Record high first quarter operational EBIT for Marine Harvest
(Oslo, 10 May 2017) Marine Harvest achieved an operational EBIT of EUR 220 million in the first quarter of 2017, compared to EUR 112 million in the corresponding quarter of 2016.
Supported by the good results, a strong market looking forward, and a solid financial position, the Board has proposed a quarterly dividend of NOK 3.00 per share, subject to approval by the Annual General Meeting on 1 June 2017.
- Driven by all-time high salmon prices, we achieved record high operational results in the first quarter. It is especially encouraging to see strong operational performance in Marine Harvest Scotland and Marine Harvest Canada, says CEO Alf-Helge Aarskog.
Marine Harvest Group reported operational revenues of EUR 892 million (EUR 810 million) in the first quarter of 2017. Total harvest volume was 83 768 tonnes in the quarter (96 613). 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 2.52 (1.87) in the first quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of EUR 3.12 and EUR 3.42 respectively (EUR 0.68 and EUR 1.97). Salmon of Chilean origin reported operational EBIT per kilo of EUR 1.87 in the quarter (EUR -1.55). MH Feed reported an operational EBIT of EUR 0.1 million (EUR 1.6 million). MH Consumer Products reported an operational EBIT of EUR 9.6 million (EUR -0.6 million).
- I am very pleased with the result Marine Harvest Consumer Products has achieved so far this year, seasonality taken into account. Consumer Products has improved its operations in all areas, says Aarskog.
- We are also pleased to announce that Marine Harvest has entered into a term sheet to refinance its existing bank facility with a senior secured five year EUR 1,206 million credit facility with DNB, Nordea, ABN Amro, Rabobank, Danske Bank and SEB, says Aarskog. The principle financial covenant of the facility is an equity ratio of no less than 35 %.
For further information, please contact:
Ivan Vindheim, CFO, Mobile: +47 958 71 310
Kim Galtung Døsvig, IR Officer & Head of Treasury, Mobile: +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 24 countries and a total of 12 717 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.