Marine Harvest ASA : UPDATE AFTER THE END OF Q4 2012
Harvest volumes Q4 2012 (1)
Farming Norway 70 thousand tonnes
Farming Chile 11 thousand tonnes
Farming Canada 11 thousand tonnes
Farming Scotland 7 thousand tonnes
Other 4 thousand tonnes
Total 103 thousand tonnes
In connection with the presentation of the Q3 2012 results, Marine Harvest
guided a total harvest volume of 101 thousand tonnes (HOG) for Q4 2012.
(1) The harvest volumes are provided in head on gutted (HOG) equivalents. The
figures include salmonid species only.
Operational EBIT for the Group was approximately NOK 60 million in Q4 2012
(NOK 403 million in Q4 2011).
Total operational EBIT per kg through the value chain based on source of
origin was approximately:
The result from Norway was positively impacted by the strongly improved market
conditions from the end of the fourth quarter, which has continued into 2013.
The results from Chile and Canada were impacted by the continued very weak
market conditions in the Americas. Furthermore, the Chilean result was
particularly impacted by a listeria finding at the smoked salmon producer
Delifish. Associated costs linked to inter alia product recall led to a loss
of NOK 25 million (NOK 2.3 per kg) in the quarter.
Net interest bearing debt per 31 December 2012 was approximately NOK 5,400
Further to the on-going offer process to acquire all outstanding shares in
Morpol ASA, a mandatory competition authority process has been initiated.
Pending the outcome of this process, Morpol's financial results will not be
consolidated in Marine Harvest's accounts. As a consequence, Marine Harvest's
lenders have agreed to a temporary increase in Marine Harvest's NIBD/EBITDA
covenant to 3.99 from and including Q1 2013 and until the earlier of the end
of the quarter where consolidation of Morpols financials occurs and the end of
Q4 2013. The covenant will subsequently revert to the original level of 3.25x.
Marine Harvest will release its Q4 2012 results on 6 February at 0700 CET.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Marine Harvest ASA via Thomson Reuters ONE
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