MHG - UPDATE AFTER THE END OF Q1 2014
April 14 2014 - 1:05AM
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:
- Norway 12.8 NOK
- Scotland 12.6 NOK
- Canada 19.1 NOK
- Chile 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
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