Operational EBIT of NOK 720 million in the third quarter
(Oslo, 28 October 2015) Marine Harvest achieved an operational EBIT of NOK 720
million in the third quarter of 2015, compared to NOK 912 million in the
corresponding quarter of 2014.
Supported by the operating results, a strong forward market, good cash flow, and
a solid financial position, the Board has resolved a quarterly dividend of NOK
1.40 per share.
- I am very pleased with another record-breaking quarter in Marine Harvest Fish
Feed. There is a strong demand for salmon in Europe and the market balance for
2016 is expected to remain tight, says CEO Alf-Helge Aarskog.
Marine Harvest Group reported operational revenues of NOK 6 910 million (NOK
6 202 million) in the third quarter of 2015. Total harvest volume were 105 963
tonnes in the quarter (107 333 tonnes). Harvest guidance for 2015 is 425 000
tonnes, 5 000 tonnes lower than the previous guidance. Guidance for 2016 is
440 000 tonnes.
Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 10.11
(NOK 9.71) in the third quarter, while salmon of Scottish and Canadian origin
reported operational EBIT per kilo of NOK 6.14 and NOK 1.36 respectively (NOK
9.95 and NOK 4.70). Salmon of Chilean origin reported operational EBIT per kilo
of NOK -6.50 in the quarter (NOK 6.06). The figures include contribution from
Sales and Marketing, including Consumer Products. Consumer Products reported an
operational EBIT of NOK 41 million compared to NOK 44 million in the third
quarter of 2014. Fish Feed reported an operational EBIT of NOK 73 million (NOK
20 million).
-The production cost in the quarter is high due to biological issues and
negative impact from currency. Increasing sea lice mitigation cost in Norway is
a concern. Sea lice are the industry's biggest challenge. To combat this, Marine
Harvest has implemented a new sea lice management strategy, says Aarskog.
For further information, please contact:
Ivan Vindheim, CFO, Mobile: +47 958 71 310
Kim Galtung Døsvig, IR Officer & Head of Treasury, Mobile: +47 908 76 339
About Marine Harvest Group
Marine Harvest Group is the world's leading seafood company and largest producer
of farmed salmon, with presence in 24 countries and a total of 11 700 employees
worldwide. The company is headquartered in Bergen, Norway, and is listed on the
Oslo Stock Exchange and New York Stock Exchange (NYSE). Please see
www.marineharvest.com for further information.
Forward looking statements
This release may be deemed to include forward-looking statements, such as
statements that relate to Marine Harvest's goals and strategies, salmon prices,
ability to increase or vary harvest volume, production capacity, trends in the
seafood industry, restructuring initiatives, exchange rate and interest rate
fluctuations, expected research and development expenditures, business prospects
and positioning with respect to market, demographic and pricing trends,
strategic initiatives, and the effects of any extraordinary events and various
other matters (including developments with respect to laws, regulations and
governmental policies regulating the industry and changes in accounting
policies, standards and interpretations) on Marine Harvest's business and
results. Forward-looking statements are typically identified by words or
phrases, such as "believe," "expect," "anticipate," "intend," "estimate," "may
increase," "may fluctuate," "plan," "goal," "target," "strategy," and similar
expressions or future or conditional verbs such as "may," "will," "should,"
"would," and "could." Forward-looking statements are Marine Harvest's current
estimates or expectations of future events or future results. Actual results
could differ materially from those indicated by these statements because the
realization of those results is subject to many risks and uncertainties. Marine
Harvest ASA's registration statement on Form 20-F filed in 2014, including the
section captioned "Risk Factors," contain additional information about factors
that could affect actual results, including: changes to the price of salmon
including the value of our biological assets; hedging risks; risks related to
fish feed; economic and market risks; environmental risks; operational risks;
risks related to escapes, disease and sea lice; product risks; risks related to
our acquisitions; financing risks; regulation risks including relating to food
safety, the aquaculture industry, processing, competition and anti-corruption;
trade restriction risks; litigation risks; tax and accounting risks; strategic
and competitive risks; and reputation risks. All forward-looking statements
included in this release are based on information available at the time of the
release, and Marine Harvest assumes no obligation to update any forward-looking
statement.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
[HUG#1961943]