Grieg Seafood ASA: Q2 2018 - High harvest volume in Q2
22 8월 2018 - 1:00PM
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:
This information is subject to
the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
GSF Q2 2018 Presentation
GSF Q2 2018 Report
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Grieg Seafood ASA via Globenewswire
(NYSE:GSF)
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