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Mowi ASA

Investor Presentation • Aug 27, 2014

3665_rns_2014-08-27_287734a5-fe09-4399-9998-2e1586208715.pdf

Investor Presentation

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Marine Harvest Q2 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

  • Record high profit and volume
  • Operational EBIT NOK 1,220m
  • Harvest volume of 114 thousand tonnes (44% increase)
  • Completion of Meridian divestment
  • Feed factory initiated production
  • Quarterly dividend of NOK 1 per share

Key financials

Ma
in
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-

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)

High prices despite strong supply growth

  • Prices down as expected compared to Q1 2014
  • Global supply growth ~16% compared to Q2 2013
  • Quarterly prices stable in Americas and significantly down in Europe vs Q2 2013

Note: Q2 2014 average price achievement is measured versus reference prices in all markets (Norway/Faroes (NOS), Scotland (NOS+ NOK 1.48), Canada (UB Seattle), 6 Chile (UB Miami)

S
A
L
M
O
N
O
F
N
O
R
W
E
G
I
A
N
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R
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K m
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on		 Q
2.
1
4		 Q
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3
  • 28% increase in volume and price achievement close to market
  • Cost appreciation compared to Q2 2013
  • High sea water temperatures stressed biology and reduced growth
  • High sea lice awareness

Note: Marine Harvest Norway's fixed price/fixed volume contracts with third party customers and MH's processing entities. MH's processing entities covers a large 8 proportion of their sales exposure through third party end product contracts.

Norway: Operational EBIT/kg per region

Including contribution from Sales and Marketing 9

S
A
M
O
N
O
F
S
C
O
T
T
I
S
H
O
R
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L
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K m
illio
n		 Q
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4		 Q
2.
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%
5
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%

37% volume increase at strong price achievement

  • Increased costs
  • Feed raw materials
  • Sea lice mitigation costs
  • Preventive AGD measures
  • Good status of biology at present
S
O
O
C
O
G
A
L
M
N
F
A
N
A
D
I
A
N
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I
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N
NO
K m
illio
n		 Q
2.
1
4		 Q
2.
1
3
O
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1		 1
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S
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r
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e		 8
3
%		 8
8
%
  • 28% volume decrease with price achievement at par with market
  • Increased costs
  • Longer than normal production cycle due to low oxygen levels
  • High feed raw material costs
  • Lower fixed cost dilution

SALMON OF CHILEAN ORIGINNOK million Q2. 14 Q2. 13 Operational EBIT 90 - 59 Harvest volume 16 425 0Operational EBIT per kg 5.50 na - of which MH Markets 0.47 na- of which MH VAP Europe 0.00 na - of which Morpol 0.00 na Exceptional items incl in op. EBIT 0 -8 Exceptional items per kg 0.00 na Price achievement/reference price 99 % na Contract coverage 24 % na Superior share 83 % na

Chile

  • Positive results in the quarter due to high market prices
  • Costs remain high – USD 4.7 per kg HOG in box
  • Introduction of the sea lice drug Salmosan has temporarily relieved some of the pressure on biology
  • Consolidations required in the region

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
2.
1
4		 Q
2.
1
3
O
i
l
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t
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a		 1
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0
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0
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0
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-
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9
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a
%
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8
8
S
A
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S
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K m
illio
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1
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2.
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3
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9
%		 9
9
%
C
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1
%		 1
1
%
S
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r
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r
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a
r
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5
%		 9
3
%

Value Added Products Europe (VAP Europe)

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

Another weak quarter pending completion of restructuring programme

  • Challenging market conditions in France
  • Decision to integrate VAP and Morpol in MH Consumer Products
  • Fresh
  • Chilled
  • Frozen
O
O
O
C
S
S
G
M
R
P
L
P
R
E
I
N
N
O
K
i
l
l
io
m
n		 Q
2.
1
4		 Q
2.
1
3
O
t
i
p
e
r
a
n
g
r
e
v
e
nu
e
s		 1
0
0
4		 n
a
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a
O
i
l
E
B
I
T
%
t
p
e
r
a
o
n
a		 2
4
2.
3
%		 n
a
n
a
V
lu
l
d
(
du
i
h
)
t
t w
t
o
m
e
s
o
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s
p
r
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g		 1
1
3
6
5		 n
a
Ex
t
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l
i
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
ev
e
nu
e
s
a
r
e
s
a
m
o
n		 9
1
%
8
8
%		 n
a
n
a
  • Positive results despite challenging raw material prices
  • 10% volume reduction compared to Q2 2013
  • Highly elaborated products most exposed to end price sensitivity
  • Positive outlook for 2H 2014

Fish feed successfully initiated

  • 220 thousand tonnes capacity – 60% of MHG requirement in Norway(1)
  • Currently reached ~2/3 capacity utilisation
  • Expectation of break-even in Q3 2014

