United Kingdom
Investor relation
Financial calendar

Read more about Investor Relations, corporate governance, and company management here.

For questions concerning Investor Relations, please contact NRS’ Chief Financial Officer directly:

Ola Loe, CFO
Direct line:       +47 7392 4310
Mobile:               +47 9117 9411

Contact data for analysts who regularly follow NRS.

About stockinformation:
Ticker: NRS
ISIN: NO0010331838
Org nr.: 864 234 232 NO
Number of shares: 43 572 191  à nominal NOK1,- per share


ABG Sundal Collier
Vidar Kristoffer Strat
Phone: +47 22 01 61 60

Lage Bøhren

Phone: +47 22 00 93 57

Danske Bank Markets
Knut Ivar Bakken
Phone: +47 85 40 70 74

DNB Markets
Alexander Aukner
Phone: +47 24 16 90 79

Knut Erik Løvstad
Phone: +47 23 11 30 40

Handelsbanken Capital Markets
Ketil Lye
Phone: +47 22 39 72 99

Bent Rølland
Phone: +47 22 82 71 26

Kolbjørn Giskeødegård
Phone: +47 22 48 79 83

Norne Securities
Karl Johan Molner
Phone: +47 974 76 064

Carl-Emil Kjølå
s Johannessen
Phone: +47 24 13 39 41

SpareBank 1 Markets
Tore A. Tønseth
Phone: +47 24 14 74 18

Phone: +47 23 23 80 00

Financial calendar 2018/2019 for Norway Royal Salmon ASA:

06.11.2018  Presentation Q3 2018
12.02.2019  Presentation of preliminary annual results 2018
30.04.2019  Annual Report 2018
21.05.2019  Presentation Q1 2019
06.06.2019  Annual General Meeting 2019
27.08.2019  Presentation Q2 2019
12.11.2019  Presentation Q3 2019

Please note that the financial calendar may be subject to change.

This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)

General Assembly

Largest shareholders

%     SHAREHOLDER OF 15.03.2018
15.56%Gåsø Næringsutvikling AS
12.09%Glastad Capital AS
11.87%Måsøval Eiendom AS
10.87%Egil Kristoffersen og Sønner AS
9.46%Havbruksinsvest AS
3.93%DnB Markets DnB Nor Markets
3.76%Hellesund Fiskeoppdrett AS
2.83%Sparebank 1 Markets Market-Making
2.45%Nyhamn AS
2.44%Lovundlaks AS



1,37%State Street Bank an A/C Client Omnibus
0.78%Svenska Handelsbanken 
0.64%Henden Fiskeindustri
0.63%JPMorgan Chase Bank A/C Vanguard BBH
0.62%BNP Paribas Securiti BPSS PAR/KEMPEN
0.59%Måsøval Fishfarm AS
0.48%MP Pensjon PK
0.48%Eika Norge
0.47%State Street Bank an A/C Exempt Lux Regi
 0.43%Loe Ola 

Articles of Association

Articles of Association, as worded after amendment adopted in the general meeting of 31. May 2018

Articles of Association

Shareholder Services

Registrar of Norway Royal Salmon ASA ( 864 234 232 NO)
is Sparebank1 SMN – Trondheim.

The shares are registered in:
Norwegian Central Securities Depository (VPS) with ISIN NO0010331838.
Oslo Stock Exhange (OSE)  – ticker NRS.

Total number of shares issued is 43.572.191 shares with a par value NOK 1,-.
The assessed value as of 31.12.2014 is NOK 65,38 per share.
Dividend paid in 2013 was NOK 2,20 per share.

