HAVFISK :Results for first quarter 2016

(Ålesund, 25 April 2016) HAVFISK had operating revenues of NOK 270 million in the first quarter of 2016. This was NOK 23 million higher than the corresponding period in 2015. HAVFISK achieved profit before depreciation and amortisation (EBITDA) of NOK 95 million in the first quarter of 2016. 

These figures reflect both increased prices and increased volume during the quarter. There have been good catch rates for cod and haddock at the start of the year. Harvest volume per operating day increased by 21 per cent compared with the first quarter of 2015, while the harvest value per operating day increased by 23 per cent in the same period. There have been higher prices, a changed product mix and increased operating costs compared with the same quarter in 2015. Increased operating costs are mainly related to maintenance. There have been planned shipyard visits for five vessels in the first quarter, which led to a 10 percent reduction in operating days.

" Operations have been good during the quarter, with good harvest volumes and harvest value per operating day. We have had a great deal of maintenance however, which means fewer available vessel fishing days and higher maintenance costs than usual for the quarter ," says CEO Webjørn Barstad.

The HAVFISK Group had operating revenues of NOK 270 million in the first quarter of 2016, compared with NOK 247 million for the first quarter of 2015. EBITDA was NOK 95 million, compared with NOK 90 million for the corresponding period in 2015. EBIT in the first quarter was NOK 65 million compared with NOK 59 million in the corresponding period in 2015. The profit before tax was NOK 54 million for the quarter, compared with NOK 45 million for the first quarter of 2015.

The Annual General Meeting was held on 8 April and it was decided to pay a dividend of NOK 1.50 per share for 2015.

 " Good cash flow has enabled us to both invest in the fleet and pay a dividend to our shareholders, " says Barstad. 

HAVFISK's available liquidity, including unutilized credit facility, totalled NOK 329 million at the end of the first quarter of 2016, compared with NOK 320 million at the end of the fourth quarter of 2016.

Net interest-bearing liabilities were NOK 733 million at the end of the first quarter. This is NOK 33 million lower than at the end of the previous quarter.

HAVFISK had equity of NOK 1,028 million at the end of the first quarter, corresponding to 39.4 per cent.

For more information, please contact:

Webjørn Barstad, CEO    +47 70 11 86 00/ +47 92 64 41 04

Eldar Farstad, CFO    +47 70 11 86 00/ + 47 90 89 47 20

HAVFISK   ASA  is a fisheries company with 10 trawlers and 29.6 cod trawler licences. In 2015, HAVFISK had a sales turnover of NOK 1,131 million and employed 381 people. The company is listed on the Oslo Stock Exchange. Please see www.havfisk.no for further information. 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
HFISK Presentation Q1 2016
HFISK Interim report Q1 2016



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Source: Havfisk via GlobeNewswire

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