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Mowi ASA

Investor Presentation • Oct 28, 2015

3665_rns_2015-10-28_2d33ff50-c77b-4639-823e-62741b8800ec.pdf

Investor Presentation

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Marine Harvest Q3 2015 Presentation

Forward looking statements

This presentation may be deemed to include forward-looking statements, such as statements that relate to Marine Harvest's contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, the anticipated business combination between MH Chile and Aqua Chile, production capacity, expectations of the capacity of our fish feed plant, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt and various other matters concerning Marine Harvest's business and results. These statements speak of Marine Harvest's plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties.

Our registration statement on Form 20-F filed with the US Securities and Exchange Commission in 2014 contain information about specific factors that could cause actual results to differ, and you are urged to read them. Marine Harvest disclaims any continuing accuracy of the information provided in this presentation after today.

Operational EBIT of NOK 720m

Good contribution from Norway

Highlights

  • Record results by Feed
  • Preparation costs Rosyth ~ EUR 3m (Consumer Products)
  • Strong demand in Europe and Asia

Challenging market conditions in Americas

Quarterly dividend of NOK 1.40 per share

Key financials

Ma
ine
Ha
Gr
in
f
ig
t
r
rve
s
ou
p
- m
a
ur
es		 Q
5
3
2
0
1		 Q
3
2
0
1
4		 Y
T
D
Q
3
2
0
1
5		 Y
T
D
Q
3
2
0
1
4		 2
0
1
4
OK
Un
dite
d N
illio
au
m
n
Op
ion
l re
d o
he
inc
t
t
era
a
ve
nu
e a
n
r
om
e		 6
9
1
0		 6
2
0
2		 1
9
8
9
9		 1
8
6
3
3		 2
5
4
9
6
Op
ion
l
E
B
I
T
t
1)
era
a		 7
2
0		 9
1
2		 2
2
7
0		 3
2
2
2		 4
2
5
4
Ca
f
fro
h
low
ion
t
s
m
op
era
s		 5
9
1		 8
5
7		 1
8
5
7		 3
4
1
0		 3
9
4
4
Ne
in
be
ing
de
b
(
N
I
B
D
)
t
te
t-
t
res
ar		 8
7
4
2		 7
2
3
0		 8
7
4
2		 7
2
3
0		 9
2
6
8
2)
Un
de
ly
ing
E
P
S
(
N
O
K
)
r		 1.
0
8		 1.
5
0		 3.
4
3		 5.
3
3		 7.
0
1
3)
Ne
h
f
low
ha
(
N
O
K
)
t c
as
p
er
s
re		 0.
2
5		 0.
3
6		 1.
1
6		 7.
1
1		 6.
6
5
(
O
)
D
iv
i
de
d
de
lar
d a
d p
i
d p
ha
N
K
n
c
e
n
a
er
s
re		 1.
3
0		 1.
0
0		 3.
8
0		 2
0
7.		 8.
3
0
4)
R
O
C
E		 1
2.
2
%		 1
9.
0
%		 1
2.
2
%		 2
1.
5
%		 2
0.
2
%
(
)
Ha
lum
d w
ig
h
lm
t v
t
te
t
to
rve
s
o
e
g
e
ns
sa
on
u
,		 1
0
5
9
6
3		 1
0
3
3
3
7		 3
0
9
5
9
8		 3
1
3
5
2
7		 4
1
8
8
3
7
5)
Op
ion
l
E
B
I
T -
N
O
K
kg
- T
l
t
ta
era
a
p
er
o		 6.
8
0		 8.
5
0		 7.
3
3		 1
0.
2
7		 1
0.
1
6
No
rw
ay		 1
0.
1
1		 9.
7
1		 1
0.
9
5		 1
1.
5
2		 1
1.
8
1
Sc
lan
d
t
o		 6.
1
4		 5
9.
9		 5.
2
2		 5
1
1.
8		 9.
6
2
Ca
da
na		 1.
3
6		 4.
7
0		 2.
9
0		 1
1.
3
6		 9.
4
0
C
h
i
le		 5
-6.
0		 6.
0
6		 5.
9
7
-		 6.
1
1		 4.
7
0

Reference price Norway NOK (NASDAQ average superior Oslo, GWE/kg)

Reference price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

Reference price Canada USD (Urner Barry average superior GWE 10-12 lbs FOB Seattle)

  • Prices in Europe at good levels in the quarter
  • Weak prices in Americas. Slow demand. Supply increase and inventory release of frozen Chilean salmon

Price achievement by origin

C
h
t
t
o
n
r
a
c
s
a
r
e		 4
3
%		 3
4
%		 0
%		 9
%
S
i
h
p
e
r
o
r
s
a
r
e
u		 9
3
%		 9
2
%		 9
1
%		 8
%
7

Note: Q3 2015 average price achievement is measured versus reference prices in all markets (Norway/Faroes (NASDAQ), Scotland (NASDAQ+ NOK 1.74), Canada 6 (UB Seattle), Chile (UB Miami)

Operational EBIT comparison

7

S
A
L
M
O
N
O
F
N
O
R
W
E
G
I
A
N
O
R
I
G
I
N
NO
K m
ill
ion		 Q
3
2
0
1
5		 Q
3
2
0
1
4
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 5
5
9		 6
2
4
H
lu
(
G
W
T
)
t v
a
rv
e
s
o
m
e		 5
8
8
7
3		 6
4
2
9
9
i
(
)
O
l
E
B
I
T
k
N
O
K
t
p
e
r
a
o
n
a
p
e
r
g
f w
h
i
h
M
H
M
k
t
o
c
a
r
e
s
-
f w
h
i
h
M
H
C
P
d
t
o
c
o
n
s
u
m
e
r
r
o
u
c
s
-		 1
0.
1
1
1.
3
3
0.
4
3		 9.
7
1
1.
0
3
0.
7
8
Ex
i
l
i
i
l
i
E
B
I
T
t
t
c
e
p
o
n
a
e
m
s
n
c
n
o
p.
Ex
i
l
i
k
(
N
O
K
)
t
t
c
e
p
o
n
a
e
m
s
p
e
r
g		 1
6
7
-
2.
8
3
-		 1
1
8
-
1.
8
4
-
P
i
h
i
/
f
i
t
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e
C
h
t
t
o
n
r
a
c
s
a
r
e
S
i
h
p
e
r
o
r
s
a
r
e
u		 1
0
5
%
4
3
%
9
3
%		 1
0
7
%
4
0
%
9
4
%

Good results in the quarter driven by improved prices

  • Increased costs due to feed price, precautionary harvesting of small fish and lower volume
  • New sea lice management strategy implemented

Norway: Sales contract portfolio

Note: Marine Harvest Norway's fixed price/fixed volume contracts with third party customers and MH's processing entities. MH's processing entities cover a large 9 proportion of their sales exposure through third party end product contracts.

Norway: Operational EBIT/kg per region

S
A
L
M
O
N
O
F
S
C
O
T
T
I
S
H
O
R
I
G
I
N
ill
ion
NO
K m		 Q
3
2
0
1
5		 Q
3
2
0
1
4
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 1
0
2		 1
3
7
H
lu
(
G
W
T
)
t v
a
rv
e
s
o
m
e		 1
6
5
8
6		 1
3
7
4
0
O
i
l
E
B
I
T
k
(
N
O
K
)
t
p
e
r
a
o
n
a
p
e
r
g
f w
h
i
h
M
H
M
k
t
o
c
a
r
e
s
-
f w
C
h
i
h
M
H
P
d
t
o
c
o
n
s
u
m
e
r
r
o
u
c
s
-		 6.
1
4
2.
5
7
0.
1
5		 9.
9
5
2.
1
0
0.
3
1
Ex
i
l
i
i
l
i
E
B
I
T
t
t
c
e
p
o
n
a
e
m
s
n
c
n
o
p.
(
O
)
Ex
i
l
i
k
N
K
t
t
c
e
p
o
n
a
e
m
s
p
e
r
g		 1
9
-
1.
1
4
-		 1
3
-
0.
9
8
-
/
f
P
i
h
i
i
t
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e
C
h
t
t
o
n
r
a
c
s
a
r
e
S
i
h
u
p
e
r
o
r
s
a
r
e		 1
0
4
%
3
4
%
9
2
%		 1
1
3
%
4
9
%
9
4
%

