Marine Harvest ASA : Strong market with significant increase in spot prices

 Marine Harvest ASA : Strong market with significant increase in spot prices

(Oslo,29 April 2013) The Marine Harvest Group achieved an operational EBIT of
NOK 482 million in the first quarter of 2013, compared to NOK 276 million in
the corresponding quarter of 2012. An increase in working capital in the first
quarter led to cash flow from operations of NOK 351 million (Q1 2012: 567

- "The market for Atlantic salmon in Europe was very strong throughout the
first quarter, and contributed significantly to the increased earnings for all
entities in the region. Salmon of European origin accounted for 74% of the
Group's volume in the quarter. Market prices also increased in the Americas.
The Canadian business, which is benefiting from previous restructuring
measures, delivered very good results. The operations in Chile is however
still loss making as a result of continued cost increases due to negative
biological development", says Alf-Helge Aarskog, CEO

Marine Harvest reported operational revenues and other income of NOK 3,736
million (NOK 3,846 million) in the first quarter of 2013. Harvest volumes were
80,035 tonnes in the quarter.

Marine Harvest Norway achieved an operational EBIT per kilo of NOK 8.40 (NOK
3.35) in the first quarter, while Marine Harvest Scotland and Marine Harvest
Canada reported operational EBIT per kilo was NOK 7.87 and NOK 6.66
respectively (NOK 5.56 and NOK -0.04). Marine Harvest Chile achieved an
operational EBIT per kg of NOK -5.91 (NOK 2.19). The figures include
contribution from Sales and Marketing, including VAP Europe. Marine Harvest
VAP Europe reported an operational EBIT of NOK -18 million compared to NOK -5
million in the first quarter of 2012. Marine Harvest Group expects to harvest
a volume of 350,000 tonnes gutted weight in 2013, of which 80,000 tonnes are
expected to be harvested in the second quarter.

Cash flow from operations amounted to NOK 351 million (NOK 567 million) in the
first quarter of 2013 after an increase in working capital of NOK 296 million
(decrease of NOK 195 million), mainly due to an increase in trade receivable
as a result of higher prices and recognised Easter-sales to be paid in April.
Net financial items amounted to NOK -165 million (NOK 81 million). Net
financial items include interest expenses of NOK 130 million (NOK 96 million).
Net interest-bearing debt for first quarter was NOK 6,314 million, compared to
NOK 5,936 million in the first quarter of 2012, and to 5,381 million at the
end of 2012.

The equity ratio was 50.4% at the end of the quarter (50.1% at end of 2012).
Annualised ROCE for the quarter was 12.1% and NIBD/Equity 50.3% at the end of
the period.

- "I am very encouraged by the strong market outlook in Europe, with future
prices of NOK 34 the remaining part of 2013 and 2014. Marine Harvest is well
positioned to take advantage of this as the majority 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 Chile which is experiencing losses and continued cost
escalation." 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 22 countries and a total of 6 400 employees
worldwide. The company is headquartered in Bergen, Norway, and is listed on
the Oslo Stock Exchange. Please see for further

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Interim Report Q1 2013
Presentation of 1st Quarter 2013


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Source: Marine Harvest ASA via Thomson Reuters ONE
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