Notes: (1) Based on 2014 harvest volume estimate 16

Second Quarter 2014 Financials, Harvest Volumes and Markets

Profit and Loss

Ma
ine
Ha
t
Gr
r
rve
s
ou
p
NO
K m
illio
n		 Q
2.
1
4		 Q
2.
1
3		 Q
Y
T
D
2.
1
4		 Q
Y
T
D
2.
1
3		 2
0
1
3
Op
t
ion
l r
d o
t
he
inc
er
a
a
ev
en
ue
a
n
r
om
e		 6
5
6
3		 4
4
4
5		 1
2
4
3
1		 8
1
8
0		 1
9
2
3
0
Op
t
ion
l
E
B
I
T
1)
er
a
a		 1
2
2
0		 9
0
1		 2
3
1
0		 1
3
8
3		 3
2
1
2
Un
l
ise
d g
ins
lm
de
iva
ive
t
rea
a
on
sa
on
r
s		 1
-		 3
1
-		 1 1
4
-		 3
0
-
Fa
ir v
lue
d
j
tm
t o
b
io
log
ica
l a
ts
a
a
us
en
n
ss
e		 8
8
7
-		 1
3
9		 1
0
9
5
-		 7
8
3		 1
7
9
5
On
tra
ts
is
ion
ero
us
co
n
c
p
rov
s		 6
0		 8
1
-		 1
4
7		 9
9
-		 1
2
5
-
Re
tru
tur
ing
ts
s
c
co
s		 4
5
-		 2
3
8
-		 4
4
-		 2
3
8
-		 2
7
3
-
No
ion
l
i
t
tem
n-o
p
era
a
s		 1
6
8
-		 7
4
-		 1
6
8
-		 7
4
-		 7
4
-
Inc
/
los
fro
ia
te
d c
ies
om
e
s
m
as
so
c
om
p
an		 2
9		 1
5		 4
3		 5
7		 2
2
2
Im
irm
t
los
p
a
en
se
s		 1 4
-		 1 3
-		 6
5
-
E
B
I
T		 2
1
0		 6
2
7		 1
1
9
6		 1
7
9
5		 4
6
6
2
Ne
t
f
ina
ia
l
i
tem
nc
s		 5
9
6
-		 3
7
5
-		 5
7
4
-		 5
4
1
-		 1,
2
0
4
-
Ea
ing
be
fo
tax
rn
s
re		 3
8
7
-		 2
5
2		 6
2
2		 1
2
5
4		 3
4
5
7
Pr
f
i
t o
los
fo
t
he
io
d
o
r
s
r
p
er		 1
4
2
-		 9
4		 6
2
3		 8
4
7		 2
5
2
2
2)
Un
de
ly
ing
E
P
S
(
N
O
K
)
r		 2.
0
5		 1.
5
1		 3.
8
5		 2.
2
1		 5.
3
6
3)
Ne
t c
h
f
low
ha
(
N
O
K
)
as
p
er
s
re		 5.
0
0		 1.
6
4		 6.
7
5		 1.
4
5		 0.
3
8
-
Op
ion
l
E
B
I
T m
in
t
era
a
arg		 1
8.
6
%		 2
0.
3
%		 1
8.
6
%		 1
6.
9
%		 1
6.
%
7
Ha
t v
lum
H
O
G
ton
(
lm
i
ds
)
rve
s
o
e,
ne
s
sa
on		 1
1
4
1
7
6		 7
9
4
3
8		 2
0
6
4
1
9		 1
5
9
4
7
3		 3
4
3
7
7
2
Op
t
ion
l
E
B
I
T p
kg
inc
l m
in
fro
Sa
les
d
Ma
ke
t
ing
5)
era
a
er
arg
m
an
r		 1
1.
1
4		 1
1.
9
5		 1
1.
5
5		 9.
2
8		 9.
7
5
4)
O
C
R
E		 2
3.
9
%		 1
6.
%
7		 2
2.
9
%		 1
6
%
5.		 1
8.
%
5

1) Excluding change in unrealised gain/losses from salmon derivatives, fair value adjustment of biomass, onerous contracts provision, results from associa companies, restructuring cost and write-downs of fixed assets/intangibles and other non-operating items

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

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 othe 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 marketing (from own salmon)

Financial Position

M
in
Ha
Gr
t
ar
e
rv
es
ou
p
N
O
K m
i
l
l
ion		 3
0.
0
6.
2
0
1
4		 3
0.
0
6.
2
0
1
3		 3
1.
1
2.
2
0
1
3
No
t a
ts
n-
cu
rre
n
ss
e		 1
6
8
2
0		 1
5
0
9
0		 1
6
4
9
7
Cu
t a
ts
rre
n
ss
e		 1
4
8
9
7		 1
1
1
4
2		 1
6
1
2
7
As
ts
he
l
d
fo
le
se
r s
a		 4
3		 0 1
0
5
9
To
ta
l a
ts
ss
e		 3
1
6
1
5		 2
6
2
3
2		 3
3
2
8
7
Eq
i
ty
u		 1
4
4
7
7		 1
2
3
9
9		 1
6
3
4
6
No
t
l
ia
b
i
l
i
t
ies
n-
cu
rre
n		 1
2
6
7
7		 1
0
2
3
3		 1
2
0
1
5
Cu
l
ia
b
i
l
i
ies
t
t
rre
n		 4
4
9
8		 3
6
0
0		 5
1
4
0
L
ia
b
i
l
i
t
ies
he
l
d
fo
le
r s
a		 0 0 1
9
0
To
ta
l e
i
ty
d
l
ia
b
i
l
i
t
ie
q
a
n
s
u		 3
1
6
5
1		 2
6
2
3
2		 3
3
7
2
8
Ne
in
be
ing
de
b
t
te
t-
t
re
s
ar		 6
9
9
0		 8
7
5
5		 7
7
9
1
N
I
B
D
/
Eq
i
ty
u		 4
8.
3
%		 4
7.
2
%		 4
7.
7
%
Eq
i
ty
t
io
u
ra		 %
4
5.
7		 3
%
4
7.		 8.
%
4
5

NIBD/Equity within target of less than 50%

Cash Flow and Net Interest Bearing Debt

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

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

(2) Currency effect on debt in Q2 is NOK 126 million.

