Group revenue in Q2 2024, including income from sale of shares, totalled NOK 9,878 million, compared with NOK 8,452 million in Q2 2023. The significant increase in revenue is mainly explained by the gain on the sale of the shares in Talbor AS and Br. Birkeland Fiskebåtrederi AS, which amounted to NOK 1,265 million. Austral Group’s strong execution of the first fishing season in Peru was also a factor. Normalisation of the quota level and an early start-up resulted in significantly higher revenue for Austral Group in Q2 2024 compared with the same period of 2023.
Adjusted EBITDA in Q2 2024 was NOK 3,058 million, up from NOK 1,441 million in Q2 2023. The strong growth in earnings can be explained by the factors discussed above. It is pleasing to note that normalisation of fishery in Peru is generating strong earnings in Austral Group.
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Adjusted EBIT in Q2 2024 was NOK 2,555 million, compared with NOK 968 million in Q2 2023.
Norskott Havbruk AS (Scottish Sea Farms) and Pelagia Holding AS are the Group’s two largest joint ventures. After a very challenging 2023, it is positive to see the strong profit performance in Norskott Havbruk (Scottish Sea Farms). This positive development demonstrates the company’s strong underlying production, together with a significant improvement in liquidity and financial strength. As usual, Pelagia had a lower level of activity within end products for the consumer market in the second quarter. Income from associates before fair value adjustment related to biological assets totalled NOK 131 million in Q2 2024 (Q2 2023: NOK 14 million). The equivalent figure including fair value adjustment of biological assets was NOK 142 million (Q2 2023: NOK 20 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 2,697 million in Q2 2024, against NOK 988 million in the same period of last year.
Operating profit after fair value adjustment of biological assets and other income and expenses totalled NOK 2,854 million (Q2 2023: NOK 992 million). Fair value adjustment related to biological assets was positive at NOK 178 million, compared with NOK 76 million in Q2 2023.
The Group’s net interest expense in Q2 2024 amounted to NOK -175 million (Q2 2023: NOK -142 million). Net other financial expenses in the quarter totalled NOK -34 million. The equivalent figure in Q2 2023 was NOK 7 million.
The Group reported profit before tax in Q2 2024 of NOK 2,645 million (Q2 2023: NOK 857 million).
In May 2023, the Storting voted to introduce 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 Q2 2024, including resource rent tax, is NOK -473 million. The Group estimated the implementation effect of resource rent tax on biomass in the sea at 1 January 2023 in Q2 2023, but no estimate was made of resource rent tax on earnings in the period because no sufficiently reliable estimates were available at this point. The implementation effect of resource rent tax amounted to NOK 1.8 billion in Q2 2023.
Profit after tax in Q2 2024 was NOK 2,172 million, compared with NOK -1,139 million for Q2 2023, which included the above-specified implementation effect of NOK 1.8 billion.
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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