Q4 2024 Leroy Seafood Group ASA Earnings Call (Pre-Recorded) Transcript
Key Points
- Leroy Seafood Group ASA (LYSFF) reported excellent biological performance with a net growth in tons of 41% year on year.
- Record earnings in sales and distribution on a 12-month rolling basis, indicating strong market positioning.
- Significant improvements in biological performance and earnings in Scottish Sea Farm, contributing to overall profitability.
- The company achieved the highest net production in its history in 2024, with reduced mortality and declining costs.
- Leroy Seafood Group ASA (LYSFF) is making strides in sustainability, with initiatives like using protein from byproducts of European chicken in fish feed, reducing total emissions by 5% to 10%.
- Salmon and trout prices were significantly lower compared to the previous year, impacting revenue.
- Wildcatch earnings were affected by low quotas, despite an increase in prices.
- Higher feed costs and lower harvest weights in certain regions negatively impacted cost efficiency.
- The company faced challenges with lower quotas in the whitefish segment, affecting overall volumes.
- Net interest-bearing debt increased, partly due to substantial investments in submerged technology and other areas.
Welcome to Leroy Seafood Group's fourth-quarter presentation of 2024. My name is Henning Beltestad, I'm a CEO in the Leroy Seafood Group. And with me today, I have Sjur Malm, CFO. First of all, I will take you through the fourth quarter highlights, and then, Sjur Malm will take you through the key financial highlights, and then, I will come back and talk a little bit about outlook and what we work with going forward.
First of all, we start with this. Our goal is to create the world's most efficient and sustainable value chain for seafood. And our value chain is unique both for red fish and also for wild catch all the way to end customer.
A fully integrated value chain is our competitive advantage. There is not many companies like Leroy. Our customers are seeking sustainability and health, quality and traceability, stability and availability and convenience. Our value position is speed and cost efficiency, reliability and trust, product and category innovation, traceability and quality assurance, and clear ESG
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