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Austevoll Seafood ASA
Quarterly Report • Feb 28, 2025
3546_rns_2025-02-28_79c83f76-40d5-498d-b93e-6ffced9875ab.pdf
Quarterly Report
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Q4 2024 Financial presentation
Arne Møgster - CEO Britt Kathrine Drivenes - CFO
Highlights
| (Amounts in NOK million) | Note | Q4 2024 | Q4 2023 | 2024 | 2023 |
|---|---|---|---|---|---|
| Operating revenue and other income | 9 096 | 8 754 | 35 377 | 33 774 | |
| Gain from sale of shares | 0 | 0 | 1 268 | 0 | |
| EBITDA (adj.) | 7, a) | 1 401 | 1 190 | 7 311 | 5 269 |
| EBIT (adj.) | 7, a) | 845 | 705 | 5 246 | 3 360 |
| EBIT (adj.) incl. income from associates | 5 | 899 | 815 | 5 619 | 3 645 |
| Earnings per share in NOK (adj.) | * | 3.3 | 1.6 | 12.9 | 1.3 |
| Total assets | 55 635 | 52 990 | |||
| Equity ratio | 53% | 51% | |||
| Net interest bearing debt | 7 | 8 016 | 6 715 | ||
| EBITDA (adj.) incl. 50% of Pelagia Group | a) | 1 547 | 1 412 | 8 012 | 6 131 |
| EBITDA (adj.) from salmon/whitefish | 1 260 | 1 180 | 4 612 | 4 831 | |
| EBITDA (adj.) from pelagic segments | a) | 287 | 232 | 3 400 | 1 300 |
| EBITDA (adj.) from pelagic segments ex. gain | |||||
| from sale of shares | 287 | 232 | 2 131 | 1 300 |
Dividend: The Board will recommend to the annual shareholders meeting in 2025 a dividend of NOK 6.50 per share
(NOK 4.50 per share in 2024)
* Before fair value adj. related to biological assets
a) including gain from sale of shares of MNOK 1,268 in the FY 2024 figures
Operational overview
| PERU | CHILE | NORTH ATLANTIC |
AUSTEVOLL SEAFOOD GROUP |
|
|---|---|---|---|---|
| PELAGIC FISHING | 7% 18 of Anchovy quota Fishing vessels Centre-north |
3 8.6%of Fishing vessels Pelagic fishing quota |
2 Fishing vessels |
400,000 - 500,000 MT of pelagic fish caught annually (23 vessels) |
| PELAGIC PROCESSING |
5 Processing plants |
2 Processing plants |
28 Processing plants* |
1.6 – 2.0 Million MT of raw material annually 35 Processing plants |
| WHITEFISH | 10Fishing vessels 8 Processing plants |
80,000 - 90,000 MT of whitefish (10 vessels) 8 Processing plants |
||
| SALMON | Norway: Salmon licenses • Incl. salmon operation UK* |
200,000 - 220,000 MT of salmon |
||
| SALES | Integrated sales organisation |
Integrated sales organisation |
Integrated sales organisation |
Wholesale with global sales & distribution |
*Associated companies
Pelagic
Austral Group S.A.A. FoodCorp Chile S.A. Pelagia Holding AS (associated)
Biomass and quota evolution first and second season
Peruvian anchoveta
Annual quota and biomass 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
Biomass Quota
Operation in Peru
Austral Group S.A.A
Fishmeal/fish oil
• North/Centre
- o Highlights from 2nd season:
- Austral quota caught 169,400 MT 2024 vs. 86,300 MT 2023
- Austral purchased 55,000 MT 2024 vs. 28,500 MT 2023
- Plant discharge share 9.0% (2023 8.2%) highest since 2015 reflecting favorable biomass distribution relative to Austral plants
- Super/prime 73% 2nd season 2024 vs. 64% 2nd season 2023
- Combined Fishmeal/Oil yield 27.4% 2nd season 2024 vs. 24.1% in 2nd season 2023 – recovery of oil yields to historic average
• South
- o Full year purchases 32,300 MT 2024 vs. 12,400 MT 2023
- o 2025 early and strong start to season
- o Purchases to date 45,000 MT (zero same date 2024)
- 1st season North/Centre 2025
- o Expected to be announced April 2025
| Volume '000 MT | Q4 2024 | Q4 2023 | 2024 | 2023 | 2025E |
|---|---|---|---|---|---|
| Own catch: | |||||
| Anchoveta | 129 | 72 | 317 | 116 | 315 |
| Jack Mackerel/Mackerel | 1 | 11 | 20 | 13 | |
| Purchase: | |||||
| Anchoveta | 62 | 23 | 133 | 45 | 142 |
| Mackerel/Other | 2 | 3 | 3 | ||
| Total ('000 MT) | 191 | 96 | 463 | 185 | 473 |
Map of Austral's factories
Operation in Chile
FoodCorp Chile S.A.
