Significant Reduction in Water and Energy Use

Despite challenging ice conditions and a reduced prawn quota, Royal Greenland managed to meet its projected H1 2014/2015 results, recording a profit of DKK 85 million kroner. The company reported a pre-tax profit of DKK 85 million and a post-tax interim net profit of DKK 50 million. As a result of these positive figures, Royal Greenland's equity ratio continues to climb, currently standing at 37 percent. The company's equity capital amounts to DKK 1.2 billion. The interest-bearing debt, which is fully managed, has remained at the level of the previous year, and is therefore still less than DKK 1 billion. The profit increase of DKK 26 million compared to the previous year was propelled by Royal Greenland's main operations, cold-water prawns and Greenland halibut. This improvement was accomplished despite significant operational hurdles such as reduced prawn quotas and a severe winter, which led to occasional factory shutdowns and inefficient trawler fishing. The growth is primarily due to higher sales prices, as the sold tonnage only increased by just under 3 percent. The limited availability of prawns, in particular, has allowed for significantly higher prices at the sales level. Profits from Greenland halibut have increased, partly due to the acquisition of Upernavik Seafood A/S on 1 October 2014. The main benefits of the acquisition will only become evident in H2, when the ice breakup allows fishing to resume. Flatfish production in Koszalin, Poland, continues to expand and positively contributes to the group's earnings. The interim does not typically include sales of frozen-at-sea cod and haddock from the Barents Sea, as the trawler Sisimiut has been undergoing a major shipyard stay. Sisimiut resumed fishing in April, and is expected to generate its income in the second half of 2014/2015. Royal Greenland anticipates slightly higher profits for the year compared to 2013/2014, despite the ice situation along the west coast of Greenland severely impacting the results for April and May. The company expects to make up for the lost income once the ice has cleared. Find key figures and annual reports here Share LinkedIn Pinterest Facebook Send By Email