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Marine Harvest Release Q2 Production Figures

by the Fish Site Editor
15 July 2009, at 1:00am

GLOBE - Marine Harvest have released an update of their second quarter fish harvest results, totalling 83 thousand tonnes.

49 thousand tonnes of fish have been harvested in Norway, 12 thousand in Canada, nine thousand in both Scotland and Chile and four thousand in other operations.

Marine Harvest Norway say they will post an operational EBIT per kg of approximately NOK 8 for Q2. The figure is affected negatively by the scope of fixed price contracts. The contract rate varies from quarter to quarter and is in this quarter approximately 33 per cent, in the high end of Marine Harvest's contract policy.

The Board of Marine Harvest has approved an updated business plan for Marine Harvest Chile in which Marine Harvest confirms it long term commitment to the business. The purpose of the plan is to harmonise the scale of the business to the expected low level of activity in the coming years, and to minimise losses during this period.

The plan will trigger provisions and write-downs of approximately USD 115 million in Q2. Marine Harvest Chile will post a negative operational EBIT of approximately NOK 400 million and a negative financial EBIT of approximately NOK 900 million in Q2. Mainly due to the reduction of biomass, the liquidity generation in Marine Harvest Chile was positive in the quarter. The implications of the accounting effects are as previously announced agreed with the bank syndicate and Marine Harvest is in compliance with all financial covenants at the end of Q2.

The strong prices in the spot and forward markets create a solid basis for substantially deleveraging the company going forward. Net interest bearing debt as of 30 June has been reduced to approximately NOK 6 billion.

the Fish Site Editor