To present today, together with me, I have the CFO of Marine Harvest, Ivan Vindheim. Just show you this for the sake of prudence and continue on to the highlights for this quarter. A fantastic result. The best result in Marine Harvest history ever, EUR 149 million in operational EBIT. This on the back of unprecedented strong prices. In all markets, prices were up during the quarter on the back of obviously reduced supply, which we'll come back to, but also very strong demand in many markets. We did a divestment of our shares in Grieg Seafood this quarter, you can see that having an effect on the dividend. The board decided yesterday to pay out a dividend of NOK 3.2 per share, NOK 1.10 per share is related to the divestment of our shares in Grieg Seafood. Some few numbers in regards to key financials.
Ivan will come more back to this later on. Operational EBIT here, as already mentioned, NOK 149 million up from NOK 84 million in corresponding quarter 2015. That is an increase of 78%. In terms of harvest volume, it is down 16% from 104,000 tons in 2015 in this quarter down to 87,000 tons. I will get back to the reason for that in later slides. Just to take a look at salmon prices, this graph shows the salmon prices in the main markets. The green line is the reference price for Canada, the red line is the reference price for Chile, and the blue line is the reference price for Norway. These are spot prices in the markets. You can see all prices trending up in total, for all markets here, prices were up more than 50%.
A little bit variation in the different areas. Record high prices both in Europe and Asia, but we also see improving prices in Americas. This graph continues on into August for 2016. You will see a drop in prices on Norwegian salmon. Even with that, it's coming from record high levels. It's talking about going from EUR 8 per kilo down to a tremendous price of EUR 6 in the last few weeks. Overall, demand in this quarter and in general for salmon in most markets, very strong. Back to our price achievement and the contract share and the quality of our fish. Overall, Marine Harvest was hampered or in the Norwegian operation, with high contract share. You can see this directly impacting our realized price for salmon.
If you compare to the spot price, we only achieved 83% in this quarter, and that is due to our contract share. The quality for Norwegian salmon was 92%, which we find satisfying. In terms of the Scottish operation, much the same, high contract share, that is the name of our business, and we had only 83% there as well in price achievement. If you compare that to the second quarter of 2015, it was 117%, showing that in that quarter, good contracts paid off. Canada, different story. We do not have contracts in Canada and thus achieving spot price for our fish. That shows obviously directly on the result. Chilean fish, partly contrary, most in the U.S. market at good prices, still below last year but above the reference price. Overall, decent quality in all operations in terms of superior percentage of our fish.
A waterfall that is showing the bridge from the second quarter 2015 and the operational EBIT in that quarter. It goes on in showing the different business units and ending up in the second quarter of 2016. You will see feed performing at the same level as last quarter, and then farming performing very well in terms of change in operational EBIT. The fact is that most of this is due to price and increased price on the products farming deliver. The reference or the price going back to farming is substantially higher. Markets, and that's our division in Asia, in Americas and the sale of what we call raw material and trade, trading operation, improved from last year, which is a very good performance if you think about it, because volumes were down to 87,000 tons.
The efficiency in that organization is very good. Consumer products struggling, down EUR 10.4 million compared to the result in 2015, same quarter. That is due to very high raw material prices. Record high raw material prices and they're not covered back-to-back on all contracts. We still have to buy some fish, and we buy our fish from other on spot. They have and are struggling with the high prices. Then again, at the end, ended up at EUR 149 million. If you look at the different business segments, and we start with the biggest one, and this is Norway farming. The result is good compared to if you take into account the contract share. We have challenges, and there's no reason to put them under anything.
Sea lice, and this kind of goes together, it's a lot of sea lice treatments to keep sea lice level below threshold, has an impact on mortality, has an impact on feed cost because you have to starve the fish prior to treatments, gives you a higher FCR. What we see is that we expect high costs also in the third quarter. If you look at the numbers there, operational EBIT at close to EUR 114 million, up from EUR 77.9 million. This again is price-driven. Cost, unfortunately, is going the other way. You can see that on the waterfall here. You see volume being reduced, obviously, having an effect on what we call non-seawater cost, which is harvesting cost, and that becomes more expensive if you have lower volume.
You see all the seawater cost here is up, and it's basically treatments, and also feed cost per kilo harvested is up because of higher conversion ratio because of a lot of work with the fish. This is still a focus, and we can improve, and we can get better, and we will get better. We are gradually investing in new equipment to deal with the issues. Still, it will be a fight also this year. Over to our contract portfolio. As you see in the second quarter of 2016, it was 27,000 ton and in this quarter at the range of 52%. This is dropping percentage-wise, but fairly stable in terms of overall contracted fish and volume-wise.
