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| Should other nations follow Alaska's lead in using aquaculture as part of a fishery enhancement programme? |
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Current Results
Past Results |
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Chile disease situation hits Marine Harvest results 14 May, 2008 -
The company said that while the biological situation in Chile remains a challenge it remains confident of a positive long term outcome. Its largest operation, Marine Harvest Norway continues to deliver good figures in the first quarter of 2008, with higher harvest volume and lower cost of harvested fish than the same period last year. VAP Europe also continues to show positive development with an increased EBIT. "We have taken a number of operational actions to contribute to short and long term improvements in Chile, but it takes time to achieve the envisaged improvements," CEO Åse Aulie Michelet said. "The number of new ISA [Infectious Salmon Anaemia] sites identified has been reducing in the last months, however the overall situation remains uncertain. Still, we are optimistic about the long term outcome for Chile as an attractive and profitable production region. "We have taken strong action to reduce cost in the quarter including a closure of one processing plant and the redundancy of 900 staff. Marine Harvest Norway shows good operational improvement compared to last year. The reduction in operational EBIT is to a large extent due to lower market prices and currency effects. We are further pleased with the results in VAP Europe that improved its EBIT despite a lower revenue compared to the same period last year." Marine Harvest generated operating revenues of MNOK 3,080 in the first quarter 2008 compared to MNOK 3,795 for the same period last year. The reduction in revenues of MNOK 715 is mainly a result of lower prices in all regions. The reduction in revenues in Chile alone amounted to MNOK 594, although a large part of this reduction was also due to lower volumes and smaller fish harvested. EBITDA before fair value adjustment of the biomass and restructuring was MNOK 107 in the quarter, down from MNOK 740 in first quarter 2007. Operational EBIT was negative MNOK 65 in the first quarter of 2008 compared to positive MNOK 552 in the first quarter of 2007. The total harvest volumes in the first quarter were similar to the levels of the comparable period last year, as the reduction in Chile due to disease was compensated by a volume increase in Norway. At the end of the first quarter 2008, Marine Harvest had a net interest-bearing debt of MNOK 6,314 compared to MNOK 6,725 in the first quarter 2007 and MNOK 6,744 at the end of 2007. The equity ratio was 53.8 per cent compared to 54.7% in the first quarter 2007. Marine Harvest said it expects to harvest a volume of 319,000 tonnes of salmonids in 2008, an increase of 11,000 tonnes compared to the previous guiding, of which 73,000 tonnes will be harvested in the second quarter. www.fishfarmer-magazine.com is published by Special Publications. Special Publications also publishes FISHupdate.com, FISHupdate magazine, Fish Farmer, the Fish Industry Yearbook, the Scottish Seafood Processors Federation Diary, the Fish Farmer Handbook and a range of wallplanners.
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