3rd quarter 2009
Group The Group s operating revenues in Q3 2009 was MNOK 126,4 compared to MNOK 120,3 proforma last year. EBITDA was MNOK 3,3 compared to MNOK 1,3 proforma last year. EBIT was MNOK -0,1 compared to MNOK -2,5 proforma last year, and result after tax was MNOK -3,1 compared to MNOK -17,0 proforma last year. The proforma figures for 2008 are excluding the discontinued operations, and are directly comparable to the 2009 figures. Operating revenues per 30 th September was MNOK 367,3 compared to MNOK 367,7 proforma last year. EBITDA was MNOK 4,4 compared to MNOK -1,8 proforma last year and EBIT was MNOK -6,4 compared to MNOK -13,8 proforma last year. Result after tax was MNOK -1,4 compared to MNOK -41,4 proforma last year. The group s balance sheet at September 30th was MNOK 657,2 compared to MNOK 691,5 last year. Book equity is MNOK 208,0, corresponding to an equity ratio of 31,7%. Net interest bearing debt is MNOK 347,9. The third quarter is low season for raw material supplies, both white fish and pelagic fish. All business areas, including associated companies, have however, 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 76,4 75,4 222,7 218,3 EBITDA 1,1 1,6 1,5-3,3 EBIT 0,1-0,2-2,5-9,1 Operating margin 0,1 % -0,2 % -1,1 % -4,2 % The third quarter is low season for cod fisheries, resulting in low production volumes of fillets. There has been a positive price development both for fresh and frozen products, and margins are improved. Sales of eco-labelled products have increased significantly, especially in Sweden. Production volumes will increase when high season for cod fisheries starts in November/December. There are however uncertainties tied to market prices and margins when the quantities increase. The strong Norwegian krone has also influenced the prices so far in the fourth 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. The factory in Vardø, which produces Arctic Delight roe products, is included in Domstein Sverige from 2009. Net operating revenues 63,4 51,2 182,5 164,0 EBITDA 4,2 1,9 10,9 8,1 EBIT 2,3 0,3 5,5 3,1 Operating margin 3,7 % 0,5 % 3,0 % 1,9 % The sales in Sweden are increased by 24% in the third quarter. Most product categories have shown improvement in the period. Lower raw material costs have contributed to increased margins. The positive development is expected to continue in the fourth quarter.
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 third quarter to MNOK 0,6 and MNOK 1,6 accumulated. Net operating revenues 6,4 6,2 19,2 18,5 EBITDA 6,3 5,7 18,8 17,0 EBIT 3,5 2,8 10,3 8,5 Operating margin 54,9 % 46,1 % 53,9 % 45,7 % 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 third quarter to MNOK 1,3 and MNOK 4,8 accumulated. Net operating revenues 47,6 56,9 147,7 185,3 EBITDA 4,4 12,5 11,7 48,0 EBIT 1,8 6,3 4,1 32,9 Operating margin 3,8 % 11,0 % 2,8 % 17,7 % Revenues and results are significantly reduced owing to low price level. At the end of the third quarter 40% of the cod quotas and 41% of the haddock quotas are still to be utilized. The fourth quarter will therefore have a high level of activity, but profitability will depend on the price development. 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 third quarter to MNOK -0,4 and MNOK -3,0 accumulated. A positive effect of the capital increase earlier this year amounts to MNOK 2,8 and comes in addition to the above mentioned figures. proforma proforma Net operating revenues 220,2 216,2 627,7 613,9 EBITDA 1,9-8,8 4,2-14,6 EBIT -0,5-11,6-3,2-24,3 Operating margin -0,2 % -5,4 % -0,5 % -4,0 %
