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Mowi ASA

Investor Presentation • Feb 4, 2015

3665_rns_2015-02-04_7b216b7a-c9c4-493b-b118-b8b58ec5bd17.pdf

Investor Presentation

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Marine Harvest Q4 2014 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.

Highlights

  • Operational EBIT NOK 1,032m in a challenging quarter
  • Weak prices in the Americas and biological issues in Europe
  • Conditional agreement to merge MH Chile with AquaChile
  • Feed self-sufficiency increases from 60% to 80% in Norway
  • Quarterly dividend on NOK 1.20 per share
  • To be paid in the form of a repayment of paid in capital

Key financials

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

Market

  • Prices in Europe held up well despite weak Russian demand
  • Weak prices in Americas massive Chilean supply growth

Price achievement by origin

Contract share

Note: Q4 2014 average price achievement is measured versus reference prices in all markets (Norway/Faroes (NOS), Scotland (NOS+ NOK 3.42), Canada (UB Seattle), 6 Chile (UB Miami)

47 % 90 % 0 % 12 %

Superior share 93 % 90 % 88 % 88 %

Operational EBIT comparison

7

Q Q
4. 4.
1 1
4 3
8 8
8 2
1 5
6 6
9 8
9 5
4 8
1 1
1 1
2. 2.
5 0
9 4
0. 0.
9 6
1 4
0.
2
2		 0.
3
5
-
0. 0.
9 2
9 4
1
2
3
-		 8
0
-
1. 1.
6 1
7 7
- -
1
0
1
%		 9
3
%
4 3
7 6
% %
9 9
3 2
% %

Norway

  • Higher absolute price achievement despite lower spot price
  • Advantageous contracts and contribution from Sales and Marketing
  • Increased costs due to biological issues
  • Sea lice mitigation costs of NOK 1.67 per kg in the quarter
  • -Increasing costs linked to amoebic gill disease (AGD)

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
NO
K m
illio
n		 Q
4.
1
4		 Q
4.
1
3
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a		 2
2
-		 1
2
0
H
lu
t v
a
rv
e
s
o
m
e		 6
3
7
6		 1
1
7
1
6
O
t
i
l
E
B
I
T
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
h
i
h
M
H
V
A
P
Eu
o
c
r
o
p
e
-
f w
h
i
h
M
l
o
c
o
r
p
o
-
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
t
i
l
i
t
k
c
e
p
o
n
a
e
m
s
p
e
r
g		 3.
4
2
-
0.
9
3
0.
7
1
0.
6
7
6
7
-
1
0.
5
2
-		 1
0.
2
5
2.
9
8
0.
2
1
-
0.
6
3
1
7
-
1.
4
9
-
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
e
r
a
g
e
v
S
i
h
p
e
r
o
r
s
a
r
e
u		 1
1
6
%
9
0
%
9
0
%		 9
8
%
7
3
%
9
2
%

Results heavily impacted by biological issues

  • Low volumes do to advanced harvesting challenges in meeting contract obligations
  • High biological costs on harvested fish
  • Biomass to be harvested in 1H 2015 carrying high cost
S
A
L
M
O
N
O
F
C
A
N
A
D
I
A
N
O
R
I
G
I
N
NO
K m
illio
n		 Q
4.
1
4		 Q
4.
1
3
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a		 2
5		 5
8
H
t v
lu
a
rv
e
s
o
m
e		 6
8
1
9		 5
7
2
6
O
t
i
l
E
B
I
T
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
h
i
h
M
H
V
A
P
Eu
o
c
r
o
p
e
-
f w
h
i
h
M
l
o
c
o
r
p
o
-		 3.
6
9
0.
6
6
0.
0
0
0.
0
0		 1
0.
2
0
1.
8
6
0.
0
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
t
i
l
i
t
k
c
e
p
o
n
a
e
m
s
p
e
r
g		 0
0.
0
0		 2
-
0.
4
3
-
P
i
h
i
/
f
i
t
r
c
e
a
c
ev
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
ov
e
r
a
g
e
Su
i
h
p
e
r
o
r
s
a
r
e		 9
8
%
0
%
8
8
%		 1
0
1
%
0
%
8
8
%
  • Low prices due to high supply growth in Americas
  • Strong cost performance in the quarter

Chile

  • Challenging price environment due to Chilean oversupply
  • Another quarter of strong relative cost performance
  • Full cost in box USD 4.50 per kg (HOG)
  • Acuinova transaction completed in the quarter
  • As a result of the CTA with AquaChile, MHG Chile to be reported as "Discontinued Operations" from Q1 2015

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
illio
n		 Q
4.
1
4		 Q
4.
1
3
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 9 3
6
-
H
t v
lu
a
rv
e
s
o
m
e		 2
0
6
9		 1
3
4
5
O
t
i
l
E
B
I
T
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
h
i
h
M
H
V
A
P
Eu
o
c
r
o
p
e
-
f w
h
i
h
M
l
o
c
o
r
p
o
-		 4.
4
9
0.
1
7
-
0.
4
6
0.
0
0		 2
6.
7
6
-
0.
0
3
0.
2
2
-
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
t
t
c
e
p
o
n
a
e
m
s
p
e
r
g		 8
-
3.
9
3
-		 2
3
-
1
6.
6
7
-
/
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
v
e
r
a
g
e
S
i
h
u
p
e
r
o
r
s
a
r
e		 n
a
n
a
%
8
8		 n
a
n
a
%
7
8
S
A
L
M
O
N
O
F
F
A
R
O
E
S
E
O
R
I
G
I
N
NO
K m
illio
n		 Q
4.
1
4		 Q
4.
1
3
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a		 4
4		 2
7
H
t v
lu
a
rv
e
s
o
m
e		 3
3
1
4		 1
8
7
4
O
t
i
l
E
B
I
T
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
h
i
h
M
H
V
A
P
Eu
o
c
r
o
p
e
-
f w
h
i
h
M
l
o
c
o
r
p
o
-		 1
3.
1
5
0
2
7.
0.
0
0
0.
0
0		 1
4.
4
8
0.
0
6
0.
0
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
t
i
l
i
t
k
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
ev
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
ov
e
r
a
g
e
Su
i
h
p
e
r
o
r
s
a
r
e		 1
1
%
5
0
%
9
6
%		 9
%
5
4
%
9
8
%

No volumes in the Faroes until Q4 2015

Value Added Products Europe (VAP Europe)