This is because Marine Harvest is put together and we are delivering a lot of fish into big retailers, and we are building this for the future long term, and we are lifting prices on coming contracts gradually, but there will be a lag. What we see here is, I think, the right strategy for the future. Building demand, coming up with new products, making sure that the spot prices are staying up there at the high level. Think about it. We have to think about this long term. We cannot jump to 0% contractors in our company because we have big responsibilities and we honor contracts going forward, which I think is a very good thing for the whole business. To the different regions in Norway.
As you know, we divide the Norwegian operation into four regions, geographically dealt with being from Agder in the south to Sogn og Fjordane in the north on region south, from Sogn og Fjordane in the south to Hustadvika in the north on region west, from Hustadvika up to Folla on region mid, and from mid up to Kvenangen, in fact, in region north. Four different areas. Region south, performing well in the quarter, taking into account this area's performance historically. Region west, struggling with a lot of lice treatments, a lot of work with the fish, basically underperforming compared to what we expect from this region. Usually the best region in Marine Harvest or among the best, it's usually west and north that is the two best regions. Region mid, a lot of fish on the outside of Frøya.
A lot of work dealing with sea lice. It's an area where you have ISA infections, or we had it with one company having positive fish. There's a lot of work there taking care of those fish and important for the future. Region north performing very well this quarter. Again, looking forward, one site positive with ISA will be harvested out in the third quarter and will have an effect based on price prognosis and cost of that fish negatively of EUR 8 million for that region alone in the third quarter. Overall, EUR 2.12 in margin. Remember, all these regions impacted by 52% contract share. Price realization, not the best. We continue to our operation in Scotland. We see there also a challenging environment in terms of the biology. We are working very hard and we are restructuring the business.
We're changing the site layout and also a lot of new equipment coming into place there, among them also using a lot of wrasse in the operation and building up the wrasse industry in the U.K. This region, or this country, affected by high contract share. Losses at our value-added plant, at least for the overall operational EBIT, was at EUR 3.5 million and had a direct impact on the EBIT per kilo for this region. Also here, cost expected to be high in the third quarter. Continue to Canada, it is, in this quarter, by far our best-performing region compared to biological issues there or what we have seen before. We can see that Canada had an operational EBIT of EUR 27.4 million. Corresponding quarter 2015 was EUR 3 million. Operational EBIT per kilo 2.34.
You will see on the waterfall here that obviously price went up, record high or at least very high prices in Canada. Costs were under control and costs were actually very low on the site we harvested from. We expect the cost to go higher in the third quarter, and that has to do with the sites that we're going to go into in the third quarter. Overall, performance in Canada, I will not say excellent because I hardly use that word, but very good. Chile, another story. Basically, most of the fish going into the same market, still challenging. It's fair to say that Chile lost money in this quarter, but on the back of a tremendous crisis related to the algal bloom in March, really. The effect of that was big for the company. Volume-wise, reduced almost half.
Had certainly an impact on non-seawater cost and processing cost for this quarter. We see also in terms of And you can read the numbers here, but the negative effect of the algal bloom in this quarter of EUR 3.8 million. We are putting in place a lot of effort there to restructure this business and make it more efficient. Unfortunately, and especially for all the people, this leads to a strong reduction in number of people. That corresponds also with a strong reduction in harvest volume going forward. Together with that, we write off some fixed assets quite a bit, and there's no way around it. NOK 19 million of fixed assets written off in this quarter in Chile, and a restructuring provision.
Basically, a salary to people that is going out of the company, there are rules for that in Chile, amounting EUR 2.2 million. Full cost in this quarter, EUR 6.24. I think it's fair to say that we expect this cost to drop in the third quarter. We see improvement in Chile in this quarter, and which bodes well at least for the medium term and maybe a little bit into next year. The Chilean government has put in place new regulation, came in June. Unfortunately, they don't solve any issues. We are fighting that hard, and we're trying to explain. What Chile really need is longer distance between sites, making sure you're using the best sites. Sorry. Having some sort of predictability of how much smolt you can put out or how much you can produce, and link that to biological indicators.
