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Grieg Seafood
OldNick
23:46
22.08.2018
#20563

Grieg Seafood kom med Q2-2018 resultat idag.


Resultatet var ikke helt bra, selv om produksjonsveksten i Q2 var høy.

Biologiske utfordringer (som det heter) gjorde at de reduserer forventet årsproduksjon fra 80 til 75 000 tonn. Dette er ikke GSF-spesifikt, siden de andre selskapene også har melst om tilsvarende problemer.

De største var vissnok hos Grieg i B.C., Canada.

Selskapet opprettholder dog vekstforventningene i 3-årsplanen (+10%/år) frem mot 2020. Om det betyr at de opprinnelige 100 000 tonn i 2020 fortsatt står ved lag, eller om den er nedjustert er uvisst.

Vi får se. Uansett, markedet gav aksjen en smell i dag, og kursen falt over 5%.


GSF: Grieg Seafood ASA - Q2-2018, high harvest volume in Q2

Børsmelding
22.08.2018

Highlights - Q2-2018

- Highest harvest volume for a quarter (22 568 tonnes)
- High prices on strong demand
- EBIT/kg NOK 18.89, total EBIT NOK 426 million
- Good production in Finnmark, BC and on Shetland
- Production in Rogaland negatively impacted by PD
- Algal bloom causing loss of 1 000 tonnes in BC
- Estimated harvest for the year is 75 000 tonnes, up 20% from 2017
- Dividend of NOK 2.00 per share paid out

Results Q2-2018

The Grieg Seafood Group harvested 22 568 tonnes of salmon in Q2-2018, compared to 18 503 tonnes in Q2-2017, an increase of approximately 22%.

The average spot price (Nasdaq Salmon Index) for the period was NOK 68.81 per kg, up by NOK 0.98 per kg compared to the same period in 2017. The average realized price for Grieg Seafood was down by NOK 3.21 per kg comparing these quarters. This was partly due to a combination of a high proportion of harvesting towards the end of the quarter when prices were lower, and partly due to lower price achievement for PD-affected fish from Rogaland.

Grieg Seafood's total operating income in Q2-2018 amounted to NOK 2 318.7 million, an increase of 14% compared to the same period last year.

The farming cost (total cost related to fish harvested this quarter) decreased by NOK 1.54 per kg compared to the same quarter last year. Higher harvested volume in Finnmark and BC contributed positively.

The Group's EBIT before fair value adjustment of biological assets was NOK 426.3 million during the quarter, compared to NOK 392.3 million in the same quarter of 2017. EBIT per kg amounted to NOK 18.89 for the period, down from NOK 21.20 in Q2-2017.

Strategic priorities

Grieg Seafood has an overall goal of increasing production by at least 10% annually until 2020, with the main growth in 2019. Furthermore, the Group has an ambition to achieve production cost at or below the industry average.

Continued access to high-quality smolt is critical to ensure future growth. In addition, larger smolt will result in shorter production time in sea, thus contributing to reduced biological risk and increased survival. Another essential aspect of Grieg Seafood's growth strategy is the increased utilization of the Group's licenses. High site flexibility is essential to improve utilization, and Grieg Seafood cooperates with local authorities on an ongoing basis to optimize flexibility.

Increased volumes, improved capacity utilization and shorter production time in sea will contribute to higher efficiency and reduced production costs. The Group also continually undertakes cost-reducing initiatives and has established an internal improvement program, scheduled to run until 2020.

Market developments

Salmon prices were very volatile in the second quarter of 2018. Despite of this the average price level was high compared to Q1-2018. The salmon supply has been higher month by month compared to Q2-2017, which in relation to the high average prices confirms the strong underlying demand for farmed salmon.

The Group's total share of fixed price contracts in Norway in Q2-2018 was 27%. For Q3 the share of fixed price contracts is estimated to be 31%, with an estimate of 30% for the full year.