O
M
H
V
A
P
E
U
R
P
E
NO
K m
illio
n		 Q
4.
1
4		 Q
4.
1
3
O
t
i
p
e
r
a
n
g
r
e
v
e
nu
e
s		 1
4
0
8		 1
3
5
9
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a
O
%
t
l
E
B
I
T
p
e
r
a
o
n
a		 3
6
2.
6
%		 3
7
-
2.
%
7
-
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
Ex
t
i
l
i
t
c
e
p
o
n
a
e
m
s		 1
6
1
9
0
0		 1
7
2
4
7
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
G
i
h
l
r
o
s
s
m
a
r
g
n
s
a
r
e
s
a
m
o
n		 6
%
5
3
%
7
9
%
5		 6
2
%
0
%
7
6
8
%
  • Lower raw material prices in EUR
  • Positive effects from restructuring programme
  • Further improvement expected to gradually materialise in 2015
  • VAP Europe to be integrated into Marine Harvest Consumer Products from Q1 2015
M
O
R
P
O
L
O
N
K
i
l
l
io
m
n		 Q
4.
1
4		 Q
4.
1
3
O
i
t
p
e
r
a
n
g
r
e
v
e
nu
e
s		 1
9
8
5		 1
3
7
5
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a
O
t
i
l
E
B
I
T
%
p
e
r
a
o
n
a		 8
1
5.
1
%		 6
3
4.
6
%
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
Ex
t
i
l
i
t
c
e
p
o
n
a
e
m
s		 1
5
7
5
5
0		 1
5
0
8
6
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		 %
9
2
8
8
%		 %
9
0
9
0
%
  • Result impacted by some unfavorable raw material purchases
  • Good quarterly cost performance
  • Morpol to be integrated into Marine Harvest Consumer Products from Q1 2015

Feed

  • Improved productivity and efficiency increases self sufficiency
  • -From ~60% to ~80% in Norway(1)
  • Next expansion steps to be considered outside Norway

Fourth Quarter 2014 Financials, Harvest Volumes and Markets

Profit and Loss

Ma
in
Ha
t
Gr
r
e
rv
es
ou
p
N
O
K m
i
l
l
ion		 Q
4.
2
0
1
4		 Q
4.
2
0
1
3		 2
0
1
4		 2
0
1
3
Op
t
io
l r
d
t
he
in
er
a
na
ev
en
ue
a
n
o
r
co
m
e		 6
8
6
3		 6
7
4
3		 2
5
4
9
6		 1
9
2
3
0
Op
t
io
l
E
B
I
T
1)
er
a
na		 1
0
3
2		 1
0
3
7		 4
2
5
4		 3
2
1
2
Un
l
ize
d
lm
de
iva
t
ive
rea
sa
on
r
s		 3
6		 1
2
-		 5
4		 3
0
-
C
f
fee
ha
in
l
ize
d
in
te
l p
i
t
d
ng
e
un
rea
rna
ro		 5
6
-		 0 9
2
-		 0
Ne
t
fa
ir v
lue
d
j
tm
t o
f
b
iom
tra
ts
is
ion
a
a
us
en
as
s,
on
er
ou
s
co
n
c
p
rov		 3
8
7		 9
8
2		 4
8
7
-		 1
6
7
0
Re
tu
tu
ing
ts
s
c
r
c
os		 3
-		 3
4
-		 5
3
-		 2
7
3
-
O
he
ion
l
i
t
t
te
r n
on
-o
p
er
a
a
ms		 0 0 1
6
8
-		 4
7
-
Inc
fro
ia
d
ies
te
om
e
m
as
so
c
co
m
p
an		 5
5		 1
1
6		 1
0
5		 2
2
2
f
Im
irm
t
los
ixe
d
ts
p
a
en
se
s
as
se
-		 2
5
-		 5
7
-		 2
4
-		 6
5
-
E
B
I
T		 1
4
2
6		 2
0
3
1		 3
6
3
3		 4
6
6
2
Ne
f
ina
ia
l
i
t
te
nc
ms		 1
0
2
5
-		 3
8
5
-		 2
1
4
7
-		 1
2
0
4
-
Ea
in
be
fo
ta
rn
g
s
re
x		 3
7
4		 1
6
4
6		 1
4
8
7		 3
4
5
7
Pr
f
i
t o
lo
fo
t
he
io
d
o
r
ss
r
p
er		 1
1
0		 1
2
9
2		 9
4
0		 2
5
2
2
2)
Un
de
ly
ing
E
P
S
(
N
O
K
)
r		 1.
6
9		 1.
7
8		 7.
0
1		 5.
3
2
3)
Ne
t c
h
f
low
ha
(
N
O
K
)
as
p
er
s
re		 -0
4
6		 -1
9
0		 6.
6
5		 0.
3
8
-
Op
t
ion
l
E
B
I
T
in
er
a
a
ma
rg		 %
1
5.
0		 %
1
5.
4		 %
1
6.
7		 %
1
6.
7
Ha
t v
lum
H
O
G
to
(
lm
i
ds
)
rve
s
o
e,
nn
es
sa
on		 1
0
5
1
2
2		 1
0
3
3
7
8		 4
1
8
8
7
3		 3
4
3
7
7
2
5)
Op
ion
l
E
B
I
T
kg
inc
l m
in
fro
Sa
les
d
Ma
ke
ing
t
t
er
a
a
p
er
ar
g
m
a
n
r		 9.
2
2		 1
0.
2
4		 1
0.
2
4		 9.
7
5
4)
R
O
C
E		 2
0.
0
%		 2
1.
3
%		 2
0.
2
%		 1
8.
5
%

Financial Position

G
M
i
H
t
a
r
n
e
a
r
v
e
s
r
o
u
p
O
N
K
i
l
l
ion
m		 3
1.
1
2.
2
0
1
4		 3
1.
1
2.
2
0
1
3
N
t
t
o
n-
c
r
r
e
n
a
s
s
e
s
u		 1
8
6
6
2		 1
6
4
9
7
C
t
t
u
r
r
e
n
a
s
s
e
s		 1
8
2
9
4		 1
6
1
7
2
A
h
l
d
f
l
t
s
s
e
s
e
o
r
s
a
e		 1
9		 1
0
5
9
T
l
t
t
o
a
a
s
s
e
s		 3
6
9
4
7		 3
3
2
8
7
E
i
t
q
u
y		 1
4
1
8
7		 1
6
3
4
6
N
t
l
i
b
i
l
i
t
i
o
n-
c
u
r
r
e
n
a
e
s		 1
6
2
5
7		 1
2
0
1
5
C
t
l
i
b
i
l
i
t
i
u
r
r
e
n
a
e
s		 5
6
8
4		 5
1
4
0
L
i
b
i
l
i
i
h
l
d
f
l
t
a
e
s
e
o
r
s
a
e		 0 1
9
0
T
t
l
i
t
d
l
i
b
i
l
i
t
i
o
a
e
q
u
y
a
n
a
e
s		 3
6
9
7
4		 3
3
7
2
8
N
t
i
t
t-
b
i
d
b
t
e
n
e
r
e
s
e
a
r
n
g
e		 9
2
6
8		 7
7
9
1
E
i
i
t
t
q
u
y
r
a
o		 3
9.
8
%		 4
8.
5
%

