Aker BioMarine has implemented a reorganization of the company’s structure. Divested operations and assets freed up more than NOK 1.2 billion of capital in the fourth quarter of 2008.
“The divestments highlight that Aker BioMarine in the future will focus strongly on sustainable krill harvesting and production of health-promoting products,” says Kjell Inge Røkke, Aker BioMarine’s current chief executive officer.
Aker BioMarine’s 2008 financial results show that the company was in a phase characterized by low revenues and high expenses associated with product development, testing and scale-up of production methods, investments in marketing, and research to document specific health benefits. Substantial write-downs at the holding company level (not group level) do not have any impact on cash. At the end of 2008, Aker BioMarine had an equity ratio of 26 per cent. Cash and cash equivalents were NOK 220 million.
2008 operating revenues were NOK 85 million; EBITDA was minus NOK 152 million. The corresponding 2007 figures were operating revenues of NOK 75 million and an EBITDA of minus NOK 96 million. Most 2008 revenues are attributable to sales of Qrill™ krill meal to the aquaculture industry.
Aker BioMarine had fourth-quarter 2008 operating revenues of NOK 18 million; EBITDA was minus NOK 54 million. The corresponding fourth-quarter 2007 figures were NOK 21 million in operating revenues and EBITDA of minus NOK 55 million. The financials for the fourth quarter are affected by the fact that Aker BioMarine does not harvest krill in October, November, and December in Antarctic waters due to seasonality.
The dietary supplement Superba Krill Oil was launched in the Norwegian market in late December 2008. In January 2009 Superba – the new generation omega-3 from krill – was the best-selling omega-3 product in Norwegian health product stores, according to figures from Macronova, the health product distributor. This is an encouraging start to the campaign.
“The omega-3 segment is a large and important part of the sales of health products,” says Gunn Elisabeth Feidje Arnesen in Life, one of Norway’s leading healthcare retail chains. “It has been a long time since the last time someone introduced a genuine innovation in this segment, and it is therefore exciting to see Superba Krill being given such a warm welcome by the consumers.”
Preliminary findings from clinical studies indicate that the body has a better uptake and of Superba Krill Oil omega-3 in phospholipid form than omega-3 from fish oil, according to the company’s clinical data from the fourth quarter of 2008. Final results from the clinical human studies in Germany are expected during spring 2009.
