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NORWAY - Lower sea temperatures drop Ewos Q2 results

EWOS sold 250 thousand tonnes of fish feed in second quarter 2013, a decrease of four percent compared to second quarter 2012

August 28, 2013

EWOS sold 250 thousand tonnes of fish feed in second quarter 2013, a decrease of four percent compared to second quarter 2012. The figures were published in Cermaq ASA second quarter report. Volume in Norway dropped 14 percent in the second quarter of 2013 from lower water temperatures, while the volume in Chile was up by five percent. EBIT pre fair value was NOK 105 million (NOK 114 million).

\"EWOS produced a good result in a market which globally dropped by seven percent in volume compared to second quarter 2012, due to lower than normal sea temperatures in Norway\", Cermaq ASA CEO Jon Hindar said.

Overall, Cermaq reported an EBIT pre fair value for the second quarter of 2013 of NOK 229 million compared to NOK 60 million in second quarter 2012. The improved result was driven by a tighter salmon market and stronger prices.

\"The second quarter was a very eventful one for Cermaq in terms of strategic processes, and concluded with the sale of EWOS at an enterprise value of NOK 6.5 billion in July. Following closing of the transaction Cermaq expects to pay an extraordinary dividend of NOK 48-54 per share. Cermaq will review its corporate strategy and how to further develop the business from its position as the third largest global salmon farmer, and will revert to the market with an update later this year, Hindar said.

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