Good result on strong demand for Marine Harvest
(Oslo, 9 May 2018) Marine Harvest achieved an operational EBIT of EUR 158 million in the first quarter of 2018.
Supported by the good results, a strong market outlook, and a solid financial position, the Board has resolved a quarterly dividend of NOK 2.60 per share.
- The demand for salmon has increased globally this year, compared to the end of 2017. This has led to high prices and a good result for Marine Harvest in the first quarter, says CEO Alf-Helge Aarskog.
Marine Harvest reported operational revenues of EUR 862 million (EUR 892 million) in the first quarter of 2018. Total harvest volume was 81 212 tonnes in the quarter (83 768 tonnes). Estimated harvest volume for the full year of 2018 have been reduced from 410 000 tonnes to 400 000 tonnes due to less growth in sea.
Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.26 (2.52) in the first quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of EUR 1.85 and EUR 1.10 respectively (EUR 3.12 and EUR 3.42). Salmon of Chilean origin reported operational EBIT per kilo of EUR 1.36 in the quarter (EUR 1.87). MH Consumer Products reported an operational EBIT of EUR 20.9 million (EUR 12.9 million). MH Feed reported an operational EBIT of EUR -4.3 million (EUR 0.1 million).
- I am encouraged by Marine Harvest Consumer Products and its seasonally record high results. It is also very satisfactory that our organic farming operations in Marine Harvest Ireland have achieved record high first quarter results on strong demand and reduced costs, says Aarskog.
For further information, please contact:
Ivan Vindheim, CFO, +47 958 71 310
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76 339
About Marine Harvest Group
Marine Harvest Group is the world's leading seafood company and largest producer of farmed salmon, with presence in 25 countries and a total of 13 233 employees worldwide. The company is headquartered in Bergen, Norway, and is listed on the Oslo Stock Exchange.
Please see www.marineharvest.com for further information.
Forward looking statements
This release may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest's goals and strategies, salmon prices, ability to increase or vary harvest volume, production capacity, trends in the seafood industry, restructuring initiatives, exchange rate and interest rate fluctuations, expected research and development expenditures, business prospects and positioning with respect to market, demographic and pricing trends, strategic initiatives, and the effects of any extraordinary events and various other matters (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on Marine Harvest's business and results. Forward-looking statements are typically identified by words or phrases, such as "believe," "expect," "anticipate," "intend," "estimate," "may increase," "may fluctuate," "plan," "goal," "target," "strategy," and similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could." Forward-looking statements are Marine Harvest's current estimates or expectations of future events or future results. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties. Marine Harvest ASA's Annual Report contains additional information about factors that could affect actual results, including: changes to the price of salmon including the value of our biological assets; hedging risks; risks related to fish feed; economic and market risks; environmental risks; operational risks; risks related to escapes, disease and sea lice; product risks; risks related to our acquisitions; financing risks; regulation risks including relating to food safety, the aquaculture industry, processing, competition and anti-corruption; trade restriction risks; litigation risks; tax and accounting risks; strategic and competitive risks; and reputation risks. All forward-looking statements included in this release are based on information available at the time of the release, and Marine Harvest assumes no obligation to update any forward-looking statement.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.