Operational EBIT Salmon of Scottish Origin Q3 2015 vs Q3 2014

  • Lower prices measured in GBP driven by stronger GBP vs NOK
  • Good volumes have reduced production cost (scale effect)
  • Challenging biological conditions
S
C
A
L
M
O
N
O
F
A
N
A
D
I
A
N
O
R
I
G
I
N
NO
K m
ill
ion		 Q
5
3
2
0
1		 Q
3
2
0
1
4
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 1
2		 3
3
G
H
lu
(
W
T
)
t v
a
rv
e
s
o
m
e		 8
6
6
8		 0
2
7
5
O
i
l
E
B
I
T
k
(
N
O
K
)
t
p
e
r
a
o
n
a
p
e
r
g
f w
h
i
h
M
H
M
k
t
o
c
a
r
e
s
-
C
f w
h
i
h
M
H
P
d
t
o
c
o
n
s
m
e
r
r
o
c
s
u
u
-
Ex
i
l
i
i
l
i
E
B
I
T
t
t
c
e
p
o
n
a
e
m
s
n
c
n
o
p.		 1.
3
6
1.
1
8
0.
0
0
1
1
-		 4.
0
7
0.
5
9
0.
0
0
5
-
(
O
)
Ex
i
l
i
k
N
K
t
t
c
e
p
o
n
a
e
m
s
p
e
r
g		 1.
2
7
-		 0.
6
5
-
/
P
i
h
i
f
i
t
r
c
e
a
c
e
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e
v
C
h
t
t
o
n
r
a
c
s
a
r
e
S
i
h
u
p
e
r
o
r
s
a
r
e		 9
9
%
0
%
9
1
%		 1
0
0
%
0
%
8
8
%

Operational EBIT Salmon of Canadian Origin

  • Low prices due to high supply growth from Canada and slow US demand
  • Relatively good biological performance in a challenging quarter

Chile

Operational EBIT Salmon of Chilean Origin Q3 2015 vs Q3 2014

  • Situation in Chile is concerning and unsustainable
  • Prices remain weak due to high supply and unfavourable currency movements
  • Costs affected by challenging biology and exceptional mortality
  • Full cost in box USD 4.6 per kg (GWE)

Ireland and Faroes

S
A
L
M
O
N
O
F
I
R
I
S
H
O
R
I
G
I
N
NO
K m
ill
ion		 Q
3
2
0
1
5		 Q
3
2
0
1
4
i
l
E
B
I
T
O
t
p
e
r
a
o
n
a		 2
8		 6
H
lu
(
G
W
T
)
t v
a
rv
e
s
o
m
e		 3
4
1
1		 2
4
1
9
(
)
O
i
l
E
B
I
T
k
N
O
K
t
p
e
r
a
o
n
a
p
e
r
g
f w
h
i
h
M
H
M
k
t
o
c
a
r
e
s
-
f w
h
i
h
M
H
C
P
d
t
o
c
o
n
s
u
m
e
r
r
o
u
c
s
-		 8.
1
0
0.
0
4
-
0.
2
2		 2.
5
8
0.
1
1
-
0.
2
5
-
Ex
i
l
i
i
l
i
E
B
I
T
t
t
c
e
p
o
n
a
e
m
s
n
c
n
o
p.
Ex
i
l
i
k
(
N
O
K
)
t
t
c
e
p
o
n
a
e
m
s
p
e
r
g		 2
2
-
6.
3
1
-		 4
-
1.
8
3
-
P
i
h
i
/
f
i
t
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e
C
h
t
t
o
n
r
a
c
s
a
r
e
S
i
h
u
p
e
r
o
r
s
a
r
e		 n
a
6
8
%
8
4
%		 n
a
8
2
%
8
3
%
S
A
L
M
O
N
O
F
F
A
R
O
E
S
E
O
R
I
G
I
N
NO
K m
ill
ion		 Q
3
2
0
1
5		 Q
3
2
0
1
4
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 2
-		 4
2
H
lu
(
G
W
T
)
t v
a
rv
e
s
o
m
e		 0 3
0
8
6
O
i
l
E
B
I
T
k
(
N
O
K
)
t
p
e
r
a
o
n
a
p
e
r
g
f w
h
i
h
M
H
M
k
t
o
c
a
r
e
s
-
f w
h
i
h
M
H
C
P
d
t
o
c
o
n
s
m
e
r
r
o
c
s
u
u
-		 n
a
n
a
n
a		 1
3.
4
8
5.
9
8
0.
0
0
Ex
i
l
i
i
l
i
E
B
I
T
t
t
c
e
p
o
n
a
e
m
s
n
c
n
o
p.
Ex
i
l
i
k
(
N
O
K
)
t
t
c
e
p
o
n
a
e
m
s
p
e
r
g		 0
0.
0
0		 0
0.
0
0
P
i
h
i
/
f
i
t
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e
C
h
t
t
o
n
r
a
c
s
a
r
e
S
i
h
p
e
r
o
r
s
a
r
e
u		 n
a
n
a
n
a		 1
1
3
%
0
%
9
%
5

Volumes from the Faroes starting in Q4 2015

Consumer Products

C
O
N
S
U
M
E
R
P
R
O
D
U
C
T
S
NO
K m
ill
ion		 Q
3
2
0
1
5		 Q
3
2
0
1
4
O
i
t
p
e
r
a
n
g
r
e
v
e
nu
e
s		 2
3
9
3		 2
0
5
6
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a
O
i
l
E
B
I
T
%
t
p
e
r
a
o
n
a		 4
1
1.
7
%		 4
4
2.
2
%
V
lu
l
d
(
d
i
h
)
t
t w
t
o
m
e
s
o
o
n
s
p
r
o
u
c
e
g		 2
5
1
1
6		 2
4
2
5
1
Ex
i
l
i
t
t
c
e
p
o
n
a
e
m
s		 0 0
V
lu
h
l
o
m
e
s
a
r
e
s
a
m
o
n
R
h
l
e
v
e
nu
e
s
a
r
e
s
a
m
o
n		 7
3
%
7
8
%		 7
4
%
7
8
%
  • Results impacted by low season and preparation costs of ~EUR 3m at the Rosyth plant in connection with a contract for a major UK retailer
  • Positive trend of high share of elaborated products continues
  • Strong growth in Southern Europe and Germany. France slight improvement

Please note that Consumer Products is the combined operations of the former VAP Europe and Morpol 15

F
E
E
D
NO
K m
ill
ion		 Q
5
3
2
0
1		 Q
3
2
0
1
4
O
i
t
p
e
r
a
n
g
r
e
v
e
nu
e
s		 1
0
2
7		 5
3
9
i
O
l
E
B
I
T
t
p
e
r
a
o
n
a
O
i
l
E
B
I
T
%
t
p
e
r
a
o
n
a		 7
3
1
%
7.		 2
0
3.
%
7
F
d
l
d
lu
e
e
s
o
o
m
e
v
F
d
d
d
lu
e
e
p
r
o
u
c
e
v
o
m
e		 9
8
9
7
7
9
1
0
8
2		 3
8
4
5
5
5
6
0
9
7
Ex
i
l
i
t
t
c
e
p
o
n
a
e
m
s		 0 0

Feed

  • Record quarterly volume, revenues and EBIT
  • Low biomass of anchovies in Peru
  • Increasing market prices for fish oil and fish meal
  • -MHG covered for fish meal through Q4 2015 and for fish oil through Q1 2016

