Grieg Seafood ASA : Grieg Seafood ASA : Q4 2012 update. Will take write downs of NOK 88m in Q4 2012 The write down in Grieg Seafood Hjaltland (UK) amounts to NOK 45m. Grieg Seafood Hjaltland has experienced extraordinary mortalities in connection with required lice treatments in one production area, where the fish stock suffered from Amoebic Gill Disease (AGD). As a consequence of this, the harvest volume in 2012 is also reduced with appr. 2400 tonnes compared to the previous guiding. At progressive levels of AGD, the fish is compromised and less robust to tolerate the stress of a lice treatment. Extensive measures are implemented to handle the AGD situation in Scotland in general, as well as in Grieg Seafood Hjaltland. Grieg Seafood Hjaltland has suffered from sea lice challenges in 2012. Measures are implemented to establish and implement a new strategy to combat the sea lice challenge in Grieg Seafood Hjaltland, which also involves resources from other parts of the Grieg Seafood Group. The write down in Grieg Seafood BC amounts to NOK 43m. The write down is caused by a furunculosis outbreak at the hatchery which has led to a cull of most of the standing biomass at the hatchery in a measure to combat the disease outbreak. As a consequence of the furunculosis outbreak, the harvest volume in 2014 will very likely be somewhat lower than in 2013. Cost adaptations will be implemented in BC to reflect the lower production volumes. Prices in the US market were low in Q4 2012, but strengthened at the start of 2013. The total Q4 2012 harvest volume in Grieg Seafood ASA was just above 20,000 tonnes. This is somewhat below previous guiding due to the mortality in Shetland. The development in Norway has been as expected, both financially and biologically. The result in Grieg Seafood Rogaland will be just below 2 NOK per kg in Q4 2012, while the result in Grieg Seafood Finnmark is negative with just above 2 NOK per kg in the quarter. Grieg Seafood Finnmark's result in Q4 2012 is negatively influenced by harvest of trout which has a somewhat higher cost level. Grieg Seafood will report the Q4 2012 result on 14 February 2013 at 6.00 a.m. CET. A presentation will be held at Shippingklubben, Oslo at 8.00 a.m. CET. Contact persons: oMorten Vike, CEO, Tel +47 994911 65 oAtle Harald Sandtorv, CFO, Tel +47 908 45252 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Grieg Seafood ASA via Thomson Reuters ONE HUG#1671047
Grieg Seafood ASA : Grieg Seafood ASA : Q4 2012 update. Will take write downs of NOK 88m in Q4 2012
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