Harvest volumes
The harvest volumes are provided in head on gutted (HOG) equivalents.
Harvest volumes Q2 2009 (2)
Norway 49 thousand tonnes
Chile(1) 9 thousand tonnes
Canada 12 thousand tonnes
Scotland 9 thousand tonnes
Other 4 thousand tonnes
Total 83 thousand tonnes
Notes:
(1) Sold volume for Chile
(2) Figures include salmonid species only
In connection with the presentation of the Q1 2009 results, Marine Harvest guided a total harvest volume of 73 thousand tonnes (HOG) for Q2 2009.
Operational results
Marine Harvest Norway 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%, 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.
Marine Harvest will post its Q2 results on 14 August.
For further information please contact:
Jørgen K Andersen (CFO) +47 951 43 854
Henrik Heiberg (VP Finance & Treasury) +47 917 47 724