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Marine Harvest Operational EBIT of NOK 719 million in Q2 2015

17 August 2015, at 1:00am

NORWAY - Marine Harvest achieved an operational EBIT of NOK 719 million in the second quarter of 2015, compared to NOK 1 220 million in the corresponding quarter of 2014.

Supported by the operating results, a strong forward market, good cash flow and a solid financial position, the Board has resolved a quarterly dividend of NOK 1.30 per share.

"I am very pleased with the strong operational performance and result in Marine Harvest Fish Feed, and the good cost performance in Canada. Rising production cost in Europe due to challenging biology remains a concern," said CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues of NOK 6 581 million (NOK 6 563 million) in the second quarter of 2015. Total harvest volume were 104 158 tonnes in the quarter (114 176 tonnes).

Harvest guidance for 2015 is 430 000 tonnes, 10 000 tonnes lower than the previous guidance.

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 9.80 (NOK 12.16) in the second quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK 5.44 and NOK 2.12 respectively (NOK 12.19 and NOK 11.01). Salmon of Chilean origin reported operational EBIT per kilo of NOK -4.64 in the quarter (NOK 5.50).

The figures include contribution from Sales and Marketing, including MH Consumer Products. MH Consumer Products reported an operational EBIT of NOK 48 million compared to NOK 20 million in the second quarter of 2014. MH Feed reported an operational EBIT of NOK 27 million (NOK -18 million).

"We continue to see challenging market conditions in Americas, and high production costs in Chile. As a response to this, we have initiated a restructuring process in Chile."

"The second quarter was a challenging quarter. However, the third quarter has started strong, with improved prices in all main markets. With an expected limited supply growth in the periods to come, we expect the market balance to remain tight," said Mr Aarskog.

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