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 million). - "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 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 Q1 2013 Presentation of 1st Quarter 2013 ------------------------------------------------------------------------------ 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#1697606
Marine Harvest ASA : Strong market with significant increase in spot prices
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