Quarterly report. 1st quarter 2012

Transkript

1 Quarterly report 1st quarter 2012

2 Group The Group s operating revenues in Q were MNOK compared to MNOK last year. EBITDA was MNOK 6.1 compared to MNOK 2.4 last year. EBIT was MNOK 2.9 compared to MNOK -1.0 last year and profit before tax was MNOK 0.1 compared to MNOK -4.4 last year. The Group s balance sheet at 31st March was MNOK compared to MNOK last year. Book equity was MNOK 126.6, corresponding to an equity ratio of 30.0 %. Net interest bearing debt was MNOK compared to MNOK last year. The decline in sales is due to the discontinuation of the cod fillet production in Måløy. The turnover in the rest of the company has developed positively. 160,0 Driftsinntekter (mnok) EBITDA (mnok) 155,0 155,1 155,2 7,0 6,0 5,8 6,1 150,0 5,0 145,0 145,7 145,0 4,0 3,0 2,4 140,0 140,1 2,0 1,0 1,3 135,0 130,0 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 0,0-1,0-2,0 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12-0,7 Domstein Fish Domstein Fish is a supplier of fresh and frozen white fish products with high quality and environmental profile. The main market is Europe. Domstein Fish also sells bait to the long-liner fleet. Net operating revenues EBITDA EBIT Operating margin 4.5 % 0.6 % The Board of Directors has decided to discontinue the fillet factory in Måløy, and the production will be phased out during the first half-year according to the company disclosure of January 30 th The production of cod and haddock fillet has been transferred to A. Espersen s factory in Lithuania. Espersen will pay a compensation of MNOK 21.6, of which MNOK 10.8 have been entered as income in Q1, mainly covering liquidation costs. Domstein Sverige Domstein Sverige is a producer and marketer of seafood in Sweden. The main products are roe products, fish gratin, ready meals and breaded fish. Net operating revenues EBITDA EBIT Operating margin -0.4 % 1.3 % Domstein Sverige increased the sales by 9 % in Q1, and particularly the sales of frozen fillet products have developed positively. The operating margin has been under pressure because of high raw

3 material costs for roe and caviar production, but this is expected to be normalized in the second quarter. Ervik Havfiske (50 %) Ervik Havfiske 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 first quarter to MNOK 0.1. Net operating revenues EBITDA EBIT Operating margin 4.7 % 6.8 % Operations have been stable in the first quarter. Fish prices are at about the same level as last year, but high fuel and bait costs have put pressure on margins. Stable operation is expected also in the second quarter. Domstein Eiendom (49 %) Domstein Eiendom owns and rents out offices and factory buildings to Norway Pelagic and companies in the Domstein group. Net lease income amounts to MNOK 26.5 in The share of the profit in Domstein Eiendom is included in the financial profit as income from investments in associated companies and amounted in the first quarter to MNOK 2.5. Net operating revenues EBITDA EBIT Operating margin 77.2 % 61.3 % The property in Våler was sold in the first quarter. A sales profit of MNOK 4.5 is included in the quarterly figures. Domstein Eiendom is expected to contribute around MNOK 11 in liquidity to the Group in Naustvik Enghav (35 %) Naustvik Enghav operates sales and distribution of fish and other food products to the Norwegian retail and catering market. The share of the profit in Naustvik Enghav is included in the financial profit as income from investments in associated companies and amounted in the first quarter to MNOK Net operating revenues EBITDA EBIT Operating margin -3.3% -1.2 % The negative development in sales and operating margin is mainly due to the loss of a larger catering customer. This is expected to be compensated during 2012, as several new contracts with customers in the retail market have been entered into. The factory in Haugesund is being wound up, and

4 agreements to sell the assets and customer agreements have been entered into. This will also affect the results positively in Shareholders information Domstein ASA is listed on the Oslo Stock Exchange with ticker DOM. The market value of the company as of 31 st March 2012 was MNOK 62, based on a share price of NOK Number of outstanding shares is Måløy, 15 May 2012 The Board of Directors of Domstein ASA

