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Strong Q1 2014 for Marine Harvest

30 April 2014

NORWAY - The Marine Harvest Group achieved an operational EBIT of NOK 1,090 million in the first quarter of 2014, compared to NOK 482 million in the corresponding quarter of 2013.

"The first quarter of 2014 was a strong quarter for Marine Harvest. We see both record high prices and profit. As a consequence of the good results, the board has proposed a quarterly dividend of NOK 5 per share. The results are negatively impacted by high contract share in the quarter. Further, we still see a potential for even stronger results by improving the production costs in many areas of our operation," said CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues and other income of NOK 5,868 million (NOK 3,736 million) in the first quarter of 2014.

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 12.82 (NOK 8.39) in the first quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK 12.66 and NOK 19.10 respectively (NOK 7.87 and NOK 6.63). Salmon of Chilean origin achieved an operational EBIT per kilo of NOK 6.73 (NOK -6.27). The figures include contribution from Sales and Marketing, including VAP Europe and Morpol Processing. Marine Harvest VAP Europe reported an operational EBIT of NOK -25 million compared to NOK - 18 million in the first quarter of 2013. Morpol Processing reported an operational EBIT of NOK -38 million.

Marine Harvest Group harvested a volume of 92,243 tonnes gutted weight in the first quarter, compared to 80,035 tonnes in the corresponding quarter of 2013. Harvest guidance for 2014 is increased from 405,000 tonnes to 417,000 tonnes.

"The demand in the first quarter was very high, and we expect this to continue. We are encouraged by the high future prices, given the relatively high supply growth for the remainder of the year. I'm convinced that the combination of strong operational performance and high financial flexibility put us in a great position for further development," said Mr Aarskog.

TheFishSite News Desk



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