Own catch: Jack mackerel
Record catches in 2024
- Global quota for 2024 increasing 15% to 1,242 KMT and 819.72 KMT for Chile o FoodCorp`s quota in 2024 increases to 64.7 KMT vs. 56.6 KMT 2023
- 3rd party purchase: 64 KMT in 2024 (21 KMT in 2023); total 128 KMT caught in 2024 (77.5 KMT in 2023)
- Chilean jack mackerel 2025
- 25% increase from 2024
- Ongoing discussion related to allocation between industrial fleet and coastal fleet
Purchases:
- Sardine/anchovy
- o Low availability of fish due to seawater surface temperature
- o Lower fat content
| Volume '000 MT | Q4 2024 | Q4 2023 | 2024 | 2023 | 2025E* |
|---|---|---|---|---|---|
| Own catch: | |||||
| Jack Mackerel/Mackerel | 21 | 18 | 133 | 79 | 127 |
| Purchase: | |||||
| Sardine/anchovy | 3 | 3 | 17 | 40 | 39 |
| G. squid/mackerel/others | 0 | 1 | |||
| Total ('000 MT) | 24 | 21 | 150 | 120 | 166 |
* 2025 estimated volumes does not take into account any possible potential reallocation
Jack mackerel quota in Chile1
Notes: 1 The species is formally: Trachurus murphyi
North Atlantic pelagic quotas
North Atlantic pelagic quota 2014 - 2025E, million tonnes
ICES recommendation for 2025
• Increased quota for: o NVG herring +3% o Horse mackerel 75 KMT • Decrease in quota for: o Barents Sea capelin -100% o Sandeel -100% o Mackerel -22% o NS herring -21% o Blue whiting -5%
Source: Norges Sildesalgslag, Havforskningsinstituttet, Estimates are based on data from the above sources, ICES recommendation.
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 FM/FPC/Oil |
162 | 172 | 953 | 991 | 900 |
- As expected, seasonal low production in Q4 2024
- o Main raw material input from trimmings
- o Salmon based raw material stable
- Q1 2025 is expected to be busy with good volumes of blue whiting in addition to various trimmings from both salmon and pelagic fish
- Market for marine protein remains stable and stock position is good
- Price reduction during Q4 on marine oil due to better supply from South America
Austevoll Seafood ASA
www.auss.no
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 2025
- Q1 2025
- o NVG herring in January and February
- o Atlantic mackerel in first month of Q1
- Market
- o Good sales and strong price development, especially for the Atlantic mackerel
- o Limited unsold stock for most products
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 | 5 917 | 4 483 | ||
| Raw material | ||||
| FOOD 1,000 MT |
128 | 163 | 370 | 390 |
| FEED 1,000 MT |
162 | 172 | 953 | 991 |
| Sales volumes | ||||
| FOOD 1,000 MT |
116 | 98 | 278 | 265 |
| FEED 1,000 MT |
84 | 75 | 343 | 336 |
*
*
Associated company, AUSS share = 50%
Salmon / Whitefish
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)
- 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
- EBIT/kg all incl. (excl. EBIT Lerøy Havfisk & LNWS) of NOK 14.0 (Q4/23: NOK 16.4)
- Contract share of 19% (Q4/23: 22%)
- NIBD MNOK 7,705 at end of Q4/24 (Q4/23: MNOK 5,209)
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 | 159.6 | 171.2 | 195.0 |
| Scottish Seafarms (LSG 50% share) | 12.9 | 12.0 | 16.2 | 18.0 | 12.4 | 20.2 | 16.0 |
| Total Group | 171.1 | 182.9 | 202.8 | 192.6 | 172.0 | 191.4 | 211.0 |
Lerøy Seafood Group ASA – Wild catch
Q4 2024
| Catch volumes wild catch | Q4-24 | Q4-23 | 2024 | 2023 |
|---|---|---|---|---|
| Cod | 3,1 | 5,0 | 12,7 | 19,5 |
| Saithe | 2,5 | 3,3 | 15,2 | 15,5 |
| Haddock | 0,5 | 1,6 | 6,0 | 11,3 |
| Shrimps | 11,2 | 9,0 | ||
| Other | 3,7 | 2,7 | 19,8 | 20,6 |
| Total | 9,8 | 12,5 | 65,0 | 75,9 |
Catch volumes in 1,000 MT
- 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
- o 25% stems from overall industry quota reduction
- o 7% is due to re-allocation from the trawler fleet to the coastal fleet under new regulation ("Kvotemelding")
- o Haddock quota is down 2% in 2025
Financials
Q4 2024
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 | 145 |
| Total Group companies | 225 | 138 | 702 | 417 | 701 |
| Joint ventures: | |||||
| Europe purchase (FOOD) | 128 | 163 | 370 | 390 | 312 |
| Europe purchase (FEEDl) | 162 | 172 | 953 | 991 | 900 |
| Totalt Joint venture: | 290 | 334 | 1 324 | 1 380 | 1 212 |
| Total wild catch | 515 | 473 | 2 025 | 1 797 | 1 913 |
| Salmon/trout (GWT)* | 63 | 52 | 200 | 179 | 219 |
| Total Group | 577 | 525 | 2 226 | 1 977 | 2 132 |
* Incl. 50% of the Scottish Sea Farms volumes
Key financial figures Q4 2024
Revenue and other income1 Million NOK
EBITDA adj.1 Million NOK
Notes: 1 See note 7 in the appendix for information related to APM.
