Poor performance from Scots sites

The Group’s Norwegian operations accounted for 70,000 tonnes, its Chilean operations for 17,000 tonnes, and its Canadian operations for 7,000 tonnes. Its Scottish sites produced a mere 6,000 tonnes, while the remaining 5,000 tonnes came from other countries.

Operational EBIT for the Group was approximately NOK 990 million (NOK 1,034 million in Q4 2013). Its Norwegian operations had by far the best EBIT per kg, reaching NOK 12.6, followed by NOK 3.7 in Canada, NOK 0.4 in Chile and a negative EBIT of NOK -3.4 per kg in Scotland.

Reported net interest bearing debt (NIBD) was approximately NOK 9,300 million at the end of the quarter. Weakening of the NOK relative to the main borrowing currencies (EUR, USD and GBP), caused a material translation effect of [negative] NOK 850 million in the quarter. Net interest bearing debt was also impacted by the Acuinova acquisition, with approximately USD 102 million of the agreed transaction value of USD 125 million paid in the quarter.

Nordea’s Senior Seafood Analyst, Kolbjørn Giskeødegård, reflects: “Net debt at NOK 9.3bn is substantially higher than consensus (NOK 8.6bn) and our figures mainly due to effects of Chilean acquisition (Aquinova) recorded in Q4 while we expected it in Q1. Looking at the various regions, Norway at NOK 12.6 per kilo is substantially better than expected, while UK (3.4 per kilo) and Chile (NOK 0.4 per kilo) were weaker.”