Cash Flow and Net Interest Bearing Debt

Gr
Ma
ine
Ha
t
r
rve
s
ou
p
NO
K m
illio
n		 Q
4.
2
0
1
4		 Q
4.
2
0
1
3		 2
0
1
4		 2
0
1
3
N
I
B
D
be
inn
ing
f p
io
d
o
er		 7
2
3
0		 8
8
2
-7		 9
1
7
7
-		 3
8
1
5
-
g -
Op
ion
l
E
B
I
T
D
A
t
era
a		 1
3
0
0		 1
2
1
7		 2
2
1
5		 3
9
7
5
C
ha
in
k
ing
i
ta
l
ng
e
wo
r
ca
p		 6
2
3
-		 -1
2
0
4		 7
2
1
-		 1
7
4
9
-
Ta
i
d
xe
s p
a		 8
7
-		 6
9
-		 2
9
5
-		 1
1
6
-
O
t
he
d
j
tm
ts
r a
us
en		 5
6
-		 9
-		 2
6
1
-		 8
7
-
Ca
h
f
low
fro
ion
t
s
m
op
er
a
s		 3
4
5		 1
0
-		 3
9
4
4		 2
0
2
3
Ca
p
ex		 4
4
7
-		 5
9
1
-		 1
7
1
2
-		 1
9
0
2
-
Ca
h
fro
d
isp
l o
f a
ts
he
l
d
for
le
s
m
os
a
ss
e
sa		 9 0 1
1
8
2		 0
O
t
he
inv
tm
ts
r
es
en		 7
2
7
-		 2
7
1
-		 7
1
6
-		 5
7
2
-
Ca
f
fro
h
low
inv
tm
ts
s
m
es
en		 1
1
6
5
-		 8
6
2
-		 1
2
4
6
-		 2
4
7
3
-
Ne
t
in
ter
t a
d
f
ina
ia
l
i
tem
i
d
es
n
nc
s p
a		 1
0
5
-		 1
6
3
-		 4
1
2
-		 5
3
1
-
O
he
i
t
tem
r
s		 5
8		 1
9
4
-		 3
8
7		 1
6
2
-
Bo
ds
te
d
to
i
ty
n
co
nve
r
eq
u		 0 1
7
8
3		 0 1
7
8
3
D
iv
i
de
d
d
is
tr
i
bu
te
d
n		 4
7
1
-		 2
7
6
-		 3
4
2
4
-		 8
2
5
-
N
I
B
D
fro
l
i
da
ion
f
Mo
l
t
m
co
ns
o
o
rp
o		 0 0 0 1
6
8
1
-
Ne
t e
i
ty
i
d-
in
/
Pu
ha
ha
q
p
a
rc
se
ow
n s
res
u		 0 0 0 0
Tra
la
ion
f
fec
in
be
ing
de
b
t
t o
ter
t-
t
ns
e
n
es
ar		 -8
4
5		 1
8
7
-		 1
9
7
-		 4
3
5
-
f p
N
I
B
D e
d o
io
d
n
er		 9
2
6
8
-		 7
7
9
1
-		 9
2
6
8
-		 7
7
9
1
-
1):
De
b
t
d
is
tr
i
bu
t
ion
E
U
R		 7
1
%		 6
2
%		 7
1
%		 6
2
%
S
U
D		 1
%
4		 1
%
4		 1
%
4		 1
%
4
G
B
P		 4
%		 4
%		 4
%		 4
%
O
he
ies
t
r c
urr
en
c		 1
1
%		 2
0
%		 1
1
%		 2
0
%

(1) Debt distribution including effect of cross currency swaps.

(2) Currency effect on debt in Q4 is NOK 845 million.

2015 Cash Flow Guidance

  • 2015 cash flow estimates
  • Working capital buildup NOK 900m
    • •Support further organic growth
  • Capital expenditures NOK 1,700m
    • •NOK 1,000m – Maintenance
    • •NOK 500m - Smolt and cleaner fish
    • •NOK 200m - Other
  • Interest expenses NOK 300m
  • -Tax payables NOK 650m
  • Quarterly dividend in Q1 2015 of NOK 1.20 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

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
  • Current NIBD target determined to EUR 1,100m
  • -EUR 1.85 per kg harvest volume
  • Residual attributed to non-farming businesses
  • NIBD target to be reviewed in connection with the contemplated AquaChile transaction

Overview of financing

  • Bank re-financing completed in Q4 2014
  • -EUR 555m Facility Agreement
  • Maturity Q4 2019
  • Covenants:
    • •35% equity ratio
  • -Accordion option for parties to agree increased size of facility by EUR 295m
  • -Lenders: DNB, Nordea, Rabobank and ABN Amro
  • Convertible bonds
    • EUR 350 issued in May 2013
    • •Tenor 5 years, annual coupon 2.375%(1), conversion price EUR 8.8716
    • EUR 375 issued in April 2014
    • •Tenor 5 years, annual coupon 0.875%(1), conversion price EUR 10.7052
  • NOK 1,250m bond issued in February 2013
  • Tenor 5 years, NIBOR + 3.5%

Supply development

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

Source: Kontali

Reduction in Europe

  • Strong growth in the Americas
  • Chile: organic growth combined with improved yields

Development in reference prices

Re
fer
ice
en
ce
pr
s		 Q
4 2
01
4		 Ch
an
ge
vs		 Q
4 2
01
4		 Ch
an
ge
vs
NO
K		 Q
4 2
01
3		 Ma
rke
t (
4)		 Q
4 2
01
3
No
(
1)
rwa
y		 NO
K 3
8.4
1		 -6.
3%		 EU
R 4
.48		 -10
.0%
Ch
ile
(
2)		 NO
K 5
4.6
0		 -1.
7%		 US
D 7
.95		 -13
.4%
No
rth
A
ric
a (
3)
me		 NO
K 3
8.1
8		 -15
.8%		 US
D 5
.56		 -25
.8%