They really need good oceanographic surveys, so they understand current and impact between sites. Marine Harvest is lobbying and working hard to kind of change this game, but we have not succeeded. We have gone as far as we can go out of the SalmonChile to try to point in another direction, but so far, not a success. For us, this is serious, and we really need some sort of I shouldn't use the word sustainability, but maybe it's in place here. Some sort of predictable way of farming going forward. That it can't be that you are increasing smolt just after you've had a crisis compared to last year, because the biology doesn't take it, and it's that easy. Two small operations for us, Ireland and the Faroe Islands.
Ireland's struggling with high cost, still making decent money on the back of very good prices from the fish. Faroe Islands, a good result. We expect Faroe Islands even to become stronger in the third quarter. Okay on small operations. To a unit that is on KPIs and production efficiency and all that performing better, but struggling with the higher raw material prices. If you see, what's interesting here is that volume actually going up with 5,000 tons, showing that the demand for salmon in the different markets are very strong. Consumer products. A big part of this is obviously Mowi delivering into Germany and have expanded tremendously on fresh MAP products into the German market, even on higher prices. Prices in this segment gradually increases.
We have contracts, but we see also price of these contracts on consumer finished goods, if you say it that way, gradually going up on longer-term horizons, which I think is very comforting in terms of the development long term of this industry. Again, strong demand in Germany, strong demand in U.K. Both Belgium, Netherlands, and Luxembourg is going well. A lot of south European markets also doing extremely well. Maybe with one exception, if you call it south European, and that is France, where we have obviously struggled to push the prices across in that marketplace. Otherwise, you can see that the people are willing to pay more for salmon, and I think that is both smart for the people and good for us because this product is an extremely good product.
One plant we have challenge, and you know how we have had the challenges with the previous quarters and still in this quarter. On track, we said that the Rosyth would come in around EUR 4 million loss in the second quarter. It came in at EUR 3.5 million, so slightly better, and we expect it to be break-even in the third quarter and make money from there on in this operation. On to fish feed, our feed division. Running along, they are producing more volumes than last year, but maybe slightly less than we expected, and that has to do with the demand from the customer, and the big customer here is Marine Harvest. Good production level, good efficiency, and it looks like we will do 320,000 tons in this plant, and for me, that is significant.
It's 100,000 tons more than we planned it for a few years ago. It really shows that it's possible to both make good feed for the fish and be efficient, even if you are into an industry that is new for us. Talking about new, one of the big news in this quarter is that we go into another operation, but as an owner. We looked into this business segment. We've seen the profit levels in this business segment. We've seen a potential for improving this logistical part of the fish or creating the fish here and use of these boats for a long time. We did a good evaluation in terms of could we do this ourselves? We knew it was maybe on the outline of what the core business of Marine Harvest should be.
Ending up partnering up with a company called DES or DESS. This quarter, we ordered two vessels. One 3,000 cubic meter multipurpose vessel for the Canadian operation. This has the biggest freshwater making unit on any well boat. It is specially designed for treating fish, can obviously do other things, drive the harvest fish and smolts and the like, but can do a set of different operations. I think the price is okay at NOK 225 million for this boat, knowing that NOK 25 million is into this freshwater making unit. Why make freshwater? Well, there's two reasons for that. It's treating fish for AGD or treating fish for sea lice. In Canada, we have a limited allowance to use other chemicals in our farming operation, that's why we go with freshwater as a main line of treatments.
Good capacity for this operation will be delivered in the third quarter of 2017. The second vessel is, I would say, a new way to harvest fish. I think this is a harvest vessel that is capable of slaughtering 600 tons in very few hours on cage. That means that we know that you can transport more fish dead, chilled on a boat than live. It is also a fact that if you transport the fish dead, chilled and taken care of on a boat, you do not transmit diseases when you transport harvest fish or sea lice or the like. I think this boat has the potential, and this is the first one with this kind of capacity to actually change the segment in the well boat business quite dramatically.
I think going forward, we will start putting more effort to making these types of boat even more efficient and down the road, gradually take harvesting over to this kind of boats and then have multipurpose vessels or well boats for all other operations. The flexibility in those multipurpose vessels and making sure they are efficient and not too expensive is important. The joint venture here will have good financing and cheap financing and will be, I hope, an interesting party also for other producers based on their efficiency. I wish them all the best. Ivan, it's over to financial and markets and harvest volumes, and the floor is yours.
Thank you all. Good morning to all of you.
