Half Year 2024 Atlantic Sapphire ASA Earnings Call Transcript
Key Points
- Stabilized production with plans to achieve full utilization of Phase 1.
- Low mortality rates, indicating good farming conditions.
- Record harvest volume of 2,400 tons HOG in the first half of 2024.
- Operational improvements leading to better biomass distribution and fish size.
- Plans to increase production capacity and achieve cash-positive operations by the end of 2025.
- Financial situation remains challenging with lower-than-expected sales prices.
- High costs of goods sold, still affected by low production volume and poor feed conversion rates.
- Negative EBITDA of USD40 million and a net loss of USD52 million for the first half of 2024.
- Need for additional capital to improve capacity and cover operational costs.
- Significant investment required for Phase 2 completion, estimated between USD350 million and USD400 million.
Good morning, America. Good afternoon, Europe. Good evening, Asia. Welcome to the Atlantic Sapphire first half 2024 Report. My name is Gunnar Skinderhaug. I'm the CFO of the company. Together with me, I have Pedro Courard, who's the CEO of the company. Pedro will start with an operational update. I will continue with a financial update and then Pedro will finish off with some closing remarks.
So, Pedro, over to you.
Thank you, Gunnar. Hello, everybody. As mentioned by Gunnar, I will start making the operational update and then I will give the word to my colleague.
Okay. Moving to the company highlights. Main highlights are as follows. Starting by the normal statement said in previous presentations, the combination of our permits and licenses together with the closeness to a huge market should give the company all the competitive advantages required to become a unique supplier in the United States.
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