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Record High Operational EBIT for Marine Harvest

Lucy Towers
20 February 2017, at 12:00am

NORWAY - Marine Harvest achieved an operational EBIT of EUR 259 million in the fourth quarter of 2016, compared to EUR 90 million in the corresponding quarter of 2015.

Supported by the good results, a strong forward market, and a solid financial position, the Board has resolved a quarterly dividend of NOK 2.80 per share.

"Driven by high salmon prices on strong demand and reduced supply, we achieved record high operational results in the fourth quarter. It is very encouraging to see strong operational performance in all our entities," said CEO Alf-Helge Aarskog.

Marine Harvest also achieved an all-time high operational EBIT for the full year of EUR 700 million, compared to EUR 347 million in 2015.

"2016 was a great year for Marine Harvest, with both record earnings and cash flow generation. I am very proud of the work all our colleagues have put in to achieve these results," Mr Aarskog added.

Marine Harvest Group reported operational revenues of EUR 1,018 million (EUR 867 million) in the fourth quarter of 2016. Total harvest volume was 99 634 tonnes in the quarter (110 551 tonnes).

Harvest guidance for 2017 is 403 000 tonnes, which is in line with the previous guidance.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.70 (1.47) in the fourth quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of EUR 1.83 and EUR 3.33 respectively (EUR -0.30 and EUR 0.36).

Salmon of Chilean origin reported operational EBIT per kilo of EUR 2.61 in the quarter (EUR -1.31). MH Consumer Products reported an operational EBIT of EUR 22.9 million (EUR 9.8 million). MH Feed reported an operational EBIT of EUR 10.8 million (EUR 8.0 million).

"We continue to strengthen the efforts in North America, with the new Dallas plant opening at the end of the fourth quarter and a new value-added facility opening in British Columbia in the end of the second quarter of 2017. Marine Harvest is also nominated to purchase farming assets on the East Coast of Canada, which in the future can further strengthen our supply to the North American market," said Mr Aarskog.