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BRIEF-Grieg Seafood Q4 EBIT in line with forecasts, plans NOK 3 dividend
February 16, 2017 / 5:09 AM / 10 months ago

BRIEF-Grieg Seafood Q4 EBIT in line with forecasts, plans NOK 3 dividend

Feb 16 (Reuters) - Grieg Seafood Asa

* Grieg seafood q4 ebit before adjustment nok 456 million (Reuters poll nok 450 million)

* Grieg seafood plans dividend of nok 3 per share

* Grieg seafood q4 revenue nok 2,069 million (Reuters poll nok 2.0 billion)

* Grieg seafood 2017 harvest guidance 70,000 tonnes versus 70,000 tonnes seen in January (Reuters poll 69,600 tonnes)

* Harvest forecast for 2017 was cut in January by 3,000 tonnes due to an outbreak of ISA in Finnmark

* Harvest volume in q1 2017 is likely to be 8,400 tons

* A stated goal is to reduce cost level to industry average, or lower. Company will also be aiming to increase production by 10% annually in period 2018-2020

* In a global perspective, there are expectations of limited supply-side growth in salmon market. There is strong underlying demand for salmon and good prices are therefore expected in 2017

* All employees will receive an extra bonus on top of existing bonus agreements. This cost is included in q4 figures

* Salmon sold on fixed price contracts stood at 32% in q4 2016, and this was a factor which reduced level of realised prices. This proportion is expected to be around 60% in q1 2017

* Increase in proportion of fixed price contracts must be considered in light of a low harvest volume in q1 Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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