Notes:

(1) Average superior HOG price per kg (FCA Oslo)

(2) Average C trim price per kg (Urner Barry Miami 2-3 lb), equivalent to NOK 35.5 and USD 5.2 HOG

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

(4) Market price in local currency

Global volume by market

Es
t
im
te
d
lu
a
vo
m
es		 Co
d
to
Q
4
2
0
1
3
Es
t.
lu
1
m
p
ar
e
vo
m
es		 2
t
h
m
on
co
m		 iso
p
ar
n
Q
4
2
0
1
4		 Q
4
2
0
1
3		 Vo
lu
m
e		 % Q
3
2
0
1
4		 L
T
M		 P
T
M
Ma
ke
ts
r
E
U		 2
5
3,
7
0
0		 2
3
5,
1
0
0		 1
8,
6
0
0		 7.
9
%		 2
2
9,
7
0
0		 8
8
9,
7
0
0		 8
1
4,
0
0
0
U
S
A		 8
7,
9
0
0		 8
5,
3
0
0		 2,
6
0
0		 3.
0
%		 9
1,
3
0
0		 3
5
2,
2
0
0		 3
3
3,
3
0
0
Ru
ia
ss		 3
7,
2
0
0		 4
6,
6
0
0		 9,
4
0
0
-		 2
0.
2
%
-		 3
2,
7
0
0		 1
3
0,
8
0
0		 1
4
4,
0
0
0
Br
i
l
as		 2
4,
0
0
0		 2
2,
4
0
0		 1,
6
0
0		 7.
1
%		 1
9,
9
0
0		 9
0,
4
0
0		 7
7,
6
0
0
Ja
p
an		 1
6,
0
0
0		 1
7,
6
0
0		 1,
6
0
0
-		 9.
1
%
-		 1
4,
1
0
0		 5
7,
6
0
0		 5
3,
5
0
0
C
h
ina
/
Ho
Ko
ng
ng		 1
7,
6
0
0		 1
7,
8
0
0		 2
0
0
-		 1.
1
%
-		 2
1,
3
0
0		 5
7,
6
0
0		 6
2,
6
0
0
So
t
h
Ko
/
Ta
iw
u
rea
an		 1
1,
3
0
0		 8,
0
0
0		 3,
3
0
0		 4
1.
3
%		 8,
6
0
0		 3
6,
6
0
0		 3
1,
8
0
0
U
kra
ina		 4,
3
0
0		 6,
8
0
0		 2,
5
0
0
-		 3
6.
8
%
-		 4,
1
0
0		 1
5,
9
0
0		 2
5,
3
0
0
Su
in
ke
ts
m
m
a
m
ar		 4
5
2,
0
0
0		 4
3
9,
6
0
0		 1
2,
4
0
0		 %
2.
8		 4
2
1,
7
0
0		 1,
6
3
0,
8
0
0		 1,
5
4
2,
1
0
0
O
t
he
ke
ts
r m
ar		 9
2,
6
0
0		 8
5,
8
0
0		 6,
8
0
0		 7.
9
%		 8
9,
8
0
0		 3
3
3,
4
0
0		 2
9
1,
4
0
0
To
l a
l
l m
ke
ta
ts
ar		 4
4,
6
0
0
5		 2
4
0
0
5
5,		 1
9,
2
0
0		 3.
%
7		 1
1,
0
0
5
5		 1,
9
6
4,
2
0
0		 1,
8
3
3,
0
0
5
f
S
fro
In
low
to
U
Eu
m
rop
e		 2
3,
5
0
0		 2
5,
3
0
0		 1,
8
0
0
-		 %
7.
1
-		 2
3,
3
0
0		 9
7,
9
0
0		 8
2,
2
0
0
f
fro
C
In
low
to
E
U
h
i
le
m		 1
1,
0
0
0		 9,
5
0
0		 1,
5
0
0		 %
1
5.
8		 1
2,
9
0
0		 4
5,
5
0
0		 4
5,
2
0
0
  • Strong consumption growth in the EU
  • Demand stimulated by the weakening of the NOK
  • Sanctions and currency issues impacted Russian demand
  • Brazilian demand continuing to be strong
  • China impacted by trade issues with Norway
  • Frozen inventory build-up in Japan in Q4-13

Source: Kontali

Industry supply outlook

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

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algae blooms etc. and 28 market developments.

MHG – 2015 volume guidance

Sa
lm
ie
on
sp
ec
s		 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		 2
0
1
5
H
O
G
ton
(
1
0
0
0
)
s		 Ac
tua
l		 Ac
tua
l		 Ac
tua
l		 Ac
tua
l		 Ac
tua
l		 Ac
tua
l		 Es
t
im
te
a		 Es
t
im
te
a
No
rw
ay		 2
2
2		 5
5		 6
9		 6
4		 7
0		 2
5
8		 6
6		 2
6
3
C
h
i
le		 2
8		 1
8		 1
6		 1
7		 1
7		 6
8		 1
8		 7
0
Ca
da
na		 3
3		 6 6 7 7 2
7		 1
1		 3
9
Sc
t
la
d
o
n		 4
8		 1
0		 1
8		 1
4		 6 4
9		 6 5
6
O
t
he
Un
i
ts
r		 1
2		 3 4 6 5 1
8		 1 1
2
To
ta
l		 3
4
4		 9
2		 1
1
4		 1
0
7		 1
0
5		 4
1
9		 1
0
1		 4
4
0
  • Q1 2015 growth expected to 9%
  • 2015 growth expected to be 5%

Conditional agreement to merge MH Chile with AquaChile

  • Forming a leading player in the Chilean industry
  • 165 thousand tonnes of salmonids capacity of 260 thousand tonnes (HOG)
  • Infrastructure to support stand alone operations in region X and XI
  • 19 thousand tonnes of Tilapia capacity of 25 thousand tonnes (WFE)
  • Major step towards a more sustainable biological framework in Chile
  • Marine Harvest to own 42.8% post merger
  • AquaChile to remain listed on the Santiago Stock Exchange
  • Option to increase ownership to at least 55%(1)
  • Tentative closing in Q3 2015
  • Marine Harvest Chile to be reported as "Discontinued Operations" from Q1 2015

