领先的海产品生产商Leroy Seafood Group公布了其2024年第一季度收益。该公司报告的运营息税前利润为8.42亿挪威克朗，表明其多个业务部门都有所改善。

　　尽管面临着诸如野生捕捞配额减少和影响Leroy Aurora的低海水温度等挑战，该公司仍表现出强劲的生物性能，并正在朝着其雄心勃勃的2030年可持续发展和财务目标迈进。

　　Leroy海鲜集团发布了一项行动2024年第一季度的息税前利润为8.42亿挪威克朗。

　　尽管存在一些挑战，但生物性能有所改善，特别是苏格兰海洋农场和Leroy Aurora。

　　由于挪威克朗疲软，维护资本支出在2023年有所增加，预计2024年将达到类似水平。

　　去年对白鱼加工能力和新养殖技术进行了投资，并计划在2024年投资于屏蔽技术和幼鱼质量。

　　该公司在挪威有很大的足迹为当地生态做出贡献提名和国家税单se。

　　Leroy Seafood有望实现2025年的收获目标，并计划在两年内将息税前利润翻一番。

　　该公司正在实施可持续发展措施，如可持续鱼饲料、减排和充分利用鱼类生产增值产品。

　　挑战包括减少鳕鱼和黑线鳕的野生捕捞配额，预计到2025年将进一步减少。

　　Leroy海产的目标是到2030年收入超过500亿挪威克朗，排放量减少46%。

　　公司致力于打造全球最高效、可持续的海产品价值链。

　　政府计划加大对技术的投资以改善运营效率和产品质量。

　　Leroy海鲜有限公司有信心在两年内实现息税前利润翻一番的目标。

　　鳕鱼和黑线鳕配额的减少影响了野生捕捞部分。

　　低海温影响了Leroy Aurora的性能。

　　预计2025年将有进一步的配额削减，这将构成零配额野生捕捞部分面临的持续挑战

　　据报道，在几个农业部门中都有很强的生物性能。

　　由于生物状况和鱼类健康状况的改善，该公司已经看到了苏格兰海洋农场的积极转变。

　　勒罗伊海鲜公司在技术方面的投资预计将带来运营效益Nal改进和更好的收获结果。

　　Leroy Sjotroll公司第3和第4生产区的许可产能减少。

　　勒罗伊海鲜公司讨论了他们到2025年实现可持续物流的承诺，并利用整条鱼来创造增值产品。

　　该公司专注于运营通过基因、技术和生产方法的进步来实现2024年的收获目标。

　　他们预计，通过实施新技术和改进工艺，农业将得到显著改善。

　　Henning Beltestad: Welcome to Leroy Seafood Group's First Quarter Presentation of 2024. My name is Henning Beltestad, I'm the CEO in Leroy Seafood Group. And with me today, I have Sjur Malm, CFO. First of all, I will take you through some of the key highlights in the quarter, then Sjur Malm will take you through the key financial highlights, and then I will come back and talk a little bit about the outlook for the different segments in the area. First of all, our goal is creating the world's most efficient and sustainable value chain for seafood. We are step-by-step improving the value chain and working continuously with that work. And we see in this quarter some improvements in, yes, a lot of improvements in different parts of our value chain, and I will come back to that. When we look at the highlights of the quarter, we had an operational EBIT of NOK842 million. We had a quarter with good biological development and but we had low temperatures that has impacted the growth somewhat. Biological earnings in Scottish Sea Farm is improving a lot, also the underlying improvements in biology is really good. So, we're really satisfied seeing that development. Come back to that afterwards. Significant improvements in earnings from VAP's Sales and Distribution, healthy earnings in Wild Catch. Harvest targets for 2025 is reduced by 5,000 ton as license capacity is reduced following a traffic light system. The board has proposed a dividend of NOK2.5 per share. And then, I will come back to the different segments. We are reporting in three segments: Farming, Wild Catch and VAP Sales and Distribution. For the Farming, we, like I said, a strong biological development in start of 2024, low sea temperature can be positive and can be negative, some negative for lower growth, but also some positive things by having lower temperatures. We see shielding technology remain promising, minimal need for life treatments. We had a quarter with a seasonally low harvest, and that has impacted the cost per kilo harvested. It has been a quarter with high spot prices, but price achievement is impacted by contracts and some quality downgrades. And then if we go into the different regions. First of all, we have Leroy Aurora, a very strong biological performance, and biomass growth is affected by very low sea temperatures. We see a quarter with substantial increase in harvest weights versus same quarter last year, which is lifting the price realization. And if we look at the harvest rates in first quarter, it's 4.6 kilo compared to 3.7 kilo same quarter last year, so a good improvement. And we are also expecting a good harvest weight going forward. The cost level for 2024 expected slightly higher than for 2023 and operational EBIT per kilo of NOK44, which is at the very high-level, and we see compared to last year, where we had NOK27. Then let me admit, higher biomass growth in first quarter compared to same quarter last year. We also had a higher biomass going into the quarter. Significant increase in harvest volumes in first quarter compared to first quarter 