23.5.2024 06:00:01 CEST | Måsøval AS | Half yearly financial reports and audit
reports / limited reviews
Strong sea production, cost improvement, somewhat hampered price achievement
(Sistranda, 23 May 2024) Måsøval recorded revenues of MNOK 402 in the first
quarter harvesting 3.606 GWT, compared to revenues of MNOK 237 harvesting 1.994
GWT same quarter 2023. Operational EBIT was MNOK 120 compared to MNOK 36 same
quarter last year.
"The sea production was strong in the quarter. Despite colder sea temperatures,
jelly fish and winter storms, the team performed well. During the quarter the
Group not only harvested more salmon than guided, but also exiting the quarter
with a high biomass with harvest ready fish. Cost position improved
significantly in the quarter, positioning us for a strong Q2.
Results are however somewhat hampered by low price achievement due to
downgrading. The quality is substandard our responsibility as a farmer and food
producer. We have intensified our work on fish health to improve the quality
within the entire value chain.", says CEO Helge Kvalvik.
Furthermore, losses in the sales and processing department due to non-recurring
events overshadows a strong operational quarter.
Looking ahead the Group expect to ramp up harvesting into Q2 guiding a harvest
volume of 7500-8000 GWT in Q2, for the full year the group expect to harvest
27.000-28.000 GWT.
Spot prices are expected to be higher in Q2, with fish pool futures for Q2 last
traded at NOK 122 compared to NOK 110 for Q1.
The Group has taken important strategic measures to integrate vertically and
increasing key capacities by taking over the harvesting plant TL-45 and signing
time charter contract on an additional wellboat.
The Board of Måsøval has proposed to pay a dividend of NOK 0.5 pr share.
Please find enclosed the Q1 report for Måsøval.
Måsøval's CEO Helge Kvalvik and CFO Anders Hagestande will present the results
in Norwegian at 08:00 at Haakon VII gate 2 in Oslo. The presentation can also be
followed via this link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240523_3
The presentation and report is attached in this notification.
Forward looking statements:
This release may be deemed to include forward-looking statements, such as
statements that relate to Måsøval's goals and strategies, salmon prices, ability
to increase or vary harvest volume, production capacity, trends in the seafood
industry, restructuring initiatives, business prospects and positioning with
respect to market, demographic and pricing trends, strategic initiatives, and
the effects of any extraordinary events and various other matters (including
developments with respect to laws, regulations and governmental policies
regulating the industry and changes in accounting policies, standards and
interpretations) on Måsøval's business and results. Forward-looking statements
are Måsøval's current estimates or expectations of future events or future
results. Actual results could differ materially from those indicated by these
statements because the realization of those results is subject to many risks and
uncertainties. All forward-looking statements included in this release are based
on information available at the time of the release, and Måsøval assumes no
obligation to update any forward-looking statement.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
* Anders Hagestande, CFO, Måsøval AS, +47 415 82 138,
anders.hagestande@masoval.no
* Helge Kvalvik, CEO, Måsøval AS, +47 979 79 772, helge.kvalvik@masoval.no
ABOUT MÅSØVAL AS
Måsøval is an integrated producer of Atlantic salmon with more than 50 years of
operational experience. Located in Central Norway in the region west of
Trondheim, Måsøval has both significant farming operations at sea and inhouse
smolt production. Through its majority ownership in the processing and
distribution company Pure Norwegian Seafood AS, Måsøval is processing and
exporting high quality Atlantic salmon to a global marketplace.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847731/3135/4529/Download%20announcement
%20as%20PDF.pdf
Masoval Q1 2024 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847731/3135/4527/Masoval%20Q1%202024%20P
resentation.pdf
Masoval Q1 2024 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847731/3135/4528/Masoval%20Q1%202024%20R
eport.pdf