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Mowi ASA

Investor Presentation • Aug 12, 2015

3665_rns_2015-08-12_dcd635b9-4794-41be-b9c1-a2fd37c27a38.pdf

Investor Presentation

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Marine Harvest Q2 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 719m

Highlights

  • Good contribution from Norway
  • •Positive contributions from sales contracts
  • Challenging market conditions in Americas
  • Relatively good underlying demand in Europe
  • Adjusted for Easter, depreciation of the NOK during Q2 and Russia
  • Merger process with AquaChile terminated
  • Restructuring process of MH Chile initiated
  • Quarterly dividend of NOK 1.30 per share

Key financials

Ma
ine
Ha
t
Gr
in
f
ig
r
rv
es
ou
p
- m
a
ur
es
OK
Un
dite
d N
illio
au
m
n		 Q
2
2
0
1
5		 Q
2
2
0
1
4		 Y
T
D
Q
2
2
0
1
5		 Y
T
D
Q
2
2
0
1
4		 2
0
1
4
Op
t
ion
l re
d o
t
he
inc
era
a
ve
nu
e a
n
r
om
e		 6
5
8
1		 6
5
6
3		 1
2
9
8
8		 1
2
4
3
1		 2
5
4
9
6
Op
t
ion
l
E
B
I
T
1)
era
a		 7
1
9		 1
2
2
0		 1
5
5
0		 2
3
1
0		 4
2
5
4
Ca
f
fro
h
low
t
ion
s
m
op
era
s		 7
2
9		 1
3
2
4		 1
2
6
6		 2
5
3
5		 3
9
4
4
Ne
t
in
te
t-
be
ing
de
b
t
(
N
I
B
D
)
res
ar		 7
6
8
5		 6
9
9
0		 7
6
8
5		 6
9
9
0		 9
2
6
8
2)
Un
de
ly
ing
E
P
S
(
N
O
K
)
r		 1.
1
0		 2.
0
5		 2.
3
5		 3.
8
3		 0
1
7.
3)
Ne
h
f
low
ha
(
N
O
K
)
t c
as
p
er
s
re		 1.
1
8		 5.
0
0		 0.
9
1		 6.
7
5		 6.
6
5
D
iv
i
de
d
de
lar
d a
d p
i
d p
ha
(
N
O
K
)
n
c
e
n
a
er
s
re		 1.
3
0		 0
0
5.		 2.
0
5		 6.
2
0		 8.
3
0
4)
R
O
C
E		 %
9.
6		 %
2
3.
9		 %
1
2.
0		 %
2
2.
9		 %
2
0.
2
Ha
lum
(
d w
ig
h
lm
)
t v
t
te
t
to
rve
s
o
e
g
u
e
ns
sa
on
,		 1
0
4
1
5
8		 1
1
4
1
7
6		 2
0
3
6
3
5		 2
0
6
4
1
9		 4
1
8
8
7
3
5)
Op
O
t
ion
l
E
B
I
T -
N
K
kg
- T
ta
l
era
a
p
er
o		 6.
9
0		 1
0.
6
9		 7.
6
1		 1
1.
1
9		 1
0.
1
6
No
rw
ay		 9.
8
0		 1
2.
1
6		 1
1.
3
3		 1
2.
4
5		 1
1.
8
1
Sc
t
lan
d
o		 4
4
5.		 1
2.
1
9		 4.
4
4		 1
2.
3
6		 9.
6
2
Ca
da
na		 2.
1
2		 1
1.
0
1		 3.
5
1		 1
5.
0
3		 9.
4
0
C
h
i
le		 -4.
6
4		 5.
5
0		 5.
6
5
-		 6.
1
4		 4.
7
0
  • Prices in Europe at relatively good levels in Q2, June-August above previous year
  • Weak prices in Americas; slow demand and Canadian supply increase

Price achievement by origin

Note: Q2 2015 average price achievement is measured versus reference prices in all markets (Norway/Faroes (NASDAQ), Scotland (NASDAQ+ NOK 3.81), Canada 6 (UB Seattle), Chile (UB Miami)

Operational EBIT comparison

S
O
O
O
G
O
G
A
L
M
N
F
N
R
W
E
I
A
N
R
I
I
N
N
O
K m
illi
on		 Q
2
2
0
1
5		 Q
2
2
0
1
4
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a		 6
2
7		 8
3
5
H
t v
lu
(
G
W
T
)
a
rv
e
s
o
m
e		 6
4
0
3
6		 6
8
6
7
4
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
-
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.		 9.
8
0
0.
8
5
0.
5
4
1
3
5
-		 1
2.
1
6
0.
9
3
0.
2
8
1
0
5
-
(
O
)
Ex
t
i
l
i
t
k
N
K
c
e
p
o
n
a
e
m
s
p
e
r
g		 2.
1
0
-		 1.
5
3
-
P
i
h
i
t
/
f
i
r
c
e
a
c
e
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e
v
C
t
t
o
n
r
a
c
c
o
v
e
r
a
g
e
S
i
h
u
p
e
r
o
r
s
a
r
e		 1
0
3
%
3
3
%
9
0
%		 9
9
%
3
5
%
9
2
%
  • Satisfactory results in the quarter
  • Lower spot price offset by a more favourable contract portfolio
  • Increased costs due to feed price, biological issues, lower volume and higher share of small fish

Norway: Sales contract portfolio

Norway: Operational EBIT/kg per region

Scotland

Operational EBIT Salmon of Scottish Origin Q2 2014 vs Q2 2015

  • Results impacted by biological challenges in H2-14
  • Low volumes due to mortality and high cost (AGD and lice treatments)
  • Prices in local market negatively affected by strengthening of GBP
  • Good contribution from contracts
  • Volume recovery in H2-14
S
A
M
O
N
O
F
C
A
N
A
D
I
A
N
O
R
I
G
I
N
L
O
N
K m
illi
on		 Q
2
2
0
1
5		 Q
2
2
0
1
4
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a		 2
5		 7
1
(
G
)
H
t v
lu
W
T
a
rv
e
s
o
m
e		 1
1
8
3
5		 6
9
4
5
O
t
i
l
E
B
I
T
k
(
N
O
K
)
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
-		 2.
1
2
0.
8
3
0.
0
0		 1
1.
0
1
0.
6
0
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		 3
-
0.
2
8
-		 2
-
0.
2
5
-
/
f
P
i
h
i
t
i
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e
C
t
t
o
n
r
a
c
c
o
e
r
a
g
e
v
S
i
h
u
p
e
r
o
r
s
a
r
e		 1
0
0
%
0
%
9
1
%		 9
9
%
0
%
8
3
%