Consolidation required in Chilean farming industry

  • 1250 concessions in total
  • Fragmented industry structure
  • Biological challenges

  • Lack of coordination and logistics

  • Favourable market and supply outlook

  • Modest supply growth and adaptation to issues in Russia
  • Industry supply response challenging due to sustainability issues
  • Futures prices NOK 41 for Q1 2015 and NOK 41 for 2015
  • AquaChile merger expected to be catalyst for improvements in Chile
  • High emphasis on controlling biological costs
  • Feed self-sufficiency in Norway increased from 60% to 80%(1)
  • Quarterly dividend of NOK 1.20 per share
  • To be paid in the form of repayment of paid in capital

Appendix

Contract coverage and sales contract policy

  • Q1 2015 contract shares (% of guided volume):
  • Norway 35%
  • Scotland 80%
  • Canada 0%
  • Chile 9%
S
S
C
O
C
O
C
A
L
E
N
T
R
A
T
P
L
I
Y		 (
1
)
M
in
he
dg
in
te
g
ra		 (
1
)
Ma
he
dg
in
te
g
ra
x
No
(
2
)
(
3
)
rw
ay		 1
5.
0
%		 5
0.
0
%
C
h
i
le
(
3
)		 2
2.
%
5		 0.
0
%
5
Ca
da
na		 0.
0
%		 3
0.
0
%
Sc
t
lan
d
o		 0.
0
%
4		 0
%
7
5.
Ire
lan
d		 0.
0
%		 3
0.
0
%
Fa
roe
s		 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

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

Notes:

(1) Average superior HOG price per kg (FCA Oslo)

(2) Average C trim price per kg (Urner Barry Miami 2-3 lb), equivalent to NOK 35.5 and USD 5.2 HOG

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

(4) Market price in local currency

Key performance indicators

Sal
and
rke
tin
Ma
es
g		 MH
Ma
rke
ts
Q4
. 20
14		 MH
VA
P E
UR
OP
E
Q4
. 20
14		 MO
RPO
L
Q4
. 20
14
tio
nal
and
her
inc
Op
ot
era
rev
enu
es
om
e		 4 7
78		 1 4
08		 1 5
98
tio
nal
Op
EB
IT
era
EBI
T m
in %
arg		 15
4
3.2
%		 36
2.6
%		 81
5.1
%
Q
4. 2
014		 Q
4. 2
013
(
K)
Gro
EBI
T p
kg
NO
up
er		 9.2
2		 10.
24
rib
fro
(
K)
- C
uti
m F
ing
NO
ont
on
arm		 6.6
3		 8.9
7
rib
fro
ark
(
K)
- C
uti
m M
NO
ont
ets
on		 1.4
7		 1.0
2
- C
rib
uti
fro
(
NO
K)
ont
m V
AP
on		 0.3
4		 0.6
1
fro
ol (
K)
- C
rib
uti
m M
NO
ont
on
orp		 0.7
7		 -0.
35
olu
(
k to
s)
Gro
Ha
st V
up
rve
me
nne		 105
12
2		 103
37
8
tio
nal
IT f
f o
rig
in (
)
Op
EB
NO
K m
era
rom
so
urc
e o		 96
9		 1 0
59
tio
nal
IT f
he
nit
s (
)
Op
EB
NO
K m
ot
era
rom
r u		 62 - 2
2
Gro
tio
nal
EB
IT
up
op
era		 1 0
32		 1 0
37

Key financials

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

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

Ma
rin
e H
G
aly
tic
al
fig
est
arv
rou
p -
an
ure
s		 SO
UR
CE
S O		 F O
RIG
IN
NO
K m
illion		 No
rw
ay		 Sc
otl
d
an		 Ca
da
na		 Ch
ile		 Ire
lan
d		 Fa
roe
s		 1)
Ot
he
r		 G
MH
rou
p
OP
ER
AT
ION
AL
EB
IT
MH
FA
RM
ING		 7
33		 - 3
6		 2
1		 - 4
9		 9 2
0		 6
97
SA
S A
G
MH
LE
ND
M
AR
KE
TIN
MH
M
ark
ets		 6
3		 6 4 5
4		 0 2
3		 3 1
54
MH
VA
P E
uro
pe		 1
5		 5 0 0 1 0 1
5		 3
6
Mo
l
rpo		 6
9		 4 0 0 0 0 8 8
1
SU
BT
OT
AL		 8
81		 - 2
2		 2
5		 6 9 4
4		 2
7		 96
9
MH
Fe
ed		 6
1		 6
1
2)
Ot
her
itie
en
s		 1 1
TO
TA
L		 8
81		 - 2
2		 2
5		 6 9 4
4		 8
9		 1
032
Ha
st
vol
e (
tte
d w
eig
ht
ton
lmo
n)
rve
um
gu
s,
sa		 69
94
1		 6
376		 6
819		 16
60
2		 2
069		 3
314		 10
5 1
22
3)
Op
tio
nal
EB
IT p
kg
(
NO
K)
era
er		 12.
59		 -3.
42		 3.6
9		 0.3
5		 4.4
9		 13
.15		 9.2
2
f w
hic
h M
H M
ark
ets
- o		 0.9
1		 0.9
3		 0.6
6		 3.2
8		 -0.
17		 7.0
2		 1.4
7
f w
hic
h M
H V
AP
Eu
- o
rop
e		 0.2
2		 0.7
1		 0.0
0		 0.0
1		 0.4
6		 0.0
0		 0.3
4
f w
hic
h M
ol
- o
orp		 0.9
9		 0.6
7		 0.0
0		 0.0
0		 0.0
0		 0.0
0		 0.7
7
AN
AL
YT
ICA
L D
AT
A
4)
Pri
hie
/re
fer
rice
(
%)
ent
ce
ac
vem
enc
e p		 101
%		 11
6%		 98
%		 11
3%		 11
5%		 10
4%
Co
ntr
act
(
%)
co
ver
age		 47
%		 90
%		 0% 12
%		 na 0% 39
%
Qu
(
%)
alit
ior
sha
y -
su
per
re		 %
93		 %
90		 %
88		 %
88		 %
88		 %
96		 %
92
5)
Ex
tio
nal
ite
(
NO
K m
illio
n)
ce
p
ms		 -12
3		 -67 0 0 -8 0 -19
8
5)
Ex
tio
nal
ite
r k
(
NO
K)
ce
p
ms
pe
g		 -1.
76		 -10
.52		 0.0
0		 0.0
0		 -3.
93		 0.0
0		 -1.
89
GU
IDA
NC
E
Q
1 2
015
h
est
lum
e (
tte
d w
eig
ht
ton
s)
arv
vo
gu		 66
00
0		 5
500		 10
50
0		 18
00
0		 5
00		 0 10
0 5
00
20
15
har
t vo
lum
e (
tte
d w
eig
ht
ton
s)
ves
gu		 26
3 0
00		 56
00
0		 39
00
0		 70
00
0		 10
00
0		 2
000		 44
0 0
00
Q
1 2
015
(
%)
ntr
act
sh
co
are		 35
%		 80
%		 0% 9% 0% 0% 29
%