2014 Cash Flow Guidance

  • 2014 cash flow estimates
  • Working capital buildup NOK 800m
  • Requirements for commencing operations in feed plant
  • Organic growth farming – Scotland and Canada
  • Strong seasonal buildup in 2H 2014
  • 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
  • Quarterly dividend of NOK 1 per share
  • 2014 NIBD target set to NOK 7 500 million (NOK 15 per kg Farming)

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 9.0846
  • EUR 375 issued in April 2014
  • Tenor 5 years, annual coupon 0.875%(1), conversion price EUR 10.9622
  • NOK 1,250m bond issued in February 2013
  • Tenor 5 years, NIBOR + 3.5%

Supply development Q2 2014

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

Source: Kontali

  • Strong quarterly supply increase
  • Warm winter shortened production cycle in Norway
    • At expense of subsequent periods
  • Biological conditions in Chile temporarily relieved by sea lice drug
  • Improved growth and yield per smolt

Development in reference prices

fer
Re
ice
en
ce
pr
s		 Q2
20
14
NO
K		 Ch
an
ge
vs
Q2
20
13		 Q2
20
14
t (
4)
Ma
rke		 Ch
an
ge
vs
Q2
20
13
No
(
1)
rwa
y
Ch
ile
(
2)
No
rth
Am
eric
a (
3)		 NO
K 3
9.3
1
NO
K 6
2.0
2
NO
K 4
4.2
6		 -5.
3%
1.4
%
0.2
%		 EU
R 4
.79
US
D 1
0.3
6
US
D 7
.39		 -12
.1%
-1.
3%
-2.
5%

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 40.31 and USD 6.74 HO G(3) Average superior HOG price per kg (Urner Barry Seattle 10-12 lb) (4) Market price in local currency

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

Global volume by market

  • Strong consumer response to lower prices in the EU
  • Strong demand in the American market
  • Asia and Brazil performed particularly well in the quarter
  • Development in Russia remained weak

Source: Kontali

Russian sanctions causes short term turbulence

2
H
2
0
1
3-
1
H
2
0
1
4		 So
f o
ig
in
ur
ce
o
r
Fa
No
t
h
ro
e
r		 O
/
t
he
r		 %
f w
l
d
o
or
No
rw
ay		 C
h
i
le		 U
K		 Is
lan
ds		 Ire
lan
d		 Am
ica
er		 Au
tra
l
ia
s		 Ru
ia
ss		 Re
t
-ex
p
or		 To
l
ta		 ke
t
m
ar
Ru
ia
ss		 1
0
0		 2
2		 1 3 0 0 0 1
0		 3 1
3
9		 %
7
  • Salmon sector impacted in short term by recent sanctions from Russia
  • All regions apart from Faroes and Chile impacted
  • Material redistribution of market flows expected
  • ~100 thousand tonnes supplied by impacted origins last twelve months
  • Chile and Faroes well positioned to take advantage of situation

Industry supply outlook

20
08		 20
09		 20
10		 20
11		 20
12		 20
13		 Es
tim
ate		 s 2
014
HO
G t
s (
tho
on
ne
us
an		 )
ds		 Lo
w		 Y/Y
th
gr
ow		 Hig
h		 Y/Y
th
gr
ow
No
rw
ay		 66
7		 77
0		 85
0		 90
5		 10
65		 10
29		 1,
08
1		 5 % 1,
106		 7 %
Ch
ile		 36
3		 21
5		 11
7		 19
9		 32
8		 42
1		 47
6		 13
%		 50
1		 19
%
No
rth
Am
eri
ca		 12
5		 12
4		 12
6		 12
4		 14
0		 12
2		 11
7		 -4
%		 12
2		 0 %
UK 12
3		 13
0		 12
9		 13
9		 14
3		 14
2		 15
1		 6 % 15
5		 9 %
Oth
er		 69 88 89 10
3		 12
3		 12
4		 13
4		 7 % 13
8		 10
%
To
tal		 1,
34
7		 1,
32
8		 1,
31
0		 1,
47
1		 1,
79
9		 1,
83
9		 1,
95
9		 7 % 2,
022		 10
%
Q
3 2
00
8		 Q
3 2
009		 Q
3 2
01
0		 Q
3 2
01
1		 Q
3 2
012		 Q
3 2
01
3		 ES
ES
TIM
AT		 Q
3 2
014
HO
G t
s (
tho
on
ne
us
an		 ds
)		 Lo
w		 Q
/Q
th
gr
ow		 Hig
h		 Q
/Q
th
gr
ow
No
rw
ay		 15
4		 19
2		 20
8		 22
9		 26
6		 25
8		 27
5		 7 % 28
5		 10
%
Ch
ile		 95 39 25 61 88 10
0		 10
8		 8 % 12
0		 20
%
No
rth
Am
eri
ca		 32 31 34 33 34 30 33 %
11		 35 %
17
UK 31 34 32 35 38 39 35 -9
%		 37 -5
%
Oth
er		 16 20 21 25 29 30 32 7 % 34 14
%
To
tal		 32
8		 31
6		 32
1		 38
3		 45
4		 45
7		 48
4		 6 % 51
1		 12
%
Q
4 2
00
8		 Q
4 2
009		 Q
4 2
01
0		 Q
4 2
01
1		 Q
4 2
012		 Q
4 2
01
3		 ES
TIM
AT
ES		 Q
4 2
014
HO
G t
s (
tho
on
ne
us
an		 )
ds		 Lo
w		 Q
/Q
th
gr
ow		 Hig
h		 Q
/Q
th
gr
ow
No
rw
ay		 19
6		 23
9		 25
1		 28
5		 30
4		 30
9		 30
5		 -1
%		 32
0		 4 %
Ch
ile		 10
6		 37 31 64 96 11
6		 11
2		 -3
%		 12
5		 8 %
No
rth
Am
eri
ca		 31 31 33 37 38 29 35 23
%		 38 33
%
UK 35 40 36 40 35 41 42 3 % 45 9 %
Oth
er		 21 27 29 32 35 34 38 12
%		 40 17
%
To
tal		 38
9		 37
3		 38
1		 45
8		 50
9		 52
8		 53
2		 1 % 56
8		 7 %
  • Kontali expects 3% growth in 2015
  • 4% growth in Europe
  • Flat development in the Americas