Third Quarter 2015 Financials, Harvest Volumes and Markets

Profit and Loss

Ma
rin
e H
G
est
arv
rou
p
NO
K m
illion		 Q
3 2
015		 Q
3 2
014		 D Q
YT
3.
15		 D Q
YT
3.
14		 20
14
Op
tio
l re
nd
he
r in
ot
era
na
ve
nu
e a
co
me		 6 9
10		 11%
6 2
02		 44
%
19
899		 7%
18
633		 49
%
25
496
33
%
Op
tio
l E
BIT
1)
era
na		 72
0		 91
2		 2 2
70		 3 2
22		 4 2
54
Un
lize
d s
alm
de
riva
tive
rea
on
s		 -16 17 -55 18 54
Ch
e i
aliz
ed
inte
l pr
ofit
fe
ed
ang
n u
nre
rna		 - 2
5		 - 3
7		 - 7 - 3
7		 - 9
2
Ne
t fa
ir v
alu
dju
of
bio
stm
ent
ont
ts
e a
ma
ss
, o
ne
rou
s c
rac		 35
9		 74 - 8
62		 - 8
74		 - 4
87
Re
stu
ctu
ring
sts
co		 - 1
0		 - 5 - 1
36		 - 5
0		 - 5
3
Ot
he
tio
nal
ite
r n
on-
op
era
ms		 0 0 22 - 1
68		 - 1
68
Inc
e f
iate
d c
ies
om
rom
as
soc
om
pan		 93 51 11
1		 94 15
0
- f
Imp
air
nt
los
ixe
d a
ts
me
ses
sse		 - 1 0 - 2
8		 1 - 2
4
EB
IT		 1 1
20		 1 0
12		 1 3
15		 2 2
08		 3 6
33
Ne
t fi
cia
l ite
nan
ms		 -73
0		 -52
0		 -43
5		 -1
095		 -2
147
Ea
rni
s b
efo
tax
ng
re		 39
0		 49
2		 88
0		 1 1
13		 1 4
87
Pro
fit
los
s f
the
rio
d
or
or
pe		 20
7		 20
6		 58
8		 82
9		 94
0
EP
S (
NO
K)		 0.4
6		 0.4
9		 1.3
4		 2.0
1		 2.2
8
PS
NO
Un
de
rly
ing
E
(
K)		 1.0
8		 1.5
0		 3.4
3		 5.3
3		 7.0
1
Ne
h fl
ha
(
NO
K)
t c
as
ow
pe
r s
re		 0.2
5		 0.3
6		 1.1
6		 7.1
1		 6.6
5
NO
Div
ide
nd
dec
lare
d a
nd
id p
sh
(
K)
pa
er
are		 1.3
0		 1.0
0		 3.8
0		 7.2
0		 8.3
0
Op
tio
nal
EB
IT m
in
era
arg		 10
.4%		 14
.7%		 11
.4%		 17
.3%		 16
.7%
Ha
vol
HO
G t
(s
alm
ids
)
st
rve
um
e,
ons
on		 10
5 9
63		 -1%
107
33
3		 33
%
30
9 5
98		 -1%
313
2
75		 31
%
41
8 8
73
22
%
Op
Sa
tio
nal
EB
IT p
kg
inc
l m
in f
les
d M
ark
eti
2)
era
er
arg
rom
an
ng		 6.8
0		 8.5
0		 7.3
3		 10
.27		 10
.16
3)
RO
CE		 12.
2 %		 19
.0
%		 12
.2
%		 21
%
.5		 20
.2
%

Financial Position

M
i
H
G
t
a
r
n
e
a
rv
e
s
r
o
u
p
O
N
K m
i
l
l
ion		 3
0.
0
9.
2
0
1
5		 3
0.
0
9.
2
0
1
4		 3
1.
1
2.
2
0
1
4
No
t
t
n-
cu
rre
n
a
s
s
e
s
C
t
t
rre
n
a
s
s
e
s
u
As
he
l
d
fo
le
t
s
e
s
r s
a
T
l
t
t
o
a
a
s
s
e
s		 1
9
8
1
6
1
8
3
3
7
9
5
3
7
6
7		 1
6
9
2
4
1
4
8
2
9
4
1
3
1
7
9
3		 1
8
6
6
2
1
8
2
9
4
1
9
3
6
9
7
4
Eq
i
ty
u
No
l
ia
b
i
l
i
ie
t
t
n-
cu
rre
n
s
C
l
ia
b
i
l
i
ie
t
t
u
rre
n
s
T
l
i
d
l
i
b
i
l
i
i
t
ty
t
o
a
e
q
a
n
a
e
s
u		 1
9
0
6
7
1
3
9
0
7
5
9
6
2
3
6
5
7
7		 1
4
1
9
3
1
2
8
9
7
4
7
0
3
3
1
9
3
7		 1
4
1
8
7
1
6
2
5
7
5
6
8
4
3
6
9
4
7
Ne
in
b
ing
d
b
t
t
t-
t
e
re
s
e
a
r
e
Eq
i
io
ty
t
u
ra		 8
7
4
2
4
7.
5
%		 7
2
3
0
4
4.
6
%		 9
2
6
8
3
9.
8
%

Cash Flow and Net Interest Bearing Debt

Ma
ine
Ha
Gr
t
r
rv
es
ou
p
O
N
K m
illio
n		 Q
3
2
0
1
5		 Q
3
2
0
1
4		 Y
T
D
Q
3.
1
5		 Y
T
D
Q
3.
1
4		 2
0
1
4
N
I
B
D
be
in
in
f p
io
d
g
n
g
o
er		 6
8
5
7
-		 -6
9
9
0		 9
2
6
8
-		 7
7
9
1
-		 7
7
9
1
-
Op
ion
l
E
B
I
T
D
A
t
era
a		 1
0
4
2		 1
1
6
0		 3
1
9
6		 3
9
2
1		 5
2
2
1
C
ha
in
k
ing
i
l
ta
ng
e
wo
r
c
ap		 3
0
8
-		 1
8
5
-		 8
8
5
-		 9
7
-		 2
1
7
-
Ta
i
d
xe
s p
a		 2
9
-		 5
5
-		 5
0
6
-		 2
0
9
-		 2
9
5
-
O
he
d
j
t
tm
ts
r a
us
en		 1
1
4
-		 7
2
-		 2
4
6
-		 2
0
5
-		 2
6
1
-
Ca
f
fro
h
low
io
t
s
m
op
er
a
ns		 5
9
1		 8
7
5		 1
8
5
7		 3
4
1
0		 3
9
4
5
Ca
Ne
t
ex		 4
0
0		 5
5
6		 1
3
3
0		 1
2
6
5		 1
7
1
2
p
Ca
h
fro
d
isp
l o
f a
he
l
d
for
le
ts
s
m
os
a
ss
e
s
a		 -
0		 -
0		 -
0		 -
1
1
7
3		 -
1
1
8
2
O
he
inv
t
tm
ts
r
es
en		 1
4
-		 4
5
-		 3
5
7		 1
1		 1
6
7
-
Ca
h
f
low
fro
inv
tm
ts
s
m
es
en		 4
1
3
-		 6
1
0
-		 9
3
7
-		 8
1
-		 1
2
4
5
-
Ne
in
d
f
ina
ia
l
i
i
d
t
te
t a
te
res
n
nc
ms
p
a		 6
5
-		 6
5
-		 2
4
7
-		 2
6
3
-		 4
1
2
-
O
he
i
t
te
r
ms		 2
4		 1
0
5
-		 2
4
9
-		 3
2
0		 3
7
8
Bo
ds
d
i
te
to
ty
n
c
on
ve
r
eq
u		 0 0 2
3
6
9		 0 0
D
iv
i
de
d
d
is
i
bu
d
tr
te
n		 5
8
5
-		 4
8
9
-		 1
6
6
2
-		 2
9
5
2
-		 3
4
2
4
-
Tra
la
ion
f
fec
in
be
ing
de
b
t
t o
te
t-
t
ns
e
n
res
ar		 6
0
9
-		 1
4
5		 6
9
5
-		 1
2
7		 1
9
7
-
N
I
B
D
d
f p
io
d
en
o
er		 8
7
4
2
-		 7
2
3
0
-		 8
7
4
2
-		 7
2
3
0
-		 9
2
6
8
-
1):
De
b
d
is
i
bu
io
t
tr
t
n
E
U
R		 7
1
%		 6
7
%		 7
1
%		 6
7
%		 7
1
%
U
S
D		 1
3
%		 1
%
5		 1
3
%		 1
%
5		 1
4
%
G
B
P		 4
%		 2
%		 4
%		 2
%		 4
%
O
he
ies
t
r c
urr
en
c		 1
2
%		 1
8
%		 1
2
%		 1
8
%		 1
1
%

1) Debt distribution including effect of cross currency sw aps.

2015 Cash Flow Guidance

  • 2015 cash flow estimates
  • Working capital buildup: Revised up to NOK 1,300m mainly due to FX
    • •Support further organic growth
  • Capital expenditures unchanged of NOK 1,900m
    • •NOK 1,100m – Maintenance
    • •NOK 550m - Smolt and cleaner fish
    • •NOK 250m – Other
    • The remaining amount of USD 18.5m in connection with the purchase of the Acuinova assets is expected to be paid in 2015
  • Interest expenses: Revised up to NOK 300m due to FX
  • Tax payables: Revised down to NOK 600m
  • Quarterly dividend in Q4 2015 of NOK 1.40 per share (repayment of paid in capital)

Due to seawater growth patterns, WC is highly seasonal

Slow seawater growth in 1H leads to working capital release and high seawater growth in 2H leads to working capital build up

Overview of financing

  • EUR 805m Facility Agreement
  • Maturity Q4 2019
  • Covenants:
    • •35% equity ratio
  • -Accordion option EUR 45m
  • Lenders: DNB, Nordea, Rabobank and ABN Amro
  • EUR 375m issued in April 2014
  • -Tenor 5 years, annual coupon 0.875%(1), conversion price EUR 10.2927
  • NOK 1,250m bond issued in February 2013
  • Tenor 5 years, NIBOR + 3.5%

