Q3 2024 Arctic Fish Holding AS Earnings Call Transcript
Key Points
- Arctic Fish Holding AS (STU:6TW) reported improved operational EBIT per kilogram, increasing to EUR0.27 from EUR0.17 last year.
- The company achieved a significant turnaround in overall EBIT, with a profit of EUR2.3 million compared to a loss of EUR17.2 million last year.
- Biological development and growth have remained stable, supporting future growth plans.
- The company has a long-term target to reach a harvesting volume of 25,000 tonnes by 2029, indicating a strong commitment to growth.
- Minimal capital expenditures this quarter as the company focuses on fine-tuning its existing value chain, reflecting efficient resource management.
- Total revenues for the quarter decreased to EUR20.7 million from EUR29.7 million last year, attributed to lower volume and price achievement.
- Harvested volume decreased to 3,406 tonnes from 4,383 tonnes in the same period last year.
- Net financial losses were EUR2.8 million, slightly down from EUR3.1 million last year, indicating ongoing financial challenges.
- The equity ratio decreased to 36.6% from 37.5% in June, suggesting a slight weakening in financial stability.
- An increase in net interest-bearing debt by EUR15.3 million due to negative operational cash flow and working capital changes.
Welcome everyone to Arctic Fish Q3 2024 presentation. With me today as always is our CFO Baldur Smari Einarsson. And together we will guide you through the main highlights for the quarter. So, let's start with a brief overview of Arctic Fish. [Arctic Fish] is listed on the Euronext Growth market in Oslo and is one of the leading salmon farming companies in Iceland.
We have built up an attractive and sustainable value chain that spawns from small production all the way to sales. Our production capacity stands at 29,800 tonnes and or maximum allowed biomass and we hold licenses covering 11 farming areas across six fjords all located in the west fjords of Iceland.
A value chain is supported by a state-of-the-art hatching and small production facility featuring high capacity, high energy equipment at our sea sites. Additionally, we have a newly completed harvesting facility that enables us to fully utilize our licenses and support our growth goals.
Salmon is ultimately sold under the movie Arctic brand, leveraging the
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