Outlook

Supply growth is limited and expected to stabilize going forward. The strong underlying demand for salmon is likely to continue, and prices are expected to remain strong for the rest of 2018.

Grieg Seafood expects to harvest approximately 17 100 tonnes in Q3-2018 and 75 000 tonnes for the full year 2018, corresponding to an increase of 20% from 2017. The full year estimate has been reduced by 5 000 tonnes due to PD in Rogaland and algal bloom in BC.

Please find enclosed the company's Q2 2018 report and presentation.

For further information, please contact:
CEO Andreas Kvame, cell: +47 9077 1441
CFO Atle Harald Sandtorv, cell: +47 9084 5252


GSF: Q2-2018 Report (PDF)

GSF: Q2-2018 Presentation (PDF)
highlander
11:22
23.08.2018
#11830

Nordea Markets oppjusterer kursmålet på Austevoll Seafood-aksjen til 130 kroner fra tidligere 125 kroner, samtidig som meglerhuset nedjusterer kursmålet på Marine Harvest til 195 fra tidligere 200 kroner mens Grieg Seafood nedjusteres til 110 fra tidligere 115 kroner. Det fremkommer av en oppdatering fra meglerhuset torsdag, ifølge TDN.
OldNick
09:48
05.09.2018
#20625

Grieg Seafoog avholder kapitalmarkedsdag idag.

GSF: Grieg Seafood ASA Capital Markets Update - 2020 volume target reaffirmed, ensuring a platform for sustainable growth

Børsmelding
05.09.2018

Grieg Seafood is hosting a Capital Markets Update in Oslo, Norway today 5 September 2018 under the headline "A salmon farming pioneer entering the digital era".

Grieg Seafood represents 25 years of salmon farming. While the company's harvest volumes have remained stable for a period of time, revenues have grown substantially in recent years driven by higher salmon prices. This has also led to improved profitability. Looking ahead, Grieg Seafood plans to grow harvest volumes substantially and continuously improve the sustainability of operations.

The company today confirmed its growth ambitions with a target of annual harvest volume of 100 000 tonnes in 2020 with cost at or below industry average. Furthermore, that the company is building a platform for further sustainable growth beyond 2020.

Grieg Seafood's operational and financial targets presented at the capital markets update today are:

- Harvest volume of 100 000 tonnes in 2020: Increasing harvest volumes to 100 000 tonnes in 2020, mainly through improving utilization of current capacity.

- Cost at or below industry average in 2020: Aiming for a production cost in line with or below weighted industry average, targeting NOK 37.90/kg by 2020. Reduction mainly driven by better operational efficiency from higher volumes and improved biology.

- NIBD to EBITDA ratio below 4.5: Balancing the Groups net interest-bearing debt with level of earnings before interest and depreciations, not exceeding a ratio of 4.5 times.

- Equity ratio above 35%: At any given time, the Group shall have a level of equity which is appropriate in relation to the Group's cyclical activities. The Board requires that equity consistently stay in accordance with current loan terms, as a minimum.

- NIBD/harvest volume of NOK 20/kg: Balancing the Company's debt levels with harvest volumes, aiming for a net interest-bearing debt of NOK 20 per kilo fish harvested.

- Return on capital employed (ROCE) of 12%: Requirement of a minimum of 12% return on capital employed for all investment decisions.

- Dividend policy to distribute 25%-35% of the Group's net profit after tax adjusted for fair value appraisals: The Group's objective is to give the shareholders a competitive return on invested capital through dividend payments and value appreciation of the share, which is at least at the same level as other companies with comparable risk. The future dividend will depend on the Group's future earnings, financial situation and cash flow. The Board believes that the dividend paid should develop in pace with the growth of the Group's profits, while at the same time ensuring that equity is at a healthy and optimal level and that there are adequate financial resources to prepare the way for future growth and investment and taking into account the wish to minimize capital costs. The Board believes it is natural that the average dividend, over a period of several years, should correspond to 25-35% pre-tax profit, adjusted for the accounting effect of fair value adjustment of biological assets.