Price Volume Feed Oth SW costs Non SW

costs

Translation Op EBIT Q2 2015

Operational EBIT Salmon of Canadian Origin

Low prices due to high supply growth from Canada and slow US demand

-80-60-40-20

Op EBIT Q2 2014

204060

  • Continued strong biological performance and good volumes
  • Challenging environmental conditions during the summer

Chile

Operational EBIT Salmon of Chilean Origin Q2 2014 vs Q2 2015

  • Continued weak prices and unfavorable currency movements
  • Merger process with AquaChile terminated
  • Restructuring process of MH Chile initiated
  • Reduced smolt stocking in 2015
  • Costs affected by challenging biology and exceptional mortality
  • Full cost in box USD 4.9 per kg (HOG), excluding insurance coverage

Ireland and Faroes

S
A
L
M
O
N
O
F
I
R
I
S
H
O
R
I
G
I
N
N
O
K m
illi
on		 Q
2
2
0
1
5		 Q
2
2
0
1
4
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 5
3		 1
3
H
t v
lu
(
G
W
T
)
a
rv
e
s
o
m
e		 2
9
4
8		 1
2
9
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
u
m
e
r
r
o
u
c
s
-		 1
8.
0
6
0.
0
3
-
0.
3
3		 9.
9
4
0.
0
2
-
0.
0
9
-
Ex
t
i
l
i
t
i
l
i
E
B
I
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
t
/
f
i
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e
C
t
t
o
n
r
a
c
c
o
v
e
r
a
g
e
S
i
h
p
e
r
o
r
s
a
r
e
u		 n
a
9
0
%
9
4
%		 n
a
9
%
5
9
4
%
S
A
L
M
O
N
O
F
F
A
R
O
E
S
E
O
R
I
G
I
N
N
O
K m
illi
on		 Q
2
2
0
1
5		 Q
2
2
0
1
4
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 1
-		 3
6
H
t v
lu
(
G
W
T
)
a
rv
e
s
o
m
e		 0 3
0
4
8
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
-		 0.
0
0
0.
0
0
0.
0
0		 1
1.
2
7
0.
8
4
0.
0
0
Ex
t
i
l
i
t
i
l
i
E
B
I
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
t
t
o
n
r
a
c
c
o
v
e
r
a
g
e
S
i
h
p
e
r
o
r
s
a
r
e
u		 0
%
%
0
0
%		 9
9
%
%
1
1
9
5
%

No volumes in the Faroes until Q4 2015

Consumer Products

M
H
C
O
N
S
U
M
E
R
P
R
O
D
U
C
T
S
N
O
K m
illi
on		 Q
2
2
0
1
5		 Q
2
2
0
1
4
O
t
i
p
e
r
a
n
g
r
e
e
nu
e
s
v		 2
2
6
7		 2
2
1
1
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a
O
%
t
i
l
E
B
I
T
p
e
r
a
o
n
a		 4
8
%
2.
1		 2
0
%
0.
9
(
)
V
lu
l
d
t
d
t w
i
h
t
o
m
e
s
o
o
n
s
p
r
o
u
c
e
g		 2
5
5
4
1		 2
5
8
6
6
Ex
t
i
l
i
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
7		 7
4
%
%
7
9
  • Slight improvement year over year, but still not satisfactory earnings
  • Easter effect makes volume comparison challenging
  • Successful new contracts support high plant utilisation at Rosyth in H2-15
  • Strong growth in Southern Europe and Germany. France stable

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

Feed

  • Strong production efficiency and good earnings
  • Self-sufficiency exceeded 80% in the period

Second Quarter 2015 Financials, Harvest Volumes and Markets

Profit and Loss

Ma
ine
Ha
t
Gr
r
rve
s
ou
p
NO
K m
illio
n		 Q
2
2
0
1
5		 Q
2
2
0
1
4		 Y
T
D
Q
2.
1
5		 Y
T
D
Q
2.
1
4		 2
0
1
4
Op
t
ion
l re
d o
t
he
inc
er
a
a
ve
nu
e a
n
r
om
e		 6
5
8
1		 0%
6
5
6
3		 48
%
1
2
9
8
8		 4%
1
2
4
3
1		 52
%
2
5
4
9
6
33
%
Op
ion
l
E
B
I
T 1
t
)
er
a
a		 1
9
7		 1
2
2
0		 1
0
5
5		 2
3
1
0		 4
2
4
5
Un
l
ize
d s
lm
de
iva
t
ive
rea
a
on
r
s		 1
0		 1
-		 3
9
-		 1 5
4
C
ha
in
l
ize
d
in
l p
f
i
fee
d
ter
t
ng
e
un
rea
na
ro		 7 0 1
8		 0 9
2
-
Ne
fa
ir v
lue
d
j
f
b
iom
t
tm
t o
a
a
us
en
as
s,
on
ero
us		 6
6
7
-		 8
2
6
-		 1
2
2
2
-		 9
4
8
-		 4
8
7
-
Re
tuc
tur
ing
ts
s
co
s		 1
2
7
-		 4
5
-		 1
2
6
-		 4
4
-		 5
3
-
O
t
he
t
ion
l
i
tem
r n
on
-op
era
a
s		 2
2		 1
6
8
-		 2
2		 1
6
8
-		 1
6
8
-
fro
Inc
ia
te
d c
ies
om
e
m
as
so
c
om
p
an		 6 2
9		 1
9		 4
3		 1
5
0
Im
irm
los
f
ixe
d a
t
ts
p
a
en
se
s -
ss
e		 2
8
-		 1 2
7
-		 1 2
4
-
E
B
I
T		 5
8
-		 2
1
0		 1
9
5		 1
1
9
6		 3
6
3
3
f
Ne
t
ina
ia
l
i
tem
nc
s		 8
7		 5
9
6
-		 2
9
5		 5
7
4
-		 2
1
4
7
-
for
Ea
ing
be
tax
rn
s
e		 3
0		 3
8
7
-		 4
9
0		 6
2
2		 1
4
8
7
f
for
Pr
i
t o
los
t
he
io
d
o
r
s
p
er		 3
5		 1
4
2
-		 3
8
1		 6
2
3		 9
4
0
S
(
O
)
E
P
N
K		 0.
0
8		 0.
3
5
-		 0.
8
8		 1.
5
2		 2.
2
8
S
(
O
)
Un
de
ly
ing
E
P
N
K
r		 1.
1
0		 2.
0
5		 2.
3
5		 3.
8
3		 7.
0
1
f
(
O
)
Ne
t c
h
low
ha
N
K
as
p
er
s
re		 1.
1
8		 5.
0
0		 0.
9
1		 6.
7
5		 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		 5.
0
0		 2.
5
0		 6.
2
0		 8.
3
0
Op
t
ion
l
E
B
I
T m
in
era
a
arg		 1
0.
9
%		 1
8.
6
%		 1
1.
9
%		 1
8.
6
%		 1
6.
7
%
Ha
t v
lum
H
O
G
ton
(
lm
i
ds
)
rve
s
o
e,
s
sa
on		 1
0
4
1
5
8		 1
1
4
1
7
6
-9%		 2
0
3
6
3
5
44
%		 2
0
6
4
1
9
-1%		 4
1
8
8
7
3
29
%
22
%
Op
fro
Sa
t
ion
l
E
B
I
T p
kg
inc
l m
in
les
era
a
er
arg
m		 6.
9
0		 1
0.
6
9		 7.
6
1		 1
1.
1
9		 1
0.
1
6
3)
R
O
C
E		 9.
6
%		 2
3.
9
%		 1
2.
0
%		 2
2.
9
%		 2
0.
2
%

