Edition:
United States

Grieg Seafood ASA (GSFO.OL)

GSFO.OL on Oslo Stock Exchange

71.10NOK
15 Dec 2017
Change (% chg)

kr0.80 (+1.14%)
Prev Close
kr70.30
Open
kr71.00
Day's High
kr72.75
Day's Low
kr69.60
Volume
751,760
Avg. Vol
525,596
52-wk High
kr87.25
52-wk Low
kr57.00

Latest Key Developments (Source: Significant Developments)

Grieg Seafood: Nordea Markets upgrades to hold from sell
Thursday, 9 Nov 2017 05:05am EST 

Nov 9 (Reuters) - :Grieg Seafood <<>>: Nordea Markets upgrades to hold from sell after Wednesday's Q3 report, sees fair value at NOK 83/share.Refers to Grieg's reported EBIT of NOK 229 million, beating consensus estimates by a solid 18 percent nFWN1NE00VnO9N1ML01U.Volumes were in line with expectations, while EBIT per kilo was higher, Nordea says .The NOK 1 extraordinary dividend and growth outlook were the most interesting aspects of the report.Guidance is for a whopping 17 percent volume growth for 2018. Total expected release of 26 million smolt should take harvested volumes to 104,000 tonnes as early as 2019, Nordea Markets predicts.  Full Article

Grieg Seafood CEO sees output of 100,000 tonnes in 2020
Wednesday, 8 Nov 2017 01:31am EST 

Nov 8 (Reuters) - Grieg Seafood Q3 earnings presentation on Wednesday::CEO Andreas Kvarme says "clear target" of raising output to 100,000 tonnes in 2020 (from 66,000 tonnes in 2017).Raising capacity utilisation is main focus, company is now at 77 pct of capacity.Clear goal of cost level in line with, or below, industry average.  Full Article

Grieg Seafood announces surprise dividend as Q3 beats forecast
Wednesday, 8 Nov 2017 12:00am EST 

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.  Full Article

BRIEF-Grieg Seafood announces surprise dividend as Q3 beats forecast
Wednesday, 8 Nov 2017 12:00am EST 

Repeats to attach to additional alert: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.  Full Article

Grieg Seafood Q2 EBIT beats forecast, cuts 2017 output target
Thursday, 24 Aug 2017 12:00am EDT 

Aug 24 (Reuters) - Grieg Seafood Asa :Q2 ebit before adjustment nok 392 million (Reuters poll nok 380 million).Q2 harvest 18,503 tonnes (reuters poll 18,100 tonnes).2017 harvest guidance 67,000 tonnes versus 70,000 tonnes seen in may (reuters poll 68,800 tonnes).Harvest volume for q3 2017 is expected to be 16,500 tons.Harvest volume for 2017 as a whole is expected to be 67,000 tons, which is 3,000 tons less than previously indicated. This must be considered in light of biological situation in shetland.Supply of salmon is expected to increase in q3 2017, which may put prices under pressure.Fixed price contracts for norway accounted for 18 % of sales in q2 2017. This share is expected to be 32 % in q3 2017.For 2017 as a whole, it is estimated that fixed price contracts will account for 25 % of total. Work is also in hand pertaining to contracts for 2018.Company will be aiming to increase production by 10 % annually in period through 2020.Company is planning to set out 26 million smolt in 2017, which is an increase of 28 % compared to 2016.After first half-year gsf are on track on plan. So far 10 million smolt have been set out.Q2 revenue nok 2,030 million (Reuters poll nok 1,851 million).  Full Article

Grieg Seafood increases smolt capacity in Rogaland
Friday, 2 Jun 2017 12:51am EDT 

June 2 (Reuters) - Grieg Seafood Asa :Has extended the co-operation with Bremnes Seashore AS into post-smolt production. Vest Havbruk AS is also participating in this project. The three parties acquire 1/3 ownership each in Tytlandsvik Aqua AS. .The target is to develop the company into a 700 to 1000.gram smolt producer..Tytlandsvik Aqua owns finish grade property in Rogaland, and licenses for post-smolt production. .The company is now starting the construction of a smolt.production facility with an annual production capacity of 3000 tons..This capacity, in addition to own smolt production, will enable GSF Rogaland to reduce production time in sea down to 12 months..The construction, budgeted to MNOK 300, is planned to be completed in 2019..Later it will be possible to expand the production facility's capacity with an additional 6000 tons, which then will yield an annual production capacity of 9000 tons for the production facility.The entire smolt production from Tytlandsvik Aqua will be utilized by GSF Rogaland and Bremnes. .  Full Article

Grieg Seafood and Norway Royal Salmon to jointly secure smolt production in Finmark
Tuesday, 16 May 2017 02:00am EDT 

May 16 (Reuters) - Grieg Seafood Asa and Norway Royal Salmon :Have joined forces to ensure smolt capacity in Finnmark by entering as owners of Nordnorsk Smolt as with 50 per cent each.Says the plant has a production capacity of 800 tonnes per year, corresponding to an annual production of about 3.2 million fish weighing 250 grams.Transaction values company at an enterprise value (ev) of approximately NOK 100 million.Says the acquisition will "ensure good access to big smolt which will contribute to better production optimization and shorter production time in sea".Says the investment is in accordance with companies' strategy to strengthen smolt production.  Full Article

Grieg Seafood's board proposes dividend of NOK 3 per share
Monday, 3 Apr 2017 05:20pm EDT 

Grieg Seafood Asa : Reg-Grieg seafood asa: board's approval of final accounts 2016 and proposal for dividend, NOK 3 . Board proposed a dividend of NOK 3 per share .Date of payment of dividend if given approval is 22 June 2017.  Full Article

Grieg Seafood CEO, COO bought 11,800 shares
Friday, 17 Feb 2017 03:47am EST 

Grieg Seafood Asa : CEO Andreas Kvame has on 17 february acquired 6,000 shares at NOK 72 per share. Kvame's total shareholding after this share purchase is 35,000 shares .COO Knut Utheim has on 17 february acquired 5,800 shares at NOK 72 per share. Utheim's total shareholding after this share purchase is 18,200 shares.  Full Article

Grieg Seafood beats Q2 earnings forecast, cuts output guidance
Thursday, 18 Aug 2016 12:00am EDT 

Grieg Seafood Asa : q2 ebit before biomass fair value adjustments nok 312 million (Reuters poll nok 295 million) . q2 revenue nok 1.68 billion (Reuters poll nok 1.51 billion) . 2016 harvest guidance cut to tonnes (previous guidance 70,000 tonnes) and versus 68,844 tonnes in Reuters poll . has an ongoing focus on improving operational efficiency, and this involves both increasing production per plant and per licence, as well as reducing costs per kilo . One of key steps being taken is to set out bigger smolt, which will make it possible to shorten production time in sea . There is strong underlying demand for salmon and good prices are therefore expected during remaining months of 2016 and into 2017 . Sale of Grieg's UK activities has been considered, but improvement in operations in region has not been reflected to a sufficient extent in offers received . Company will be aiming to increase production by 10% annually in period 2017-2019 . A harvest volume of 13,500 tons is expected in q3 . A significantly higher harvest volume is planned for q4 . The U.S. market is expected to develop particularly well in second half of 2016 due to a reduction in offers from Chile .Market may however come under sporadic pressure during some weeks in course of q3 2016, which could result in lower prices during these periods.  Full Article