(Ålesund, 31 October 2014) HAVFISK achieved an EBITDA of NOK 85 million in the third quarter 2014, an increase of NOK 40 million compared to the third quarter in 2013. Operating revenues in the third quarter totalled NOK 296 million, which is NOK 107 million higher compared to the same period in 2013. Webjørn Barstad is appointed the new CEO in HAVFISK and starts 1 January 2015.  

The income per operating day is 43 per cent higher in the third quarter than for the corresponding period last year. This is due to increased catch efficiency (catch volume per operating day) and higher prices. The most important species for HAVFISK is cod, haddock and saithe,  but in the third quarter an increased volume of other species such as black halibut, redfish and shrimps have been fished compared to third quarter in 2013.

-We are satisfied with the operations in the third quarter. The income per operating day is the highest in the company`s history and we have a record high result in a third quarter. The new and upgraded trawlers have contributed to improved quota utilization, says constituted CEO Eldar Farstad. 

In the quarter the achieved average prices for all harvested volume increased with 23 percent compared to the third quarter in 2013.

-The positive price trend has continued also in the third quarter. The prices have increased for all cod, haddock and saithe, says Farstad.

Operating revenues for HAVFISK came to NOK 296 million in the third quarter 2014, against NOK 189 million in the corresponding period in 2013. The increase in revenues is mainly due to increased catch efficiency, higher prices and change in the product mix compared the third quarter in 2013. EBITDA came to NOK 85 million against NOK 45 million in the third quarter 2013. The EBITDA margin was 29 per cent in the third quarter 2014 compared to 24 per cent in the same period in 2013. EBIT in the third quarter 2014 came to NOK 51 million against NOK 18 million in the same period in 2013.

Cash flow from operating activities came to NOK 86 million in the third quarter compared to NOK 41 million in the same period in 2013.

Net interest-bearing debt was NOK 1067 million at the end of the third quarter 2014. This is NOK 105 million lower than the end of the last quarter.

HAVFISK had a total equity of NOK 728 million by the end of the third quarter 2014, corresponding 27.8 per cent.

-The quota position after the third quarter for cod, haddock and saithe gives us a good operating basis for the rest of the year, says Farstad.

For further information, please contact:
Eldar Farstad, Constituted CEO/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 2013 was NOK 779 million and the company has 382 employees. For further information please visit www.havfisk.no

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

HFISK Interim Report Q3 2014HFISK Presentation Q3 2014
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