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% | |||
| Depreciation | 556 | 485 | Incl. AUSS 50% proportional share of Pelagia | Group | |||
| Income from associates | 54 | 109 | |||||
| EBIT (adj.) incl.income from associates | 899 | 815 | 10% | ||||
| Other income and expenses | 7 | 185 | 128 | ||||
| Fair value adj. related to biological assets | 725 | 250 | |||||
| Operating profit (EBIT) | 1 439 | 937 | |||||
| Profit before tax and fair value adj. | 510 | 572 | -11% | ||||
| Profit before tax | 1 238 | 820 | |||||
| Income tax expenses | 572 | -53 | |||||
| Net profit | 1 810 | 767 | |||||
| EPS (adj.)* | NOK | 3.3 | 1.6 | ||||
| Earnings per share (EPS) | NOK | 4.8 | 2.1 |
| Q4 2024 | Q4 2023 | 4% |
|---|---|---|
| 11 578 | 10 857 | 7% |
| 1 547 | 1 412 | 10% |
| 13% | 13% |
* Before fair value adj. Related to biological assets
Lerøy Seafood Group ASA
| (Amounts in NOK million) | Q4 2024 | Q4 2023 | 2024 | 2023 | |
|---|---|---|---|---|---|
| Revenue and other income | 8 462 | 8 246 | 31 121 | 30 906 | |
| EBITDA (adj) | 1 260 | 1 180 | 4 612 | 4 831 | |
| EBIT (adj.) | 799 | 765 | 2 960 | 3 335 | |
| EBIT (adj.) margin | 9% | 9% | 10% | 11% | |
| Total assets | 42 831 | 41 419 | |||
| Net interest bearing debt | 7 705 | 5 209 | |||
| Slaugthered volume | GWT | 56 776 | 47 483 | 171 228 | 159 620 |
| EBIT (adj.)/kg ex wild catch | NOK | 14.0 | 16.4 | 16.5 | 19.2 |
| Havfisk catch volume | MT | 9 803 | 12 481 | 64 991 | 75 893 |
| EBIT (adj.) wild catch | MNOK | 6 | -13 | 130 | 278 |
| EBIT (adj.) VAPS&D | MNOK | 275 | 271 | 888 | 643 |
| Farming highlights | |
|---|---|
| • | Quarterly harvest volume up 20 % y-o-y |
| • | Improved biological performance starting to show in harvest results |
| • | Spot benchmark prices NOK 5/kg lower in Q3/24 vs. Q4/23 Contract share of 19% (Q4/23: 22%) o |
| • | Cost (RFS) slightly lower than Q3/24, and up from Q4/23 |
• Shielding technology remain promising
VAPS&D
- Record earnings in VAPS&D (12 months rolling basis)
- Operational improvements
- Increased capacity utilization
Wild catch highlights
- Significant quota reduction impacts
- o Catch volumes for the trawling fleet
- o Raw material price and volumes in the land industry
- Challenging outlook for 2025 due to further reduction in quotas
Austral Group S.A.A.
| (Amounts in NOK million) | Q4 2024 | Q4 2023 | 2024 | 2023 | Raw material intake | |
|---|---|---|---|---|---|---|
| Revenue and other income EBITDA (adj) EBIT (adj.) EBIT (adj.) margin Total assets |
142 78 18 13% |
161 0 -44 |
2 238 797 562 25% 3 609 |
1 000 -183 -418 3 109 |
• Seasonal high activity in Q4 (2nd fishing season N/C started 1 November) for 2nd 73.5 % of the total quota of 175,000 tonnes season o was caught in Q4/24 In addition, purchase of 55,000 tonnes of raw material from o |
|
| Net interest bearing debt + (cash -) | 1 094 | 1 229 | 3rd party's N/C in Q4/24 |
|||
| Raw material | 1,000 MT | 191 | 96 | 463 | 185 | Sales |
| Sales volumes: | ||||||
| Fishmeal | 1,000 MT | 5.1 | 6.0 | 70.6 | 36.8 | • Sales volumes are down 11.3 % vs. same quarter 2023 |
| Fish oil | 1,000 MT | 0.5 | 0.0 | 8.2 | 1.2 | Fishmeal prices down 17.6 % y-o-y o |
| Frozen/fresh | 1,000 MT | 0.6 | 1.0 | 13.6 | 22.5 |
Inventory by end Q4/24:
- Fishmeal 42,300 MT (Q4/23: 16,000 MT)
- Fish oil 5,300 MT (Q4/23: 400 MT)
FoodCorp Chile S.A.
