Q3 2024 Austevoll Seafood ASA Earnings Call Transcript
Key Points
- Austevoll Seafood ASA (ASTVF) reported a strong quarter with significant contributions from the pelagic segment, particularly in Peru and Scottish Seafarms.
- The company achieved an operating revenue of NOK 9.2 billion and an EBIT of NOK 1.2 billion, showcasing solid financial performance.
- Year-to-date revenue reached NOK 26 billion with an EBITDA of NOK 5.9 billion, indicating robust growth.
- The company has a strong balance sheet with total assets of NOK 52 billion and an equity ratio of 53%.
- Austevoll Seafood ASA (ASTVF) expects increased quotas in Peru and Chile, which could lead to higher catch volumes and improved future performance.
- The salmon and whitefish segments experienced a decrease in revenue and earnings due to lower price achievements and increased costs.
- The company faced challenges with high sea-lice pressure, impacting net growth and increasing treatment costs.
- Quota reductions in the wild catch segment have been challenging, leading to lower raw material availability and increased prices.
- Fishmeal and fish oil prices have decreased year-on-year, impacting revenue from these products.
- The company has lowered its expectations for 2024 salmon volumes in Norway, indicating potential challenges in meeting previous targets.
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Well, it's a great pleasure for me to welcome you to Austevoll Seafood 3rd quarter financial presentation.
I will first start by giving the highlights of the quarter. Thereafter, I will take you to the different segments in the group. Our Chief Financial Officer (CFO) Britt Kathrine 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 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 Seafarms, which have had a quite good turnaround in their operation from same quarter last year to this quarter.
--The operating revenue is of NOK 9.2 billion, EBIT of just NOK1.2 billion, and an EBIT including income from associates, which is
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