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

2) Sterling White Halibut, Headquarter and Holding companies

3) Excluding 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

Ma
ine
Ha
Gr
ly
ica
l
f
ig
t
t
r
rve
s
ou
p -
an
a
ure
s		 S
O
U
R
C
E
S
O		 F
O
R
I
G
I
N
NO
K m
illio
n		 No
rw
ay		 Sc
t
lan
d
o		 Ca
da
na		 C
h
i
le		 Ire
lan
d		 Fa
roe
s		 1)
O
t
he
r		 M
H
Gr
ou
p
O
O
P
E
R
A
T
I
N
A
L
E
B
I
T
G
M
H
F
A
R
M
I
N		 2
7
1
4		 3
4
4		 2
2
9		 2
1
2		 3
3		 1
1
9		 3
6
5
1
S
S
G
M
H
A
L
E
A
N
D
M
A
R
K
E
T
I
N
M
H
Ma
ke
ts
r		 2
2
5		 1
1
5		 2
2		 1
0
5		 1
-		 4
6		 7 5
1
8
M
H
V
A
P
Eu
rop
e		 1
9
-		 1 0 0 0 0 3
-		 2
0
-
Mo
l
rp
o		 1
2
7		 1
0		 0 0 0 0 2 1
3
8
S
U
B
T
O
T
A
L		 3
0
4
7		 4
7
0		 2
5
1		 3
1
7		 3
3		 1
6
5		 6 4
2
8
8
M
H
Fe
d
e		 4
7		 4
7
2)
O
he
it
ies
t
r e
n		 8
1
-		 8
1
-
T
O
T
A
L		 3
0
4
7		 4
7
0		 2
5
1		 3
1
7		 3
3		 1
6
5		 2
8
-		 4
2
5
4
Ha
lum
d w
ig
ht
(
lm
)
t v
t
te
ton
rve
s
o
e g
u
e
ne
ss
sa
on		 2
5
8
0
2
1		 4
8
8
5
8		 2
6
6
9
7		 6
7
5
0
4		 6
2
6
0		 1
1
5
3
2		 4
1
8
8
7
3
3)
Op
t
ion
l
E
B
I
T p
kg
(
N
O
K
)
era
a
er		 1
1.
8
1		 9.
6
2		 9.
4
0		 4.
7
0		 5.
2
0		 1
4.
2
8		 1
0.
2
4
f w
h
ic
h
M
H
Ma
ke
ts
- o
r		 0.
8
7		 2.
3
5		 0.
8
3		 1.
5
5		 0.
1
1
-		 3.
9
5		 1.
2
4
f w
h
ic
h
M
H
V
A
P
Eu
- o
rop
e		 -0.
0
7		 0.
0
3		 0.
0
0		 0.
0
0		 0.
0
0		 0.
0
0		 0.
0
5
-
f w
h
ic
h
Mo
- o
rp
o		 0.
4
9		 0.
2
0		 0.
0
0		 0.
0
0		 0.
0
0		 0.
0
0		 0.
3
3
A
N
A
L
Y
T
I
C
A
L
D
A
T
A
4)
Pr
ice
h
iev
t
/re
fer
ice
(
%
)
ac
em
en
en
ce
p
r		 1
0
0
%		 1
0
9
%		 1
0
0
%		 1
0
6
%		 1
0
7
%		 1
0
2
%
Co
(
%
)
ntr
t c
ac
ove
rag
e		 %
4
1		 %
5
6		 %
0		 %
2
3		 na %
3		 %
3
6
Qu
l
ity
ior
ha
(
%
)
a
- s
up
er
s
re		 9
3
%		 9
4
%		 8
4
%		 8
6
%		 8
8
%		 9
6
%		 8
9
%
5)
Ex
t
ion
l
ite
(
N
O
K m
i
l
l
ion
)
ce
p
a
ms		 -3
9
0		 8
1
-		 6
-		 8
-		 1
3
-		 0 1
0
-		 5
0
7
-
5)
(
O
)
Ex
t
ion
l
ite
kg
N
K
ce
p
a
ms
p
er		 -1.
1
5		 1.
6
5
-		 0.
2
3
-		 0.
1
1
-		 2.
0
1
-		 0.
0
0		 1.
2
1
-
G
U
I
D
A
N
C
E
Q
1
2
0
1
5
ha
t v
lum
(
t
te
d w
ig
ht
ton
)
rve
s
o
e
g
e
s
u		 6
6
0
0
0		 5
5
0
0		 1
0
5
0
0		 1
8
0
0
0		 5
0
0		 0 1
0
0
5
0
0
2
0
1
5
ha
t v
lum
(
t
te
d w
ig
ht
ton
)
rve
s
o
e
g
e
s
u		 2
6
3
0
0
0		 5
6
0
0
0		 3
9
0
0
0		 7
0
0
0
0		 1
0
0
0
0		 2
0
0
0		 4
4
0
0
0
0
Q
1
2
0
1
5 c
tra
t s
ha
(
%
)
on
c
re		 3
5
%		 8
0
%		 0
%		 9
%		 0
%		 0
%		 2
9
%

