QUARTERLY REPORT. 1st quarter 2011

Transkript

1 QUARTERLY REPORT 1st quarter 2011

2 Group The Group s operating revenues in Q were MNOK compared to MNOK last year. EBITDA was MNOK 2.4 compared to MNOK 4.8 last year. EBIT was MNOK -1.0 compared to MNOK 1.4 last year and the total result was MNOK -3.8 compared to MNOK -9.4 last year. In the pro forma figures for 2010 the result from associated companies is revised where Norway Pelagic is removed and Domstein Eiendom included making the 2010 figures comparable to the 2011 figures. The Group s balance sheet at March 31st was MNOK compared to MNOK last year. Book equity was MNOK Excluding short-term bank deposits equity ratio was 31.3 %. Net interest bearing debt was MNOK compared to MNOK last year Driftsinntekter / Net revenues (mnok) ,0 5,0 4,8 5,2 EBITDA (mnok) 5,7 5, , ,0 2,0 2, ,0 0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 0,0 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Domstein Fish Domstein Fish is a supplier of fresh and frozen white fish products with high quality and environmental profile, based on line-caught fish and farmed cod. The main market is Europe. Domstein Fish also sells bait to the long-liner fleet. Net operating revenues 107,2 93,9 EBITDA 1,7 4,6 EBIT 0,7 3,5 Operating margin 0,6 % 3,7 % Sales revenues increased by 14 % in the first quarter. The main markets for whitefish products are Sweden and England. The strong Norwegian krone rate has put pressure on the frozen fillet margins. The margins for fresh products have kept stable. A high rate of activity is expected also in the second quarter, but the profitability will depend on exchange rates and raw material prices. The weak profit performance in the first quarter is due to the decrease in bait sales. The sales were down from MNOK 28.4 last year to MNOK 12.6 this year, reducing also the gross margin by MNOK 3.7. The main bait product is squid, mainly caught in the South Atlantic. The fisheries so far this year have been poor, and deliveries are delayed. We expect however to regain a large part of the sales during the second quarter. 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.

3 Net operating revenues 65,7 61,1 EBITDA 2,3 2,6 EBIT 0,4 0,8 Operating margin 0,6 % 1,4 % Sales revenues increased by 7 % in the first quarter. The operating margin is weakened mainly due to high raw material prices for lumpfish roe, which is expected to continue in the second quarter. The price level for raw materials purchased this season has been lower than last year, and we therefore predict normal margins for the second half-year. Domstein Sweden is about to launch several new ready-meal products. Both fish gratins with natural additives and a series of heat-treated seafood courses for the café market. It is expected that these new products will contribute to increased revenues in the second half year 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 first quarter to MNOK 0.7. Net operating revenues 69,3 68,8 EBITDA 7,8 8,7 EBIT 4,7 5,8 Operating margin 6,8 % 8,4 % The Ervik Havfiske fleet has caught tons in the first quarter compared to tons last year tons of the cod quotas remain after the first quarter compared to tons last year. The average sales price was NOK per kilo compared to NOK per kilo last year. Cod prices fell heavily at the start of the year, but have risen again in April. The prices for other species have also been low. Ervik Havfiske expect low supplies of whitefish and a higher price level in the second half year, and have therefore chosen to withhold a larger share of the cod quotas. The operating margin is weakened by higher bait and fuel costs. An increase in total catches and higher prices are expected to give increased profitability for the rest of the year. 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 26.3 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 0.8. The business will contribute with approximately MNOK 5.8 in cash flow in Net operating revenues 6,6 6,5 EBITDA 6,5 6,3 EBIT 4,0 3,5 Operating margin 61,3 % 54,7 %

4 Naustvik Enghav (35 %) The company operates sales and distribution of fish and other food products to the Norwegian retail and catering market. Domstein s share of net income in Naustvik Enghav is included in the financial result as income from investments in associated companies, and amounted in the first quarter to MNOK Net operating revenues 186,2 190,2 EBITDA 0,9 0,6 EBIT -2,2-2,6 Operating margin -1,2 % -1,4 % Sales and operating margins have been stable during the first quarter. Growth and improved profitability is expected for the rest of the year. Shareholders information Domstein ASA is listed on the Oslo Stock Exchange with ticker DOM. The market value of the company as of 31 March 2011 was MNOK 113, based on a share price of NOK 1,47. The number of outstanding shares is Måløy,11 May 2011 The board of directors of Domstein ASA

