Good results in a strong market
(Thomson Reuters ONE) - (Oslo, August 14th 2009) Marine Harvest ASA achieved an operationalEBIT of NOK 257 million in the second quarter, compared to NOK 145million in the corresponding quarter last year. Solid demand andtight supply led to strong prices. Achieved prices were lower thanspot market prices due to fixed price contracts. The updated businessplan for Chile was approved and accounted for in the second quarter.Marine Harvest has a positive outlook for the market development inthe coming quarters.Marine Harvest reported operating revenues of NOK 3 947 million inthe second quarter of 2009 (3 196), with operational EBIT of NOK 257million in the period (145). EBIT was NOK 182 million in the period(6). A total volume of 83 960 tonnes HOG (80 669) was harvested inthe second quarter of 2009.The business plan for Chile was updated during the second quarter,with the purpose of harmonizing the scale of the business to a lowlevel of activity in the near term and minimize losses during theperiod. The total negative effect on EBIT from implementing the newbusiness plan was NOK 727 million. Marine Harvest Chile will be runwith a cash neutral target until the rebuilding period starts.Cash flow from operations was NOK 1 088 million (426) in the secondquarter 2009. Due to the strong cash flow and the successful privateplacement of NOK 300 million carried out in May, the net interestbearing debt was reduced by NOK 1 131 million to NOK 6 025 million.The equity ratio increased to 51.2 % at the end of the quarter.Net financial items amounted to a cost of NOK 193 million (9) in thesecond quarter of 2009. Net financial items include net interestexpenses of NOK 120 million, an increase of NOK 10 million from lastyear. Net currency effects amounted to negative NOK 132 million (1),mainly due to the strengthening of the EUR versus NOK.Marine Harvest Norway achieved an operational EBIT per kg of NOK 8.03in the second quarter (3.41), while Marine Harvest Canada and MarineHarvest Scotland reported operational EBIT per kg of NOK 8.52 and NOK8.38 respectively (2.92 and 3.13). Marine Harvest VAP Europe reportedan operational EBIT-margin of 5.6 % in the second quarter of 2009(4.5%).Marine Harvest expects to harvest a volume of 313 000 tonnes in 2009,which is an increase of 17 000 tonnes from earlier guiding for theyear. 70 000 tonnes is expected to be harvested in the third quarter.- In addition to increased prices and volumes, we have achievedoperational improvement demonstrated through lower mortality rates,good development in growth in sea and a reduced number ofPD-outbreaks. We expect this positive development to continue. Feedcosts will also be falling in the next quarter from the relativelyhigh level since late 2008. In order to secure stable deliveries toour US customers we have set up a new processing plant in Miami andwill open an additional plant in Los Angeles in August. We expect toincrease volumes from Norway to the US market significantly in thesecond half of 2009. With a positive outlook for the marketdevelopment we expect continued improvements in financial performancefor the rest of the year, says ÿse Aulie Michelet, CEO of MarineHarvest ASA.For further information, please contactJørgen Andersen, CFO, Tel +47 21 56 20 09, Mobile +47 951 43 854Henrik Heiberg, Finance Director, Tel +47 21 56 20 11, Mobile +47 91747 724About Marine HarvestMarine Harvest is the world's leading seafood company and largestproducer of farmed salmon, with presence in 18 countries and about 6200 employees worldwide. The company is head-quartered in Oslo,Norway, and is listed on the Oslo Stock Exchange.www.marineharvest.comhttp://hugin.info/209/R/1334763/317023.pdfhttp://hugin.info/209/R/1334763/317024.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 14.08.2009 - 07:00 Uhr
Sprache: Deutsch
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