Storebø, Norway-headquartered Austevoll Seafood ASA posted increased revenues of almost NOK 5.95 billion (EUR 584.1 million, USD 712.7 million) for the first quarter of 2021, up from NOK 5.86 billion (EUR 575.3 million, USD 701.8 million) in the corresponding period of last year.
At the same time, the group’s earnings before interest, taxes, depreciation, and amortization (EBITDA) slipped by NOK 105 million (EUR 10.3 million, USD 12.6 million) year-on-year to less than NOK 1.1 billion (EUR 107.9 million, USD 131.7 million).
Austevoll Seafood’s income from associates was NOK 75 million (EUR 7.4 million, USD 9 million) in the quarter, compared with losses of NOK 50 million (EUR 4.9 million, USD 6 million) in Q1 2020. The group’s largest associates are Norskott Havbruk AS and Pelagia Holding AS (Pelagia).
According to its Q1 2021 report, the global COVID-19 pandemic had a negative impact on demand for the group's products during the three-month period, resulting in significantly lower prices for salmon and whitefish when compared with Q1 2020.
The spot prices for salmon were very high at the start of 2020, but were gradually impacted by effect on demand as the first-quarter progressed, following restrictions introduced to combat the COVID-19 outbreak, it stated. The spot prices were down 24 percent in Q1 2021 when compared with Q1 2020.
Meanwhile, its pelagic operations saw an increase in revenue and earnings, mainly thanks to the group's companies in Peru having a successful second fishing season (starting in November 2020 and ending in January 2021).
Good access to raw materials combined with a high sales volume of finished goods produced significantly higher revenue and earnings in Q1 2021 when compared with Q1 2020, the report said.
AUSS’s Q1 2020 profit before tax and fair value adjustment related to biological assets was NOK 682 million (EUR 66.9 million, USD 81.7 million), compared with NOK 659 million (EUR 64.7 million, USD 78.9 million) a year previously.
Established in 1981, the group comprises fish farming and fishing companies Lerøy Seafood Group ASA (Europe), Br. Birkeland AS (Norway) and Br. Birkeland Farming AS (Norway), fishing, fishmeal, and fish oil operations Austral Group S.A.A (Peru) and Foodcorp Chile S.A (Chile), and the joint venture Pelagia Holding AS (Europe).
Collectively, these operations catch between 400,000 and 500,000 metric tons (MT) of pelagic fish annually, 100,000 to 120,000 MT of whitefish, and produce 190,000 to 220,000 MT of salmon.
Photo courtesy of Austevoll Seafood ASA
