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Strong Third Quarter Results from Marine Harvest

23 October 2013

NORWAY - The Marine Harvest Group achieved an operational EBIT of NOK793 million in the third quarter of 2013, compared to NOK73 million in the corresponding quarter of 2012. Cash flow from operations was NOK559 million (Q3 2012: NOK237 million).

"This is a historical quarter for us. With the acquisition of Morpol being approved, Marine Harvest has taken a significant step in the direction of becoming an integrated marine protein provider. The strong market, combined with solid operational performance enabled good results in the quarter. The strong market outlook encourages us, and Marine Harvest is well positioned to take advantage of it. As a consequence of our good results this quarter we are proposing a dividend of NOK 0.075 per share for the third quarter," said CEO, Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues and other income of NOK 4 307 million (NOK 3 647 million) in the third quarter of 2013. Total harvest volumes were 80 921 tonnes in the quarter (93 229 tonnes).

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 9.96 (NOK 2.46) in the third quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK 16.47 and NOK 10.92 respectively (NOK 2.21 and NOK -5.31).

Salmon of Chilean origin achieved operational EBIT per kilo of NOK 1.68 (NOK -2.89).

The figures include contribution from Sales and Marketing, including VAP Europe. Marine Harvest VAP Europe reported an operational EBIT of NOK -11 million compared to NOK 0 million in the third quarter of 2012.

Marine Harvest Group expects to harvest a volume of 340,000 tonnes gutted weight in 2013, of which 99 600 tonnes are expected to be harvested in the fourth quarter.

"I would like to highlight the results of Scotland," said Mr Aarskog. "Scotland delivers a record high result, and we congratulate the team with the achievement."

TheMeatSite News Desk



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