2013 a year of ‘transformation’ for Cermaq

Cermaq on Wednesday reported its 2013 results, including a net income of NOK 3.99 billion (USD 665.6 million, EUR 481.7 million) in 2013, up NOK 3.65 billion (USD 608.9 million, EUR 440.7 million) from 2012.

Operating revenues were also up to NOK 5.16 billion (USD 860.8 million, EUR 623.9 million), a 57 percent increase from the previous year. The company attributes the growth to a surge in market prices for all salmonid species, while higher volumes sold in the Cermaq farming companies also contributed.

Volumes sold were 142,300 metric tons (MT), up 22,700 MT from 2012. Chile accounted from 76,100 MT with operating revenues of NOK 2.47 billion (USD 412 million, EUR 298.2 million). Sales volumes in Norway were 51,000 MT with operating revenues of NOK 2 billion (USD 333.6 million, EUR 241.4 million). Canada accounted for 15,100 MT with operating revenues of NOK 656.1 million (USD 109.4 million, EUR 79.2 million).

The company’s net interest bearing debt decreased by NOK 5.6 billion, largely due to the sale of EWOS. Cermaq sold its fish feed division to Altor and Bain Capital.

“2013 can be characterized as exceptionally eventful, and not least a year of transformation for Cermaq,” said Jon Hindar, CEO. “Although now smaller, the company is still the world’s third largest producer of salmonids, with a prominent global presence. Cermaq is will equipped to continue advancing toward its target of becoming the world’s second largest producer of salmonids, whilst remaining at the forefront in developing preventive fish health.”