Q4 2024 Proximar Seafood AS Earnings Call Transcript
Key Points
- Proximar Seafood AS (STU:84Q) achieved a solid price premium of NOK123 per kilogram for their Fuji Atlantic Salmon, demonstrating strong market reception.
- The company successfully resolved turbidity issues and installed an ozone system, improving water quality and production conditions.
- Proximar Seafood AS (STU:84Q) has secured additional funding of approximately NOK44 million for working capital, ensuring financial stability.
- The company reported a superior rate of 99.8% for their harvested fish, indicating high-quality production.
- Proximar Seafood AS (STU:84Q) is experiencing strong interest and demand for their product, both domestically in Japan and from international markets.
- Biofilter incidents led to a reduced feeding regime, impacting growth rates and harvest volumes in the fourth quarter.
- The company expects a downward revision of approximately 500 tonnes in harvest volumes for the first half of 2025 due to production issues.
- Proximar Seafood AS (STU:84Q) reported a loss of NOK63.5 million after tax for the fourth quarter, highlighting financial challenges.
- The company requires additional working capital due to lower harvests in the first half of 2025, indicating cash flow constraints.
- Production costs per kilo are currently high, and the company has not yet reached its target cost efficiency due to being in the ramp-up phase.
Hello, a good Friday morning to you all, and welcome to the presentation of the fourth quarter and full year 2024 from Proximar Seafood. The presentation will be given by our CEO, Joachim Nielsen, in Japan; and myself, CFO, Ole Christian Willumsen, here in Norway.
We will start by addressing the main highlights of the quarter before giving you an update of the sales and marketing efforts. We will then share the status of the production, followed by revisiting the business case and going through the financials. Finally, we will guide for 2025 before summing up.
And with that, I'll hand you over to Joachim in Yokohama. Joachim?
Thank you, Ole Christian, and good morning. During the fourth quarter, we continued our harvesting in October and November, following the first harvest on the September30. Total harvested volume was 28 tonnes in the quarter, of which 99.7% was superior graded fish. The average harvest weight was 4
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