| (Amounts in NOK million) | Q4 2024 | Q4 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue and other income | 395 | 88 | 1 261 | 966 |
| EBITDA (adj) | 39 | -69 | 310 | 225 |
| EBIT (adj.) | 25 | -82 | 253 | 176 |
| EBIT (adj.) margin | 6% | -92% | 20% | 18% |
| Total assets | 1 793 | 1 435 | ||
| Net interest bearing debt + (cash -) | -7 | -51 | ||
| Raw material 1,000 MT |
24.0 | 20.9 | 150.4 | 119.5 |
| Sales volumes: | ||||
| Fishmeal 1,000 MT |
9.4 | 1.7 | 17.5 | 9.9 |
| Fish oil 1,000 MT |
2.1 | - | 3.3 | 4.9 |
| Frozen/fresh 1,000 MT |
10.7 | 1.0 | 66.7 | 47.7 |
| Raw material intake | ||
|---|---|---|
| -- | --------------------- | -- |
- Own catch of 21,100 tonnes (Q4/23: 18,000 tonnes)
- Record high own catch jack mackerel/mackerel in 2024, total 133,000 tonnes (2023: 78,500 tonnes)
- Reduction in purchased raw material of sardine/anchovy (3rd party) y-o-y
- o 17,000 MT in 2024 vs. 40,000 MT 2023
- o Lower fish oil yield y-o-y
Sales
- Higher sales volumes in Q4/24 vs. Q4/23 for all products
- o Price achievement down y-o-y
Inventory by end Q4/24:
- Frozen 13,300 MT (Q4/23: 1,400 MT)
- Fishmeal/oil 5,900 MT (Q4/23: 5,500 MT)
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 | Majority of the volume harvested in the latter part of | |
| EBIT (adj.) | 29 45 |
238 | 268 | o | |
| EBIT (adj.) margin | 24% | 23% | 27% | 34% | Q4/24 has in contrast to Q4/23 resulted in higher price achievement y-o-y |
| Total assets | 1 453 | 1 413 | Cost increase y-o-y | ||
| Net interest bearing debt + (cash -) | -71 | -67 | o | ||
| Slaugthered volume | 1 289 GWT |
2 211 | 8 855 | 7 416 | |
| EBIT (adj.)/kg | 22.1 NOK |
20.3 | 26.9 | 36.2 | Biomass at sea |
• End Q4/24 at 4,552 LWT (Q4/23: 4,465 LWT)
Br. Birkeland AS
| (Amounts in NOK million) | Q4 2024 | Q4 2023 | 2024 | 2023 | ||
|---|---|---|---|---|---|---|
| Revenue and other income | 4 | 113 | 229 | 357 | ||
| Gain from sale of shares | 0 | 0 | 1 855 | 0 | ||
| EBITDA (adj) | -12 | 39 | 1 894 | 91 | ||
| EBIT (adj.) | -11 | 24 | 1 858 | 28 | ||
| EBIT (adj.) margin | ||||||
| Total assets | 568 | 680 | ||||
| Net interest bearing debt + (cash -) | -209 | 24 | ||||
| Wild catch (pelagic) | 1,000 MT | - | 9.2 | 23.5 | 37 | |
| Wild catch (snowcrab) | 1,000 MT | - | - | 0.8 | 0.7 |
Pelagic
- Br. Birkeland AS finalised the sale of its Pelagic activity by 28 June 2024
- o The cash effect from the sale was MNOK 1,965
- o The company paid a dividend of MNOK 1,757 to its shareholders in Q3/24
- AUSS received MNOK 754 of the total dividend (42.9%)
Snow crab
- The season finished mid-March (2023: early April)
- o No activity for the snow crab vessels in Q4/24
Statement of financial position
| (MNOK) | 31-12-2024 | 31-12-2023 |
|---|---|---|
| Intangible assets | 11 704 | 12 265 |
| Tangible fixed assets | 12 043 | 11 097 |
| Right-of-use assets | 3 500 | 3 043 |
| Financial non-current assets | 4 087 | 3 803 |
| Total non-current assets | 31 334 | 30 209 |
| Biological assets at cost | 6 911 | 6 030 |
| Fair value adjustment of biomass | 3 138 | 2 745 |
| Other inventory | 3 652 | 3 090 |
| Receivables | 4 880 | 5 441 |
| Cash and cash equivalents | 5 719 | 5 475 |
