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Marine Harvest farm. (Photo Credit: Marine Harvest)

Marine Harvest benefits from strong salmon demand in Q1

Click on the flag for more information about Norway NORWAY
Tuesday, April 30, 2013, 23:50 (GMT + 9)

The Marine Harvest Group reached an operational EBIT of NOK 482 million (EUR 63.2 million) in Q1 2013 against NOK 276 million (EUR 36.2 million) in Q1 2012. The market for Atlantic salmon in Europe was very strong that quarter and helped the firm significantly to achieve the increased earnings for all entities in the region, said CEO Alf-Helge Aarskog.

"Salmon of European origin accounted for 74 per cent of the Group's volume in the quarter,” the CEO said

Robust demand together with a lower supply made the Norwegian reference price clear at the third-highest level for any quarter since 2007.

“Market prices also increased in the Americas. The Canadian business, which is benefiting from previous restructuring measures, delivered very good results. The operations in Chile is however still loss making as a result of continued cost increases due to negative biological development," Aarskog added.

In the US, the positive price development was also encouraging, showing a strong demand response to the combination of high availability, market initiatives and affordable prices. Higher prices in the US combined with cost reduction resulting from the recent operational restructuring bred very encouraging results in Canada as well, the company said.

Operational revenues and other income stood at NOK 3.7 billion (EUR 485.3 million) against NOK 3.8 billion (EUR 498.4 million) in the first quarter of 2012 with harvest volumes of 80,035 tonnes, down 17 per cent compared to a year ago. Marine Harvest expects to harvest 350,000 tonnes this year, of which 80,000 tonnes are expected to be harvested in Q2.

Marine Harvest Norway had an operational EBIT per kg of NOK 8.40 (EUR 1.10) against NOK 3.35 (EUR 0.44) year-on-year, while Marine Harvest Scotland and Marine Harvest Canada reported operational EBIT per kg of NOK 7.87 (EUR 1.03) and NOK 6.66 (EUR 0.87), respectively, against NOK 5.56 (EUR 0.73) and NOK -0.04 (EUR -0.01).

Marine Harvest Chile saw an operational EBIT per kg of NOK -5.91 (EUR -0.78) in Q1 versus NOK 2.19 (EUR 0.29) a year ago, and Marine Harvest VAP Europe reported an operational EBIT of NOK -18 million (EUR -2.4 million) compared to NOK -5 million (EUR -655,757) in the first quarter of 2012.

"I am very encouraged by the strong market outlook in Europe, with future prices of NOK 34 (EUR 4.46) in the remaining part of 2013 and 2014. Marine Harvest is well positioned to take advantage of this as the majority of our volume will be originating in Europe combined with high exposure to spot prices,” Aarskog said.

He added that even though the firm has limited exposure to Chile, they remain equally concerned about their operations there, which are experiencing losses and continued rises in cost.

Related articles:

Challenging market conditions dent Marine Harvest revenues
Marine Harvest's harvest volume pushed up

By Natalia Real
[email protected]

Photo Courtesy of FIS Member  Mowi ASA (formerly Marine Harvest ASA) - Headquarters

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