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Norsk2006 was an economic top year for the Norwegian fish farming industry
This is the not unexpected conclusion to be drawn from the profitability survey of Norwegian fish farms in 2006.
There was a sharp increase in profitability from 2005 to 2006. Average operating margin increased from 23 per cent in 2005 to 29 per cent in 2006.
On the other hand the survey also shows a negative development in productivity and production costs per kilo.
The total profit in the industry, before taxation, is calculated to approximately 5,6 billion NOK in 2006.
The explanation for this positive development in profitability is an increase in average sales price of Atlantic salmon and Rainbow trout with approximately 20 percent from 2005 to 2006.
| 2004 | 2005 | 2006 1) | ||
| Operating Revenues | NOK | 54 297 338 | 85 649 947 | 110 321 257 |
| Operating Expenses | NOK | 50 027 347 | 65 953 031 | 78 377 894 |
| Operating Profit | NOK | 4 269 991 | 19 696 916 | 31 943 363 |
| Profit before taxation | NOK | 2 510 536 | 17 483 042 | 30 789 944 |
| Sale of Atlantic salmon | Kilo | 2 403 821 | 3 339 645 | 3 522 488 |
| Sale of Rainbow trout | Kilo | 379 060 | 367 115 | 364 472 |
| Production | Kilo | 2 805 857 | 4 036 435 | 4 579 197 |
| Feed Conversion Ratio | 1,23 | 1,23 | 1,22 | |
| Production per man-year | Kilo | 346 830 | 391 127 | 383 517 |
| Sales price of Atlantic salmon | NOK | 18,33 | 21,62 | 26,20 |
| Sales price of Rainbow trout | NOK | 20,39 | 21,21 | 25,59 |
| Operating Margin | % | 7,9 | 23,0 | 29,0 |
| Number of man-year | 8,1 | 10,3 | 11,9 | |
| Average number of licences per company | No. | 3,8 | 5,0 | 4,9 |
1) Preliminary figures
Results for an average company are given in the table above.
Reduced productivity
Productivity, calculated as average production per man-year, decreased from 391 tons in 2005 to 384 tons in 2006. The explanation for this development is an increase in the average number of man-year per company from 10,3 in 2005 to 11,9 in 2006.
Higher production costs per kilo
Production costs per kilo increased with 8 percent from NOK 13.80 in 2005 to NOK 14.92 in 2006. The main reason for this negative development is an increase in feeding costs, other operating expenses and wages.
| 2004 | 2005 | 2006 1) | ||
| Smolt costs per kilo | NOK | 1.94 | 1.85 | 1.56 |
| Feeding costs per kilo | NOK | 8.47 | 7.46 | 8.49 |
| Insurance costs per kilo | NOK | 0.25 | 0.22 | 0.16 |
| Wages and salaries per kilo | NOK | 1.42 | 1.38 | 1.54 |
| Estimated depreciation per kilo | NOK | 0.76 | 0.83 | 0.77 |
| Other operating expenses per kilo | NOK | 1.68 | 1.52 | 2.14 |
| NET Financial expenses per kilo | NOK | 0.63 | 0.55 | 0.25 |
| PRODUCTION COSTS PER KILO | NOK | 15.15 | 13.80 | 14.92 |
| Slaughter costs per kilo | NOK | 2.43 | 2.39 | 2.19 |
| TOTAL COSTS PER KILO | NOK | 17.58 | 16.19 | 17.11 |
1) Preliminary figures
Average production costs are given in the table above.
One of the main reasons for a negative development in production costs per kilo was an increase in feeding costs per kilo. Average feeding costs per kilo increased with 14 per cent from NOK 7,46 in 2005 to NOK 8,49 in 2006. The explanation for this development was an increase in the price of feed. Average price of feed per kilo was NOK 7,16 in 2006 compared to NOK 6,14 in 2005.
Another reason for the development in production cost per kilo was an increase in wages and salaries per kilo from 2005 to 2006. Average wages and salaries per kilo increased with approximately 12 percent from 2005 to 2006.
The item “Other Operating Expenses” had however the largest relatives increase from 2005 to 2006. This item increased with 41 per cent in the period.
On the other side the expense item “NET Financial Expenses per kilo” was reduced from 2005 to 2006. The reason for this reduction was a combination of higher financial revenues and reduced financial expenses.
Director General of Fisheries, Mr. Peter Gullestad will be available for comments and questions at the Directorate of Fisheries’ stand D 301 at Aqua Nor in Trondheim.
