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Grieg Seafood Investor Presentation 2016

Nov 11, 2016

3612_rns_2016-11-11_ec2d8503-497e-4c7b-9de2-6f3c79ab4660.pdf

Investor Presentation

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Grieg Seafood ASA

Andreas Kvame | CEO

Atle Harald Sandtorv | CFO

11 November 2016

Agenda

  • •Highlights
  • •Business Units (Regions)
  • •Financials
  • •Outlook

HIGHLIGHTS Q3 2016

Highlights Q3 2016

  • •Good quarterly results with EBIT of MNOK 186 (EBIT per kg: NOK 13.3).
  • •Dividend of NOK 1 per share.
  • •The market remains strong.
  • • EBIT per kg NOK 15.2 in Norway.
  • oFixed price contracts accounted for 47%.
  • oGood and stable biological situation.
  • • EBIT per kg NOK 4.0 in BC.
  • oAlgae resulted in production challenges (write-downs of NOK 5 per kg in Q3).
  • oMore robust plans for fresh water and sea production are in hand.
  • • EBIT per kg NOK 15.9 in Shetland.
  • oSatisfactory results.
  • oSea lice, AGD and algae led to varying production in Q3.
  • • Expected harvest volume 2017 of 73 000 tons (+11%), of which 48 000 tons from Norway (66% of total harvest volume).
  • •Applying for 10 development licences.

Financial highlights Q3 2016

Q
3
2
0
6
1		 Q
3
2
0
1
5		 Y
T
D
2
0
6
1		 Y
T
D
2
0
1
5
T
l
i
i
(
T
N
O
K
)
t
t
o
a
o
p
e
r
a
n
g
n
c
o
m
e		 1
5
5
2
7
6
4		 1
2
4
4
5
7
7		 4
5
3
4
4
1
3		 3
4
4
9
0
5
7
E
B
I
T
D
A
(
T
N
O
K
)		 2
3
0
8
9
4		 4
7
3
9
1		 8
3
9
6
2
2		 1
7
4
4
0
4
O
E
B
I
T
b
f
f
i
l
d
j.
(
T
N
K
)
e
o
r
e
a
r
v
a
u
e
a		 1
8
5
5
5
4		 -4
4
3
4
6		 7
1
1
6
3
0		 4
6
2
4
E
B
I
T
/
k
(
N
O
K
)
g		 1
3,
3
4		 -2
2
8
,		 1
6,
2
4		 0,
0
9
H
l
(
)
t
t
a
r
v
e
s
v
o
u
m
e
o
n
s
g
w
e		 1
3
9
1
1		 1
9
4
8
0		 4
3
8
0
9		 5
0
1
1
9

Business units performance – Q3 2016

EBIT before biomass adjustment/KG gwt

Shetland 2015: Write-down VAP MNOK 50 not included.

Business units performance – YTD 2016

Shetland 2015: Write-down VAP MNOK 50 not included.

GSF Rogaland

  • • Low harvest volume impacting costs per kg negatively.
  • • Harvest volume Q4 increasing, resulting normalised cost.
  • • Good sea production in Q3.
  • Limited need for delousing activities.
  • Expected harvest volume 2016 increased by 800 tons.
  • •Fixed price contracts of 47%.
  • • Expansion smolt-plant moving forward as planned.
Q
3
2
0
1
6		 Q
3
2
0
1
5		 Y
T
D
2
0
1
6		 Y
T
D
2
0
1
5
H
(
)
t
t
a
r
e
s
g
v
w		 2
3
3
2		 1
8
0
6		 1
2
6
0
0		 1
1
5
2
3
S
l
a
e
s
r
e
e
n
e
s
v
u		 1
3
3
3
4
6		 7
9
0
8
5		 7
6
9
2
8
5		 4
8
2
1
7
0
E
B
I
T		 4
4
8
8
6		 7
7
4
8		 2
8
9
7
0
2		 4
5
6
6
1
E
B
I
T
/
k
g		 1
9,
2		 4,
3		 2
3,
0		 4,
0

