Quarterly report. 4th quarter 2011

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1 Quarterly report 4th quarter 2011

2 Group The Group s operating revenues in Q were MNOK 155,2 compared to MNOK 186,2 last year. EBITDA was MNOK -0,7 compared to MNOK 5,4 last year. EBIT was MNOK -4,8 compared to MNOK 2,2 last year and profit before tax was MNOK -11,9 compared to MNOK -10,9 last year. Operating revenues per 31st December were MNOK 596,1 compared to MNOK 605,9 last year. EBITDA was MNOK 8,8 compared to MNOK 21,1 last year and EBIT was MNOK -5,3 compared to MNOK 7,8 last year. Result before tax was MNOK -19,7 compared to proforma MNOK -26,3 last year. The Group s balance sheet at December 31st was MNOK 435,7 compared to MNOK 522,5 last year. Book equity was MNOK 127,2, corresponding to an equity ratio of 29,2 %. Net interest bearing debt was MNOK 236,8 compared to MNOK 122,2 last year. The European market has been demanding for several of the Group s products with strong price pressure and negative sales development. The Board of Directors has decided to close down the production of whitefish fillet in Måløy from 1 st May The production has been at a loss for several years, and the Board of Directors sees no opportunities to achieve profitability. The measure is expected to give a yearly positive result effect of about MNOK Net revenues (mnok) 186 EBITDA (mnok) ,1 145,7 140,1 155,2 7,0 6,0 5,0 4,8 5,2 5,7 5,4 5, , ,0 2,4 80 2,0 1,3 60 1, Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 0,0-1,0-2,0 Q1 10Q2 10Q3 10Q4 10Q1 11Q2 11Q3 11Q4 11-0,7 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. Netto driftsinntekter 95,3 116,5 390,4 390,2 EBITDA -2,0 2,1 3,3 12,9 EBIT -3,0 1,2-0,7 8,9 Driftsmargin -3,2 % 1,0 % -0,2 % 2,3 % Both sales and profitability have had a negative development in the fourth quarter, mainly due to a demanding European market for white fish. Negative exchange rates and low salmon prices have made it difficult to increase sales prices. Implemented rise in prices for frozen products have led to lower sales. Market conditions for white fish are expected to be difficult in 2012, but lower raw material prices are expected to improve margins. Domstein Sverige Domstein Sverige is a producer and marketer of value added seafood. The main products are roe products, fish gratin, ready meals and breaded fish. The main markets are Norway and Sweden.

3 Netto driftsinntekter 79,5 82,6 279,3 273,4 EBITDA 3,3 5,0 11,9 15,6 EBIT 0,8 3,2 3,9 8,5 Driftsmargin 1,0 % 3,9 % 1,4 % 3,1 % The sales in the main markets Norway and Sweden have developed positively, but there has been a significant decline in the sales to other markets. This is mainly related to caviar of lumpfish where both sales and margin development have been negative in Q4. Measures have been taken to improve the profitability in this part of the business. A number of new retail products will be launched in Norway and this is expected to contribute to growth in this market in 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 fourth quarter to MNOK 0,4 and MNOK 3,0 totally. Netto driftsinntekter 84,0 101,3 327,5 301,3 EBITDA 4,6-8,1 40,7 17,4 EBIT 0,7-11,4 26,7 5,1 Driftsmargin 0,8 % -11,2 % 8,1 % 1,7 % Poor haddock fisheries at the end of the year resulted in lower operating revenues in Q4. The profit in 2010 was charged with loss provisions of MNOK 20. Disregarded this, the total result for 2011 is at the same level as last year. Increased cod quotas and higher fish prices have had a positive impact of the result, but higher fuel and bait costs have weakened the result. The cod quotas for 2012 are increased by 6%. The fish prices so far is slightly lower than last year. While the fuel costs have increased further the bait prices have fallen. Ervik Havfiske expects good operations and stable result development in 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 fourth quarter to MNOK 0,8 and MNOK 3,3 totally. Dividends amounting to MNOK 6,4 are received in Netto driftsinntekter 6,6 6,5 26,3 25,9 EBITDA 6,3 6,3 25,7 25,4 EBIT 3,9 3,7 16,0 14,5 Driftsmargin 59,5 % 57,8 % 61,0 % 56,0 % Naustvik Enghav (35 %) The company operates sales and distribution of fish and other food products to the Norwegian retail and catering market.

