Lerøy Seafood Group ASA: Q3 2023 Results
14 Noviembre 2023 - 11:30PM
Lerøy Seafood Group ASA: Q3 2023 Results
HIGH ACTIVITY. CLEAR POTENTIAL FOR IMPROVEMENT.
In the third quarter of 2023, Lerøy reports a turnover that is
8% higher than last year. Operational EBIT in Q3 2023 amounts to
MNOK 631 compared to MNOK 833 in the same quarter last year. In
Farming, earnings are, as previously mentioned, affected by
one-time effects related to the early harvest of fish with ISA
detection. In Wild Catch, the quotas for 2023 are lower than in
2022, affecting earnings negatively. Downstream activities,
VAPS&D, delivered significantly better earnings than the same
quarter last year.
At the end of the third quarter and the beginning of the fourth
quarter, we have faced challenges at some sites resulting in lower
production than expected. This affects the expected harvest volume
in 2023 and 2024. For 2024, we now expect a harvest volume of
approximately 193,500 GWT, including jointly controlled operations,
says Henning Beltestad.
A RANGE OF MEASURES IMPLEMENTED
To achieve our goals in Farming for 2025, we have implemented a
range of measures where the focus on increased smolt quality,
investments in new technology, and the implementation of Lerøy Way
are crucial. We have great confidence in these measures, and their
effects are expected to gradually become apparent in the form of
higher growth in through 2024, says Henning Beltestad.
LERØY AND THE NORWEGIAN AQUACULTURE INDUSTRY PERFORM WELL IN
INTERNATIONAL COMPARISONS
The Coller FAIRR Protein Producer Index is a ranking of the
world's 60 largest publicly traded companies producing meat, fish,
and dairy products. They are measured on sustainability, including
climate footprint, environmental impact, animal welfare, freshwater
consumption, antibiotic consumption, social rights, and more. These
measurements form the Coller FAIRR Index. The index for 2023 was
announced in November, and Lerøy was ranked second in this
index.
We have areas to improve, of course, but this is an important
recognition of Lerøy and the work our employees do. Norwegian
seafood is among the most sustainable protein we can consume, and
Lerøy is proud to serve millions of sustainable meals to the world
every day throughout the year, says CEO Henning Beltestad.
OUTLOOK
Compared to the level in the third quarter, release from stock
costs in Farming in the fourth quarter are expected to be at the
same level, says CEO Henning Beltestad.
Harvest volume, including jointly controlled operations, is
expected to be 169,500 GWT in 2023 and 193,500 GWT in 2024. A lower
quota affects earnings in Wild Catch. Downstream activities show
improvement.
Historically, demand for seafood has held up relatively well in
economic downturns. We find that our value chain meets the market's
needs, and Lerøy is well-positioned for the future, concludes
Henning Beltestad.
Queries may be addressed to CEO Henning Beltestad or CFO Sjur S.
Malm.
ABOUT LERØY SEAFOOD GROUP
Lerøy Seafood Group is a global seafood group headquartered in
Bergen. The company's approximately 6,000 employees annually handle
between 350,000 and 400,000 tons of seafood through the company's
value chain, equivalent to about 5 million meals every day. The
group has a vertically integrated value chain for redfish and
whitefish, as well as significant third-party product activity.
The Group's values, "open, honest, responsible, and creative,"
are the basis for the Group's total activities, and efforts are
made towards the goal of creating the world's most efficient and
sustainable seafood value chain. The target for annual return on
capital employed (ROCE) is 18%. The group has set ambitious
sustainability goals, including a 46% reduction in greenhouse gas
emissions by 2030.
To ensure food safety for the consumer, we
actively work in all stages of the value chain. As a fully
integrated seafood supplier, we have the opportunity to control and
quality-assure our products throughout the entire value chain. This
way, we can meet the seafood market's increasingly stringent
requirements for traceability, food safety, product quality,
cost-effectiveness, sustainability, and continuous delivery.
- LSG Q3 23 Presentation
- Q3 23 LSG Report
Leroy Seafood (TG:Z1L)
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