| Total current assets | 24 301 | 22 781 |
| Total assets | 55 635 | 52 990 |
| NIBD ex. right-of-use assets liabilities | 8 016 | 6 715 |
| NIBD incl. right-of-use assets liabilities | 10 202 | 8 434 |
| Equity | 29 667 | 27 042 |
| Equity ratio | 53% | 51% |
Currency rate:
| 31.12.2024 USD/NOK | 11.35 |
|---|---|
| 31.12.2023 USD/NOK | 10.17 |
Comments:
- Tangible fixed assets increased on investment in among others shielding technology in farming
- New lease contract for a "state of the art" well boat in Q4/24
- Higher standing biomass increasing the biological assets at cost
Cash flow
| (MNOK) | Q4 2024 | Q4 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Pre tax profit | 1 238 | 820 | 5 022 | 2 845 |
| Biomass adjustment | -725 | -250 | -337 | -77 |
| Taxes paid | -578 | -349 | -1 336 | -739 |
| Depreciation and impairments | 614 | 566 | 2 120 | 2 051 |
| Associated companies | -54 | -109 | -374 | -285 |
| Interest (net) | 190 | 91 | 622 | 527 |
| Working capital | -1 079 | -28 | -2 814 | -1 121 |
| Cash from operating activities | -394 | 740 | 2 903 | 3 202 |
| Net investment in capex | -659 | -578 | -2 280 | -1 968 |
| Acquisitions and divestments | 1 | 0 | 1 999 | -2 |
| Dividends received | 17 | 0 | 221 | 228 |
| Others | 80 | 137 | 241 | 220 |
| Cash from investing activities | -562 | -441 | 181 | -1 521 |
| Change in long term loans | -143 | -230 | -214 | 1 802 |
| Change in short term loans | 1 263 | -996 | 871 | 314 |
| Dividends | -45 | 0 | -2 696 | -1 905 |
| Others | -225 | -231 | -817 | -761 |
| Cash from financing activities | 849 | -1 457 | -2 857 | -551 |
| Cash at the beginning of the period | 5 814 | 6 654 | 5 475 | 4 340 |
| Net change in cash (incl.exchange gain/losses) | -95 | -1 179 | 244 | 1 135 |
| Cash at the end of the period | 5 719 | 5 475 | 5 719 | 5 475 |
• The Board will recommend to the annual shareholders meeting in 2025 a dividend of NOK 6.50 per share (NOK 4.50 per share in 2024)
Comments to FY 2024:
- Increased working capital driven by
- high activity in all segments
- higher standing biomass
- Higher payable tax in 2024 vs. 2023
- Significant capex within farming, developing the Group, but not yet fully reflected in results
- Sale of shares (pelagic activity in Br. Birkeland AS)
Outlook
Fishmeal
| Fishmeal production - week 52 (cumulative)1 | |||
|---|---|---|---|
| Regions | 2024 | 2023 | Change % |
| Chile# | 331 243 | 343 128 | -3.5 % |
| Peru | 1 124 274 | 473 012 | 137.7 % |
| Danmark/Norway | 192 996 | 229 818 | -16.0 % |
| Iceland/North Atlantic* | 222 259 | 294 839 | -24.6 % |
| Total | 1 870 772 | 1 340 797 | 39.5 % |
Source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived meal *Includes U.K., Ireland and Faroe Islands
Weekly average Peruvian fishmeal FOB prices (US\$/MT) 2
Production • IFFO Fishmeal production increased 39.5% y-o-y, driven by Peru's 138% recovery from 2023
• Peru successfully captured 97% of the anchovy quota lastseason, yielding ~575,000 MT of fishmeal
• USD 1,620/MT for Super Prime (68%) 2
Prices
(FOB Peru)
- USD 1,400/MT for Standard (65%) 2
- Demand Feed producers building stocks for the start of the aqua peak season (Q2 2025)
Fishmeal cont.