Financial Position

Marine Harvest Group NOK millionNon-current assets 19 013 16 820 18 662Current assets 15 985 14 789 18 294Assets held for sale 8 43 19Total assets 35 006 31 651 36 974Equity 17 831 14 477 14 718 Non-current liabilities 12 305 12 677 16 572Current liabilities 4 870 4 498 5 684Total equity and liabilities 35 006 31 651 36 974 Net interest-bearing debt 7 685 6 990 9 268 Equity ratio 50.9% 45.7% 39.8% 30.06.2015 30.06.2014 31.12.2014

Cash Flow and Net Interest Bearing Debt

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

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

2015 Cash Flow Guidance

  • 2015 cash flow estimates
  • Working capital buildup NOK 900m
    • •Support further organic growth
  • Capital expenditures unchanged of NOK 1,900m
    • •NOK 1,100m – Maintenance
    • •NOK 550m - Smolt and cleaner fish
    • •NOK 250m - Other
  • Interest expenses NOK 270m
  • -Tax payables NOK 650m
  • Quarterly dividend in Q2 2015 of NOK 1.30 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 10.4235
  • NOK 1,250m bond issued in February 2013
  • Tenor 5 years, NIBOR + 3.5%

Supply development

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

Source: Kontali

  • Global supply growth in Q2 in line with previous guidance
  • Low growth from Norway and Europe
  • Substantial supply growth from Canada due to recovery year
  • Declining volumes from Chile as expected

Development in reference prices

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

Notes:

(1) Average superior GWE price per kg (NASDAQ)

(2) Average C trim price per kg (Urner Barry Miami 2-3 lb), equivalent to NOK 37.7 and USD 4.9 GWE

(3) Average superior GWE price per kg (Urner Barry Seattle 10-12 lb)

