Q4 2024 Kaldvik AS Earnings Call Transcript
Key Points
- Kaldvik AS (STU:4YYA) reported a significant increase in total revenue for Q4 2024, amounting to EUR47 million, compared to the corresponding quarter last year.
- The company achieved an average price of EUR6.9 per kilo, up from EUR6.2 per kilo in the previous quarter.
- Kaldvik AS has secured increased well-boat capacity for smolt release in 2025 and beyond, enhancing operational flexibility.
- The company is implementing extensive improvement programs to reduce operational risk and increase security, including a new grow-out facility operational in Q1 2025.
- Kaldvik AS is in the process of acquiring strategic assets, including a box factory, expected to reduce packaging costs by approximately EUR3 million annually.
- Kaldvik AS faced a significant biological incident in Q4 2024, resulting in a biomass write-down of EUR23.1 million.
- High mortality rates on the 2022 and 2023 fish generations were a major setback, impacting financial and operational performance.
- The company was in breach of certain loan covenants in Q4, although a waiver was obtained from financing partners.
- Kaldvik AS experienced a shortfall in smolt release, with EUR1.2 million less than planned at sea due to colder than normal temperatures.
- The company missed its harvest targets in Q4 due to adverse weather conditions and lack of well-boat capacity.
Good morning, everyone. My name is Roy-Tore Rikardsen, and I am the CEO of Kaldvik. Welcome to the presentation of Kaldvik's results for the fourth quarter of 2024. Alongside our CFO, Robert Robertsson, and we will guide you through this morning's presentation. Following the presentation, we will have a Q&A session, and you can, submit your question directly via email to Robert at kaldvik.is.
You are a disclaimer. You all know this. Please take a moment and read through and then we go to the agenda. And we'll start with some highlights in Q4, and then go to the operational and financial and some strategical update before we close it with the outlooks and summary and the presentation with the Q&A.
Q4 highlights. Biological incidents in Q4. We have a Biomass write-down MEUR of EUR23.1 million and, I will dedicate one slide first thing to go, to bid into this incident. Or operationally EBIT for Q4 after adjustment is EUR5 million.
And we harvested 6,668 tons in Q4, and the group EBIT adjusted
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