Q2 2024 Austevoll Seafood ASA Earnings Call Transcript
Key Points
- Austevoll Seafood ASA (ASTVF) reported a significant improvement in its Peruvian operations, with results over NOK400 million better than the same quarter last year.
- The company achieved a gain of approximately NOK1.2 billion from the sale of two pelagic fishing vessels in Norway.
- Revenue for the second quarter reached NOK8.6 billion, with an EBITDA of NOK3 billion and an EBIT of NOK2.7 billion.
- The biological performance in the salmon segment, particularly in Scottish Sea Farms, has improved significantly, contributing to a NOK400 million better result compared to the previous year.
- Austevoll Seafood ASA (ASTVF) maintains a strong balance sheet with an equity ratio of 53% and net interest-bearing debt of approximately NOK6 billion.
- The wild catch segment faced challenges due to a 34% reduction in cod quota and a 43% reduction in haddock quota, impacting volumes and profitability.
- The company experienced lower fish oil yields in Chile, affecting the results negatively in the second quarter.
- The EBIT from the wild catch segment decreased by over NOK100 million compared to the same quarter last year.
- The pelagic and snow crab activity in Norway saw no activity in the second quarter, leading to negative earnings from this segment.
- The salmon segment faced increased costs, partly due to a weakened Norwegian kroner and higher feed costs.
Then it's a great pleasure for us to invite you to Austevoll Seafood second quarter financial presentation. I will start this presentation by giving the highlights of the quarter. Thereafter, I will take you through the different segments we are operating within. Britt Kathrine Drivenes will then give you the numbers more in detail, and we will end this session by giving our view on the different markets we are operating within.
So starting up with the second quarter, I would say, all in all, we have had a quite good quarter in second quarter. And to mark, obviously, some of the most important events versus second quarter last year, I would say, it's a pleasure to finally look at Peru back on track, and they are delivering a result which is more than NOK400 million better in this quarter versus the same quarter last year.
It's also nice to see, I would say, overall in the salmon segment that biological performance has improved, and in particular, in our subsidiary in Scotland. Scottish Sea Farms has turned the ship
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