2023, 13,700 ton compared to 8,600 ton. The harvest weights in line with last year, 4.1 kilo compared to 4.2 kilo, and we expect higher harvest weights going forward. So, we have a good biomass with good weights in DC at the moment. Cost level for 2023 is expected slightly higher than 2024, and we achieved operational EBIT of NOK31. Then Leroy Sjotroll, and this is the region where we really see strong biological development, some affected by string jellyfish from fourth quarter, which affected early harvest in January and some lower price realization. But it's been underlying performance, it's been a very positive start of 2024 with expectation of clear improvements from small quality new farming technology and increased production of trout also going forward. Cost level for 2024 expected at the same level as '23, but with significant year-on-year reduction second half of 2034. And then on a negative side, the production area three and four is color red in traffic light, with 6% license capacity reduction as a consequence. Harvest target for 2025 reduced by 5,000 ton because of that. Low volume in the quarter, 6,700 ton compared to 14,000 ton in 2023. And the main reason for that is that we are building biomass as we have a strong biological situation. And we will have a much higher volume going forward the next quarter of the next quarters of 2024. Norskott Havbruk, we are really satisfied to see the performance and the improved biological status in all regions. We also see that the EBIT is going from negative to plus NOK19 per kilo. And we also expect that we will see improvements going forward with higher average weights, better quality and much better fish health situation. So, it's really been a turnaround case for the organization in Scottish, and we and we are really satisfied and happy to see the positive development and that Scottish Sea Farm is back on track. 45% of the volumes sold on contracts with a negative impact on price realization, lower cost level expected in Q2 2024, and harvest guidance for 2024 remains at 37,000 ton. Then the guidance for the different regions, we keep our guidance of 2024 for almost 175,000 tons. I will say where we have some downside risk is in Leroy Aurora, where we have had extremely low temperatures so far, but we expect that we will manage to be at 47,000 tons end of the year, 70,000 ton in Leroy Midt and 58,000 ton in Leroy Sjotroll. And we adjusted the target for 2024 to 200,000 ton. For 2024, we, our share of Scottish Sea Farm is 18,500 tons, so a total of 193,000 tons. Then we have Wild Catch. It's been a good quarter, NOK187 million in EBIT. It's been good catch volumes, but of course, we are impacted by lower quarters. And we have seen historical higher Cod prices in first quarter '24, close to NOK60. As we said, the Cod quota is down 34% on Cod and for haddock, 43%, compared to 2023. And of course, that will impact the profitability in the rest of the year in 2024. And the volumes in Wild Catch is we catch the 6,700 tons cod, 7,000 tons saithe, 5,000 tons haddock and 1400 tons shrimps. And now, we are into the second quarter, we start with the main fishery for shrimps and other 4,000 tons. So, a total of 24,000 ton compared to 25,000 tons in 2023. Sales and processing, we have 14 -- we have operation in 14 countries, invested strongly into the different main markets in Europe to be close to our customers and be, what should I say, a partner into category development of especially fresh seafood, but also smoke products and frozen products. We see strong improvements in this segment, and if we look at the trend on 12 months rolling. EBIT, it's going up and a very positive trend after some challenging year with COVID and also some start up problems in some of the markets, but it's very good to see the operational improvements in a lot of these downstream facilities that we have, and we still have a huge potential of improving that going forward also. So, then I will give the word to Sjur Malm, and he will take us through the key financial highlights. Thank you very much.