4 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 fourth quarter to MNOK -3,3 and MNOK -2,9 totally. Netto driftsinntekter 193,8 214,8 795,2 814,6 EBITDA -3,7 2,2 9,4 17,3 EBIT -10,1-6,1-6,3-0,6 Driftsmargin -5,2 % -2,8 % -0,8 % -0,1 % Naustvik Enghav s sales to the catering market in 2011 fell by 4,4% while the sales to the retail market increased by 4,3%. The development in the fourth quarter was negatively influenced by the loss of a catering customer. This is expected to be compensated during 2012 as several new contracts with customers in the retails market have been entered into. The launching of new branded products is also expected to contribute to growth in Structural affairs The Board of Directors has decided to close down the whitefish fillet production in Måløy. The factory in Måløy has a turnover of about MNOK 155 and employs about 90 persons. The production of whitefish fillet has been at a loss for several years and the Board of Directors sees no opportunities to achieve profitability. The Board of Directors has also approved an agreement with A. Espersen A/S in Denmark to take over the production of cod fillet from Domstein's factory in Måløy and move it to their factories in Lithuania or Poland. It has also been agreed that Domstein will sell and market Espersen's products in the Norwegian and Swedish markets. Domstein will receive a compensation for the takeover of the cod fillet production of MNOK 21,6, of which MNOK 10,8 will be paid immediately and MNOK 10,8 over a period of 3 years. The Board of Directors of Domstein ASA has also entered into a Letter of Intent with Brødrene Larsen Eftf. in Bremanger to transfer the production of saithe fillet to Larsen's factory in Kalvåg. Other parts of the production will be moved to Domstein's factory in Kungshamn, Sweden. The measures are expected to give the Domstein group an annual positive result effect of MNOK In addition there will be a one time profit of about MNOK 10 in The measures will reduce the Group's turnover with about MNOK 70 annually, and the balance sheet with about MNOK 70 within The working capital and liquidity will be significantly strengthened. Shareholders information Domstein ASA is listed on the Oslo Stock Exchange with ticker DOM. The market value of the company as of 31 st December 2011 was MNOK 62, based on a share price of NOK 0,81. The number of outstanding shares is Måløy, 28 February 2012 The Board of Directors of Domstein ASA

