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Mowi ASA

Investor Presentation • Oct 22, 2014

3665_rns_2014-10-22_5b0091e1-06bf-4cae-a6d1-e13a541c6c4e.pdf

Investor Presentation

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Marine Harvest Q3 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, production capacity, expectations of the completion and 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 (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on 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

  • Strong earnings Operational EBIT NOK 912m
  • Sales contracts reduced impact of market disruptions
  • Large exceptional costs linked to biology in the quarter
  • Successful start up of feed plant in Norway
  • Agreement to purchase 40 thousand tonnes farming capacity in Chile
  • Quarterly dividend on NOK 1.10 per share
  • To be paid in the form of a repayment of paid in capital

Key financials

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

High prices despite strong supply growth

  • Large price drop in the quarter
  • Sanctions imposed by Russia
  • 12% supply growth vs. Q3 2013

Operational EBIT comparison

6

Price achievement by origin

Note: Q3 2014 average price achievement is measured versus reference prices in all markets (Norway/Faroes (NOS), Scotland (NOS+ NOK 2.5), Canada (UB Seattle), 7 Chile (UB Miami)

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.
1
4		 Q
3.
1
3
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 6
2
4		 5
2
9
H
lu
t v
a
rv
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4
2
9
9		 5
3
0
6
6
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i
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E
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1
7		 9.
9
6
f w
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M
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s
-		 1.
0
3		 1.
1
0
f w
h
i
h
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A
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-
f w
h
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l
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6		 n
a
Ex
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8
-		 4
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i
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k
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t
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e
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-		 0.
7
7
-
P
i
h
i
/
f
i
t
r
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a
c
e
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e
m
e
n
r
e
e
r
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n
c
e
p
r
c
e		 1
0
7
%		 9
7
%
C
t
t
o
n
r
a
c
c
o
v
e
r
a
g
e		 4
0
%		 4
2
%
S
i
h
p
e
r
o
r
s
a
r
e
u		 9
4
%		 9
1
%
  • Strong price achievement in the quarter due to sales contracts
  • Unchanged feed costs
  • Warm summer adversely impacted biological parameters
  • High sea lice treatment costs and exceptional mortality

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.

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
3.
1
4		 Q
3.
1
3
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 1
3
7		 2
2
7
H
lu
t v
a
rv
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s
o
m
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3
4
0
7		 1
3
7
7
7
O
i
l
E
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T
k
t
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r
a
o
n
a
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r
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f w
h
i
h
M
H
M
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s
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f w
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i
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M
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P
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o
c
r
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-
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l
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-		 9.
9
5
2.
1
0
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1
5
0.
1
6		 1
6.
4
7
2.
8
3
0.
0
3
-
n
a
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9
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/
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S
i
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1
3
%
4
9
%
9
4
%		 9
2
%
5
7
%
9
4
%

Scotland

  • Strong price achievement in a tough market
  • Challenging biology, 13 % increase in biological costs
  • AGD prevention measures
  • Sea lice mitigations costs
  • Low volume and continued biological challenges expected in Q4
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
3.
1
4		 Q
3.
1
3
O
i
l
E
B
I
T
t
p
e
r
a
o
n
a		 3
3		 6
7
H
lu
t v
a
rv
e
s
o
m
e		 0
2
7
5		 6
1
6
9
O
i
l
E
B
I
T
k
t
p
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r
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o
n
a
p
e
r
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f w
h
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M
H
M
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t
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c
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s
-
f w
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V
A
P
Eu
o
c
r
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e
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f w
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-		 4.
7
0
0.
5
9
0.
0
0
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0
0		 1
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9
2
0.
9
8
0.
0
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a
Ex
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Ex
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r
g		 5
-
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-		 4
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6
5
-
/
f
P
i
h
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s
a
r
e		 1
0
0
%
0
%
8
8
%		 1
0
1
%
0
%
8
9
%
  • Large reduction in spot prices
  • -No sales contracts
  • Reduced sea water costs

Chile

Strong price achievement and cost performance in the quarter

  • Costs down to USD 4.3 per kg HOG in box
  • Medium term biological risk for the region still regarded high

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

MOWI brand name and concept positioning in Asia

  • MOWI
  • Marine Harvest's own superior breeding programme
  • Based on the famous Vosso salmon
  • Supreme strength and size
  • Sustainably developed by natural selection
  • Supreme quality with unique colour guarantee
  • • "Stronger, healthier and tastier salmon"
  • MOWI video: https://vimeo.com/106263933

Value Added Products Europe (VAP Europe)

M
H
V
A
P
E
U
R
O
P
E
NO
K m
illio
n		 Q
3.
1
4		 Q
3.
1
3
O
i
t
p
e
r
a
n
g
r
e
v
e
nu
e
s		 1
1
4
2		 1
0
3
4
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		 2
7
-
2.
3
%
-		 1
1
-
1.
0
%
-
(
)
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
i
l
i
t
t
c
e
p
o
n
a
e
m
s		 1
4
4
1
8
0		 1
4
0
9
4
0
V
lu
h
l
o
m
e
s
a
r
e
s
a
m
o
n
R
h
l
e
e
nu
e
s
a
r
e
s
a
m
o
n
v
G
i
h
l
r
o
s
s
m
a
r
g
n
s
a
r
e
s
a
m
o
n		 6
4
%
2
%
7
2
%
5		 6
2
%
6
9
%
6
%
5

Disappointing performance

  • Losses in France
  • Very challenging smoked salmon market
  • New management in place
M
R
P
L
O
O
i
io
N
O
K
l
l
m
n		 Q
3.
1
4		 Q
3.
1
3
O
i
t
p
e
r
a
n
g
r
e
v
e
nu
e
s		 1
0
1
4		 n
a
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		 7
5
4
%
7.		 n
a
n
a
V
lu
l
d
(
d
i
h
)
t
t w
t
o
m
e
s
o
o
n
s
p
r
o
c
e
g
u		 1
0
7
3
7		 n
a
Ex
i
l
i
t
t
c
e
p
o
n
a
e
m
s		 0 n
a
V
lu
h
l
o
m
e
s
a
r
e
s
a
m
o
n
R
h
l
e
e
nu
e
s
a
r
e
s
a
m
o
n
v		 9
2
%
8
9
%		 n
a
n
a
  • Strong results
  • 10% increase in sold volume
  • Reduced raw material prices
  • Good operations

