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Grieg Seafood ASA: Q1 2020 results – Efficient production maintained, earnings impacted by biological challenges in Finnmark

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HighlightsHarvest volume of 18 360, above guiding and up 24% from Q1 2019 (14 800)EBIT before fair value adjustment of NOK 240 million (NOK 267 million)EBIT/kg NOK 13.09 (NOK 18.07), with a positive EBIT in each regionPrice achievement impacted by harvesting towards the end of the quarter with low market priceGood production and low cost in Rogaland, but margin impacted by environmental challengesMargin in Finnmark negatively impacted by winter ulcers and one site affected by ISAPositive cost developments in British Columbia and ShetlandReceived ASC certification of five sites in Finnmark and three sites in BCAcquisition of Grieg Newfoundland AS, with long-term annual harvest potential of 30-45 000 tonnesExpected harvest of 24 900 tonnes in Q2 2020, maintaining guidance for 100 000 tonnes in 2020Covid-19
The market situation in Q1 2020 has been impacted by the Covid-19 pandemic. Nevertheless, despite the challenging circumstances, there is a high market demand for salmon and Grieg Seafood’s diversified geographical presence provides some flexibility and reduces logistical challenges. Grieg Seafood has been able to maintain efficient operations throughout the first quarter and the impact on the first quarter results has been limited.Q1 2020 financial results
The Grieg Seafood Group harvested 18 362 tonnes GWT in Q1 2020, up 24% compared to 14 801 tonnes in Q1 2019.Average spot salmon price for Q1 2020 was up compared to both Q1 2019 and Q4 2019, but our price achievement was affected by harvesting towards the end of the quarter when prices were decreasing. Grieg Seafood’s revenues in Q1 2020 amounted to NOK 2 055 million, an increase of 25% compared to Q1 2019. The revenue increase is driven by higher harvest volume as well as the currency effect of a weak NOK.Farming cost during the period (total cost related to fish harvested this quarter) was somewhat up compared to the same quarter last year, partly driven by the currency effect.The Group’s EBIT before fair value adjustment of biological assets was NOK 240 million (NOK 267) during the quarter, corresponding to an EBIT per kg of NOK 13.09 (18.07). EBIT from the four regions includes value creation from the respective sales activities of the Group’s jointly owned sales company, Ocean Quality.Fair value adjustments of NOK -779 million (NOK 51 million) was mainly due to lower forward and spot salmon prices compared to Q4 2019. In Finnmark the price is also impacted by downgrading due to winter ulcers. The EBIT after fair value adjustment of biological assets was NOK -538 million (NOK 319 million).Commenting on the Group’s performance, CEO Andreas Kvame, said:“The first quarter of 2020 took a dramatic turn when the Covid-19 pandemic hit. Our top priority in this situation is the safety and wellbeing of our employees, their families and the local communities where we operate.Safeguarding people, operations and partnerships are key priorities going forward, as well as protecting the financial solidity and flexibility of the Group. We also will continue to execute on our ambitions. We hold on to our target of 100 000 tonnes harvest in 2020. By 2025, we aim to harvest at least 150 000 tonnes of Atlantic salmon, to achieve cost leadership and to reposition Grieg Seafood in the value chain. In the first quarter, we took an exciting first step on this growth journey by acquiring Grieg Newfoundland AS.Lastly, but most importantly, despite the extraordinary situation, we do not yield in our commitment to sustainable and responsible farming. Sustainability is our license to operate and remains at the heart of our strategy and all our activities”Strategic priorities
Improving sustainability is key to increasing our profits. By focusing on reducing our environmental impact and improving fish welfare, we aim to increase harvest rates and reduce production cost. For 2020, our goal is to reach an annual harvest volume of 100 000 tonnes in 2020 with cost at or below industry average, building a platform for sustainable growth beyond 2020.Post-smolt improves biosecurity and survival rates and allows for a more efficient farming cycle. Increased growth on-shore also frees up sea water capacity. Digitalization in salmon farming includes applying advanced sensors, big data, artificial intelligence and automation, with the aim of generating better farming decisions.With a strict focus on biosecurity and fish welfare, Grieg Seafood aims to achieve strong biological performance through the implementation of a broad range of technological and operational initiatives, including large smolt, GSF Precision Farming and other preventive operational measures aimed at combating sea lice and algae. The group targets an average survival rate in seawater above 93%.GSF 2025
Going forward, Grieg Seafood will build on our existing platform for continued sustainable growth and cost improvements. With an ambition for global growth, we aim to strengthen our market position, while driving increased value creation as a global supplier of sustainably farmed salmon.The strategy for 2020-2025 comprises three key strategic objectives for continued growth and business development: Global growth, cost leadership and value chain repositioning. Furthermore, increasingly sustainable farming practices is the very foundation of all areas of the strategy.In February 2020, Grieg Seafood announced the acquisition of Grieg Newfoundland AS, a project with long-term harvest potential of 30-45 000 tonnes Atlantic salmon. This step of our growth journey includes exclusivity for salmon farming in Placentia Bay, which has a farmable area larger than the Faroe Islands. With proximity to the East Coast of the US, the acquisition reinforces our US market exposure and underpins the 2025 strategy to strengthen our position as a global leader in sustainable salmon farming. First harvest in the region is expected in 2022/23, and the region is expected to contribute with at least 15 000 tonnes of annual harvest by 2025.Outlook
The Group’s total share of fixed price contracts in Q1 2020 was 22% both in Norway and the UK. This is in the lower range of the Group’s target of 20-50% contract share. Currently, the estimated contract shares for the full year 2020 is 20% in Norway and 9% in the UK.In 2019, a total of 25.2 million smolt with an average weight of 190 grams, was stocked to sea. Our seawater production is good, and despite abnormal mortality during the quarter, we are on track to reach our harvest target of 100 000 tonnes in 2020. Expected harvest volume for Q2 2020 is 24 900 tonnes, comprised of:Rogaland: 4 000 tonnesFinnmark: 7 000 tonnesShetland: 3 900 tonnesBC: 10 000 tonnesResults presentation
CEO Andreas Kvame and CFO Atle Harald Sandtorv will present the results by webcast the same day at 08:00 CEST.The presentation and subsequent Q&A will be held in English and can be followed at www.griegseafood.com or at https://channel.royalcast.com/webcast/hegnarmedia/20200507_3/For further enquiries, please contact:
Andreas Kvame, CEO
Cell phone: +47 907 71 441
Atle Harald Sandtorv, CFO
Cell phone +47 908 45 252
About Grieg SeafoodGrieg Seafood ASA is one of the world’s leading salmon farmers, targeting 100 000 tonnes of harvest (GWT) in 2020. Our farms are in Finnmark and Rogaland in Norway, British Columbia and Newfoundland in Canada and Shetland in the UK. Our headquarter is located in Bergen, Norway. Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007. More than 800 people are employed by the company globally.Sustainable farming practices are the foundation of Grieg Seafood’s operations. The lowest possible environmental impact and the best possible fish welfare drive economic profitability. Towards 2025, we aim to harvest 150 000 tonnes, to achieve cost leadership in each region and to evolve from a pure salmon supplier to an innovation partner for selected customers. To learn more, please visit www.griegseafood.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.AttachmentsGSF Q1 2020 ReportGSF Q1 2020 Presentation

