Austevoll Seafood ASA

AUSS

Equity

ISIN NO0010073489 / Valor 2591398

Oslo Stock Exchange (2024-11-21)

NOK 100.60+1.62%

Austevoll Seafood ASA
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About company

Austevoll Seafood ASA (AUSS) is a Norway-based seafood company with a diversified portfolio that spans across various segments of the seafood industry. Established in 1981 by Helge Møgster, Ole Rasmus Møgster, and their father, the company has grown from its roots in Austevoll, Norway, to have significant operations in Norway, the UK, Peru, and Chile. AUSS's business activities encompass the ownership and operation of fishing vessels targeting both pelagic and white fish species, the operation of fishmeal plants, canning plants, freezing plants, and salmon farming. Additionally, the company is involved in the marketing and sales of its products, ensuring a comprehensive involvement in the seafood value chain. In 2014, Austevoll Seafood ASA expanded its operations through a strategic merger with Kvefi AS, controlled by Kverva AS, to enhance its capabilities in the pelagic fishmeal, fish oil, and consumer products segments in Europe, under the establishment of Pelagia Holding AS. This move is indicative of AUSS's strategy to strengthen its position in the global seafood market through both organic growth and strategic acquisitions.

Summarized from source with an LLMView SourceSector: Consumer Non-Cyclicals

Revenue Growth

In Q1 2024, Austevoll Seafood ASA reported a total operating revenue of NOK 8,373 million, marking a 5% increase from NOK 8,002 million in Q1 2023. This growth was observed across all operating segments, reflecting a robust performance in the company's diverse portfolio.

EBITDA and EBIT

Austevoll Seafood ASA's adjusted EBITDA for Q1 2024 was NOK 1,660 million, slightly up from NOK 1,627 million in Q1 2023. The adjusted EBIT for the same period was NOK 1,160 million, which is nearly on par with NOK 1,174 million reported in Q1 2023, resulting in an adjusted EBIT margin of 14%, down from 15% in the previous year.

Profit Before Tax

The company reported a profit before tax of NOK 1,085 million in Q1 2024, a decrease from NOK 1,568 million in Q1 2023. This decline is attributed to various factors, including a significant reduction in fair value adjustment related to biological assets, which was NOK 62 million in Q1 2024 compared to NOK 460 million in Q1 2023.

Net Interest Expense

Austevoll Seafood ASA's net interest expense in Q1 2024 was NOK -152 million, compared to NOK -116 million in Q1 2023. Additionally, net other financial expenses for the quarter totaled NOK -7 million, a shift from NOK 4 million in Q1 2023, impacting the overall financial performance.

Dividend Recommendation

In line with its dividend policy, Austevoll Seafood ASA's Board of Directors has recommended a dividend payment of NOK 4.50 per share for 2024, down from NOK 5.50 per share in 2023. This recommendation reflects the company's commitment to returning value to its shareholders while considering its financial performance and outlook.

Summarized from source with an LLMView Source

Key figures

39.7%1Y

-9.53%3Y

21.0%5Y

Performance

24.6%1Y

32.7%3Y

33.3%5Y

Volatility