Morpol ASA : Morpol ASA : Strong sales growth continues
Morpol ASA - Strong sales growth continues
Oslo, 21^st August 2013: Morpol ASA (OSE: MORPOL)
Morpol's consolidated operating revenue in Q2 2013 amounted to EUR 148.3
million, which was higher by EUR 35.2 million in comparison to the same
period last year.
Operating EBIT for the quarter amounted to EUR (2.0) million, which was EUR
8.2 million lower versus the same period last year and EUR 3.2 million higher
versus Q1 2013.
The group's net interest bearing debt (NIBD) was EUR200.3 million at the end
of Q2 2013 (EUR 13.1 million increase compared to 2012 year end). The equity
ratio was 38.4% at quarter end compared to 42.5% at the quarter end prior
Operating revenue in processing was EUR 118.7 million compared to EUR 90.4
million prior year. Higher unit sales prices to customers impacted revenue.
Volume excluding contract processing was up strongly in comparison to Q2 2012.
Operating EBIT for processing in Q22013 was EUR(12.1) million vs. EUR 5.7
million in the previous year. Raw material purchase unit price was
significantly higher in comparison to the previous year.
Operating revenue in salmon farming in Q2 2013 was EUR42.7 million (EUR 37.1
million in same period last year). Volumes sold were lower by 10% in
comparison to the same period last year. Of the total revenue, EUR12.6
million was sold internally for further processing and sales.
Salmon farming operating EBIT in Q2 2013 was EUR10.0 million (EUR 2.6 million
same period last year), resulting in an operating EBIT margin of 23.5% (Q2
The consolidated cash flow for Q2 2013 was an ouflow of EUR 15.1 million
comprising of cash inflow from operating activities EUR 2.3 miliion and
outflows from financing activities of EUR 7.9 milion and investing activities
EUR 9.5 milion.
During the quarter, the Morpol Group invested EUR9.6 million in property,
plant and equipment and intangible assets.
For further information, please contact:
Piotr Kapinos, Chief Financial Officer, email@example.com, phone
The Morpol Group is engaged in salmon processing as well as sale and
distribution of finished salmon products.
The Morpol Group's main products are: cold and hot smoked salmon, gravadlax,
fresh salmon fillets, frozen salmon portions, organic salmon, wild salmon and
salmon specialties. The Morpol Group also has salmon farming activities in
Scotland since 2010 and Norway since 2011. The Morpol Group had revenue of
approximately EUR 502.7 million in 2012.
Founded in 1996 in Ustka on the Baltic coast of Poland, the company employs
over 4 000 people in nine countries. Morpol Group is the world leader in
smoked salmon. The company has achieved its world leading position through the
efficiency of processing activities, a constant focus on product quality and
service provided to retail and food service customers. Morpol serves customers
across Europe, Japan and the United States.
For more information, please visit our web site at www.morpol.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q2 2013 Presentation
Q2 2013 Report
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Source: Morpol ASA via Thomson Reuters ONE
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