5 Resultatregnskap konsern 2012 Q Q Consolidated operating results Group Nok.mill. Netto driftsinntekt Operating revenues 145,0 155,2 596,1 Varekostnad Raw materials and consumables used -98,7-110,6-427,9 Øvrige betalbare driftskostnader Other operating expenses -40,2-42,1-159,4 Sum driftskostnader Total operating expenses -138,9-152,8-587,3 EBITDA 6,1 2,4 8,8 Ordinære avskrivinger Ordinary depreciation -3,2-3,4-14,2 EBIT 2,9-1,0-5,3 Inntekt på investering i tilknyttet selskap 0,8 0,6 3,3 Income from investments in associated companies Netto finansposter Net financial items -3,6-4,0-17,7 Ordinært resultat før skatt Result before tax 0,1-4,4-19,7 Skattekostnad Taxes 0,0 0,1-0,5 Resultat etter skatt Result after tax 0,1-4,3-20,2 Andre inntekter og kostnader (other income and expenses ) Omregningsdifferanser (conversion differences) -0,7 0,4-0,1 Sum totalresultat for perioden (total result for the period) -0,6-3,8-20,2 Resultat margin Profit margin 0,1 % -2,8 % -3,4 % Driftsmargin Operating margin 2,0 % -0,7 % -0,9 % Resultat pr. aksje (nok) Profit per share 0,00-0,06-0,26 Utv.resultat pr. aksje (nok) Diluted profit per share 0,00-0,04-0,26 ROCE 1,03 % -0,04 % -0,43 % Egenkapitalandel (inkl min int) Book equity ratio 30,00 % 29,25 % 28,90 % Utestående aksjer Outstanding shares Denne rapporten er utarbeidet i henhold til International Financial Reporting Standards IFRS, herunder standard for delårs-rapportering ( 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 utilize the same principles as for the annual report.

6 Balanse konsern Consolidated balance sheet Group Nok.mill. Immaterielle eiendeler Intangible fixed assets 18,6 20,0 18,7 Varige driftsmidler Tangible fixed assets 76,4 74,2 78,1 Finansielle anleggsmidler Financial fixed assets 97,8 101,8 97,0 Anleggsmidler Total fixed assets 192,9 196,1 193,8 Varer Inventories 127,2 155,7 145,4 Fordringer Receivables 96,0 91,8 94,0 Betalingsmidler Cash and equivalents 6,0 41,4 7,1 Omløpsmidler Current assets 229,2 289,0 246,5 Sum eiendeler Total assets 422,1 485,0 440,3 Innskutt egenkapital Equity contributions 59,9 59,9 59,9 Opptjent egenkapital Earned equity 66,7 82,0 67,4 Sum egenkapital Total equity 126,6 141,9 127,2 Avsetning for forpliktelser Provisions 7,6 9,6 8,0 Rentebærende langsiktig gjeld Interest bearing long term debt 97,5 26,7 97,2 Øvrig langsiktig gjeld Other long term liabilities 0,8 1,0 0,8 Sum annen langsiktig gjeld Total other long term liabilities 98,2 27,7 98,1 Rentebærende kortsiktig gjeld Interest bearing current liabilities 133,6 233,5 144,9 Ikke-rentebærende kortsiktig gjeld Non interest bearing current liabilities 56,1 72,4 62,0 Kortsiktig gjeld Current liabilities 189,7 305,9 206,9 Sum egenkapital og gjeld Total equity and liabilities 422,1 485,0 440,3 Netto rentebærende gjeld Net interest bearing debt 225,0 218,8 235,0 Egenkapitalandel Equity ratio 30,0 % 29,2 % 28,9 % Kontantstrømoppstilling konsern Consolidated cash flow statement Group Kontantstrøm operasjonelle aktiviteter Net cash flow from operating acitvities 0,5-15,2-27,1 Kontantstrøm investeringsaktiviteter Net cash flow investment activities 9,6-3,5-5,1 Kontantstrøm finansieringsaktiviteter Net cash flow from financial activities -11,2-26,3-47,1 Effekt av valutakursendringer Effect of change in exchange rates 0,0 0,0 0,0 Endring av kontanter og innskudd Net change in cash and bank deposits -1,1-45,0-79,3 Kontanter og innskudd ved periodens begynnelse 7,1 86,4 86,4 Cash and bank deposits at start of period Kontanter og innskudd ved periodens slutt Cash and bank deposits at end of period 6,0 41,4 7,1 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 Andre egenkapital justeringer Other changes in equity Egenkapital ved slutten av perioden Equity at the end of the period

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`s quarterly accounts 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 Sverige Domstein Fish Domstein ASA / Service + elim. Konsern Beløp i tusen kroner figures in NOK Q1-12 Q1-11 Q1-12 Q1-11 Q1-12 Q1-11 Q1-12 Q1-11 Netto salg segment Net revenues per segment Segment resultat EBITDA per segment Segment resultat EBIT per segment Group Note 3 Investeringer i tilknyttet selskap Investment in associated companies Beløp i tusen kroner figures in Nok Ervik Havfiske AS Vadsø Fryselager AS Domstein Eiendom AS Enghav AS Norbait DA Bokført verdi Book value Resultatandel Share of results Bokført verdi per Book value at Sum Note 4 Aksjonæroversikt Shareholders Aksjer Shares Eierandel Ownership R. Domstein & Co. AS ,27 % MP Pensjon PK ,35 % Spectiatio AS ,29 % Caiano AS ,27 % Caiano Fisk AS ,43 % Odd Terje Kyle ,36 % Sum > 1% eierandel / share ,98 % Øvrige aksjonærer other shareholders ,02 % Sum ,00 %