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Record high results driven by Norwegian operations

In fiscal year 2016, Cermaq’s operating revenue was NOK 8.5 billion and operating profit before fair value adjustment for biological assets was positive NOK 1.5 billion. The corresponding figures for the Norwegian operations alone were NOK 3.2 billion and NOK 1.3 billion.

The fiscal year 2016 (from 1 April 2016 – 31 March 2017) is not directly comparable with the 2015 figures as 2015 was a transitional year covering 15 months.

Cermaq Norway delivered record high results with an operating margin of 42 % in the fiscal year. Higher market prices in all main markets and strong biological performance were the main reasons. Cermaq Canada also performed historically strong, delivering an EBIT of NOK 489 million.

- I’m pleased with the very strong results in Norway and Canada. Our main focus is now Chile where we invest to strengthen our operations and also drive for improved regulations and frame conditions for sustainable farming, says CEO Geir Molvik. 

EBIT for Cermaq Chile was negative NOK 187 million, which was heavily impacted by one-offs related to the merger with Salmones Humboldt. Adjusted for these effects the EBIT was positive NOK 257 million, including Salmones Humboldt’s results for the full year.

Cermaq’s volumes in Chile were negatively impacted by reduced Coho stocking following the volcano eruption and reduced harvest of Atlantic salmon following the algae-bloom, leaving excess capacity at the processing plants and consequently increased production cost due higher share of fixed cost per kg in addition to high smolt cost for Coho.

SRS continues to represent a significant challenge in Chile. Cermaq is engaged in the industry Pincoy project and is doing benchmark testing of several new SRS vaccines at our R&D facility in Chile as well as field test of the Live-vac vaccine. 

Annual Report - fiscal year 2016

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