Fish feed successfully initiated

F
E
E
D
N
O
K
i
l
l
io
m
n		 Q
3.
1
4		 Q
3.
1
3
O
i
t
p
e
r
a
n
g
r
e
e
nu
e
s
v		 3
9
5		 n
a
i
l
E
B
I
T
O
t
p
e
r
a
o
n
a
O
i
l
E
B
I
T
%
t
p
e
r
a
o
n
a		 2
0
3.
%
7		 n
a
n
a
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		 3
8
4
5
5
5
6
0
9
7		 n
a
n
a
Ex
i
l
i
t
t
c
e
p
o
n
a
e
m
s		 0 n
a

Photo: Rune Røstad

  • Profitable operations in the first quarter of operations
  • Reached 100% capacity utilisation
  • 220 thousand tonnes capacity
  • 60% of MHG requirement in Norway(1)

Third Quarter 2014 Financials, Harvest Volumes and Markets

Profit and Loss

Ma
in
Ha
Gr
t
r
e
rv
es
ou
p
N
O
K m
illio
n		 Q
3.
1
4		 Q
3.
1
3		 Y
T
D
Q
3.
1
4		 Y
T
D
Q
3.
1
3		 2
0
1
3
Op
io
l r
d
he
in
t
t
er
a
na
ev
en
ue
a
n
o
r
co
m
e		 6
2
0
2		 4
3
0
7		 1
8
6
3
3		 1
2
4
8
7		 1
9
2
3
0
Op
io
l
E
B
I
T
t
1)
er
a
na		 9
1
2		 7
9
3		 3
2
2
2		 2
1
7
6		 3
2
1
2
Un
l
ise
d g
ins
lm
de
iva
ive
t
rea
a
o
n s
a
on
r
s		 1
7		 3
-		 1
8		 1
8
-		 3
0
-
C
ha
in
l
ise
d
in
Fe
d
ng
e
un
rea
ma
rg
e		 3
7
-		 0 3
7
-		 0 0
Ne
fa
ir v
lue
d
j.
b
iom
d o
t
tra
ts
a
a
on
as
s a
n
ne
rou
s c
on
c		 7
4		 4 8
7
4
-		 6
8
8		 1
6
7
0
Re
ing
tru
tu
ts
s
c
r
c
os		 5
-		 1
-		 5
0
-		 2
3
8
-		 2
7
3
-
No
ion
l
leg
l
iss
t
n-o
p
era
a
a
ue
s		 0 0 1
6
8
-		 7
4
-		 7
4
-
Inc
/
los
fro
ia
d c
ies
te
om
e
s
m
as
so
c
om
p
an		 1
5		 4
8		 9
4		 1
0
5		 2
2
2
Im
irm
los
t
p
a
en
se
s		 0 5
-		 1 8
-		 6
5
-
E
B
I
T		 1
0
1
2		 8
3
6		 2
2
0
8		 2
6
3
1		 4
6
6
2
Ne
f
ina
ia
l
i
t
te
nc
ms		 5
2
0
-		 2
7
9
-		 1,
0
9
5
-		 8
2
0
-		 1,
2
0
4
-
Ea
in
be
fo
ta
rn
g
s
re
x		 4
9
2		 5
5
7		 1
1
1
3		 1
8
1
1		 5
3
4
7
Pr
f
i
lo
fo
he
io
d
t o
t
o
r
ss
r
p
er		 2
0
6		 3
8
4		 8
2
9		 1
2
3
1		 2
5
2
2
2)
S
(
O
)
Un
de
ly
ing
E
P
N
K
r		 1.
4
9		 1.
3
1		 5.
3
3		 3.
5
3		 5.
3
3
3)
f
(
O
)
Ne
h
low
ha
N
K
t c
as
p
er
s
re		 0.
3
6		 0.
1
1
,		 7.
1
1
,		 1.
5
7
,		 0.
3
8
-
,
Op
ion
l
E
B
I
T
in
t
era
a
ma
rg		 1
4.
7
%		 1
8.
4
%		 1
7.
3
%		 1
7.
4
%		 1
6.
7
%
O
G
Ha
lum
H
(
lm
i
ds
)
t v
to
rve
s
o
e,
nn
es
sa
on		 1
0
7
3
3
3		 8
0
9
2
1		 3
1
3
7
5
2		 2
4
0
3
9
3		 3
4
3
7
7
2
Op
ion
l
E
B
I
T
kg
inc
l m
in
fro
Sa
les
d
Ma
ke
ing
t
t
2)
era
a
p
er
arg
m
a
n
r		 8.
2
7		 1
0.
0
5		 1
0.
8
5		 9.
4
5		 9.
7
5
3)
R
O
C
E		 1
9.
0
%		 2
1.
5
%		 2
1.
5
%		 1
7.
3
%		 1
8.
5
%

Financial Position

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

NIBD/Equity above target of less than 50%

Cash Flow and Net Interest Bearing Debt

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

Currency effect on debt in Q3 is NOK 154 million.

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

2014 Cash Flow Guidance

  • 2014 cash flow estimates
  • Working capital buildup NOK 1,000m
    • •Requirements for commencing operations in feed plant
    • •Strong seasonal buildup in Q4 2014 and organic growth
  • Capital expenditures NOK 1,700m
    • •NOK 1,000m – Maintenance
    • •NOK 500m – Structural investments – organic growth and strengthen assets
    • •NOK 200m - Feed plant in Norway
  • Interest expenses NOK 360m (run rate of ~NOK 300m)
  • Tax payables NOK 250m
  • 2015 cash flow guidance to be communicated in Q4 presentation
  • Quarterly dividend of NOK 1.10 per share (repayment of paid in capital)
  • 2014 NIBD target set to NOK 7 500 million (NOK 15 per kg Farming)
  • Target level and factor per kg to be assessed prior to Q4 presentation

