Wednesday, July 20, 2016

20/07/2016: Less in the net, more in the wallet: Marine Harvest shows paradoxical growth compared to same period last year
Image: Sam Beebe
Marine Harvest has reported pre-tax earnings of EUR 147 million in the second quarter of 2016, a figure approaching double that of the same period last year. 
In Q2 2015, the company’s total Earnings before Interest and Tax (EBIT) were only EUR 84 million.
Paradoxically, the total salmonid harvest in Q2 this year was only a little over four-fifths that of a year before: 87,000 tonnes (gutted weight) compared to 104,000 tonnes.
In more detail, Marine Harvest farms in Norway produced 64 thousand tonnes in Q2 last year for EBIT of 1.13 Euros per kilo; in the same period this year the Norway farms produced only 54,000 tonnes of fish but making EUR 2.10/kg - nearly double the profits.
Its not all on the up-and-up: compared to last year's second quarter, Marine Harvest farms in Scotland are not only producing less fish (11,000 tonnes vs 12,000), but are also making less money per kilo (EUR 0.45 vs 0.63).
However, such under-performance in one country was more than made up for by a surge in profits elsewhere: Despite only producing 11,500 tonnes of farmed fish in Q2 this year (down 500 tonnes on Q2 2015), Marine Harvest Canada's profits skyrocketed by over 900 percent: 2.35 Euros per kilo compared to EUR 0.25/kg for the same period last year. 
Even Marine Harvest Chile's losses are, well, less than before: EUR -0.25 per kilo, less than half what they were last year (EUR -0.54/kg). Granted, MH's salmonid production in this country has pretty much halved since Q2 2015, but globally, this year is shaping up rather nicely for the world's biggest aquaculture company.

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