Marine Harvest confident about Chile – Fishupdate.com

Marine Harvest confident about Chile Published:  09 October, 2008

In their third quarter presentation of results, Marine Harvest say that they remain confident that Chile will be one of the most interesting regions for salmon farming in the future, however, the pace of recovery will depend on the measures taken by the Chilean authorities and industry going forward.

In the Q2 2008 presentation, Marine Harvest announced that a new business plan for business unit Chile would be finalised during Q3 2008. Further, Marine Harvest announced that an impairment test of the balance sheet values would be executed based on the assumptions in the new business plan.

They report that the business plan and impairment has now been approved by the Board of Directors. Marine Harvest Chile now targets earnings before interest and tax (EBIT) break even in 2009 and positive results thereafter.

Marine Harvest Chile expects to release in the range of 15 million smolt per annum in 2008 and 2009. In subsequent years, Marine Harvest Chile expects to increase the smolt release by 10 per cent per annum. Harvest volumes in both 2009 and 2010 are expected to be in the range of 40 thousand tonnes.

Marine Harvest remains confident that Chile will be one of the most interesting regions for salmon farming in the future. The pace of regaining sustainable biological conditions in the region will depend on the measures taken by the Chilean authorities and industry going forward. Marine Harvest will continue to participate actively in this process.

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