Supply development

i
E
d
t
t
s
m
a
e		 l
v
o
u
m
e
s		 C
d
t
o
m
p
a
r
e
o		 Q
3
2
0
1
4		 E
l
t.
s
v
o
u
m
e
s
S
l
i
u
p
p
e
r
s		 Q
3
2
0
1
5		 Q
3
2
0
1
4		 V
l
o
u
m
e		 % Q
2
2
0
1
5
N
o
r
w
a
y		 2
3
9
0
0
7		 2
2
0
0
7
7		 3
3
0
0
-		 1.
2
%
-		 2
6
0
0
7
5
S
l
d
t
c
o
a
n		 4
0
0
5
7		 4
3
4
0
0		 2
3
0
0		 3
%
5		 3
6
9
0
0
F
I
l
d
a
r
o
e
s
a
n
s		 1
7
6
0
0		 1
7
4
0
0		 2
0
0		 1.
1
%		 1
7
4
0
0
I
l
d
r
e
a
n		 4
0
0
0		 3
0
0
5		 0
0
5		 1
4
3
%		 4
1
0
0
T
l
E
t
o
a
r
o
p
e
u		 3
4
1
2
0
0		 3
4
1
5
0
0		 3
0
0
-		 0.
1
%
-		 3
2
5
9
0
0
C
h
i
l
e		 1
2
6
0
0
5		 1
2
9
2
0
0		 2
0
0
7
-		 2
1
%
-		 1
1
8
6
0
0
N
h
A
i
t
o
r
m
e
r
c
a		 3
5
1
0
0		 2
8
9
0
0		 6
2
0
0		 2
1.
5
%		 3
8
3
0
0
T
l
A
i
t
o
a
m
e
r
c
a
s		 1
6
1
6
0
0		 5
1
8
1
0
0		 5
3
0
0		 2.
2
%		 5
1
6
9
0
0
A
l
i
t
u
s
r
a
a		 9
5
0
0		 8
5
0
0		 1
0
0
0		 1
1.
8
%		 8
6
0
0
O
h
t
e
r		 4
2
0
0		 4
0
0
5		 3
0
0
-		 6
%
7
-		 4
8
0
0
T
l
t
o
a		 5
1
6
5
0
0		 5
1
2
6
0
0		 3
9
0
0		 0.
8
%		 4
9
6
2
0
0

Source: Kontali

  • Global supply growth in Q3 in line with previous guidance
  • Negative growth from Norway and some growth in Scotland
  • Substantial supply growth from Canada due to recovery year
  • Reduced supply from Chile as expected

Development in reference prices

Re
fe
ice
re
nc
e
p
r
s		 Q
3
2
0
1
5
N
O
K		 C
ha
ng
e
vs
Q
3
2
0
1
4		 Q
3
2
0
1
5
Ma
ke
(
4
)
t
r		 C
ha
ng
e
vs
Q
3
2
0
1
4
No
(
)
1
rw
ay		 N
O
K
4
0.
7
2		 1
6.
0
%		 E
U
R
4.
4
5		 5.
0
%
C
h
i
le
(
2
)
C
h
i
le,
G
W
E
(
)
3		 N
O
K
2
9.
2
8
N
O
K
3
1.
9
2		 1
%
5.
1.
5
%
-		 U
S
D
3.
6
5
U
S
D
3.
8
8		 2
0.
1
%
-
2
5.
1
%
-
(
)
No
h
Am
ica
4
t
r
er
No
h
Am
ica
G
W
E
(
3
)
t
r
er
,		 O
N
K
1
9.
3
9
N
O
K
3
6
0
7.		 7.
3
%
3.
6
%		 S
U
D
2.
3
6
U
S
D
4.
8
5		 1
8.
5
%
-
2
1.
3
%
-

Notes:

(1) NASDAQ average superior GWE/kg (gutted weight equivalent)

(2) Urner Barry average D trim 3-4 lbs FOB Miami

(3) Reference price converted back-to-plant equivalent in GWE/kg

(4) Urner Barry average GWE 10-12 lbs FOB Seattle

WHAT
marineharvest

Global volume by market

Es
im
d
t
te
a		 lu
vo
m
es		 Co
d
m
p
ar
e		 Q
3
2
0
1
4
to		 Es
lu
t.
vo
m
es		 1
2
h
iso
t
m
on
co
m
p
ar
n
Ma
ke
ts
r		 Q
3
2
0
1
5		 Q
3
2
0
1
4		 Vo
lu
m
e		 % Q
2
2
0
1
5		 L
T
M		 P
T
M		 %
E
U		 2
4
8
0
0
5		 2
3
6
3
0
0		 1
2
2
0
0		 2
%
5.		 2
3
6
0
0
5		 9
6
6
2
0
0		 8
9
8
0
0
7		 6
%
7.
Ru
ia
ss		 2
9
9
0
0		 3
4
4
0
0		 4
5
0
0
-		 1
3.
1
%
-		 2
4
9
0
0		 1
0
9
8
0
0		 1
4
0
2
0
0		 2
1.
7
%
-
O
he
Eu
t
r
ro
p
e		 2
0
7
0
0		 2
1
9
0
0		 1
2
0
0
-		 5.
5
%
-		 1
9
9
0
0		 8
4
4
0
0		 8
4
9
0
0		 0.
6
%
-
To
l
Eu
ta
ro
p
e		 2
9
9
1
0
0		 2
9
2
6
0
0		 6
5
0
0		 2.
2
%		 2
8
0
4
0
0		 1
1
6
0
4
0
0		 1
1
2
2
9
0
0		 3.
3
%
S
U
A		 9
1
8
0
0		 8
1
6
0
0		 1
0
2
0
0		 1
2.
5
%		 9
5
9
0
0		 3
6
0
1
0
0		 3
2
3
5
0
0		 1
1.
3
%
Br
i
l
az		 2
6
0
0
5		 2
1
3
0
0		 2
0
0
5		 2
4.
4
%		 2
1
0
0
0		 9
9
0
0
0		 8
8
0
0
7		 1
1.
6
%
O
he
Am
ica
t
r
er
s		 2
9
8
0
0		 2
8
4
0
0		 1
4
0
0		 4.
9
%		 2
4
6
0
0		 1
1
1
0
0
0		 1
0
9
3
0
0		 1.
6
%
To
l
Am
ica
ta
er
s		 1
4
8
1
0
0		 1
3
1
3
0
0		 1
6
8
0
0		 1
2.
8
%		 1
4
1
5
0
0		 5
7
0
1
0
0		 5
2
1
5
0
0		 9.
3
%
C
h
ina
/
Ho
Ko
ng
ng		 1
9
9
0
0		 2
0
5
0
0		 6
0
0
-		 2.
9
%
-		 1
9
0
0
0		 7
5
2
0
0		 7
8
7
0
0		 4.
4
%
-
Ja
p
an		 1
4
2
0
0		 1
3
7
0
0		 5
0
0		 3.
6
%		 1
0
8
0
0		 5
2
0
0
0		 5
9
3
0
0		 1
2.
3
%
-
So
/
h
Ko
Ta
iw
t
u
rea
an		 1
1
3
0
0		 9
1
0
0		 2
2
0
0		 2
4.
2
%		 1
0
9
0
0		 4
9
0
0
5		 3
3
0
0
7		 3
6.
2
%
O
he
As
ia
t
r		 1
4
0
0
0		 1
6
0
0
7		 3
6
0
0
-		 2
0.
%
5
-		 1
3
1
0
0		 6
1
2
0
0		 6
4
6
0
0		 3
%
5.
-
To
l
As
ia
ta		 5
9
4
0
0		 6
0
9
0
0		 1
5
0
0
-		 2.
5
%
-		 5
3
8
0
0		 2
3
4
3
0
0		 2
3
6
3
0
0		 0.
8
%
-
A
l
l o
he
ke
t
ts
r m
ar		 2
1
6
0
0		 2
2
8
0
0		 1
2
0
0
-		 5.
3
%
-		 1
9
9
0
0		 8
4
6
0
0		 8
6
5
0
0		 2.
2
%
-
To
l
ta		 5
2
8
2
0
0		 5
0
6
0
0
7		 2
0
6
0
0		 4.
1
%		 4
9
5
6
0
0		 2
0
4
9
4
0
0		 1
9
6
2
0
0
7		 4.
2
%
In
f
low
U
S
fro
Eu
to
m
ro
p
e		 2
0
2
0
0		 1
8
0
0
7		 2
4
0
0		 1
3.
%
5		 1
9
0
0
0		 4
3
0
0
7		 3
6
0
0
7		 1.
0
%
In
f
low
E
U
fro
C
h
i
le
to
m		 9
5
0
0		 1
1
3
0
0		 1
8
0
0
-		 1
5.
9
%
-		 8
7
0
0		 3
9
9
0
0		 4
4
6
0
0		 1
0.
5
%
-