GSF Finnmark

  • • Low harvest volume impacting costs per kg negatively.
  • • No harvesting in July lowering achieved price for Q3 by NOK 4 per kg.
  • • Harvest volume Q4 increasing, resulting normalised cost.
  • • Sea production as planned in Q3.
  • •Fixed price contracts of 47%.
Q
3
2
0
1
6		 Q
3
2
0
1
5		 Y
T
D
2
0
1
6		 Y
T
D
2
0
1
5
H
(
)
t
t
a
r
v
e
s
g
w		 4
5
0
4		 7
8
0
2		 1
2
7
6
7		 1
4
1
3
4
S
l
a
e
s
r
e
v
e
n
u
e
s		 2
3
0
7
6
7		 3
1
9
8
6
2		 6
6
3
3
1
3		 5
5
9
3
0
3
E
B
I
T		 5
9
3
4
8		 4
7
2
2
3		 2
0
2
8
1
4		 6
6
2
8
3
E
B
I
T
/
k
g		 1
3,
2		 6,
1		 1
5,
9		 4,
7

GSF BC (Canada)

  • • Algae causing weak feeding and low fish growth.
  • Write-down due to mortality of MNOK 13 (NOK 5 per kilo), resulting high cost for Q3.
  • Harvest volume for 2016 likely to be 1 500 tons less than previously guided.
  • • Costs also to be high in Q4, but are expected to fall again in 2017.
  • •Smolt production stable in Q3.
  • • Business plan to be revised
  • Considering new smolt plant
  • • Rocky Boschman appointed as new regional director in BC.
Q
3
2
0
1
6		 Q
3
2
0
1
5		 Y
T
D
2
0
1
6		 Y
T
D
2
0
1
5
Ha
(
)
t
t
rve
s
g
w		 2
5
3
6		 4
4
7
0		 8
7
9
7		 1
2
0
6
6
Sa
les
re
ve
nu
es		 1
4
7
5
6
9		 1
7
6
8
2
1		 4
9
6
4
2
5		 4
6
1
1
5
0
E
B
I
T		 1
0
1
7
5		 -2
7
5
4
7		 6
7
1
5
9		 -9
1
1
6
E
B
I
T
/
kg		 4,
0		 -6
2
,		 7,
6		 -0
8
,

GSF Shetland

  • • Algae, AGD and sea lice causing increasing costs this quarter (Q3 is normally the most challenging production period in Shetland).
  • • The harvest volume for 2016 likely to be 1 300 tons less than previously guided.
  • • Highcost-sites, to become inactive when 18 months production-plan implemented, to be harvested in Q4 2016 and Q1 2017
  • –Increasing cost the two next quarters.
  • –Normalized cost expected in Q2 2017.
  • • Grant Cumming appointed as new regional director in Shetland.
Q
3
2
0
6
1		 Q
3
2
0
1
5		 Y
T
D
2
0
6
1		 Y
T
D
2
0
1
5
Ha
(
)
t
t
rve
s
g
w		 4
5
3
9		 5
4
0
1		 9
6
4
4		 1
2
3
9
6
S
le
a
s
re
ve
nu
e
s		 2
8
3
1
8
8		 2
4
3
3
2
4		 6
1
9
7
7
5		 5
8
1
0
5
6
E
B
I
T		 7
2
2
1
9		 -1
3
6
0
0		 1
4
2
2
2
2		 -4
6
6
4
2
E
B
I
T
/
kg		 1
5,
9		 -2
5
,		 1
4,
7		 -3
8
,

Shetland 2015: Write-down VAP MNOK 50 not included.

Sites to be used 18 months cycle plan (Shetland)

Ocean Quality (GSF 60%, Bremnes 40%)

  • •Increasing margins and good performance in Norway.
  • •Moving closer to end-customer.