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

  • Agreement on terms for refinancing of bank facilities
  • EUR 425m Facility Agreement
  • Maturity Q4 2019
  • Lenders: DNB, Nordea, Rabobank and ABN Amro
  • Covenants:
    • •35% equity ratio
  • Accordion option for parties to agree increased size of facility by EUR 425m
  • Completion expected ultimo 2014
  • Convertible bond
  • EUR 350 issued in May 2013
    • •Tenor 5 years, annual coupon 2.375%(1), conversion price EUR 8.9774
  • EUR 375 issued in April 2014
    • •Tenor 5 years, annual coupon 0.875%(1), conversion price EUR 10.8329
  • 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		 l
o
u
m
e
s		 Q
3
2
0
1
3
t
o		 E
l
t.
s
v
o
u
m
e
s
Q
3
2
0
1
4		 Q
3
2
0
1
3		 V
l
o
m
e
u		 % Q
2
2
0
1
4
S
i
l
u
p
p
e
r
s
N
o
r
w
a
y		 2
7
6,
6
0
0		 2
5
8,
2
0
0		 1
8,
4
0
0		 7.
1
%		 2
6
5,
3
0
0
C
h
i
l
e		 1
2
8,
7
0
0		 1
0
0,
2
0
0		 2
8,
5
0
0		 2
8.
4
%		 1
2
1,
7
0
0
S
l
d
t
c
o
a
n		 3
8,
4
0
0		 3
8,
8
0
0		 4
0
0
-		 1.
0
%
-		 3
9,
9
0
0
N
h
A
i
t
o
r
m
e
r
c
a		 3
1,
8
0
0		 2
9,
6
0
0		 2,
2
0
0		 7.
4
%		 2
6,
8
0
0
F
I
l
d
a
r
o
e
s
a
n
s		 1
8,
6
0
0		 1
5,
4
0
0		 3,
2
0
0		 2
0.
8
%		 1
7,
6
0
0
A
l
i
t
u
s
r
a
a		 8,
0
0
5		 8,
6
0
0		 1
0
0
-		 1.
2
%
-		 8,
3
0
0
I
l
d
r
e
a
n		 3,
5
0
0		 2,
3
0
0		 1,
2
0
0		 5
2.
2
%		 2,
9
0
0
O
h
t
e
r		 4,
5
0
0		 3,
7
0
0		 8
0
0		 2
1.
6
%		 4,
5
0
0
S
u
m		 5
1
0,
6
0
0		 4
5
6,
8
0
0		 5
3,
8
0
0		 1
1.
8
%		 4
8
7,
0
0
0
E
r
o
p
e
u		 3
3
7,
1
0
0		 3
1
4,
7
0
0		 2
2,
4
0
0		 7.
1
%		 3
2
5,
7
0
0
A
i
m
e
r
c
a
s		 1
6
0,
5
0
0		 1
2
9,
8
0
0		 3
0,
7
0
0		 2
3.
7
%		 1
4
8,
5
0
0

Source: Kontali

  • Underlying growth combined with accelerated harvest in Norway
  • Strong underlying growth combined with improved yield in Chile
  • Opportunistic harvest in the Faroes

Development in reference prices

Re
fer
ice
en
ce
p
r
s		 Q
3
2
0
1
4
N
O
K		 C
ha
ng
e v
s
Q
3
2
0
1
3		 Q
3
2
0
1
4
(
)
Ma
ke
t
4
r		 C
ha
ng
e v
s
Q
3
2
0
1
3
No
(
1
)
rwa
y		 N
O
K 3
4.3
5		 -8.
3
%		 E
U
R 4
.15		 -12
.1%
C
(
)
h
i
le
2		 O
N
K 5
8.7
2		 -0.
3
%		 S
U
D 9
.40		 -4.
4%
No
h
Am
ica
(
3
)
rt
er		 N
O
K 3
8.
8
1		 -15
%
.5		 U
S
D 6
.22		 -18
.9
%

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 38.2 and USD 6.1 HOG

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

(4) Market price in local currency

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

Global volume by market

Russian sanctions imposed in the middle of the quarter

Source: Kontali

  • Strong demand in the EU and the US
  • EU consumption stimulated by lower prices
  • Strong demand in Asia
  • Brazil impacted by large shipments from Chile to Russia

Industry supply outlook

marineharvest
2
0
0
8		 2
0
0
9		 2
0
1
0		 2
0
1
1		 2
0
1
2		 2
0
1
3		 im
Es
t
ate
2
0
1
4
s		 im
Es
t
ate
2
0
1
5
s
(
H
O
G
to
t
ho
nn
es
us
an		 )
ds		 Lo
w		 /
Y
Y g
wt
h
ro		 ig
H
h		 /
Y
Y g
wt
h
ro		 Lo
w		 /
Y
Y g
wt
h
ro		 ig
H
h		 /
Y
Y g
wt
h
ro
No
rw
ay		 6
6
7		 0
77		 8
0
5		 9
0
5		 1
0
6
5		 1
0
2
9		 1,
0
3
7		 4
%		 1,
0
8
3		 %
5		 1,
1
25		 4
%		 1,
1
4
0		 6
%
C
h
i
le		 3
6
3		 2
15		 1
17		 1
9
9		 3
2
8		 4
2
1		 0
9
5		 2
1
%		 1
9
5		 2
3
%		 47
0		 9
%
-		 0
0
5		 3
%
-
No
h
Am
ica
rt
er		 1
25		 1
2
4		 1
2
6		 1
2
4		 1
4
0		 1
2
2		 1
1
3		 %
-7		 1
17		 4
%
-		 1
25		 9
%		 1
4
2		 2
3
%
U
K		 1
2
3		 1
3
0		 1
2
9		 1
3
9		 1
4
3		 1
4
2		 1
47		 4
%		 15
0		 6
%		 15
0		 1
%		 17
0		 1
4
%
Ot
he
r		 6
9		 8
8		 8
9		 1
0
3		 1
2
3		 1
2
4		 1
3
7		 1
0
%		 1
4
0		 1
3
%		 1
3
5		 3
%
-		 1
45		 4
%
To
l
ta		 1,
3
4
7		 1,
3
2
8		 1,
3
1
0		 1,
4
7
1		 1,
7
9
9		 1,
8
3
9		 1,
9
8
0		 8
%		 2,
0
1
0		 9
%		 2,
0
0
5		 1
%		 2,
0
9
7		 5
%
Q
4
2
0
0
8		 Q
4
2
0
0
9		 Q
4
2
0
1
0		 Q
4
2
0
1
1		 Q
4
2
0
1
2		 Q
4
2
0
1
3		 S
S
Q
E
T
I
M
A
T
E
4
2
0
1
4
(
H
O
G
to
t
ho
nn
es
us		 )
ds
an		 Lo
w		 Q
/
Q
wt
h
g
ro		 ig
H
h		 Q
/
Q
wt
h
g
ro
No
rw
ay		 1
9
6		 2
3
9		 25
1		 2
8
5		 3
0
4		 3
0
9		 2
9
5		 4
%
-		 3
0
5		 1
%
-
C
h
i
le		 1
0
6		 3
7		 3
1		 6
4		 9
6		 1
1
6		 1
25		 8
%		 1
3
5		 17
%
No
h
Am
ica
rt
er		 3
1		 3
1		 3
3		 3
7		 3
8		 2
9		 3
2		 1
2
%		 3
6		 2
6
%
U
K		 3
5		 4
0		 3
6		 4
0		 3
5		 4
1		 3
4		 17
%
-		 3
7		 1
0
%
-
Ot
he
r		 2
1		 27 2
9		 3
2		 3
5		 3
4		 3
8		 1
2
%		 4
1		 2
1
%
To
l
ta		 3
8
9		 3
7
3		 3
8
1		 4
5
8		 5
0
9		 5
2
8		 5
2
4		 1
%
-		 5
5
4		 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 – 2014 volume guidance