(4) Market price in local currency

WHAT
marineharvest

Global volume by market

Es
t
im
te
d
a		 lu
vo
m
es		 Co
Q
d
to
2
2
0
1
4
m
p
ar
e		 Es
t.
lu
vo
m
es		 1
2
m		 t
h
iso
on
co
m
p
ar
n
Ma
ke
ts
r		 Q
2
2
0
1
5		 Q
2
2
0
1
4		 Vo
lu
m
e		 % Q
1
2
0
1
5		 T
M
L		 P
T
M		 %
E
U		 2
2
8
8
0
0		 2
1
8
9
0
0		 9
9
0
0		 4.
5
%		 2
1
7
4
0
0		 9
3
0
8
0
0		 8
4
5
6
0
0		 1
0.
1
%
Ru
ia
ss		 2
5
6
0
0		 3
0
4
0
0		 4
8
0
0
-		 1
5.
8
%
-		 1
8
1
0
0		 1
1
5
3
0
0		 1
3
8
9
0
0		 1
7.
0
%
-
U
kra
ine		 1
9
0
0		 3
8
0
0		 1
9
0
0
-		 5
0.
0
%
-		 2
0
0
0		 1
2
3
0
0		 2
0
7
0
0		 4
0.
6
%
-
O
he
Eu
t
r
rop
e		 1
7
9
0
0		 1
5
9
0
0		 2
0
0
0		 1
2.
6
%		 1
7
5
0
0		 7
2
7
0
0		 6
3
5
0
0		 1
4.
5
%
To
ta
l
Eu
ro
p
e		 2
7
4
2
0
0		 2
6
9
0
0
0		 5
2
0
0		 1.
9
%		 2
5
5
0
0
0		 1
1
3
1
1
0
0		 1
0
6
8
7
0
0		 5.
8
%
U
S
A		 9
9
6
0
0		 8
9
8
0
0		 9
8
0
0		 1
0.
9
%		 9
4
6
0
0		 3
7
0
0
0
0		 3
4
1
4
0
0		 8.
4
%
Br
i
l
az		 2
1
0
0
0		 2
2
5
0
0		 1
5
0
0
-		 6.
7
%
-		 2
7
6
0
0		 9
3
9
0
0		 8
6
4
0
0		 8.
7
%
O
t
he
Am
ica
r
er
s		 2
6
0
0
0		 3
0
2
0
0		 4
2
0
0
-		 1
3.
9
%
-		 2
3
8
0
0		 1
0
8
9
0
0		 1
0
4
9
0
0		 3.
8
%
To
ta
l
Am
ica
er
s		 1
4
6
6
0
0		 1
4
2
5
0
0		 4
1
0
0		 2.
9
%		 1
4
6
0
0
0		 5
7
2
8
0
0		 5
3
2
7
0
0		 7.
5
%
C
h
ina
/
Ho
Ko
ng
ng		 1
8
4
0
0		 2
2
9
0
0		 4
5
0
0
-		 1
9.
7
%
-		 1
8
2
0
0		 7
4
5
0
0		 7
5
6
0
0		 1.
5
%
-
So
t
h
Ko
/
Ta
iw
u
rea
an		 1
1
0
0
0		 1
0
0
0
0		 1
0
0
0		 1
0.
0
%		 1
2
3
0
0		 4
3
8
0
0		 3
2
9
0
0		 3
3.
1
%
Ja
p
an		 1
0
8
0
0		 1
5
7
0
0		 4
9
0
0
-		 3
1.
2
%
-		 1
1
1
0
0		 5
1
5
0
0		 5
9
0
0
0		 1
2.
7
%
-
O
t
he
As
ia
r		 1
2
8
0
0		 1
3
1
0
0		 3
0
0
-		 2.
3
%
-		 1
7
8
0
0		 6
6
2
0
0		 6
1
1
0
0		 8.
3
%
To
ta
l
As
ia		 5
3
0
0
0		 6
1
7
0
0		 8
7
0
0
-		 %
1
4.
1
-		 5
9
4
0
0		 2
3
6
0
0
0		 2
2
8
6
0
0		 %
3.
2
A
l
l o
t
he
ke
ts
r m
ar		 2
0
4
0
0		 2
1
5
0
0		 1
1
0
0
-		 5.
1
%
-		 2
0
7
0
0		 8
6
1
0
0		 8
3
8
0
0		 2.
7
%
Su
m		 4
9
4
2
0
0		 4
9
4
0
0
7		 0
0
5
-		 0.
1
%
-		 4
8
1
1
0
0		 2
0
2
6
0
0
0		 1
9
1
3
8
0
0		 9
%
5.
f
S
fro
In
low
to
U
Eu
m
rop
e		 2
4
7
0
0		 2
6
6
0
0		 1
9
0
0
-		 %
7.
1
-		 2
2
1
0
0		 9
3
8
0
0		 9
7
8
0
0		 %
4.
1
-
f
fro
C
In
low
to
E
U
h
i
le
m		 8
7
0
0		 1
2
1
0
0		 3
4
0
0
-		 %
2
8.
1
-		 1
2
2
0
0		 4
1
7
0
0		 4
4
8
0
0		 %
6.
9
-
  • Stable and good demand in EU adjusted for Easter sales, FX and Russia
  • Weak demand in the Americas at low prices
  • China/Hong Kong influenced by lack of large sized salmon and trading barriers
  • Positive underlying consumption trend

Industry supply outlook

2011 2012 2013 2014 2015GWE tons (thousands) Low Y/Y growth High Y/Y growth Norw ay 905 1065 1029 1079 1104 1 083 0% 1 126 4% Chile 199 328 421 525 517 509 -3% 525 0%

To
l
ta		 1
4
0
7		 1
8
0
0		 1
8
3
7		 2
0
0
4		 2
0
2
5		 2
0
1
6		 1
%		 2
0
8
8		 4
%
O
he
t
r		 1
0
3		 1
2
4		 1
2
3		 1
3
7		 1
3
8		 1
3
7		 0
%		 1
4
0		 2
%
U
K		 1
3
9		 1
4
3		 1
4
2		 1
5
4		 1
5
6		 1
5
3		 1
%
-		 1
5
8		 3
%
No
t
h
Am
ica
r
er		 1
2
4		 1
4
0		 1
2
2		 1
0
9		 1
3
7		 1
3
5		 2
3
%		 1
3
8		 2
7
%

Estimates 2015

Q
3
2
0
1
1		 Q
3
2
0
1
2		 Q
3
2
0
1
3		 Q
3
2
0
1
4		 Q
3
2
0
1
5		 E
S
T
I
M
A
T
E
S		 Q
3
2
0
1
5
G
(
W
E
to
t
ho
ds
ns
us
an		 ) Lo
w		 Q
/
Q
t
h
g
ro
w		 H
ig
h		 Q
/
Q
t
h
g
ro
w
No
rw
ay		 2
2
9		 2
6
6		 2
8
5		 2
7
7		 2
6
9		 2
8
5		 %
7
-		 2
8
0		 1
%
C
h
i
le		 6
1		 8
8		 1
0
0		 1
2
9		 1
2
7		 1
2
3		 5
%
-		 1
3
0		 1
%
No
t
h
Am
ica
r
er		 3
3		 3
4		 3
0		 2
9		 3
5		 3
4		 1
8
%		 3
6		 2
4
%
U
K		 3
5		 3
8		 3
9		 4
3		 4
8		 4
6		 7
%		 4
9		 1
3
%
O
t
he
r		 2
5		 3
0		 3
0		 3
4		 3
4		 3
3		 %
1
-		 3
5		 %
4
To
l
ta		 3
8
3		 4
4
5		 4
6
5		 1
2
5		 1
2
5		 4
9
4		 4
%
-		 3
0
5		 4
%
Q
4
2
0
1
1		 Q
4
2
0
1
2		 Q
4
2
0
1
3		 Q
4
2
0
1
4		 Q
4
2
0
1
5		 E
S
T
I
M
A
T
E
S		 Q
4
2
0
1
5
G
W
E
to
(
t
ho
ds
ns
us
an		 ) Lo
w		 Q
/
Q
t
h
g
ro
w		 H
ig
h		 Q
/
Q
t
h
g
ro
w
No
rw
ay		 2
8
5		 3
0
4		 3
0
9		 3
0
1		 3
0
8		 2
9
8		 1
%
-		 3
1
9		 6
%
C
h
i
le		 6
4		 9
6		 1
1
6		 1
3
8		 1
3
8		 1
3
4		 3
%
-		 1
4
2		 3
%
No
t
h
Am
ica
r
er		 3
7		 3
8		 2
9		 3
2		 3
5		 3
4		 %
7		 3
6		 1
3
%
U
K		 4
0		 3
5		 4
1		 3
6		 4
2		 4
1		 1
2
%		 4
4		 2
0
%
O
t
he
r		 3
1		 3
6		 3
3		 4
0		 4
1		 4
0		 0
%		 4
2		 5
%
To
ta
l		 4
5
8		 5
0
9		 5
2
7		 5
4
7		 5
6
4		 5
4
6		 0
%		 5
8
2		 7
%

2015 guidance somewhat reduced in Norway and UK due to cold summer

  • Kontali expects 2% growth in 2016
  • 3% in Europe and flat in the Americas

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.

