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Harvest Volume Higher than Expected for Marine Harvest

12 April 2013, at 1:00a.m.

NORWAY - In an update of its first quarter results for 2013, Marine Harvest has registered a total harvest volume of 80,000 tonnes, 5,000 above the estimated volume.

In reporting the company's end of year results for 2012, the Norwegian aquaculture company had forecast a harvest volume of 75,000 tonnes for the first quarter of 2013.

Norway led the way in the volume harvested with 47,000 tonnes followed by Canada with 12,000 tonnes, Scotland 10,000 tonnes, Chile 8,000 tonnes and 3,000 tonnes being attributed to elsewhere, making a total of 80,000 tonnes for the first quarter of 2013.

The company also showed a sharp rise in earnings for the first quarter of the year at NOK 480 million compared to NOK 276 in the first quarter of 2012.

The company's total operational earnings (EBIT) per kilo was NOK 8.3 for Norway and NOK 5.9 in Chile.

The results from Chile were impacted by a low price and high biological costs. The result in Chile further underlines the requirement for consolidation in the Chilean industry.

Net interest bearing debt (NIBD) by the end of the quarter was approximately NOK 6,300 million. The payment of Morpol shares affected NIBD by approximately NOK 745 million in the quarter.

Marine Harvest will release its 2013 first quarter results on 30 April.

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