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

MHG – 2014 volume guidance

Sa
lm
ies
on
sp
ec		 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
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		 Ac
tua
l		 Es
t
im
te
a		 Es
t
im
te
a		 Es
t
im
te
a
No
rw
ay		 4
7		 5
4		 5
3		 6
9		 2
2
2		 5
5		 6
9		 6
4		 6
7		 2
5
4
C
h
i
le		 8 0 6 1
4		 2
8		 1
8		 1
6		 1
9		 1
4		 6
7
Ca
da
na		 1
2		 9 6 6 3
3		 6 6 7 9 2
9
Sc
t
lan
d
o		 1
0		 1
3		 1
4		 1
2		 4
8		 1
0		 1
8		 1
3		 8 5
0
O
t
he
Un
its
r		 3 4 2 3 1
2		 3 4 4 4 1
5
To
ta
l		 8
0		 7
9		 8
1		 1
0
3		 3
4
4		 9
2		 1
1
4		 1
0
6		 1
0
2		 4
1
4
  • Changes compared to Q1 guidance:
  • Norway down by 10 thousand tonnes

  • Chile up 7 thousand tonnes

  • Industry supply response challenging due to sustainability issues

  • Short term market turbulence caused by Russia sanctions
  • Strong contract coverage in 2H 2014

Outlook

  • Norway government linking future growth to sustainability targets
  • Stronger performance expected within consumer products
  • Committed to industry consolidation in Norway and Chile
  • Quarterly dividend of NOK 1 per share

Appendix

Contract coverage and sales contract policy

  • Q3 2014 contract shares (% of guided volume):
  • Norway 45%
  • Scotland 54%
  • Canada 0%
  • Chile 11%
S
S
C
O
C
O
C
A
L
E
N
T
R
A
T
P
L
I
Y		 (
)
M
in
he
dg
in
te
1
g
ra		 (
)
Ma
he
dg
in
te
1
x
g
ra
No
(
2
)
(
3
)
rw
ay		 2
2.
5
%		 5
0.
0
%
C
(
3
)
h
i
le		 2
2.
%
5		 0.
0
%
5
Ca
da
na		 %
0.
0		 %
3
0.
0
Sc
t
lan
d
o		 %
4
0.
0		 %
7
5.
0
Ire
lan
d		 0.
0
%		 3
0.
0
%
Fa
roe
s		 0.
0
%		 3
0.
0
%
W
ig
h
te
d
e
av
er
ag
e		 2
2.
1
%		 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
2
2
0
1
4
N
O
K		 C
ha
ng
e
vs
Q
2
2
0
1
3		 Q
2
2
0
1
4
Ma
ke
t
(
4
)
r		 C
ha
ng
e
vs
Q
2
2
0
1
3
(
)
No
1
rw
ay		 O
N
K
3
9.
3
1		 %
5.
3
-		 E
U
R
4.
7
9		 %
1
2.
1
-
C
h
i
le
(
2
)
No
t
h
Am
ica
(
3
)
r
er		 N
O
K
6
2.
0
2
N
O
K
4
4.
2
6		 1.
4
%
0.
2
%		 U
S
D
1
0.
3
6
U
S
D
7.
3
9		 1.
3
%
-
2.
5
%
-

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 40.31 and USD 6.74 HO G

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

(4) Market price in local currency

Industry trade flows last twelve months

2
H
2
0
1
3-
1
H
2
0
1
4		 A
l
i
t
t
a
n
c
s
a		 l
m
o
n
p		 d
t
r
o
u
c		 f
l
o
w
Fa
ro
e		 No
t
h
r		 O
t
he
/
r
T
ho
d
ton
(
ho
)
us
an
ne
s
g		 No
rw
ay		 C
h
i
le		 U
K		 Is
lan
ds		 Ire
lan
d		 Am
ica
er		 Au
tra
l
ia
s		 Ru
ia
ss		 Re
t
-e
xp
or		 To
ta
l		 %
E
U		 7
0
8		 4
5		 7
8		 3
1		 9 1 0 0 2
8
-		 8
4
2		 4
4
%
U
S
A		 3
3		 1
8
3		 4
5		 1
5		 0 6
1		 0 0 5 3
4
1		 1
8
%
Ru
ia
ss		 1
0
0		 2
2		 1 3 0 0 0 1
0		 3 1
3
9		 7
%
Br
i
l
az		 0 8
6		 0 0 0 0 0 0 0 8
6		 5
%
C
h
ina
/
Ho
Ko
ng
ng		 3
0		 1
4		 1
4		 1
1		 0 0 0 0 8 7
6		 4
%
Ja
p
an		 3
6		 1
9		 1 1 0 1 1 0 0 5
9		 3
%
So
t
h
Ko
/
Ta
iw
u
re
a
an		 1
8		 1
2		 2 1 0 0 0 0 0 3
3		 2
%
U
kra
ine		 1
6		 1 2 1 0 0 0 0 0 2
1		 1
%
O
t
he
ke
ts
r m
ar		 1
2
6		 7
7		 1
1		 5 0 4
5		 3
6		 0 1
7		 3
1
7		 1
7
%
To
l
ta		 1,
0
6
7		 4
5
8		 1
5
3		 6
8		 9 1
0
8		 3
7		 1
0		 4 1,
9
1
3		 1
0
0
%
% 5
6
%		 2
4
%		 8
%		 4
%		 0
%		 6
%		 2
%		 1
%		 0
%		 1
0
0
%