Furthermore, it is reasonable that the company's net interest-bearing debt per harvested kg at NOK 20. Based on this, the size of the dividend could be corrected both up and down according to the 25-35% share of profit after tax.

Grieg Seafood's strategic focus areas to achieve its targets and ensure sustainable growth are:

- Sustainability: Grieg Seafood wants to actively ensure sustainable food production in the ocean and invest its resources accordingly. Healthy fish, clean seas and economic profit are not regarded as contradictions. The company's sustainability strategy is based on five pillars; sustainable value chain, profitable growth and innovation, good jobs for everyone, sustainable faming and productive oceans, and local value creation.

- Post smolt strategy: Through investments in post-smolt production, Grieg Seafood aims to improve biology, increase productivity and reduce cost. The main effect from larger smolt is increased robustness and shorter time to reach harvest size. The combination of stronger fish and reduced exposure to biological risk, will improve biology and increase survival rates.

- Digital salmon farming: By applying advanced sensor systems, big data, artificial intelligence and automation, Grieg Seafood aims to generate actionable insights to increase yield and resource efficiency.

- Biosecurity and fish welfare: Biosecurity and fish welfare is vital to secure sustainable growth and high harvest quality. Grieg Seafood aims to secure strong biological performance through implementation of a broad range of technological and operational initiatives, including post smolt strategy, GSF Precision Farming and preventive measures to prevent sea lice and algae issues.

- Expansion opportunities: Expansion to secure fulfillment of Grieg Seafood's goal of harvesting 100 000 tonnes in 2020 will mainly come from improved utilization of existing capacity, driven by post-smolt strategy, digital salmon farming and improved biosecurity and fish welfare. To secure sustainable growth longer term, additional opportunities will be pursued, including acquiring new capacity, acquisitions and joint ventures and development of new concepts.


Commenting on Grieg Seafood's capital markets update, Andreas Kvame, CEO, said:

"Our objective is to ensure sustainable growth in the years ahead by combining great people, nature and technology. We believe salmon will be an increasingly important food source globally, and that Grieg Seafood will be able to create value for multiple stakeholders, including the communities in which we operate, our employees and shareholders, while we provide salmon to the world."

Presentation and lunch

The Astrup Fearnley Museum Strandpromenaden 2, 0252 Oslo Norway

Registration at the event from 08:30 CEST and presentations from 09:00 - 13:00 CEST.

Lunch will be served from 13:00 CEST.

Break-out sessions from 13:30 CEST.

Webcast

A live webcast of the presentations will be made available on our website: https://www.griegseafood.no/inverstors/webcast-2/

Materials

The presentations held at the Capital Markets Update event will be available on the company's website www.griegseafood.no.

For further information, please contact:
Andreas Kvame, CEO, tel: +47 9077 1441
Atle Harald Sandtorv, CFO, tel: +47 9084 5252


GSF: Capital Market Day Presentation (PDF)

Endret 09:49 05.09.2018 av OldNick
highlander
10:30
06.09.2018
#12182

Sparebank 1 Markets oppgraderer sin anbefaling på Grieg Seafood-aksjen til kjøp fra hold, og høyner kursmålet til 115 kroner pr aksje fra tidligere 95 kroner.

Det sier analytiker Tore Tønseth i Sparebank 1 Markets til TDN Direkt torsdag.

Tønseth sier at gårsdagens kapitalmarkedsdag ga økt troverdighet med hensyn til oppnåelse av målene for slaktevolum og kostnadsforbedringer innen 2020.

- Dette er mye drevet av volum. Får du opp volumene øker inntjeningen fordi du produserer mer laks. Det fører også til at produksjonskostnaden pr kilo går ned, så det er en dobbel effekt av økte volumer, sier han.

