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Marine Harvest Update: Less Sites, Poorer Quality

GENERAL - Struggling Marine Harvest recently published an update on the company's situation at the end of this year's first quarter.

According to the information the world's largest aquaculture company harvested 42 thousand tonnes of fish from Norwegian operations, however operations in Chile only produced 13 thousand tonnes of fish.

Marine Harevest recently announced losses amassing to over 2.8 billion Norwegian Kroner over the course of 2008. In connection with the presentation of the Q4 2008 results, Marine Harvest guided a total harvest volume of 67 thousand tonnes (HOG) for Q1 2009.

The company says they will post an operational EBIT per kg of approximately NOK 2.75 for the quarter. The figure is negatively influenced by currency effect from short term positions of approximately NOK 2.6 per kg and from negative yield from contracts sales in a market with rising prices.

Marine Harvest Chile will post a negative operational EBIT per kg in the area of NOK 14. Following the high rate of ISA outbreaks in Q4, Marine Harvest Chile halved its number of active sites from 22 to 11 during Q1. The harvested fish had an inferior size and quality. Marine Harvest is in the process of preparing an updated business plan for Chile which will be executed during Q2. The execution of this plan is expected to lead to negative accounting effects for the Group in Q2.

Marine Harvest posted negative agio effects of NOK 791 million on debt under net financial items in Q4 2008. These effects have to a large extent been reversed in Q1 2009 due to the strengthening of the NOK in the quarter. Marine Harvest will post its Q1 results on 7 May.

Further Reading

- Go to our previous news item on this story by clicking here.
- Alternatively, view our report - A New Reality Beckons in Chile - by clicking here.

the Fish Site Editor

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