Key performance indicators

Q
2. 1
4		 Q
2. 1
3
kg
(
)
Gr
EB
IT p
NO
K
ou
p
er		 11.
14		 11
.95
n f
(
)
- C
tri
bu
tio
Fa
ing
NO
K
on
rom
rm		 9.7
9		 10
.82
bu
n f
ark
(
)
- C
tri
tio
M
NO
K
ets
on
rom		 1.1
8		 1.0
4
n f
(
)
- C
tri
bu
tio
VA
P
NO
K
on
rom		 -0.
03		 0.0
9
bu
n f
ol
(
)
- C
tri
tio
M
NO
K
on
rom
orp		 0.2
1		 na
olu
(
k to
)
Gro
Ha
st V
up
rve
me
nn
es		 11
4 1
76		 79
438
tio
l EB
IT f
f o
rig
in
(
)
Op
NO
K m
era
na
rom
so
urc
e o		 1 2
72		 95
0
l EB
IT f
he
(
)
Op
tio
nit
NO
K m
ot
era
na
rom
r u
s		 - 5
2		 - 4
8
Gr
ion
al E
BIT
rat
ou
p o
pe		 1 2
20		 90
1
Sa
les
d M
ke
ing
t
an
ar		 ke
MH
M
ts
ar
Q
2.
14		 M
H V
AP
EU
RO
PE
Q
2.
14		 MO
RP
OL
Q
2.
14
l re
d o
he
Op
tio
r in
t
era
na
ve
nu
es
an
co
me		 5 0
60		 1 2
26		 1 0
40
Op
tio
l EB
IT
era
na
in
%
EB
IT m
arg		 13
5
%
2.7		 - 4
3%
-0.		 24
%
2.3

Key financials

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

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

Quarterly segment overview

Ma
rin
e H
Gr
aly
tic
al
fig
t
arv
es
ou
p -
an
ure
s		 S
OU
RC
ES
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		 G
MH
rou
p
OP
ER
AT
IO
NA
L E
BIT
MH
FA
RM
ING		 7
52		 1
70		 6
7		 8
3		 1
3		 3
3		 1
118
MH
SA
LE
S A
ND
M
AR
KE
TIN
G
MH
M
ark
ets		 6
4		 5
2		 4 8 0 3 4 1
35
MH
VA
P E
uro
pe		 - 2 1
-		 0 0 0 0 0 - 4
Mo
l
rpo		 2
2		 2 0 0 0 0 0 2
4
SU
BT
OT
AL		 8
35		 2
23		 7
1		 9
0		 1
3		 3
6		 4 1
27
2
2)
Ot
he
nit
ies
r e		 - 5
2		 - 5
2
TO
TA
L		 8
35		 2
23		 7
1		 9
0		 1
3		 3
6		 - 4
8		 1
22
0
Ha
st
vol
utt
ed
ig
ht
ton
(
lm
)
rve
um
e g
we
nes
s
sa
on		 68
67
4		 18
27
4		 6
45
9		 16
42
5		 1
29
6		 3
04
8		 11
4 1
76
3)
Op
tio
l E
BIT
r k
(
NO
K)
era
na
pe
g		 12
.16		 12
.19		 11
.01		 5.5
0		 9.9
4		 11
.72		 11
.14
f w
hic
h M
H M
ark
ets
- o		 0.9
3		 2.8
6		 0.6
0		 0.4
7		 -0.
02		 0.8
4		 1.1
8
f w
hic
h M
H V
AP
E
- o
uro
pe		 -0.
03		 -0.
08		 0.0
0		 0.0
0		 -0.
09		 0.0
0		 -0.
03
f w
hic
h M
- o
orp
o		 0.3
2		 0.1
3		 0.0
0		 0.0
0		 0.0
0		 0.0
0		 0.2
1
AN
AL
YT
ICA
L D
AT
A
4)
Pri
hie
t/re
fer
ice
(
%
)
ce
ac
vem
en
en
ce
pr		 99
%		 10
7 %		 99
%		 99
%		 99
%		 10
1 %
Co
(
%
)
ntr
t c
ac
ove
rag
e		 35
%		 44
%		 0
%		 24
%		 95
%		 11
%		 33
%
Qu
alit
rio
ha
(
%
)
y -
su
pe
r s
re		 92
%		 96
%		 83
%		 83
%		 94
%		 95
%		 91
%
5)
Ex
tio
l it
(
NO
K m
illio
n)
ce
p
na
em
s		 -10
5		 0 -2 0 0 0 -10
7
5)
Ex
tio
l it
kg
(
NO
K)
ce
p
na
em
s p
er		 -1.
53		 0.0
0		 -0.
25		 0.0
0		 0.0
0		 0.0
0		 -0.
94
GU
IDA
NC
E
Q
3 2
01
4 h
t vo
lum
(
tte
d w
eig
ht
ton
)
arv
es
e
gu
s		 63
50
0		 13
00
0		 7
00
0		 18
50
0		 1
00
0		 3
00
0		 11
0 5
00
20
14
ha
st
vol
(
tte
d w
eig
ht
ton
)
rve
um
e
gu
s		 25
4 0
00		 49
50
0		 29
00
0		 66
50
0		 6
00
0		 9
00
0		 42
0 0
00
Q
3 2
01
4 c
sh
(
%
)
tra
ct
on
are		 45
%		 54
%		 0
%		 11
%		 92
%		 0
%		 37
%

