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Morpol Reports Continued Strong Sales Growth

23 October 2013

POLAND - Morpol's consolidated operating revenue in Q3 2013 amounted to €140.4 million, which was higher by €32.9 million in comparison to the same period last year.

Operating EBIT for the quarter amounted to €10.4 million, which was €5.8 million higher versus the same period last year and €12.4 million higher versus Q2 2013.

The group's net interest bearing debt (NIBD) was €207.6 million at the end of Q3 2013 (€20.5 million increase compared to 2012 year end). The equity ratio was 40.3 per cent at quarter end compared to 41.6 per cent at the quarter end prior year.


Operating revenue in processing was €116.0 million compared to €91.2 million prior year. Higher unit sales prices to customers impacted revenue. Volume excluding contract processing was up strongly in comparison to Q3 2012.

Operating EBIT for processing in Q3 2013 was €2.1 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 Q3 2013 was €44.4 million (€28.6 million in same period last year). Volumes sold were lower by 23 per cent in comparison to the same period last year. Of the total revenue, €19.9 million was sold internally for further processing and sales.

Salmon farming operating EBIT in Q3 2013 was €8.7 million (€0.5 million same period last year), resulting in an operating EBIT margin of 19.7 per cent (Q2 2012: 1.7 per cent).

Cash Flow

The consolidated cash flow for Q3 2013 was an ouflow of €2.4 million comprising of cash inflow from operating activities €14.1 milliion and outflows from financing activities of €5.7 million and investing activities €10.8 million.

During the quarter, the Morpol Group invested €10.8 million in property, plant and equipment and intangible assets.


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