　　舒尔·马尔姆:是的。谢谢你，亨宁。所以，总结本季度的一些主要趋势，我们在本季度取得了良好的增长。良好的增长一直是一个关键亮点。接下来，我们可以看到我们的鱼被降级了，但我们可以对下游的鱼进行估值。这对第一季度业绩有何影响?它影响了我们红鱼的捕获量。我们已经收获了，虽然产量影响成本仍然很低，但下游的价值创造是显而易见的。看看我们的财务数据和主要驱动因素。我们在后一行看到了关键的价值驱动因素。收获量下降了8%。本季度，我们建造了大量的生物质，了解生物质，Q1大约高出5%，比去年同期高出5000吨。农业的利润率下降了，但附加值加工的利润率上升了。总而言之，整个价值链的利润率略有下降。在白鱼方面，我们的捕获量下降了5%，利润率略低。总而言之，营业息税前利润为8.42亿挪威克朗，比去年下降了15%。这对苏格兰海洋农场来说是一个不错的表现，但每股收益仍然下降了22%。看看我们的资产负债表。如果我们从有形固定资产开始，我将很快用幻灯片展示主要投资项目。主要投资包括对新技术和农业的投资，以及在巴

　　茨峡湾的白鱼部分开设一家新工厂。这些是有形固定资产增加的关键驱动因素。我认为另一个关键点是生物资产成本，基本上就是效率。我们看到这超过了8亿挪威克朗。关键的驱动因素是，与去年相比，今年海洋中的生物质能增加了约5000吨，而且生物质能的平均大小比去年增加了15%左右。所以，这是一个更好的生物质。它更贵了，但也比去年更大、更好。这对今年余下的时间来说是一个很好的前景。其他的营运资金项目，没有大的变化，我会在接下来的幻灯片中回到这一点。我们相信我们拥有强大的资产负债表，净有息债务为55亿挪威克朗，股本比率为50%。这是现金流发展的指示，显示了有息债务的变化，我们确认EBITDA。营运资金的变化是由生物质开发作为关键驱动因素驱动的。资本支出，我将在接下来的幻灯片中谈到。由于利率上升和我们要纳税，财务成本也随之上升。但季度末的净有息债务为55亿挪威克朗。从资本支出来看，这显示了历史发展。我们看到，维护资本支出在2023年上升。一个关键的驱动因素是挪威克朗的疲软。我们预计到2024年这一水平将大致相同。去年，我们投资了白鱼加工能力和养殖新技术。展望今年，我们将加大对农业屏蔽技术的投资。到目前为止，结果还不错，Henning稍后将对此进行更多评论。我们正在投资提高幼鱼的质量，以获得我们投入大海的更强壮的鱼。目前最好的估计是资本支出约为18亿挪威克朗。然后，特别是在挪威媒体，有关于这个行业的价值创造的讨论，我们只能展示事实。这张幻灯片展示的是勒罗伊在挪威的运营足迹以及我们收购的供应商的足迹。正如我们所看到的，它在全国各地都留下了重要的足迹，尤其是沿着海岸线。我们去年购买了大约200亿挪威克朗。我们从挪威250个城市的近5500家供应商那里采购。我们的员工我们在60个城市都有员工。这一活动为挪威创造了大量价值。这里显示了员工的数量，我们自己的和间接的加起来是10000。此外，价值创造的估计也相当可观，包括间接价值创造，接近150亿挪威克朗，总共有大约20亿挪威克朗的重大税收贡献。因此，我们在挪威创造了巨大的价值。是的，亨宁，那我就把命令还给你。

