-We are satisfied with the operations in the fourth quarter. Income per operating day is the highest in the company`s history and EBITDA is also record-high, says CEO Webjørn Barstad.  

In the quarter the achieved average prices for all harvested volume increased with 37 percent compared to the fourth quarter in 2013.

-The positive price trend has continued also in the fourth quarter. Prices have increased for all cod, haddock and saithe, says Barstad.

Operating revenues for HAVFISK came to NOK 314 million in the fourth quarter 2014, against NOK 260 million in the corresponding period in 2013. The increase in revenues is mainly due to higher prices and increased volume of other species than cod, haddock and saithe, compared with the fourth quarter in 2013. EBITDA came to NOK 98 million against NOK 93 million in the fourth quarter 2013. The EBITDA margin was 31 per cent in the fourth quarter 2014 compared to 36 per cent in the same period in 2013. The reduction is mainly due to reduced quotas of cod where the catch efficiency normally is higher than for other species, and also maintanance costs are higher. EBIT in the fourth quarter 2014 came to NOK 63 million against NOK 64 million in the same period in 2013.

In 2014 HAVFISK`s operating revenues totalled NOK 1 049 million, up from NOK 779 million in 2013. EBITDA came to NOK 299 million compared to NOK 211 million in 2013. The increase is explained by higher prices and increased utilisation of the quotas. Earnings before tax were NOK 65 million.

- The operations in 2014 have been good, and we have fished more than in 2013. The fleet renewal program has increased flexibility and catch capacity, says CEO Webjørn Barstad. 

Cash flow from operating activities came to NOK 115 million in the fourth quarter 2014 compared to NOK 58 million in the same period in 2013.

Net interest-bearing debt was NOK 925 million at the end of the fourth quarter 2014. This is NOK 142 million lower than the end of the last quarter.

HAVFISK had a total equity of NOK 733 million by the end of the fourth quarter 2014, corresponding 29.3 per cent.

-HAVFISK has a good quota position for 2015, and new and upgraded trawlers enable us to exploit the quotas better than before, says CEO Webjørn Barstad.

- The government's decision to increase the quota ceiling from three to four quotas per vessel may give opportunities for further efficiency. Initially, HAVFISK may exploit the quotas and fleet better, and in the long term the regulatory changes provide an opportunity to fish the quotas with fewer vessels, continues Barstad.        

For further information, please contact:
Webjørn Barstad, CEO                                 +47 70 11 86 00
Eldar Farstad, CFO                                       +47 70 11 86 00

HAVFISK ASA is a fishing company that operates 10 trawlers and has 29.6 quotas for cod trawling. HAVFISK ASA`s operating revenue in 2014 was NOK 1 049 million and the company has 390 employees. For further information please visit www.havfisk.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

distributed by