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RPT-BRIEF-Grieg Seafood announces surprise dividend as Q3 beats forecast
November 8, 2017 / 5:13 AM / in a month

RPT-BRIEF-Grieg Seafood announces surprise dividend as Q3 beats forecast

(Repeats to attach to additional alert)

Nov 8 (Reuters) - Grieg Seafood Asa

* To pay dividend OF NOK 1 per share. The Board’s consideration is that it will be defensible to pay a dividend based on a good cash flow and strengthened balance‍

* planned volume growth of 17% to 77,000 tons in 2018​

* q3 harvest 16,875​ tonnes (reuters poll 16,680 tonnes)

* q3 revenue nok ‍1,855​ million (Reuters poll nok 1,519 million)

* q3 ebit before adjustment nok 229.3‍​ million (Reuters poll nok 187 million)

* 2017 harvest guidance ‍66​,000 tonnes versus 67,000 tonnes seen in august (reuters poll 66,765 tonnes)

* ‍contract share for q4 is estimated to 18 %​

* ‍harvest volume for q4 2017 is expected to be 22,100 tons​

* Grieg seafood’s financial position is regarded as solid and available liquidity at end of quarter was strong. Based on this, board of directors has approved a special dividend of nok 1.00 per share​

* ‍demand for salmon is expected to increase as christmas season approaches, which normally leads to higher prices in q4​

* ‍in longer term, relationship between supply and demand is likely to be stable, giving grounds to expect a continuation of good prices for salmon in marketplace​

* ‍so far, contracts have been signed for 22 % of norwegian harvest volume for 2018​

* Expects growth in global salmon industry harvest of 7 percent in 2018‍​

* Expects growth in global salmon industry harvest of 3 percent in 2019​

* To make next dividend assessment after q4 2017 Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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