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

2) Sterling White Halibut, Headquarter and Holding companies

3) Excluding 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
tin
Un
its
era
g		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 MH
Sa
les		 d M
ark
an		 eti
ng
No
rw
ay		 Sc
otl
d
an		 Ca
da
na		 Ch
ile		 Ire
lan
d		 Fa
roe
s		 Ma
rke
ts		 VA
P E
U		 Mo
rpo		 l M
H F
d
ee		 Oth
er		 Eli
m		 MH
Gr
*
ou
p
Rev
and
ot
her
inc
enu
es
om
e		 2
649		 34
8		 2
55		 5
16		 1
38		 1
23		 4
778		 1 4
08		 1
598		 6
52		 1
06		 - 5
708		 6
863
Op
ting
EB
ITD
A
era		 8
31		 - 6 4
2		 - 2
1		 1
6		 2
3		 1
61		 9
5		 1
09		 8
0		 7 0 1
300
Op
ting
EB
IT
era		 7
33		 - 3
6		 2
1		 - 4
9		 9 2
0		 1
54		 3
6		 8
1		 6
1		 1 0 1
032
/ u
F
air
Va
lue
ad
j on
bio
ntra
cts
alis
ed
der
ivat
ives
ma
ss,
co
nre		 6
81		 44 - 3
6		 - 2
33		 - 2
1		 9
- 4		 0 0 0 0 3
7		 0 23
4
U
aliz
ed
in a
dju
stm
ent
nre
ma
rg		 0 0 0 0 0 0 0 0 0 0 0 - 5
6		 - 5
6
R
est
tur
ing
st
ruc
co		 0 0 0 - 2 0 0 - 1 0 0 0 0 0 - 3
O
the
atio
nal
ite
r no
n-o
per
ms		 0 0 0 0 0 0 0 0 0 0 0 0 0
In
e/lo
from
iate
d c
ies
com
ss
as
soc
om
pan		 6
3		 - 8 0 0 0 0 0 0 0 0 0 0 5
5
W
rite
-do
of
fixe
d a
ts/
inta
ible
wn
sse
ng
s		 - 7 0 0 0 0 0 - 1 - 3 - 1
4		 0 0 0 - 2
5
EB
IT		 1 4
70		 0 - 1
5		 - 2
84		 - 1
3		 - 2
8		 1
52		 3
3		 6
8		 6
1		 3
8		 - 5
6		 1 4
26
Co
ntri
but
ion
rati
l E
BIT
fro
m S
&M
to
ope
ona		 14
8		 1
5		 4 5
5		 1 2
3		 - 1
54		 - 3
6		 - 8
1		 2
7		 0
Op
tion
al E
BIT
inc
l co
ntri
but
ion
fro
m S
&M
era		 8
81		 - 2
2		 2
5		 6 9 44 0 0 0 6
1		 2
8		 0 1
032
Ha
t /
sal
vol
rves
es
um
e		 69
94
1		 6
376		 6
819		 16
60
2		 2
069		 3
314		 99
00
7		 16
19
0		 15
75
5
Op
tion
al E
BIT
/kg
inc
l co
ntri
but
ion
fro
m S
&M
era		 12
.59		 - 3
.42		 3.
69		 0.
35		 4.4
9		 13
.15
-of
S&
wh
ich
M		 2.
11		 2.
30		 0.
66		 3.
29		 0.
29		 7.
02

*Volume = harvested volume salmon in tons gutted weight

Development in harvest volumes

200
7		 200
8		 200
9		 20
10		 20
11		 20
12		 20
13		 20
14
To
tal		 To
tal		 To
tal		 To
tal		 To
tal		 Q
1		 Q
2		 Q
3		 Q
4		 To
tal		 Q
1		 Q
2		 Q
3		 Q
4		 To
tal		 Q
1		 Q
2		 Q
3		 Q
4		 To
tal
No
rw
ay		 8.2
16		 .1
171		 1.7
20		 .5
202		 217
.5		 62
.7		 64
.0		 .5
58		 70
.1		 25
5.3		 47
.3		 53
.5		 .1
53		 68
.6		 222
.5		 55
.1		 68
.7		 .3
64		 69
.9		 258
.0
Ch
ile
(
1)		 .6
90		 .4
75		 .2
36		 6
10.		 26
.0		 9.7 9.6 9.9 11.
0		 40
.2		 - 8.3 5.9 14.
1		 28
.3		 17.
7		 16.
4		 7
16.		 16.
6		 67
.5
Ca
da
na		 .5
39		 .1
36		 .5
36		 .5
33		 33
.9		 10.
6		 10.
6		 8.3 10.
8		 40
.2		 12.
2		 8.9 6.2 5.7 33
.1		 6.4 6.5 7.1 6.8 26
.7
Sc
otl
d
an		 .1
31		 .3
32		 .7
37		 .1
33		 50
.2		 9.2 11.
4		 0
13.		 6.7 40
.3		 9.6 13.
3		 8
13.		 11.
7		 48
.4		 10.
5		 18.
3		 7
13.		 6.4 48
.9
Ot
he
r (
2)		 10
.5		 8
11.		 0
15.		 0
16.		 15.
3		 4.4 3.6 3.7 4.7 16.
3		 2.7 3.6 2.0 3.2 11.
5		 2.6 4.3 5.5 5.4 17.
8
To
tal		 9.8
33		 .6
326		 .1
327		 5.7
29		 .8
342		 .7
96		 .2
99		 .2
93		 .2
103		 .3
392		 .0
80		 .4
79		 .9
80		 .4
103		 .8
343		 .2
92		 .2
114		 .3
107		 .1
105		 41
8.9

GROWTH RELATIVE TO SAME PERIOD IN PREVIOUS YEAR

200
7		 200
8		 20
09		 20
10		 20
11		 20
12		 20
13		 20
14
To
tal		 To
tal		 To
tal		 To
tal		 To
tal		 Q
1		 Q
2		 Q
3		 Q
4		 To
tal		 Q
1		 Q
2		 Q
3		 Q
4		 To
tal		 Q
1		 Q
2		 Q
3		 Q
4		 To
tal
No
rw
ay		 19
%		 2 % 18
%		 0 % 7 % 30
%		 18
%		 23
%		 4 % 17
%		 -25
%		 -16
%		 -9
%		 -2
%		 -13
%		 17
%		 28
%		 21
%		 2 % 16
%
Ch
ile
(
1)		 -10
%		 -17
%		 -52
%		 -71
%		 14
6 %		 %
255		 8 %
72		 %
-11		 0 % 55
%		 %
-15		 0 %
-10		 %
-40		 %
28		 -30
%		 %
115		 n.a %
. 1
84		 %
17		 139
%
Ca
da
na		 %
16		 %
-9		 1 % %
-8		 1 % 12
%		 36
%		 4 % 23
%		 %
19		 15
%		 -16
%		 -25
%		 -47
%		 %
-18		 -48
%		 -28
%		 14
%		 19
%		 %
-19
Sc
otl
d
an		 0 % 4 % 17
%		 -12
%		 51
%		 %
-11		 %
-13		 %
-8		 %
-47		 -20
%		 4 % %
17		 6 % %
74		 20
%		 9 % %
37		 0 % %
-46		 1 %
Ot
he
r (
2)		 21
%		 12
%		 28
%		 7 % -4
%		 4 % -8
%		 48
%		 0 % 7 % -39
%		 2 % -45
%		 -31
%		 -29
%		 -4
%		 20
%		 17
2 %		 67
%		 54
%
To
tal		 8 % -4
%		 0 % -10
%		 16
%		 29
%		 24
%		 12
%		 -1
%		 14
%		 -17
%		 -20
%		 -13
%		 0 % -12
%		 15
%		 44
%		 33
%		 2 % 22
%

