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Marine Harvest Achieves Guided Harvest Volumes for Q1 2015

Salmonids Economics +2 more

NORWAY - Marine Harvest has met its guided total harvest volume of 83,000 tonnes (HOG) for the first quarter of 2015.

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Farming operations in Norway delivered the biggest harvest volume of 65,000 tonnes. This was followed by Canada with 10,000 tonnes, Scotland with 7,000 tonnes and a further 1,000 tonnes from other.

Operational EBIT for the Group was approximately NOK 910 million in Q1 2015 (NOK 1,090 million in Q1 2014).

Reported net interest bearing debt (NIBD) was approximately NOK 7,600 million at the end of the quarter.

The quarterly movement in NIBD was impacted by about NOK 2,500 million as a result of the successful outcome of the voluntary incentive payment offer to convert one of the outstanding convertible bonds.

As a result of the previously announced contemplated merger between Marine Harvest Chile and AquaChile, the business unit is reported separately as discontinued operations. The result from the business unit is hence not impacting operational EBIT.

Marine Harvest Chile harvested a total of 16,000 tonnes and the operations held for sale reported an operational EBIT of about NOK -50 million in the first quarter.

Property, plant and equipment is not depreciated once classified as discontinued operations. Normal depreciation would have been about NOK 50 million in the quarter, which implies a normalised operational EBIT of NOK -100 million. The results in Chile were impacted by exceptional mortality in the amount of NOK 51 million.