Strong demand in EU

US market growing but at very low prices. Good development in Brazil

  • China/Hong Kong still affected by lack of large sized salmon and trading barriers
  • Underlying consumption trends in Asia positive

Industry supply outlook

2
0
1
2		 2
0
1
3		 2
0
1
4		 Es
im
t
ate		 2
0
1
5
s		 2
0
1
6
s
G
W
E t
(
ho
t
on
ne
s
us
an		 ds
)		 Lo
w		 Y
/
Y g
h
wt
ro		 H
ig
h		 Y
/
Y g
h
wt
ro		 Lo
w		 Y
/
Y g
h
wt
ro		 H
ig
h		 Y
/
Y g
h
wt
ro
No
rw
ay		 1 0
65		 1 0
29		 1 0
79		 1 0
8
9		 1% 1 0
9
9		 2% 1 0
6
0		 -3
%		 1 1
20		 2%
U
K		 14
3		 14
2		 15
4		 15
2		 -2% 15
6		 1% 15
0		 -1% 17
0		 9
%
Fa
roe
s		 6
3		 65 74 67 -10
%		 6
9		 -7% 72 7% 78 13
%
To
l
Eu
ta
ro
p
e		 1
27
2		 1
2
3
7		 1
3
0
8		 1
3
0
8		 0
%		 1
3
2
4		 1
%		 1
2
8
2		 2
%
-		 1
3
6
8		 3
%
C
h
i
le		 3
28		 42
1		 5
25		 5
14		 -2% 5
24		 0
%		 49
0		 -5
%		 5
25		 0
%
No
h
Am
ica
rt
er		 14
0		 12
2		 10
9		 13
9		 27
%		 14
3		 3
1%		 13
0		 -6
%		 15
0		 5
%
To
l
Am
ica
ta
er
s		 4
6
8		 5
4
3		 6
3
4		 6
5
2		 3
%		 6
6
6		 5
%		 6
2
0		 5
%
-		 6
7
5		 1
%
Ot
he
r		 6
0		 57 6
2		 70 12
%		 72 15
%		 71 2% 8
0		 12
%
To
ta
l		 1
8
0
0		 1
8
3
7		 2
0
0
4		 2
0
3
0		 1
%		 2
0
6
2		 3
%		 1
9
7
3		 3
%
-		 2
1
2
3		 3
%
Q
4
2
0
1
2		 Q
4
2
0
1
3		 Q
4
2
0
1
4		 E
S
T
I
M
A
T
E		 S
Q
4
2
0
1
5
G
W
E t
(
ho
t
on
ne
s
us		 ds
)
an		 Lo
w		 Q
/
Q
h
wt
g
ro		 H
ig
h		 Q
/
Q
h
wt
g
ro
No
rw
ay		 3
0
4		 3
0
9		 3
0
1		 28
8		 -4% 29
8		 -1%
U
K		 35 41 3
6		 40 10
%		 44 21
%
Fa
roe
s		 18 18 23 20 -13
%		 22 -4%
To
ta
l
Eu
ro
p
e		 3
5
8		 3
6
8		 3
6
0		 3
4
8		 3
%
-		 3
6
4		 1
%
C
h
i
le		 9
6		 11
6		 13
8		 13
5		 -2% 14
5		 5
%
No
h
Am
ica
rt
er		 3
8		 29 3
2		 3
6		 14
%		 40 27
%
To
l
Am
ica
ta
er
s		 1
3
4		 1
4
4		 17
0		 17
1		 1
%		 1
8
5		 9
%
Ot
he
r		 17 15 17 18 %
5		 20 17
%
To
l
ta		 5
0
9		 5
27		 5
47		 5
3
7		 2
%
-		 5
6
9		 4
%
  • 2015 guidance in line with previous guidance
  • 2016 guidance: Contained growth. Global growth between -3% to 3%
  • Europe: 0% growth
  • Americas: -2% growth (Chile slight contraction)

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algae blooms etc. and 26 market developments.

Sa
lm
ies
on
sp
ec		 2
0
1
3		 Q
1
2
0
1
4		 Q
2
2
0
1
4		 Q
3
2
0
1
4		 Q
4
2
0
1
4		 2
0
1
4		 Q
1
2
0
1
5		 Q
2
2
0
1
5		 Q
3
2
0
1
5		 Q
4
2
0
1
5		 2
0
1
5		 2
0
1
6
G
W
E
(
1
0
0
0
)
ton
s		 Ac
l
tua		 Ac
l
tua		 Ac
l
tua		 Ac
l
tua		 Ac
l
tua		 Ac
l
tua		 Ac
l
tua		 Ac
l
tua		 Ac
l
tua		 Gu
i
da
nc
e		 Gu
i
da
nc
e		 Gu
i
da
nc
e
No
rw
ay		 2
2
2		 5
5		 6
9		 6
4		 7
0		 2
5
8		 6
5		 6
4		 5
9		 6
9		 2
5
7		 2
6
5
C
h
i
le		 2
8		 1
8		 1
6		 1
7		 1
7		 6
8		 1
6		 1
3		 1
8		 1
6		 6
4		 5
6
Ca
da
na		 3
3		 6 6 7 7 2
7		 1
0		 1
2		 9 9 4
0		 4
2
Sc
lan
d
ot		 4
8		 1
0		 1
8		 1
4		 6 4
9		 7 1
2		 1
7		 1
6		 5
2		 5
6
O
he
Un
its
t		 1
2		 3 4 6 5 1
8		 1 3 3 5 1
2		 2
1
r
To
l
ta		 3
4
4		 9
2		 1
1
4		 1
0
7		 5
1
0		 4
1
9		 9
9		 1
0
4		 1
0
6		 5
1
1		 5
4
2		 4
4
0

MHG 2015 and 2016 volume guidance

  • 2015 reduced guidance from 430,000 tons GWE to 425,000 tons GWE
  • -Chile decreased by 3,000 tons due to early harvest and mortalities
  • Canada decreased by 2,000 tons due to algae blooms
  • 2016 volume guidance of 440,000 GWE
  • 3.5% growth

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such 27 as diseases, algae blooms etc. and market developments.

  • Market balance expected to remain tight
  • Future prices (NASDAQ) have increased to NOK 44 per kg next 12 months
  • Robust consumer demand in Europe and underlying demand in Asian markets positive
  • Continued weak American price achievement in Q4 2015
  • Quarterly dividend of NOK 1.40 per share

Appendix

Dividend policy

  • The quarterly dividend level shall reflect the present and expected future cash flow generation of the Company
  • To this end, a target level for net interest bearing debt is determined, reviewed and updated on a regular basis
  • When the target is met, at least 75% of the annual free cash flow after operational and financial commitments will be distributed as dividends
  • NIBD target of EUR 950m
  • EUR 1.8 per kg harvest volume (equivalent to ca NOK 15 per kg)
  • Residual attributed to non-farming businesses

Contract coverage and sales contract policy

  • Q4 2015 contract shares (% of guided volume):
  • Norway 51%
  • Scotland 42%
  • Canada 0%
  • Chile 4%
S
S
C
C
C
A
L
E
O
N
T
R
A
T
P
O
L
I
Y
M
in
he
dg
in
(
1
)
te
g
ra		 M
he
dg
in
(
1
)
te
ax
g
ra
No
(
)
(
)
2
3
rw
ay		 2
2.
5
%		 5
0.
0
%
C
(
)
h
i
le
3		 2
2.
5
%		 5
0.
0
%
Ca
da
na		 0.
0
%		 3
0.
0
%
Sc
lan
d
t
o		 4
0.
0
%		 7
5.
0
%
Ire
lan
d		 4
0.
0
%		 1
0
0.
0
%
Fa
ro
es		 0.
0
%		 3
0.
0
%
W
ig
h
d
te
e
av
er
ag
e		 2
2.
7
%		 5
2.
1
%

Notes:

(1) Hedging rates for the next quarter, limits dropping over time

(2) External and internal contract (including financial futures)

(3) Contract rate can be increased to 65% under special circumstances

  • Contracts typically have a duration of 3-12 months
  • Contracts are entered into on a regular basis
  • Policy opens for contracts of up to 48 month duration

