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Marine Harvest Publishes Preliminary Q3 Results

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GLOBAL - Marine Harvest produced 80,000 tonnes of head-on gutted (HOG) equivalents in the third quarter (Q3) of 2009.

Marine Harvest will release its Q3 results on 16 November but it has released some data in the interim

The harvest volumes of salmonid species (in HOG equivalents) during Q3 2009 were as follows:

  • Norway - 53,000 tonnes
  • Chile (see note) - 8,000 tonnes
  • Canada - 5,000 tonnes
  • Scotland - 10,000 tonnes
  • Other - 4,000 tonnes
  • Total - 80,000 tonnes
Notes: Sold volume for Chile

In connection with the presentation of the Q2 2009 results, Marine Harvest guided a total harvest volume of 70,000 tonnes (HOG) for Q3 2009.

EBIT per kg for Marine Harvest Norway was approximately NOK 6.3 in Q3 2009.

Operationally, the restructuring of Chile is in accordance with the updated business plan communicated in the Q2 report.

Marine Harvest has been able to benefit from good market prices during Q3, which in turn has contributed to a further deleveraging of the business. As per the end of the third quarter, net interest bearing debt was reduced to approximately NOK 5,100 million (NOK 6,025 million as per the end of the second quarter of 2009).

The market fundamentals also provide a positive outlook for 2010.

The good operational results and consequential deleveraging of the Company opens up for a dividend based on the 2009 results.

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