Norway:

Financials

Profit and Loss

A
l
l
f
i
i
N
O
K
1,
0
0
0
g
u
r
e
s
n		 Q
3
2
0
6
1		 Q
3
2
0
1
5		 Y
T
D
2
0
6
1		 Y
T
D
2
0
1
5
T
l
i
i
t
t
o
a
o
p
e
r
a
n
g
n
c
o
m
e		 1
5
5
2
7
6
4		 1
2
4
4
5
7
7		 4
5
3
4
4
1
3		 3
4
4
9
0
5
7
E
B
I
T
D
A		 2
3
0
8
9
4		 3
9
4
7
1		 8
3
9
6
2
2		 0
1
7
4
4
4
D
i
i
d
i
i
t
t
t
e
p
r
e
c
a
o
n
a
n
a
m
o
r
s
a
o
n		 -4
5
3
4
0		 -9
1
7
3
8		 -1
2
7
9
9
1		 -1
6
9
7
8
0
E
B
I
T
b
f
b
i
d
j
e
o
r
e
o
m
a
s
s
a		 8
1
5
5
5
4		 3
6
-4
4
4		 6
3
0
7
1
1		 6
2
4
4
F
i
l
d
j
b
i
l
i
l
t
a
r
v
a
u
e
a
o
o
g
c
a
a
s
s
e
s		 9
3
4
3
7		 9
3
0
8
2		 2
8
8
7
0
5		 -1
2
8
0
4
3
E
B
I
T
f
b
i
d
j.
t
a
e
r
o
m
a
s
s
a		 2
8
9
9
7
1		 8
3
6
4
7		 0
0
0
3
3
1
5		 2
3
9
-1
4
1
S
h
f
f
i
f
i
t
a
r
e
o
p
r
o
r
o
m
a
s
s.
c
o
m
p
a
n
e
s		 - 1
8
4		 1
2
0
8
3		 2
1
4
5
N
f
i
i
l
t
e
n
a
n
c
a		 -4
2
5
5
4		 -2
9
8
4
3		 -1
3
5
2
0
6		 -5
4
7
1
6
P
f
i
b
f
t
t
r
o
e
o
r
e
a
x		 2
3
6
4
3
8		 1
9
0
7
7		 8
7
7
2
1
2		 -1
7
5
9
9
0
E
i
d
i
t
t
t
t
s
m
a
e
a
x
a
o
n		 -5
5
1
1
8		 -1
2
6
9
5		 -2
0
7
3
3
6		 2
9
6
3
1
N
f
i
i
h
i
d
t
t
t
e
p
r
o
n
e
p
e
r
o		 1
8
1
3
2
0		 6
3
8
1		 6
6
9
8
7
7		 -1
4
6
3
5
9

Net financial

Q
3
2
0
6
1		 Q
3
2
0
1
5		 Y
T
D
2
0
6
1		 Y
T
D
2
0
1
5
5
0
3
7		 -8
2
6
7		 7
4
8
5		 1
5
2
7
-1
4
2
2
6		 -3
4
0
3
9		 -6
5
1
5
3		 -8
1
8
9
5
-2
9
9
2
3		 1
4
2
5
2		 -7
6
9
1
7		 2
8
0
2
8
-3
4
4
2		 -1
7
8
8		 -6
2
1		 -2
3
7
7
2
4
5
5
4
-		 2
9
8
2
4
-		 3
2
0
6
1
5
-		 5
4
7
1
7
-