As usual, we start with the P&L. The second quarter saw us make a turnover of EUR 832 million, which is 8% up compared to last year. Operational EBIT, as high this time as EUR 149 million, an increase of 78%. As Helge said, the best results ever. Further down in our P&L, we will just visit the big items. The first one is the adjustment of biomass, this time as high as EUR 32 million. Because of the surge in prices we saw throughout the quarter, the biomass was, in volume terms, down. Further down, income from associated companies, EUR 16 million, which is related to our stake in Nova Sea, 48%. They had a fantastic result, also this time. EUR 3.11 per kilo on 10,775 kilo. Well done. Net financial items this time, negative EUR 90 million, highly impacted by fair value adjustments of financial instruments.
First and foremost, our two convertible bonds. Underlying earnings per share, EUR 0.24. Net cash flow per share, EUR 0.50, because of a release of working capital, plus the divestment of the Grieg shares. Volumes, 87,000 tons this time, which is for Marine Harvest, low. There is no surprise to anyone that this led to high prices, but maybe a little bit more than what at least we foresaw. Operational EBIT per kilo for total operation, EUR 1.71. Return on capital employed, 24% annualized for the quarter. Much about the P&L. Over to the balance sheet. This time, the balance sheet amounts to EUR 4.2 billion, which is pretty much the same as year-end. No major changes. Net interest-bearing debt, as low as EUR 832 million, this time because of a fantastic cash flow during the quarter. Equity ratio at a stable 46%.
Over to our cash flow. We started the quarter with a net interest-bearing debt of EUR 960 million, made EUR 213 million from our operations, i.e., more than what our earnings were because of a seasonal release in working capital. I would say, unfortunately, a little bit more than what we planned for. As you can see from our volume guidance, which we will revisit later on in this presentation, we are down, and the growth has been lower than what we hoped for in the first half of the year. Net CapEx, in line with our forecast and budget, EUR 50 million. Other investments is Grieg Seafood, but also a dividend from Nova Sea. Interest paid in the quarter, EUR 6.5. We have a fantastic financing, and our interest rates are correspondingly low. Dividend distributed after the first quarter, EUR 82 million.
All in all, we closed our books with a net interest-bearing debt of EUR 832 million. I.e., a great quarter also cash-wise. Over to cash flow guidance. Those of you who follow this thoroughly can see that no changes guidance-wise. The board has decided a dividend this time of NOK 3.20 per share, of which NOK 1.10 is what we call here an extraordinary dividend related to our divestment of our stake in Grieg Seafood. Over to our financing. No changes here either. I would like to take the opportunity again to say that we have a very strong financing, fantastic terms, and we are well-positioned for both future growth and the strategy moves we have done. DESS, the aquaculture shipping joint venture we are just entering into during the quarter. Much about the financial figures. Over to fundamentals.
Supply development during the second quarter, in line with our expectation, although in the low end. Norway, as expected. Chile, a steeper decline because of the strike we saw in Quellón during the second quarter. Other regions, more or less 100% in line with the numbers we released in the first quarter. Price. Helge has duly commented on prices during the quarter. Fantastic. Up around 50% in all markets year-over-year. Unprecedented. We haven't seen such prices since, I guess you have to go back to the '80s, at least a long time before I started in this industry. Once again, a really good quarter market-wise. Over to the market. The salmon produced in a quarter was consumed because the supply was substantially down. The consume was also correspondingly down. If you adjust for prices, all these red arrows here are very green.
We see a very good underlying demand in all markets. Apart from Russia, they suffer from the high prices. We also see some challenges in the fresh market, but the rest has been really impressive. It looks like the market has absorbed the prices that we have seen so far, adjusted for the contract level. Volume-wise, we can see from the numbers here, Asia is up as high as 11%, which is extremely impressive. Over to the industry supply outlook. We stick to our guidance from 8% to 6% down full year. For the rest of the year, for the remainder of the year, more or less in line with the decline we saw in the second quarter, adjusted for the volumes in absolute terms will increase sequentially. A little bit difficult explanation there, but we will see seasonality also this year.
We have seen that the prices have come down so far, and we foresee a further drop, but at very attractive levels. Yeah. Once again, I would just like to repeat what Alf- Helge said, that the fundamentals, they look good. According to Kontali, the supply growth next year is expected to be 3%. At least according to ourselves, there is no reason to believe in any substantial different figures than that. Over to our internal volume guidance. I think this proves the last thing I said there. We are down on volumes. We struggle with the growth, particularly in Europe. We are down from 414,000 tons to 400,000 tons for the full year. All those 14,000 tons are in Europe and are impacting our volume numbers for the second half negatively. As Alf- Helge said, sea lice is the main explanation.
