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Annual Report of Grieg Seafood Aquaculture

GENERAL - Grieg Seafood recently released its annual report for 2008, citing increased turnover of 45 per cent.

Grieg Seafood ASA is one of the world’s largest fish farming companies, specialising on salmon and trout.

The total annual production capacity is approximately 80,000 tons gutted weight. The Group is today present in Norway, British Columbia (Canada) and in Shetland (UK), employing 445 people.

The production in Norway is located in two regions respectively Finnmark and Rogaland.

In Canada the Company is located in British Columbia around the Vancouver Island. Grieg Seafood Hjaltland is located on the Shetland Islands, in the UK. All regions are of approximately similar size, with a production capacity in the range 16- 24,000 tonnes each. Total production in 2008 was a total of 60 000 tonnes gutted weight.

About 2008

  • Turnover increased with 45% to 1 477 MNOK
  • Harvest volumes increased from 37 996 gwe in 2007, to 51 731 tons gwe in 2008
  • EBIT before IFRS adjustment of biomass value at -172,8 MNOK, with a strong negative influence from write-downs and one off items.
  • Financing of the company’s business plan for 2009/10 secured with additional 236 MNOK
  • Acquisition of 10 licences in the Shetlands (UK) and a new licence awarded in the Canada with a yearly production capacity of about 8000 tons gwe
  • The disease situation in Rogaland improved during the year, even if financial results were strongly affected by earlier disease outbreaks (2007 and half of 2008)

Grieg Seafood keeps constant focus on three key guidelines :

  • Profitable growth - at all time keeping an uncompromising focus on low production cost and striving to achieve above market prices based on optimal location of farms relative to markets, since short traveled products provides improved quality and shelf life.
  • Sustainable use of nature - we have a responsibility to protect our ntural environment, and produce in such a manner that both the wellbeing of the fish and the environment on the sites is taken care of.
  • Satisfy our customers by deliveries on time with expected quality and hence give good value for money.

Grieg Cod Farming

Grieg Cod Farming consists of Grieg Cod Farming AS and Grieg Cod Juveniles AS. Grieg Cod Farming produces cod in the two Norwegian regions Rogaland and Møre og Romsdal.

Grieg Cod Juveniles is a land based facility that produces 2-10 gram cod juveniles, located at Nedstrand in Rogaland. Farmed cod has been well received in the market. Many gourmet chefs are full of praise for this farmed version of an established fish breed. In addition to a properly documented production and safeguarded freshness, thick and firm fillets are the valued standard which distinguishes farmed cod from cod caught in the wild. Another advantage of farmed cod is the possibility of continual supply in predictable amounts and sizes.

The basis for Grieg Cod Farming AS (GCF) is the Norwegian coastline with its clear water and protected localities, together with our knowledge of fish and fish farming and the proximity to large markets.

the Fish Site Editor

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