Net operating revenues 73,4 85,1 EBITDA -1,0-1,3 EBIT -2,5-3,1 Operating margin -3,4 % -3,6 %

Transkript

1 1st quarter 2009

2 Group The Group s operating revenues in 1st quarter 2009 were MNOK 122,1 compared with MNOK 136,0 proforma last year. EBITDA was MNOK -0,9 compared with MNOK 0,9 proforma last year. EBIT was MNOK -4,6 compared with MNOK -3,2 proforma last year, and result after tax MNOK 4,0 compared with MNOK -2,6 proforma last year. The proforma figures for 2008 are excluding discontinued operations, and are directly comparable to the 2009 figures. The negative development in operating revenues is primarily due to a sharp price fall for cod. The result from the core business is stable, while the associated companies have improved their results. The Group s balance sheet per 31st March 2009 was MNOK 663,0 compared with MNOK 1 087,0 last year. Book equity is MNOK 212,8, corresponding to an equity ratio of 32,1 % compared with 28,9 % last year. Net interest bearing debt is MNOK 330,0 compared with MNOK 610,3 last year. Cash flow from operations in first quarter was MNOK 9,7. Domstein Fish Domstein Fish is a supplier of fresh and frozen products of whitefish with high quality and environmental profile, based on long lined fish and breaded cod. The main market is Europe. Net operating revenues 73,4 85,1 EBITDA -1,0-1,3 EBIT -2,5-3,1 Operating margin -3,4 % -3,6 % The market for whitefish has been difficult. During this year s winter cod fishing in North Norway, large quantities of cod have been pushed into the European market at very low prices. Domstein Fish has chosen to keep activities low, and save raw material until summer and autumn when the market is expected to be better. Therefore the capacity utilization at the fillet factory in Måløy has been low in the first quarter. Domstein Longline Partners, which is a co-operation between Domstein Fish and Ervik Havfiske, achieved in February MSC-certification for their fisheries of cod and haddock. This is the first ever MSC-certification of cod and haddock. The certification has attracted great attention and opened new markets. Domstein Fish expects increased demand for eco-labelled products. In the second quarter increased activity from seining of saithe is expected. The season so far has been good. Increased production of cod fillet is also expected when the season in North Norway ends in May/June. 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 61,1 57,7 EBITDA 3,2 4,3 EBIT 1,5 2,6 Operating margin 2,4 % 4,5 % The sales in Sweden have been stable, but the result is negatively affected by increased prices of imported raw material. There has been a certain decline in the sale of gratins and other ready meals, but this has been compensated by increased sale of fillet products.

3 Seasonal, second quarter is a slow period with low sales. However, the outlooks for the second halfyear are positive, among other things because raw material contracts have been concluded at lower prices. 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 net financials as income from investment held for sale, and amounted in the first quarter to MNOK 0,4. Net operating revenues 6,4 6,0 EBITDA 6,3 5,5 EBIT 3,4 2,7 Operating margin 54,0 % 44,4 % Ervik Havfiske (50 %) Ervik Havfiske AS is a fishing vessel company and controls 10 sea-going long liners. The company has 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 net financials as income from investments in associated companies, and amounted in the first quarter to MNOK 3,8. proforma Net operating revenues 41,9 56,9 EBITDA 2,4 15,2 EBIT -0,1 12,5 Operating margin -0,3 % 22,0 % There has been a sharp fall in prices for all species. Prices of cod have fallen by about 40% compared with the same period last year. A small rise in prices is expected when the cod season in North Norway ends in May/June. Ervik has therefore chosen to save a substantial part of the quotas until the second half-year. In first quarter Ervik Havfiske has re-allocated an allocation for currency losses of MNOK 11, and hence had a positive result after tax of MNOK 8,4. The result in second quarter will also be negatively affected by low fish prices. 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 first quarter to MNOK -2,8.

4 proforma Net operating revenues 200,6 184,3 EBITDA -3,4-7,9 EBIT -5,8-11,2 Operating margin -2,9 % -6,1 % The development in Naustvik Enghav follows the integration plan, which formed the basis for the merger. Result in first quarter is characterized by high integration costs. It is expected that the effect of cost synergies and other coordination synergies will provide significant improvements in second halfyear. Naustvik Enghav conducted in January 2009 an issue to shareholders of MNOK 20. Domstein participated with MNOK 10,5 in the issue. Norway Pelagic (35 %) 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 first quarter to MNOK 13,3. Net operating revenues 749,0 543,8 EBITDA 65,2 45,6 EBIT 58,5 40,1 Operating margin 7,8 % 7,4 % First quarter was high season for Norway Pelagic with large quantities of raw material and good capacity utilization. The company forecasts good prospects for the rest of Financing A new financing agreement for the Norwegian activities has been concluded with Nordea Bank, Innovasjon Norge and Sparebanken Sogn og Fjordane. The agreement has a limit of MNOK 225, of which MNOK 120 are long term loans. The refinancing does not increase the Group s interest bearing debt, but significantly strengthens the working capital. Shareholder information Domstein ASA is listed on Oslo Stock Exchange with ticker DOM. The market value of the company per 31st March 2009 was MNOK 115, based on a share price of NOK 1,50. Number of outstanding shares is Måløy, 20th May 2009 The board of directors of Domstein ASA

