unaudited. - 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

7 Note 1 Regnskapsprinsipper Accounting principles Det konsoliderte kvartalsregnskapet i Domstein ASA konsern er utarbeidet i samsvar med IAS 34 Delårsrapportering. Kvartalsregnskapet omfatter ikke all informasjon som kreves i et fullstendig årsregnskap. Regnskapsprinsippene er beskrevet i årsrapporten for The group accounts for the fourth quarter have been prepared in accordance with international accounting standards IFRS, IAS 34 Interim Financial Reporting. The quarterly accounts do not include all information required in the annual accounts. The accounting principles are described in the annual report for Note 2 Virksomhetssegment Segment reporting Domstein Enghav Domstein Fish Domstein ASA / Service + Videreført Sverige elim. virksomhet Beløp i tusen kroner figures in NOK Q4-09 Q4-08 Q4-09 Q4-08 Q4-09 Q4-08 Continued Q4-09 operations Q4-08 Netto salg segment Net revenues per segment Segment resultat EBITDA per segment Segment resultat EBIT per segment Domstein Enghav Domstein Fish Domstein ASA / Service + Videreført Sverige elim. virksomhet Beløp i tusen kroner figures in Nok YTD 2008 YTD 2008 YTD 2008 YTD 2008 Netto salg segment Net revenues per segment Segment resultat EBITDA per segment Segment resultat EBIT per segment Note 3 Investeringer i tilknyttet selskap Investment in associated companies Beløp i tusen kroner figures in Nok Norway Pelagic AS Ervik Vadsø Havfiske Fryselager AS AS Enghav Naustvik Sum Domstein Eiendom Norbait DA Bokført verdi Kapitalutdidelse capital increase Emisjonseffekter (dilution of ownership ) Utdelt utbytteaksjer Stock dividends 0 Utdelt utbytte dividends Direkte egenkapital justeringer adjustment of equity capital Resultatandel Share of results Bokført verdi per Forpliktelse knyttet til Norbait DA er presentert som avsetning for forpliktelse i balansen. The Norbait DA liability is presented as a provision in the balance sheet Domstein Eiendom er klassifisert som holdt for salg. Domstein Eiendom is classified as held for sale. Note 4 Aksjonæroversikt Shareholders Aksjer Shares Eierandel Ownership R. Domstein & Co. AS ,27 % MP Pensjon ,60 % Skagen Vekst AS ,60 % Spectiatio AS ,29 % Caiano AS ,08 % NRP Seafood AS ,75 % Caiano Fisk AS ,43 % Vestkapp Invest AS ,22 % Sum > 1% eierandel / share ,25 % Øvrige aksjonærer other shareholders ,75 % Sum ,00 % Note 5 Emisjon/ private placement Domstein deltok med 10,5 mill i emisjon Enghav AS i januar Domstein participated with 10,5 mill at the private placement Enghav AS in January 2009.