Grieg Seafood (GSF) reports a net profit of 155.76 million kroner in Q4 2015 against 207.18 million kroner in the same period last year.
Earnings per share 1 , 37 million, compared with 1.89 million at the same crossroads last year.
the result before tax was 166.78 million kroner, compared with 255.77 million the year before.
Operating profit was 204.37 million, compared with NOK 252.91 million the year before.
revenues amounted to 1189.31 million compared to 1047.75 million in Q4 2014.
the company writes in the message that the salmon market is strong and prices have increased during the quarter. The US market, however, has been weak this quarter, and that the UK market remains under pressure due to strong pound.
Fourth quarter results according to the message also characterized by very high costs in Shetland, due to high mortality and the unfavorable pound . In Norway, the small end rings in costs compared with the previous quarter.
“It is a goal that cost the GSF will be down on an industry average or lower. It also aims to increase production by 10% annually period 2017-2019, “writes Grieg Seafood.
the company points out that the need to streamline operations, which involves both increased production per plant and licensing, as well as reduced costs measured per kilo.
to achieve these goals the company set off on a series of measures:
* put out larger smolts which makes it possible to take down the production time in the sea. Also the number of smolts increased. * Green licenses being implemented in Finnmark during 2016. There is also a general focus on MTB utilization and increased production in the whole group.
* In BC it acquired oxygen equipment to reduce the negative effect of periods of low oxygen.
* It conducted a procurement project that will bring down the purchase cost by 10% (the lining is not included here).
* It is carried out organizational changes that will increase its focus on operations. All staff functions gathered in Bergen. All IT systems are standardized in the group. It employed an HR director responsible for developing the employees of the GSF.
Additionally, there should also be some actions in Shetland:
* The production cycle is changed from 24 to 18 months . One will, through this plan to exploit the good localities better. Less good locations will be added temporarily fallow, and manning at sea will be reduced.
* It also carried out a reduction in the number of employees at the plant in this region.
* Lumpfish implemented as a means against lice. Monitoring of algae will also be a focus area.
* Board has also decided to initiate a strategic review of its operations in Shetland.
Here is the report and the presentation.
See the presentation LIVE here at. 08.00
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