The Group reported revenue of NOK 9,096 million in Q4 2024, compared with NOK
8,754 million in Q4 2023. The increase in revenue comes from Lerøy Seafood Group
and FoodCorp Chile.
Adjusted EBITDA in Q4 2024 was NOK 1,401 million, up from NOK 1,190 million in
Q4 2023. The revenue growth essentially derives from the companies in Peru and
Chile as a result of good catch volumes and good sales volumes for end products.
Adjusted EBIT in Q4 2024 was NOK 845 million, compared with NOK 705 million in
Q4 2023.
Norskott Havbruk AS (Scottish Sea Farms Ltd) and Pelagia Holding AS are the
Group's two largest joint ventures. Income from associates before fair value
adjustment related to biological assets totalled NOK 51 million in Q4 2024 (Q4
2023: NOK 111 million). The equivalent figure including fair value adjustment of
biological assets was NOK 54 million (Q4 2023: NOK 109 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. After some very challenging years, it is pleasing to see
the expected positive development at Scottish Sea Farms Ltd. Please refer to
note 5 for further information on associates.
Adjusted EBIT including revenue from associates was NOK 899 million in Q4 2024,
against NOK 815 million in the same period of 2023.
Operational EBIT after fair value adjustment of biological assets and other
income and expenses totalled NOK 1,439 million in Q4 2024 (Q4 2023: NOK 937
million). Fair value adjustment related to biological assets amounted to NOK 725
million in Q4 2024, compared with NOK 250 million in Q4 2023.
The Group's net interest expense in Q4 2024 totalled NOK -190 million (Q4 2023:
NOK -91 million). Net other financial expenses in the quarter totalled NOK -11
million. The equivalent figure in Q3 2023 was NOK -26 million.
The Group reported profit before tax in Q4 2024 of NOK 1,238 million (Q4 2023:
NOK 820 million).
In May 2023, the Storting voted to introduce 25% resource rent tax 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. To achieve tax symmetry, the Group is of the
opinion that expenses linked to the opening biomass balance at the time the
resource rent tax regime was implemented must be part of the regime's tax base.
The Group has therefore changed its historical return for some of the companies
in the Group. For the resource rent tax, this will entail symmetry between
revenue and expenses, and the Group has claimed a deduction for expenses related
to the fish it has sold under the resource rent tax regime. The Norwegian
government received numerous submissions on how the authorities had established
a "tax wedge" in the value chain and - on top of that - a tax base that is to be
determined by a "norm price council". These exhaustive and technically
substantiated submissions highlight the unreasonableness inherent in the risk of
systematically inaccurate tax bases, but also the enormous expenses associated
with reporting and follow-up. It is stressed that the uncertainty linked to tax
estimates is significantly higher than normal as a result of the authorities
imposing this surtax on Norwegian aquaculture.
Profit after tax in Q4 2024 was NOK 1,810 million, against NOK 767 million in Q4
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).