Financial report Q4 2014 and preliminary figures for 2014
The Group reported operating revenue of NOK 3,705 million for the quarter (Q4 2013: NOK 3,726 million).
EBITDA in the fourth quarter totalled NOK 578 million (Q4 2013: NOK 656 million).
Turnover is on a par with the figure reported in Q4 2013. The Group reported an increase in turnover and EBITDA within salmon/trout and a decline in turnover and EBITDA within the pelagic business. The profit figure for Q4 2014 includes start-up costs of NOK 25 million incurred when Brødrene Birkeland AS introduced fishing for snow crab.
EBIT before value adjustment for biomass in Q4 2014 was NOK 374 million (Q4 2013: NOK 409 million). EBIT after value adjustment for biomass in Q4 2014 was NOK 991 million (Q4 2013: NOK 1,263 million).
The Group made write-downs in Q4 2014 totalling NOK 35 million. These are related to optimisation of the Group's operations, including ships taken off-hire. Write-downs in the same quarter in 2013 totalled NOK 95 million, of which NOK 90 million related to changes to factory organisation in Peru at that time.
Income from associates for Q4 2014 totalled NOK 86 million (Q4 2013: NOK 109 million).
The largest associates are Norskott Havbruk AS (owner of the Scotland-based fish farming company Scottish Sea Farms Ltd.) and Pelagia AS.
The Group's net interest expense in Q4 2014 totalled NOK 49 million (Q4 2013: NOK 47 million).
Profit before tax and biomass adjustment for Q4 2014 amounted to NOK 268 million, compared with NOK 471 million in the same quarter of 2013.
The profit before tax for the quarter totalled NOK 885 million (Q4 2013: NOK 1,325 million). Profit after tax for Q4 2014 was NOK 616 million, compared with NOK 1,011 million in the same quarter of 2013.
The Board of Directors will recommend a dividend payment of NOK 2.00 per share to the company's ordinary shareholders' meeting for 2014. The corresponding dividend payment for 2013 was NOK 1.60 per share.
The Group is financially sound with an equity ratio of 53%. The Group had net interest-bearing debt totalling NOK 3,960 million at the close of Q4 2014. At the end of 2013, NIBD amounted to NOK 5,103 million. AUSS completed its purchase of shares in NPEL and Welcon at the end of 2013, totalling NOK 902 million in NIBD. This figure was settled to AUSS in January 2014 in connection with the establishment of Pelagia AS.
For further information please see attached report and presentation.
Questions and comments may be addressed to the company's CEO, Arne Møgster, or to the CFO, Britt Kathrine Drivenes.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).