Sa
lm
ie
on
sp
ec
s		 Q
1
2
0
1
3		 Q
2
2
0
1
3		 Q
3
2
0
1
3		 Q
4
2
0
1
3		 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		 5
2
0
1
O
G
(
)
H
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		 Es
im
t
te
a		 Es
im
t
te
a		 Es
im
t
te
a		 Es
im
t
te
a
No
rw
ay		 4
7		 5
4		 5
3		 6
9		 2
2
2		 5
5		 6
9		 6
4		 6
6		 2
5
4		 2
6
3
C
i
h
le		 8 0 6 1
4		 2
8		 1
8		 1
6		 1
7		 1
6		 6
6		 5
5
Ca
da
na		 1
2		 9 6 6 3
3		 6 6 7 9 2
9		 3
7
Sc
t
la
d
o
n		 1
0		 1
3		 1
4		 1
2		 4
8		 1
0		 1
8		 1
4		 7 4
9		 6
3
O
he
Un
i
t
ts
r		 3 4 2 3 1
2		 3 4 6 3 1
5		 1
2
To
l
ta		 8
0		 7
9		 8
1		 1
0
3		 3
4
4		 9
2		 1
1
4		 1
0
7		 1
0
0		 4
1
4		 4
3
0
  • 2015 organic growth expected to be 4%
  • 430 thousand tonnes
  • Excludes volumes from Acuinova transactions (~15 thousand tonnes)
  • Minor changes to Q4 guidance

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such 29 as diseases, algae blooms etc. and market developments.

  • Limited supply growth expected in the coming periods
  • Industry supply response challenging due to sustainability issues
  • Futures prices NOK ~40 for rest of Q4 and above NOK 40 for 2015
  • Strong focus on containing biological costs
  • Continued focus on consolidation initiatives in Norway and Chile
  • High emphasis on solving issues in VAP Europe
  • Quarterly dividend of NOK 1.10 per share

Appendix

Contract coverage and sales contract policy

  • Q4 2014 contract shares (% of guided volume):
  • Norway 51%
  • Scotland 87%
  • Canada 0%
  • Chile 8%
S
A
L
E
S
C
O
N
T
R
A
C
T
P
O
L
I
C
Y		 M
in
he
dg
in
(
1
)
te
g
ra		 Ma
he
dg
in
(
1
)
te
x
g
ra
No
(
2
)
(
3
)
rw
ay		 1
0
%
5.		 0.
0
%
5
C
h
i
le
(
3
)		 2
2.
%
5		 0.
0
%
5
Ca
da
na		 0.
0
%		 3
0.
0
%
Sc
lan
d
t
o		 4
0.
0
%		 7
5.
0
%
Ire
lan
d		 0.
0
%		 3
0.
0
%
Fa
roe
s		 0.
0
%		 3
0.
0
%
W
ig
h
d
te
e
av
er
ag
e		 1
7.
5
%		 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
3
2
0
1
4		 C
ha
ng
e
vs		 Q
3
2
0
1
4		 C
ha
ng
e
vs
N
O
K		 Q
3
2
0
1
3		 (
)
Ma
ke
t
4
r		 Q
3
2
0
1
3
No
(
)
1
rw
ay		 N
O
K
3
4.
3
5		 8.
3
%
-		 E
U
R
4.
1
5		 1
2.
1
%
-
C
h
i
le
(
)
2		 N
O
K
5
8.
7
2		 0.
3
%
-		 U
S
D
9.
4
0		 4.
4
%
-
No
h
Am
ica
(
)
t
3
r
er		 N
O
K
3
8.
8
1		 1
5.
5
%
-		 U
S
D
6.
2
2		 1
8.
9
%
-

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 38.2 and USD 6.1 HOG

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

(4) Market price in local currency

Key performance indicators

Q
3.
1
4		 Q
3.
1
3
(
)
Gr
E
B
I
T p
kg
N
O
K
ou
p
er		 8.
7
2		 1
0.
0
5
(
)
Co
i
bu
ion
fro
Fa
ing
N
O
K
tr
t
n
m
rm
-		 6.
9
6		 8.
8
0
(
)
Co
i
bu
ion
fro
Ma
ke
N
O
K
tr
t
ts
n
m
r
-		 1.
3
5		 1.
3
8
(
)
Co
i
bu
ion
fro
O
tr
t
V
A
P
N
K
n
m
-		 0.
2
5
-		 0.
1
3
-
(
)
Co
i
bu
ion
fro
Mo
l
N
O
K
tr
t
n
m
rp
o
-		 0.
6
6		 na
(
)
Gr
Ha
Vo
lum
k
t
ton
ou
p
rve
s
e
ne
s		 1
0
7
3
3
3		 8
0
9
2
1
(
)
Op
ion
l
E
B
I
T
fro
f o
ig
in
N
O
K m
t
era
a
m
so
urc
e o
r		 9
3
6		 8
1
3
(
)
Op
ion
l
E
B
I
T
fro
he
i
N
O
K m
t
t
ts
era
a
m
o
r u
n		 2
4
-		 2
1
-
Gr
ion
l
E
B
I
T
t
ou
p
op
era
a		 9
2
1		 9
3
7
Sa
les
d
Ma
ke
ing
t
an
r		 M
H
Ma
ke
ts
r
Q
3.
1
4		 M
H
V
A
P
E
U
R
O
P
E
Q
3.
1
4		 M
O
R
P
O
L
Q
3.
1
4
Op
ion
l re
d o
he
inc
t
t
era
a
ve
nu
es
an
r
om
e		 4
6
3
9		 1
1
4
2		 1
0
1
4
Op
ion
l
E
B
I
T
t
era
a
in
%
E
B
I
T m
arg		 1
4
4
%
3.
1		 2
7
-
%
2.
3
-		 7
1
%
7.
0

