Fish & Seafood

Strong Performance in Fourth Quarter for Marine Harvest

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Bergen, Norway-headquartered Marine Harvest Group, the world’s largest producer of farmed salmon, reported operational revenues of NOK 6,863 million in the fourth quarter of 2014 (compared to NOK 6,743 million during the same period of the previous year), which a is record high. Total harvest volumes amounted to 105,122 tons in the quarter (vs. 103,378 tons). Harvest guidance for 2015 is 440,000 tons.

The company’s operational EBIT was NOK 1,032 million in the fourth quarter, compared to NOK 1,037 million during the corresponding quarter of 2013. As a result of the strong performance the board declared a dividend of NOK 1.20 per share.

“We have increased our feed self-sufficiency in Norway from 60% to 80%. Through the gradual in-sourcing of feed, we expect lower feed costs as well as improved growth, a better feed conversion ratio and improved quality of the end product,” said CEO Alf-Helge Aarskog.

Salmon of Norwegian origin achieved an operational EBIT per kilo of NOK 12.59 in the fourth quarter (vs. NOK 12.04 the year before), while salmon of Scottish and Canadian origin recorded operational EBIT per kilo of NOK -3.42 and NOK 3.69, respectively (vs. NOK 10.25 and NOK 10.20). Salmon of Chilean origin achieved an operational EBIT per kilo of NOK 0.35 (vs. NOK 2.48).

The figures include contributions from Sales and Marketing, including Brugge, Belgium-based Marine Harvest VAP Europe and Ustka, Poland-headquartered Morpol Processing. The VAP Europe unit reported an operational EBIT of NOK 36 million compared to NOK -37 million in the fourth quarter of 2013. Morpol Processing recorded an operational EBIT of NOK 81 million (NOK 63 million).

Addressing the contemplated merger with AquaChile (reported by FrozenFoodsBiz.com last month), CEO Aarskog commented: “Our already strong position within salmon farming in Chile will be further strengthened, and the combined entity will benefit the entire Chilean industry from a sustainability point of view.”