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Grieg Seafood ASA (Public, OSE:GSF), one of the world’s leading fish farming companies, specializing in salmon and trout, has reported its best quarterly and annual results ever.
The EBIT before fair value adjustments increased from NOK 62.9m in 2009 to NOK 246.9m in 2010, inclulsive a positive one-off item of NOK 72.4m.
This includes a positive one-off item of NOK 72.4m related to the reversal of a previous write-down of license values in Finnmark. Operational EBIT (operating profit before reversal of previous write-down) before fair value adjustment of biomass thus increased from NOK 62.9m to NOK 174.5m. All regions recorded good improvement.
It has continued to be strong in the salmon market and low supply growth caused record high prices at the end of the quarter. A new sales company in Norway, Ocean Quality AS, has been in operation from Q4 2010. Stable and good biological development has taken place in all regions. Production has gone according to plan despite lower seawater temperature and the company acquired the remaining 51.3 percent of Erfjord Stamfisk AS in January 2011.
In 2010 Grieg Seafood carried out two acquisitions in Scotland. This involved a total investment of NOK 39.5m and provides the company with an additional annual harvested volume of 3,000 tons.
The Group’s total harvest volume rose in fourth quarter with in excess of 12 percent to 17,836 tons. The turnover increased with 38.5 percent to NOK 666.0m in the quarter.
A dividend has been proposed of NOK 1.35 per share.
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