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NORWAY - EWOS sees 5.6% increase in sales, despite physical pellet quality issues in Norway

Aquafeed producer, EWOS reported a 46.6 thousand tonnes increase in sales volumes, to 875.7 thousand tonnes for the first nine months of 2014.

November 6, 2014

Aquafeed producer, EWOS reported a 46.6 thousand tonnes increase in sales volumes, to 875.7 thousand tonnes for the first nine months of 2014. 

Summarizing the company’s 2014 interim report, Einar Wathne, CEO EWOS Group said operating revenues increased by 5.9% year over year, to NOK 8,319.2 million for the first nine months in 2014. Strong growth was experienced during the first half of 2014 in all markets except Chile, while the continued growth in Canada and Vietnam during the third quarter was offset mainly by reduced volumes in Norway due to market share losses, temporary shifts in volume due to physical quality problems and reduced demand caused by high sea temperatures during the summer leading to reduced feeding as well as early harvesting because of sea lice in parts of the country

“In the third quarter we experienced unprecedented physical pellet quality challenges in Norway that contributed to higher raw material and operating costs than anticipated. We have resolved the key issues, and the physical quality has improved since the end of August. We are investing significant time and resources to ensure we improve our physical quality procedures as well as raw material and inventory controls. Despite these challenges, we continue to see good progress with our new Rapid performance feed in Norway”, Wathne said .

Adjusted EBITDA for the first nine months of 2014 was NOK 498.3 million, down from NOK 523.0 million pro forma results in the same period in 2013.

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