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Artificial Intelligence

ZTE highlights building solid foundations with full-stack intelligent computing solution at MWC Shanghai 2024

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SHANGHAI, June 26, 2024 /PRNewswire/ — ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of integrated information and communication technology solutions, will present innovative solutions and success cases in connectivity, computing power, industrial digitalization, and terminal devices at MWC Shanghai 2024, committed to building solid foundations with its full-stack and full-scenario intelligent computing solution.

In addition to exhibitions, ZTE will participate in various forums, sharing insights on trending topics, including AI, 5G, digitalization, etc. Meanwhile, the company will be hosting a series of launch events, showcasing its AI-powered eyewear-free 3D products and the Nebula Telecom Large Model.
Adhering to its “connectivity + computing” strategy, ZTE aims to create a dynamic ecosystem with industry partners, emphasizing openness and decoupling. Through continuous innovation, ZTE seeks to unfold an intelligent future.
Computing Power: Full-Stack Intelligent Computing as Efficient Foundation
ZTE provides a full-stack and full-scenario intelligent computing solution involving computing power, networks, capabilities, intelligence, and applications. With a full series of servers, high-performance storage products, lossless networks, and green data centers, ZTE has created a robust engine for diverse intelligent computing centers.
Connectivity: A New Era of 10Gbps Experience
Together with industry partners, ZTE continues to explore innovations in 5G-A technologies across different scenarios and industries, and empowers diversified new B2B and B2C services based on 10Gbps+ experience. Meanwhile, ZTE is also leading in global OTN technologies, and actively driving the evolution of all-optical connectivity, building 10Gbps networks for cities, and empowering smart life based on intelligent computing.
Industry: Phygital Convergence for Innovative Development
ZTE proposes the solution of “intelligent computing infrastructure + Digital Nebula,” facilitating phygital innovation and boost productivity in the intelligent era. ZTE has developed hundreds of exemplary projects in key sectors and ZTE Digital Nebula 3.0 has become the “super brain” of industrial digitalization, enabling customers and industry partners to foster a sustainable and intelligent ecosystem.
ZTE Mobile Devices: AI Full-Scenario Intelligent Ecosystem 3.0
With “AI for All” product strategy, ZTE has launched a full range of AI devices, including smartphones, tablets, laptops, PCs, and mobile internet products, dedicated to building AI Full-Scenario Intelligent Ecosystem 3.0. Emerging as a pioneer in cloud PCs, ZTE possesses a global user base of over 3 million.
For more information about ZTE’s highlights at MWC Shanghai 2024, please visit: https://www.zte.com.cn/global/about/news/zte-highlights-building-solid-foundations-with-full-stack-intelligent-computing-solution-at-mwc-shanghai-2024.html
MEDIA INQUIRIES:
Email: [email protected]