Analytikeren påpeker at selskapet ga nokså eksplisitt guiding på kostnader de neste årene, og at den ventede kostnadsforbedringen kommer tidligere enn meglerhuset har lagt til grunn.

- Vi ligger fortsatt litt høyere enn selskapet guider på kostnader i 2020. De guider ned på et industrisnitt som de definerer som 37,9 kroner og vi ligger cirka én krone høyere enn det. Det er rett og slett fordi vi synes det er nokså ambisiøse mål de setter for spesielt Rogaland og Shetland, sier han videre, men understreker at det fremdeles er stort kostnadsforbedringspotensiale i Grieg Seafood. (TDN)
Stockamateur
10:49
07.09.2018
#12454

GSF siste 100 dager.

Ser mye bedre ut enn TGS og OSE, som jeg også har tatt en titt på i dag. GSF prøver nå for 4.de gang å bryte opp gjennom 100. (Tidligere 18/5, 1/8 og 9/8.) Bull kryss 3/9, men det må sies at det ikke hadde vært spesielt god butikk å kjøpe på dette etter salg på bear krysset 15/8... Ikke store divergenser i hverken RSI/kurs eller OBV/kurs.

Moderat bullish, men har tro på brudd opp i aksjer som gjentatte ganger tester et gitt nivå. "På det fjerde skal det skje", som min salige mormor pleide å si.

For ordens skyld: Sitter med ca. 25% av kapitalen i GSF.

Endret 11:02 07.09.2018 av Stockamateur
Stockamateur
12:10
11.09.2018
#12460

Dette ser bra ut! GSF klorer seg fast over 100, etter noe testing siste 2 dager.
OldNick
22:25
17.09.2018
#20658

Faggemelding.



GSF: Grieg Holdings AS - Restructuring of shareholding


Børsmelding
17.98.2018

Grieg Holdings AS, main shareholder in Grieg Seafood ASA ("Grieg Seafood"), has
today decided to transfer all its shares in Grieg Seafood to Grieg Aqua AS
through a demerger. Grieg Aqua AS will be established when the demerger is
completed. The parent company of Grieg holdings AS, Grieg Maturitas II AS, will
be the sole shareholder of Grieg Aqua AS.

Through the demerger 55 801 409 shares, corresponding to 49.97% of the
outstanding shares in Grieg Seafood, are transferred. Grieg Holdings AS will not
hold any shares in Grieg Seafood after the transaction.

In addition Grieg Ltd AS (owned 100% by Grieg Maturitas II AS) holds 217 390
shares, corresponding to 0.20%. The shares held by Grieg Ltd AS will be
transferred to Grieg Aqua AS when the demerger of Grieg Holdings AS is
completed.

In total Grieg Maturitas II AS holds 56 018 799 shares in Grieg Seafood through
its subsidiaries, corresponding to 50.17% of the outstanding shares.

The Oslo Stock Exchange has, pursuant to section 6-2 (3) of the Norwegian
Securities Trading Act, granted an exemption from the mandatory offer obligation
with respect to the transactions.
Stockamateur
14:33
20.09.2018
#12469

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highlander
09:18
24.09.2018
#12570

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highlander
22:07
01.10.2018
#12725

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Stockamateur
09:59
02.10.2018
#12483

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blåball
11:58
02.10.2018
#4762

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blåball
12:20
02.10.2018
#4763

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highlander
14:14
08.10.2018
#12811

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highlander
15:04
10.10.2018
#12866

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highlander
12:48
11.10.2018
#12898

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Stockamateur
11:12
12.10.2018
#12497

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highlander
15:30
17.10.2018
#13038

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OldNick
09:25
24.10.2018
#20834

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Stockamateur
12:14
24.10.2018
#12501

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highlander
12:31
29.10.2018
#13219

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Stockamateur
11:49
21.11.2018
#12544

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blåball
12:57
21.11.2018
#5029

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highlander
13:08
05.12.2018
#14106

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highlander
12:23
17.12.2018
#14428

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