The seawater temperatures this year have been quite favorable, actually. Because of the issues with the sea lice treatments, et cetera, we really struggle to get to the growth we are and have planned for. That being said, at least price-wise, that bodes well. That was it. I would like to say thank you and leave the word to Alf-Helge. He can wrap up this session.
Thank you, Ivan. I'll just reiterate a few points here. Market balance going forward, we expect it to be tight. This is on the back of negative supply growth, but also what we know is a very strong market. We have a popular product in many different countries. This is supported by the future prices at Nasdaq, for the 12-month price have increased to EUR 6.4 per kilo, which is a tremendously good price for the salmon. Strong consumer demand in Europe and Asia, but also in the U.S. If you remember the slide Ivan just showed, there was quite a good growth over the last quarter in the U.S. market. I think actually north of 10%.
The Chilean regulations I covered earlier, it is going to be a challenge and we're going to try to come up with a solution that will be good for that country, so we can produce salmon there in a good way. It has potential, I think volume in the near term, we know is going to go down. Long term, maybe is a little bit different story, then again, the companies need cash. First and foremost, they need real regulations. The shipping company, well covered. I think this joint venture was the best selection Marine Harvest could do. We have to realize our weaknesses. We are not experts in running ships. We should be experts in farming salmon.
Doing it this way, we take part of this and we can develop it together with a company that is, at least in terms of cost of operation, leading in their business. We really like to see that and follow that closely going forward. We think it will reduce our costs. We, in fact, know that. In combination with improving biology, can't be better. Dividend, I already put out there many times, but NOK 3.2 per share. Again, repayment of paid-in capital. Tax-wise, this is good for many shareholders. With that, I would like to thank you for joining this presentation and open up for questions. Please state your name and employer, and we will try to answer the best we can. Kim, do you have any? There's one, too, in the back there.
Yeah. We'll go from the webcast first. One question from Marius Gaard in Swedbank. He's asking, "Before the summer, contract price levels in Norway increased to NOK mid-50s. In the 41% contract share for Q3, what is the share of contracts with this new price level? Are new contracts being signed north or south of NOK 55?
I think the answer to that is to go back and say that we don't comment directly on price on contracts. We can state that the new contracts are done on significantly better prices than old contracts, but not specifically on price and not specifically on how much of these contracts are on new prices. This is, as you will see gradually going forward, rolling over, and normally the horizon on contracts are 12 months.
A second question from Marius: "Based on what you know so far in Q3, do you expect to have a positive EBIT in Q3 in Chile?
Ivan, what should we say?
Yeah. What should we say? Well, we never forecast on earnings, and we will not start today. What I can say is that, adjusted for late costs related to the algal bloom incident in the first quarter in Chile, we were at break even in the second quarter. I.e., the prices we saw there were at break-even level, and now the prices are a little up. At least the run rate, I think everybody can see from the price table. What our earnings will be, we will revert to in due course, i.e., when we release our third-quarter results.
Good answer.
[Oleksandr Knyp'e]. The cost in Norway, you're expecting 35% higher volumes in the second half compared to the first half. Shouldn't that reduce your production costs? You're basically saying with your continued high costs, that other costs, non-fixed costs, this is actually going to increase even more than the cost savings from the fixed cost elements.
I think-
A second question just on the biological development in Norway at the moment compared to last year.
I think it's fair to say that we comment on cost for the third quarter, and what we say is that the costs remain high. I think it's fair to say we know the biomass that's going to go to harvest, and we know it is high cost compared to the historic cost. We're not specific on the development there.
In addition, we have or had this ISA outbreak in Region North. That comes in addition, for the record.
The biological development at the moment compared to last year?
It's different in different regions. It's maybe this year even more challenging in part of the Region South, especially in this area. Hordaland was very good last year. Rogaland, Agder is good, minus an incident on some strong current a few days ago. Biologically, okay. You have Region West, lower sea lice level than before, but have done a lot of work to get it to that level, so rather high cost. The Region Mid, most of our fish going forward is on the outside of Frøya. It's a challenging area, a lot of fish, but we have better control. We've invested more into biological or physical cleaners. It is tough. Region North, depending on where you are in that region, overall look at that, it's better in terms of sea lice.
What Ivan just mentioned, that there is one ISA outbreak on one site, and we just reported an EUR 8 million loss on that site. It's affecting that, especially in the third quarter.
Vidar Strat, ABG Sundal Collier. First on Chile, we've seen that the smolt release, especially the past couple of months that has been reported, has been much higher year-over-year. Are you contributing to this increased smolt release and are also expecting to release more smolt year-over-year for July and August? Or have you released more?
