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SalMar ASA: SalMar - Results for the second quarter 2015

The price of Atlantic salmon fell sharply at the start of the quarter. As a result, the average price for the quarter ended at NOK 38.00 per kg, NOK 3.12 per kg less than in the previous quarter. For the Group as a whole, Operational EBIT per kg came to NOK 9.62 in the period.

"The second quarter was mixed for the SalMar Group," says CEO Leif Inge Nordhammer. "Our results remain affected by the inconsistent performance of our fish farming segments, while the Sales and Processing segment posted satisfactory results. We continue to face a difficult biological situation, particularly in the Rauma and Central Norway segments. Sales and processing activities continued to perform well, and is overall providing satisfactory results in the quarter".

SalMar generated gross operating revenues of NOK 1.8 billion in the second quarter, marginally up from the same period last year. A total of 34,800 tonnes was harvested during the quarter, compared with 35,100 tonnes in the same period in 2014. Operational EBIT totalled NOK 335.1 million, down from NOK 447.4 million in the second quarter of 2014. In the first quarter this year, Operational EBIT came to NOK 360.8 million.

The Central Norway and Rauma segments continue to be affected by the challenges associated with salmon lice and PD. Dealing with the situation results in higher costs and affects the segments' financial performance.

The Northern Norway segment gave a steady performance in the second quarter, with satisfactory results. The overall biological situation for this segment is considered to be good.

The Sales and Processing segment continued to improve during the quarter, achieving a combined operating margin of 4.2 per cent in the period. Operating efficiency was good on both the harvesting and processing sides of the business, with steady operation during the quarter. At 40 per cent, the rate of output sold under contract was slightly down on previous periods. Nevertheless, the volumes were sold at prices exceeding the spot level, which made a positive contribution to the overall result.

Based on estimates of the standing biomass at the close of the quarter, the global supply of Atlantic salmon is expected to increase by around 4 per cent in 2015. This is unchanged from three months ago. Norway's output is forecast to rise by 5 per cent, bringing the total volume expected to be harvested by Norwegian fish farmers to just under 1.26 million tonnes in 2015.

For 2015 as a whole, SalMar expects to harvest around 139,000 tonnes in Norway. Norskott Havbruk (Scottish Seafarms) is expected to harvest around 31,000 tonnes in 2015.

The full report for the second quarter 2015 is attached.

For more information, please contact:
CEO Leif Inge Nordhammer
Tel: + 47 916 85 250

CFO Trond Tuvstein
Tel: + 47 918 53 139

This information is subject to the disclosure requirements stipulated in section 5-12 of the Norwegian Securities Trading Act.

SalMar Q2 2015 presentation
SalMar Q2 2015 report


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SalMar ASA via Globenewswire


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