Austevoll Seafood Asa · OSL:AUSS
Austevoll Seafood Asa — Austevoll Seafood Asa Ord — Q4 2024 Earnings Presentation
45 slides from Austevoll Seafood Asa's earnings presentation, Feb 26, 2025
Slide 1: Q4 2024 Financial presentation
Q4 2024 Financial presentation Arne Møgster - CEO Britt Kathrine Drivenes - CFO
Slide 2: Highlights
Highlights (Amounts in NOK million) Note Q4 2024 Q4 2023 2024 2023 Dividend: The Board will recommend to Operating revenue and other income 9 096 8 754 35 377 33 774 the annual shareholders meeting in 2025 a dividend of NOK 6.50 per share Gain from sale of shares 0 0 1 268 0 (NOK 4.50 per share in 2
Slide 3: Operational overview
Operational overview PERU CHILE NORTH ATLANTIC AUSTEVOLL SEAFOOD GROUP PELAGIC FISHING 7% of 18 8.6% of 3 2 400,000 - 500,000 Anchovy quota Fishing vessels Pelagic fishing Fishing vessels Fishing vessels MT of pelagic fish caught annually (23 vessels) Centre-north quota 5 2 28 1.6 – 2.0 Million MT o
Slide 4: Pelagic
Pelagic Austral Group S.A.A. FoodCorp Chile S.A. Pelagia Holding AS (associated)
Slide 5: Biomass and quota evolution first and second season
Biomass and quota evolution first and second season Peruvian anchoveta Annual quota and biomass Biomass Quota Million tonnes 2nd season ended with 96% of the 2.5 million tonnes quota caught vs. 76% of the 1.7 million tonnes quota in 2023 10.9 10.1 9.9 9.8 9.8 9.4 9.0 8.3 8.4 7.8 7.3 7.2 7.2 6.9 7.0
Slide 6: Operation in Peru
Operation in Peru Austral Group S.A.A Volume '000 MT Q4 2024 Q4 2023 2024 2023 2025E Own catch: Fishmeal/fish oil Anchoveta 129 72 317 116 315 Jack Mackerel/Mackerel 1 11 20 13 • North/Centre o Highlights from 2nd season: Purchase: Anchoveta 62 23 133 45 142 Austral quota caught 169,400 MT 2024 vs
Slide 7: Operation in Chile
Operation in Chile FoodCorp Chile S.A. Volume '000 MT Q4 2024 Q4 2023 2024 2023 2025E* Own catch: Own catch: Jack mackerel Jack Mackerel/Mackerel 21 18 133 79 127 Record catches in 2024 Purchase: Sardine/anchovy 3 3 17 40 39 • Global quota for 2024 increasing 15% to 1,242 KMT and 819.72 KMT for Chil
Slide 8: North Atlantic pelagic quotas
North Atlantic pelagic quotas North Atlantic pelagic quota 2014 - 2025E, million tonnes ICES recommendation for 2025 NVG-Herring NS-Herring Mackerel Blue Whiting Capelin** Other Pelagic* 5.0 • Increased quota for: o NVG herring +3% 4.5 o Horse mackerel 75 KMT 4.0 3.5 • Decrease in quota for: 3.0 o B
Slide 9: Pelagia Holding AS (1 of 3)
Pelagia Holding AS (1 of 3) Marine protein and oil (MPO) MPO factories Volume ('000 MT) Q4 2024 Q3 2023 2024 2023 2025E Raw material intake for 162 172 953 991 900 FM/FPC/Oil • As expected, seasonal low production in Q4 2024 o Main raw material input from trimmings o Salmon based raw material stable
Slide 10: Pelagia Holding AS (2 of 3)
Pelagia Holding AS (2 of 3) Direct Human Consumption Pelagic HC factories Volume ('000 MT) Q4 2024 Q4 2023 2024 2023 2025E Raw material intake 128 163 370 390 312 • Seasonal good production in Q4 o Mainly NVG herring VAP o Atlantic mackerel with strong demand in all markets due to lower quota for 20