Investments

Cash Flow

Q
3
2
0
1
6		 Q
3
2
0
1
5		 Y
T
D
2
0
1
6		 Y
T
D
2
0
1
5
Ca
h
in
ba
la
s
- o
p
en
g
nc
e		 3
7
0
7
2
6		 2
4
0
4
9
4		 3
9
2
0
2
0		 1
8
1
4
9
8
E
B
I
T
D
A		 2
3
0
8
9
4		 4
7
3
9
1		 8
3
9
6
2
2		 1
7
4
4
0
4
Inv
de
b
les
d
de
iva
b
les
to
tra
tra
en
ry
p
ay
a
a
n
re
ce
,		 -2
8
4
9
1		 1
2
6
7
2
4		 2
9
5
0
2
6
-		 2
2
4
1
1
1
O
he
d
j
t
tm
ts
r a
us
en		 -7
3
8
6
6		 1
2
6
1		 1
0
3
6
8
3
-		 1
8
4
1
3
-
Ca
h
f
low
fro
ion
t
s
m
op
era
s		 1
2
8
5
3
7		 1
7
5
3
7
6		 4
4
0
9
1
3		 3
8
0
1
0
2
Ca
i
l e
d
i
(
f
ixe
d
)
ta
tu
ts
p
xp
en
re
as
se		 7
8
0
7
6
-		 7
5
8
4
0
-		 1
4
9
1
0
2
-		 2
4
0
6
0
3
-
Inv
in
ia
d c
ies
/s
ha
tm
ts
te
es
en
as
so
c
om
p
an
res		 0 0 2
4
0
0
0		 8
0
0
3
C
ha
in
he
ive
b
les
t
t r
ng
e
o
r n
on
-c
ur
ren
ec
e
a		 0 2
4
4
6
-		 0 2
4
8
1
-
Ca
h
f
low
fro
inv
tm
ts
s
m
es
en		 -7
8
0
7
6		 7
8
2
8
6
-		 1
2
5
1
0
2
-		 2
3
5
0
8
1
-
C
ha
in
in
be
ing
de
b
te
t-
t
ng
es
res
ar		 1
9
9
2
9
3
-		 2
5
9
1
-		 3
7
5
0
4
8
-		 1
0
4
3
1
3
Pa
i
d
d
iv
i
de
ds
n		 0 0 5
5
2
0
6
-		 5
5
2
0
6
-
Pa
i
d
d
iv
i
de
ds
l
l
ing
in
to
tro
te
ts
n
no
n-c
on
res		 0 0 1
2
9
2
9
-		 0
f
Ne
in
d
ina
ia
l
i
t
te
t a
te
res
n
nc
ms		 -2
1
1
1
1		 2
7
5
6
6
-		 7
3
4
5
4
-		 7
0
6
6
2
-
Ca
h
f
low
fro
f
ina
ing
s
m
nc		 -2
2
0
4
0
4		 3
0
1
5
7
-		 5
1
6
6
3
7
-		 2
1
5
5
5
-
Cu
f
fec
h -
ing
ba
lan
t o
rre
nc
y
e
n c
as
o
p
en
ce		 1
3
1
5
-		 1
9
1
2		 8
2
7
4		 4
3
7
5
C
ha
in
h
(
in
l c
f
fe
h
)
t o
ng
es
c
as
c
ur
re
nc
y
e
c
n
ca
s		 -1
7
1
2
5
8		 6
8
8
4
5		 -1
9
2
5
5
2		 1
2
7
8
4
1
Ca
h
lo
in
ba
la
s
- c
s
g
nc
e		 1
9
9
4
6
8		 3
0
9
3
3
9		 1
9
9
4
6
8		 3
0
9
3
3
9