MHG 2015 volume guidance

Sa
lm
ies
on
sp
ec
G
W
E
(
1
0
0
0
)
ton
s		 2
0
1
3
Ac
l
tua		 Q
1
2
0
1
4
Ac
l
tua		 Q
2
2
0
1
4
Ac
l
tua		 Q
3
2
0
1
4
Ac
l
tua		 Q
4
2
0
1
4
Ac
l
tua		 2
0
1
4
Ac
l
tua		 Q
1
2
0
1
5
Ac
l
tua		 Q
2
2
0
1
5
Ac
l
tua		 Q
3
2
0
1
5
Es
im
t
te
a		 Q
4
2
0
1
5
Es
im
t
te
a		 2
0
1
5
Es
im
t
te
a
No
rw
ay		 2
2
2		 5
5		 6
9		 6
4		 7
0		 2
5
8		 6
5		 6
4		 5
6		 7
2		 2
5
7
C
h
i
le		 2
8		 1
8		 1
6		 1
7		 1
7		 6
8		 1
6		 1
3		 1
9		 1
9		 6
7
Ca
da
na		 3
3		 6 6 7 7 2
7		 1
0		 1
2		 9 1
1		 4
2
Sc
la
d
t
o
n		 4
8		 1
0		 1
8		 1
4		 6 4
9		 7 1
2		 1
6		 1
7		 5
2
O
t
he
Un
i
ts
r		 1
2		 3 4 6 5 1
8		 1 3 3 5 1
2
To
ta
l		 3
4
4		 9
2		 1
1
4		 1
0
7		 1
0
5		 4
1
9		 9
9		 1
0
4		 1
0
3		 1
2
3		 4
3
0
  • Reduced guidance from 440,000 tons GWE to 430,000 tons GWE
  • Norway reduced by 9,000 tons mainly due to low summer seawater temperatures
  • Chile increased by 1,000 tons
  • Canada increased by 1,000 tons
  • Scotland reduced by 4,000 tons mainly due to low sea temperatures
  • -Others: Slight increase

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.

  • Favourable supply outlook
  • Future prices (NASDAQ) next 12 months at ca NOK 42 per kg
  • Relatively good underlying demand in the European and Asian markets
  • Developments in the American market remains a concern
  • Market requires more value added concepts and new products
  • Successful new long term retail contracts at good prices
  • Quarterly dividend of NOK 1.30 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 revised to 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

  • Q3 2015 contract shares (% of guided volume):
  • Norway 38%
  • Scotland 28%
  • Canada 0%
  • Chile 9%
S
A
L
E
S
C
O
N
T
R
A
C
T
P
O
L
I
C
Y		 M
in
he
dg
in
te
(
1
)
g
ra		 M
he
dg
in
te
(
1
)
ax
g
ra
No
(
2
)
(
3
)
rw
ay		 1
5.
0
%		 5
0.
0
%
C
h
i
le
(
3
)		 2
2.
5
%		 5
0.
0
%
Ca
da
na		 0.
0
%		 3
0.
0
%
Sc
t
lan
d
o		 4
0.
0
%		 7
5.
0
%
Ire
lan
d		 0.
0
%		 3
0.
0
%
Fa
ro
es		 0.
0
%		 3
0.
0
%
W
ig
h
te
d
e
av
er
ag
e		 1
7.
6
%		 5
0.
8
%

Note:

(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 36 month duration

Development in reference prices

No
(
1
)
rw
ay		 N
O
K
3
7.
9
1		 5.
4
%
-		 E
U
R
4.
4
2		 7.
6
%
-
C
h
i
le
(
2
)		 N
O
K
5
7.
9
8		 6.
5
%
-		 U
S
D
7.
4
8		 2
7.
8
%
-
No
h
Am
ica
(
3
)
t
r
er		 N
O
K
3
8.
1
4		 1
3.
8
%
-		 U
S
D
4.
9
2		 3
3.
%
5
-

Notes:

(1) Average superior GWE price per kg (NASDAQ)

(2) Average C trim price per kg (Urner Barry Miami 2-3 lb), equivalent to NOK 37.7 and USD 4.9 GWE

(3) Average superior GWE price per kg (Urner Barry Seattle 10-12 lb)

(4) Market price in local currency

Key performance indicators

Development in Global Price Achievement (at source of origin)

MH
Co
nsu
me
r
Sal
nd
rke
ting
Ma
es a		 rke
MH
Ma
ts		 duc
Pro
ts
NOK
mi
llion		 Q2
20
15		 Q2
20
15
nal
nd
oth
Op
tio
er i
era
rev
enu
es a
nco
me		 4 8
36		 2 2
67
nal
Op
tio
EBI
T
era		 129 48
EBI
T m
in %
arg		 2.7
%		 2.1
%

Global Farming - full cost Q2 2014 vs Q2 2015

Q2
20
15		 Q2
20
14
er k
(
K)
Gro
EBI
T p
NO
up
g		 6.9
9		 11.
14
ibu
f
(
K)
Co
tio
F
ing
NO
ntr
n
rom
arm
-		 5.2
9		 9.7
9
Co
ibu
tio
f
ark
(
NO
K)
ntr
M
ets
n
rom
-		 1.2
4		 8
1.1
ibu
f
rod
s (
K)
Co
tio
C
er P
NO
ntr
uct
n
rom
ons
um
-		 0.4
6		 0.1
7
olu
(
T)
Gro
Har
t V
GW
up
ves
me		 104
158		 114
176
nal
IT f
f or
in (
llio
n)
Op
tio
EB
ig
NO
K m
mi
era
rom
so
urc
e o		 728 1 2
72
nal
T fr
oth
(
illio
n)
Op
tio
EBI
nits
NO
K m
era
om
er u		 - 9 - 52
al E
(
illio
n)
Gro
ion
BIT
NO
K m
rat
up
ope		 719 1 2
20