Slide 11: Pelagia Holding AS (3 of 3)
Pelagia Holding AS (3 of 3) (100% figures) * * (Amounts in NOK million) Q4 2024 Q4 2023 2024 2023 Revenue and other income 4 965 4 207 15 038 13 001 EBITDA (adj) 293 443 1 402 1 725 EBIT (adj.) 177 317 972 1 307 EBIT (adj.) margin 4% 8% 6% 10 % Total assets 11 656 10 044 Net interest bearing debt 5
Slide 12: Salmon / Whitefish
Salmon / Whitefish Lerøy Seafood Group ASA
Slide 13: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA Q4 2024 • Operational EBIT MNOK 799 (Q4/23: MNOK 765) o Lerøy Havfisk & LNWS EBIT (adj.) MNOK 6 (Q4/23: MNOK -13) Lerøy Aurora o VAPS&D EBIT (adj.) MNOK 275 (Q4/23 MNOK 271) • Slaughtered volume salmon and trout 56,776 GWT (Q4/23: 47,483 GWT) • Spot prices down NOK 5/kg y-o-y
Slide 14: Lerøy Seafood Group ASA – Farming
Lerøy Seafood Group ASA – Farming Salmon / trout farming volumes (1,000 GWT) 2019 2020 2021 2022 2023 2024 2025E Lerøy Aurora AS 32.8 35.0 44.0 40.1 43.1 44.1 50.0 Lerøy Midt AS 64.8 67.9 72.6 68.8 61.3 68.9 75.0 Lerøy Sjøtroll 60.6 68.0 70.0 65.7 55.2 58.2 70.0 Total Norway 158.2 170.9 186.6 174.6
Slide 15: Lerøy Seafood Group ASA – Wild catch
Lerøy Seafood Group ASA – Wild catch Q4 2024 • Significant quota reduction impacts: o Catch volumes for the trawling fleet o Raw material price and volume in the land industry • Challenging outlook for 2025 • Cod quota in 2025 is down 32% y-o-y Catch volumes in 1,000 MT o 25% stems from overall indu
Slide 16: Financials
) Austevoll Seafood ASA Financials
Slide 17: Catch, purchase and farming
Catch, purchase and farming (100% volumes) Figures in 1,000 tonnes Q4 2024 Q4 2023 2024 2023 2025E Group companies: Norway (whitefish) 10 12 65 76 62 Norway (pelagic) 0 9 23 37 0 Chile own catch 21 18 133 79 127 Chile purchase 3 3 17 41 39 Peru own catch 129 73 328 136 328 Peru purchase 62 23 135 49
Slide 18: Key financial figures Q4 2024
Key financial figures Q4 2024 Revenue and other income1 EBITDA adj.1 Million NOK Million NOK 11 578 24 6 51 108 379 76 75 1 547 110 1 307 78 19 216 81 10 857 1 412 Q4 23 LSG Austral FC KFO BRBI Pelagia Other/el Q4 24 Q4 2023 LSG Austral FC KFO BRBI Pelagia Other/el Q4 2024 Notes: 1 See note 7 in the
Slide 19: Key financial figures Q4 2024 cont.
Key financial figures Q4 2024 cont. (Amounts in NOK million) Note Q4 2024 Q4 2023 Δ% Q4 2024 Q4 2023 Δ% Operating revenue and other income 9 096 8 754 4% 11 578 10 857 7% Gain from sales of shares 0 0 - - EBITDA (adj.) 7 1 401 1 190 18% 1 547 1 412 10% EBITDA(adj.) margin 15% 14% 13% 13% Incl. AUSS
Slide 20: Lerøy Seafood Group ASA
Lerøy Seafood Group ASA (Amounts in NOK million) Q4 2024 Q4 2023 2024 2023 Farming highlights Revenue and other income 8 462 8 246 31 121 30 906 • Quarterly harvest volume up 20 % y-o-y EBITDA (adj) 1 260 1 180 4 612 4 831 • Improved biological performance starting to show in harvest EBIT (adj.) 799
Slide 21: Austral Group S.A.A.
