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Marine Harvest ASA (PNFSF.PK) Q2 2008 Harvest Volumes As previously communicated Marine Harvest has a policy of reporting actual harvest volumes shortly after the end of each quarter. The harvest volumes are provided in head on gutted (HOG) equivalents.
Notes: (1) Sold volume for Chile (2) Figures include salmonid species only
In connection with the presentation of the Q1 2008 results, Marine Harvest guided a total harvest volume of 73,000 tonnes (HOG) for Q2 2008.
The price achievement in Norway in the second quarter was negatively affected by approximately NOK1 per kg due to a higher than normal downgrading rate and a lower than normal average harvest weight.
Update on financing Prior to the announcement of the presentation of the first quarter of 2008, Marine Harvest anticipated a breach of one of the financial covenant under its loan agreement. The covenant was linked to Cashflow. Marine Harvest obtained a waiver from the relevant covenant (NIBD/EBITDA) relating to the first quarter of 2008.
Subsequent to the presentation of the first quarter of 2008, Marine Harvest entered into discussions with the financing syndicate with the purpose of amending this covenant through 2009 to allow for a continued restructuring in Chile as a consequence of the biological situation. The intention was to avoid the use of the equity market.
Marine Harvest is pleased to announce that the syndicate has agreed to amend this covenant in the period until Q4 2009 when the normal covenant package will be reinstated.
The Management is of the opinion that the agreed amendments to the covenant structure gives Marine Harvest sufficient headroom to restructure the operations in Chile.
The financing syndicate has agreed to the amendments of the loan agreement subject to an increased lending margin and certain fees amounting to approximately NOK 60 million for the remainder of 2008 and 2009. The amendment of the covenant structure eliminates the need to use the equity market as a result of the covenant situation.
Election of employee representatives to the Board of Directors In accordance with Norwegian legislation, Marine Harvest ASA has conducted a process to elect three employee representatives to the Board of Directors. Frank Øren, Geir Elling Nygård and Turid Lande Solheim were elected and have been instated in the Board with immediate effect.
Following this change the composition of the Board of Directors is as follows: Svein Aaser (Chairman), Leif Frode Onarheim (Vice Chairman), Thorleif Enger, Cecilie Fredriksen, Kathrine Mo, Celina Midelfart, Frank Øren, Geir Elling Nygård and Turid Lande Solheim. Tor Olav Trøim is deputy member to the shareholder representatives of the Board of Directors.
For further information please contact: Jørgen Andersen (CFO) +47 951 43 854 Henrik Heiberg (Finance Director) +47 917 47 724
