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Grieg Seafood — Earnings Release 2018
Oct 24, 2018
3612_rns_2018-10-24_82b3e108-cf52-4f80-a802-550261f2b43f.html
Earnings Release
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Grieg Seafood ASA: Q3 2018 Operational Update
Grieg Seafood ASA: Q3 2018 Operational Update
With reference to Grieg Seafood's Capital Markets Update in September, the
company has experienced gill related diseases in Shetland and algal bloom in
British Colombia (BC). During the third quarter an increase in gill related
diseases in Shetland and recurring incidents of harmful algal bloom in BC, have
resulted in reduced survival rate and higher costs. Consequently, third quarter
earnings from the two regions have weakened (total write-down of NOK million 50
in BC and Shetland due to reduced survival rate towards the end of Q3 2018).
The Norwegian operations has performed better than expected during the quarter.
Biological performance in both Finnmark and Rogaland have been good, and costs
continued to decline. In addition, GSF Finnmark got two new locations in Q3,
improving capacity utilization in the area. Quarterly earnings in Rogaland are
low due to planned low harvest volumes.
Preliminary figures for the third quarter 2018 indicates a total harvest volume
for Grieg Seafood of 16 940 tonnes and a group EBIT per kilo of NOK 9.43.
Key figures Q3 2018 - Q3 2018 Q3 2017
preliminary numbers
Harvest volume EBIT/kg Harvest volume EBIT/kg
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GSF Rogaland 1 403 0.42 1 687 7.37
GSF Finnmark 8 384 20.82 8 448 17.98
GSF BC 2 642 4.55 2 350 14.18
GSF Shetland 4 511 -1.21 4 391 6.03
ASA/Eliminations/NCI* -1.30 0.30
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GSF Group 16 940 9.43 16 875 13.59
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* Non-controlling interests
For further information, contact:
Andreas Kvame, CEO
Mob: +47 907 71 441
e-mail: [email protected]
Atle Harald Sandtorv, CFO
Mob: +47 908 45 252
e-mail: [email protected]
About Grieg Seafood
Grieg Seafood ASA is one of the world's leading salmon farmers, specializing in
Atlantic salmon. The Group has an annual production target of 100 000 tonnes
gutted weight in 2020. Our farming facilities are in Finnmark and Rogaland
(Norway), British Columbia (Canada) and on Shetland (UK). Approximately 780
people are employed by the Group. Grieg Seafood ASA was listed at the Oslo Stock
Exchange OSEBX) in June 2007. Our headquarters are situated in Bergen, Norway.
The business development of Grieg Seafood ASA focuses on profitable growth,
sustainable use of resources and being the preferred supplier to selected
customers.
To learn more, visit www.griegseafood.no.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.