(Oslo, 22 October 2014) Marine Harvest (OSE: MHG, NYSE: MHG) achieved an operational EBIT of NOK 912 million in the third quarter of 2014, compared to NOK 793 million in the corresponding quarter of 2013.
- Marine Harvest delivered strong earnings in the quarter. I am pleased that the targeted strategy of reducing the dependency of spot prices paid off during the recent drop in salmon prices. As a consequence of the good results, the board has resolved a quarterly dividend of NOK 1.10 per share, says CEO Alf-Helge Aarskog.
Marine Harvest Group reported operational revenues and other income of NOK 6 202 million (NOK 4 307 million) in the third quarter of 2014. Total harvest volumes were 107 333 tonnes in the quarter (80 921 tonnes). Harvest guidance for 2014 is unchanged at 414 000 tonnes. Harvest guidance for 2015 is 430 000 tonnes, excluding the expected 15 000 tonnes production in Acuinova.
- I would like to highlight our new feed factory. The successful startup of our first feed plant is a milestone for Marine Harvest in our effort to be a leader in the three areas fish feed production, farming and value added processing. I'm proud to say the factory is profitable from the first quarter of operations, says CEO Alf-Helge Aarskog.
Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 9.71 (NOK 9.96) in the third quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK 9.95 and NOK 4.70 respectively (NOK 16.47 and NOK 10.92). Salmon of Chilean origin achieved an operational EBIT per kilo of NOK 6.06 (NOK 1.68). The figures include contribution from Sales and Marketing, including VAP Europe and Morpol Processing. Marine Harvest VAP Europe reported an operational EBIT of NOK -27 million compared to NOK -11 million in the third quarter of 2013. Morpol Processing reported an operational EBIT of NOK 71 million.
- We have also strengthened our position in Chile with an agreement to buy 40 000 tonnes integrated farming capacity. The yield is expected to be 15 000 tonnes in 2015. This is an important step in the consolidation of the salmon industry in Chile, says Aarskog.
For further information, please contact:
Ivan Vindheim, CFO, Mobile: +47 958 71 310
Henrik Heiberg, VP Finance & Treasury, Tel: +47 21 56 20 11, Mobile: +47 917 47 724
About Marine Harvest Group
Marine Harvest Group is the world's leading seafood company and largest producer of farmed salmon, with presence in 22 countries and a total of 10 600 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.