Key financials

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

1) Excluding change in unrealised gain/losses from salmon derivatives, net fair value adjustment of biomass, onerous contracts provision, results from associated

companies, restructuring cost, impairment losses of fixed assets/intangibles and other non-operating items

2) Underlying EPS: Operational EBIT adjusted for accrued payable interest, with estimated weighted tax rate - per share

3) Net cash flow per share: Cash flow from operations and investments, net financial items paid and realised currency effects

4) ROCE: Annualised return on average capital employed based on EBIT excluding fair value adjustments of biomass, onerous contracts provision and other

non-operating items/ Average NIBD + Equity, excluding fair value adjustments of biomass, onerous contracts provision and net assets held for sale,

unless there are material transactions in the period

5) Operational EBIT per kg including allocated margin from Sales and M arketing (from own salmon)

Quarterly segment overview

S
O
U		 R
C
E
S
O
F
O
RI		 G
IN
Q
TD
NO
K m
illio
n		 No
rw
ay		 Sc
ot
lan
d		 Ca
da
na		 C
hil
e		 Ire
lan
d		 Fa
roe
s		 1)
Ot
he
r		 MH
Gr
ou
p
O
PE
RA
TI
O
NA
L E
BIT
MH
FA
RM
IN
G		 3
9
5		 3
4		 1
5		 - 8
8		 2
5		 1
-		 1
55
MH
S
AL
E
S
AN
D M
AR
KE
TIN
G
MH
M
ke
ts
ar		 4
5		 3
2		 1
0		 2
6		 0 1
-		 7 12
9
Co
MH
Pro
du
cts
ns
um
er		 3
4		 2 0 0 1 0 1
1		 48
S
O
U
BT
TA
L		 6
27		 6
7		 2
5		 - 6
1		 5
3		 - 1 1
8		 7
28
MH
Fe
d
e		 27 27
2)
Ot
he
nti
tie
r e
s		 -3
6		 - 3
6
T
O
TA
L		 6
27		 67 25 - 6
1		 3
5		 - 1 9 71
9
(
)
Ha
st
lum
utt
d w
ig
ht
ton
lm
rve
vo
e
g
e
e
s,
sa
on		 6
4 0
3
6		 12
35
1		 11
5
8
3		 13
24
0		 2 9
48		 0 10
4 1
5
8
3)
Op
tio
l E
BIT
kg
(
N
O
K
)
era
na
p
er		 9.
8
0		 5.
44		 2.1
2		 -4.
6
4		 18
.0
6		 na 6.
9
0
f w
hic
h M
H M
ke
ts
- o
ar		 0.
85		 2.5
7		 0.
8
3		 1.9
8		 -0.
0
3		 na 1.2
4
f w
Co
hic
h M
H
Pro
du
cts
- o
ns
um
er		 0.5
4		 0.
15		 0.
0
0		 0.
0
0		 0.
3
3		 na 0.
46
AN
AL
YT
I
C
AL
DA
TA
4)
/re
fer
(
%
)
Pri
hie
t
ric
ce
ac
vem
en
en
ce
p
e		 %
10
3		 %
12
0		 %
10
0		 %
11
1		 na %
10
6
Co
(
%
)
ntr
t c
ac
ove
rag
e		 %
3
3		 %
45		 %
0		 %
17		 %
9
0		 na %
3
1
Qu
lity
ior
ha
(
%
)
a
- s
up
er
s
re		 9
0
%		 9
6
%		 9
1
%		 9
0
%		 9
4
%		 na 9
1
%
5)
Ex
tio
l it
ce
p
na
em
s		 -13
5		 -3 -3 26 0 0 0 -11
5
5)
(
O
)
Ex
tio
l it
kg
N
K
ce
p
na
em
s p
er		 -2.
10		 -0.
27		 -0.
28		 1.9
9		 0.
0
0		 0.
0
0		 -1.
10
G
U
IDA
N
C
E
Q
3
20
15
ha
st
lum
(
utt
d w
ig
ht
ton
)
rve
vo
e
g
e
e
s		 5
6
0
0
0		 16
0
0
0		 9
0
0
0		 19
0
0
0		 3
0
0
0		 0 10
3
0
0
0
20
15
ha
st
lum
(
utt
d w
ig
ht
ton
)
rve
vo
e
g
e
e
s		 25
7 0
0
0		 5
2 0
0
0		 42
0
0
0		 67
0
0
0		 10
0
0
0		 2
0
0
0		 43
0
0
0
0
Q
3
20
15
ntr
t s
ha
(
%
)
co
ac
re		 3
8
%		 28
%		 0
%		 9
%		 9
1
%		 0
%		 3
0
%

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, MH Feed, Headquarter and Holding companies

