Marine Harvest expects to harvest a volume of 380,000 tons in 2012 (Photo: Marine Harvest)

COMPANY OF THE WEEK: Marine Harvest Reports Good Performance In Q2

The Marine Harvest Group (Public, OSE: MHG) achieved an operational EBIT of USD 37.88 million (NOK 231 million) in the second quarter of 2012, compared to USD 146.61 million (NOK 894 million) in the corresponding quarter of 2011.

Cash flow from operations was strong at USD 150.54 million (NOK 918 million) in the quarter and the net interest bearing debt was significantly reduced. Marine Harvest expects a challenging market also in the third quarter of 2012.

Marine Harvest is present in all major salmon farming regions in the world and is the biggest producer of farmed salmon with one fifth of the global production

Marine Harvest reported operational revenues and other income of USD 656.80 million/687.47 million (NOK 4005 million /NOK 4 192 million) in the second quarter of 2012. Harvest volumes increased by 24 percent to 99165 tons from 79 932 tons in the second quarter of 2011. Net interest bearing debt was reduced by USD 124.47 million (NOK 759 million) to USD 849 million (NOK 5177 million).

Alf-Helge Aarskog

“In a challenging quarter, Marine Harvest has been able to improve its competitive position and solidity. We have reduced the cost of harvested fish in the quarter, which is a highly appreciated achievement given a demanding marketplace”, comments CEO of Marine Harvest ASA, Alf-Helge Aarskog.

Cash flow from operations amounted to USD 150.54 million (NOK 918 million) in the second quarter of 2012. Net interest-bearing debt decreased to USD 849 million (NOK 5 177 million.

The equity ratio was 50, 8 percent at the end of the quarter (50.1 percent at end of the first quarter) and NIBD/Equity was 47 percent, compared to 53.8 percent at the end of the first quarter.

“I am particularly pleased to see that the excellent performance in Marine Harvest Scotland continues, and that our Norwegian results are satisfactory given a few biological incidents in the quarter”, says Aarskog. “However, the results of Marine Harvest VAP Europe is still disappointing and our efforts continues to improve this unit”.

Marine Harvest employs 6200 people and has operations in 22 countries worldwide

Marine Harvest Norway achieved satisfactory results, with an operational EBIT per kilo of USD 0.55 (NOK 3.37) in the second quarter, while Marine Harvest Scotland reported a strong operational EBIT per kilo USD 1.16 (NOK 7.11). Marine Harvest Canada and Marine Harvest Chile achieved an operational EBIT per kilo of USD -0.685 (-NOK 4, 18) and USD 0.098 (NOK 0, 60) respectively. The numbers include contribution from Sales and Marketing, including VAP Europe.

Marine Harvest has salmon farming and processing activities in Norway, Chile, Scotland, Canada, Ireland and the Faroes

Marine Harvest VAP Europe reported an operational EBIT margin of -0, 5 percent (0, 1 percent) in the second quarter of 2012. Marine Harvest expects to harvest a volume of 380,000 tons in 2012, of which 90,000 tons is expected to be harvested in the third quarter.

“In a market still absorbing the increased supply of salmon, we remain focused on capital efficiency and cost measures in production, to meet what we continue to see as a challenging market, at least in the next quarter. The expansion of new and existing markets for Atlantic salmon remains a high priority for Marine Harvest”, added Alf-Helge Aarskog.

About Marine Harvest

Marine Harvest is the world's leading seafood company and largest producer of farmed salmon, with presence in 22 countries and a total of 6200 employees worldwide.

The company is headquartered in Bergen, Norway, and is listed on the Oslo Stock Exchange.

Source: Marine Harvest

Address:	Stortingsgaten 8
City:	Oslo
State/ZIP:	(N-0161)
Country:	Norway
Phone:	+47 21 56 20 00
Fax:	+47 21 56 20 01
E-Mail:	corporate@marineharvest.com
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