Key financials

Ma
ine
Ha
Gr
in
f
ig
t
r
rve
s
ou
p -
m
a
ur
es		 Q
3.
1
4		 Q
3.
1
3		 Y
T
D
2
0
1
4		 Y
T
D
2
0
1
3		 2
0
1
3
NO
Un
aud
ited
K m
illio
n
ion
l re
t		 6
2
0
2		 4
3
0
7		 1
8
6
3
3		 1
2
4
8
7		 1
9
2
3
0
Op
era
a
ve
nu
e
Op
ion
l
E
B
I
T
D
A
t
1)
era
a		 1
1
6
0		 9
7
3		 3
9
2
1		 2
7
0
3		 3
9
7
5
Op
ion
l
E
B
I
T
t
1)
era
a		 9
1
2		 7
9
3		 3
2
2
2		 2
1
7
6		 3
2
1
2
E
B
I
T		 1
0
1
2		 8
3
6		 2
2
0
8		 2
6
3
1		 4
6
6
2
Ne
f
ina
ia
l
ite
t
nc
ms		 5
2
0
-		 2
7
9
-		 1
0
9
5
-		 8
2
0
-		 1
2
0
4
-
Pro
f
it o
los
for
he
io
d
t
r
s
p
er		 2
0
6		 3
8
4		 8
2
9		 1
2
3
1		 2
2
2
5
Ca
h
f
low
fro
ion
t
s
m
op
era
s		 8
7
5		 5
5
9		 3
4
1
0		 2
0
3
3		 2
0
2
3
To
l a
ta
ts
ss
e		 3
1
9
3
7		 3
0
0
8
3		 3
1
7
9
3		 3
0
0
8
3		 3
3
7
2
8
Ne
int
be
ing
de
b
(
N
I
B
D
)
t
t-
t
ere
s
ar		 7
2
3
0		 7
8
8
2		 7
2
3
0		 7
8
8
2		 7
7
9
1
Ea
ing
ha
(
N
O
K
)
rn
s p
er
s
re		 0.
4
9		 1.
0
2		 2.
0
1		 3.
2
6		 6.
6
6
2)
Un
de
ly
ing
E
P
S
r		 1.
4
9		 1.
3
1		 3
3
5.		 3.
3
5		 3
3
5.
3
Ne
h
f
low
ha
(
N
O
K
)
t c
as
p
er
s
re		 0.
3
6		 0.
1
1		 7.
1
1		 1.
5
7		 0.
3
8
-
4)
R
O
C
E		 1
9.
0
%		 2
1.
5
%		 2
1.
5
%		 1
7.
3
%		 1
8.
5
%
Eq
ity
io
t
ra
u		 4
4.
6
%		 4
3.
%
5		 4
4.
6
%		 4
3.
%
5		 4
8.
%
5
/
N
I
B
D
Eq
ity
u		 5
0.
9
%		 6
0.
2
%		 5
0.
9
%		 6
0.
2
%		 4
7.
7
%
Ha
lum
(
d w
ig
ht
lm
)
t v
t
te
ton
rve
s
o
e
g
e
s,
sa
on
u		 1
0
7
3
3
3		 8
0
9
2
1		 3
1
3
2
7
5		 2
4
0
3
9
3		 3
4
3
2
7
7
5)
Op
ion
l
E
B
I
T -
N
O
K
kg
t
era
a
p
er
No
rw
ay		 9.
7
1		 9.
9
6		 1
1.
2
5		 1
0.
3
0		 1
0.
8
3
Sc
lan
d
t
o		 9.
9
5		 1
6.
4
7		 1
1.
5
8		 1
3.
1
7		 1
2.
4
5
Ca
da
na		 4.
7
0		 1
0.
9
2		 1
1.
3
6		 1
0.
1
8		 1
0.
1
9
C
h
i
le		 6.
0
6		 1.
6
8		 6.
1
1		 7.
1
2
-		 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

rin
tic
fig
Ma
e H
t G
aly
al
arv
es
rou
p -
an
ure
s		 SO
UR
CE
S O		 F O
RIG
IN
NO
K m
illio
n		 No
rw
ay		 Sc
otl
d
an		 Ca
da
na		 Ch
ile		 Ire
lan
d		 Fa
roe
s		 1)
Ot
he
r		 MH
G
rou
p
OP
ER
AT
IO
NA
L E
BIT
MH
FA
RM
ING		 08
5		 1
04		 2
9		 6
7		 7 2
3		 47
7
MH
SA
LE
S A
ND
M
AR
KE
TIN
G
MH
M
ark
ets		 6
6		 2
9		 4 2
6		 0 1
8		 1 1
44
MH
VA
P E
uro
pe		 - 1
8		 2 0 0 - 1 0 10
-		 - 2
7
Mo
l
rpo		 6
8		 2 0 0 0 0 1 1
7
SU
BT
OT
AL		 6
24		 1
37		 3
3		 1
01		 6 4
2		 - 8 9
36
2)
Ot
he
nit
ies
r e		 - 2
4		 - 2
4
TO
TA
L		 6
24		 1
37		 3
3		 1
01		 6 4
2		 - 3
2		 9
12
Ha
vol
ed
ig
ht
(sa
lmo
n)
st
utt
ton
rve
um
e g
we
nes
s		 64
29
9		 13
74
0		 7
05
2		 16
73
6		 2
41
9		 3
08
6		 10
7 3
33
3)
Op
tio
l E
BIT
r k
(
NO
K)
era
na
pe
g		 9.7
1		 9.9
5		 4.7
0		 6.0
6		 2.5
8		 13
.48		 8.7
2
f w
hic
h M
H M
ark
ets
- o		 1.0
3		 2.1
0		 0.5
9		 1.5
4		 -0.
11		 5.9
8		 1.3
5
f w
hic
h M
H V
AP
E
- o
uro
pe		 -0.
28		 0.1
5		 0.0
0		 0.0
0		 -0.
25		 0.0
0		 -0.
25
f w
hic
h M
- o
orp
o		 1.0
6		 0.1
6		 0.0
0		 0.0
0		 0.0
0		 0.0
0		 0.6
6
ICA
AN
AL
YT
L D
AT
A
4)
Pri
hie
t/re
fer
ice
(
)
%
ce
ac
vem
en
en
ce
pr		 107
%		 11
3 %		 10
0 %		 11
0 %		 11
3 %		 10
8 %
Co
(
)
ntr
t c
%
ac
ove
rag
e		 40
%		 49
%		 0 % 25
%		 82
%		 0 % 36
%
Qu
alit
rio
ha
(
%
)
y -
su
pe
r s
re		 94
%		 94
%		 88
%		 88
%		 83
%		 95
%		 93
%
5)
Ex
tio
l it
(
NO
K m
illio
n)
ce
p
na
em
s		 -11
8		 -13 -5 -6 -4 0 -10 -15
7
5)
(
NO
K)
Ex
tio
l it
kg
ce
p
na
em
s p
er		 -1.
84		 -0.
98		 -0.
65		 -0.
37		 -1.
83		 0.0
0		 -1.
46
GU
IDA
NC
E
Q
4 2
01
4 h
lum
(gu
d w
eig
ht
)
t vo
tte
ton
arv
es
e
s		 66
00
0		 7
00
0		 9
00
0		 15
50
0		 1
50
0		 1
00
0		 10
0 0
00
ha
vol
(gu
d w
eig
ht
)
20
14
st
tte
ton
rve
um
e
s		 25
4 0
00		 49
50
0		 29
00
0		 66
50
0		 6
00
0		 9
00
0		 41
4 0
00
6)
20
15
ha
vol
(gu
d w
eig
ht
)
st
tte
ton
rve
um
e
s		 26
3 0
00		 63
00
0		 37
00
0		 00
0
55		 10
00
0		 2
00
0		 43
0 0
00
Q
sh
3 2
01
4 c
tra
ct
on
are		 51
%		 87
%		 0 % 8 % 80
%		 0 % 42
%

