Q4 2024 Salmones Camanchaca SA Earnings Call Transcript
Key Points
- Operating revenues increased by 27% in Q4 2024 compared to the previous year, driven by higher sales volumes of Atlantic and Coho salmon.
- The company achieved a substantial reduction in net debt-to-EBITDA ratio due to both a reduction in debt and an improvement in EBITDA.
- Atlantic salmon ex-cage costs decreased by 11% in Q4 2024, attributed to better harvest weights, good sanitary conditions, and lower feed costs.
- The company implemented productivity and cost-saving initiatives that resulted in $7 million in savings for 2024.
- Salmones Camanchaca achieved a positive biological and sanitary performance, with mortality rates significantly below the industry average.
- Prices for Atlantic and Coho salmon declined by 6% and 16% respectively during 2024, negatively impacting revenue.
- The joint venture in Trout farming performed poorly, impacting financial results, and although terminated, will have lingering effects in 2025.
- There was an increase in antibiotic and sea lice treatments compared to previous years, necessary to maintain fish health.
- U.S. demand for salmon was weaker than expected in 2024, with no significant boost anticipated in 2025.
- The company faces challenges in maintaining cost improvements amidst stable market conditions and no expected price increases in 2025.
Good morning, everybody. I'm Hugo Rubio. And on behalf of BTG Pactual, we want to welcome you to Salmones Camanchaca Fourth Quarter Results Video Conference. Today, we're happy to host you guys along with Ricardo Garcia, who is Chairman (sic - see slide 1, "Vice Chairman") of the Board of Salmones Camanchaca; Manuel Arriagada, who is the CEO; and Daniel Bortnik, CFO. I leave you in the hands of Ricardo and Manuel.
Thank you, Hugo and Camila. And also thank you, BTG for this meeting. And thank you very much for the promotion since I'm not the Chairman of the Board, but rather Vice Chairman of the Board, but good intention, Hugo. Well, thank you for coming to this 2024 earnings report of Salmones Camanchaca. And we -- Manuel and I will try to give you a flavor of what was the quarter and also the full year of 2024 now that we have completed.
Next, what are the Q4 highlights? In 2024, operating revenues 27% up, higher than the
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