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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Norway Royal Salmon AS    NRS   NO0010331838

NORWAY ROYAL SALMON AS

(NRS)
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Norway Royal Salmon (NRS): Q3 20 - Operational EBIT of MNOK 35

11/03/2020 | 12:30am EST
Norway Royal Salmon (NRS) reports an operational EBIT of MNOK 35 for the third
quarter 2020 and EBIT per kg of NOK 4.21. Corresponding figures for the same
quarter last year were MNOK 131 and NOK 19.60.

- The market price of salmon has, as normal, been seasonally low in the quarter
but is also impacted by the Covid-19 pandemic. In the quarter NRS finished
harvest of a generation that has had high production costs. Our margins in this
quarter are therefore affected by this. We have had good growth throughout the
quarter, and by starting to harvest a new generation we expect lower production
costs in the next quarter, says CEO Charles Høstlund.

NRS has a strong financial position with MNOK 1 103 in unutilized credit
facilities at the end of the third quarter of 2020. After the end of the
quarter, NRS was offered MNOK 800 in an increased loan facility with a
sustainability term loan, which will further increase the group's financial
headroom. Net cash flow from operations was positive by MNOK 268 in the quarter.
Payments for acquisition of MAB through the governmental MAB-auction and
payments for the growth investments in Arctic Offshore Farming and the new smolt
facility, have resulted in an increase in net interest-bearing by MNOK 327 to
MNOK 944 in the quarter. The equity at the end of the quarter is MNOK 3 312,
which equates an equity ratio of 58 %.

Farming

Farming posted an operational EBIT of MNOK 42.3 in the quarter, compared with
MNOK 138.7 in the corresponding quarter last year. Operational EBIT per kg
gutted weight was NOK 4.21 compared with NOK 19.60 in the corresponding quarter
last year.

NRS harvested 10 058 tonnes gutted weight in the quarter, which is 42 % higher
than in the same quarter last year. For 2020, the harvest volume is expected to
be 32 500 tonnes gutted weight and for 2021 the harvest volume is estimated to
40 000 tonnes, which is an increase of 23 % compared with 2020. The estimated
smolt put to sea for 2020 is 10.0 million smolts. Sold volume from the sales
business in the quarter was 27 110 tonnes salmon, which is 10 % higher than in
the corresponding quarter last year.

- NRS has high expectations to our aquaculture investment in Iceland, through
Arctic Fish which we own 50 %. We want to take this company a step further and
have therefore engaged financial advisers to explore a potential listing of
Arctic Fish on Merkur Market. A possible result of the process is that NRS will
surpass majority ownership in Arctic Fish after the transaction, says Charles
Høstlund.

For more information, please contact:

  · CEO Charles Høstlund, +47 994 18 449
  · CFO Ola Loe, +47 911 79 411.

Norway Royal Salmon in brief

The Norway Royal Salmon (NRS) group owns 36 085 tonnes MAB located in Troms and
Finnmark. In addition, the group has minority interest in three associated
Norwegian fish farming companies which together own 11 fish farming licenses, as
well as Arctic Fish on Iceland that has salmon farming licenses for 11 800
tonnes in MAB. NRS is an attractively positioned fish farming group, which
offers salmon to the market through its own sales organisation. For further
details, please visit www.norwayroyalsalmon.com.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2020 5 344 M 625 M 625 M
Net income 2020 345 M 40,4 M 40,4 M
Net Debt 2020 1 575 M 184 M 184 M
P/E ratio 2020 25,8x
Yield 2020 1,58%
Capitalization 8 764 M 1 020 M 1 025 M
EV / Sales 2020 1,93x
EV / Sales 2021 1,67x
Nbr of Employees 175
Free-Float 35,0%
Chart NORWAY ROYAL SALMON AS
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Norway Royal Salmon AS Technical Analysis Chart | NRS | NO0010331838 | MarketScreener
Technical analysis trends NORWAY ROYAL SALMON AS
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 227,50 NOK
Last Close Price 204,20 NOK
Spread / Highest target 18,5%
Spread / Average Target 11,4%
Spread / Lowest Target -2,06%
EPS Revisions
Managers and Directors
NameTitle
Charles Høstlund Chief Executive Officer
Helge Gåsø Chairman
Ola Loe Chief Financial Officer
Kristine Landmark Vice Chairman
Marianne Elisabeth Johnsen Independent Director
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