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Pancreas Disease Hits MH In 2nd Quarter

Salmonids Economics +2 more

NORWAY - Leading seafood company, Marine Harvest, has announced the first set of results for the second quarter of 2011, with total harvest volume falling 2,000 tonnes short of previous predictions.

The harvest volumes for Q2 2011 are as follows:

  • MH Norway - 54,000 tonnes
  • MH Chile - 1,000 tonnes
  • MH Canada - 8,000 tonnes
  • MH Scotland - 13,000 tonnes
  • Other - 4,000 tonnes
  • Total - 80,000 tonnes

In connection with the presentation of the Q1 2011 results, Marine Harvest guided a total harvest volume of 82 thousand tonnes (HOG) for Q2 2011.

Operational EBIT for the Marine Harvest group was approximately NOK 890 million in Q2 2011 (NOK 792 million in Q2 2010).

Marine Harvest Norway has expensed exceptional costs of approximately NOK 50 million which are mainly relating to pancreas disease (PD) in Region South. Operational EBIT per kg for MH Norway was approximately NOK 12.90 in the quarter.

Net interest bearing debt (NIBD) was approximately NOK 5,800 million by the end of the second quarter 2011. When adjusting for the Q2 dividend of approximately NOK 2,900 million, NIBD was reduced by approximately NOK 1,700 million during the quarter.

Marine Harvest has reached agreement with its lenders to up-scale the €600 million Facility Agreement by €200 million. The terms of the Facility Agreement will not be affected by the up-scaling.

Marine Harvest will release its Q2 2011 results on 20 July.