Grieg Seafood’s operational EBIT for Q3 2015 is MNOK 30.
The result is affected by low commodity prices in the UK market. The cost is higher than anticipated due to algae and lice problems, especially at the west coast of Shetland.
In BC the last Coho generation was harvested in Q3. The volume was approximately 900 tons HOG. Furthermore, frozen Coho from 2014 has been sold. Revenue from sale of Coho has been lower than anticipated, as well as higher associated cost. Net effect on GSF’s EBIT amounts negatively to approximately MNOK 20.
Value adding processing at Shetland was temporarily discontinued in Q1 2015. It has now been decided dispose of this operation. In this regard the company will make an approximately MNOK 50 write down.
After having accounted for above-mentioned restructuring of operations, GSF reports a negative MNOK 40 EBIT. The Group’s harvest volume in Q3 2015 is approximately 19,500 tons HOG, including the Coho volume.
More detailed information regarding ongoing operational improvement initiatives in GSF will be given at the November 6th presentation.
For additional information, please contact:
– CEO Andreas Kvame (cell # +47 907 71 441)
– CFO Atle Harald Sandtorv (cell # +47 908 45 252)
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.