Reflections From our Chair

Elisabeth Grieg

CHAIR OF THE BOARD

REFLECTIONS FROM CHAIR

Dear Colleagues, Stakeholders, Partners, and Others

When writing this, Ukraine has been at war with Russia for over four weeks. Three million refugees have escaped to Europe, and the uncertainty they are facing is unbearable. The invasion of Ukraine is deeply saddening, and our thoughts go to all innocent people who are and will be affected by the invasion and its consequences. We trust the international community to find a solution to the crisis. I’m proud that we in times like these contribute, both financial and as neighbors in Bergen to Ukrainian refugees.

For the Grieg Group, the war affects us in many ways. Operational costs increase as oil prices continue to surge. For other parts of the Group, economic sanctions influence operations. Finally, the uncertainty of the world markets affects us all, and we are monitoring the situation closely through the Grieg Group Emergency Response Group.

2021 IN THE GRIEG GROUP 2021 was a record year overall for the Grieg Group. Even though the pandemic still affected us throughout the year, all businesses have performed very well. It is safe to say that when leaving 2020 behind, these results were not at all on our minds. Luckily, markets have improved, and operations are more streamlined, securing solid financial results across all companies in the Grieg Group. Thanks to our dedicated colleagues, we face a future of development and financial performance following our Group strategy. GRIEG MARITIME GROUP Early in 2021, Grieg Star Group renamed its Group of companies to Grieg Maritime Group. Grieg Green was reorganised, tied closer to Grieg Maritime Group, and Grieg Edge has further strengthened its position, investing in maritime start-ups, and developing ongoing projects such as M/S Green Ammonia together with Wärtsila. 2021 did not only mark a new group set up, but the company also delivered its most significant financial result in a decade.

GRIEG SEAFOOD Struggle and hardship defined the beginning of 2021, and with Covid-19 and high operational costs, Grieg Seafood performed below expectations. At the end of 2021, with nearly all Covid-19 restrictions lifted, the company could release a harvest number they have never reached before. Grieg Seafood has managed to turn the company around, reaching several goals of the company’s 2025-strategy.

GRIEG INVESTOR Grieg Investor reached a true milestone the past year, securing over 110 billion under advisement across 130 customers. A large capital base provides the company with highly skilled leadership and reasonable pricing-benefits for their customers. A strong focus on sustainability and, at the same time, generating a good return on investment is Grieg Investor’s main priority.

2021 has proven another successful year across the entire organisation. It is safe to say that we are proud.

GRIEG LOGISTICS The New CEO, Stig Trygve Andersen, has worked with a new organisational setup to restructure the business to secure digitalisation and technology as a foundation for future business. As a result, Grieg Connect has secured essential projects throughout the year and is now controlling 80 percent of Norwegian ports and terminals. Grieg Logistics delivers a net-zero result, focusing on further investments in Grieg Connect to ensure an even more robust technical approach to the company.

GRIEG KAPITAL Grieg Kapital has, since its establishment in 2018, worked to ensure a solid financial position for the years to come, and its success has been an impressive journey. In 2021 we strengthened the team by hiring a new investment manager and secured solid earnings from our investments and funds. In addition, Grieg Maturitas is hiring a new Chief Investment Officer who will also be the managing director of Grieg Kapital.

GRIEG SHIPBROKERS For the first time in a very long time, Grieg Shipbrokers can proudly present outstanding numbers. In 2021, the company restructured its Asia activities, and along with good markets in both bulk and container, 2021 became an excellent year for Grieg Shipbrokers. The new management team has proven worthy by turning the company around with dedicated colleagues in Oslo, London, and Bergen.

Witnessing strong companies aiming to improve every step of the way, I’m confident that we all contribute to delivering on strategic priorities for the future. Luckily, we are well set for the days to come.

SUSTAINABILITY – LICENSE TO OPERATE Climate change is threatening nature, wildlife, and humans. If we are to reach the 2030-agenda, we are in a hurry. We believe we are part of the solution in the maritime industry, but we need partnerships to succeed. We are dependent on innovating sustainable solutions together with our partners. Authorities must support these partnerships and drive change through regulations and sector-specific initiatives nationally and globally.

We need clear national and international targets. We need national and international politicians who are bold enough and willing to use all tools available, including support for innovation, green funding, and sector-specific innovation.

OUTLOOK It is impossible to predict the future, but we know uncertainties will continue to arise worldwide. The war in Ukraine affects markets and operations, but, at the same time, there is no doubt that some of our companies are witnessing increased income as markets are under much pressure.

I genuinely believe our people are essential in building our success. On behalf of the Grieg Maturitas board, I want to sincerely thank everyone who impacts our joint accomplishment every day. I am grateful for all our dedicated colleagues across companies, all set to seize the opportunities ahead of us.