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The Q2 2015 results for GSF will reflect high costs, as advised in connection with the presentation of Q1 earlier this year. The performance has also been affected by lower realised prices in some markets

Performance update – Q2 2015: High costs in Q2. Bond loan refinanced by bank debt.

The Q2 2015 results for GSF will reflect high costs, as advised in connection with the presentation of Q1 earlier this year. The performance has also been affected by lower realised prices in some markets.  This situation has somewhat complex causes, as summarised in the following:

  • In Rogaland, fish affected by PD have been harvested, and the proportion of rejects/Prod B has been high.
  • In Finnmark, low harvest volume has resulted in high cost, measured per kilo.
  • The results in BC reflect the occurrence of acute mortality in connection with a low oxygen level, which was also reported earlier. Added to this, the US market remains weak which has resulted in low prices for BC fish.
  • Fish harvested in Shetland have previously presented major gill challenges. This has resulted in a reduced average weight for parts of the biomass, which in turn has also led to low realised prices in the UK market.

The preliminary accounts for Q2 2015 show EBIT per region, as follows:

Prelimenary accounts Q2 2015 GSF ASA

The Board is not satisfied with the company’s performance trend and will revert to this in connection with the presentation of Q2 on 19 August with further information regarding implemented action and necessary measures ahead to reverse this trend.

Refinancing
GSF has extended its bank credit facility by MNOK 500 from MNOK 1 410 to MNOK 1 910. This has been done in order to refinance a bond loan of MNOK 400 which matures in December this year. The covenant requirements are unchanged, and the preliminary figures for Q2 are within the required limits. Danske Bank has withdrawn from the loan syndicate, and DnB has joined it. The syndicate is thus made up of Nordea and DnB.

For further information please contact:
– CEO Andreas Kvame (m: +47 907 71 441)
– CFO Atle Harald Sandtorv (m: +47 908 45 252)


This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.