Q3 2024 Andfjord Salmon Group AS Earnings Call Transcript
Key Points
- Andfjord Salmon Group AS (OSL:ANDF) reported a high survival rate of 97.5% in their first production cycle, indicating strong operational results.
- The company has achieved a low feed conversion rate of 1.05, demonstrating cost-effective production.
- The buildout at Kvalnes is progressing as planned, with significant milestones such as the completion of the waterways, reducing project risk.
- Andfjord Salmon Group AS (OSL:ANDF) has secured strong financial backing, with NOK490 million in available liquidity, including undrawn loans.
- The company has attracted significant industrial investors, including Jeronimo Martins and High Liner Foods, enhancing market opportunities and expertise access.
- The company is facing regulatory uncertainty with new proposed regulations for land-based aquaculture, which could impact future operations.
- There is a lack of scientific basis for some of the government's proposed disinfection requirements, which Andfjord Salmon Group AS (OSL:ANDF) views as potentially unnecessary.
- The company is in a high construction phase, which involves significant capital expenditure and financial risk.
- The density in the pools is currently low, and while there is room for increase, it requires careful management to avoid impacting fish welfare.
- The timeline for the new regulatory framework from authorities remains uncertain, potentially affecting future planning and operations.
Good morning, everyone and welcome to the status updates from Andfjord Salmon.
My name is Martin Rasmussen, and I am the CEO of the company and together with me here today is our CFO, Bjarne Martinsen; and our Project Director, Jostein Nilssen.
And today's webcast and physical presentation will be held in English only and then we will have a Q&A session after the presentation, and you can submit questions through the webcast solution.
Very well. Today's agenda is first, a brief introduction to Andfjord Salmon and we will then look at the highlights from the third quarter. Jostein will provide you a status of the current buildout at the Kvalnes. The deadline for providing feedback on the government's proposed new regulation for land-based aquaculture expires on November 21 and we will review our feedback in today's presentation. Bjarne will go through the financials, and we will end the presentation with a summary and a Q&A.
Our objective is to build the world's most fish and environmentally
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