Releases for Oslo Stock Exchange and Press releases

Norway Royal Salmon ASA’s announcements to the Oslo Stock Exchange can be found at

Below are links to:

All stock exchange announcements from Norway Royal Salmon ASA
Link to Oslo Stock Exchange newsweb

Mandatory Notifications from Norway Royal Salmon ASA
Link to Oslo Stock Exchange newsweb

Disclosures of large shareholdings in Salmon ASA
Link to Oslo Stock Exchange newsweb

  • Mandatory notification of trade - extended TRS agreement
  • Q3 18 – Operational EBIT of MNOK 35
  • Invitation to presentation of Q3 2018
  • Invitation to presentation of Q4 2017

Mandatory notification of trade - extended TRS agreement

Chair of the Board of Directors in Norway Royal Salmon ASA (“NRS”), Helge Gåsø, has today through Gåsø Næringsutvikling AS extended a TRS (Total Return Swap) agreement with exposure to 250,000 shares in NRS to 12 April 2019. In addition, Gåsø Næringsutvikling AS has entered into an agreement with contractual right to acquire 250,000 shares in NRS at NOK 185.37 per share. Following this extension, Gåsø Næringsutvikling AS holds and has contractual rights to 7,079,605 shares in NRS, constituting 16.25 percent of the issued share capital.

Q3 18 – Operational EBIT of MNOK 35

Today Norway Royal Salmon (NRS) reports an operational EBIT of MNOK 35 for the third quarter 2018 and EBIT per kg of NOK 22.10. Corresponding figures for the same quarter last year were MNOK 192 and NOK 19.29.

- During the quarter we have focused on building biomass and the biomass in the sea has increased by 71 per cent from the end of the previous quarter. This has resulted in a low harvest volume for the quarter. We have had a positive development in production costs from the previous quarter in Region North, says CEO Charles Høstlund.

Net interest-bearing debt increased in the quarter by MNOK 87 to MNOK 500, after purchase of 800 tonnes MAB and the increase in biomass of 11 927 tonnes. The equity at the end of the quarter is MNOK 2 243, which equates an equity ratio of 55 per cent. Return on capital employed for the last four quarters is 30 per cent.

Region North

Region North posted an operational EBIT of MNOK 53.0 in the quarter, compared with MNOK 155.3 in the corresponding quarter last year. Operational EBIT per kg gutted weight was NOK 22.27 compared with NOK 18.85 in the corresponding quarter last year.

Region South

Region South posted an operational EBIT of MNOK 1.8 in the quarter, compared with MNOK 46.3 in the corresponding quarter last year. Operational EBIT per kg gutted weight was NOK 18.05, compared with NOK 20.91 in the corresponding quarter last year.

NRS harvested 2 478 tonnes gutted weight in the quarter, which is 76 per cent lower than in the same quarter last year. 2 379 tonnes of the total volume were harvested in Region North and 100 tonnes in Region South. Estimated harvest volume is 36 000 tonnes for 2018, an increase of 13 per cent from 2017. Estimated harvest volume is 40 000 tonnes for 2019, an increase of 11 per cent from 2018. 10.8 million smolts are planned released in 2018. The sales business sold 14 945 tonnes salmon during the quarter, which is 33 per cent lower than the corresponding quarter last year.

For more information, please contact:

  • CEO Charles Høstlund, +47 994 18 449
  • CFO Ola Loe, +47 911 79 411.

Norway Royal Salmon in brief

Norway Royal Salmon (NRS) group owns 39 426 tonnes MAB distributed between 34 746 tonnes MAB in Region North located in West Finnmark and Troms and 4 680 tonnes MAB in Region South in the area around Haugesund. In addition, the group has minority interest in three associated Norwegian fish farming companies which together own ten fish farming licenses, as well as Arctic Fish on Iceland. NRS is an attractively positioned fish farming group, which offers salmon to the market through its own sales organisation. For further details, please visit

NRS Q3 2018 Report English (pdf)
NRS Q3 2018 Presentation (pdf)

Invitation to presentation of Q3 2018

Norway Royal Salmon will present the interim report for the 3rdquarter 2018 on Tuesday 6thNovember 2018 at hrs 09:00 CET at Hotel Continental, Stortingsgaten 24/26 in Oslo.

The company’s CEO Charles Høstlund and CFO Ola Loe will announce the results.

Please note that the quarterly report and presentation will be published at 06:30 CET.

For further information, please contact:
CFO Ola Loe
Tlf: +47 911 79 411

Invitation to presentation of Q4 2017

Norway Royal Salmon will present the interim report for the 4thquarter 2017 on Tuesday 13thFebruary 2018 at hrs 08:00 CET at Hotel Continental, Stortingsgaten 24/26 in Oslo.