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

2) Sterling White Halibut, MH Feed, 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

6) Not including Acuinova. Expectation is 15 000 tons in Acuinova in 2015

YTD segment overview

Ma
ine
H
t G
ly
ica
l
f
ig
t
r
arv
es
rou
p -
an
a
ure
s		 S
C
S
O
U
R
E
O		 F O
RIG
IN
NO
K m
illio
n		 No
rw
ay		 Sc
ot
lan
d		 Ca
da
na		 C
h
ile		 Ire
lan
d		 Fa
roe
s		 1)
Ot
he
r		 MH
G
rou
p
O
PE
RA
TIO
NA
L E
BIT
G
MH
FA
RM
IN		 1
98
1		 3
81		 2
08		 2
61		 2
5		 9
9		 2
95
4
MH
S
AL
E
S
AN
D M
AR
KE
TIN
G
MH
M
ke
ts
ar		 1
62		 1
09		 1
8		 5
0		 0 2
2		 3 3
64
MH
VA
P E
uro
p
e		 - 3
4		 - 3 0 0 1
-		 0 18
-		 - 5
6
Mo
l
rp
o		 5
7		 5 0 0 0 0 - 6 5
7
S
U
BT
O
TA
L		 2
16
6		 4
9
2		 2
26		 3
11		 2
3		 1
21		 - 2
0		 3
3
19
2)
Ot
he
nit
ies
r e		 - 9
7		 - 9
7
T
O
TA
L		 2
16
6		 4
9
2		 2
26		 3
11		 2
3		 1
21		 - 1
17		 3
22
2
(
)
Ha
lum
d w
ig
ht
lm
st
utt
ton
rve
vo
e g
e
e
ne
ss
sa
on		 18
8 0
80		 42
48
2		 19
87
8		 50
90
2		 4
19
1		 8
21
8		 31
3 7
52
3)
Op
O
ion
l E
BIT
kg
(
N
K
)
t
era
a
p
er		 11
.52		 11
.58		 11
.36		 6.1
1		 5.5
5		 14
.73		 10
.58
f w
hic
h M
H M
ke
ts
- o
ar		 0.8
6		 2.5
7		 0.8
9		 0.9
9		 -0.
08		 2.7
1		 1.1
6
f w
hic
h M
H V
AP
E
- o
uro
p
e		 -0.
18		 -0.
07		 0.0
0		 0.0
0		 -0.
23		 0.0
0		 -0.
18
f w
hic
h M
- o
orp
o		 0.3
1		 0.1
2		 0.0
0		 0.0
0		 0.0
0		 0.0
0		 0.1
8
C
AN
AL
YT
I
AL
DA
TA
4)
Pri
hie
/re
fer
ric
(
)
t
%
ce
ac
vem
en
en
ce
p
e		 100
%		 10
9 %		 10
0 %		 10
4 %		 10
4 %		 10
2 %
Co
(
%
)
ntr
t c
ac
ove
rag
e		 37
%		 61
%		 2 % 32
%		 93
%		 6 % 37
%
Qu
lity
ior
ha
(
%
)
a
- s
up
er
s
re		 92
%		 95
%		 83
%		 85
%		 87
%		 95
%		 91
%
5)
Ex
ion
l it
(
N
O
K m
illio
)
t
ce
p
a
em
s
n		 -29
8		 -13 -6 -8 -4 0 -10 -33
9
5)
Ex
ion
l it
kg
(
N
O
K
)
t
ce
p
a
em
s p
er		 -1.
58		 -0.
32		 -0.
31		 -0.
15		 -1.
06		 - -1.
08
G
U
IDA
N
C
E
Q
4 2
01
4 h
t vo
lum
utt
d w
ig
ht
ton
arv
es
e g
e
e
s		 66
00
0		 70
00		 90
00		 15
50
0		 15
00		 10
00		 10
00
00
20
14
ha
lum
d w
ig
ht
st
utt
ton
rve
vo
e g
e
e
s		 25
4 0
00		 49
50
0		 29
00
0		 66
50
0		 6
00
0		 9
00
0		 41
4 0
00
Q
3 2
01
4 c
ha
tra
ct
on
s
re		 26
3 0
00		 63
00
0		 37
00
0		 00
0
55		 10
00
0		 2
00
0		 43
0 0
00
Q
4 2
01
4 c
ha
tra
ct
on
s
re		 51
%		 87
%		 0 % 8 % 80
%		 0 % 42
%

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

2) Sterling White Halibut, MH Feed, 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

