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NorskA profitable year for the Norwegian fish farming industry
The total profit of the industry, before taxation, has been calculated to approximately 550 million NOK in 2004.
The explanation to this positive development is an increase in average sales price of salmon and rainbow trout in the same period. A decrease in the production costs per kilo has also contributed to the increase in profitability. Average sales price of salmon increased with 11,8 per cent from 2003 to 2004, while average sales price of rainbow trout increased with 12,4 per cent in the same period.
| 2004 | 2003 | 2002 | ||
| Operating Revenues | NOK | 50 485 836 | 37 984 684 | 37 746 131 |
| Operating Expenses | NOK | 46 564 546 | 40 123 124 | 40 772 185 |
| Operating Profit | NOK | 3 921 290 | -2 138 440 | -3 026 054 |
| Profit before taxation | NOK | 2 052 023 | -4 601 986 | -4 879 543 |
| Sale of salmon | Kilo | 2 164 526 | 1 897 805 | 1 670 809 |
| Sale of rainbow trout | Kilo | 410 060 | 290 936 | 437 419 |
| Production of salmon/rainbow trout | Kilo | 2 592 168 | 2 196 682 | 2 308 312 |
| Feed conversion ratio | 1,24 | 1,27 | 1,21 | |
| Production per man/year | Kilo | 360 023 | 354 304 | 349 744 |
| Operating margin | % | 7,8 | -5,6 | -8,0 |
| Number of man/year | 7,2 | 6,2 | 6,5 | |
| Average number of licences per company | No. | 3,5 | 3,0 | 3,0 |
Results for an average company are given in the table above.
Regions
All regions experienced an increased profitability from 2003 to 2004. A comparison shows that the regions Trøndelag and Sogn og Fjordane had the highest profitability in 2004.
| 2004 | 2003 | |||
| Operating margin | Prod. costs per kilo | Operating margin | Prod. costs per kilo | |
| Regions | Per cent | NOK | Per cent | NOK |
| Finnmark and Troms | 3,0 | 16,25 | -3,2 | 15,58 |
| Nordland | 8,2 | 15,91 | -0,2 | 16,06 |
| Trøndelag | 13,5 | 13,64 | 3,3 | 14,51 |
| Møre og Romsdal | 6,2 | 15,27 | -11,1 | 16,60 |
| Sogn og Fjordane | 12,9 | 14,13 | -6,5 | 14,51 |
| Hordaland | 6,8 | 15,92 | -10,2 | 16,60 |
| Rogaland and Skagerrakkysten | 2,8 | 15,93 | -17,8 | 19,59 |
The table above presents operating margin and production costs per kilo in different regions in 2003 and 2004.
High productivity
Productivity, calculated as average production per man/year, increased from 354 tonnes in 2003 to 360 tonnes in 2004. The Norwegian fish farming industry has increased its productivity steadily and considerably over time, for example production per man/year was only 119 tonnes in 1994.
Reduced production costs per kilo
Production costs per kilo decreased with 4 per cent from NOK 16,02 in 2003 to NOK 15,37 in 2004. The main reason for this positive development was lower NET Financial Expenses.
| 2004 | 2003 | 2002 | ||
| Smolt costs per kilo | NOK | 1,92 | 1,85 | 1,96 |
| Feeding costs per kilo | NOK | 8,49 | 8,81 | 8,83 |
| Insurance costs per kilo | NOK | 0,26 | 0,26 | 0,29 |
| Wages and salaries per kilo | NOK | 1,41 | 1,23 | 1,27 |
| Estimated depreciation per kilo | NOK | 0,78 | 0,81 | 0,82 |
| Other operating expenses per kilo | NOK | 1,79 | 1,94 | 2,39 |
| NET Financial Expenses per kilo | NOK | 0,72 | 1,12 | 0,80 |
| PRODUCTION COSTS PER KILO | NOK | 15,37 | 16,02 | 16,37 |
| Slaughter costs per kilo | NOK | 2,46 | 2,43 | 2,46 |
| TOTAL COSTS PER KILO | NOK | 17,82 | 18,46 | 18,82 |
Average production costs per kilo produced fish are given in the table above. 2002 and 2003 are included for comparison. Be aware of that we have modified the method for the calculation of production costs per kilo. In this presentation figures for earlier year have been recalculated. Presented figures are therefore comparable.
