Marine Harvest reports strong earnings despite closure of Russian market

In connection with the presentation of the Q2 2014 results, Marine Harvest guided a total harvest volume of 106 thousand tonnes (HOG) for Q3 2014 while the actual harvest has amounted to 107    thousand tonnes, according to MHG. This result has been achieved despite the temporary closure of Russian fish market for Norway in the war of mutual sanctions.

Notes:

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

Harvest volumes Q3 2014 (1)

Farming    Norway

64    thousand tonnes

Farming    Scotland      

14    thousand tonnes

Farming    Canada

7    thousand tonnes

Farming    Chile

17    thousand tonnes

Other

5    thousand tonnes

Total

107    thousand tonnes

Additional information

Operational EBIT for the Group was approximately NOK  870 million in Q3 2014 (NOK 793 million in Q3 2013).

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

°              Norway            NOK 9.6

°              Scotland         NOK 9.8

°              Canada           NOK 4.6

°              Chile               NOK 6.0

Exceptional mortality in the quarter impacted operational EBIT adversely by about NOK 60 million in the quarter.

MH Feed generated an operational EBIT of about NOK 20 million at a production volume of about 56 thousand tonnes in the quarter. As the feed production is applied for internal purposes only, accounting practices prevent a realisation of the segments profits in the Group accounts prior to harvesting of the fish having consumed the feed.

Reported net interest bearing debt (NIBD) was approximately NOK 7,230 million by the end of the quarter.

The full Q3 2014 report will be released on 22 October.