The third quarter revenues were stable compared to proforma figures for 2008. The profitability is following the integration plan behind the merger. Naustvik Enghav expects a positive development in the fourth quarter. 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 third quarter to MNOK -1,3 and MNOK 17,6 accumulated. The figures include an equity dilution of MNOK -1,1 connected to the merger with Fryseriet. Net operating revenues 350,1 314,7 1547,7 1128,0 EBITDA 12,9 6,4 106,5 43,9 EBIT 9,3 2,7 94,1 33,9 Operating margin 2,7 % 0,9 % 6,1 % 3,0 % The third quarter was low season for Norway Pelagic, but activities were increased towards the end of the quarter. Margins have developed positively. The acquisition of Fryseriet AS was effective from September 4 th 2009. Large quotas, especially herring, remain and high activity in the fourth quarter is expected. Shareholder information Domstein ASA is listed on Oslo Stock Exchange with ticker DOM. The market value of the company per 30th September 2009 was MNOK 154, based on a share price of NOK 2,00. Number of outstanding shares is 76 907 402. Måløy, 5 November 2009 The board of directors of Domstein ASA
Resultatregnskap konsern 2009 Q3 2009 Q3 2008 YTD 2009 YTD 2008 2008 Consolidated operating results Group Nok.mill. Proforma Proforma Netto driftsinntekt Operating revenues 126,4 120,3 367,3 367,7 490,5 Varekostnad Raw materials and consumables used -89,0-85,7-252,1-259,3-357,3 Øvrige betalbare driftskostnader Other operating expenses -34,1-33,3-110,7-110,2-145,7 Sum driftskostnader Total operating expenses -123,1-119,0-362,8-369,5-503,0 EBITDA 3,3 1,3 4,4-1,8-12,5 Ordinære avskrivinger Ordinary depreciation -3,4-3,8-10,8-12,0-14,9 EBIT -0,1-2,5-6,4-13,8-27,4 Inntekt på investering i tilknyttet selskap 2,3-5,2 22,4 0,0 19,8 Income from investments in associated companies Netto finanskostnader Net financial expenses -6,1-9,4-19,2-28,1-32,5 Ordinært resultat før skatt Result before tax -3,8-17,2-3,2-42,0-40,1 Skattekostnad Taxes 0,1 0,2 0,3 0,6-0,9 Resultat etter skatt Result after tax -3,8-17,0-3,0-41,4-41,0 Resultat fra videreført virksomhet Result from continuing operations -3,8-17,0-3,0-41,4-41,0 Resultat fra virksomhet holdt for salg Result from operations held for sale 0,6 0,0 1,6 0,0-73,7 Resultat result -3,1-17,0-1,4-41,4-114,7 Resultat margin Profit margin -2,5 % -14,1 % -0,4 % -11,3 % -8,4 % Driftsmargin Operating margin -0,1 % -2,1 % -1,7 % -3,8 % -5,6 % Resultat pr. aksje (nok) Profit per share -0,02-0,54-1,52 Utv.resultat pr. aksje (nok) Diluted profit per share 0,02-0,47-1,30 ROCE 3,1 % -0,8 % -2,81 % Egenkapitalandel (inkl min int) Book equity ratio 31,66 % 33,05 % 32,21 % Utestående aksjer Outstanding shares 76 907 402 76 907 402 76 907 402 Balanse konsern 30.09.09 30.09.08 2008 Consolidated balance sheet Group Nok.mill. Immaterielle eiendeler Intangible fixed assets 13,0 14,0 14,7 Varige driftsmidler Tangible fixed assets 74,8 73,1 81,2 Finansielle anleggsmidler Financial fixed assets 330,6 325,1 295,3 Anleggsmidler Total fixed assets 418,4 412,1 391,2 Varer Inventories 130,0 143,7 131,3 Fordringer Receivables 77,6 110,1 94,4 Omløpsmidler holdt for salg Current assets held for sale 26,1 0,0 24,5 Betalingsmidler Cash and equivalents 5,0 25,5 25,8 Omløpsmidler Current assets 238,8 279,4 276,0 Sum eiendeler Total assets 657,2 691,5 667,2 Innskutt egenkapital Equity contributions 59,9 59,9 59,9 Opptjent egenkapital Earned equity 148,2 168,7 155,0 Minoritetsinteresser Minority interests 0,0 0,0 0,0 Egenkapital og minoritetsinteresser Total equity 208,0 228,5 214,9 Avsetning for forpliktelser Provisions 24,6 18,3 27,3 Rentebærende langsiktig gjeld Interest bearing long term debt 187,1 223,1 67,6 Øvrig langsiktig gjeld