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

2) Sterling White Halibut, Headquarter and Holding companies

3) Excluding Sterling White Halibut, Headquarter and Holding companies

4) MH Markets' price achievement to third party, MH VAP Europe and Morpol

5) Exceptional items impacting operational EBIT

YTD segment overview

Gr
fig
Ma
rin
e H
t
aly
tic
al
arv
es
ou
p -
an
ure
s
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		 1
47
2		 2
77		 1
79		 1
85		 1
7		 6
7		 2
20
7
MH
SA
LE
S A
ND
M
AR
KE
TIN
G
MH
M
ark
ets		 9
6		 8
0		 1
4		 2
4		 0 4 2 2
20
MH
VA
P E
uro
pe		 16
-		 - 5 0 0 0 0 - 8 - 2
9
Mo
l
rpo		 11
-		 3 0 0 0 0 - 6 14
-
SU
BT
OT
AL		 1
54
2		 3
55		 1
93		 2
10		 1
7		 9
7		 - 1
2		 2
38
3
2)
Ot
he
nit
ies
r e		 3
- 7		 3
- 7
TO
TA
L		 1
54
2		 3
55		 1
93		 2
10		 1
7		 9
7		 - 8
5		 2
31
0
Ha
st
vol
utt
ed
ig
ht
ton
(
lm
)
rve
um
e g
we
ne
ss
sa
on		 12
3 7
81		 28
74
2		 12
82
7		 34
16
6		 1
77
2		 5
132		 20
6 4
19
3)
Op
tio
l E
BIT
r k
(
NO
K)
era
na
pe
g		 12
.45		 12
.36		 15
.03		 6.1
4		 9.6
1		 15
.48		 11
.55
f w
hic
h M
H M
ark
ets
- o		 0.7
7		 2.7
9		 1.0
5		 0.7
2		 -0.
05		 0.7
4		 1.0
6
f w
hic
h M
H V
AP
E
- o
uro
pe		 -0.
13		 -0.
18		 0.0
0		 0.0
0		 -0.
20		 0.0
0		 -0.
14
f w
hic
h M
- o
orp
o		 -0.
09		 0.1
1		 0.0
0		 0.0
0		 0.0
0		 0.0
0		 -0.
07
ICA
AN
AL
YT
L D
AT
A
4)
t/re
fer
(
%
)
Pri
hie
ice
ce
ac
vem
en
en
ce
pr		 %
97		 %
10
6		 %
10
0		 1 %
10		 %
10
0		 %
99
Co
ntr
t c
(
%
)
ac
ove
rag
e		 37
%		 61
%		 2 % 32
%		 93
%		 6
%		 37
%
Qu
alit
rio
ha
(
%
)
y -
su
pe
r s
re		 92
%		 95
%		 80
%		 83
%		 93
%		 96
%		 90
%
5)
Ex
tio
l it
(
NO
K m
illio
n)
ce
p
na
em
s		 -18
0		 0 -2 -1 0 0 -18
3
5)
Ex
tio
l it
kg
(
NO
K)
ce
p
na
em
s p
er		 -1.
45		 0.0
0		 -0.
13		 -0.
04		 0.0
0		 - -0.
89
GU
IDA
NC
E
Q
3 2
01
4 h
t vo
lum
(
tte
d w
eig
ht
ton
)
arv
es
e
gu
s		 63
50
0		 13
00
0		 7
00
0		 18
50
0		 1
00
0		 3
00
0		 11
0 5
00
20
14
ha
st
vol
(
tte
d w
eig
ht
ton
)
rve
um
e
gu
s		 2 5
40
00
1		 49
50
0		 29
00
0		 66
50
0		 6
00
0		 9
00
0		 42
0 0
00
Q
3 2
01
4 c
sh
(
%
)
tra
ct
on
are		 45
%		 54
%		 0
%		 11
%		 92
%		 0
%		 37
%

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

2) Sterling White Halibut, Headquarter and Holding companies

3) Excluding Sterling White Halibut, Headquarter and Holding companies

4) MH Markets' price achievement to third party, MH VAP Europe and Morpol

5) Exceptional items impacting operational EBIT

Quarterly segment overview

O
MH
rat
ing
U
nit
pe
s		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Fa
ing
rm		 Sa
MH		 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		 1)
l O
the
r		 Eli
m		 MH
G
*
rou
p
Re
nd
oth
inc
ven
ue
s a
er
om
e		 2
63
3		 7
47		 2
93		 5
67		 7
7		 1
25		 5
06
0		 1
22
6		 1
04
0		 7
8		 - 5
28
2		 6
56
3
Op
tin
EB
ITD
A
era
g		 8
44		 1
96		 8
6		 1
07		 2
0		 3
6		 1
41		 1
7		 4
6		 - 4
8		 0 1
44
5
Op
tin
EB
IT
era
g		 7
52		 1
70		 6
7		 8
3		 1
3		 3
3		 1
35		 - 4 2
4		 - 5
2		 0 1
22
0
F
air
V
alu
dj
bi
ntr
ts
/ u
alis
ed
de
riva
tes
e a
on
om
as
s,
co
ac
nre		 - 4
87		 - 2
06		 149
-		 11
-		 4
2		 18
-		 0 0 0 1 0 - 8
27
R
tru
ctu
rin
st
es
g
co		 0 0 0 0 0 0 - 5 - 3
9		 0 0 0 - 4
5
O
the
tio
l it
r n
on
-op
era
na
em
s		 0 0 0 0 0 0 0 0 0 168
-		 0 168
-
In
/lo
fro
cia
ted
ies
co
me
ss
m
as
so
co
mp
an		 2
9		 0 0 0 0 0 0 0 0 0 0 2
9
W
rite
-do
f fix
ed
ts
/in
tan
ible
wn
o
as
se
g
s		 0 0 0 0 0 0 0 0 0 0 0 1
EB
IT		 2
94		 - 3
6		 - 8
1		 7
2		 5
5		 1
5		 1
29		 - 4
3		 2
4		 - 2
20		 0 2
10
Co
ibu
tio
ion
al
EB
IT f
S
&
M
ntr
n t
rat
o o
pe
rom		 8
3		 5
3		 4 8 0 3 135
-		 4 - 2
4		 4 0
Op
tio
l E
BIT
in
cl
ntr
ibu
tio
n f
S
&
M
era
na
co
rom		 8
35		 2
23		 7
1		 9
0		 1
3		 3
6		 0 0 0 - 4
8		 0 1
22
0
/ s
Ha
st
ale
olu
rve
s v
me		 68
67
4		 18
27
4		 6
45
9		 16
42
5		 1
29
6		 3
04
8		 10
8 2
82		 15
21
0		 11
36
5
Op
tio
l E
BIT
/kg
in
cl
ibu
tio
n f
S
&
M
ntr
era
na
co
rom		 12
.16		 12
.19		 11
.01		 50
5.		 9.
94		 11
.72
f w
hit
ch
S
&
M
-o		 1.
21		 2.
91		 0.
60		 0.
47		 - 0
.11		 0.
84