Quarterly segment overview

S
O
U		 R
C
E
S
O
F O
R		 IG
I
N
Q
T
D
NO
K m
illio
n		 No
rw
ay		 Sc
ot
lan
d		 Ca
da
na		 C
i
h
le		 Ire
lan
d		 Fa
roe
s		 1)
Ot
he
r		 Gr
ou
p
O
P
E
R
A
T
IO
N
A
L
E
B
I
T
F
A
R
M
I
N
G		 4
9
2		 5
7		 2 144
-		 2
7		 1
-		 43
3
S
S
G
A
L
E
A
N
D
M
A
R
K
E
T
I
N
Ma
ke
ts
r		 7
8		 4
3		 1
0		 2
4		 0 1
-		 5 15
9
Co
Pro
du
cts
ns
um
er		 2
5		 3 0 0 1 0 1
3		 41
S
U
B
T
O
T
A
L		 5
9
5		 1
0
2		 1
2		 12
0
-		 2
8		 - 2 1
7		 6
3
3
Fe
d
e		 73 73
2)
Ot
he
it
ies
nt
r e		 14 14
T
O
T
A
L		 5
9
5		 10
2		 12 12
0
-		 28 - 2 10
5		 72
0
Ha
lum
(
G
W
T,
lm
)
st
rve
vo
e
sa
on		 5
8
87
3		 16
5
8
6		 8
6
6
8		 18
42
5		 3
41
1		 0 10
5
9
6
3
3) -
Op
ion
l
E
B
I
T p
kg
(
N
O
K
)
l
Gr
t
to
ta
era
a
er
ou
p		 10
.11		 6.
14		 1.3
6		 -6.
0
5		 8.
10		 na 6.
8
0
f w
h
ic
h
M
H
Ma
ke
ts
- o
r		 1.3
3		 2.5
7		 1.1
8		 1.2
9		 -0.
0
4		 na 1.5
0
f w
h
ic
h
M
H
Co
Pro
du
cts
- o
ns
um
er		 0.
43		 0.
15		 0.
0
0		 0.
0
0		 0.
22		 na 0.
3
9
C
A
N
A
L
Y
T
I
A
L
D
A
T
A
4)
Pr
ice
h
iev
/re
fer
ice
(
)
t
%
ac
em
en
en
ce
p
r		 105
%		 10
4%		 9
9
%		 11
4%		 na na 10
5
%
Co
ha
(
)
ntr
t s
%
ac
re		 43
%		 3
4%		 0
%		 9
%		 6
8
%		 na 3
3
%
Qu
(
)
l
ity
ior
ha
%
a
- s
up
er
s
re		 9
3
%		 9
2%		 9
1%		 87
%		 8
4%		 na 9
1%
Op
Ex
ion
l
ite
inc
lu
de
d
in
ion
l
E
B
I
T
t
t
ce
p
a
ms
era
a		 -16
7		 -19 -11 0 -22 0 0 -21
8
Ex
ion
l
ite
kg
(
N
O
K
)
t
ce
p
a
ms
p
er		 -2.
8
3		 -1.
14		 -1.
27		 0.
0
0		 -6.
3
1		 0.
0
0		 -2.
0
6
G
U
I
D
A
N
C
E
Q
(
G
)
4 2
0
15
ha
st
lum
W
T
rve
vo
e		 6
9
0
0
0		 16
0
0
0		 9
0
0
0		 16
0
0
0		 3
0
0
0		 2
0
0
0		 11
5
0
0
0
(
G
)
20
15
ha
lum
W
T
st
rve
vo
e		 25
7 0
0
0		 5
2 0
0
0		 40
0
0
0		 6
4 0
0
0		 10
0
0
0		 2
0
0
0		 42
5
0
0
0
20
16
ha
lum
(
G
W
T
)
st
rve
vo
e		 26
5
0
0
0		 5
6
0
0
0		 42
0
0
0		 5
6
0
0
0		 9
5
0
0		 11
5
0
0		 44
0
0
0
0
Q
4 2
0
15
ha
(
%
)
ntr
t s
co
ac
re		 1%
5		 42
%		 0
%		 4% 0
%		 0
%		 37
%

1) Operational EBIT arising from non salmon species and 3rd party salmon not allocated to source of origin

2) Sterling White Halibut, Headquarter and Holding companies

3) Including Sterling White Halibut, Feed, Headquarter and Holding companies

4) Sales and Marketing Price achievement

YTD segment overview

S
O
U		 R
C
E
S
O
F O		 RIG
IN
YT
D
NO
K m
illio
n		 No
rw
ay		 Sc
lan
d
ot		 Ca
da
na		 C
hil
e		 Ire
lan
d		 Fa
roe
s		 1)
Ot
he
r		 Gr
ou
p
O
PE
RA
TIO
NA
L E
BIT
FA
RM
IN
G		 1 7
87		 97 63 - 3
84		 79 - 3 1 6
39
S
AL
E
S
AN
D M
AR
KE
TIN
G
Ma
rke
ts		 2
16		 8
7		 2
6		 9
9		 0 - 2 21 44
8
Co
Pro
du
cts
ns
um
er		 5
6		 4 0 0 2 0 2
5		 87
S
U
BT
O
TA
L		 2
0
6
0		 1
8
8		 8
9		 5
- 2
8		 8
0		 - 5 4
6		 2
17
4
Fe
d
e		 118 11
8
2)
Ot
he
ntit
ies
r e		 -23 - 2
3
O
T
TA
L		 2 0
6
0		 18
8		 8
9		 - 2
8
5		 8
0		 - 5 14
2		 2 2
70
Ha
lum
(
G
WT
lm
)
st
rve
vo
e
, s
a
on		 18
8 1
13		 36
04
9		 30
72
9		 47
73
2		 6 9
75		 0 30
9 5
98
3) -
Op
tio
l E
BIT
kg
(
N
O
K
)
l
Gr
to
ta
era
na
p
er
ou
p		 10
.95		 5.2
2		 2.9
0		 -5.
97		 11
.53		 0.0
0		 7.3
3
f w
hic
h M
ket
- o
ar
s		 1.1
5		 2.4
2		 0.8
4		 2.0
8		 -0.
03		 0.0
0		 1.4
5
f w
Co
hic
h
Pro
du
cts
- o
ns
um
er		 0.3
0		 0.1
2		 0.0
0		 0.0
0		 0.2
6		 0.0
0		 0.2
8
C
AN
AL
YT
I
AL
DA
TA
4)
Pri
hie
/re
fer
ric
(
)
t
%
ce
ac
vem
en
en
ce
p
e		 0
2
%
1		 0
9
%
1		 9
9
%		 2
%
1
1		 na 0
%		 0
%
1
4
Co
ha
(
%
)
ntr
t s
ac
re		 3
8
%		 3
9
%		 0% 16
%		 7
8
%		 0
%		 3
2
%
Qu
lity
ior
ha
(
)
%
a
- s
up
er
s
re		 9
1
%		 9
3
%		 8
9
%		 8
8
%		 8
9
%		 0
%		 91
%
Ex
tio
l it
inc
lu
de
d
in
Op
tio
l E
BIT
ce
p
na
em
s
era
na		 ‐4
1
4		 ‐2
6		 ‐1
4		 ‐2
4		 ‐2
2		 0 0 ‐5
0
1
5)
Ex
tio
l it
kg
(
N
O
K
)
ce
p
na
em
s p
er		 -2.
20		 -0.
73		 -0.
46		 -0.
51		 -3.
09		 0.0
0		 -1.
62
G
U
IDA
N
C
E
Q
(
G
)
4 2
01
5
ha
st
lum
WT
rve
vo
e		 69
00
0		 16
00
0		 9
00
0		 16
00
0		 3
00
0		 2
00
0		 11
5 0
00
ha
lum
(
G
WT
)
20
15
st
rve
vo
e		 25
7 0
00		 52
00
0		 40
00
0		 64
00
0		 10
00
0		 2
00
0		 42
5 0
00
20
16
ha
lum
(
G
WT
)
st
rve
vo
e		 26
5 0
00		 56
00
0		 42
00
0		 56
00
0		 9
50
0		 11
50
0		 44
0 0
00
Q
4 2
01
5 c
ha
(
%
)
tra
ct
on
s
re		 %
5
1		 2
%
4		 0
%		 %
4		 0
%		 0
%		 3
%
7

1) Operational EBIT arising from non salmon species and 3rd party salmon not allocated to source of origin