Notes:

(1) Sold volume, harvested volume from Q2 2011 onwards

(2) Ireland and the Faroes

Net capital expenditure guidance

Net working capital guidance

Guidance on financial commitments and cost of debt

N
o
v		 S
a
e		 a
Ha t v
rve
s
o		 (
O
G
)
lum
H
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
4
2
0
1
3		 Q
4
2
0
1
4		 2
0
1
3		 2
0
1
4		 Q
4
2
0
1
3		 Q
4
2
0
1
4		 3
1.
1
2.
2
0
1
4
No
Se
va
a		 4
8
%		 3
4
9
1
0		 3
8
7
3
9		 1
3
1
3
4		 1
1
6
2
2		 1
3.
4		 1
2.
3		 1
4.
4		 1
1.
0		 3
0
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 (Q2)
  • Marine Harvest's share NOK ~73m
  • Proportion of income after tax reported as income from associated companies in Marine Harvest Norway
  • NOK 54.8 million in Q4 2014
    • •IFRS adjustment of biomass NOK 10.6m

Debt distribution and interest rate hedging

DEBT VOLUME HEDGED AND FIXED RATES OF INTEREST RATE HEDGES (MARCH-MARCH) (1)

CU
CY
RR
EN		 DE
BT
20
14		 20
15		 20
16		 20
17		 20
18		 20
19		 20
20		 20
21		 20
22
(2)N
31
/12
/20
14		 F
lue
om
. va		 (3)N
ixed
rate		 lue
om
. va		 te(3)
Fixe
d ra		 Nom
lue
. va		 te(3)
Fixe
d ra		 Nom
lue
. va		 te(3)
Fixe
d ra		 Nom
lue
. va		 te(3)
Fixe
d ra		 Nom
lue
. va		 te(3)
Fixe
d ra		 Nom
lue
. va		 te(3)
Fixe
d ra		 Nom
lue
. va		 te(3)
Fixe
d ra		 Nom
lue
. va		 te(3)
Fixe
d ra
EU
R m		 5.3
81		 6.7
96		 1.4
2 %		 6.9
68		 0.8
8
%		 5.9
83		 1.1
1 %		 7.2
97		 1.3
%
5		 1.8
91		 2.3
4 %		 0.5
97		 3.2
7 %		 0.0
38		 2.1
3
%		 0.0
38		 2.2
0
%		 - 0.0
0
%
U
SD
m		 5.1
21		 5.5
21		 2.6
1 %		 3.0
12		 1.9
8
%		 1.0
15		 2.9
1 %		 8.5
13		 3.1
2 %		 8.5
13		 3.2
1 %		 7.5
16		 2.9
3
%		 .3
78		 2.3
1 %		 .3
78		 2.3
1 %		 .0
60		 4.1
3
%
GB
P m		 40
.4		 .0
53		 2 %
2.8		 .0
34		 %
2.4
8		 .0
34		 4 %
3.0		 .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
Ot
he
r (
NO
K m
)		 1,
30
6.1

Market value of IRS contracts in MNOK (31/12/14): -664.5 Mark to market valuation effect in Q4(4): -148.1Difference in fixed vs floating rate settled in cash in Q4 -31.3

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 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 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.

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

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		 1
7
5		 8.
6
4
2
0
1
6		 1
0
2		 9.
4
1
P
/
L
f
fe
t o
f c
tra
ts
tu
in
in
Q
4
e
c
on
c
m
a
r
g		 2
3
-		 (
M
N
O
K
)
M
N
O
K
Ma
ke
lu
3
0
/
0
9
/
2
0
1
4
t v
r
a
e		 3
9
C
ha
(
1
)
ng
e		 1
2
0
-
/
/
Ma
ke
t v
lu
3
1
1
2
2
0
1
4
r
a
e		 8
1
-
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
C
h
i
le		 E
U
R
U
S
D
Ca
da
na		 U
S
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

Impact of currency/interest rate movements

Av
te
er
ag
e
ra
s		 C
1
A
D		 1
E
U
R		 G
1
B
P		 S
1
U
D
Av
Q
4
2
0
1
4
er
g
e
Av
Q
4
2
0
1
3
er
ag
e		 6.
0
4
4
8
5.
7
7
0
7		 8.
5
7
8
8
8.
2
3
4
7		 1
0.
8
7
0
7
9.
7
9
5
0		 6.
8
6
4
8
6.
0
5
1
3
Av
te
er
ag
e
ra
s
Q
4
2
0
1
4 v
Q
4
2
0
1
3
s		 1
C
A
D
4.
8
%		 1
E
U
R
4.
2
%		 1
G
B
P
1
1.
0
%		 1
U
S
D
1
3.
4
%
En
d
f q
te
te
o
ua
r
r r
a
s
/
/
/
/
3
1
1
2
1
4 v
3
0
9
1
4
s.		 1
C
A
D
%
1
1.
0		 1
E
U
R
%
1
1.
3		 1
G
B
P
%
1
0.
8		 1
U
S
D
%
1
5.
2
  • Impact on Profit and Loss (versus Q4 2013)
  • Currency impact on net financial items
    • •Negative impact of NOK 392.8m (Negative NOK 39.8m)
  • Impact from currency on Financial Position (versus 30/09/14)
  • Increase in interest-bearing debt due to currency NOK 845 m

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
ta
l
U
S
A		 6
9		 0 6
9
Po
lan
d		 2
4
8		 5
1		 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
ta
ly		 0 4 4
O
t
he
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 120 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

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 6

(4) Annual harvest volume converted to live weight multiplied with feed conversion ratio (440 divided by 0.83 multiplied with 1.3 and NOK 1 = ~475) Assuming stable production and feed consumption between years and across months

(5) 60 days credit time on feed

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