Pan Fish ASA made a profit before tax of NOK 600.2 million in the first half-year, compared with NOK 551 million last year. This is the company's best half-year result to date. For the second quarter the profit before tax was NOK 303.8 million, compared with NOK 315.8 million last year. Turnover in the first half of 2001 amounted to NOK 2,635.1 million, which is 48.4% up on the same period last year.
Operating revenues in the second quarter amounted to NOK 1,132.6 million, compared with NOK 1,058 million last year. The operating profit was NOK 50.3 million, compared with NOK 323.8 million last year. The operating profit last year included sales of fixed assets worth NOK 152.2 million.
As expected, low salmon prices throughout the quarter generated a weaker operating profit for the aquaculture business. This has been compensated for in part by very positive development in the processing business, which had a significantly positive profit performance and more than doubled its turnover in relation to the same period last year. Pan Pelagic also showed very positive development. Pan Pelagic was included in the group as an associated company in the second quarter. Spin-off from Pan Marine ASA has been recognised under financial items in the amount of NOK 314 million. In the second quarter last year, the realisation of the company's own holding of convertible bonds contributed NOK 23.7 million in financial income.
The balance sheet total was NOK 5,988.1 million at 30 June 2001, compared with NOK 3,626.1 million one year earlier. Equity capital amounted to NOK 1,060.4 million, compared with NOK 816.2 million at 30 June 2000. In addition to the book equity, Pan Fish held own shares worth NOK 1,560,648. The cost price of this holding has been deducted from equity.
The book value of the company's licences is NOK 856.5 million. This corresponds to about NOK 4 million per Norwegian licence equivalent. With a production capacity of about 150,000 tonnes globally, the value of the company's fish-farming licences is greater than the company's listed value.
Pan Fish has made substantial investments in new salmon-farming capacity. The number of licences in Norway increased by 12 to a total of 44 during the quarter, and in Canada production capacity increased to 50,000 tonnes. The purchase of the Miami-based trading company Atlantic Trading, Inc also increased sales capacity on the North-American continent.
Pan Fish had clear objectives for 2001. One of the most important was the spin-offs of Pan Pelagic ASA and Pan Marine ASA. This process has been highly satisfactory. Both companies have a sound capital base, and each of them has good potential for growth. Pan Pelagic is listed on the Oslo Stock Exchange's main list, and we expect Pan Marine to be transferred from an "unquoted" list to the Oslo Stock Exchange during the autumn of 2001. Pan Fish's strategy of controlling and developing all links in the value chain is vital to the company's continued growth.