The company’s CEO Charles Høstlund and CFO Ola Loe will announce the results.

Please note that the quarterly report and presentation will be published at 06:30 CET.

For further information, please contact:
CFO Ola Loe
Tlf: +47 911 79 411

The prerequisite for good corporate governance is a clear and transparent relationship between owners, the board of directors and management. Good corporate governance will instil confidence and trust among all interested parties and will provide a firm basis on which to create value and good results. Good corporate governance is important to Norway Royal Salmon (“NRS” or the “Company”) and the Company’s principles of corporate governance have been drawn up in accordance with the Norwegian Code of Practice for Corporate Governance.

The Company’s object is to engage in the production, processing, trading and distribution of seafood, and participate in other companies associated with the seafood industry. The Company’s further object is to engage in quality assurance and chain management for partner companies.

The Company’s core value is the fundamental belief that better results can be achieved both for companies and for the local community if companies are involved in the community and if they exercise authority and leadership.

The following strategic key points have been adopted by the board of directors:

  • NRS shall be an efficient and profitable aquaculture company.
  • NRS shall rune an effective and profitable sales organisation.
  • NRS shall provide a competitive return on investment to its shareholders.
  • NRS shall offer affiliated producers economies of scale with respect to sales, procurement, quality assurance an other imoportant services.
  • NRS wishes to be a shareholder in companies associated with aquaculture industry.

Equity and dividends
The Company shall maintain a level of equity appropriate to the Company’s objectives, strategy and risk profile. The Company’s aim is for shareholder returns to reflect the value created by the Company and convert into dividends, as well as an increased share price. Dividends shall remain stable over time and shall make up 30-40% of the group’s net profit, provided that the Company’s own capital requirements have been met. Over time, monetary value shall be created by way of share price rises rather than paid-out dividends.

Equal treatment of shareholders and freely negotiable shares

It is the Company’s policy to treat all shareholders equally. Shareholders shall not be subjected to differential treatment without basis in the Company or the shareholders’ commonality of interest. The Company’s shares are freely negotiable and there are no restrictions on the purchase and sale of the Company’s shares beyond that which follows from Norwegian law. All shares belong to a single class, and each share has one vote at the Company’s general meetings.

General Meeting
An ordinary annual general meeting shall be held within six months of the end of each financial year. Extraordinary general meetings may be called by the board of directors at any time.

All shareholders shall receive a written invitation to attend the general meeting. Motions and necessary background information along with documents to be produced at the general meeting shall be made available on the Company’s website no later than 21 days before the general meeting. Shareholders who are unable to attend may vote by proxy.

The general meeting shall elect members to the board of directors, set the level of remuneration of board members, adopt the annual accounts and board of directors report and consider any other matters pertaining to the general meeting according to laws or regulations. The chairman of the board of directors, the management and the auditor shall attend the ordinary general meeting.

Nomination committee
The Company’s nomination committee comprises three members elected by the general meeting for two year at a time. The nomination committee shall put forward proposals to the general meeting on the election of members and deputy members to the board of directors. The recommendation fore the chair of the board is given separately.Their proposals shall be justified. The nomination committee shall give a recommendiaton for the remuneration for the members of the board of directors.

Composition and independence of the board of directors
The composition of the board of directors is designed to protect the common interests of the shareholders and the Company’s need for expertise, capacity and diversity. The board of directors shall be composed in such a way that it can act independently of special interests. Executive staff, and material business contacts and at least two of the members elected by the shareholders shall be independent of the Company’s main shareholders.
Members of the board of directors shall be elected for a period of two years at a time.

The work of the board of directors
The board of directors has the overall responsibility for the management of the Company. The chief executive shall be elected by the board of directors and shall have a duty to report to the board. A separate set of instructions for the board of directors defines the cases to be considered by the board of directors and its areas of responsibility, along with the responsibilities of the chief executive.