NIBD

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

Factoring 382 183

Balance sheet 1

A
S
S
E
T
S		 3
0.
0
9.
1
6		 3
0.
0
9.
1
5
Go
dw
i
l
l
o		 1
0
8
3
6
0		 1
0
9
7
2
4
L
ice
ns
es		 1
0
5
0
6
4
6		 1
0
8
6
5
7
1
O
he
in
i
b
le
t
ta
ts
r
ng
as
se		 1
7
2
4
1		 1
7
5
7
3
Pr
lan
d
ip
ty
t a
t
op
er
p
n
eq
me
n
u
,		 1
4
5
2
6
4
5		 1
4
9
9
3
4
0
Inv
in
ia
d
d
j
in
ies
tm
ts
te
t v
tu
es
en
as
so
c
an
o
en
re
c
om
p
an		 1
4
6
0
3		 2
5
1
8
7
O
he
t
t a
ts
r n
on
-c
ur
re
n
ss
e		 5
1
9
3		 5
2
9
3
To
l n
ta
t a
ts
on
-c
ur
re
n
ss
e		 2
6
4
8
6
8
9		 2
7
4
3
6
8
8
Inv
ies
to
en
r		 8
6
0
2
8		 1
0
2
3
5
6
B
io
log
ica
l a
ts
ss
e		 1
7
2
6
8
9
0		 1
5
3
3
6
5
3
Fa
ir v
lue
b
io
log
ica
l a
ts
a
ss
e		 6
6
2
1
6
2		 1
5
0
4
3
8
Ac
iva
b
le
ts
co
un
re
ce		 6
7
5
3
6
5		 4
4
2
2
7
5
O
he
iva
b
les
t
t r
r c
ur
re
n
ec
e		 1
3
6
7
5
6		 1
7
0
3
5
8
De
iva
d
he
f
ina
ia
l
ins
te
t
tru
ts
r
s
an
o
r
nc
me
n		 1
0
7
2
6		 0
Ca
h a
d
h e
iva
len
ts
s
n
ca
s
q
u		 1
9
9
4
6
8		 3
0
9
3
3
9
To
l c
ta
t a
ts
ur
re
n
ss
e		 3
9
3
9
6
4
7		 2
0
8
9
7
4
1
To
l a
ta
ts
ss
e		 6
6
0
8
1
4
5		 2
0
6
5
4
5
1

Balance sheet 2

Q
S
E
U
I
T
Y
A
N
D
L
I
A
B
I
L
I
T
I
E		 3
0.
0
9.
1
6		 3
0.
0
9.
1
5
S
ha
i
l
ta
re
ca
p		 4
4
6
6
4
8		 4
4
6
6
4
8
Tr
S
ha
ea
su
ry
res		 -5
0
0
0		 5
0
0
0
-
Re
ine
d e
ing
d o
he
i
ta
t
ty
ar
n
s a
n
r e
q
u		 2
3
0
0
6
2
1		 1
6
3
7
6
5
9
To
l e
i
ta
ty
q
u		 2
7
4
2
2
6
9		 2
0
7
9
3
0
7
De
fe
d
l
ia
b
i
l
i
ies
tax
t
rre		 7
0
6
8
4
5		 5
5
0
9
7
1
Pe
ion
d o
he
b
l
ig
ion
t
t
ns
- a
n
r o
a
s		 1
0
9
3
2		 1
4
3
5
Su
bo
d
ina
d
loa
te
r
ns		 1
6
0
5
0		 2
3
7
5
0
Bo
ing
d
lea
ing
rro
w
s a
n
s		 1
3
5
1
4
1
8		 1
3
0
3
9
7
1
To
l n
l
ia
b
i
l
i
ies
ta
t
t
on
-c
ur
re
n		 2
0
8
5
2
4
5		 1
8
8
0
1
2
6
S
ho
loa
fa
i
l
i
ies
t-
ter
t
r
m
n
c		 1
6
0
6
6
6		 5
5
9
7
2
9
Fa
ing
tor
c		 3
8
2
2
6
3		 1
8
2
6
6
0
Ac
b
le
ts
co
un
p
ay
a		 5
4
7
9
2
4		 5
1
4
6
3
7
Ac
d s
lar
d p
b
l
ic
b
le
tax
cr
ue
a
y
ex
p
en
se
an
u
p
ay
a		 0 0
Ta
b
le
x p
ay
a		 1
8
0
5
4		 5
3
1
2
0
De
iva
d o
he
f
ina
ia
l
ins
tes
t
tru
ts
r
an
r
nc
me
n		 0 3
3
7
1
3
O
he
l
ia
b
i
l
i
ies
t
t
t
r c
ur
re
n		 2
0
9
6
6
4		 1
4
8
8
1
3
To
l c
l
ia
b
i
l
i
ies
ta
t
t
ur
re
n		 1
3
1
8
5
7
1		 1
4
9
2
6
7
2
To
l
l
ia
b
i
l
i
ies
ta
t		 3
0
3
8
6
4
1		 3
3
2
9
8
7
7
To
l e
i
d
l
ia
b
i
l
i
ies
ta
ty
t
q
an
u		 6
1
4
6
0
8
5		 5
4
5
2
1
0
6