Yeah. Marine Harvest has been steady in Chile for a long period of time in terms of number of smolt. I think if you look at the production we have per license or in total in Chile, it's this year 36,000 tons. That's a special year. It should have been 20,000 tons higher, 56,000 tons if it wasn't for the algal bloom. Still, 56,000 tons on our number of licenses I think indicates there are other producers actually doing this part of the job, to put it that way.
Secondly, this is a Norway question. On this Bremnes model, you state that you haven't yet decided whether or not you will increase or go into this scheme. Can you comment some on what kind of growth potential you would see from such a scheme, both for yourself and for Norway in general?
We are in the middle of doing the calculations and doing pros and cons of this model. I think we will wait with the answer to closer to the limit. We know it's first of September. Still, we will keep our cards a little bit tight there and really not comment on that. It's, as we all know, a lot stricter license regulation on those sites that goes in on this new model. I think maybe that can be challenging for anybody, and at least at this point. I don't want to comment more on that specific issue.
For the 2017 supply, you will not state your own view. You mentioned Kontali has a 3% estimate for 2017 globally. Is this a figure you yourself really believe in and stand behind, or is it just something you want to just highlight on the side?
We will comment-- or it's basically you, Ivan, but I can answer. We will comment on this in the third quarter presentation. We do not go into the 2017 numbers before that. We recognize Kontali as a very serious source in terms of making the analysis in this business, and not many are doing it better.
You have less volume sold at contract the second half this year and increased production volume out of Norway. How do you see the risk of the spot volume, the volume you have to sell at spot make pressure at the prices?
I think it's not less volumes absolute terms. It's a 41% contract share in Norway compared to 52% in terms of the absolute volumes it's about the same actually, slightly up. This is on good prices and if we get other good contracts, it's not like we can't take more contracts during contract. We take contracts all the time. Based on what we see in terms of the supply situation, I think maybe it's smart to stay around 41% and not go much higher. Yeah, that tells you a little bit about our expectations.
[Molnes, Holba Forme]. There's some research out stating that salmon is losing space shelf in retailers in Europe. Do you see anything of this?
Maybe you could reiterate the research. What are you referring to there in terms of research?
The analysts in Norway are looking at the store shelves in Europe and see how much salmon is stocked out there.
I think in the second quarter, we know that, obviously, as Ivan showed you, it is at 8.8% supply drop. It's in the quarter, it's high prices. I can assure you that all salmon is being sold. I can also assure you that most of the, what at least we know, is that in Chile, for example, all the frozen storage is gone because people want fish. It's natural that retailers maybe not do as much promotion with the access of fish and with the price level we see. On the other hand, if you look at the price achieved, and the price increase there in this quarter compared to the volume reduction, and you say that is a calculation for demand. We're still at the underlying demand of 7%, 8% growth. It's really strong.
Then there again, there is a few markets as mentioned both by Ivan and myself. Russia is down, and France is also slightly down and maybe more cumbersome. Other markets, and we are selling salmon for the industry to more than 160 different countries. In fact, looking at Asia, you saw the numbers in Asia, very strong growth on record high prices. The U.S. market in the second quarter growing. We see our contracts into big retailers, volume really moving. I would say it's strong demand for the product. Again, we know there is a seasonal drop usually in salmon prices in the third quarter and then fourth quarter it turns around again. When we look, we shouldn't go comment on Q1, so I stop there.
Basically, you're saying that you see normal seasonal fluctuations in prices and the demand is still strong.
Yeah.
Another question on biology. Could you say something about the smolt releases lately versus historical? Do you see any changes, better smolt?
Well, we watch vaccine numbers and smolt releases in Norway and most countries. Correct, mentioned by ABG, I think smolt number in Chile is the only one that kind of stands out, and we have the June and July numbers, they are up. Before that they were down quite a bit. I think we don't see a supply shock from any other operations. Again, back to biology, it is challenging in many areas, there's no doubt. I don't foresee a supply shock. Depending on Alexander's question on this Bremnes model and how many goes on that, it might lead to even less fish, especially in Q4, if people are moving to the Bremnes model and moving fish into Q1 and Q2. Anyhow, we don't see any kind of shock here. More questions from the web, Ivan or Kim?
No.
With that, we'd like to thank you for joining us. If you're here the rest of the day, we are doing another presentation at 12:00 P.M. It will be the same.