MHG - UPDATE AFTER THE END OF Q1 2014

MHG - UPDATE AFTER THE END OF Q1 2014

BERGEN, Norway, April 14, 2014 (GLOBE NEWSWIRE) --

Harvest volumes Q1 2014 (1)

Farming Norway   55 thousand tonnes
Farming Scotland 10 thousand tonnes
Farming Canada   6 thousand tonnes
Farming Chile    18 thousand tonnes
Other            3 thousand tonnes
Total            92 thousand tonnes

In connection with the presentation of the Q4 2013 results, Marine Harvest
guided a total harvest volume of 80 thousand tonnes (HOG) for Q1 2014. The
increase in volume is partly a function of good growth conditions in Norway
and is also likely to lead to an increase in the guided annual volume.

Notes:
(1) The harvest volumes are provided in head on gutted (HOG) equivalents. The
figures include salmonid species only.
Additional information

Operational EBIT for the Group was approximately NOK 1,075 million in Q1 2014
(NOK 482 million in Q1 2013). Although this is the best quarter so far for
Marine Harvest, the result was impacted by high costs in Norway. Costs in
Norway are expected to be lower for the remainder of the year.

Total operational EBIT per kg through the value chain were approximately as
follows for the main sources of origin:

  oNorway 12.8 NOK
  oScotland   12.6 NOK
  oCanada    19.1 NOK
  oChile      6.7 NOK

Net interest bearing debt (NIBD) was approximately NOK 7.5 billion by the end
of the quarter.

The Q1 reference price in Norway reached the unprecedented level of NOK 46.6,
which was 40% above the first quarter observations made over the last five
years and 17% above the previous first quarter all-time high in 2011. The
solid demand is expected to absorb the measurable supply coming to the market
over the next quarters, as Fish Pool futures are currently being traded at NOK
41.6 for the second quarter and NOK 38.5 for the last three quarters. However
seasonal price fluctuations should be expected.

Supported by the strong operating results, the recent successful divestment of
UK farming assets, a strong forward market and a solid balance sheet, the
Board has resolved to propose a Q1 dividend of NOK 5 per share to the AGM. The
AGM will be held 22 May.

The full Q1 2014 report will be released on 30 April at 0700 CET.

This press release may be deemed to include forward-looking statements, such
as statements that relate to salmonid production volume, expected costs in
Norway in the rest of the year, future demand and supply of salmon, expected
price fluctuations of salmon and expectations for the forward market. Actual
events could differ materially from those indicated by these statements
because the realization of those events is subject to many risks and
uncertainties. Factors that could affect actual events include: risks
associated with fluctuations in salmon prices, risks associated with the
supply and demand of salmon, including global economy, salmon prices and
consumer preferences and operational risks, in particular those relating to
our cost in Norway. All forward-looking statements included in this news
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 of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

HUG#1777039
 
Press spacebar to pause and continue. Press esc to stop.