Key financial indicators

Q
3
2
0
1
6		 Q
3
2
0
1
5		 Y
T
D
2
0
1
6		 Y
T
D
2
0
1
5
E
B
I
T
D
A
i
b
f
d
j
F
V
-m
a
r
g
n
e
o
r
e
a		 1
5
%		 4
%		 1
9
%		 5
%
E
B
I
T-
i
b
f
d
j
F
V
m
a
r
g
n
e
o
r
e
a		 1
2
%		 -4
%		 1
6
%		 0
%
N
I
B
D
/
E
B
I
T
D
A
b
f
d
j
F
V
e
o
r
e
a		 1,
5		 4,
5		 1,
5		 4,
5
R
O
C
E
b
f
d
j
F
V
e
o
r
e
a		 2
1
%		 -5
%		 2
6
%		 0
%
E
i
i
t
t
q
r
a
o
u
y		 4
5
%		 3
8
%		 4
5
%		 3
8
%

Equity ratio excluding OQ (bank covenants): 48%

OUTLOOK

Harvest estimate

Gu
i
d
ing
2
0
1
6
(
)
1,
0
0
0
to
ns
g
w
e		 R
l
d
o
g
a
a
n		 F
i
k
n
n
m
a
r		 B
C		 S
h
l
d
t
e
a
n		 G
S
F
G
r
o
u
p
Q
1		 3,
8		 6,
3		 3
1,		 2,
2		 3,
6
1
G
h
%
t
r
o
w		 3
7
%		 2
5
%		 -2
8
%		 -3
5
%		 4
%
Q
2		 6,
5		 2,
0		 9
4,		 2,
9		 6,
3
1
G
h
%
t
r
o
w		 -7
%		 5
3
%		 -1
4
%		 -1
9
%		 -7
%
Q
3		 2,
3		 4,
5		 2,
5		 4,
5		 3,
9
1
G
h
%
t
r
o
w		 2
9
%		 -4
2
%		 -4
3
%		 -1
6
%		 -2
9
%
Q
4		 6,
4		 0,
1
5		 1,
5		 3,
8		 2
2,
2
G
h
%
t
r
o
w		 7
2
%		 9
7
%		 -3
3
%		 -5
%		 4
5
%
T
l
t
o
a		 1
9,
0		 2
3,
3		 1
0,
3		 1
3,
4		 6
6,
0
G
h
%
t
r
o
w		 2
5
%		 2
0
%		 -2
8
%		 -1
8
%		 1
%
2
0
1
7		 2
0,
0		 2
8,
0		 8,
0		 1
7,
0		 7
3,
0
G
h
%
t
r
o
w		 5
%		 2
0
%		 -2
2
%		 2
7
%		 1
1
%

Supply outlook

  • •Low expected global supply growth 2017.
  • • Norway
  • •2016: -4%
  • •2017: +3% (1,095' MT)
  • • Chile
  • •2016: -18%
  • •2017: +2% (446' MT)
  • • North America
  • •2016: +5%
  • •2017: +2% (150' MT)
  • • UK
  • •2016: -3%
  • •2017: +6% (155' MT)

Global supply growth farmed salmon (YoY):

NASDAQ (Norway) price development :

Development licenses

  • • Grieg Seafood ASA applies for 10 development licenses (Utviklingstillatelser) in Norway.
  • • The concept is based on technology transfer from oil and gas industry, for use under full offshore exposure conditions
  • • A strong team behind the development, with participation from Blue Farm, Egersund Net, AKVA group, Dr. Techn Olav Olsen, UniResearch Polytec, Sintef, DNV-GL, Noomas and Grieg Seafood.
  • • Estimated investment of MNOK 270 + production cost.
  • • The technology opens up for new farming areas and improves our sustainable footprint
  • • The applied project will be completed within 2025.

