News, Seafood

GSF Fourth Quarter and Preliminary Full Year 2012 Results

An overall weak quarter strongly influenced by negative one-off events outside Norway, but significantly improved market conditions and prices from the end of the quarter.

Highlights – fourth quarter 2012

  • Low prices and high supply growth in Q4 2012, but a clear improvement in market balance towards year-end and continuing into 2013.
  • Operating EBIT, before fair value adjustment of biomass and biomass write-downs, was
    NOK -48.9m in Q4 2012, against NOK -38.2m in Q4 2011.
  • Improved results in Norway, but extraordinarily weaker results in UK and Canada.
  • Write-downs related to outbreak of furunculosis in the smolt facility in BC as well as increased mortality in Shetland from the treatment of salmon lice and AGD (amoebic gill disease) reduced the performance by a total of NOK 92m in Q4.
  • Good underlying biological development and operations in Norway.
  • New bond loan of NOK 400m, refinancing second priority loan of NOK 300m.

 

To read more, please visit the Grieg Seafood website.