Q3 2024 Salmon Evolution ASA Earnings Call Transcript
Key Points
- Salmon Evolution ASA (STU:60E) has demonstrated strong operational stability with excellent biological KPIs, including a superior grade share above 96% and low mortality rates.
- The company is progressing well with Phase 2 construction, which is expected to significantly increase production capacity and unlock further growth potential.
- Salmon Evolution ASA maintains a strong financial position, being fully funded for Phase 2, which will increase production to 18,000 tons.
- The company has achieved a high all-in price realization of NOK72 per kilo, despite low stocking rates and seasonal price fluctuations.
- The company is implementing over 50 specific initiatives to optimize and fine-tune operations, aiming to exceed current targets and leverage scaling effects from Phase 2.
- The group EBITDA for the third quarter was negative at NOK7.3 million, reflecting temporary low harvest volumes and seasonal price impacts.
- Biomass production has been impacted by small quality issues earlier in the year, affecting harvest weights and volumes in Q1 2025.
- The company faces challenges in maintaining flexibility in harvest timing due to industrial production constraints and capacity limitations.
- Salmon Evolution ASA has not yet entered into price hedging for salmon, which could expose the company to price volatility.
- The company is still in the planning phase for its North American expansion, with no concrete updates on project timelines or partners.
Everyone. Welcome to this presentation of Salmon Evolution's results for the third quarter. My name is Trond Hakon Schaug-Pettersen. I'm the CEO of the company to get together with me here today. I also have our CFO through WhatsApp, webcast. It's a real pleasure showing this to start with this video and showing our commitment to a circular economy.
And how would that be, ensure that nothing goes to waste? This is something we are very proud about. And I think really sustainability at its core as we know, are closing in on 2024. I think we can look back at the transformatory year for Salmon Evolution where we have demonstrated both strong profitability as well as now, finally being well under way with our Phase 2 construction, which will take the company to the next level.
So, I will start this presentation by going through the highlights for the quarter. Then we'll move over to the operations before our CFO will take you through the financials for the quarter. And finally, we will also do a Q&A at
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