Marine Harvest ASA : Major positive market shift towards the end of the quarter (Oslo, 6 February 2013) The Marine Harvest Group achieved an operational EBIT of NOK 64 million in the fourth quarter of 2012, compared to NOK 403 million in the corresponding quarter of 2011. The seasonal working capital build up in the fourth quarter led to cash flow from operations of NOK -169 million (Q4 2011: -108 million). - "Although the market for Atlantic salmon in Europe experienced a momentous positive turn from December, the result in the fourth quarter was impacted by a low price realisation. Salmon of Norwegian origin, generating 68% of the Group's volume, was positively impacted by the increased prices in December combined with an excellent cost position throughout the quarter. In theAmericas, the market situation is still concerning and Chilean costs continued to increase. The Canadian business is starting to see cost benefits from the restructuring measures carried out. Whilst measurable operational improvements were observed in Scotland during the quarter, the results remained negatively impacted by biological events during the previous quarters", says Alf-Helge Aarskog, CEO Marine Harvest reported operational revenues and other income of NOK 4,071 million (NOK 4,254 million) in the fourth quarter of 2012. Harvest volumes were 103,215 tonnes in the quarter. Marine Harvest Norway achieved an operational EBIT per kilo of NOK 3.62 (4.77) in the fourth quarter, while Marine Harvest Scotland and Marine Harvest Canada reported operational EBIT per kilo was NOK -1.14 and NOK -4.94 respectively (4.56 and -3.40). Marine Harvest Chile achieved an operational EBIT per kg of NOK -8.43 (2.65). The numbers include contribution from Sales and Marketing, including VAP Europe. Marine Harvest VAP Europe reported an operational EBIT of NOK 16 million compared to NOK 65 million in the fourth quarter of 2011. Marine Harvest Group expects to harvest a volume of 350,000 tonnes gutted weight in 2013, of which 75,000 tonnes are expected to be harvested in the first quarter. Cash flow from operations amounted to NOK -169 million (NOK -108 million) in the fourth quarter of 2012 after a seasonal increase in working capital of NOK 373 million (NOK 476 million). Net financial items amounted to NOK 58 million (NOK -37 million). Net financial items include interest expenses of NOK 101 million (NOK 107 million). Net interest-bearing debt for fourth quarter was NOK 5,381 million, compared to NOK 6,467 million Q4 2011, and to 5,005 million at the end of Q3 2012. The equity ratio was 50.2% at the end of the quarter (49.1% at end of the third quarter). Annualised ROCE for the quarter was 1.9% and NIBD/Equity 46.0% at the end of the fourth quarter. - "I am very encouraged by the strong market outlook in Europe, with future prices above NOK 30 per kg for both 2013 and 2014. Marine Harvest is well positioned to take advantage of this as 80% of our volume will be originating in Europe combined with high exposure to spot prices. Although we have limited exposure to the region, we are equally concerned about our operations in Americas which is seeing market prices well below break-even levels and continued cost escalation in Chile. I am enthusiastic about the Morpol acquisition and our on-going feed investment. Both these investments are bringing us closer to our ambition of transforming Marine Harvest towards an integrated protein company", says Aarskog. For further information, please contact: Ivan Vindheim, CFO, Mobile: +47 958 71 310 Henrik Heiberg, Finance Director, Tel: +47 21 56 20 11, Mobile: +47 917 47 724 About Marine Harvest Marine Harvest is the world's leading seafood company and largest producer of farmed salmon, with presence in 21 countries and a total of 6 200 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. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Interim Report Q4 2012 Presentation of 4th Quarter 2012 ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. 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 the information contained therein. Source: Marine Harvest ASA via Thomson Reuters ONE HUG#1675789
Marine Harvest ASA : Major positive market shift towards the end of the quarter
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