*Volume = harvested volume salmon in tons gutted weight

1)Inclusive MH Feed

Development in harvest volumes

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
3E		 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		 .5
63		 66
.7		 254
.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		 5
18.		 13.
8		 66
.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 7.0 9.2 29
.0
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		 0
13.		 7.8 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 4.0 4.1 15.
0
To
tal		 9.8
33		 6.6
32		 7.1
32		 5.7
29		 .8
342		 .7
96		 .2
99		 .2
93		 .2
103		 .3
392		 .0
80		 .4
79		 .9
80		 .4
103		 3.8
34		 .2
92		 .2
114		 .0
106		 1.6
10		 41
4.0

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
3E		 Q
4E		 To
tal
No
rw
ay		 19
%		 2 % 18
%		 0 % 7 % %
30		 %
18		 %
23		 4 % 17
%		 %
-25		 %
-16		 %
-9		 %
-2		 -13
%		 %
17		 %
28		 %
20		 %
-3		 14
%
Ch
ile
(
1)		 -10
%		 -17
%		 -52
%		 -71
%		 14
6 %		 5 %
25		 8 %
72		 %
-11		 0 % 55
%		 %
-15		 0 %
-10		 %
-40		 %
28		 -30
%		 %
115		 n.a 4 %
21		 %
-2		 135
%
Ca
da
na		 16
%		 -9
%		 1 % -8
%		 1 % 12
%		 36
%		 4 % 23
%		 19
%		 15
%		 -16
%		 -25
%		 %
-47		 -18
%		 -48
%		 -28
%		 13
%		 60
%		 -12
%
Sc
otl
d
an		 0 % 4 % 17
%		 -12
%		 51
%		 -11
%		 -13
%		 -8
%		 %
-47		 -20
%		 4 % 17
%		 6 % %
74		 20
%		 9 % 37
%		 -6
%		 -34
%		 2 %
Ot
he
r (
2)		 21
%		 12
%		 28
%		 7 % -4
%		 4 % -8
%		 48
%		 0 % 7 % -39
%		 2 % %
-45		 -31
%		 -29
%		 %
-4		 20
%		 98
%		 27
%		 30
%
To
tal		 8 % -4
%		 0 % -10
%		 16
%		 29
%		 24
%		 12
%		 -1
%		 14
%		 -17
%		 -20
%		 -13
%		 0 % -12
%		 15
%		 44
%		 31
%		 -2
%		 20
%

Notes:

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

Morpol ASA – Historical data

marineharvest
illio
NO
K m
n		 Q1
201		 0 Q
2 20
10		 Q3
201
0 Q		 4 2
010		 Q1
201
1 Q		 2 20
11		 Q3
201
1 Q		 4 2
011		 Q1
201
2 Q		 2 20
12		 Q3
201
2 Q		 4 2
012		 Q1
201
3 Q		 2 20
13		 Q3
201
3 Q		 4 20
13		 Q1
201		 4 Q
2 20
14
Tot
al r
eve
nue
be
for
e fa
ir v
alu
dju
EBI
TDA
stm
ent
e a
s		 731
54		 660
-3		 742
17		 1,3
14
122		 994
77		 889
121		 805
143		 1,1
70
141		 904
107		 854
77		 794
68		 1,2
01
89		 953
-2		 1,1
29
21		 1,1
13
119		 1,3
57
98		 1,0
34
-15		 1,0
40
46
EBI
T		 42 -17 0 99 49 92 115 105 74 47 34 46 -39 -15 82 63 -38 24
TIC
A S
ECO
OC
ESS
ING
AN
ALY
AL
DAT
ND
ARY
PR
sed
lum
rod
ht
Pro
ig
uct
ces
vo
e, p
we		 16,
221		 15,
817		 16,
273		 22,
423		 17,
816		 12,
449		 11,
445		 18,
890		 16,
045		 14,
579		 15,
110		 23,
013		 19,
389		 17,
869		 19,
065		 27,
738		 11,
358		 11,
365
er k
rod
ht
EBI
T p
ig
uct
g, p
we		 2.6 -1.0 0.8 2.5 0.1 1.6 8.4 7.9 4.2 3.0 2.8 1.1 -4.3 -5.2 0.9 2.3 -3.3 2.1

2014 Net capital expenditure guidance

2014 Net working capital guidance

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
Ha
t v
rve
s
o		 (
O
G
)
lum
H
e		 N
I
B
D
Ow %
h
ip
ne
rs		 2
0
1
2		 2
0
1
3		 Q
2
2
0
1
3		 Q
2
2
0
1
4		 2
0
1
2		 2
0
1
3		 Q
2
2
0
1
3		 Q
2
2
0
1
4		 3
0.
0
6.
2
0
1
3
No
Se
va
a		 4
8
%		 3
4,
5
2
9		 3
4,
9
1
0		 3,
7
1
5		 8,
6
2
0		 4.
3		 1
3.
4		 1
2.
8		 1
4.
3		 4
5
0
  • 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 29.8 million in Q2 2014
    • IFRS adjustment of biomass NOK 19.6m

