Salmones Camanchaca S A : Results Presentation 2023 - Q2
August 16, 2023 at 05:40 pm EDT
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Q2 2023 RESULTS
RICARDO GARCIA, VICE CHAIRMAN
17 AUGUST 2023 - SANTIAGO, CHILE
AGENDA
06
01
SUMMARY
04
HIGHLIGHTS
03
FINANCIAL
REVIEW
02
MARKETS
OPERATIONAL
REVIEW
05
ESTIMATES
2
Q2 2023 HIGHLIGHTS
Operating Revenues were 35% lower than Q2 22, at USD 63m, as Atlantic volume sold dropped 42% due to expected lower harvest volumes in the quarter.
Atlantic harvest LW cost was USD 4.98/Kg, 23% higher than Q2 22, pushed by 2 sea farms representing 3/4 of the harvested volume, affected by SRS, sealice, and predators.
Atlantic processing costs was USD 1.49/Kg WFE, 51% higher than Q2 22 due to a 6 weeks plant's maintenance interruption and lower harvest volume.
Prices were stable QoQ, and price achievement was strong through Q2. Return on raw material for Atlantic was 94 US cents above benchmark.
As a consequence, EBIT/Kg WFE for Atlantic was marginally negative.
Marginal impact of extraordinary mortality in the quarter (USD 0.8m).
Total 2023 harvest expected at 56-60k MT all species, with 80% Atlantic.
FINANCIAL HIGHLIGHTS
Revenues
Million USD
113.8
97.4
95.9
98.6
63.4
Q2 22
Q3 22
Q4 22
Q1 23
Q2 23
EBITDA and EBIT/kg WFE
USD million and USD/kg WFE
EBITDA
EBIT/Kg
25.7
25.6
25.4
22.7
1.74
1.78
1.43
1.44
-0.04
4.3
Q2 22
Q3 22
Q4 22
Q1 23
Q2 23
4
GROWTH IN HARVEST & STOCKINGS IN 2023
Lower harvest volume in Q2 23 as planned (-48% vs Q2 22).
Strong harvest expected in Q3 23.
Increase in total stockings, with special growth in Coho, duplicating
2022's units (aiming to reduce biological risks).
Atlantic 2023 harvest plan at
45-47 thousand MT WFE, 11-13 thousand MT WFE for Coho.
Industry Atlantic stocking* in H1 23 increased 5%, and a 6% for Coho.
Atlantic harvest and smolt stocking
Thousand MT WFE and million units
18-19
15.8
15.0
14.3
13.1
13.4
12.4
11.1
10.7
9.2
9.5
9.7
9-10
8.1
6.4
6.4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2020
2021
2022
2023
Atlantic Harvest volume
53.0
40.1
44.5
45-47
(1,000 MT)
Atlantic Smolt Stocking
11.4
10.1
9.8
11-12
(millions units)
Coho Harvest volume
3.7
1.8
4.0
11-13
(1,000 MT)
Coho Smolt Stocking
1.1
0.6
1.6
2-3
(millions units)
Total Stocking
12.5
10.7
11.4
13-15
(millions units)
5* Source: Aquabench June 2023
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Salmones Camanchaca SA published this content on 16 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 21:39:10 UTC.
Salmones Camanchaca SA is a Chile-based company, which is mainly focused on the salmon farming industry. The activities of the Company include: breeding, production, marketing and farming of salmon and all kinds of species, beings or organisms that have in water their normal and most frequent means of life, including research and development of salmon genetics, exploitation, farming, slaughtering, production and marketing of seafood products. The Company owns freshwater fish farms, processing plants to develop its productive work, and more than 70 aquaculture concessions for sea farming within the national territory. It also has commercial and representative offices in the United States, Mexico, Japan, Spain and China.
SALMONES CAMANCHACA S.A. 
