Frøy ASA (“Frøy”) reports its highest quarterly revenue and operating EBITDA on record.
“I´m happy to see the strong performance in both our wellboat and service segments in the quarter” says Tonje Foss, CEO at Frøy ASA. “Despite high inflation and fuel prices we continue to grow both our top line and operating EBITDA. We are working hard to deliver continuous improvements to our clients. Reducing biological risk and costs are our core priorities. I´m proud by the hard work that our team has shown in the quarter,” says Foss.
Highlights from the quarter:
• Revenues of NOK 614 million vs. Q3 21 NOK 457 million.
• Revenues from fixed contracts and framework agreements increased 27% vs. Q3 21
• EBITDA excl. gain from sale of assets of NOK 197 million (Q3 21: NOK 183 million)
• Backlog 30.09.22 of approx. NOK 6.2 billion including options (30.09.21 approx. NOK 6.1 billion)
On 28 September 2022 the Norwegian Government proposed to introduce a new resource tax on salmon and trout farming of 40% with the effect from the tax year 2023. The short-term consequences, following the new proposal, has been a broad-based investment halt among Norwegian salmon farmers.
Frøy deliver business critical day to day farming operations for salmon farmers. To date, activity has remained high and in line with normal seasonality. The halted investments into new smolt facilities, harvesting facilities and other farming infrastructure are likely to impact future growth in Norway also within Frøy´s segments, if they are not reinitiated.
Less attractive conditions in Norway are expected to focus more investments into other farming regions abroad. Frøy will prioritize to grow and support salmon farmers in the regions where they operate. During Q3 Frøy has continued to invest in new efficient and more environmentally friendly vessels. We continue to work with digitalization and build on our base of +800 specialized aqua service personnel and will actively assist salmon farmers with efficient and sustainable solutions wherever they choose to grow.
The Company will host a live presentation in Norwegian language at 09:00 a.m. CET at Nordea´s offices, Essendrops gate 7, Oslo.
The presentation will also be broadcasted via a live webcast: https://events.webcast.no/viewer-registration/Z8OPvYR1/register
A recorded version of the Norwegian webcast and a recorded English webcast will be made available on https://froygruppen.no/investor/ in the afternoon.
For further information, please contact:
Tonje Foss, CEO +47 996 10 116
Sondre Vevstad, Interim CFO +47 936 54 555
Important notices
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company’s services, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.
This stock exchange announcement was published by Sondre Vevstad interim CFO in Frøy ASA on 16 November 2022 at 07:00 CET.