FINANCIAL REPORT
Q2 and H1 2023
Austevoll Seafood ASA
Alfabygget N-5392 Storebø
NORWAY www.auss.no
Financial report, Q2 and H1 2023 Austevoll Seafood ASA | 2 |
Index | ||
p. 4 | Result highlights | |
p. 5 | Austevoll Seafood ASA | |
p. 6 | Profit/loss | Q2 2023 |
p. 6 | Operational review of segments for Q2 2023 | |
p. 12 | Joint venture | |
p. 12 | Cash flow | Q2 2023 |
p. 13 | Financial information H1 2023 | |
p. 13 | Cash flow | H1 2023 |
p. 14 | Statement of financial position at 30 June 2023 | |
p. 14 | Other issues | |
p. 16 | Shareholder information | |
p. 16 | Austevoll Seafood ASA's focus areas for sustainability | |
p. 16 | Market and outlook | |
p. 20 | Income statement | |
p. 20 | Condensed statement of comprehensive income | |
p. 21 | Statement of financial position | |
p. 22 | Condensed statement of changes in equity | |
p. 22 | Cash flow statement | |
p. 23 | Note 1 Accounting policies | |
p. 23 | Note 2 Related party transactions | |
p. 23 | Note 3 Biological assets | |
p. 26 | Note 4 Segments | |
p. 27 | Note 5 Associates | |
p. 27 | Note 6 List of the 20 largest shareholders | |
p. 28 | Note 7 Alternative performance measures | |
p. 30 | Note 8 Right-of-use assets | |
p. 31 | Note 9.New Resource rent tax on Aquaculture from 1 January 2023 |
Financial report, Q2 and H1 2023 Austevoll Seafood ASA | 3 |
Q2 IN BRIEF
- Group's revenue growth driven by strong prices, partly because of the weak krone
- Seasonally low harvest volume for salmon in Q2
- Higher prices realised year on year
- Cost pressure remains high as a result of inflation
- Seasonally good level of activity within pelagic segment in the North Atlantic; FoodCorp in Chile continues to develop positively
- Low level of activity within pelagic segment in Peru
- No fishery in the first season, other than a few days of trial fishery
- Issued new senior unsecured bond loans in Austevoll Seafood ASA and Lerøy Seafood Group ASA
- The government's proposal on resource rent tax on aquaculture (in the sea) was adopted by the Storting on 31 May 2023
- Tax in Q2 2023 includes a significant implementation effect linked to the value of biomass in the sea at 1 January 2023
RESULT HIGHLIGHTS
All figures in MNOK | Note | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | 2022 |
Operating revenue and other income | 8 452 | 7 852 | 16 454 | 14 417 | 31 150 | |
Operational EBITDA | 7 | 1 441 | 1 769 | 3 068 | 3 251 | 6 062 |
Operational EBIT | 7 | 982 | 1 465 | 2 231 | 2 563 | 4 845 |
Profit before tax and biomass adjustments | 774 | 1 116 | 1 890 | 2 160 | 4 226 | |
Income tax expenses | -193 | -471 | -537 | -784 | -1 142 | |
Implementation effects of resource tax (aquculture) | 9 | -1 803 | - | -1 803 | - | - |
Net profit | -1 139 | 1 752 | 85 | 2 805 | 4 285 | |
EPS adj. (NOK) | * | -3.2 | 2.5 | -0.8 | 4.3 | 9.9 |
Total assets | 51 933 | 47 748 | 48 062 | |||
Net interest bearing debt | 6 930 | 5 902 | 5 140 | |||
Equity ratio | 52% | 56% | 59% | |||
Group operational EBITDA incl. 50% of Pelagia | 1 606 | 1 900 | 3 426 | 3 474 | 6 906 | |
Operational EBITDA Salmon/whitefish | 1 307 | 1 249 | 2 644 | 2 459 | 4 797 | |
Operational EBITDA Pelagic incl. proportional Pelagia | 299 | 651 | 782 | 1 015 | 2 109 |
* Before fair value adjustments related to biological assets
Financial report, Q2 and H1 2023 Austevoll Seafood ASA | 4 |
AUSTEVOLL SEAFOOD ASA
Since it was established in 1981, Austevoll Seafood ASA (AUSS) has developed into an active and long-term owner of world-leading portfolio companies within aquaculture, fisheries, processing, sales and distribution. This is also reflected in the company's vision:
"Passionate owner of globally leading seafood companies"
The company's values - Look to the Future, Act with Integrity, Enhance Knowledge and Strive for Excellence - shall lay the foundations for the company's ownership and be reflected in the activities of the company's portfolio companies.
Financial report, Q2 and H1 2023 Austevoll Seafood ASA | 5 |
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Austevoll Seafood ASA published this content on 11 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2023 08:24:03 UTC.