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Krill oil company Aker Biomarine has worked out a refinancing plan with Aker ASA. (Photo: Stock File/FIS)
Aker Biomarine crafts refinancing plan
NORWAY
Tuesday, February 09, 2010, 00:20 (GMT + 9)
Aker BioMarine and its majority shareholder Aker ASA have designed a refinancing plan to expand the former’s business activities. Aker BioMarine is in discussions with key bondholders to secure the plan’s approval.
The refinancing will strengthen the firm’s capital structure and liquidity through the addition of NOK 550 million (EUR 67.1 million) or more in equity from various shareholders. Holders of the bond maturing in May 2010 were asked to accept a three-year extension.
"Sales, operations, and profitability are developing well, and the refinancing plan we have drafted provides Aker BioMarine with a solid foundation for further growth," said President and CEO Hallvard Muri.
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| Aker CEO Hallvard Muri. (Photo: Aker) |
At year-end 2009, Aker BioMarine had total gross debt of NOK 1.361 billion (EUR 165.99 million), including the NOK 750 million (EUR 91.5 million) bond loan that matures in May. The equity ratio was 12 per cent as of 31 December.
At that time, Aker BioMarine's debt to Aker totalled NOK 956 million (EUR 116.6 million), including interest. The debt includes a convertible loan, Aker's share of the bond loan and a NOK 50 million (EUR 6.1 million) short-term secured loan.
Further, Aker consented to Aker BioMarine borrowing an extra NOK 40 million (EUR 4.88 million) in Q1 2010. Offsetting such debt, Aker BioMarine holds a NOK 357 million (EUR 43.5 million) receivable from Aker ASA, including accrued interest and long-term receivables from Aker Ocean Harvest AS totalling NOK 166 million (EUR 20.2 million), including interest.
According to the plan, Aker's NOK 473 million (EUR 57.7 million) net receivable from Aker BioMarine will be turned into equity. To let other shareholders keep their proportionate ownership interest and provide necessary additional liquidity, plans will carry out a private placement of shares for existing minority shareholders.
Aker BioMarine reported revenue growth and improved cash flow from operations in the last three months of 2009.
The company sold 24.8 tonnes of Superba Krill in the 2009 fourth quarter, up 48 per cent from the third quarter. Sales of Qrill grew 57 per cent compared with Q4 2008, down slightly from Q3 2009.
Superba Krill may now be sold in all EU countries as Aker BioMarine continues to expand in the US market.
Its Q4 2009 operating revenues were NOK 50 million (EUR 6.1 million), up from NOK 18 million (EUR 2.2 million) in Q4 2008, due to higher Superba Krill sales. Cash flow from operations was minus NOK 7 million (EUR 853,721), a NOK 8 million (EUR 975,681) improvement from the third quarter of 2009.
EBITDA was minus NOK 36 million (EUR 4.4 million), compared with minus NOK 54 million (EUR 6.6 million) in the fourth quarter of 2008. Aker BioMarine sold 1,470 tonnes of Qrill in last fourth quarter, up from 942 tonnes in the fourth quarter of 2008.
The company is seeking environmental certification of its Antarctic krill operations with its EcoHarvesting trawling technology.
Related articles:
- Krill oil product to be marketed to Europe
- Aker Seafoods borrows EUR 8.6 mln
By Natalia Real
editorial@fis.com
www.fis.com
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