SalMar Q3 – Solid operational performance giving strong results
Results are particularly good in Norway, where the farming segments and Sales and Industry delivered strong results driven by continued solid biological, excellent operational performance, and high utilisation of capacity.
- Operational EBIT for the group was NOK 2,300 million. Total harvest was 78,100 tonnes. Operational EBIT per kg was NOK 29.5.
- Operational EBIT for Norway alone was NOK 2,274 million. Harvest volume in Norway was 74,000 tonnes and operational EBIT per kg was NOK 30.7.
- The farming segments in Norway delivered strong results driven by continued solid biological and operational performance. Volume increased and the cost level was reduced.
- Sales and Industry continued its solid operational performance, demonstrated by its efficient management of harvesting and processing facilities and strong capacity utilisation. The contract share was 15 per cent, with positive contribution.
- Icelandic Salmon resumed harvesting in July 2023, after a harvest stop in the second quarter, yet higher costs affected results.
- SalMar Aker Ocean has two offshore projects in operation, as Arctic Offshore Farming became part of SalMar Aker Ocean from Q4 2023.
- For Scottish Sea Farms, the results improved from the previous quarter, but were still weak, due to continued biological challenges.
- SalMar keeps its volume guiding for 2023 unchanged in Norway including SalMar Aker Ocean at 243,000 tonnes. Increases guidance for Icelandic Salmon with 1,000 tonnes to 17,000 tonnes and decreases guidance for Scottish Sea Farms with 2,000 tonnes to 25,000 tonnes (100% basis).
- Significant volume growth is expected in 2024. The volume guidance is 257,000 tonnes in Norway, 7,000 tonnes from SalMar Aker Ocean, 15,000 tonnes for Icelandic Salmon and 37,000 tonnes for Scottish Sea Farms (100% basis).
- The resource rent tax in Norway has been included in the third-quarter financial statement, calculated for the first nine months of 2023 based on the best current estimate. SalMar strongly opposes the tax and remains committed to continue seeking dialogue with authorities and decision-makers.
One year ago, in November 2022, NTS, NRS and SalmoNor became part of SalMar.
- The combination allows for yearly recurring synergies that are estimated to amount to NOK 844 million.
- In the third quarter, SalMar strengthened its financial position with the completion of the sale of Frøy and in the fourth quarter, shareholders voted to cancel 13.1 million treasury shares,
Comments to third quarter results
"We have put behind us another good quarter, especially in our Norwegian operations. This has given strong results. Our fish farmers in Central and Northern Norway have achieved good biological results which leads to good financial results. On land our staff and operators in Sales and Industry has handled large volumes well,” said Frode Arntsen, CEO of SalMar ASA.
“We have come a long way with the implementation of our ongoing strategic measures and, as part of this, also strengthened our financial position. The integration of operations from NRS, NTS and SalmoNor is progressing as planned. We are in fact able to extract greater synergies than we originally planned, and expect that all this will be in place by the end of the year. The sale of Frøy in the third quarter has further contributed to strengthening our financial position,” Arntsen said.
Significant volume growth in 2024
SalMar expect significant volume growth in 2024 where unutilized potential in licenses is starting to materialize. For Norway SalMar expects 257,000 tonnes, SalMar Aker Ocean 7,000 tonnes, Icelandic Salmon 15,000 tonnes and through the joint venture Scottish Sea Farms 37,000 tonnes. Including relative share from Scottish Sea Farms this gives a total of 298,000 tonnes and represent a growth of 9% from volume in 2023.
It is expected low global supply growth in 2024, and in this market SalMar will increase volume significantly.
New offshore units in Norway currently on hold
Due to regulatory uncertainty SalMar Aker Ocean has decided that further work on offshore aquaculture in Norway is currently on hold.
The company will now fully focus on growth semi-offshore and utilize the capacity of its existing two semi-offshore units for the production of sustainable Norwegian salmon. It will also continue to explore opportunities outside of Norway.
The complete report and presentation for the third quarter 2023 is attached
SalMar's CEO Frode Arntsen and CFO Ulrik Steinvik will present the company's results at 08:00 CET, at Hotel Continental in Oslo. The presentation will also be available on webcast on www.salmar.no
For further information, please contact:
Frode Arntsen, CEO
Tel: +47 482 06 665
Ulrik Steinvik, CFO
Tel: +47 900 84 538
Håkon Husby, Head of Investor Relations
Tlf: +47 936 30 449
SalMar is one of the world's largest and most efficient producers of salmon. The Group has farming operations in Central Norway, Northern Norway and Iceland, as well as substantial harvesting and secondary processing operations. In addition, the company is operating within offshore aquaculture through the company SalMar Aker Ocean and SalMar owns 50% of the shares in Scottish Sea Farms Ltd.
See www.salmar.no for more information about the company.
This information is subject to the disclosure requirements stipulated in section 5-12 of the Norwegian Securities Trading Act.
AttachmentsTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Challenging conditions to persist, but expectation of clearer rate outlook and tightening bid-ask spreads on the horizon29.11.2023 01:00:00 CET | Press release
Industrial & logistics, multifamily, and office remain top picks for 2024 with investors deploying new strategies in each sector LONDON and TORONTO, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The 2024 Global Investor Outlook released by Colliers (NASDAQ and TSX: CIGI) today reveals that challenging market conditions will persist into 2024, though expectations of a clearer rate outlook and tightening bid-ask spreads are on the horizon. Lower investment activity has constrained pricing discovery due to limited data points. As investors continue to seek stability in policy environments, industrial & logistics (I&L), multifamily and office sectors largely remain their top picks in the upcoming year. Pockets of opportunity are continuing to emerge as distress forces companies to unlock capital via sale and leasebacks, and property funds face redemption pressures. Furthermore, a record proportion (25%) of investors surveyed have ESG-based disposal and acquisition strategies in place – up from 10% jus
Nyxoah Strengthens its Executive Leadership Team28.11.2023 22:30:00 CET | Press release
Nyxoah Strengthens its Executive Leadership Team Francis Kim appointed as Chief Regulatory and Quality Officer Mont-Saint-Guibert, Belgium – November 28, 2023, 10:30pm CET / 4:30pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today announced the appointment of Francis Kim as Chief Regulatory and Quality Officer. Francis will be leading Nyxoah’s Global Regulatory and Quality departments. Francis is a highly experienced global regulatory and quality executive in the healthcare industry, having spent more than 25 years in the medical device and life sciences sector. Francis has led Regulatory and Quality departments at Medtronic, Philips, and other companies, including introducing several innovative products and therapies to the market. “Nyxoah is entering the most exciting time in the Company’s history, with data fro
Alvotech Reports Financial Results for First Nine Months of 2023 and Provides Business Update28.11.2023 22:15:00 CET | Press release
Product revenue for the nine months of 2023 increased to $29.8 million, compared to $11.1 million for the same period in 2022Marketing authorization was received for AVT04 in Canada and Japan, the first for a biosimilar to Stelara® (ustekinumab)The European Medicines Agency proposed market authorization for AVT04 in the 30 member states of the European Economic Area, pending a final decision by the European CommissionApprovability of AVT02 and AVT04 in the U.S. now pending satisfactory US Food and Drug Administration (FDA) inspection of Alvotech’s facility in Iceland, currently expected on January 10 – 19, 2024Management will conduct a business update conference call and live webcast on Thursday November 29, 2023, at 8:00 am ET (13:00 pm GMT) Alvotech (NASDAQ: ALVO, or the “Company”), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today reported unaudited financial results for the first nine months of 2023 and pr
RÄTTELSE: Saknad MAR-etikett i tidigare pressmeddelande – ”Anoto ingår ett avtal för 1,1 miljoner USD avseende försäljning av pennor och treåriga mjukvarulicenser med Deutsche Telekom”28.11.2023 19:15:00 CET | Pressemelding
Anoto Group AB (publ) utfärdar en rättelse av pressmeddelandet som publicerades tidigare idag. Rättelsen avser att pressmeddelandet saknade MAR-etikett med hänvisning till EU:s marknadsmissbruksförordning (MAR). Följande information skulle ha varit med i pressmeddelandet: ”Denna information är sådan information som Anoto Group AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades genom ovanstående kontaktpersons försorg för offentliggörande den 28 november 2023, kl. 08:00 CEST.” Nedan publiceras det korrekta pressmeddelandet i sin helhet. Stockholm den 28 november 2023 – Anoto Group AB (publ) ("Anoto" eller "Bolaget") meddelar idag att bolaget har tecknat ett upphandlingsavtal som avser försäljning av nya pennor, samt ett treårigt mjukvarulicensavtal med Deutsche Telekom AG (”Deutsche Telekom”). Deutsche Telekom är en av de äldsta kunderna inom Anotos affärssegment Forms och avtalet innebär att ramverket inom vilket Anoto och Deutsche T
CORRECTION: Missing MAR label in previous press release – “Anoto enters into a USD 1.1 million agreement for the sale of pens and three-year software licenses with Deutsche Telekom”28.11.2023 19:15:00 CET | Press release
Anoto Group AB (publ) issues a correction to the press release published earlier today. The correction refers to the fact that the press release lacked a MAR label with reference to the EU Market Abuse Regulation (MAR). The following information should have been included in the press release: ”This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person above for publication 28 November 2023, at 08:00 CEST.” The correct press release is published in its entirety below. Stockholm, 28 November 2023 – Anoto Group AB (publ) ("Anoto" or the "Company") today announces that it has signed a procurement agreement relating to the sale of new pens, plus a new three-year software licensing agreement with Deutsche Telekom AG (“Deutsche Telekom”). Deutsche Telekom is one of the oldest customers of Anoto’s Forms business and this agreement means that the framework withi