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Comviva named a Visionary in the 2024 Gartner® Magic Quadrant™ for AI in CSP Customer and Business Operations Report

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NEW DELHI, June 26, 2024 /PRNewswire/ — Comviva, the global leader in customer experience and data monetization solutions, today announced that it has been named a Visionary in the 2024 Gartner Magic Quadrant for AI in CSPs Customer and Business Operations report.

Gartner defines the market of AI in communications service provider (CSP) customer and business operations as commercial off-the-shelf (COTS) products. They are either capabilities embedded in CSP-specific operational technology (OT) applications (such as channels, CRM and other business support system [BSS] applications) or industry-agnostic horizontal applications delivering AI/machine learning (ML)-based customer and business operations to CSPs. CSP customer and business operations refer to marketing, sales, customer acquisition, customer journey, billing and revenue management, revenue assurance, and related risk management. The scope of AI products covers data readiness, life cycle management of algorithms and their application to CSP customer and business operations.
Comviva’s vision is to revolutionize the telecommunications industry by harnessing the transformative power of AI and Generative AI. With AI use cases across its MobiLytix™ and BlueMarble solutions, Comviva is enabling businesses to create, manage, and deliver real-time personalization, contextualized customer experiences, and intelligence-driven commerce at scale. Comviva has been noted for its strength in content creation, natural language generation, decision intelligence and machine learning.
“To thrive in today’s digital economy, businesses must accelerate the adoption of AI and related digital technologies. Comviva’s greatest strength has been our intelligent platforms that deliver personalized experiences and engagement across the customer journey,” said Rajesh Chandiramani, CEO at Comviva. “We are excited by this recognition as we believe that this affirms our strategic direction and leadership in revolutionizing telecommunications with AI. Comviva’s strong position in the quadrant validates our commitment and progress toward leveraging next-gen technologies in our solutions to deliver exceptional customer experiences.”
Comviva integrates state-of-the-art AI technologies across its comprehensive product portfolio, driving innovation, enhancing customer experiences, and optimizing business operations for Communications Service Providers (CSPs) around the world.
Source: Gartner Magic Quadrant for AI in CSP Customer and Business Operations, by Pulkit Pandey, Amresh Nandan, Peter Liu, 4 June 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.
Contact
Sundeep Mehta, +91()9910030732, [email protected] 
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Jacobi releases Model Portfolio Tech to help investment firms capitalise on booming opportunity

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The search for technology to support model portfolio management and portfolio construction services is increasing as companies look to centralise and scale their model portfolio management and compete in a rapidly growing market.
LONDON, June 26, 2024 /PRNewswire/ — The utilisation of model portfolios among financial advisers has emerged as a transformative force, with staggering growth in model portfolios projected to continue over the next decade. And with good reason, they offer an efficient method for diversification, risk management, and portfolio construction, with personalisation features to match the unique financial goals and risk tolerances of clients.

Financial advisers are also increasingly turning to asset managers for assistance in managing the model portfolios they build and maintain for clients. Jacobi’s model management technology enables asset managers to scale the portfolio construction services they offer financial professionals. The technology enables a platform that can centralise performance and risk analytics, integrate investment workflows, and produce professional reports to share with clients.
An early adopter of Jacobi’s model technology, leading asset manager T. Rowe Price has seen improved process efficiencies and enhanced engagement with clients.
Chris Augelli, Head of Advisor Engagement & Portfolio Construction Solutions at T. Rowe Price, says:
“Jacobi’s technology has enabled us to work faster and handle the increasing demand for our portfolio construction services. Having the team on one common platform through Jacobi has facilitated collaboration in real-time, which has supported our effectiveness in meeting clients’ needs.”
Tanya Bartolini, Chief Revenue Officer at Jacobi, says:
“Our technology helps us partner with asset managers such as T.Rowe Price to scale and connect workflows, driving enormous efficiencies – and ultimately increasing their market distribution.”
About Jacobi
Jacobi Inc. is a global investment technology provider that streamlines multi-asset investment processes and enables portfolio design, analysis, and client engagement. Its unique “open architecture” platform allows users to tailor the platform by integrating their own code, models, data, analytics, and applications.
Founded in 2014, Jacobi provides its technology to top-tier investors across the globe, including some of the world’s leading asset and wealth managers, pension funds, asset owners, and investment consultants. 
About T.Rowe Price 
Founded in 1937, T. Rowe Price helps people around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Investors rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investments. T. Rowe Price manages $1.54 trillion in client assets as of May 31, 2024, and it serves millions of clients globally.
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