Lerøy Seafood Group ASA

BOARD OF DIRECTORS’ APPROVAL OF FINAL FINANCIAL STATEMENTS FOR 2019

At its meeting on 23 April 2020, the Board of Directors of Lerøy Seafood Group ASA approved the final financial statements for 2019.

The Board of Directors emphasises that uncertainty relating to assessment of future development is much greater than normal, as it is extremely difficult to estimate the extent and scope of the consequences of the ongoing corona pandemic. Based on the new risk incurred due to the pandemic, the Board of Directors’ expectation for the Group’s earnings in the current year differ from what was communicated in conjunction with the preliminary financial figures published on 25 February 2020.
The Board of Directors retains its guiding for projected earnings for Q1 2020. However, due to the increase in uncertainty, the Board currently expects Group earnings for 2020 in total to be lower than those achieved in 2019.

In the report of preliminary financial figures published on 25 February 2020, the Board of Directors proposed a dividend of NOK 2.30 per share to be distributed in 2020. The spread of the corona pandemic has reduced predictability in the global economy. On this basis, the Board of Directors has adjusted its proposal for allocation of the annual profit figure for 2019. 

The Board of Directors now proposes that the Annual General Meeting adopts a dividend payment of NOK 1.50 per share. The Board of Directors will also request authorisation from the Annual General Meeting to pay up to NOK 0.80 per share as dividend before the end of the present year. The dividend payment for financial year 2018 was NOK 2.00 per share.

The shareholders shall feel confident that the Board of Directors’ management of profit allocation is appropriate at all times and during this current and other periods of uncertainty. After careful consideration, the Board of Directors has weighed up the shareholders’ need for predictability, reallocation of capital and the need to take into account the increased level of risk currently dominating the global economy.

The Annual General Meeting is scheduled for Wednesday, 27 May 2020 in Bergen. The notice of the meeting, annual report and agenda with attachments will be published through Oslo Børs (Stock Exchange) and at www.leroyseafood.com. The notice of the meeting will also be sent by post or e-mail.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act