The company achieved an operational EBIT of NOK 792 million in the second quarter of 2010, compared to NOK 268 million in the corresponding quarter of 2009. Earnings per share improved from NOK -0.02 to NOK 0.21.

 

 

Marine Harvest reported operating revenues of NOK 3 562 million (NOK 3 948 million) in the second quarter of 2010. Harvest volumes were 68 263 tons compared to 83 960 tons in the second quarter of 2009. Net earnings in the period were NOK 741 million (NOK -61 million).

 

 

“Norwegian operations showed a weak price achievement due to a large contact portfolio with prices well below the spot prices and a lower than normal share of superior fish. There is a considerable potential for improved results the next quarters”, commented Marine Harvest CEO Alf-Helge Aarskog.

 

Cash flow  from operations  amounted to  NOK 890 million  (NOK  1 099 million) in the second quarter of 2010. Net financial items amounted to a NOK -34 million (NOK -204 million). Net financial items include net interest expenses of NOK 108 million (NOK 120 million). Net interest-bearing debt increased to NOK 4 678 million (4 140 at end of the first quarter) after dividend distribution in June.

 

The equity ratio decreased to 57.2 percent at the end of the quarter (60.4 at end of the first quarter). Annualized ROACE was 20.7 percent (-4.5 percent) and NIBD/Equity was 38.6 percent compared to 33.75 at the end of the first quarter.

 

 

Marine Harvest Norway achieved an operational EBIT per kg of NOK 11.22 (8.42) in the second quarter, while Marine Harvest Canada and Marine Harvest Scotland reported operational EBIT per kg of NOK 11.65 and NOK 9.35 respectively (9.14 and 8.17). Marine Harvest VAP Europe reported an operational EBIT-margin of 5.7 percent (5.4 percent) in the second quarter of 2010. Marine Harvest Chile achieved an operational EBIT of NOK 17 million (NOK -391 million). The Chilean farming operations achieved a break-even operational EBIT.

 

Marine Harvest is the biggest producer of farmed salmon with one fifth of the global production

 

Marine Harvest expects to harvest a volume of 294 000 tonnes in 2010, of which 66 000 tonnes is expected to be harvested in the third quarter.

 

“The contract share for the third quarter will be in line with the second quarter. However the average contract price is approximately NOK 3 higher than in the second quarter. I expect a strong market and robust results for the coming quarters. The main priorities going forward will be sustainable growth in all regions, a better coordination of sales in the group, and further operational improvements”, said Alf-Helge Aarskog.

 

Marine Harvest expects to harvest a volume of 294 000 tonnes in 2010

 

 

Marine Harvest Group is the world's leading seafood company, with presence in 18 countries and about 5 000 employees worldwide. 

 

The company is present in all major salmon farming regions in the world and the biggest producer of farmed salmon with one fifth of the global production. In addition to fresh and frozen salmon, Marine Harvest offers a wide range of value added products such as coated seafood, ready-to-eat meals, finger food and smoked seafood. Though salmon is the main farmed product, the company also farms trout and white halibut.

 

 

Marine Harvest Group is the result of the merger between Pan Fish ASA, Fjord Seafood ASA and Marine Harvest N.V. in 2006. The company is headquartered in Oslo, Norway, and is listed on the Oslo Stock Exchange. 

 

Photos: Marine Harvest ASA

 

 

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