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Marine Harvest Reports NOK 720 million Q3 2015

28 October 2015, at 12:00a.m.

NORWAY - Marine Harvest achieved an operational EBIT of NOK 720 million in the third quarter of 2015, compared to NOK 912 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 1.40 per share.

"I am very pleased with another record-breaking quarter in Marine Harvest Fish Feed. There is a strong demand for salmon in Europe and the market balance for 2016 is expected to remain tight," says CEO Alf-Helge Aarskog.

Marine Harvest Group reported operational revenues of NOK 6,910 million (NOK 6,202 million) in the third quarter of 2015. Total harvest volume were 105,963 tonnes in the quarter (107,333 tonnes).

Harvest guidance for 2015 is 425,000 tonnes, 5,000 tonnes lower than the previous guidance. Guidance for 2016 is 440,000 tonnes.

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 10.11 (NOK 9.71) in the third quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of NOK 6.14 and NOK 1.36 respectively (NOK 9.95 and NOK 4.70).

Salmon of Chilean origin reported operational EBIT per kilo of NOK -6.50 in the quarter (NOK 6.06).

The figures include contribution from Sales and Marketing, including Consumer Products. Consumer Products reported an operational EBIT of NOK 41 million compared to NOK 44 million in the third quarter of 2014. Fish Feed reported an operational EBIT of NOK 73 million (NOK 20 million).

"The production cost in the quarter is high due to biological issues and negative impact from currency. Increasing sea lice mitigation cost in Norway is a concern. Sea lice are the industry's biggest challenge. To combat this, Marine Harvest has implemented a new sea lice management strategy," says Mr Aarskog.

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