Risk management and internal controls
Efficient management focusing on risk and good internal controls is an overarching criterion for the success of NRS and forms an integrated part of its business operations. The ability to plan, structure, implement and evaluate projects is an important part of the business. The Company is governed according to set financial targets. Reporting takes place on a monthly basis and includes both financial and non-financial parameters. Focus is on profitability and risk linked to each area of business. Emphasis is placed on following up results, and focus is directed towards measures in areas that are not achieving the desired level of growth. The aim of risk management and internal controls is to handle risks linked to the business and to improve the quality of financial reporting. Effective risk management and internal controls help protect the shareholders’ investments and the Company’s assets. The board of directors believes NRS has effective internal controls and a level of risk management appropriate to the business.

Remuneration of the board of directors
Remuneration of the board of directors shall reflect the board’s responsibilities, expertise and time use, as well as the complexity of the business. Remuneration shall not be linked to financial results. Options shall not be issued to members of the board of directors. Remuneration shall be set by the general meeting based on recommendiation of the nomination committee. Further information about remuneration of the board of directors is given in the notes to the annual accounts.

Remuneration of executive staff
Remuneration of the chief executive shall be set by the board of directors. The remuneration comprises a fixed salary and a variable part (bonus), which is dependent on achieving set goals.

Information and communication
NRS shall ensure that all shareholders receive accurate, clear, relevant and timely information concerning all matters of financial importance to the shareholders. Financial information is published on NRS’ website and in press releases. The annual report and quarterly reports are published in both Norwegian and English.

In the event of a takeover bid, the board of directors shall not seek to prevent or obstruct such a bid being made for the Company’s business or shares, unless there are particular grounds for doing so. If a bid is made for the Company’s shares, the board of directors shall issue a statement with an assessment of the bid and a recommendation as to whether or not shareholders should accept it. The board of directors’ statement will specify whether the assessment was unanimous.

The auditor shall participate in board meetings at which the annual accounts are being discussed. Each year the auditor shall present a main outline of the auditing of the Company to the board of directors.

  • Helge Gåsø

    (1961), Chair

    Helge Gåsø has extensive experience of the build-up, operation and development of fish farming businesses. He took part in building up Frøya Fiskeindustri, subsequently Hydro Seafood and Midnor Havbruk. He resides Hamarvik, Frøya in Norway.

  • Kristine Landmark

    (1954), Vice Chair

    Kristine Landmark holds a Master degree in Economics and Business Administration from the Norwegian School of Economics and Business Administration (NHH). She is the CEO of Slettvoll Møbler AS. She has extensive experience from the Stokke Group, where she was employed in the period 1989-2010, and served as CEO in the period 2004-2010. Ms. Landmark holds a number of directorships. She resides in Ålesund Norway.

  • Lars Måsøval

    (1979), Board member

    Lars Måsøval is educated within aquaculture. He has extensive experience from the fish farming industry through various positions in his family-owned business. He is the Chair of the Board and one of the main shareholders of the Måsøval Group, which has its own hatchery and operate nine fish farming licenses. He resides on Frøya, Norway.

  • Marianne E. Johnsen

    (1963), Board member

    Marianne E. Johnsen graduated as a lawyer from University of Oslo before obtaining an MBA from Solvay Business School in Brussels. She is the founder and managing partner of X-lence Group AS, a management consulting and investment company. She has extensive experience from international executive positions, from among others Elkem, and holds a number of directorships in publicly listed companies. She resides in Oslo Norway.

  • Jon Hindar

    Board member

    Jon Hindar holds a MSc in Chemical Engineering (NTNU) and has Management Education from IMD Lausanne. He has held executive positions in several major companies and has been CEO in Cermaq, Norsun and Biotech AS. He holds and has held a number of directorships in larger companies.

  • Trude Olafsen

    (1963), Board member

    Trude Olafsen is graduated Cand. Agric. within aquaculture from the Norwegian University of Life Sciences. She is employed in AKVA Group with the responsibility for business development. She has worked in various organizations in the seafood industry and within research/consulting, in addition to have held several elected positions in the industry. She resides in Trondheim, Norway.

  • Charles Høstlund

    (1975), CEO

    Charles Høstlund has a Master’s degree in fish health from the Norwegian College of Fishery Science and a MBA in Financial control and management from the Norwegian School of Economics. He has previously worked as Regional Director of Marine Harvest Norway Northern Region. He joined Norway Royal Salmon in september 2014. He resides in Drøbak, Norway.