Notes: All prices and figures shown are only for statistical purposes and should not be taken as a reference. Sources: IFFO, week 61, 2025, JCI report 2 dated 14.02.2025
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 Peru1
- o Yuan exchange rate: 7.27 RMB/USD (+2% vs. 3 months ago)
- China's fishmeal imports in 2024 hit a record 1.96M MT, driven by Peru's supply recovery
- Total fishmeal consumption in China is estimated at 2.2M MT for 2024, up 10.3% from 2023
Fish oil
| Fish oil production - week 52 (cumulative)1 | ||||
|---|---|---|---|---|
| Regions | 2024 | 2023 | Change % | |
| Chile# | 132 304 | 169 472 | -21.9 % | |
| Peru | 156 452 | 14 650 | 967.9 % | |
| Danmark/Norway | 42 280 | 47 128 | -10.3 % | |
| Iceland/North Atlantic* | 48 295 | 98 392 | -50.9 % | |
| Total | 379 331 | 329 642 | 15.1 % | |
| Source: IFFO All numbers are preliminary and subject to revision # Includes salmon-derived meal |
Weekly average Peruvian fish oil FOB prices (US\$/MT) 2
Notes: All prices and figures shown are only for statistical purposes and should not be taken as a reference. Sources: IFFO, week 521, 2024 and week 62,2025
- Production IFFO Fish oil production increased 15.1% y-o-y, Peru 968% up vs. 2023
- Strong recovery in Peru's production, driven by improved catches and yields, exceeding 10 times the 2023 output
- Feed grade: USD 2,700/MT2
Prices
(FOB Peru)
- Omega-3 grade: USD 4,500/MT2
- Supply Limited stock available from the last NC season
*Includes U.K., Ireland and Faroe Islands
Atlantic salmon supply
(in tonnes WFE )
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Region | Volume | Change Volume | Change Volume | Change Volume | Change Volume | Change Volume | Change Volume | Change | ||||||
| Europe | 1 676 300 | 1,6 % | 1 896 600 | 13,1 % | 837 500 | -3,1 % | 1 777 000 | -3,3 % 1 867 400 | % 5,1 |
1 953 700 | 4,6 % 2 018 600 | 3,3 % | ||
| Norway | 1 370 400 | 2,8 % | 534 500 | 12,0 % | 517 800 | -1,1 % | 482 300 | -2,3 % 1 517 000 | 2,3 % | 583 900 | 4,4 % | 1 618 800 | 2,2 % | |
| United Kingdom | 178 300 | -6,4 % | 199 200 | 11,7 % | 160 800 | -19,3 % | 152 100 | -5,4 % | 189 400 | 24,5 % | 182 200 | -3,8 % | 191 100 | 4,9 % |
| Faroe Islands | 80 600 | -6,9 % | 105 500 | 30,9 % | 99 600 | -5,6 % | 89 400 | -10,2 % | 99 600 | 11,4 % | 117 200 | 17,7 % | 130 300 | 11,2 % |
| Iceland | 31 200 | 27,3 % | 41 500 | 33,0 % | 42 900 | 3,4 % |
38 700 | -9,8 % | 42 900 | 10,9 % | 53 400 | 24,5 % | 61 900 | 15,9 % |
| Ireland | 15 800 | 1,9 % | 15 900 | 0,6 % | 16 400 | 3,1 % | 14 500 | -11,6 % | 18 500 | 27,6 % | 17 000 | -8,1 % | 16 500 | -2,9 % |
| Americas | 1 035 990 | 11,8 % | 993 600 | -4,1 % 1 | 020 500 | 2,7 % | 011 100 | -0,9 % | 958 700 | -5,2 % | 1 033 100 | 7,8 % | 1 068 400 | 3,4 % |
| Chile | 778 500 | 12,8 % | 718 300 | -7,7 % | 753 300 | 4,9 % | 766 000 | % 1,7 |
700 000 | -8,6 % | 756 500 | 8,1 % | 777 500 | 2,8 % |
| Canada | 137 200 | 0,4 % | 139 500 | 1,7 % | 133 200 | -4,5 % | 110 100 | -17,3 % | 118 000 | 7,2 % | 120 000 | 1,7 % | 119 000 | -0,8 % |
| Australia | 82 800 | 36,0 % | 85 400 | 3,1 % |
83 800 | -1,9 % | 83 700 | -0,1 % | 85 000 | 1,6 % | 89 000 | 4,7 % | 92 700 | 4,2 % |
| Others | 17 490 | -1,7 % | 31 400 |
79,5 % | 30 700 | -2,2 % | 32 800 | 6,8 % | 36 700 | 11,9 % | 48 100 | 31,1 % | 60 700 | 26,2 % |
| USA | 20 000 | -3,8 % | 19 000 | -5,0 % | 19 500 | 2,6 % | 18 500 | -5,1 % | 19 000 | 2,7 % | 19 500 | 2,6 % | 18 500 | -5,1 % |
| Totalt | 2 712 290 | 5,2 % 2 890 200 | 6,6 % 2 858 000 | -1,1 % 2 788 100 | -2,4 % 2 826 100 | 1,4 | % 2 986 800 | 5,7 % 3 087 000 | 3,4 % |
Sources: Kontali (as per 21.02.2024)
Spot prices, fresh Atlantic salmon
Atlantic salmon consumption
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 Process improvement/implementing Lerøy Way
- Contract shares for salmon in 2025 currently around 16% (incl. downgrades)
Whitefish
- Challenging quota situation
- Quotas for 2025
- Cod down 32%
- Haddock down 2%
- Saithe North unchanged
- Saithe South up 40%
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 caught 74% of its quota for the season in Q4/24 and caught in total 97% of its quota for the full season
- Good catches of horse mackerel in Q4 and record high harvest volume in Chile in 2024, 133,000 tonnes vs. 78,500 tonnes in 2023
- Increase in jack mackerel quota of 25% for 2025 (SPRFMO advice)
- Ongoing discussion related to allocation between industrial fleet and coastal fleet
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 segment
- ICES recommendation for 2025:
- Blue whiting -5%
- Barents Sea capelin no quota
- Sandeel no quota
- North Sea herring -21%
- Mackerel -22%
- NVG herring +3%
Disclaimer
- This Presentation has been produced by Austevoll Seafood ASA (the "Company" or "Austevoll") solely for use at the presentation to the market held in connection with the announcement of fourth quarter results for 2024.