Other long term liabilities 1,6 2,2 2,2 Sum annen langsiktig gjeld Total other long term liabilities 188,7 225,3 69,8 Rentebærende kortsiktig gjeld Interest bearing current liabilities 165,8 144,8 285,1 Ikke-rentebærende kortsiktig gjeld Non interest bearing current liabilities 70,1 74,6 70,1 Kortsiktig gjeld holdt for salg Current liabilities held for sale 0,0 0,0 0,0 Kortsiktig gjeld Current liabilities 235,9 219,4 355,2 Sum egenkapital og gjeld Total equity and liabilities 657,2 691,5 667,2 Netto rentebærende gjeld Net interest bearing debt 347,9 342,3 327,0 Egenkapitalandel Equity ratio 31,7 % 33,0 % 32,2 %
Kontantstrømoppstilling konsern Consolidated cash flow statement Group 30.09.09 30.09.08 2008 Kontantstrøm operasjonelle aktiviteter Net cash flow from operating acitvities -4,7 58,7-89,3 Kontantstrøm investeringsaktiviteter Net cash flow investment activities -18,0 53,9 36,7 Kontantstrøm finansieringsaktiviteter Net cash flow from financial activities 2,1-96,6 68,7 Effekt av valutakursendringer Effect of change in exchange rates 0,1 0,0-0,1 Endring av kontanter og innskudd Net change in cash and bank deposits -20,7 16,0 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 5,0 25,5 25,8 Avstemming av egenkapital Change in equity 30.09.09 30.09.08 31.12.08 Egenkapital ved begynnelsen av perioden Equity at the start of the period 214 881 318 934 318 934 Resultat i perioden Result for the period -1 358-98 222-114 700 Omregningsdifferanser Conversion differences -4 793 1 077 4 499 Emisjon Capital increase 26 231 24 920 Utbytte dividend -19 688-19 688 Andre egenkapital justeringer Other changes in equity -686 204 916 Egenkapital ved slutten av perioden Equity at the end of the period 208 044 228 536 214 881 - 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
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 2008. The group accounts for the third 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 2008. Note 2 Virksomhetssegment Segment reporting Domstein Enghav Domstein Fish Domstein ASA / Service + Videreført Sverige elim. virksomhet Beløp i tusen kroner figures in NOK Q3-09 Q3-08 Q3-09 Q3-08 Q3-09 Q3-08 Continued Q3-09 operations Q3-08 Netto salg segment Net revenues per segment 63 385 51 181 76 410 75 368-13 371-6 259 126 424 120 290 Segment resultat EBITDA per segment 4 231 1 893 1 122 1 620-2 012-2 203 3 340 1 310 Segment resultat EBIT per segment 2 339 269 67-164 -2 479-2 621-73 -2 516 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 182 548 164 006 222 696 218 298-37 984-14 577 367 260 367 727 Segment resultat EBITDA per segment 10 916 8 128 1 454-3 285-7 958-6 644 4 411-1 801 Segment resultat EBIT per segment 5 518 3 055-2 535-9 080-9 347-7 823-6 364-13 848 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 01.01 208 144 28 616 1 019 49 756 287 535 24 464 3 639 Kapitalutdidelse capital increase 10 500 10 500 Emisjonseffekter (dilution of ownership ) -1 062 2 804 1 742 Utdelt utbytteaksjer Stock dividends 0 Utdelt utbytte dividends -5 054-5 054 Direkte egenkapital justeringer adjustment of equity capital -378-378 Resultatandel Share of results 18 634 4 837 53-3 027 20 497 1613 152 Bokført verdi per 30.09. 220 662 33 075 1 072 60 033 314 842 26 077 3 487 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 37 914 040 49,27 % MP Pensjon 5 850 000 7,60 % Skagen Vekst AS 2 000 000 2,60 % Spectiatio AS 1 759 000 2,29 % Caiano AS 1 601 870 2,08 % NRP Seafood AS 1 350 000 1,75 % Caiano Fisk AS 1 100 000 1,43 % Vestkapp Invest AS 940 000 1,22 % Sum > 1% eierandel / share 52 514 910 68,25 % Øvrige aksjonærer other shareholders 24 432 490 31,75 % Sum 76 947 400 100,00 %