Måsøval has released its financial results for the second quarter of 2023 (2Q2023), revealing difficulties in terms of revenue, profitability, and tax obligations, ultimately leading to a negative net profit after taxes. Therefore, the company has already received a wake-up call to consider ways to address these challenges and is considering different strategies to improve its financial performance.
The company's performance paints a complex picture with no positive outcomes. Måsøval has witnessed a decrease in its operating income by NOK 129 million (EUR 11.6 millon/USD 12 million) compared to the previous year. The primary reasons cited for this decline include a reduced harvest, which dropped by 1,129 tons, and lower market prices. However, these challenges aren't the only ones the company has had to contend with during this financial period. It has also grappled with increasing feed costs and expenses related to the treatment against sea lice in the Spring 22 generation.
Regarding the company's financial position, its total assets have grown, but this has been counterbalanced by an increase in net debt. The reduction in the company's equity has also impacted its capital ratio.
Currently, Måsøval is sticking with its guidance of 24,300 tonnes for the year 2023, with an anticipated 7,200 tonnes in the 3Q2023.
Furthermore, the company allocated an additional sum of almost half a million Norwegian kroner for amortizing investments in Aqua Semi. This project, which includes four licenses, is aimed at developing new salmon farming areas, mitigating issues like sea lice and disease transmission, improving fish health, and cutting operational costs.
The company clarified that the new resource rent tax does not grant tax exemptions for investments in development licenses. Moreover, it introduced a full resource rent tax on profits once the project and licenses reach completion.
In the financial report, the company has included a section addressing the "salmon tax." In this section, the company noted that the impact of implementing the resource tax represents a deferred tax concerning the Group's operations. The company has not determined the exact tax amount yet, as it is waiting for specific guidelines from the authorities.
Måsøval AS is a leading Atlantic salmon producer based in Central Norway. With over 50 years of experience, the company excels in integrated salmon farming and in-house smolt production. Through its subsidiary, Pure Norwegian Seafood AS, Måsøval processes and exports high-quality Atlantic salmon globally.