5 Resultatregnskap konsern 2011 Q Q Q Consolidated operating results Group Nok.mill. Proforma Netto driftsinntekt Operating revenues 155,2 142,8 142,8 605,9 Varekostnad Raw materials and consumables used -110,2-101,2-101,2-426,1 Øvrige betalbare driftskostnader Other operating expenses -42,6-36,8-36,8-158,7 Sum driftskostnader Total operating expenses -152,8-138,0-138,0-584,8 EBITDA 2,4 4,8 4,8 21,1 Ordinære avskrivinger Ordinary depreciation -3,4-3,4-3,4-13,3 EBIT -1,0 1,4 1,4 7,8 Inntekt på investering i tilknyttet selskap 0,6-6,5 3,2-17,6 Income from investments in associated companies Netto finanskostnader Net financial expenses -4,0-5,4-5,4 72,4 Ordinært resultat før skatt Result before tax -4,4-10,5-0,8 62,6 Skattekostnad Taxes 0,1 0,1 0,1 13,5 Resultat etter skatt Result after tax -4,3-10,4-0,7 76,1 Resultat fra videreført virksomhet Result from continuing operations -4,3-10,4-0,7 76,1 Resultat fra virksomhet holdt for salg Result from operations held for sale 0,0 0,0 0,0 0,0 Resultat result -4,3-10,4-0,7 76,1 Andre inntekter og kostnader (other income and expenses ) Omregningsdifferanser (conversion differences) 0,4 1,0 1,0 4,3 Sum totalresultat for perioden (total result for the period) -3,8-9,4 0,3 80,4 Resultat margin Profit margin -2,8 % -7,3 % -0,5 % 12,6 % Driftsmargin Operating margin -0,7 % 1,0 % 1,0 % 1,3 % Resultat pr. aksje (nok) Profit per share -0,06-0,13-0,01 0,99 Utv.resultat pr. aksje (nok) Diluted profit per share -0,04-0,10 0,00 0,80 ROCE -0,04 % -0,82 % 0,94 % 20,92 % Egenkapitalandel (inkl min int) Book equity ratio 29,25 % 33,60 % 33,60 % 32,69 % Utestående aksjer Outstanding shares 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

6 Balanse konsern Consolidated balance sheet Group Nok.mill. Immaterielle eiendeler Intangible fixed assets 20,0 12,7 20,0 Varige driftsmidler Tangible fixed assets 74,2 68,4 72,0 Finansielle anleggsmidler Financial fixed assets 101,8 340,0 101,2 Anleggsmidler Total fixed assets 196,1 421,2 193,3 Varer Inventories 155,7 113,4 142,5 Fordringer Receivables 91,8 79,0 100,3 Omløpsmidler holdt for salg Current assets held for sale 0,0 24,2 0,0 Betalingsmidler Cash and equivalents 41,4 4,4 86,4 Omløpsmidler Current assets 289,0 221,0 329,2 Sum eiendeler Total assets 485,0 642,2 522,5 Innskutt egenkapital Equity contributions 59,9 59,9 59,9 Opptjent egenkapital Earned equity 81,5 155,9 85,8 Minoritetsinteresser Minority interests 0,0 0,0 0,0 Egenkapital og minoritetsinteresser Total equity 141,4 215,8 145,7 Avsetning for forpliktelser Provisions 9,6 19,6 10,1 Rentebærende langsiktig gjeld Interest bearing long term debt 26,7 183,4 26,0 Øvrig langsiktig gjeld Other long term liabilities 1,0 1,3 1,0 Sum annen langsiktig gjeld Total other long term liabilities 27,7 184,7 27,0 Rentebærende kortsiktig gjeld Interest bearing current liabilities 233,5 157,0 182,7 Ikke-rentebærende kortsiktig gjeld Non interest bearing current liabilities 72,8 65,1 157,0 Kortsiktig gjeld holdt for salg Current liabilities held for sale 0,0 0,0 0,0 Kortsiktig gjeld Current liabilities 306,3 222,1 339,7 Sum egenkapital og gjeld Total equity and liabilities 485,0 642,2 522,5 Netto rentebærende gjeld Net interest bearing debt 218,8 336,0 122,2 Egenkapitalandel Equity ratio 29,2 % 33,6 % 27,9 % Kontantstrømoppstilling konsern Consolidated cash flow statement Group Kontantstrøm operasjonelle aktiviteter Net cash flow from operating acitvities -15,2 4,2-24,7 Kontantstrøm investeringsaktiviteter Net cash flow investment activities -3,5-0,6 323,3 Kontantstrøm finansieringsaktiviteter Net cash flow from financial activities -26,3-7,2-220,5 Effekt av valutakursendringer Effect of change in exchange rates 0,0 0,0-0,4 Endring av kontanter og innskudd Net change in cash and bank deposits -45,0-3,6 78,5 Kontanter og innskudd ved periodens begynnelse Cash and bank deposits at start of period 86,4 8,0 8,0 Kontanter og innskudd ved periodens slutt Cash and bank deposits at end of period 41,4 4,4 86,4 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 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 thefourth 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 Sverige Domstein Fish Domstein ASA / Service + Konsern Group elim. Beløp i tusen kroner figures in NOK Q1-11 Q1-10 Q1-11 Q1-10 Q1-11 Q1-10 Q1-11 Q1-10 Netto salg segment Net revenues per segment Segment resultat EBITDA per segment Segment resultat EBIT per segment Domstein Sverige Domstein Fish Domstein ASA / Service + Videreført elim. virksomhet Beløp i tusen kroner figures in Nok YTD 2010 YTD 2010 YTD 2010 YTD 2010 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 Ervik Havfiske AS Vadsø Fryselager AS Domstein Eiendom AS Enghav AS Norbait DA Sum Bokført verdi Book value Resultatandel Share of results Bokført verdi per Book value at Note 4 Aksjonæroversikt Shareholders Aksjer Shares Eierandel Ownership R. Domstein & Co. AS ,27 % MP Pensjon ,30 % Spectiatio AS ,29 % Caiano AS ,27 % Caiano Fisk AS ,43 % Odd Terje Kyle ,38 % Sum > 1% eierandel / share ,94 % Øvrige aksjonærer other shareholders ,06 % Sum ,00 %