Bergen, Norway-headquartered Marine Harvest on July 15 reported ooperational EBIT for the group was approximately NOK 1,200 million in the second quarter of 2014 (NOK 901 million in Q2 2013). This is the highest recorded quarterly earnings ever for the company, which is the world’s largest producer of farm-raised salmon.
Total operational EBIT per kilogram through the value chain was approximately as follows for the main sources of origin:
- Norway: 12.1 NOK
- Scotland: 12.1 NOK
- Canada: 11.0 NOK
- Chile: 5.4 NOK
Reported net interest bearing debt (NIBD) was approximately NOK 7.0 billion at the end of the quarter.
Farm harvest volumes during the period were reported as follows:
| Norway | 69,000 tons |
| Scotland | 18,000 tons |
| Canada | 7,000 tons |
| Chile | 16,000 tons |
| Other | 4,000 tons |
| Total | 114,000 tons |
Marine Harvest expects a total harvest volume of 417,000 tons in 2014.
The harvest volumes are provided in head on gutted (HOG) equivalents. The figures include salmonid species only. A total harvest volume of 417,000 tons is expected in 2014.
The full Q2 2014 report will be released on August 27.
Meanwhile, the company has announced a refinancing agreement of existing bank facilities with a senior secured five year EUR 425 million multicurrency revolving credit facility with existing lenders DNB, Nordea, Rabobank and ABN AMRO.
The arrangement includes an accordion increase option, which provides flexibility for the parties to agree to an increased size of the facility b further up to an additional EUR 425 million during the term of facility.
The principal financial covenant of the facility is an equity ratio of no less than 35% during the term. The remaining portfolio of interest bearing debt does not include more restrictive financial covenants.
The portfolio of interest bearing debt does not include any scheduled amortizations.
In a statement on Monday Marine Harvest reported that it “is pleased by the reduced interest commitments and increased financial flexibility generated by the combination of the facility and the recently issued EUR 375 million convertible bond.”
