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Marine Harvest Reports Record High Profit and Volume for Q2 2014

27 August 2014

NORWAY - Marine Harvest achieved an operational EBIT of NOK 1,220 million in the second quarter of 2014, compared to NOK 901 million in the corresponding quarter of 2013.

"The second quarter was a strong quarter for Marine Harvest, with record high profit and volume. As a consequence of the good results, the board has resolved a quarterly dividend of NOK 1 per share," said CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues and other income of NOK 6,563 million (NOK 4,445 million) in the second quarter of 2014. Total harvest volumes were 114,176 tonnes in the quarter (79,438 tonnes). Harvest guidance for 2014 is 414,000 tonnes.

"The second quarter marked a milestone for Marine Harvest. In June we made the first deliveries of our own feed, produced at our new feed factory at Bjugn, to sites in Norway. The factory will at full capacity serve 60 per cent of the Norwegian production, and is a vital step towards becoming a fully integrated protein producer with complete control from feed to plate," said Mr Aarskog.

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 12.16 (NOK 12.33) in the second quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK 12.19 and NOK 11.01 respectively (NOK 13.55 and NOK 14.55).

Salmon of Chilean origin achieved an operational EBIT per kilo of NOK 5.50 (na). The figures include contribution from Sales and Marketing, including VAP Europe and Morpol Processing. Marine Harvest VAP Europe reported an operational EBIT of NOK -4 million compared to NOK 7 million in the second quarter of 2013. Morpol Processing reported an operational EBIT of NOK 24 million.

"I'm confident that Marine Harvest is well positioned to optimize under the short term challenges arising from the Russian sanctions, due to our global presence, sales contract hedging and high degree of financial flexibility," said Mr Aarskog.

TheFishSite News Desk

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