Grieg Seafood Asa Ord (GRGSF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone and welcome to the presentation of the fourth quarter of Greek Seafood and the whole year 2024. My name is Andreas Kwame and I am the head of the company in Greek Seafood. With me today is Magnus Johannesson, who came to Greek Seafood in September last year and took over as CFO earlier this month. You will get to know him through the presentation today. In the fourth quarter and through the following year, GRIG SIFU has faced biological and operational challenges. These challenges, in combination with ongoing investment obligations, have gradually led to us losing some of our financial flexibility. We know that the performance has not satisfied expectations, and therefore we present today a transformation program that we think will give us the best conditions for strengthening Grieg Seafood and equipping companies for sustainable and profitable growth in the future. We relocate resources to develop our strong Norwegian regions. We carry out necessary operational improvements and cost-effectiveness, and increase the level of ambition in this area. As previously commented, we have been in dialogue with investors for a possible sale of our operations in Canada. The negotiations have not progressed, and we have therefore chosen to terminate this norm. In the future, we will drive Canada with lower investments and resource use. This occurs in a situation with increased political and regulatory uncertainty in the country. In addition to reallocating our resources, we are planning a significant refinancing that will ensure financial liquidity and flexibility going forward. In today's presentation, we will first go through the quarter. I will stick to the main line, so that Magnus can use more time to go through our transformation program. Then I will round it...