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Harvest Volume Down Slightly for Marine Harvest in Q2 2015

Salmonids Economics +2 more

NORWAY - Marine Harvest has reported a slightly lower than expected total harvest volume for the second quarter of 2015 of 104,000 tonnes. Marine Harvest had guided a total harvest volume of 107,000 tonnes (GWE), including its operations in Chile.

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The biggest harvest volume came from Norway, with 64,000 tonnes. this was followed by Chile with 13,000 tonnes and then Scotland and Canada, both with 12,000 tonnes. A further 3,000 tonnes came from other operations.

Operational EBIT for the Group was approximately NOK 700 million in Q2 2015 (NOK 1,220 million in Q2 2014).

Total operational EBIT per kg through the value chain were approximately as follows for the main sources of origin:

Norway NOK 9.7
Scotland NOK 5.4
Canada NOK 2.1
Chile NOK -4.6

Insurance coverage in relation to the Calbuco volcanic eruption in Chile has positively impacted the operational EBIT for Marine Harvest Chile by approximately $5 million in the quarter.

The announced restructuring of Marine Harvest Chile, whereby a provision of $11 million has been made, is not included in operational EBIT. This amount will be included in a separate line "Restructuring costs" in the complete quarterly report.

Reported net interest bearing debt (NIBD) was approximately NOK 7,700 million at the end of the quarter.