Grieg Seafood ASA: results for the 4th quarter of 2021


Strong points

  • EBIT before production costs and fair value adjustment of NOK 265 million due to high market prices and lower operating costs
  • Solid operational performance, with increased survival in all regions and good cost evolution
  • Completion of Shetland transaction and refinancing of debt through NOK 3.2 billion sustainability linked credit facility strengthens financial position to execute strategic priorities and deliver shareholder return
  • Start of value-added processing in Norway
  • Ranked 2n/a by Coller FAIRR Protein Producer Index of the world’s most sustainable protein producers
  • Received a Leadership (A) rating from CDP for our transparency and actions related to climate change
  • Forecast a harvest of 15,500 tonnes in the first quarter of 2022 and 90,000 tonnes for the whole of 2022

Financial results

The average salmon spot price (Nasdaq Salmon Index) for Q4 2021 was NOK 59.7 per kg, up NOK 16.5 per kg from Q4 2020 and NOK 5.2 per kg from Q4 2021. Q3 2021. This increase is due to moderate supply growth combined with strong demand from supermarkets and the recovery of the HoReCa segment.

Higher prices combined with a 17% increase in harvest volumes from Q4 2020 to Q4 2021 of 23,727 tonnes, generated sales of NOK 1,513 million in the quarter, up 32% from compared to Q4 2020. Group operating EBIT for the quarter was NOK 265 million compared to -NOK -16 million in Q4 2020 and EBIT per kg ended at NOK 11.2 (-0 .8 NOK in Q4 2020).

Farms performed strongly, with an increased survival rate in all regions. Finnmark achieved expected cost improvements, mainly due to good organic conditions at harvest sites during the quarter. Additionally, 100% of the region’s net generation has achieved ASC certified status. In Rogaland, organic conditions were satisfactory during the period, with good sea lice control, although price realization was somewhat affected by quality costs caused by PD at two sites. In British Columbia, price realization was good, but this was partly offset by high costs due to harvesting in high mortality sites in earlier periods. 71% of net production in BC is ASC certified, but all fish harvested in BC in 2022 will come from ASC certified sites.

In Newfoundland, the smolt is healthy and developing well, and the focus during the quarter was on preparing for saltwater operations. This is going according to plan and the first release of smolts remains scheduled. for spring/summer 2022.

In the fourth quarter, operations continued the positive improvement momentum seen in the third quarter, with improved survival rates and lower cost levels. Development throughout the year was largely in line with expectations, with costs in Norway gradually decreasing towards NOK 40 per kg. In British Columbia, costs have been too high, but successful mitigation efforts have reduced the impact of harmful algal blooms compared to previous years, and we expect positive results from these initiatives in the future. ‘to come up.

After the end of the year, we signed a debt refinancing agreement, which, combined with the completion of the Shetland transaction, guarantees the long-term financing of ongoing operations and the flexibility necessary to execute our strategic priorities, while maintaining a solid capital structure. We are excited for 2022 and beyond,” says CEO Andreas Kvame in Grieg Seafood.


On 9 February 2022, Grieg Seafood announced the signing of a five-year NOK 3.2 billion agreement with DNB Bank ASA and Nordea Bank, refinancing the company’s existing banking facilities. The agreement includes a term loan of NOK 750 million, a term loan of EUR 75 million, a revolving credit facility of NOK 1,500 million. In addition, Grieg Seafood has access to an overdraft facility of NOK 200 million. The new debt structure will reduce financial costs and provide a more flexible covenant structure.


The global Atlantic salmon harvest in 2022 is expected to remain at a similar level to that of 2021, according to Kontali.

The Covid-19 pandemic has impacted the salmon market over the past two years, with demand shifting from the HoReCa to the retail segment. As 2022 approaches, demand for salmon is still impacted by the pandemic and partly characterized by volumes channeled from HoReCa to retail. However, with global progress in vaccination against Covid-19 and the reopening of countries and the HoReCa segment, global salmon markets are expected to normalize. Temporary closures may be experienced, but we believe the higher retail consumption seen during the pandemic will continue, adding to overall demand as the HoReCa segment recovers to pre-pandemic levels. With no supply growth in 2022, combined with continued strong demand prospects, we believe market prices will increase going forward.

The estimated contract share for the Norwegian operations in the first quarter of 2022 is 16% and 17% for the full year 2022.

In the first quarter of 2022, the expected harvest volume is 15,500 tonnes, broken down as follows:

  • Rogaland: 8,000 tons
  • Finland: 5,000 tonnes
  • BC: 2,500 tons

Presentation of the results

CEO Andreas Kvame and Atle Chief Financial Officer Harald Sandtorv will present the results via webcast today at 8:00 a.m. CET.

The presentation can be accessed at or via the following link:

Presentations and subsequent Q&As will be held in Norwegian. An English transcript of the presentations will be available at

For more information, please contact:

Andreas Kvame, CEO
Mobile phone: +47 907 71 441

Atle Harald Sandtorv, Chief Financial Officer
Mobile phone +47 908 45 252

About Grieg Seafood

Grieg Seafood ASA is one of the world’s leading salmon farmers. Our farms are located in Finnmark and Rogaland in Norway, British Columbia and Newfoundland in Canada. Our head office is located in Bergen, Norway. Grieg Seafood ASA was listed on the Oslo Stock Exchange in June 2007. More than 750 people work in the company in all our regions.

Sustainable farming practices are the foundation of Grieg Seafood’s business. The lowest possible environmental impact and the best possible fish welfare are both an ethical responsibility and a driver of economic profitability. Towards 2025, we aim for global growth, cost reductions and to evolve from a pure salmon supplier to an innovation partner for selected customers.

For more information, visit

This information is subject to the disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Act.

  • Quarterly presentation GSF Q4 2021

  • GSF quarterly report Q4 2021


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