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Q4 16 - Best fourth quarter result in the history of NRS


Today Norway Royal Salmon (NRS) reports the highest quarterly operational EBIT and margins for a fourth quarter in the history of the group. Operational EBIT for the fourth quarter of 2016 was MNOK 101 and EBIT per kg was NOK 26.83. Corresponding figures for the same quarter last year were MNOK 91 and NOK 12.63.



Today Norway Royal Salmon (NRS) reports the highest quarterly operational EBIT and margins for a fourth quarter in the history of the group. Operational EBIT for the fourth quarter of 2016 was MNOK 101 and EBIT per kg was NOK 26.83. Corresponding figures for the same quarter last year were MNOK 91 and NOK 12.63. The Board proposes a dividend of NOK 9.50 per share.


 - In the accounts for 2016 we passed two milestones. One is that the yearly profit after tax is NOK 1 billion and the second is that the equity is NOK 2 billion, says CEO Charles Høstlund.


For the financial year 2016 NRS has operating revenues of MNOK 4 224 and achieved an operational EBIT of MNOK 641 and a profit before tax of MNOK 1 172. Earnings per share before fair value adjustments was NOK 19.87 for 2016.


The result before tax and fair value adjustments for the fourth quarter was MNOK 280, after a gain from financial assets of MNOK 155 was recognised.


After increasing the biomass with 5 500 tonnes, the cash flow from operational activities was MNOK 43 in the quarter and NOK 628 for the financial year 2016. After paying MNOK 269 for the acquisition of Arctic Fish and investing MNOK 67 in fixed assets for further growth, the Group's net interest bearing debt increased by MNOK 295 in the quarter to MNOK 282.


Total equity increased by MNOK 442 to MNOK 2 047 at the end of the quarter, which equates an equity ratio of 55 per cent. Return on equity after tax and fair value adjustments for the last four quarters is 66 per cent.


Region North

Region North posted an operational EBIT of MNOK 75.2 in the quarter, compared with MNOK 98.9 in the corresponding quarter last year. Operational EBIT per kg gutted weight before fixed price contracts was NOK 35.65, compared with NOK 14.54 in the corresponding quarter last year.


Region South 

Region South posted an operational EBIT of MNOK 50.7 in the quarter, compared with MNOK 5.2 in the corresponding quarter last year. Operational EBIT per kg gutted weight before fixed price contracts was NOK 31.26, compared with NOK 3.63 in the corresponding quarter last year.


NRS harvested 4 692 tonnes gutted weight during the quarter, 43 per cent less than in the same quarter last year. 2 612 tonnes of the total volume were harvested in Region North and 2 081 tonnes in Region South. Estimated harvest volume is 34 000 tonnes for 2017, an increase of 27 per cent from 2016.


The sales business sold 17 711 tonnes during the  quarter, 14 per cent less than in the corresponding quarter last year. The sales business had a good price achievement in the quarter.


 - The price of salmon in the quarter was the highest price recorded in a quarter for the last 20 years. For 2017 we expect an increase in the supply to the global market of 1 to 3 per cent. This provides the basis for a positive market outlook for 2017, says Charles Høstlund.


For more information, please contact:

 - CEO Charles Høstlund, +47 994 18 449

 -  CFO Ola Loe, +47 911 79 411.


Quarterly report Q4-16

Quarterly presentation Q4-16 



Norway Royal Salmon in brief 

Norway Royal Salmon (NRS) group owns 35 fish farming licenses, and is a minority shareholder in three Norwegian fish farming companies (associates) which together own ten fish farming licenses, as well as Arctic Fish on Iceland. NRS is an attractively positioned fish farming group, which through an extensive network of collaborating enterprises and in- house production units, offers salmon to the market through its own sales organisation. For further details, please visit www.norwayroyalsalmon.com.

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



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