Marine Harvest short of target in Q2

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Reduced harvesting volumes hit earnings.

In a trading update released Monday morning, Marine Harvest is reporting the following harvest volumes in Q2 2018:

    • Farming Norway     49.5 thousand tonnes
    • Farming Scotland    9.0 thousand tonnes
    • Farming Canada      8.0 thousand tonnes
    • Farming Chile      10.0 thousand tonnes
    • Farming Ireland     1.0 thousand tonnes
    • Farming Faroes      1.0 thousand tonnes
    • Total              78.5 thousand tonnes

In connection with the presentation of the Q1 2018 results, Marine Harvest guided a total harvest volume of 82 thousand tonnes (GWE) for Q2 2018.

Operational EBIT for the Group was approximately EUR 175 million in Q2 2018. This is lower than the EUR 198 million reported in Q2 2017.

Total operational EBIT per kg through the value chain was approximately as follows:

  • Norway     EUR     2.55
  • Scotland   EUR     2.35
  • Canada     EUR     1.00
  • Chile      EUR     1.85
  • Ireland    EUR     2.20
  • Faroes     EUR     2.90

Reported net interest bearing debt (NIBD) was approximately EUR 955 million at the end of the quarter. Northern Harvest is consolidated in the group’s financial statements with effect from 3 July. Thus, the above figures do not include Northern Harvest.

The complete Q2 2018 report will be released on 22 August.