4) MH Sales and Marketing Price achievement

5) Exceptional items impacting operational EBIT

YTD segment overview

S
O
U		 C
S
O
O
R
E
F
RI		 G
Q
IN
TD
NO
K m
illio
n		 No
rw
ay		 Sc
ot
lan
d		 Ca
da
na		 C
hil
e		 Ire
lan
d		 Fa
roe
s		 1)
Ot
he
r		 MH
Gr
ou
p
O
PE
RA
TI
O
NA
L E
BIT
MH
FA
RM
IN
G		 1
2
95		 4
0		 6
2		 24
1
-		 5
2		 2
-		 1
2
0
6
MH
S
AL
E
S
AN
D M
AR
KE
TIN
G
MH
M
ke
ts
ar		 1
3
8		 4
5		 15 7
5		 0 1
-		 1
6		 2
8
9
Co
MH
Pro
du
cts
ns
um
er		 3
1		 2 0 0 1 0 1
3		 6
4
S
U
BT
O
TA
L		 1
4
6
4		 8
6		 7
7		 1
65
-		 3
5		 3
-		 2
9		 1 5
4
1
MH
Fe
d
e
2)
Ot		 45 45
he
nt
it
ies
r e		 -3
7		 3
7
-
T
O
TA
L		 1
4
6
4		 8
6		 77 1
65
-		 3
5		 3
-		 3
8		 1 5
0
5
Ha
st
lum
(
utt
d w
ig
ht
ton
lm
)
rve
vo
e
g
e
e
s,
sa
on		 1
2
9
2
3
9		 1
9
4
6
3		 2
2
0
6
1		 2
9
3
0
7		 3
5
6
4		 0 2
0
3
6
3
5
3)
Op
ion
l E
BIT
kg
(
N
O
K
)
t
era
a
p
er		 1
1.
3
3		 4.4
4		 3.
5
1		 -5.
65		 14
8
2		 0.
0
0		 7.
6
1
f w
hic
h M
H M
ke
ts
- o
ar		 1.
0
7		 2.
3
0		 0.
7
0		 2.5
7		 0.
0
2
-		 0.
0
0		 1.4
2
f w
Co
hic
h M
H
Pro
du
cts
- o
ns
um
er		 0.
24		 0.
0
9		 0.
0
0		 0.
0
0		 0.
2
9		 0.
0
0		 0.
2
3
AN
AL
YT
I
C
AL
DA
TA
4)
Pri
hie
t
/re
fer
ric
(
%
)
ce
ac
vem
en
en
ce
p
e		 1
0
2
%		 1
17
%		 9
9
%		 1
1
2
%		 0
%		 1
0
4
%
Co
ntr
t c
(
%
)
ac
ove
rag
e		 3
3
%		 5
4
%		 0
%		 2
1
%		 9
1
%		 0
%		 3
1
%
Qu
lity
ior
ha
(
%
)
a
- s
up
er
s
re		 9
1
%		 9
4
%		 8
9
%		 8
9
%		 9
4
%		 0
%		 9
0
%
5)
Ex
ion
l it
t
ce
p
a
em
s		 -24
8		 8
-		 3
-		 24
-		 0 0 0 -2
8
3
5)
(
O
)
Ex
t
ion
l it
kg
N
K
ce
p
a
em
s p
er		 -1.
9
2		 0.
3
9
-		 0.
15
-		 0.
8
3
-		 0.
0
0		 0.
0
0		 1.
3
9
-
G
C
U
IDA
N
E
Q
3
2
0
15
ha
lum
(
d w
ig
ht
)
st
utt
ton
rve
vo
e
g
e
e
s		 5
6
0
0
0		 1
6
0
0
0		 9
0
0
0		 1
9
0
0
0		 3
0
0
0		 0 1
0
3
0
0
0
2
0
15
ha
lum
(
d w
ig
ht
)
st
utt
ton
rve
vo
e
g
e
e
s		 25
0
0
0
7		 2
0
0
0
5		 4
2
0
0
0		 6
0
0
0
7		 1
0
0
0
0		 2
0
0
0		 4
3
0
0
0
0
Q
(
%
)
3
2
0
15
ntr
t s
ha
co
ac
re		 %
3
8		 %
2
8		 %
0		 %
9		 %
9
1		 %
0		 %
3
0

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, MH Feed, Headquarter and Holding companies

4) MH Sales and Marketing Price achievement

5) Exceptional items impacting operational EBIT

Quarterly segment overview

MH
Op
ting
Un
its
era		 Far
min
g		 Far
min
g		 Far
min
g		 Far
min
g		 Far
min
g		 Far
min
g		 MH
Sal
nd
es a		 Mar
ket
ing
MH
NOK
mil
lion		 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 Gr
*
MH
oup
Rev
nd o
ther
inc
enu
es a
ome		 2 4
97		 55
4		 43
1		 54
7		 19
7		 3 4 8
36		 2 2
67		 50
2		 70 - 5
324		 6 5
81
Ope
ratin
g E
BIT
DA		 64
1		 67 37 - 3
6		 60 3 13
6		 98 46 - 2
8		 0 1 0
24
Ope
ratin
g E
BIT		 53
9		 34 15 - 8
8		 52 - 1 12
9		 48 27 - 3
6		 0 71
9
Fa
ir V
alue
adj
biom
ntra
cts/
eali
sed
der
ivati
on
ass
, co
unr
ves		 - 4
29		 - 8
9		 - 3
2		 - 1
26		 9 7 0 6 - 1
4		 9 0 - 6
58
Un
real
ized
rgin
adj
ustm
ent
ma		 0 0 0 0 0 0 0 0 0 0 7 7
Re
stru
ctur
ing
t
cos		 0 0 0 - 8
4		 0 0 0 - 4
2		 0 0 0 - 1
27
Ot
her
ratio
nal
item
non
-ope
s		 0 0 0 22 0 0 0 0 0 0 0 22
Inc
/los
s fro
ciat
ed c
anie
ome
m a
sso
omp
s		 0 0 0 0 0 0 0 - 1 0 8 0 6
W
rite-
dow
n of
fixe
d as
sets
/inta
ngib
les		 - 1 0 0 - 2
7		 0 0 0 0 0 0 0 - 2
8
EBI
T		 10
9		 - 5
5		 - 1
7		 - 3
04		 62 6 12
9		 11 13 - 1
8		 7 - 5
8
Con
tribu
tion
to
ratio
nal
EBI
T fro
m S
&M
ope		 89 34 10 26 1 - 1 - 1
29		 - 4
8		 18 0
Ope
ratio
nal
EBI
T in
cl c
ontr
ibut
ion
from
S&
M		 62
7		 67 25 - 6
1		 53 - 1 0 0 27 - 1
8		 0 71
9
Har
t / s
ales
vol
ves
ume		 64
036		 12
351		 11
583		 13
240		 2 9
48		 0 99
696		 25
541
Ope
ratio
nal
EBI
T/kg
inc
l co
ntrib
utio
n fro
m S
&M
(NO
K)		 9.8
0		 5.4
4		 2.1
2		 - 4.
64		 18
.06		 na
-of w
hich
S&
M		 1.3
9		 2.7
2		 0.8
3		 1.9
8		 0.3
0		 0.0
0

