The Scottish Salmon Company PLC : Operational Update Q3 2018
21 Novembro 2018 - 5:00AM
Strong
performance continues in the third quarter
Highlights
-
Revenues of £39.4m, driven by higher harvest
volumes
-
EBIT/kg improved to £0.95, up 36% from Q3
2017
-
Annual tonnage target for 2018 revised to 29,500
tonnes
-
Awarded two-star Best Aquaculture Practices
(BAP) certification to include processing plants
-
Strategic acquisition of a hatchery and
freshwater site during November 2018
Key financials
|
Q3 2018 |
Q3 2017 |
YTD 2018 |
YTD 2017 |
FY 2017 |
Net
operating revenues |
39 360 |
39 031 |
137 636 |
111 050 |
150 946 |
EBITDA |
8 776 |
6 723 |
46 327 |
30 016 |
38 669 |
EBIT
before fair value adjustments |
6 762 |
4 747 |
39 994 |
23 932 |
30 476 |
Equity
ratio |
68% |
60% |
68% |
60% |
59% |
NIBD |
18 866 |
35 814 |
18 866 |
35 814 |
38 519 |
Harvested volume |
7 091 |
6 781 |
22 868 |
18 398 |
25 272 |
EBIT/kg before fair value adjustments |
0.95 |
0.70 |
1.75 |
1.30 |
1.21 |
Status and outlook
-
Revenue for the third quarter 2018 was £39.4m
(Q3 2017: £39.0m). Harvest volumes increased 5% to 7,091 tonnes (Q3
2017: 6,781 tonnes), while revenue per kilo decreased to
£5.55/kg
(Q3 2017: £5.76 /kg). Revenue per kilo was impacted by lower
average harvest weight during the period.
-
Costs/kg was £4.31 for the quarter (Q3 2017:
£4.76/kg). SSC changed its accounting basis for mortalities from Q1
2018 to be in line with industry standards resulting in 2018 costs
being transitionally lower by £0.24/kg year to date. Re-phasing
harvests and lower mean weights also impacted on costs during the
quarter.
-
The underlying demand for Scottish salmon
remains strong. Export volumes accounted for 51% of total sales
during the period, up from 47% in Q3 2017. SSC continues to
develop overseas markets, particularly in North America and the Far
East. Exports to markets outside Europe were lower in the third
quarter than earlier in 2018 due to smaller harvest sizes.
-
Good growth continues in the standing biomass.
The annual tonnage target for 2018 is revised to 29,500 tonnes from
the previously stated 28,000 tonnes.
-
SSC achieved a two-star Best Aquaculture
Practice (BAP) certification including marine sites and processing
plants.
-
SSC continues to develop its operational
platform and acquired a hatchery and fresh-water site in the North
of Scotland during November 2018 which will increase smolt
production capacity by around 1.5 million, further developing its
freshwater infrastructure.
CEO comment
Craig Anderson, Chief Executive Officer at The
Scottish Salmon Company, said:
"Historically, the third quarter has been the most
challenging for The Scottish Salmon Company. However, whilst the
third quarter this year has not been without issues, on balance it
was a solid quarter. Overall biological performance has been good
and we are increasing our harvest volume guidance for the full year
to 29,500 tonnes."
"The demand for Scottish salmon remains strong.
Based on our Scottish provenance we continue to develop and promote
our brands and products and build long term relationships with
customers. An effective operational platform is fundamental to our
strategy, securing consistent sustainable production of high
quality salmon with efficient flow throughout the value chain."
"We are pleased to further strengthen our
operations with the addition of a freshwater facility in the North
reflecting our focus on responsible business growth, improving
operations, streamlining activities and increasing capacity."
For more information, please
contact:
Su Cox, Investor Relations
e-mail: su.cox@scottishsalmon.je
About The Scottish Salmon
Company
The Scottish Salmon Company is the leading producer of quality
Scottish Salmon with all operations in Scotland. The Company is
engaged in all stages of the value chain from smolt production
through freshwater and marine farming to harvesting and processing,
as well as sales and marketing activity. It is dedicated to
producing the highest quality Scottish salmon.
All of The Scottish Salmon
Company's farms and processing facilities are audited and approved
by the internationally acclaimed BAP accreditation scheme, which
includes excellence in fish husbandry and animal welfare.
Over 550 people are employed by
the Company, approximately 250 of whom are in the Hebrides, with
its head office in Edinburgh.
The Scottish Salmon Company
Limited is a subsidiary of The Scottish Salmon Company PLC, which
is listed on the Oslo Stock Exchange.
This information is subject
to the disclosure requirements pursuant to section 5 -12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: The Scottish Salmon Company via Globenewswire
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