Blue Farm concept

  • • The farm is based on concrete technology and has a diameter of 130 meters and the ring structure has a total height of 16 meters.
  • • The construction is designed with:
  • Wind and wave breaker
  • Double torus as floater
  • oTension leg anchor system
  • Fish net, top movable down to 10 meters below sea level
  • • When Grieg Seafood ASA has succeeded with the application, the first two test production cycles are planned at our location Eime in Rogaland, before full offshore exposure.

Outlook summary/actions GSF

  • •Strong market expected ahead.
  • •Dividend of NOK 1 per share.
  • •Aim to bring the cost level down to the industry average, or lower.
  • •10% annual increase in production 2017-2019.
  • •Harvest volume 2017 of 73,000 tons (+11% vs 2016).
  • •Expected fixed price contracts of 30% in Q4 2016.
  • • GSF's smolt programme - increasing number and size of smolt.
  • Increasing smolt input, especially in Finnmark.
  • Extending the smolt plant in Rogaland.
  • Shorten the production time in the sea. 18 months plan implemented in Shetland by the end of 2017.
  • Considering a new smolt plant in BC.
  • Applying for 10 development licences.

•

APPENDIX

Share info

  • − Number of shares
  • •111.7 million (after full conversion of bonds in August 2009).
  • − Last issues: Q2 2009
  • •139 MNOK new share issue.
  • − Subordinated convertible bond issue: Q1 2009
  • •100 mill. convertible at NOK 4.00 per share within 31.12.2010.
  • •85% converted in Q2 2009.
  • •15% converted in Q3 2009.
  • − EPS
  • •1.55 NOK/share Q3 2016.
  • •0.05 NOK/share Q3 2015.
  • − Shareholder structure
  • •Largest 20 have 73.19% of total no. of shares.

Shareholders

No
ha
. s
re
s		 %
G
G
O
G
S
S
RIE
H
LD
IN
A		 5
5
8
0
1 4
0
9		 49
9
7 %
,
F
O
LK
ET
RY
G
DF
O
ND
ET		 3
0
0
0
0
0
0		 2,
6
9
%
Y
S
TH
O
LM
EN
A
S		 2 9
28
19
7		 2,
6
2 %
O
M H
O
LD
IN
G
A
S		 2 8
40
0
0
0		 2,
5
4 %
S
TA
TE
S
TR
EET
BA
NK
A
ND
TR
U
S
T
C
O.		 44
2 2
8
1 3		 2,
0
4 %
S
KA
ND
INA
VI
S
KA
EN
S
KIL
DA
BA
NK
EN
S.
A		 22
1 5
6
1 9		 1,
40
%
VE
RD
IPA
PIR
F
O
ND
ET
PA
RE
T
O
INV
E
S
TM
EN
T		 0
1 5
26
0
0		 1,
3
7 %
AR
TI
C
FU
ND
S
PL
C		 1 3
9
7 0
0
0		 1,
25
%
G
G
S
O
O
S
RIE
EA
F
D A
A		 1 2
5
0
0
0
0		 1,
12
%
VE
RD
IPA
PIR
F
O
ND
ET
PA
RE
T
O
N
O
RD
I
C		 0
1 0
5
0
0
0		 0,
9
4 %
Ø
KV
A
S
S
H
G
DI A
S		 1 0
0
0
0
0
0		 0,
9
0
%
O
S
C
O.
TH
E N
RT
HE
RN
TR
U
T		 10
9
5
2 7		 0,
8
5
%
TH
E B
AN
K
O
F N
EW
Y
O
RK
M
EL
L
O
N
S
A/
NV		 0
8
43
41		 0,
76
%
TH
E N
O
RT
HE
RN
TR
U
S
T
C
O.		 3
8
3
4 0
3		 0,
75
%
G
G
S
G
S
RIE
HIP
PIN
II A		 8
24
5
6
5		 0,
74
%
EU
R
O
C
LEA
R B
AN
K N
.V.		 8
24
40
3		 0,
74
%
S
KA
ND
INA
VI
S
KA
EN
S
KIL
DA
BA
NK
EN
A
B		 5
79
0
0
9		 0,
71
%
S
O
O
EI I
NT
ITU
TI
NA
L IN
TE
RN
AT
I
NA
L		 29
71
2 1		 0,
6
4 %
BL
A
C
KW
EL
L P
AR
TN
ER
S,
LL
C
S
ER
IE
S
A		 8
70
0
70		 0,
6
3
%
S
TA
T
O
IL P
EN
S
J
O
N		 6
10
75
7		 0,
5
5
%
To
l
2
0
lar
ha
ho
l
de
ta
t s
g
es
re
rs		 8
1 7
28
6
8
2		 73
19
%
,
To
l ot
he
ta
r		 29
9
3
3
3
18		 26
8
1 %
,
To
l n
be
f s
ha
ta
um
rs
o
re
s		 11
1 6
6
2 0
0
0		 10
0,
0
0
%