5 Resultatregnskap konsern 2008 Q Q Consolidated operating results Group Nok.mill. Proforma Netto driftsinntekt Operating revenues 122,1 136,0 490,5 Varekostnad Raw materials and consumables used -83,7-97,5-357,3 Øvrige betalbare driftskostnader Other operating expenses -39,2-37,6-145,7 Sum driftskostnader Total operating expenses -123,0-135,1-503,0 EBITDA -0,9 0,9-12,5 Ordinære avskrivinger Ordinary depreciation -3,7-4,1-14,9 EBIT -4,6-3,2-27,4 Inntekt på investering i tilknyttet selskap 14,3 8,1 19,8 Income from investments in associated companies Netto finanskostnader Net financial expenses -6,2-7,5-32,5 Ordinært resultat før skatt Result before tax 3,5-2,6-40,1 Skattekostnad Taxes 0,1 0,0-0,9 Resultat etter skatt Result after tax 3,6-2,6-41,0 Resultat fra videreført virksomhet Result from continuing operations 3,6-2,6-41,0 Resultat fra virksomhet holdt for salg Result from operations held for sale 0,4 0,0-73,7 Resultat result 4,0-2,6-114,7 Resultat margin videreført virksomhet Profit margin continued operations 2,9 % -1,9 % -8,4 % Driftsmargin videreført virksomhet Operating margin continued operations -3,8 % -2,4 % -5,6 % Resultat pr. aksje (nok) Profit per share 0,05-0,04-1,52 Utv.resultat pr. aksje (nok) Diluted profit per share 0,06-0,02-1,30 ROCE videreført virksomhet Continued operations 3,6 % 1,0 % -2,81 % Egenkapitalandel (inkl min int) Book equity ratio 32,09 % 27,85 % 32,21 % Utestående aksjer Outstanding shares

6 Balanse konsern Consolidated balance sheet Group Nok.mill. Immaterielle eiendeler Intangible fixed assets 13,1 138,7 14,7 Varige driftsmidler Tangible fixed assets 74,0 306,4 81,2 Finansielle anleggsmidler Financial fixed assets 327,7 271,5 295,3 Anleggsmidler Total fixed assets 414,8 716,6 391,2 Varer Inventories 118,8 210,5 131,3 Fordringer Receivables 76,7 152,5 94,4 Omløpsmidler holdt for salg Current assets held for sale 24,9 0,0 24,5 Betalingsmidler Cash and equivalents 27,8 7,4 25,8 Omløpsmidler Current assets 248,2 370,4 276,0 Sum eiendeler Total assets 663,0 1087,0 667,2 Innskutt egenkapital Equity contributions 59,9 35,0 59,9 Opptjent egenkapital Earned equity 152,9 276,3 155,0 Minoritetsinteresser Minority interests 0,0 3,3 0,0 Egenkapital og minoritetsinteresser Total equity 212,8 314,5 214,9 Avsetning for forpliktelser Provisions 25,8 5,3 27,3 Rentebærende langsiktig gjeld Interest bearing long term debt 67,0 306,3 67,6 Øvrig langsiktig gjeld Other long term liabilities 1,8 2,5 2,2 Sum annen langsiktig gjeld Total other long term liabilities 68,8 308,8 69,8 Rentebærende kortsiktig gjeld Interest bearing current liabilities 290,8 311,4 285,1 Ikke-rentebærende kortsiktig gjeld Non interest bearing current liabilities 64,7 146,9 70,1 Kortsiktig gjeld holdt for salg Current liabilities held for sale 0,0 0,0 0,0 Kortsiktig gjeld Current liabilities 355,6 458,3 355,2 Sum egenkapital og gjeld Total equity and liabilities 663,0 1087,0 667,2 Netto rentebærende gjeld Net interest bearing debt 330,0 610,3 327,0 Egenkapitalandel Equity ratio 32,1 % 28,9 % 32,2 % Kontantstrømoppstilling konsern Consolidated cash flow statement Group Kontantstrøm operasjonelle aktiviteter Net cash flow from operating acitvities 9,7-12,6-89,3 Kontantstrøm investeringsaktiviteter Net cash flow investment activities -20,2-8,0 36,7 Kontantstrøm finansieringsaktiviteter Net cash flow from financial activities 12,8 18,6 68,7 Effekt av valutakursendringer Effect of change in exchange rates 0,2 0,0-0,1 Endring av kontanter og innskudd Net change in cash and bank deposits 2,1-2,1 16,3 Kontanter og innskudd ved periodens begynnelse Cash and bank deposits at start of period 25,8 9,5 9,5 Kontanter og innskudd ved periodens slutt Cash and bank deposits at end of period 27,8 7,4 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

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 first 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 virksomhet Sverige + elim. Continued operations Beløp i tusen kroner figures in NOK Q1-09 Q1-08 Q1-09 Q1-08 Q1-09 Q1-08 Q1-09 Q1-08 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 Havfiske AS Vadsø Fryselager AS Enghav Naustvik Sum Domstein Eiendom Norbait DA Bokført verdi Kapitalutdidelse capital increase Utdelt utbytteaksjer Stock dividends 0 Utdelt utbytte dividends 0 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 % Habi Invest AS ,30 % Vestkapp Invest AS ,14 % Sum > 1% eierandel / share ,47 % Øvrige aksjonærer other shareholders ,53 % Sum ,00 % Note 5 Emisjon/ private placement Domstein deltok med 10,5 mill i emisjon Enghav AS. Domstein participated with 10,5 mill at the private placement Enghav AS - 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

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