- This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither The Company or any of their respective group of companies or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
- An investment in the company involves risk, and several factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks or uncertainties associated with the company's business, segments, development, growth management, financing, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors.
- Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. The company does not intend, and does not assume any obligation, to update or correct the information included in this presentation.
- No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company or any of their group companies or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
- By attending the quarterly presentation or upon reading the Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.
- This Presentation is dated 28.02.2025. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.
Appendix
Key financial figures YTD 2024
Revenue and other income1 Million NOK
Million NOK
EBITDA adj.2
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 | 2 065 | 1 909 | Incl. AUSS 50% proportional share of Pelagia | Group | |||
| Income from associates | 374 | 285 | |||||
| EBIT (adj.) incl.income from associates | 5 619 | 3 645 | 54% | ||||
| Other income and expenses | 7 | 292 | 284 | ||||
| Fair value adj. related to biological assets | 337 | 77 | |||||
| Operating profit (EBIT) | 5 665 | 3 438 | |||||
| Profit before tax and fair value adj. | 4 695 | 2 762 | |||||
| Profit before tax | 5 022 | 2 845 | |||||
| Income tax expenses | -132 | -2 501 | |||||
| Net profit | 4 890 | 344 | |||||
| EPS (adj.)* | NOK | 12.9 | 1.3 | ||||
| Earnings per share (EPS) | NOK | 13.6 | 1.4 |
| 2024 | 2023 | മം |
|---|---|---|
| 44 164 | 40 275 | 10% |
| 1 268 | ||
| 8 012 | 6 131 | 31% |
| 18% | 15% |
* Before fair value adj. related to biological assets
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 assets | -2 | 2 | 10 | -6 | |
| Income from JV and associates before fair value adj. | 51 | 111 | 383 | 279 | |
| Investment in JV and associates: | |||||
| Norskott Havbruk AS | 1 296 | 1 107 | |||
| Pelagia Holding AS | 2 044 | 1 980 | |||
| Others | 463 | 485 | |||
| Total investment | - | - | 3 803 | 3 572 | |
| Dividend received from JV and associates | |||||
| Norskott Havbruk AS | |||||
| Pelagia Holding AS | 200 | 225 | |||
| Others | 17 | 21 | 3 | ||
| Total dividend received | 17 | 0 | 221 | 228 |
a) Lerøy Seafood Group ASA owns 50% of Norskott Havbruk AS
b) Austevoll Seafood ASA owns 50% of Pelagia Holding AS
Associated companies
Norskott Havbruk AS (100% figures), LSG's share = 50%
| (Amounts in NOK million) | Q4 2024 | Q4 2023 | 2024 | 2023 | |
|---|---|---|---|---|---|
| Revenue and other income | 965 | 497 | 4 403 | 2 561 | |
| EBIT (adj.) | 93 | -47 | 555 | -304 | |
| EBIT (adj.) margin | 10% | 13% | |||
| Total assets | 6 569 | 6 132 | |||
| Net interest bearing debt | 2 562 | 2 803 | |||
| Slaugthered volume | GWT | 9 027 | 4 571 | 40 439 | 24 884 |
| EBIT (adj.)/kg ex wild catch | NOK | 10.3 | -10.3 | 13.7 | -12.2 |
- Significant increase in harvest volume with good harvest weights in the quarter
- Strong biological development with next generation of fish performing well in all regions
- Significant increase in profitability
- Volumes in 2025 impacted by re-organising site structure. Long term potential significantly higher
- Estimated harvest volume: • 32,000 GWT in 2025
Note 7 Alternative Performance Measures (APMs)
Austevoll Seafood Group's financial statements are prepared in accordance with international standards for financial reporting (IFRS) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU. In addition, the Board and management have chosen to present certain alternative performance measures to aid understanding of the Group's development. The Board and management are of the opinion that these performance measures are sought and utilised by investors, analysts, credit institutions and other stakeholders. The alternative performance measures are derived from the performance measures defined in IFRS. The figures are defined below. They are calculated consistently and presented in addition to other performance measures, in line with the Guidelines for Alternative Performance Measures from the European Securities and Markets Authority (ESMA).
EBITDA (adj.) and EBIT (adj.) former Operating EBITDA and operating EBIT
EBITDA (adj.) and EBIT (adj.) are two alternative performance measures used by the Group that are commonly used within aquaculture. We present these APMs to provide the information required by management, investors and analysts regarding performance and industry comparability. These replace the previous alternative performance measures operating profit/loss before fair value adjustments related to biological assets and operating profit/loss before depreciation and fair value adjustments related to biological assets.
