Grieg Seafood ASA
OSE:GSF
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Grieg Seafood ASA
Grieg Seafood ASA is an international seafood company, which engages in farming of salmon and trout. The company is headquartered in Bergen, Hordaland and currently employs 753 full-time employees. The company went IPO on 2007-06-21. The company is the parent company of the Grieg Seafood Group (the Group). The Group’s business activities relate to the production and trading in the sustainable farming of salmon and trout. The Group’s production capacity of farmed salmon and trout is of around 95 000 tons gutted weight annually. The Group has 100 licenses for salmon production and five licenses for smolt production. The Group has operations in Finnmark and Rogaland, Norway; in British Columbia, Canada; and in Shetland, the United Kingdom. As of December 31, 2013, the Company had 16 wholly owned, both directly and indirectly held, subsidiaries, including Grieg Seafood Rogaland AS, Erfjord Stamfisk AS, Grieg Seafood Finnmark AS, Grieg Seafood Canada AS and Grieg Seafood Hjaltland UK Ltd, among others. As of December 31, 2013, its largest shareholder was Grieg Holdings AS (49.97%).
Grieg Seafood ASA is an international seafood company, which engages in farming of salmon and trout. The company is headquartered in Bergen, Hordaland and currently employs 753 full-time employees. The company went IPO on 2007-06-21. The company is the parent company of the Grieg Seafood Group (the Group). The Group’s business activities relate to the production and trading in the sustainable farming of salmon and trout. The Group’s production capacity of farmed salmon and trout is of around 95 000 tons gutted weight annually. The Group has 100 licenses for salmon production and five licenses for smolt production. The Group has operations in Finnmark and Rogaland, Norway; in British Columbia, Canada; and in Shetland, the United Kingdom. As of December 31, 2013, the Company had 16 wholly owned, both directly and indirectly held, subsidiaries, including Grieg Seafood Rogaland AS, Erfjord Stamfisk AS, Grieg Seafood Finnmark AS, Grieg Seafood Canada AS and Grieg Seafood Hjaltland UK Ltd, among others. As of December 31, 2013, its largest shareholder was Grieg Holdings AS (49.97%).
Operational EBIT: Grieg Seafood reported a group operational EBIT close to NOK 0, with Rogaland segment posting NOK 21.7 million, reflecting lower prices and higher costs.
Cost Pressures: Farming costs were high at NOK 70.4 per kilo due to harvesting smaller, nonperforming fish and biomass write-downs, but management expects costs to decrease in Q4 and normalize further in 2025.
Harvest Volume: Harvest volume for continued operations was almost 7,000 tonnes; full-year guidance of 30,000 tonnes was maintained.
Strategic Refocus: The company is shifting from global growth to regional profitability, reducing headcount by 55% across sales and shared functions, and cutting or postponing NOK 110 million in 2025 CapEx.
Dividend Outlook: Management reiterated a preliminary estimate of NOK 4 billion in dividends to be distributed after closing annual accounts next year.
Liquidity & Debt: Net interest-bearing debt increased, partly due to continued financing of discontinued operations, but new bank syndicate negotiations are underway to ensure strong liquidity.