  • Ola Loe

    (1966), CFO

    Ola Loe is a Certified Public Accountant from the Norwegian School of Economics and Business Administration (NHH). Prior to joining Norway Royal Salmon in 2009, he worked as a senior manager at KPMG and as group auditor for Cermaq, Norway Pelagic, Fjord Seafood and Midnor Group. Mr. Loe is a Norwegian citizen and resides in Trondheim, Norway.

  • Klaus Hatlebrekke

    (1974), COO Markets and Business Development

    Mr. Hatlebrekke has during the past ten years been working as an analyst of the seafood sector at DNB Markets. Mr. Hatlebrekke holds a Master degree in Business and Economics from Norwegian School of Management. He joined NRS in April 2012 and resides in Trondheim, Norway.

  • John Gunnar Grindskar

    (1970), COO Farming

Election Committee
  • Endre Glastad

    Leader, e-mail:

  • Karl Olaf Jørgensen


  • Anne Breiby


1. 介绍

1.1 这些伦理规范(“规范”)被 Norway Royal Salmon ASA(“公司”)委员会采纳。

1.2 规范的目的是为了建立一个健康的企业文化,通过帮助雇员制定良好的商业惯例高标准,从而维护公司的完整性。规范进一步被用作公司进行自我评价和自我定位的工具。

1.3 这些规范适用于所有公司下属的单位、所有的员工和委员会成员(统称为“雇员”)。所有的雇员应阅读并熟悉这些规范。应鼓励雇员提出有关规范适用性问题。这些问题可提交给雇员的部门经理、公司行政管理层人员或公司董事会(“董事会”)人员。

1.4 每个雇员最终负责遵守规范。每个经理应负责实施适用于雇员和企业的规范,这属于每个经理的责任范畴。

1.5 如违反规范,将构成执行纪律措施的理由,包括解雇(如适当)。


2.1 公司的规范要求雇员遵守履行公司职责和任务的商业和个人伦理高标准。雇员应诚实行事,表现出对其他雇员、业务联系和客户、大众、社交、股东、供应商、竞争对手以及政府机关的真诚。

2.2 代表公司时,雇员不应通过操纵、保密、滥用秘密资料、重要事实的错误说明或采用其他不诚实方法的方式,寻求获得不公平的优势。

2.3 公司的规范禁止因种族或国家背景、年龄、性别或宗教原因,非法歧视雇员、股东、董事会成员、客户和供应商。所有个人应有尊严地被对待、被尊重,不应在其履行职责和任务时候过分担忧。

2.4 雇员不应对公司不忠诚或想从公司获利而违反适用的法规或公司内部规定和规章。

3. 良好的商业惯例规定

3.1 公司价值观

3.1.1 公司坚信公司和当地社区能在业务上取得更好的成绩,从而表现出本地的承诺、决策权和所有权。

3.1.2 通过健全的商业操作、严格的纪律、质量解决方案的优先顺序、可预知的供应和高端服务,公司力求成为一个可靠的合作伙伴。

3.1.3 公司应在企业各领域采用充满活力的方法。这表示公司应用最短的时间履行其义务、能基于事实快速做出决策、接受变化、处理新的挑战,保持主动积极性。

3.1.4 公司应在生产、产品开发和管理方面运用并开发技能,其中专业水平和最佳做法是主要的因素。

3.2 规定和立法

3.2.1 公司雇员应遵守所有与公司业务有关的立法和规定。每个雇员应负责按照此立法和规定,遵守指示和限制规定。

3.3 健康、安全和环保

3.3.1 公司的业务应根据适用的健康、安全和环保法规和规定,以能保证雇员、客户、大众、环境的安全和健康的方式运转,目的是为了保护环境和公司的人身安全和财产。所有雇员应根据这些规范行事。如确认或怀疑不遵守规范,应及时进行报告。

