Strong market outlook, reports Marine Harvest
Norway: - Although the market for Atlantic salmon in Europe experienced a momentous positive turn from December, the result in the fourth quarter was impacted by a low price realisation, Marine Havest CEO Alf-Helge Aarskog. The Marine Harvest Group achieved an operational EBIT of NOK 64 million in the fourth quarter of 2012, compared to NOK 403 million in the corresponding qua ter of 2011. The seasonal working capital build up in the fourth quarter led to cash flow from operations of NOK -169 million (Q4 2011: -108 million). -Although the market for Atlantic salmon in Europe experienced a momentous positive turn from December, the result in the fourth quarter was impacted by a low price realisation. Salmon of Norwegian origin, generating 68% of the Group’s volume, was positively impacted by the increased prices in December combined with an excellent cost position throughout the quarter. In theAmericas, the market situation is still concerning and Chilean costs continued to increase. The Canadian business is starting to see cost benefits from the restructuring measures carried out. Whilst measurable operational improvements were observed in Scotland during the quarter, the results remained negatively impacted by biological events during the previous quarters, says Alf-Helge Aarskog, CEO Marine Harvest reported operational revenues and other income of NOK 4,071 million (NOK 4,254 million) in the fourth quarter of 2012. Harvest volumes were 103,215 tonnes in the quarter. Marine Harvest Norway achieved an operational EBIT per kilo of NOK 3.62 (4.77) in the fourth quarter, while Marine Harvest Scotland and Marine Harvest Canada reported operational EBIT per kilo was NOK -1.14 and NOK -4.94 respectively (4.56 and -3.40). Marine Harvest Chile achieved an operational EBIT per kg of NOK -8.43 (2.65). The numbers include contribution from Sales and Marketing, including VAP Europe. Marine Harvest VAP Europe reported an operational EBIT of NOK 16 million compared to NOK 65 million in the fourth quarter of 2011. Marine Harvest Group expects to harvest a volume of 350,000 tonnes gutted weight in 2013, of which 75,000 tonnes are expected to be harvested in the first quarter.
