July 22, 2010

Marine Harvest rakes in US$127 million in Q2

Marine Harvest Group achieved an operational EBIT of NOK792 million (US$127 million) in the second quarter of 2010, compared to NOK268 million (US$43 million) in the corresponding quarter of 2009.

Earnings per share improved from NOK-0.02 to NOK0.21. Strong demand and reduced industry supply lead to increasing prices also in the second quarter.

However, Marine Harvest Norway showed a weak price achievement in the quarter. Based on the strong cash-flow in the first half of 2010, the Board has resolved to call an EGM in August where a half-year dividend of NOK0.20 per share will be proposed.

Marine Harvest reported operating revenues of NOK3,562 million in the second quarter of 2010. While volumes were 68,263 tonnes as compared to 83,960 tonnes in the second quarter of 2009. Net earnings in the period were NOK741 million.

Cash flow from operations amounted to NOK890 million in the second quarter of 2010. Net financial items amounted to a NOK -34 million. Net financial items include net interest expenses of NOK108 million. Net interest-bearing debt increased to NOK4,678 million after dividend distribution in June.

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 company is expecting contract share for the third quarter to be in line with the second quarter. However, the average contract price is approximately NOK3 higher than in the second quarter.

Marine Harvest also expects 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.