Development in harvest volumes

200
7		 200
8		 200
9		 20
10		 20
11		 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
E		 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.		 0
56.		 71.
8		 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.		 0
19.		 18.
7		 67.
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.		 9.0 10.
9		 42.
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.		 0
16.		 16.
5		 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 3.0 5.4 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
103		 .4
123		 430
.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
E		 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% -13
%		 3% 0%
Ch
ile		 %
-10		 %
-17		 %
-52		 %
-71		 %
146		 55% -15
%		 -10
0%		 -40
%		 28% %
-30		 115
%		 n.a 184
%		 17% %
139		 -9% -19
%		 14% 13% -1%
Ca
da
na		 16% -9% 1% -8% 1% 19% 15% -16
%		 -25
%		 -47
%		 %
-18		 -48
%		 -28
%		 14% 19% %
-19		 65% 79% 28% 60% 57%
Sc
otl
d
an		 0% 4% 17% %
-12		 51% %
-20		 4% 17% 6% 74% 20% 9% 37% 0% -46
%		 1% -32
%		 -32
%		 16% 159
%		 6%
Oth
(
1)
er		 21% 12% 28% 7% -4% 7% -39
%		 2% -45
%		 -31
%		 %
-29		 -4% 20% 172
%		 67% 54% -76
%		 -32
%		 -46
%		 1% %
-33
To
tal		 8% -4% 0% -10
%		 16% 14% -17
%		 -20
%		 -13
%		 0% -12
%		 15% 44% 33% 2% 22% 8% -9% -4% 17% 3%

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
lum
t v
rve
s
o		 (
G
W
E
)
e		 E
B
I
T
(
1
)		 kg
p
er		 N
I
B
D
Ow
ne		 h
ip
%
rs		 2
0
1
3		 2
0
1
4		 Q
2
2
0
1
4		 Q
2
2
0
1
5		 2
0
1
3		 2
0
1
4		 Q
2
2
0
1
4		 Q
2
2
0
1
5		 3
0
/
0
6
/
2
0
1
5
No
Se
va
a		 4
8
%		 3
4
9
1
0		 3
8
7
3
9		 8
6
2
0		 8
7
1
5		 1
3.
4		 1
2.
3		 1
4.
3		 1
2.
5		 3
5
1
  • 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 8.2 million in Q2 2015
    • •IFRS adjustment of biomass NOK 23.7m

Debt distribution and interest rate hedging

DE
BT
VO		 (1)
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
RR
EN
CY		 DE
BT		 201 5 201 6 201 7 201 8 201 9 202 0 202 1 202 2
(2)
30/
06/
201
5		 Nom
inal v
alue		 Fixed
rate		 (3) N
omin
al va
lue		 Fixed
(3) N
rate		 omin
al va
lue		 Fixed
rate		 (3) N
omin
al va
lue		 Fixed
(3)
rate		 Nom
inal v
alue		 Fixed
(3) N
rate		 omin
al va
lue		 Fixed
rate		 (3) N
omin
al va
lue		 Fixed
rate		 (3) N
omin
al va
lue		 Fixed
(3)
rate
EU
R m		 .6
635		 .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
139		 .0
123		 1.9
8%		 .0
151		 2.9
1%		 138
.5		 3.1
2%		 138
.5		 3.2
1%		 167
.5		 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%		 5
23.		 2.8
3%		 5
23.		 2.8
3%		 - 0.0
0%
Oth
er (
NO
K m
)		 1 2
12.
1

Market value of IRS contracts in MNOK (30/06/15): -548.2 Mark to market valuation effect in Q2(4): 141.1Difference in fixed vs floating rate settled in cash in Q2 -7.3

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 69%, USD 13%, GBP 4%, other currencies 14%.
  • 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 interest-bearing 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

Please note that the current portfolio deviates from the policy due to inter alia the recent bond and convertible bond issuance. The policy will be reviewed.

Policy last updated 7 February 2012.

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 not hedge the USD/CAD exposure.
  • 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

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

Impact of currency/interest rate movements

Av
t
e
r
a
g
e
r
a
e
s		 1
C
A
D		 1
E
U
R		 1
G
B
P		 1
U
S
D
A
Q
2
2
0
1
5
v
e
r
a
g
e		 6.
3
0
6
7		 8.
5
6
7
3		 1
1.
8
8
4
5		 7.
7
5
4
8
Q
2
2
0
A
1
4
v
e
r
a
g
e		 9
5.
4
1
1		 8.
2
0
6
8		 0.
0
2
1
7
5		 9
8
6
5.
5
Av
t
e
r
a
g
e
r
a
e
s		 1
C
A
D		 1
E
U
R		 1
G
B
P		 1
U
S
D
Q
2
2
0
1
5
Q
2
2
0
1
4
s
v		 1
4.
9
%		 4.
4
%		 1
8.
0
%		 2
9.
6
%
f
E
d
t
t
n
o
q
u
a
r
e
r
r
a
e
s		 1
C
A
D		 1
E
U
R		 1
G
B
P		 1
S
U
D
3
0
/
6
/
1
3
1
/
3
/
1
5
5
v
s.		 0.
3
%		 1.
0
%		 3.
3
%		 2.
9
%
-
  • Impact on Profit and Loss (versus Q2 2014)
  • Currency impact on net financial items
    • •Negative impact of NOK 176.8m (negative NOK 108.1m)
  • Impact from currency on Financial Position (versus 31/03/15)
  • Decrease in interest-bearing debt of NOK 47m

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)

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

E
S
T
I
M
A
T
E
D
S
E
N
S
I
T
I
V
I
T
I
E
S
O
N
A
N
N
U
A
R
E
S
U
T
S
L
L
N
O
K
i
l
l
io
m
n		 O
P.
E
B
I
T
E
F
F
E
C
T		 C
A
S
H
F
O
W
E
F
F
E
C
T
L		 D
R
I
V
E
R
C
f
O
(
)
(
)
ha
in
lo
ba
l a
lm
ice
N
K
1
1
2
ng
e
g
ve
rag
e s
a
on
p
r
o		 4
3
0		 3
9
4		 An
l
ha
t v
lum
nu
a
rve
s
o
e
C
ha
in
l
ha
lum
f
1
0,
0
0
0
(
2
)
(
3
)
to
ta
t v
to
ng
e
rve
s
o
e o
nn
es		 1
0
0		 9
2		 Ma
ina
l v
lum
rg
o
e
C
fee
f
O
(
)
(
)
ha
in
lo
ba
l
d p
ice
N
K
1 p
kg
4
5
ng
e
g
r
o
er		 3
3
7		 5
6
1		 Fe
d c
t
ion
e
on
su
mp

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 (1.3)

Assuming stable production and feed consumption between years and across months

(5) 60 days credit time on feed

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