October 24, 2013

In the third quarter of 2013, Morpol's consolidated operating revenue amounted to €140.4 million (US$194 million), which was higher by €32.9 million (US$45 million) in comparison to the same period last year.

Operating earnings before interest and taxes (EBIT) for the quarter amounted to €10.4 million (US$14 million), which was €5.8 million (US$8 million) higher versus the same period last year and €12.4 million (US$17 million) higher versus second quarter of 2013. 

The group's net interest bearing debt (NIBD) was €207.6 million (US$286 million) at the end of third quarter 2013 (€20.5 million (US$28 million) increase compared to 2012 year-end). The equity ratio was 40.3% at quarter end compared to 41.6% at the quarter end prior year.

Operating revenue in processing was €116.0 million (US$160 million) compared to €91.2 million (US$126 million) prior year. Higher unit sales prices to customers impacted revenue. Volume excluding contract processing was up strongly in comparison to third quarter of 2012.

Morpol's operating EBIT for processing in third quarter 2013 was €2.1 million (US$2.9 million) vs. €5.7 million (US$7.9 million) in the previous year. Raw material purchase unit price was significantly higher in comparison to the previous year.

In third quarter 2013, operating revenue in salmon farming was €44.4 million (US$61 million) against €28.6 million (US$39 million) in same period last year. Volumes sold were lower by 23% in comparison to the same period last year. Of the total revenue, €19.9 million (US$27 million) was sold internally for further processing and sales.

During the third quarter of this year, salmon farming operating EBIT was €8.7 million (US$12 million) versus €0.5 million (US$700,000) on-year, resulting in an operating EBIT margin of 19.7% compared to the second quarter of 2012 at 1.7%.

The consolidated cash flow for third quarter 2013 was an outflow of €2.4 million (US$3.3 million) comprising of cash inflow from operating activities of €14.1 million (US$19 million) and outflows from financing activities of €5.7 million (US$7.9 million) and investing activities of €10.8 million (US$15 million).

During the quarter, the Morpol Group invested €10.8 million (US$15 million) in property, plant and equipment and intangible assets.