March 22, 2012

 

 

Aker Seafoods achieved operating revenues of NOK863 million (US$150 million) in 2011, compared to NOK762 million (US$133 million) in 2010 and EBITDA came to NOK232 million (US$40.4 million) versus NOK171 million (US$30 million) the year before.

 

Net profit amounted to NOK81 million (US$14.1 million), equal to NOK0.96 (US$0.17) per share, against NOK53 million (US$9.2 million) in 2010.

 

"Following the separation of Aker Seafoods and Norway Seafoods, the continued business in Aker Seafoods delivered the best-ever overall operating profit in 2011," said Olav Holst-Dyrnes, CEO. "The catch volumes are the highest in the company's history and prices have increased slightly during the year."

 

Norway Seafoods was re-established in July 2010 as a subsidiary of Aker Seafoods, focusing on sales and processing activities in Norway, Denmark and France. Norway Seafoods now operates as a separate company with its own management and owner structure.

 

Aker Seafoods currently consists of the previous segment, "Harvesting," and continues as a fishing company. This change took effect in January 2012.

 

Aker Seafoods operates 11 trawlers with 29.6 quotas for cod and haddock in Norwegian waters and holds 31.9 quotas for saithe, plus for other species mainly caught through legal bycatches.

 

The company's total catch in 2011 was 56,700 tonnes, including 23,720 tonnes of cod, 18,120 tonnes of haddock and 11,830 tonnes of saithe. At the beginning of 2012, the fleet consisted of two fresh fish trawlers, four fresh fish trawlers with freezing capacity and five freezer trawlers; three new trawlers are contracted and will be delivered in 2013 and 2014.

 

Quotas climbed for both cod and haddock in 2011, yielding a higher overall harvested volume. At the same time, landing prices increased during the year for all species.

 

The trawler "Havtind", acquired in 2010, came into full operation last year and thereby contributed to a higher catch capacity.

 

Aker's most important quota base - cod in the Barents Sea - rose in 2012 by 9%, compared with 2011 but haddock saw a slight reduction of 2%. Since 2008, quotas have risen by 94% for cod and more than doubled for haddock, Holst-Dyrnes said.

 

"The financial crisis has hit several of the main markets for our products. As a consequence of this, we anticipate a more volatile market situation in 2012," he added.

 

Norwegian non-coastal cod and haddock were certified by the Marine Stewardship Council (MSC) in 2010 and Aker Seafoods continually pursues more environmentally-friendly ways to harvest, the company said.

 

The new trawlers that are contracted are being built with state-of-the-art technology. The environmental aspect has been a focus with fuel-efficient engines and propulsion, clean class certification and an on-board fishmeal plant for all of the raw material.