Austral Group S.A.A. (Amounts in NOK million) Q4 2024 Q4 2023 2024 2023 Raw material intake Revenue and other income 142 161 2 238 1 000 • Seasonal high activity in Q4 (2nd fishing season N/C started 1 November) EBITDA (adj) 78 0 797 -183 o 73.5 % of the total quota of 175,000 tonnes for 2nd season
Slide 22: FoodCorp Chile S.A.
FoodCorp Chile S.A. (Amounts in NOK million) Q4 2024 Q4 2023 2024 2023 Raw material intake Revenue and other income 395 88 1 261 966 • Own catch of 21,100 tonnes (Q4/23: 18,000 tonnes) EBITDA (adj) 39 -69 310 225 • Record high own catch jack mackerel/mackerel in 2024, total EBIT (adj.) 25 -82 253 17
Slide 23: Kobbevik og Furuholmen Oppdrett AS
Kobbevik og Furuholmen Oppdrett AS (Amounts in NOK million) Q4 2024 Q4 2023 2024 2023 Harvest volume (GWT) Revenue and other income 120 196 876 789 • Harvest volume down 42% vs. Q4/23 EBITDA (adj) 45 51 305 331 o Majority of the volume harvested in the latter part of EBIT (adj.) 29 45 238 268 EBIT (
Slide 24: Br. Birkeland AS
Br. Birkeland AS (Amounts in NOK million) Q4 2024 Q4 2023 2024 2023 Pelagic Revenue and other income 4 113 229 357 • Br. Birkeland AS finalised the sale of its Pelagic activity by 28 June Gain from sale of shares 0 0 1 855 0 2024 EBITDA (adj) -12 39 1 894 91 EBIT (adj.) -11 24 1 858 28 o The cash ef
Slide 25: Statement of financial position
Statement of financial position (MNOK) 31-12-2024 31-12-2023 Currency rate: Intangible assets 11 704 12 265 31.12.2024 USD/NOK 11.35 31.12.2023 USD/NOK 10.17 Tangible fixed assets 12 043 11 097 Right-of-use assets 3 500 3 043 Financial non-current assets 4 087 3 803 Comments: Total non-current asset
Slide 26: Cash flow
Cash flow (MNOK) Q4 2024 Q4 2023 2024 2023 • The Board will recommend to the annual shareholders meeting in 2025 a dividend of NOK 6.50 per share Pre tax profit 1 238 820 5 022 2 845 (NOK 4.50 per share in 2024) Biomass adjustment -725 -250 -337 -77 Taxes paid -578 -349 -1 336 -739 Depreciation and
Slide 27: Outlook
Outlook
Slide 28: Fishmeal
Fishmeal Fishmeal production - week 52 (cumulative)1 Production • IFFO Fishmeal production increased 39.5% y-o-y, driven by Peru’s 138% recovery from 2023 Regions 2024 2023 Change % • Peru successfully captured 97% of the anchovy quota last season, yielding ~575,000 MT of fishmeal # Chile 331 243 34
Slide 29: Fishmeal cont.
Fishmeal cont. Main market – China • Stock in China at ports: o 234,990 MT1 +33% vs. same period 2024 o Off takes rebounded post-Chinese New Year, reaching 3,200 MT/day, 40% above the same period last year • Current Chinese stock prices: o Quoted at RMB 12,900/MT2 equivalent SP 68% USD 1,720/MT FOB
Slide 30: Fish oil
Fish oil Fish oil production - week 52 (cumulative)1 Production • IFFO Fish oil production increased 15.1% y-o-y, Peru 968% up vs. 2023 Regions 2024 2023 Change % • Strong recovery in Peru’s production, driven by improved # catches and yields, exceeding 10 times the 2023 output Chile 132 304 169 472
Slide 31: Atlantic salmon supply
Atlantic salmon supply (in tonnes WFE ) Sources: Kontali (as per 21.02.2024) 31
Slide 32: Spot prices, fresh Atlantic salmon
Spot prices, fresh Atlantic salmon Cross-section, FCA Oslo (superior quality) as of week 7 2025 32
Slide 33: Atlantic salmon consumption
Atlantic salmon consumption FY 2024 Sources: Kontali (as per 21.02.2024) 33
Slide 34: Conclusion
Conclusion Salmon / Whitefish Salmon • Positive biological development gradually to impact results • High standing biomass going into 2025 will impact seasonality in harvest volumes in 2025 • Expect to see significant improvements from: o Roe, genetics and smolt quality o New farming technology o Pr
Slide 35: Conclusion cont.
