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Salmon processing plant. (Photo: Marine Harvest/Jan Inge Haga)

Marine Harvest closes 2017 with record turnover

  (NORWAY, 2/15/2018)

Marine Harvest Group achieved an operational EBIT of EUR 181 million in the fourth quarter last year, and EUR 792 million in the whole year,  result that turned 2017 into the best year in the history of the group.

In the fourth quarter, operating income reached EUR 1,010 million, and in 2017 total EUR 3,654 million. The annual turnover was also a record high emphasized the company.

On the basis if this good acomplishment, the Board decided on a quarterly dividend of NOK 2.60 per share. The dividend will be distributed as ordinary dividend, and not as repayment of paid-in capital.

“Global harvest growth in the industry put pressure on the salmon prices in all markets in the quarter. It is encouraging to see that the supply is growing, but the market needs time to adapt to the recovery after the significant global supply contraction in 2016,” said CEO Alf-Helge Aarskog.

The company reported a total harvest volume of 112,628 tonnes in the last quarter of 2017, against 99,634 tonnes in the same period in 2016. The harvest guidance for 2018 is 410,000 tonnes.

Compared to the third quarter, the costs of fish harvested in Norway remained stable, while they were reduced in Chile and the Faroe Islands. In Scotland, Canada and Ireland, costs increased compared to the third quarter.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 1.77  in the fourth quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of EUR 1.19 and EUR 0.98 respectively (EUR 1.83 and EUR 3.33 in 2016). Besides, salmon from Chile reported operational EBIT per kilo of EUR 1.03, against EUR 2.61 in the last three months in 2016.

The figures include contribution from Sales and Marketing, including MH Consumer Products. MH Consumer Products reported an operational EBIT of EUR 25.9 million (EUR 23.6 million in Q4 2016). MH Feed reported an operational EBIT of EUR -2.8 million (EUR 10.8 million in 2016).

“2017 was a great year for Marine Harvest financially, and I am proud of the work all Marine Harvest staff have put in to accomplish this. However, I am concerned about the rising cost and the challenging biology. Hence, we have initiated a global cost savings program with a target of EUR 50 million savings. The savings are expected to be realized in all parts of the organization,” said Aarskog.


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Information of the company:
Address: Stortingsgaten 8
City: Oslo
State/ZIP: (N-0161)
Country: Norway
Phone: +47 21 56 20 00
Fax: +47 21 56 20 01
E-Mail: corporate@mowi.com
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