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| Grieg Seafood (Norway) |
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Grieg Seafood ASA is one of the world’s leading fish farming companies,
specializing on salmon and trout. The total annual production capacity
is approximately 80.000 tons gutted weight.
The business development in Grieg Seafood ASA shall be based on a profitable growth, sustainable use of nature and being a preferred supplier to selected customers. The Group is today present in Norway, British Columbia (Canada) and in Shetland (UK), employing approximately 400 people. Grieg Seafood ASA was listed at the Oslo Stock Exchange (OSEBX) in June 2007. Grieg Seafood achieved an operating profit before fair value adjustment of biological assets of NOK 154 million (EUR 19 million) last year in contrast with NOK -173 million (EUR -21.4 million) in 2008. Profit before tax increased from NOK -442 million (EUR -54.8 million) to NOK 318 million (EUR 39.4 million). In Q4 2009, Grieg reached an operating profit before fair value adjustment of biological assets of NOK 63 million (EUR 7.8 million), compared to NOK -251 million (EUR -31.1 million) in Q4 2008. This means an operating profit of NOK 3.94 (EUR 0.49) per kg in the fourth quarter of 2009, against an adjusted operating profit of NOK -4.19 (EUR 0.52) per kg in the corresponding period of 2008. Turnover grew by 32 per cent in the quarter and volume by 23 per cent due to important improvements in the company’s operations in Norway and Shetland plus a strong salmon market, said CEO Morten Vike, TheFishSite reports. The Norwegian regions of Rogaland and Finnmark reached record operating profits. “I am equally pleased with the very strong improvement in Shetland, following several weak quarters caused by biological challenges. Shetland is our best performing region in the fourth quarter,” Vike stated. However, Q4 results in Canada were weak mainly due to an incident of toxic algae that ended with high mortalities. “We have implemented several measures which will reduce the risk and improve future profitability in Canada,” said Vike. Despite increasing prices and the global recession, the salmon market remains strong with solid demand. There was a reduction in the global supply of Atlantic salmon last year because of a drop in the Chilean supply, he continued. And although salmon prices were not very high in the beginning of Q4, they increased during the quarter along with the seasonal increase in demand. “The market outlook at the beginning of 2010 remains good. A further reduction in the global supply of Atlantic salmon is expected. This has also caused 2010 to start off with historically high prices,” Vike observed. Through the year, Grieg increased its focus on operational efficiency and measures to cut production costs and improve fish health and organisational and competency development. This work has bred better results particularly in Norway, he told. “Going forward, the focus on operational efficiency and operational improvements will continue to be our main priority. This shall contribute to further improvements in profitability,” Vike assured. Grieg foresees a harvest volume of 68,000 tons this year, a rise of almost 40 per cent from 2009. The company’s board of directors forecasts positive future prospects for the firm and salmon farming in general, which is expected to further advance results, solidity and cash flow. The board will evaluate the company's dividend policy before the Annual General Meeting coming up on 27 May. Contact Information: Grieg Seafood ASA Post address P.O. 234 Sentrum N-5804 Bergen Norway Visit address Grieg-Gaarden C. Sundtsgate 17/19 N-5804 Bergen Norway Tel.: +47 55 57 66 00 Fax.: +47 55 57 69 70 E-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Website: http://www.griegseafood.no/Engelsk/index.asp |
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