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Marine Harvest ASA (OSL:MHG) (Oslo, November 14th 2008) Marine Harvest ASA reported a financial EBIT of MNOK -1 343 in the third quarter of 2008, compared to MNOK -34 million in the corresponding quarter last year, following the previously announced write downs in Chile. Operational EBIT ended at MNOK 103 in the period. The new business plan for Marine Harvest Chile, with the ambition of reaching break even in 2009, was finalized during the quarter.
- Marine Harvest finalized and approved the new business plan for Chile in the third quarter. Following the thorough business plan review, we wrote down all goodwill and some licenses, as previously communicated, resulting in a negative financial result for the quarter. Going forward, we will conduct a complete turnaround in Chile with the ambition of reaching break even in 2009, says Åse Aulie Michelet, chief executive officer of Marine Harvest.
Marine Harvest reported operating revenues of MNOK 3 090 in the third quarter 2008 (2 964), and a financial EBIT of MNOK -1 343 (-34) following the write downs communicated in the October 9th news release. Operational EBIT was MNOK 103 in the period (-2). The revenue increase relates to higher volumes and more favourable prices. A total volume of 73 354 tonnes HOG was sold in the third quarter 2008, compared to 71 180 tonnes HOG in the same quarter last year. Cash flow from operation improved to MNOK 428 in the third quarter 2008, compared to MNOK - 125 in the third quarter of 2007, after increased operational profit and lower working capital build up.
Marine Harvest Norway delivered an operational EBIT per kg of 3.58 in the third quarter (3.32), while Marine Harvest Chile had an operational EBIT per kg of -8.92 in the period (-4.00). Marine Harvest Canada and Marine Harvest Scotland reported an operational EBIT per kg of 3.75 and 6.22 respectively (2.37 and 2.18). Marine Harvest VAP Europe reported an EBIT margin of 4.8 per cent in the third quarter (4.0).
- The farming operations in Scotland delivered strong results for the period, while PD and algae bloom negatively impacted the operational performance in Norway and Canada respectively. Marine Harvest VAP Europe experienced a good quarter, despite a weakening trend in the European market, says Aulie Michelet.
Marine Harvest expects to harvest a volume of 319 000 tonnes of salmonids in 2008, of which 82 000 tonnes are expected to be harvested in the fourth quarter, representing an increase of 6 000 tonnes, compared to the previous guiding.
- Marine Harvest expects the current markets conditions to afftect the demand for salmon to a lesser extent than the demand for other species and competing products. The prices for important raw materials are expected to be reduced. Marine Harvest will be cautious with the investments in the short term and will have a strong focus on improved performance in Chile and Norway. Despite the current challenges, the long term fundamentals for the industry are good and we expect to improve the EBIT in 2009, says Åse Aulie Michelet.
For further information, please contact
Jørgen Andersen, CFO, tel +47 21 56 20 09, mobile +47 95 14 38 54
About Marine Harvest Marine Harvest is the world's leading aquaculture and seafood company, supplying a broad range of seafood products to customers in more than 70 countries. Marine Harvest is present in 18 countries and has about 7,500 employees worldwide. The company is head quartered in Oslo, Norway, and is listed on the Oslo Stock Exchange. www.marineharvest.com
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