Q3 2024 Austevoll Seafood ASA Earnings Call (Norwegian) Transcript
Key Points
- Austevoll Seafood ASA (ASTVF) reported a strong quarter with operating revenue just over NOK9.2 billion and EBITDA of NOK1.2 billion.
- The pelagic segment, particularly operations in Peru, showed significant improvement, contributing to a NOK900 million better performance.
- The company has a strong balance sheet with total assets of NOK52.6 billion and an equity ratio of 53%.
- The Peruvian fishery season started with a quota of 2.5 million tonnes, which is 25% above the normal quota, indicating a healthy biomass.
- The company expects to harvest 190,000 tonnes of salmon this year, with an increase to 211,000 tonnes next year, showing growth potential in the salmon segment.
- The salmon and whitefish segments experienced a decrease in revenue and earnings due to lower price achievements and increased costs from sea lice treatments.
- The wild catch segment faced challenges with reduced quotas, impacting raw material intake and resulting in a negative EBIT of NOK58 million.
- Fishmeal and fish oil prices have decreased due to increased production in Peru, impacting revenue from these products.
- The company reported a negative biomass adjustment of NOK629 million, affecting the net result for the quarter.
- The North Atlantic pelagic quota is expected to decrease next year, leading to limited volumes for human consumption and fishmeal activities.
It's a great pleasure for me to welcome you to Austevoll Seafood's third quarter financial presentation. I will first start by giving you the highlights of the quarter. Thereafter, I will take you through the different segments in the group. Our CFO, Britt Katrine Drivenes, will take you through the numbers more in details, and then I will end this presentation by giving our view on the different markets we are operating within. So starting up, we have had, I would say, a quite good quarter and the contribution, in particular from the pelagic activity of the group has been solid.
The result is mainly driven from -- or the change in the result from same quarter last year is mainly driven from improvement from our Peruvian activity and definitely also from the Scottish Sea Farms, which has had a quite good turnaround in their operation from same quarter last year to this quarter. So all in all, I would say the operating revenue is just north of NOK9.2 billion, EBITDA of just sort of NOK1.2 billion and an EBIT, including income
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