　　Henning Beltestad: Thank you, Sjur. Okay. Then we want to look a little bit what's happening going forward and our forward targets and to give you some short update on that. We see we have a target on 2030 of more than NOK50 billion. We had NOK30 billion in 2023, and we see that we are on track to achieve this goal. When it comes to reduction in total emissions, we also are on track here for on reducing the emission by 46% within 2030. On the targets for tons harvested in 2025, we are on track with all the initiatives that we are doing step-by-step. And we, so it's up 40,000 ton from the level that we had in 2023, but also 2023, we had, I will say, not the best performance that is not where we should be. Also, for up sales and distribution, it's a hairy goal to double in EBIT in two years, but we see a very good development in this quarter. We also expect a good development quarter by quarter going forward, especially second half of this year and into 2025, and we strongly believe that the organization has the right motivation to take us towards this goal. And then, it's being number one farming companies in EBIT per kilo in shipment in 2025. We see that we are on track in North region, in Leroy Aurora. We also believe that with the initiatives that we're doing in new technologies and also on the smolt de row and the genetic side will give us a good development towards also this goal. And it's getting close, so we really feel on that, but the organization in all regions believe that this is achievable. When we, we can start with our emissions. We reduced that from 2019 by 15.5% until 2023. Our ambition, as I said, is reducing it 46%. Our main focus areas to achieve this goal is sustainable fish feed. We work on ingredient side together with strategic partner on feed. We work a lot with airborne transport and also working a lot with alternative fuel to our fishing fleets, but that's more a long-term focus. But then we believe that it's possible to achieve this goal, and we have implemented this into daily operation in the whole value chain. When it comes to Wild Catch, of course, the reduced quotas make it difficult for us going forward. And also, we believe there might be some downsides on the quarter also for 2025. For VAP sales and distribution, as I said, it's a promising outlook. We invested in all major markets in Europe to get close to the customer, to give a high service level, to give us stability and to be in a leader within category development within seafood in all main markets. And we have huge capacities, which still there is and there's still a huge potential of improvements in all the markets. And we see step-by-step that these improvements have been taking out the potential of. For the short-term actions, of course, higher utilization of our VAP factories through volume growth achieving economy of scale, improving VAP factories in certain European markets with expected substantial uplift in 2024. We see like in one key market, there can be up to NOK100 million improvements to be done going forward and that we also see that we are on track on these improvements. And then also, Leroy Aurora principles is implemented with clear targets, roles and responsibility, action plans, market plans and culture for continuous improvement. For the long-term actions, it's to focus a lot on the consequence products in our own value chain, use 100% of the fish, increase flexibility and price achievement, implementing layaway and sustainable logistics. So, a lot of areas where we can improve both in short-terms and in long-term to achieve the goal of 2025. And one example of using the fish, the 100% of the fish, Leroy is the first farming company to take out the salmon blood and to make products out of the blood. And earlier this quarter, we launched salmon, which is iron tablets, which with a good quality, and this is a way how to take care of all the parts of the fish. And 2% of the fish is blood, so if we produce 200,000 ton, it will be 4,000 ton with potential blood to make a higher value out of. Reaching 2024 harvest targets through operational improvements. We focus a lot on the road, small production and new technologies. And to give an update on where we are and when will this give effect, we first the genetics, we see it will give some effects on first half of 2024. Ro also giving effect on first half, and we see some improvement from that and also from the smalt. And then we will see step-by-step, we will take out the effects on harvested fish going forward. And if we look at the first quarter, we see strong biological performance, first quarter compared to the average of last five years. We see improved net growth rate of 9%. We see a reduction in mortality of 24%, and we see a reduction in life treatments of 56%. So exceptional improvements in these key drivers for improving better fish health going forward. And we are on track with our implementation of shielding technology, and results so far has been really good. We see that there is in submerged cases, there is serialized treatment, and we had the first location put in sea in July last year. And it will be exciting to see, how this will go when we go into the main season with higher seat temperatures and see the performance of the new technology. The current situation is that we are on target, like I said, close to 20% of salmon in number of fish shielded as of April '24 and targeting 30% to 35% by end of 2024. And so far, everything is going well, and we really believe in the implementation of the new technology for the Farming segment to achieve our goals for 2025. And like I said, we see huge reduction in life treatments for the different technology. Like I said, for the deep sea farming, it's there's been no treatments. We have had some treatments on the other technologies, but compared to same generation going back, we see that there is huge improvements in all what we do in new technology and with a reduction of 82%. So, we at the time, it looks promising. Then the last outlook farming, positive start of 2024, contract share. 2024, currently around 25%. Expect to see significant improvements from raw and small quality, new farming technology, and process improvements through implementation of layaway. For Wild Catch, challenging quota situation, cod down 34%, haddock down 43% and the outlook for quarter 2025 is also seems like we will get a further reduction. For VAP Sales and Distribution, increased demand for integrated sustainable value chain, and we see improved market share in some key markets, utilizing the potential of our value chain. And we have a huge potential of improvement in some key markets, which will take us to the goals in 2024. So that's what we have, and thank you very much.

　　问答结束:

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