Marine Harvest Group ASA

Fundamentele Analyse Q1 2018

Fundamentele Analyse FY 2017

9-3 [UPDATE-1]

De sterk gestegen koers resulteert in een toegenomen p/e (-> 13.6) en ev/ebitda (-> 9.5).


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Een y/o/y gestegen operational profitability en dalende prijs ratio's p/e en ev/ ebitda. 


De operationele winst is gecorrigeerd voor non-recurring items.

In het 1e kwartaal zijn 2.2 miljoen nieuwe aandelen uitgegeven en in het 2e kwartaal 37.8 miljoen door de conversie van de EUR 375 miljoen convertible bond.


Source : Marine Harvest Group Q4 2017 Presentation - 14 February 2018


Operational EBITDA and EBIT:


The following table reconciles our Operational EBITDA and Operational EBIT to EBIT (financial EBIT according to IFRS) in EUR million for the Group for the three months ended December 31, 2017 and 2016, and the years ended December 31, 2017 and 2016.


Source : Marine Harvest Group Q4 2017 Appendix - 14 February 2018



Alternative Performance Measures (APM) / Non-IFRS Financial Measures


Operational EBIT is a non-IFRS financial measure, calculated by excluding each of the following items from EBIT as set forth in our consolidated statement of income prepared in accordance with IFRS: change in unrealized internal margin, change in unrealized salmon derivatives (at Group level only), fair value uplift on harvested fish, fair value adjustment on biological assets, provision for onerous contracts, restructuring costs, income/loss from associated companies, impairment losses, and other non-operational items (accrual for contingent liabilities and provisions).


We exclude these items from our EBIT as we believe they affect the comparability of our operational performance from period to period, given their non-operational or non-recurring nature. 


Source : Marine Harvest Group Q4 2017 Appendix - 14 February 2018




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