Profit and Loss

NO
All
fig
s in
K 1
000
ure
,		 Q
3
2
0
1
6		 Q
3
2
0
1
5		 Y
T
D
2
0
1
6		 Y
T
D
2
0
1
5
To
tal
ati
in
op
er
ng
co
me		 52
764
1 5		 1 2
44
57
7		 34
3
4 5
41		 3 4
49
057
Sh
of
ofit
fro
m j
oin
t v
ent
are
pr
ure		 0 120
-		 42
0
-		 7 2
31
Ch
e in
inv
ori
ent
ang
es		 27
2 0
80		 68
46
9
-		 33
6 9
28		 24
812
-
Ra
ials
d c
ble
d
ter
w
ma
an
on
su
ma
s u
se		 1 0
75
644
-		 50
6 9
15
-		 2 6
12
068
-		 1 9
83
38
7
-
Sa
lari
and
l ex
es
pe
rso
nne
pe
nse
s		 125
88
9
-		 106
49
7
-		 35
0 4
93
-		 29
1 6
27
-
Oth
ting
er
op
era
ex
pe
nse
s		 39
2 4
16
-		 515
18
4
-		 1 0
68
739
-		 98
2 0
59
-
EB
ITD
A		 23
0 8
94		 39
47
1		 83
9 6
22		 40
174
4
De
cia
tion
d a
rtis
atio
pre
an
mo
n		 44
129
-		 40
77
2
-		 130
57
1
-		 -11
7 4
35
De
cia
tion
d a
rtis
atio
f lic
pre
an
mo
n o
ens
es		 1 2
11
-		 96
6
-		 -3
644		 2 3
45
-
Imp
air
dju
nt a
stm
ent
ets
me
s o
n a
ss		 0 50
00
0
-		 6 2
23		 50
000
-
EB
IT
be
for
e b
iom
dj
as
s a		 185
55
4		 44
34
6
-		 71
1 6
30		 4 6
24
Fai
alu
dj
bio
log
ica
l as
set
r v
e a
s
93
43
7		 93
08
2		 28
8 7
05		 -12
8 0
43
EB
IT
aft
bio
ad
j.
er
ma
ss		 27
8 9
91		 48
73
6		 1 0
00
335		 123
9
41
-
Sh
of
ofit
fro
ies
are
pr
m a
ss
. co
mp
an		 0 184 12
083		 2 1
45
Ne
t fi
nci
al
na		 -42
55
4		 29
84
3
-		 135
20
6
-		 54
716
-
Pro
fit
be
for
d b
iom
dj
e t
ax
an
as
s a		 143
00
1		 74
00
6
-		 58
8 5
07		 47
948
-
fit
bef
Pro
ta
ore
x		 23
6 4
38		 19
07
7		 87
7 2
12		 175
99
0
-
Est
ima
ted
tion
ta
xa		 -55
11
8		 12
69
5
-		 20
7 3
36
-		 29
63
1

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