Welcome to 2014 Some months have passed since the end of the 2012/2013 financial year, but the results of our efforts were announced just a short time before the printing of this issue of Navigatio. Although you may have seen the news about the annual results on the intranet, on the website, or in the media, I would like to review the highlights: For the third year in a row, sales grew in 2012/2013 – this year by 7 percent. Our main Greenlandic products are being sold at very reasonable prices. On the other hand, we have lost money in the areas of cod and smoked products due to poor development in raw material prices and sales prices. Overall, we and our board consider the profit after tax of DKK 100m satisfactory, not least because in 2012/2013 we contributed DKK 54m in various fishing taxes to the Greenlandic society, or DKK 27m more than the year before. Given our recent history, it is good to see that Royal Greenland now has a solid foundation and can even withstand very poor results in two business areas yet turn a profit of DKK 100m after tax. However, we cannot ignore the fact that the total profit is not as strong as in the previous year. This reflects the need to remain alert to Mikael Thinghuus, CEO market developments at all times – and to react quickly and decisively when the world changes. In this issue of Navigatio, you can read about our plans for addressing the very low cod prices on the global market. This is a good example of how we do not simply respond by saying, “well, that’s a shame, the prices fell”. Instead, we take active measures in fishing, production, category management and sales to maximise the value of our fish – regardless of global market price trends. The global markets for food are volatile. This means that the prices of foods, including fish, rise and fall relatively quickly and relatively sharply. As a result, we must also be able to act relatively quickly and resolutely. In previous issues of Navigatio, I have made it a point to talk about the great advantages of being a large company with control of the entire supply chain from fish to consumer. But in terms of the ability to make and execute decisions quickly, small companies sometimes have an advantage. 2 NAVIGATIONO.39•2014
Download PDF file
Build your own flipbook