Brief: Grieg Seafood Provides Operational And Financial Update

Grieg Seafood ASA

21/10/2020 12:33

Oct 21 (Reuters) - Grieg Seafood ASA  GRIA.OL :
    * REG-GRIEG SEAFOOD ASA: OPERATIONAL AND FINANCIAL UPDATE
    * EBIT BEFORE FAIR VALUE ADJUSTMENT FOR Q3 2020 OF NOK -187
MILLION (154)
    * POSTPONING PARTS OF NEWFOUNDLAND PROJECT DUE TO MARKET
UNCERTAINTY AND LOWER VISIBILITY FOLLOWING COVID 19
    * EXPECT TOTAL HARVEST VOLUME OF 90,000 TONNES IN 2020.
    * HARVESTED 21,200 TONNES GWT IN Q3, IN LINE WITH GUIDING OF
21,400 TONNES
    * IN Q3 2019, TOTAL HARVEST WAS 21,000 TONNES
    * PRICES ACHIEVED IN FINNMARK AND ROGALAND WERE GOOD IN
QUARTER
    * MARKET PRICES IN QUARTER WERE DOWN COMPARED WITH Q3 2019
    * IN ADDITION, PRICES ACHIEVED IN SHETLAND WERE NEGATIVELY
IMPACTED BY ADVANCED HARVESTING AT SKYE RESULTING IN LOWER
HARVEST WEIGHT
    * PRICES ACHIEVED IN SHETLAND WERE NEGATIVELY IMPACTED BY
ADVANCED
HARVESTING AT SKYE RESULTING IN LOWER HARVEST WEIGHT
    * PRICES ACHIEVED IN FINNMARK AND ROGALAND WERE GOOD IN
QUARTER
    * DECIDED TO SLOW DOWN PACE OF INVESTMENTS
    * ESTIMATES THAT TOTAL INVESTMENT FOR RAS SMOLT FACILITY,
EXCLUDING COMPLETION OF POST-SMOLT A UNIT, WILL BE AROUND CAD 60
MILLION FOR YEARS 2020-2021
    * FARMING COST IN QUARTER IS NEGATIVELY IMPACTED BY LOW
HARVEST
WEIGHTS IN SKYE
    * CONSTRUCTION OF PLANNED POST-SMOLT A UNIT IN FIRST PHASE
IS
DEFERRED OUT IN TIME
    * RAS FACILITY CURRENTLY UNDER CONSTRUCTION IS DIMENSIONED
TO
SERVE ALL FUTURE POST-SMOLT MODULES
    * ESTIMATES THAT TOTAL INVESTMENT FOR RAS SMOLT FACILITY
WILL BE
AROUND CAD 60 MILLION FOR YEARS 2020-2021

Source text for Eikon:  ID:nGNE7mnKwT 
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