Conclusion cont. Pelagic South America • 2nd fishing season in Peru started 1 November and lasted to 23 January 2025 o 96% of the total national quota of 2.5 million tonnes were caught by end season vs. 76% of the total national quota of 1.68 million tonnes in the same season in 2023 o Austral caugh
Slide 36: Conclusion cont.
Conclusion cont. Pelagic North Atlantic (Pelagia Holding AS, an associated company) • The important season for production of Human consumption products (FOOD) started in Q3 and continued in Q4 o Main season for mackerel and herring • As normal seasonal lower production in Q4 2024 for the FEED segmen
Slide 37: Slide 37
Slide 38: Disclaimer
Disclaimer • This Presentation has been produced by Austevoll Seafood ASA (the “Company” or • Should one or more of these risks or uncertainties materialise, or should underlying “Austevoll”) solely for use at the presentation to the market held in connection with the assumptions prove incorrect, ac
Slide 39: Appendix
Appendix
Slide 40: Key financial figures YTD 2024
Key financial figures YTD 2024 Revenue and other income1 EBITDA adj.2 Million NOK Million NOK 161 691 1,018 44 164 581 8 012 1,803 1,727 88 84 26 295 1,238 981 6 131 40 275 215 219 FY 2023 LSG Austral FC KFO BRBI Pelagia Other/el FY 2024 FY 2023 LSG Austral FC KFO BRBI Pelagia Other/el FY 2024 Notes
Slide 41: Key financial figures YTD 2024
Key financial figures YTD 2024 (Amounts in NOK million) Note 2024 2023 Δ% 2024 2023 Δ% Operating revenue and other income 35 377 33 774 5% 44 164 40 275 10% Gain from sales of shares 1 268 0 1 268 - EBITDA (adj.) 7 7 311 5 269 39% 8 012 6 131 31% EBITDA(adj.) margin 21% 16% 18% 15% Depreciation 2 06
Slide 42: Note 5 Income from joint ventures and associates
Note 5 Income from joint ventures and associates Share of net All figures in MNOK profit Q4 2024 Q4 2023 2024 2023 Norskott Havbruk AS a) 50% 12 -18 90 -168 Pelagia Holding AS b) 50% 23 114 212 388 Others 19 14 71 65 Income from JV and associates 54 109 373 285 Fair value adj. related to biological
Slide 43: Associated companies
Associated companies Norskott Havbruk AS (100% figures), LSG’s share = 50% (Amounts in NOK million) Q4 2024 Q4 2023 2024 2023 • Significant increase in harvest volume with Revenue and other income 965 497 4 403 2 561 good harvest weights in the quarter EBIT (adj.) 93 -47 555 -304 EBIT (adj.) margin
Slide 44: Note 7 Alternative Performance Measures (APMs)
Note 7 Alternative Performance Measures (APMs) Austevoll Seafood Group’s financial statements are prepared in accordance with international standards for financial (audited) reporting (IFRS) and interpretations established by the International Accounting Standards Board (IASB) and (Amounts in NOK mi
Slide 45: Note 9 New resource rent tax on aquaculture from 1 January 2023
Note 9 New resource rent tax on aquaculture from 1 January 2023 On 31 May 2023, the Norwegian parliament approved an additional resource rent tax on aquaculture with a tax rate of 25%. The tax scheme applies to net profits from commercial sea-phase salmon and trout aquaculture activity and is an add
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