Certain items have been excluded from EBITDA (adj.) and EBIT (adj.). The most significant of these items is fair value adjustment related to biological assets. This is excluded because it has nothing to do with the Group's operating performance. The change in fair value derives from changes in forward prices for salmon, published by Fish Pool. Another item excluded is provision for onerous contracts. This item is indirectly related to biological assets, as the loss is calculated based on the increased value of fish in the sea as a result of fair value adjustment. Production fees on the harvest volume of salmon and trout, which were introduced in 2021, are also excluded. This is because production fees are tax-related. Production fees were introduced as an alternative to resource rent tax. Also excluded are one-off events not expected to happen again, such as settlement costs. These types of costs are not considered relevant to the current operating activity and hence not relevant to persons wanting to analyse operating profit in the period. Finally, unrealised internal gains associated with inventories are also excluded. Feedback from investors and analysts suggests that this accrual item has interfered with evaluation of operating profit for the period. Since this item is insignificant to profit for the period, it has been excluded from the two alternative performance measures.
The Group has investments in joint ventures and associates that are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Revenue from joint ventures and associates is therefore shown in a separate line and included in EBIT (adj.) incl. income from associates.
| (audited) | |||||
|---|---|---|---|---|---|
| (Amounts in NOK million) | Note | Q4 2024 | Q4 2023 | 2024 | 2023 |
| Operating revenue and other income | 4 | 9 096 | 8 754 | 35 377 | 33 774 |
| Gain from sale of shares | 0 | 0 | 1 268 | 0 | |
| Raw material and consumable used | 4 646 | 4 838 | 18 354 | 18 610 | |
| Salaries and personnel expenses | 1 434 | 1 276 | 5 296 | 4 857 | |
| Operating expenses | 1 615 | 1 449 | 5 685 | 5 038 | |
| EBITDA (adj.) | 7 | 1 401 | 1 190 | 7 311 | 5 269 |
| Depreciation | 556 | 485 | 2 065 | 1 909 | |
| EBIT (adj.) | 7 | 845 | 705 | 5 246 | 3 360 |
| EBIT (adj.) margin | 9 % | 8 % | 15 % | 10 % | |
| Income from associates | 5 | 54 | 109 | 374 | 285 |
| EBIT (adj.) incl. income from associates | 7 | 899 | 815 | 5 619 | 3 645 |
| Other income (-) and expenses (+) | 7 | 185 | 128 | 292 | 284 |
| Fair value adj. related to biological assets | 3 | 725 | 250 | 337 | 77 |
| Operating profit (EBIT) | 1 439 | 937 | 5 665 | 3 438 | |
| Net interest expenses | -190 | -91 | -622 | -527 | |
| Net other financial items | -11 | -26 | -21 | -65 | |
| Profit before tax | 1 238 | 820 | 5 022 | 2 845 | |
| Income tax expenses | 9 | 572 | -53 | -132 | -2 501 |
| Net profit | 1 810 | 767 | 4 890 | 344 | |
| Profit to non-controlling interest | 834 | 334 | 2 144 | 52 | |
| Profit to controlling interest | 976 | 433 | 2 745 | 292 | |
| EPS (adj.)* | NOK | 3,3 | 1,6 | 12,9 | 1,3 |
| Earnings per share (EPS) | NOK | 4,8 | 2,1 | 13,6 | 1,4 |
| Diluted EPS | NOK | 4,8 | 2,1 | 13,6 | 1,4 |
| (Amounts in NOK million) | Q4 2024 | Q4 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Impairment | 58 | 81 | 54 | 142 |
| Production tax (aquaculture) | 54 | 45 | 168 | 129 |
| Change in unrealised internal margin | -1 | 2 | -5 | -2 |
| Other non-operational items | 74 | 0 | 74 | 15 |
| Total other income and expenses | 185 | 128 | 292 | 284 |
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 additional layer for taxation on aquaculture. The resource rent tax is in addition to the regular corporate income tax of 22% and gives a total tax rate on aquaculture of 47%. This new tax scheme was implemented retrospectively with effect from 1 January 2023. The implementation effect recognized with MNOK 1.809 billion in 2023, has been reversed with MNOK 1.000 in Q4 2024. In 2024, the group has changed the tax declaration of 2022 for two of the five companies with ground rent tax eligible activity. More information can be found under the financial section for Q4 and preliminary full year figures for 2024
| TOTAL TAX EXPENSES IN COMPREHENSIVE INCOME | Q4 2024 | Q4 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Regular corporate tax | -231 | -165 | -843 | -590 |
| Resource rent tax incl. implementation effect (payable and deferred tax) | 803 | 112 | 711 | -1 912 |
| Income tax expenses in comprehensive income | 572 | -53 | -132 | -2 501 |
Tax expense (-)/tax income (+)
From 1 January 2024, the production fee per kilogram of farmed Atlantic salmon and trout in Norway is NOK 0.935. Furthermore, as of 1 January 2023, the production fee associated with commercial licenses is no longer deductible for the purpose of calculating ordinary corporate income tax in Norway. The fee is, however, deductible for the purpose of calculating the Norwegian resource rent tax payable.