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Strong Sales Growth Continues for Morpol

Lucy Towers
21 August 2013, at 1:00am

POLAND - Morpol's consolidated operating revenue in Q2 2013 amounted to 148.3 million, which was higher by 35.2 million in comparison to the same period last year.

Operating EBIT for the quarter amounted to €2.0 million, which was €8.2 million lower versus the same period last year and €3.2 million higher versus Q1 2013.

The group's net interest bearing debt (NIBD) was €200.3 million at the end of Q2 2013 (€13.1 million increase compared to 2012 year end). The equity ratio was 38.4 per cent at quarter end compared to 42.5 per cent at the quarter end prior year.

Processing

Operating revenue in processing was €118.7 million compared to €90.4 million prior year. Higher unit sales prices to customers impacted revenue. Volume excluding contract processing was up strongly in comparison to Q2 2012.

Operating EBIT for processing in Q2 2013 was €12.1 million vs. €5.7 million in the previous year. Raw material purchase unit price was significantly higher in comparison to the previous year.

Salmon farming

Operating revenue in salmon farming in Q2 2013 was €42.7 million (€37.1 million in same period last year). Volumes sold were lower by 10 per cent in comparison to the same period last year. Of the total revenue, €12.6 million was sold internally for further processing and sales.

Salmon farming operating EBIT in Q2 2013 was €10.0 million (€2.6 million same period last year), resulting in an operating EBIT margin of 23.5 per cent (Q2 2012: 7.1 per cent).

Cash Flow

The consolidated cash flow for Q2 2013 was an ouflow of €15.1 million comprising of cash inflow from operating activities €2.3 miliion and outflows from financing activities of €7.9 milion and investing activities €9.5 milion.

During the quarter, the Morpol Group invested €9.6 million in property, plant and equipment and intangible assets.