Marine Harvest reported operational revenues of EUR 1,010 million in the fourth quarter of 2017.

Strong Operational Earnings for Marine Harvest in Q4

In the fourth quarter of 2017 Marine Harvest achieved an operational EBIT of EUR 181 million. For 2017 as a whole Marine Harvest made an operational EBIT of EUR 792 million, which is the best year in the history of the Group.

Marine Harvest Group achieved an operational revenue of EUR 1 010 million in the quarter and EUR 3 654 million for 2017. Full year turnover is record high for the Group.

Supported by the results and a solid financial position, the Board has resolved 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.

Marine Harvest supplies farmed salmon and processed seafood to more than 70 markets worldwide.

"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," says CEO Alf-Helge Aarskog.

Marine Harvest reported operational revenues of EUR 1,010 million (EUR 1,018 million) in the fourth quarter of 2017. Total harvest volume was 112 628 tonnes in the quarter (99 634 tonnes). Harvest guidance for 2018 is 410 000 tonnes.

Alf-Helge Aarskog.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 1.77 (2.70) 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). Salmon of Chilean origin reported operational EBIT per kilo of EUR 1.03 in the quarter (EUR 2.61). 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).  MH Feed reported an operational EBIT of EUR -2.8 million (EUR 10.8 million).

"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," says Aarskog.

Marine Harvest is present in all major salmon farming regions in the world. In 2016 harvest volumes of salmon was 381 000 tonnes (GWE).

About Marine Harvest Group

Marine Harvest is the world's leading seafood company and largest producer of farmed salmon, with presence in 24 countries and a total of 12 717 employees worldwide. The company is headquartered in Bergen, Norway, and is listed on the Oslo Stock Exchange.

Marine Harvest - Leading the Blue Revolution from Marine Harvest on Vimeo.

Source: Marine Harvest

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