The processing line at a Marine Harvest plant. (Photo: Marine Harvest)

Marine Harvest reports robust results for Q3

NORWAY
Wednesday, November 18, 2009, 02:20 (GMT + 9)

Marine Harvest ASA reached an operational EBIT of NOK 625 million (EUR 74.8 million) in Q3 compared to NOK 103 million (EUR 12.33 million) in Q3 2008. Earnings per share were NOK 0.18 (EUR 0.02) compared to NOK -0.51 (EUR 0.06) in the third quarter last year.

Stable demand and tight supply bred favourable prices. Fixed price contracts, though, led to lower achieved prices than spot market prices.

Dividends were about NOK 0.25 (EUR 0.03) per share based on this year’s figures. Compared to Q4 2008, global supply is expected to fall 13-17 per cent this Q4 in a market with solid demand.

Operating revenues are NOK 3.57 million (EUR 427,494) in the third quarter, compared to NOK 3.089 million (EUR 370,973) in Q3 of last year. Net earnings totalled NOK 626 million (EUR 74.96 million) with a volume of 79,554 tonnes HOG compared to 73,354 tonnes in Q3 2008.

“Despite a steep fall in harvest volumes in Chile, we have been able to increase our global harvest volumes with 8 per cent in the third quarter compared to the third quarter of 2008, and we have taken advantage of the favourable market for salmon,” said Marine Harvest ASA CEO Aulie Michelet.

Cash flow from operations was NOK 811 million (EUR 97.1 million), a rise from NOK 428 million (EUR 51.3 million) in the third quarter. A strong cash flow and the stronger NOK versus EUR and USD reduced net interest bearing debt by NOK 932 million (EUR 111.6 million) to NOK 5.09 million (EUR 609,508).

The equity ratio rose to 55.2 per cent at the end of Q3.

Net financial items spawned an income of NOK 264 million (EUR 31.6 million) in Q3 compared to NOK -391 million (EUR 46.8 million) in the third quarter of 2008. Net financial items include net interest expenses of NOK 84 million (EUR 10.1 million), down from NOK 139 million (EUR 16.6 million) in the corresponding quarter last year.

Net positive currency effects amounted to NOK 331 million (EUR 39.6 million), compared to NOK -107 million (EUR 12.8 million) in Q3 2008, mainly due to the strengthening of the NOK versus EUR and USD.

Marine Harvest Norway’s operational EBIT per kg was NOK 6.29 (EUR 0.75), or a jump of NOK 3.58 (EUR 0.43), while the Canada and Scotland divisions reported NOK 5.33 (EUR 0.64) and NOK 8.67 (EUR 1.04), respectively. This is a leap of NOK 3.75 (EUR 0.45) for Canada and NOK 6.22 for Scotland (EUR 0.74).

Marine Harvest VAP Europe had an operational EBIT-margin of 5.9 per cent in Q3.

The firm expects a volume of 322,000 tonnes in 2009, 9,000 tonnes more than earlier 2009 estimates, with 82,000 tonnes expected for Q4.

Related articles:

- Marine Harvest sees positive outlook
- Marine Harvest operational EBIT higher in Q2

By Natalia Real
editorial@fis.com
www.fis.com

 Marine Harvest ASA -Headquarters-

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