SalMar ASA (SALRF) Q3 2023 Earnings Call Transcript

SalMar ASA (OTCPK:SALRF) Q3 2023 Earnings Conference Call November 9, 2023 4:00 AM ET

Company Participants

Frode Arntsen – Chief Executive Officer

Ulrik Steinvik – Chief Financial Officer

Frode Arntsen

Good morning everyone and welcome to the presentation of SalMar’s Results for the Third Quarter of 2023. My name is Frode Arntsen, I’m the CEO of SalMar. And with me today is our CFO, Ulrik Steinvik. Our presentation will follow the same order as before. I will take you through some highlights and the operational results for the different segments, then our CFO will provide you with a financial update. I’ll focus on sustainable growth on the terms of the salmon, before wrapping up with an outlook for the future.

Third quarter ‘23 was a very strong quarter for SalMar. Despite the expected drop in salmon prices, the increased volume we have harvested and reduced cost in the value chain have contributed to our ability to report higher operational EBIT compared to the previous quarter. Total from Norway, we harvested 74,000 tons, with a margin of NOK30.7 per kilo, resulting in an operational EBIT of NOK2,274 million. Including Icelandic Salmon and SalMar Aker Ocean, we harvested 78,100 tons, with a total operational EBIT of NOK2,300 million and a margin of NOK29.5 per kilo.

The farming segments in Norway delivered strong results, with record high harvest volume and reduced cost level compared to previous quarters. Sales and Industry continues to show good performance and showcased the strength in the setup we have in SalMar. And on Iceland, harvesting started again after a stop in second quarter. In addition, we have two semi-offshore projects in operation, after we also transferred fish to the Arctic Offshore Farming project. At the same time, we have improved and strengthened our financial position through the sale of Frøy, new financing agreement and reduction of debt due

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