2) Sterling White Halibut, Headquarter and Holding companies

3) Including Sterling White Halibut, Feed, Headquarter and Holding companies

4) Sales and Marketing Price achievement

Quarterly segment overview

MH
Op
ting
Un
its
era		 FAR
MIN		 G MH
Sa
les
and		 Ma
rke
ting
mil
lion
NOK		 Nor
way		 Sco
tlan
d		 Can
ada		 Chi
le		 Irel
and		 Far
oes		 Ma
rke
ts		 Con
sum
er
Pro
duc
ts		 MH
Fe
ed		 Oth
er		 Elim Gro
up*
Rev
nd o
ther
inc
enu
es a
ome		 2 3
66		 72
9		 30
8		 62
8		 21
5		 0 5 1
78		 2 3
93		 1 0
27		 10
4		 - 6
037		 6 9
10
Ope
ratin
g E
BIT
DA		 59
7		 94 23 - 8
6		 35 3 16
7		 94 93 22 0 1 0
42
Ope
ratin
g E
BIT		 49
2		 57 2 - 1
44		 27 - 1 15
9		 41 73 14 0 72
0
Fa
ir V
alue
adj
biom
cts/
eali
sed
de
rivat
ives
ntra
on
ass
, co
unr		 41
2		 - 5
1		 45 - 5 - 7
0		 15 0 0 14 - 1
8		 0 34
3
Un
real
ized
rgin
adj
ustm
ent
ma		 0 0 0 0 0 0 0 0 0 0 - 2
5		 - 2
5
Re
ing
stru
ctur
t
cos		 0 0 0 0 0 0 0 0 0 - 1
1		 0 - 1
0
Ot
her
ratio
nal
item
non
-ope
s		 0 0 0 0 0 0 0 0 0 0 0 0
Inc
/los
s fro
ciat
ed c
anie
ome
m a
sso
omp
s		 89 4 0 0 0 0 0 0 0 0 0 93
W
rite-
dow
n of
fixe
d as
/inta
ngib
les
sets		 0 - 1 0 - 1 0 0 0 1 0 0 0 - 1
EBI
T		 99
3		 9 47 - 1
49		 - 4
3		 14 15
9		 42 87 - 1
4		 - 2
5		 1 1
20
Con
tribu
tion
ratio
nal
EBI
T fro
m S
&M
to
ope		 10
4		 45 10 24 1 - 1 - 1
59		 - 4
1		 17 0
Ope
ratio
nal
EBI
T in
cl c
ibut
ion
from
S&
M
ontr		 59
5		 10
2		 12 - 1
20		 28 - 2 0 0 73 32 0 72
0
Har
t / s
ales
vol
ves
ume		 58
873		 16
586		 8 6
68		 18
425		 3 4
11		 0 10
1 10
1		 25
116
Ope
ratio
nal
EBI
T/kg
inc
l co
ntrib
utio
n fro
m S
&M
(NO
K)		 10
.11		 6.1
4		 1.3
6		 - 6.
50		 8.1
0		 na
-of w
hich
S&
M		 1.7
6		 2.7
2		 1.1
8		 1.2
9		 0.1
8		 0.0
0

Development in harvest volumes

200
7		 200
8		 200
9		 20
10		 201
1		 201
2		 201
3		 20
14		 15E
20
To
tal		 To
tal		 To
tal		 To
tal		 To
tal		 To
tal		 Q1 Q2 Q3 Q4 To
tal		 Q1 Q2 Q3 Q4 To
tal		 Q1 Q2 Q3 Q4
E		 To
tal
No
rw
ay		 .2
168		 .1
171		 .7
201		 .5
202		 .5
217		 255
.3		 3 5 47.
53.		 1
53.		 68.
6		 222
.5		 1 7 55.
68.		 3
64.		 69.
9		 258
.0		 2 0 65.
64.		 9
58.		 68.
9		 257
.0
Ch
ile		 6
90.		 4
75.		 2
36.		 6
10.		 0
26.		 40.
2		 - 8.3 5.9 14.
1		 28.
3		 7 4 17.
16.		 7
16.		 16.
6		 67.
5		 1 2 16.
13.		 4
18.		 16.
3		 64.
0
Ca
da
na		 5
39.		 1
36.		 5
36.		 5
33.		 9
33.		 40.
2		 12.
2		 8.9 6.2 5.7 33.
1		 6.5 6.4 7.1 6.8 26.
7		 5 6 10.
11.		 8.7 9.3 40.
0
Sc
otl
d
an		 1
31.		 3
32.		 7
37.		 1
33.		 2
50.		 40.
3		 9.6
13.
3		 8
13.		 11.
7		 48.
4		 5 10.
18.
3		 7
13.		 6.4 48.
9		 4 7.1
12.		 6
16.		 16.
0		 52.
0
Oth
(
1)
er		 5
10.		 8
11.		 0
15.		 0
16.		 3
15.		 16.
3		 3.6 2.7 2.0 3.2 11.
5		 4.3 2.6 5.5 5.4 17.
8		 2.9 0.6 3.4 5.0 12.
0
To
tal		 .8
339		 .6
326		 .1
327		 .7
295		 .8
342		 .3
392		 0
80.		 4
79.		 9
80.		 .4
103		 .8
343		 2
92.		 .2
114		 .3
107		 .1
105		 .9
418		 5
99.		 .2
104		 .0
106		 .4
115		 425
.0

GROWTH RELATIVE TO SAME PERIOD IN PREVIOUS YEAR

200
7		 200
8		 200
9		 20
10		 201
1		 201
2		 201
3		 20
14		 20
15E
To
tal		 To
tal		 To
tal		 To
tal		 To
tal		 To
tal		 Q1 Q2 Q3 Q4 To
tal		 Q1 Q2 Q3 Q4 To
tal		 Q1 Q2 Q3 Q4
E		 To
tal
No
rw
ay		 19% 2% 18% 0% 7% 17% -25
%		 -16
%		 -9% -2% -13
%		 17% 28% 21% 2% 16% 18% -7% -8% -2% 0%
Ch
ile		 -10
%		 -17
%		 -52
%		 -71
%		 146
%		 55% -15
%		 -10
0%		 -40
%		 28% -30
%		 115
%		 n.a 184
%		 17% 139
%		 -9% -19
%		 10% -2% -5%
Ca
da
na		 16% -9% 1% -8% 1% 19% 15% -16
%		 -25
%		 -47
%		 -18
%		 -48
%		 -28
%		 14% 19% -19
%		 65% 79% 23% 36% 50%
Sc
otl
d
an		 0% 4% 17% -12
%		 51% -20
%		 4% 17% 6% 74% 20% 9% 37% 0% -46
%		 1% -32
%		 -32
%		 21% 150
%		 6%
Oth
(
1)
er		 21% 12% 28% 7% -4% 7% -39
%		 2% -45
%		 -31
%		 -29
%		 -4% 20% 172
%		 67% 54% -76
%		 -32
%		 -38
%		 -7% -33
%
To
tal		 8% -4% 0% -10
%		 16% 14% -17
%		 -20
%		 -13
%		 0% -12
%		 15% 44% 33% 2% 22% 8% -9% -1% 10% 1%

Notes:

(1) Ireland and the Faroes

Net capital expenditure guidance

Please note the approximations are subject to changes

N
o		 S
a
e
v		 a
Ha
t v
rve
s
o		 lum
(
G
W
E
)
e		 E
B
I
T
(
1
)		 kg
p
er		 N
I
B
D
Ow
h
ip
%
ne
rs		 2
0
1
3		 2
0
1
4		 Q
3
2
0
1
4		 Q
3
2
0
1
5		 2
0
1
3		 2
0
1
4		 Q
3
2
0
1
4		 Q
3
2
0
1
5		 Q
3
2
0
1
5
No
Se
va
a		 4
8
%		 3
4
9
1
0		 3
8
3
9
7		 1
1
9
5
5		 1
0
4
4
5		 1
3.
4		 1
2.
3		 1
0.
6		 1
3.
7		 4
1
7
  • Leading integrated salmon producer in Northern Norway
  • 33.33 wholly owned licenses
  • 4 partly owned licenses
  • Marine Harvest has an ownership in Nova Sea of ~48% through direct and indirect shareholdings
  • 2014 dividends of NOK 150m (paid in Q2- 15)
  • Marine Harvest's share NOK ~69m
  • Proportion of income after tax reported as income from associated companies in Marine Harvest Norway
  • NOK 86.6m in Q3 2015
    • •IFRS adjustment of biomass NOK 36.5m