Debt distribution and interest rate hedging

(1)
D
E
B
T
V
O
L
U
M
E
H
E
D
G
E
D
A
N
D
F
I
X
E
D
R
A
T
E
S
O
F
I
N
T
E
R
E
S
T
R
A
T
E
H
E
D
G
E
S
(
M
A
R
C
H-
M
A
R
C
H
)
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
6
/
2
0
1
4		 No
min
al v
alue		 Fixe
d ra
te(3		 ) N
inal
val
om
ue		 Fixe
d ra
te(3		 ) N
inal
val
om
ue		 Fixe
d ra
te(3		 ) N
inal
val
om
ue		 Fixe
d ra
te(3
)		 No
min
al v
alue		 Fixe
d ra
te(3		 ) N
inal
val
om
ue		 Fixe
d ra
te(3
)
E
U
R m		 6
2
0.
7		 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
%
S
U
D
m		 2
0
1.
4		 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.
1
%
4		 1
0
5
7.		 2.
1
%
4		 1
0
5
7.		 2.
1
%
4
G
B
P
m		 3
5.
5		 0
3.
5		 2.
8
2
%		 2.
5
5		 2.
9
1
%		 0
4
7.		 2.
3
%
5		 2
3.
5		 2.
8
1
%		 2
3.
5		 2.
8
1
%		 2
3.
5		 2.
8
1
%
O
t
he
(
N
O
K m
)
r		 1,
3
7
4.
3

Market value of IRS contracts in MNOK (30/06/14): -481.3 Mark to market valuation effect in Q2(4): -100.9Difference in fixed vs floating rate settled in cash in Q2 -26.3

I81
-4
-100.1
-2

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

E
U
R		 /
N
O
K
S
G
C
C
C
G
G
T
R
A
T
E
I
U
R
R
E
N
Y
H
E
D
I
N		 M
E
U
R		 Ra
te
2
0
1
4		 1
0
0		 8.
2
5
2
0
1
5		 1
3
1		 8.
4
5
P
/
L
f
fe
f c
in
Q
2
t o
tra
ts
e
c
on
c		 6
-		 (
O
)
M
N
K
M
N
O
K
Ma
ke
t v
lu
3
1
/
0
3
/
2
0
1
4
r
a
e		 1
2
-
C
ha
(
1
)
ng
e		 2
0
-
Ma
ke
lu
3
0
/
0
6
/
2
0
1
4
t v
r
a
e		 3
1
-

Note:

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

S
G
C
C
S
D
E
I
N
A
T
E
D
M
A
R
K
E
T
U
R
R
E
N
I
E
No
rw
ay
C
h
i
le
Ca
da
na
Sc
t
lan
d
o
V
A
P
Fa
roe
s
Co
Sp
l
d
W
te
ies
a
r
ec		 E
U
R
S
U
D
U
S
D
G
B
P
E
U
R
E
U
R
O
N
K
As
ia
Mo
l
o		 S
U
D
E
U
R
rp

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
Av
Q
2
2
0
1
4
er
g
e		 5.
4
9
1
1		 8.
2
0
6
8		 1
0.
0
7
5
2		 5.
9
8
5
6
Av
Q
2
2
0
1
3
er
ag
e		 5.
6
9
3
1		 7.
6
1
5
2		 8.
9
5
0
5		 5.
8
2
7
7
Av
te
er
ag
e
ra
s		 1
C
A
D		 1
E
U
R		 1
G
B
P		 1
U
S
D
Q
2
2
0
1
4 v
Q
2
2
0
1
3
s		 3.
5
%
-		 7.
8
%		 1
2.
6
%		 2.
7
%
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
6
1
4 v
3
1
3
1
4
s.		 %
6.
2		 %
1.
8		 %
5.
2		 %
2.
8
  • Impact on Profit and Loss (versus Q2 2013)

  • Currency impact on net financial items

    • Negative impact of NOK 108m (Negative NOK 135m)

  • Impact from currency on Financial Position (versus 30/03/14)

  • Increase in interest-bearing debt due to currency NOK 126m

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
in
Ha
G
3
1.
1
2.
2
0
1
3
t
ar
e
rv
es
ro
up
N
O
K m
i
l
l
ion		 Re
ise
d
co
g
n		 Un
ise
d
re
co
g
n		 To
ta
l
C
h
i
le		 1
8
6		 0 1
8
6
U
S
A		 5
8		 3 6
1
Ge
rm
an
y		 8
5		 0 8
5
T
he
Ne
t
he
lan
ds
r		 4
9		 0 4
9
Ire
la
d
n		 3
6		 0 3
6
Fr
an
ce		 2
0		 1
4
6		 1
6
6
Po
la
d
n		 1
8		 1
1
1		 1
2
9
V
ie
tn
am		 1
2		 2
7		 3
9
O
t
he
r		 1
1		 5 1
6
To
ta
l		 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
N
O
K
i
l
l
io
m
n		 O
P.
E
B
I
T
E
F
F
E
C
T		 C
A
S
H
F
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
5
(
2
)		 An
l
ha
t v
lum
nu
a
rve
s
o
e
C
ha
in
to
ta
l
ha
t v
lum
f
1
0,
0
0
0
to
(
3
)
ng
e
rve
s
o
e o
nn
es		 6
0		 5
5
(
2
)		 Ma
ina
l v
lum
rg
o
e
C
fee
f
O
1 p
ha
in
lo
ba
l
d
ice
N
K
kg
ng
e
g
p
r
o
er		 (
)
4
4
5
4		 0
(
)
(
)
5
5
4
5		 Fe
d c
t
ion
e
on
su
mp

Notes:

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

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

(3) Assuming EBIT per kg of NOK 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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