6) Not including Acuinova. Expectation is 15 000 tons in Acuinova in 2015

Quarterly segment overview

MH
O
ing
Un
its
rat
pe		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 MH
Sa
les		 d M
an		 ark
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		 Ot
he
r		 Eli
m		 MH
G
*
rou
p
Re
d o
the
r in
ven
ues
an
co
me		 2
28
9		 5
98		 2
99		 5
75		 1
49		 1
08		 4
63
9		 1
142		 1
014		 5
39		 5
2		 - 5
20
1		 6
202
Op
tin
EB
ITD
A
era
g		 6
02		 1
30		 4
7		 1
01		 1
5		 2
7		 1
51		 - 5 9
3		 3
7		 - 3
9		 0 1
160
Op
tin
EB
IT
era
g		 08
5		 1
04		 2
9		 6
7		 7 2
3		 1
44		 - 2
7		 1
7		 2
0		 - 4
3		 0 9
12
ts/
F
air
Va
lue
ad
j o
n b
iom
lise
d d
eriv
ativ
ont
ass
, c
rac
un
rea
es		 2
31		 - 5
7		 - 3
2		 - 3
6		 - 1
5		 - 1
4		 0 - 1 0 0 1
3		 0 9
1
U
aliz
ed
in a
dju
stm
ent
nre
ma
rg		 0 0 0 0 0 0 0 0 0 0 0 - 3
7		 - 3
7
R
ing
est
tur
st
ruc
co		 0 0 0 0 0 0 - 3 - 3 0 0 0 0 - 5
O
the
rat
ion
al
item
r n
on-
ope
s		 0 0 0 0 0 0 0 0 0 0 0 0 0
In
/lo
fro
iate
d c
ies
co
me
ss
m
ass
oc
om
pan		 4
3		 8 0 0 0 0 0 0 0 0 0 0 1
5
ts/
W
rite
-do
of
fixe
d a
inta
ible
wn
sse
ng
s		 0 0 0 0 0 0 0 0 0 0 0 0 0
EB
IT		 7
83		 5
4		 - 3 4
0		 - 7 9 1
42		 - 3
0		 7
2		 2
0		 - 3
0		 - 3
7		 1
012
Co
ibu
tio
ion
al
EB
IT f
S&
M
ntr
n t
rat
o o
pe
rom		 1
16		 3
3		 4 2
6		 - 1 1
8		 - 1
44		 2
7		 1
- 7		 - 8 0
Op
n f
S&
tio
nal
EB
IT i
ncl
ntr
ibu
tio
M
era
co
rom		 6
24		 1
37		 3
3		 1
01		 6 4
2		 0 0 0 2
0		 - 5
1		 0 9
12
Ha
/ s
ale
olu
st
rve
s v
me		 64
29
9		 13
74
0		 052
7		 16
73
6		 2
41
9		 3
086		 10
2 5
18		 14
41
8		 10
73
7
Op
tio
nal
EB
IT/k
inc
l co
ibu
tio
n f
S&
M
ntr
era
g
rom		 9.
71		 9.
95		 4.
70		 6.
06		 2.
58		 13
.48
-of
wh
ich
S&
M		 1.
81		 2.
41		 0.
59		 1.
53		 - 0
.36		 5.
98

*Volume = harvested volume salmon in tonnes gutted weight

Development in harvest volumes

marinenarvest
20
07		 20
08		 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
4E		 To
tal
No
rw
ay		 8.2
16		 1.1
17		 1.7
20		 2.5
20		 21
7.5		 62
.7		 64
.0		 .5
58		 70
.1		 25
5.3		 47
.3		 53
.5		 .1
53		 68
.6		 22
2.5		 55
.1		 68
.7		 .3
64		 66
.0		 25
4.1
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		 15
.5		 66
.4
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 9.0 28
.9
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		 13
.7		 7.0 49
.5
Ot
he
r (
2)		 .5
10		 .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 2.5 14
.9
To
tal		 9.8
33		 6.6
32		 7.1
32		 5.7
29		 2.8
34		 .7
96		 .2
99		 .2
93		 .2
103		 2.3
39		 .0
80		 .4
79		 .9
80		 .4
103		 3.8
34		 .2
92		 .2
114		 .3
107		 .0
100		 41
3.8

GROWTH RELATIVE TO SAME PERIOD IN PREVIOUS YEAR

20
07		 20
08		 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
4E		 To
tal
No
rw
ay		 19
%		 2 % 18
%		 0 % 7 % 30
%		 18
%		 23
%		 4 % 17
%		 -25
%		 -16
%		 -9
%		 -2
%		 -13
%		 17
%		 28
%		 21
%		 -4
%		 14
%
Ch
ile
(
1)		 -10
%		 -17
%		 -52
%		 -71
%		 14
6 %		 25
5 %		 72
8 %		 -11
%		 0 % 55
%		 -15
%		 -10
0 %		 -40
%		 28
%		 -30
%		 115
%		 n.a 184
%		 10
%		 135
%
Ca
da
na		 16
%		 -9
%		 1 % -8
%		 1 % 12
%		 36
%		 4 % 23
%		 19
%		 15
%		 -16
%		 -25
%		 -47
%		 -18
%		 -48
%		 -28
%		 14
%		 %
57		 -13
%
Sc
otl
d
an		 0 % 4 % 17
%		 -12
%		 51
%		 -11
%		 -13
%		 -8
%		 -47
%		 -20
%		 4 % 17
%		 6 % 74
%		 20
%		 9 % 37
%		 0 % -40
%		 2 %
Ot
he
r (
2)		 21
%		 12
%		 28
%		 7 % -4
%		 4 % -8
%		 48
%		 0 % 7 % -39
%		 2 % -45
%		 -31
%		 -29
%		 -4
%		 20
%		 17
2 %		 -22
%		 29
%
To
tal		 8 % -4
%		 0 % -10
%		 16
%		 29
%		 24
%		 12
%		 -1
%		 14
%		 -17
%		 -20
%		 -13
%		 0 % -12
%		 15
%		 44
%		 33
%		 -3
%		 20
%

Notes:

(1) Sold volume, harvested volume from Q2 2011 onwards (2) Ireland and the Faroes

2014 Net capital expenditure guidance

2014 Net working capital guidance

41

Guidance on financial commitments and cost of debt

Dividend policy

  • The dividend level shall reflect the present and future cash generation potential of the Company
  • Marine Harvest will target a net interest-bearing debt/equity ratio of less than 0.5x
  • When target level is met, at least 75% of the annual free cash flow after operational and financial commitments will be distributed as dividend
  • Dividend policy operationalized by defining a target average NIBD for each calendar year
  • Dividends applied to manage NIBD around the target level
  • 2014 NIBD target determined to NOK 7 500m
  • NOK 15 per kg Farming
(
O
G
)
Ha
lum
H
t v
rve
s
o
e		 (
)
E
B
I
T
1
kg
p
er
Ow h
ip
%
ne
rs		 2
0
1
2		 2
0
1
3		 Q
3
2
0
1
3		 Q
3
2
0
1
4		 2
0
1
2		 2
0
1
3		 Q
3
2
0
1
3		 Q
3
2
0
1
4		 3
0.
0
9.
2
0
1
4
No
Se
va
a		 4
8
%		 3
4,
2
9
5		 3
4,
9
1
0		 8,
6
3
7		 1
1,
9
5
5		 4.
3		 1
3.
4		 1
3.
4		 1
0.
6		 4
8
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 (Q2)
  • Marine Harvest's share NOK ~73m
  • Proportion of income after tax reported as income from associated companies in Marine Harvest Norway
  • NOK 40.5 million in Q2 2014
    • •IFRS adjustment of biomass NOK 1.2m