Debt distribution and interest rate hedging

(1)
DE
BT
VO
LUM
E H
ED
GE
D A
ND
FIX
ED
RA
TES
OF
INT
ER
ES
T R
AT
E H
ED
GE
S (
MA
RC
H-M
AR
CH
)
CU
CY
RR
EN		 DE
BT		 201
5
201
6		 201 7 201 8 201 9 202 0 202 1 202 2
(2)
30/
09/
201
5		 Nom
inal v
alue		 Fixed
rate		 (3) N
omin
al va
lue		 (3) N
Fixed
rate		 omin
al va
lue		 Fixed
rate		 (3) N
omin
al va
lue		 (3)
Fixed
rate		 Nom
inal v
alue		 Fixed
rate		 (3) N
omin
al va
lue		 Fixed
rate		 (3) N
omin
al va
lue		 Fixed
rate		 (3) N
omin
al va
lue		 (3)
Fixed
rate
EU
R m		 .9
684		 .1
367		 1.0
0%		 .2
505		 1.3
5%		 .9
634		 1.6
7%		 .8
911		 2.3
4%		 .5
970		 3.2
7%		 .0
380		 2.1
3%		 .0
380		 2.2
0%		 - 0.0
0%
US
D m		 .0
155		 .0
123		 1.9
8%		 .0
151		 2.9
1%		 .5
138		 3.1
2%		 .5
138		 3.2
1%		 .5
167		 2.9
3%		 3
78.		 2.3
1%		 3
78.		 2.3
1%		 0
60.		 4.1
3%
GB
P m		 8
28.		 0
34.		 2.4
8%		 0
34.		 3.0
4%		 0
34.		 3.1
3%		 0
34.		 3.1
3%		 0
34.		 3.1
3%		 23.
5		 2.8
3%		 23.
5		 2.8
3%		 - 0.0
0%
Oth
er (
NO
)
K m		 1 2
10.
5
of I
RS
OK
(
30/
09/
15)
Ma
rke
t va
lue
ntra
cts
in
MN
co
:		 -72
3.2
(4):
Ma
rk t
ark
alu
atio
ffec
t in
Q3
et v
o m
n e		 -17
5.0
Diff
in
fixe
d vs
flo
atin
ettl
ed
in c
ash
in
Q3
te s
ere
nce
g ra		 -7.8

Notes:

(1) MHG choses March as the starting month for all new interest hedging contracts

(2) Debt at book value after taking cross currency swaps into account

(3) Financing margin not included

(4) Quarterly change in market value booked against P/L

POLICY:

  • External interest bearing debt is distributed as follows: EUR 71%, USD 13%, GBP 4%, other currencies 12%.
  • Marine Harvest ASA shall hedge 70%-100% of the Group's long-term interest-bearing debt by currency with fixed interest or interest rate derivatives for the first 4 years and 0%-60% for the 5 following years. Interest-bearing debt includes external interestbearing debt and leasing in the parent company or subsidiaries. The interest rate hedges shall be based on the targeted currency composition. Interest rate exposure in other currencies than EUR, USD and GBP shall not be hedged

Hedging and long term currency exposure

POLICY

  • EUR/NOK
  • Marine Harvest shall hedge between 0% and 30% of its assumed annual expenses in NOK against the EUR with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year.
  • USD/CAD
  • Marine Harvest shall hedge between 0% and 30% of its assumed annual expenses in CAD against the USD with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year.
  • USD/CLP
  • Marine Harvest shall not hedge the USD/CLP exposure
  • Internal transaction hedging relating to bilateral sales contracts
  • As of 1 April 2011, all bilateral sales contracts are subject to internal currency hedging of the exposure between the invoicing currency and NOK
  • The operating entities hedge this exposure towards the parent company. In accordance with the general hedging policy, this exposure is not hedged towards external counterparties
  • The purpose of the internal hedging is to allow for a more accurate comparison between the MH Farming entities (including contribution from Sales) and peers with respect to price achievement and operational EBIT

Strategic currency hedging

E
U
R
/
N
O
K
S
G
C
C
C
G
G
T
R
A
T
E
I
U
R
R
E
N
Y
H
E
D
I
N		 M
E
U
R		 Ra
te
2
0
1
5		 4
4		 8.
0
5
2
0
1
6		 1
7
6		 9.
1
3
2
0
1
7		 1
4
6		 9.
3
2
/
f
fe
f c
in
in
Q
P
L
t o
tra
ts
tu
3
e
c
on
c
m
a
r
g		 3
5
-		 O
(
M
N
K
)
M
N
O
K
Ma
ke
lu
3
0
/
0
6
/
2
0
1
5
t v
r
a
e		 1
1
C
ha
(
)
1
ng
e		 1
9
9
-
Ma
ke
lu
/
/
5
t v
3
0
0
9
2
0
1
r
a
e		 1
8
8
-
D
E
S
I
G
N
A
T
E
D
M
A
R
K
E
T
C
U
R
R
E
N
C
I
E
S
No
rw
ay		 E
U
R
C
h
i
le		 S
U
D
Ca
da
na		 S
U
D
Sc
lan
d
t
o		 G
B
P
Fe
d
e		 E
U
R
V
A
P		 E
U
R
Mo
l
rp
o		 E
U
R
Fa
roe
s		 E
U
R
Co
l
d
W
Sp
ies
te
a
r
ec		 N
O
K
As
ia		 U
S
D

Fair value adjustment of biomass

  • Under IFRS (IAS 41) the company is required to value biological assets at a fair market value.
  • During the second half of 2011, the largest salmon farming companies in Norway, with support from audit firms, formed an industry working group where the objective was to reach a converged and improved common approach for estimating the fair value of the biomass in accordance with IAS 41.
  • Following the working group's conclusions, Marine Harvest has with effect from the fourth quarter 2011, refined its calculation model. The model enhancements have been made to capture the fair value development during the lifetime of the fish in an improved manner. The revised model split the biomass into 3 groups based on size:
  • Fish below 1 kg live weight ("smolt") is valued at accumulated cost
  • Fish between 1 kg and 4 kg live weight (immature fish) incorporates a proportionate share of the expected net profit at harvest
  • Fish above 4 kg (mature fish) is valued at the expected net value
  • The main drivers in the valuation are:
  • Volume of biomass (and average weight per site) at every reporting date
  • Expected cost at harvest
  • Expected value at harvest (based on externally quoted forward prices where applicable and/or the most relevant price information available for the period in which the fish is expected to be harvested)
  • Operationally, the value of biomass is reported at cost. In the Group accounts, "fair value adjustments" are added to costs of each operating unit and combined, the two elements constitute the fair value of biomass. The change in "fair value adjustment" is income or expense classified on a separate line in the Profit and Loss statement in each period. This item is not included in Operational EBIT.

Tax losses carried forward (YE 2014)

Ma
in
Ha
Gr
3
1.
1
2.
2
0
1
4
t
r
e
rv
es
ou
p
N
O
K m
illio
n		 Re
ise
d
co
g
n		 Un
ise
d
re
co
g
n		 To
l
ta
S
U
A		 6
9		 0 6
9
Po
lan
d		 2
4
8		 1
5		 2
9
8
Fr
an
ce		 3
5		 2
6
5		 2
9
1
Ge
rm
an
y		 1
4		 0 1
4
C
h
i
le		 0 3
1
0		 3
1
0
I
ly
ta		 0 4 4
O
he
t
r		 3 2
1		 2
4
To
l
ta		 3
6
8		 6
4
1		 1
0
1
0

* The NOL's will be used to offset taxavle profit in the countries going forward

* The utilisation of the deferred tax asset on NOL's gives rise to a tax expense in the accounts which do not normally have any cash effect

  • Most of the deferred tax assets have been recognised on the statement of financial position
  • The NOL's will be used to offset taxable profit in the countries going forward
  • The utilisation of the deferred tax asset on NOL's gives rise to a tax expense in the accounts which do not normally have any cash effect

The Board's current authorisations

  • The Board was given the following proxies at the AGM
  • General share capital increase (up to 10% of share capital)
    • •Proxy to set aside shareholders pre-emption right to subscribe
    • Purchase of own shares (up to 10% of share capital)
    • •Maximum price: NOK 140 per share
    • •Minimum price: NOK 7.5 per share
  • Issuance of new convertible bond
    • •Maximum amount: NOK 3,200m
    • •Maximum number of shares to be issued as settlement: 64m
  • Authorisation to issue quarterly dividends

Sensitivities

ESTIMATED SENSITIVITIES ON ANNUAL RESULTS OP. EBIT EFFECT CASH FLOW EFFECT DRIVERNOK millionChange in global average salmon price of NOK 1 (1) (2) 425 390 Annual harvest volume Change in total harvest volume of 10,000 tonnes (2) (3) 100 92 Marginal volume Change in global feed price of NOK 1 per kg (4) (5) 307 512 Feed consumption

Notes:

(1) Assuming all sales at spot prices, Please see contract policy and estimated contract rates in the latest quarterly presentation

(2) Normally 30 days credit on sale of salmon, effect assumes stable volume between years and across months

(3) Assuming EBIT per kg of NOK 10

(4) Annual harvest volume converted to live weight (0.83) multiplied with feed conversion ratio (1.2)

Assuming stable production and feed consumption between years and across months

(5) 60 days credit time on feed

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