SalMar - Delivering strong results and reaching significant milestones in execution of growth strategy

Limited supply of Atlantic salmon, coupled with robust demand, led to another quarter with high salmon prices, and in turn strong quarterly results. Operational EBIT for the group was NOK 1,745 million in Q2 2023. Total harvest was 44,300 tonnes. Operational EBIT per kg was NOK 39.4. Operational EBIT for Norway alone was NOK 1,790 million and operational EBIT per kg was NOK 40.5.The Fish Farming Central Norway segment continued its solid operational performance, partly offset by cost...

Kverva, 24/08/2023 (informazione.news - comunicati stampa - cibi e bevande)

Limited supply of Atlantic salmon, coupled with robust demand, led to another quarter with high salmon prices, and in turn strong quarterly results.

In the first half of 2023, following successful transactions and ongoing integration of NTS, NRS and SalmoNor, SalMar has taken significant steps to further fortify its position as a leading producer of sustainable salmon.

As one of the world's leading producers of Atlantic Salmon, it is no coincident that SalMar presents its report for the second quarter and first half of 2023 at Aqua Nor, the international aquaculture conference in Trondheim, Norway, today.

“We are reporting strong performance, largely in with our expectations, and good progress in our ongoing efforts to integrate business from NRS, NTS and SalmoNor. We have recently signed a refinancing agreement at competitive terms and strengthened our balance sheet through the sale of shares in Frøy, thereby creating an even stronger foundation for further growth,” said Frode Arntsen, CEO of SalMar.

Over the past few years, the company has made significant investments along its entire value chain. SalMar operates innovative RAS smolt facilities, coastal farming units, offshore units and has several state-of-the-art plants onshore for harvesting and processing of salmon.

“We clearly state our ambition to continue to grow sustainably and create value for society and for our shareholders. How soon and how much depends to a large degree on the effects of the resource rent tax which has been introduced in Norway. According to our preliminary calculations, the implementation effect alone amounts to NOK 2,3 billion,” Mr. Arntsen said.

SalMar strongly opposes the resource rent tax model and level, and believes the arguments outlined in the company's consultation response in January 2023 still holds. The company will continue to argue for a review of the tax system and tax level for Norwegian aquaculture through close and fact-based dialogue with authorities and decision-makers. SalMar is open to legal steps in due course.

SalMar keeps volume guidance for 2023 unchanged at 243,000 tonnes in Norway and 16,000 tonnes in Iceland. For Scottish Sea Farms the volume guidance is reduced to 27,000 tonnes.

In Norway, SalMar expects significantly higher volume and similar cost level in the third quarter 2023 compared to the second quarter 2023. And also higher volume in Iceland.

For the third quarter 2023, the contract rate in Norway is expected to be around 15 per cent. For the full year of 2023, it is expected to be 16 per cent.

SalMar's CEO Frode Arntsen and CFO Ulrik Steinvik will present the company's results at Aqua Nor today at 9am CEST, in the Mendelsohn conference room in Trondheim Spektrum. The presentation will also be available on webcast on www.salmar.no .

Capital Markets Day 2023

SalMar will provide more insight into the group's strategic plans at the capital market day 2023. The event takes place on 6-7 September in Tromsø and Senja. Visit our website for more information: https://www.salmar.no/investor/capital-markets-day/  

Frode Arntsen, CEO
Tel: +47 482 06 665
Email: frode.arntsen@salmar.no

Ulrik Steinvik, CFO
Tel: +47 900 84 538
Email: ulrik.steinvik@salmar.no

Håkon Husby, Head of Investor Relations
Tlf: +47 936 30 449
Email: hakon.husby@salmar.no

                               

About SalMar
SalMar is one of the world's largest and most efficient producers of salmon. The Group has farming operations in Central Norway, Northern Norway and Iceland, as well as substantial harvesting and secondary processing operations. In addition, the company is operating within offshore aquaculture through the company SalMar Aker Ocean and SalMar owns 50% of the shares in Scottish Sea Farms Ltd.

See www.salmar.no for more information about the company.

This information is subject to the disclosure requirements stipulated in section 5-12 of the Norwegian Securities Trading Act.

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