5 Resultatregnskap konsern 2011 Q Q YTD 2011 YTD 2010 YTD 2010 Consolidated operating results Group Nok.mill. Proforma Netto driftsinntekt Operating revenues 155,2 186,2 596,1 605,9 605,9 Varekostnad Raw materials and consumables used -115,6-136,9-427,9-426,1-426,1 Øvrige betalbare driftskostnader Other operating expenses -40,3-43,9-159,4-158,7-158,7 Sum driftskostnader Total operating expenses -155,9-180,8-587,3-584,8-584,8 EBITDA -0,7 5,4 8,8 21,1 21,1 Ordinære avskrivinger Ordinary depreciation -4,1-3,2-14,1-13,3-13,3 EBIT -4,8 2,2-5,3 7,8 7,8 Inntekt på investering i tilknyttet selskap -1,7-8,7 3,3-14,9-17,6 Income from investments in associated companies Netto finansposter Net financial items -5,4-4,4-17,7-19,2 72,4 Ordinært resultat før skatt Result before tax -11,9-10,9-19,7-26,3 62,6 Skattekostnad Taxes -0,7 13,2-0,5 13,5 13,5 Resultat etter skatt Result after tax -12,6 2,3-20,2-12,9 76,1 Andre inntekter og kostnader (other income and expenses ) Omregningsdifferanser (conversion differences) 1,3-0,1-0,1 4,3 4,3 Sum totalresultat for perioden (total result for the period) -11,3 2,2-20,2-8,5 80,4 Resultat margin Profit margin -8,1 % 1,2 % -3,4 % -2,1 % 12,6 % Driftsmargin Operating margin -3,1 % 1,2 % -0,9 % 1,3 % 1,3 % Resultat pr. aksje (nok) Profit per share -0,26-0,17 0,99 Utv.resultat pr. aksje (nok) Diluted profit per share -0,27-0,08 0,80 ROCE -0,43 % -0,72 % 20,92 % Egenkapitalandel (inkl min int) Book equity ratio 29,20 % 39,02 % 27,89 % 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 18,7 20,0 Varige driftsmidler Tangible fixed assets 78,1 72,0 Finansielle anleggsmidler Financial fixed assets 97,0 101,2 Anleggsmidler Total fixed assets 193,8 193,3 Varer Inventories 145,4 142,5 Fordringer Receivables 89,5 100,3 Betalingsmidler Cash and equivalents 7,0 86,4 Omløpsmidler Current assets 241,9 329,2 Sum eiendeler Total assets 435,7 522,5 Innskutt egenkapital Equity contributions 59,9 59,9 Opptjent egenkapital Earned equity 67,4 85,8 Sum egenkapital Total equity 127,2 145,7 Avsetning for forpliktelser Provisions 8,0 10,1 Rentebærende langsiktig gjeld Interest bearing long term debt 98,9 26,0 Øvrig langsiktig gjeld Other long term liabilities 0,8 1,0 Sum annen langsiktig gjeld Total other long term liabilities 99,7 27,0 Rentebærende kortsiktig gjeld Interest bearing current liabilities 144,9 182,7 Ikke-rentebærende kortsiktig gjeld Non interest bearing current liabilities 55,8 157,0 Kortsiktig gjeld Current liabilities 200,7 339,7 Sum egenkapital og gjeld Total equity and liabilities 435,7 522,5 Netto rentebærende gjeld Net interest bearing debt 236,8 122,2 Egenkapitalandel Equity ratio 29,2 % 27,9 % Kontantstrømoppstilling konsern Consolidated cash flow statement Group Kontantstrøm operasjonelle aktiviteter Net cash flow from operating acitvities -27,2-24,7 Kontantstrøm investeringsaktiviteter Net cash flow investment activities -5,1 323,3 Kontantstrøm finansieringsaktiviteter Net cash flow from financial activities -47,1-220,5 Effekt av valutakursendringer Effect of change in exchange rates 0,0-0,4 Endring av kontanter og innskudd Net change in cash and bank deposits -79,4 78,5 Kontanter og innskudd ved periodens begynnelse 86,4 8,0 Cash and bank deposits at start of period Kontanter og innskudd ved periodens slutt Cash and bank deposits at end of period 7,0 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`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 + Konsern Group elim. Beløp i tusen kroner figures in NOK Q4-11 Q4-10 Q4-11 Q4-10 Q4-11 Q4-10 Q4-11 Q4-10 Netto salg segment Net revenues per segment Segment resultat EBITDA per segment Segment resultat EBIT per segment Domstein Sverige Domstein Fish Domstein ASA / Service + Konsern Group elim. 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 Kapitalutvidelse/nedsettelse capital increase/decrease Utdelt utbytte dividends 0 Salg/kjøp aksjer stock realize 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 PK ,32 % Spectiatio AS ,29 % Caiano AS ,27 % Caiano Fisk AS ,43 % Odd Terje Kyle ,36 % Sum > 1% eierandel / share ,95 % Øvrige aksjonærer other shareholders ,05 % Sum ,00 %