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2016-05-11

Marine Harvest ASA: Strong operational EBIT on record-high prices

(Oslo, 11 May 2016) Marine Harvest achieved an operational EBIT of EUR 112
million in the first quarter of 2016, compared to EUR 95 million in the
corresponding quarter of 2015.

Supported by the good results, a strong forward market, and a solid financial
position, the Board has resolved a quarterly dividend of NOK 1.70 per share.

- Driven by record-high prices in Europe and Asia, and improving markets in
the Americas, this is one of our strongest quarters ever. I would like to
recognize the efforts put in by all our employees contributing to this
result. I am also pleased to see a reduction of the production costs in
Canada, and the good contribution from Region North and Region West in
Norway, says CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues of EUR 81o million (EUR 735
million) in the first quarter of 2016. This is all time high for a first
quarter in Marine Harvest, and corresponds to a growth of 10 % year over
year. Total harvest volume were 96 613 tonnes in the quarter (99 476 tonnes).
Harvest guidance for 2016 is 414 000 tonnes, which is 22 000 tonnes lower
than the previous guidance.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 1.87
(1.52) in the first quarter, while salmon of Scottish and Canadian origin
reported operational EBIT per kilo of EUR 0.68 and EUR 1.97 respectively
(EUR 0.32 and EUR 0.58). Salmon of Chilean origin reported operational EBIT
per kilo of EUR -1.55 in the quarter (EUR -0.73). The figures include
contribution from Sales and Marketing, including MH Consumer Products. MH
Consumer Products reported an operational EBIT of EUR -0.6 million (EUR
-0.2). MH Feed reported an operational EBIT of EUR 1.6 million (EUR 2.1
million).

Marine Harvest's operational EBIT in the quarter has been negatively impacted
by the company's operations in Chile and the plant in Rosyth, Scotland.

- The operational EBIT for Consumer Products has also been negatively impacted
by losses at the Rosyth plant in Scotland. We have taken actions to improve
efficiency and yield, says Aarskog.

The algal bloom in Chile has caused severe problems for the whole industry in
Chile, including Marine Harvest. Accordingly, Marine Harvest has initiated a
restructuring process to cut costs and become more competitive.

Marine Harvest will write down USD 16 million of fixed assets in Marine
Harvest Chile in the second quarter. In addition, Marine Harvest will make a
restructuring provision of USD 3 million in the second quarter related to
employee layoffs. These measures are expected to provide annual savings of
approximately USD 8-10 millions.

- Marine Harvest will continue to advocate for stronger regulations of the
fish farming industry in Chile as well as continued consolidation. This
should enable the transformation of Chilean fish farming into a sustainable
industry with improved biology, sound financial results and safe jobs, 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 12
400 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 2015, 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.MHG Q1 2016 report
http://hugin.info/209/R/2011471/744695.pdf
MHG Q1 2016 presentation
http://hugin.info/209/R/2011471/744696.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marine Harvest ASA via Globenewswire

HUG#2011471

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