Q4 results for 2021 published

The quarter showed strong operational performance and good cost development.


  • EBIT before production fee and fair value adjustment of NOK 265 million driven by high market prices and declining operational cost
  • Strong operational performance, with increased survival in all regions and good cost development
  • Completion of Shetland transaction and debt refinancing by NOK 3.2 bn sustainability-linked credit facility strengthens financial position to execute strategic priorities and deliver shareholder return
  • Commenced value added processing in Norway
  • Ranked 2nd by the Coller FAIRR Protein Producer Index of the world’s most-sustainable protein producers
  • Received Leadership (A) score by the CDP for our transparency and actions related to climate change
  • Expect harvest of 15 500 tonnes in Q1 2022 and 90 000 tonnes for the full year 2022

Financial results

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

The higher prices combined with a 17% increase in harvest volumes from Q4 2020 to Q4 2021 of 23 727 tonnes, generated sales revenues of NOK 1 513 million during the quarter, up 32% compared to Q4 2020. The Group’s operational EBIT for the quarter came to NOK 265 million compared to NOK -16 million in Q4 2020 and EBIT per kg ended at NOK 11.2 (NOK -0.8 in Q4 2020).

Farming operations delivered strong performance, with increased survival in all regions. Finnmark delivered on the expected cost improvements, primarily due to good biological conditions on the harvesting sites during the quarter. In addition, 100% of the net production in the region achieved status as ASC certified. In Rogaland biological conditions were satisfactory during the period, with good sea lice control, though price achievement was somewhat impacted by quality costs caused by PD on two sites. In British Columbia, price achievement was good, but this was partly offset by high costs due to harvest from sites with high mortality in earlier periods. 71% of the net production in BC is ASC certified, however all fish harvested in BC in 2022 will come from ASC certified sites.

In Newfoundland, the smolt is healthy and growing well, and focus during the quarter was preparing for seawater operations. This is going according to plan, and the first smolt release remains on schedule for spring / summer 2022.

In the fourth quarter, operations continued the positive improvement momentum seen coming out of the third quarter, with improving survival rates and a declining cost level. Development throughout the year has been largely as expected, with costs in Norway gradually declining towards NOK 40 per kg. In BC, costs have been too high, but successful mitigating efforts have reduced impact from harmful algae blooms compared to earlier years, and we expect positive results from these initiatives going forward.

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


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


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

The Covid-19 pandemic has impacted the salmon market the last two years, with a shift in demand from HoReCa to the retail segment. Going into 2022, salmon demand is still impacted by the pandemic and partly characterized by volumes channelled from the HoReCa to retail. However, with global progress on vaccination against Covid-19 and reopening of countries and the HoReCa segment, the global salmon markets are expected to normalize. Temporary lockdowns might be experienced, but we believe the higher retail consumption seen during the pandemic will remain, adding to overall demand as the HoReCa segment recovers to pre-pandemic levels. With no supply growth in 2022, combined with outlook for continuing strong demand, we believe in increased market prices going forward.

Estimated contract share for the Norwegian operations in Q1 2022 is 16%, and 17% for the full year 2022.

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

  • Rogaland: 8 000 tonnes
  • Finnmark: 5 000 tonnes
  • BC: 2 500 tonnes

For more information, read the Q4 2021 report or watch the webcast here.