Group operating revenue in Q1 2024 totalled NOK 8,373 million, compared with NOK 8,002 million in Q1 2023, an increase of 5%. All the operating segments posted an increase in revenue.
Adjusted EBITDA in Q1 2024 was NOK 1,660 million, up from NOK 1,627 million in Q1 2023.
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Adjusted EBIT in Q1 2024 was NOK 1,160 million, on par with NOK 1,174 million in Q1 2023. This gives an adjusted EBIT margin of 14%, down from 15% in Q1 2023.
Norskott Havbruk AS (Scottish Sea Farms) and Pelagia Holding AS are the two largest joint ventures. As previously reported, Norskott Havbruk (Scottish Sea Farms) had an extremely challenging 2023. It is therefore pleasing that the substantial improvement in operating performance is now materialising in the company’s results. Pelagia is sustaining its positive development, and executed one of its high seasons for production of end products in Q1. This level of production provides a good basis for sales volumes in the coming quarters. Income from associates before fair value adjustment related to biological assets totalled NOK 58 million in Q1 2024 (Q1 2023: NOK 75 million). The equivalent figure including fair value adjustment of biological assets was NOK 62 million (Q1 2023: NOK 66 million). The Group’s joint ventures and associates have generated good results over time, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Please refer to note 5 for more detailed information on associates.
Adjusted EBIT including revenue from associates was NOK 1,221 million in Q1 2024, against NOK 1,240 million in the same period of last year.
Operating profit after fair value adjustment of biological assets and other income and expenses totalled NOK 1,245 million in Q1 2024 (Q1 2023: NOK 1,679 million). Fair value adjustment related to biological assets was positive at NOK 62 million, a significant decrease from NOK 460 million in Q1 2023.
The Group’s net interest expense in Q1 2024 was NOK -152 million (Q1 2023: NOK -116 million). Net other financial expenses in the quarter totalled NOK -7 million. The equivalent figure in Q1 2023 was NOK 4 million.
The Group reported profit before tax in the quarter of NOK 1,085 million (Q1 2023: NOK 1,568 million).
In May 2023, the Storting voted to introduce a so-called resource rent tax of 25% on earnings from sea-based production of salmon and trout. The legislation was implemented with retroactive effect from 1 January 2023. The resource rent tax comes on top of ordinary tax of 22%, giving a total tax rate of 47% for the activity concerned/scope of the tax wedge. The estimated tax expense for Q1 2024, including resource rent tax, is NOK -346 million. No resource rent tax was estimated for Q1 2023 because no sufficiently reliable estimates were available at that stage.
Profit after tax in Q1 2024 was NOK 739 million, against NOK 1,223 million in Q1 2023.
For further information please see attached report and presentation.
Questions and comments may be addressed to the company’s CEO, Arne Møgster, or to CFO, Britt Kathrine Drivenes.
This information is subject of the disclosure requirements acc. to Section 5-12 vphl (Norwegian Securities Trading Act).
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