Debt distribution and interest rate hedging

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

C
U
R
R
E
N
C
Y		 D
E
B
T		 2
0
1
4		 2
0
1
5		 2
0
1
6		 2
0
1
7		 2
0
1
8		 2
0
1
9-
2
0
2
1
(2)
/
/
3
0
0
9
2
0
1
4		 No
min
al v
alue		 te(3
Fixe
d ra		 ) N
inal
lue
om
va		 te(3
Fixe
d ra		 ) N
inal
lue
om
va		 te(3
Fixe
d ra		 ) N
inal
lue
om
va		 te(3
)
Fixe
d ra		 No
min
al v
alue		 te(3
Fixe
d ra		 ) N
inal
lue
om
va		 te(3
)
Fixe
d ra
E
U
R
m		 6
2
4.
8		 7
9
6
6.		 1.
4
2
%		 0
1,
2
1
5.		 2.
0
0
%		 6
1,
2
3
7.		 1.
6
0
%		 5
9
7
9.		 1.
3
4
%		 0
6
5
0.		 1.
6
5
%		 0
2
8
3.		 2.
5
4
%
U
S
D
m		 1
8
9.
5		 2
1
5
5.		 2.
6
1
%		 0
2
1
6.		 2.
6
4
%		 0
2
1
5.		 2.
6
4
%		 1
0
5
7.		 2.
4
1
%		 1
0
5
7.		 2.
4
1
%		 1
0
5
7.		 2.
4
1
%
G
B
P
m		 3
2.
4		 0
5
3.		 2.
8
2
%		 5
5
2.		 2.
9
1
%		 0
4
7.		 2.
5
3
%		 5
2
3.		 2.
8
1
%		 5
2
3.		 2.
8
1
%		 5
2
3.		 2.
8
1
%
O
(
O
)
he
N
K
t
r
m		 1,
3
4
5.
9

Market value of IRS contracts in MNOK (30/09/14): -516.4

Mark to market valuation effect in Q3(4): -35.1

Difference in fixed vs floating rate settled in cash in Q3 -27.0

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 64%, USD 13%, GBP 7%, other currencies 16%
  • Marine Harvest ASA shall hedge 100% of the Group's long-term interest-bearing debt by currency with fixed interest or interest rate derivatives for the first 3 years and 50% 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 one year. 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

CURRENT PORTFOLIO

E
U
R		 O
N
K
M
E
U
R		 Ra
te
5
0		 8.
2
6
1
6
1		 8.
4
6
6
-		 O
(
M
N
K
)
M
N
O
K
3
1
-
7
1
3
9
/

Note:

(1) Quarterly changes in market value booked against equity until maturity

E
U
R
U
S
D
U
S
D
G
B
P
E
U
R
E
U
R
N
O
K
U
S
D
E
U
R

Impact of currency/interest rate movements

Av
te
er
ag
e
ra
s		 1
C
A
D		 1
E
U
R		 1
G
B
P		 1
U
S
D
A
Q
3
2
0
1
4
v
e
r
g
e		 3
8
2
5.
7		 8.
2
7
5
4		 2
1
0.
4
5
6		 2
6.
4
4
5
A
Q
3
2
0
1
3
v
e
r
a
g
e		 5.
7
6
3
4		 7.
9
3
0
3		 9.
2
8
2
0		 5.
9
8
9
6
Av
te
er
ag
e
ra
s		 1
C
A
D		 1
E
U
R		 1
G
B
P		 1
U
S
D
Q
Q
3
2
0
1
4
3
2
0
1
3
vs		 0.
4
%
-		 4.
4
%		 1
2.
3
%		 4.
3
%
En
d
f q
te
te
o
ua
r
r r
a
s		 1
C
A
D		 1
E
U
R		 1
G
B
P		 1
U
S
D
/
/
/
/
3
0
9
1
4
3
0
6
1
4
vs		 0.
3
%		 3.
4
%
-		 0.
4
%
-		 4.
9
%
  • Impact on Profit and Loss (versus Q3 2013)
  • Currency impact on net financial items
    • •Positive impact of NOK 96.5 m (Negative NOK 92.3 m)
  • Impact from currency on Financial Position (versus 30/06/14)
  • Decrease in interest-bearing debt due to currency NOK 154 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 2013)

M
i
H
t
G
3
1.
1
2.
2
0
1
3
a
r
n
e
a
rv
e
s
r
o
u
p
N
O
K m
i
l
l
ion		 R
i
d
e
c
o
g
n
s
e		 U
i
d
n
r
e
c
o
g
n
s
e		 T
l
t
o
a
C
h
i
le		 1
8
6		 0 1
8
6
S
U
A		 8
5		 3 6
1
G
e
rm
a
ny		 5
8		 0 5
8
T
he
Ne
he
la
d
t
r
n
s		 4
9		 0 4
9
Ire
la
d
n		 3
6		 0 3
6
Fr
a
nc
e		 2
0		 1
4
6		 1
6
6
Po
la
d
n		 1
8		 1
1
1		 1
2
9
V
ie
t
na
m		 1
2		 2
7		 3
9
O
he
t
r		 1
1		 5 1
6
T
l
t
o
a		 4
4
8		 2
9
2		 7
4
0
  • 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

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
L
R
E
S
U
L
T
S
i
io
N
O
K
l
l
m
n		 O
P.
E
B
I
T
E
F
F
E
C
T		 C
A
S
H
F
L
O
W
E
F
F
E
C
T		 D
R
I
V
E
R
C
ha
in
lo
ba
l a
lm
ice
f
N
O
K
1
(
1
)
ng
e
g
ve
rag
e s
a
on
p
r
o		 4
2
0		 3
8
(
2
)
5		 An
l
ha
lum
t v
nu
a
rve
s
o
e
C
f
(
)
ha
in
l
ha
lum
1
0,
0
0
0
3
to
ta
t v
to
ng
e
rve
s
o
e o
nn
es		 6
0		 (
)
5
5
2		 Ma
ina
l v
lum
rg
o
e
C
O
ha
in
lo
ba
l
fee
d
ice
f
N
K
1 p
kg
ng
e
g
p
r
o
er		 4
4
5
(
4
)		 5
5
0
(
4
)
(
5
)		 Fe
d c
ion
t
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 6

(4) Annual harvest volume converted to live weight multiplied with feed conversion ratio (420 divided by 0.83 multiplied with 1.3 and NOK 1 = ~660) Assuming stable production and feed consumption between years and across months

(5) 60 days credit time on feed

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