3.3.2 公司应拥有一个专业、正面的工作场所,有包容的工作环境。

3.3.3 所有雇员应参与打造一个不因宗教、肤色、性别、性取向、年龄、国籍、民族或残疾原因而遭歧视的工作环境。

3.3.4 公司不接受可能被视为有损人格或具有威胁的行为。

3.4 客户、供应商和竞争对手的关系

3.4.1 应运用知识、尊重和理解来对待客户。

3.4.2 应采用诚实、专业的态度对待供应商。

3.4.3 公司希望在所有的市场,包括国内和国外市场上寻求公正、透明的竞争。在任何情况下,公司或其雇员都不能参与违反适用的竞争立法的行为。如果雇员对某些交易的可能的反垄断影响有疑问,或怀疑违反了反垄断立法,则雇员应咨询其部门经理、行政管理层或董事会。

3.4.4 公司强烈反对各种腐败现象(贿赂、非法利诱等)。公司雇员不能直接或间接提供、承诺、给予或接受贿赂、非法或不合适的礼物,或其他不公平的优势或报酬,以取得商业或其他个人优势。

3.5 洗钱

3.5.1 公司强烈反对各种形式的洗钱行为。公司应采取措施预防被其他人利用进行洗钱的金融交易。雇员怀疑违反适用的反洗钱立法时,应咨询其部门经理、行政管理层或董事会。

3.6 忠诚和利益冲突

3.6.1 公司要求雇员对公司忠诚,雇员应避开会阻碍以客观、有效的方式执行受托工作的行为或对其产生兴趣。

3.6.2 每位雇员应告知其部门经理、行政管理层或董事会他们在交易或其他与公司相关的其他事务中,遇到的直接或间接利益的情况。

3.6.3 应避免出现利益冲突。如果出现了利益冲突,每位雇员应对情况进行评估,并告知其部门经理任何特殊的不公平或利益冲突。涉及利益冲突的情况可能与(但不限于)客户、供应商、当前或未来的雇员、竞争对手或其他关系有关。

3.6.4 当雇员有机会促进公司的立法权益时,雇员应这样做。雇员在业务中不得利用其使用公司企业财产或信息或其职位中遇到的机会。

3.7 保密条款和保密义务

3.7.1 每个雇员维护与公司信息有关的保密义务,这很重要。雇员在遵守保密义务的原则下,可以使用与公司业务、客户和供应商有关的保密信息。保密义务信息包括与公司业务、财务业绩和前景,以及公司潜在交易有关的非公开信息。雇员应在雇佣关系期间和之后,维护与此信息有关的保密义务,不应使用、转发或告知保密义务项下的信息,除非是为了执行雇员职责的原因。如果保密信息未经允许被转发,这可能会对公司和有关雇员造成严重的后果。

3.7.2 公司应按照立法和规定专心、经过仔细斟酌,处理被视为敏感的信息有关的个人信息,无论信息是否与客户、雇员或其他人有关。个人信息应在企业操作、有效的客户服务、相关的市场活动和合适的人才管理需要的情况下被处理。

3.8 公司财产的合理使用


3.9 药物和酒精


3.10 外界沟通


3.11 证券交易

3.11.1 雇员及其家庭成员不能根据证券内部消息购买或出售股票或其他证券或建议进行证券交易,包括公司的股票和公司客户、供应商或合作伙伴的股票。

3.11.2 内部信息指的是对公司或其他上市公司的股票价格造成显著影响的信息。如果你怀疑你获得的信息是内部信息,你应联系你的部门经理或负责内部交易的公司代表,如可能,可以咨询法律顾问。

3.11.3 董事会成员和行政管理人员,以及其他个人应根据公司有关内部交易的规定,遵守进一步的要求。

3.12 公司文件的完整性

3.12.1 所有企业文件、成本账目、凭单、发票、工资清单、业务记录、公共团体报告和其他报告应反映实际的状况。

3.13 应对公司的财务报表保持警惕,报表应诚实,应准确反映出公司的交易情况。所有的财产应根据公司采用的步骤进行记录。不应出于任何目的,建立隐匿或非许可的资金或财产。

3.14 公司的会计人员应向公司的外聘审计师及董事会提供他们需要的所有信息。雇员不应自行执行、要求或允许他人执行对公司外聘审计师(外聘审计师参与审计或检查公司的财务报表)试图进行不实影响、胁迫、操纵或误导行动,或未能实际纠正错误或误导人的财务报表或会计文件,以实现实质性误导财务报表的目的。

4. 违反规定的报告