February 14, 2017 / 6:02 AM / 5 months ago

UPDATE 1-Norway Royal Salmon Q4 misses forecast, dividend far ahead

2 Min Read

(adds detail on earnings, prices)

Feb 14 (Reuters) - Norway Royal Salmon Asa

* Q4 operational ebit NOK 101 million (Reuters poll NOK 112 million)

* Q4 revenues NOK 1.18 billion (Reuters poll NOK 1.19 billion)

* Q4 operational EBITDA NOK 117 million (Reuters poll NOK 128 million)

* proposes NOK 9.50 per share in dividend for 2016 (Reuters poll NOK 6.51), amounting to 60 pct of earnings per share pre-fair value adjustment and unrealised gain on TRS shares, in line with target of paying at least 60 pct of profit as dividend

* expects 2017 harvest volume of 34,000 tonnes (versus previous guidance 34,000 tonnes)

* Q4 gain on financial assets NOK 155 mln

* The farming operations has hedged prices for 8,112 tonnes for 2017 to a nasdaq-equivalent price of above nok 69.00 per kg

* Norway royal salmon expects global decline in volume to continue through q1 of 2017. In the first quarter a reduction between 7 and 11 per cent is expected globally. In the next 3 quarters a global growth between 4 and 8 percent is expected

* For 2017 we expect an increase in supply to global market of 1 to 3 per cent. This provides basis for a positive market outlook for 2017

* Harvested volume for the quarter was 4 692 tonnes, because of better than expected production, this was 192 tonnes more than estimated at the end of the last quarter

* Salmon prices in NOK and EUR at the highest level last 20 years in the fourth quarter

* says Asia markets and the sushi segment managed the increased prices well; supermarkets and value added industry focusing on packaging prices and portions Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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