Grieg Seafood releases third quarter 2020 results and presents plan for enhanced value creation

Third quarter highlights Harvest volume of 21 201 tonnes (21 028 tonnes in Q3 2019)Negative EBIT before fair value adjustment of NOK 192 million (+143 million)Negative EBIT/kg of NOK 9.0 (+6.8)Disrupted markets with low spot prices had a negative impact by NOK 92 million on earnings in the quarter compared to corresponding quarter in 2019Good performance in Rogaland and Finnmark, total EBIT/kg NOK 9.9 (11.2)Shetland profitability negatively impacted by NOK 150 million from...

Today, 17/11/2020 (informazione.news - comunicati stampa - cibi e bevande)

Third quarter highlights

Commenting on the company's performance in Q3, CEO Andreas Kvame, said:

“The third quarter was challenging for Grieg Seafood. Effects of the Covid-19 impacted price achievements negatively in all markets and we experienced operational challenges out of the ordinary on Isle of Skye. On the other hand, our Norwegian regions delivered good results in the quarter. Progress is made at our recently acquired greenfield project in Newfoundland, and healthy fish are growing in our new hatchery. However, to lower risk in the initial phase of the project, we have decided to defer the construction of the first post-smolt unit to 2023, without causing delay to our target of harvesting 15 000 tonnes in 2025.”

Capital markets update: Value creation through improvement and growth

“In 2020, we have not been able to deliver on our ambitions. Grieg Seafood has a clear goal of creating value and we are taking decisive action and implementing measures to improve our performance the coming years. We will reduce cost per unit in all regions supported by cost effective and sustainable farming methods and profitably grow our salmon production by around 45% towards 2025 ”, commented CEO Andreas Kvame.

The highlights from the presentation

Presentation

CEO Andreas Kvame and CFO Atle Harald Sandtorv will present the results and the capital markets update by webcast today at 8:00 a.m. CET.

The presentation can be accessed at www.griegseafood.com, or with the following link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20201117_3

The presentations and the subsequent Q&A will be held in Norwegian. An English transcript of the presentations will be made available at www.griegseafood.com.

For further enquiries, please contact:

Andreas Kvame, CEO
Cell phone: +47 907 71 441

Atle Harald Sandtorv, CFO
Cell phone +47 908 45 252

 

About Grieg Seafood

Grieg Seafood ASA is one of the world's leading salmon farmers. Our farms are in Finnmark and Rogaland in Norway, British Columbia and Newfoundland in Canada, and Shetland in the UK. Our headquarter is located in Bergen, Norway. Grieg Seafood was listed at the Oslo Stock Exchange in June 2007. More than 900 people are employed by the company globally.

Sustainable farming practices are the foundation of Grieg Seafood's operations. The lowest possible environmental impact and the best possible fish welfare drive economic profitability. Towards 2025, we aim for global growth, cost leadership in each region and to evolve from a pure salmon supplier to an innovation partner for selected customers.

To learn more, please visit www.griegseafood.com.

 

 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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