Second Quarter and First Half Year 2024 financial results
Sales growth accelerating
Highlights Q2 2024
- Volume sold 512 tons, up 36% (Q2 2023: 377 tons)
- Revenue increased 31% to € 7.3 million (Q2 2023: € 5.6 million)
- Revenue per kg € 14.2 (Q2 2023 € 14.8 per kg)
- Operational EBITDA improved to € -1.6 per kg (Q2 2023: € -2.9 per kg)
- New sales and marketing initiatives to increase penetration of Yellowtail Kingfish
in targeted markets - The U.S. appeals court upheld permit for construction of a farm in Jonesport, Maine
Kats, Netherlands – September 5, 2024 – The Kingfish Company N.V. (the “Company”; “Kingfish”; OSE: KING), pioneer and leader in sustainable land-based production of yellowtail kingfish, publishes Q2 and H1 financial results. The Company will host a webcast today at 14:00 CET.
“Q2 2024 showed an acceleration of our growth marked by a 36% increase in volume to 512 tons and revenue of € 7.3 million, an increase of 31 % compared to last year. Our efforts in penetrating key markets and exploring new territories are starting to pay off as we continue to build up our sales team.
Our farm’s biological performance is highly encouraging, with biomass growth reaching 631 tons and the standing biomass more than doubling to 1,075 tons. Our RAS systems are operating beyond expected performance, underscoring the effectiveness of our technology and processes in consistently and reliably producing high-quality, sustainable yellowtail kingfish,” said Vincent Erenst, CEO of The Kingfish Company.
Financial and operational review
During the second quarter, the Company demonstrated substantial sales acceleration, achieving a record volume of 512 tons, marking a 36% increase compared to the same period last year. This impressive growth is a result of focused efforts to penetrate key markets and expand into new territories, driving our revenue to € 7.3 million, a 31% increase from Q2 2023.
The Company has been increasing its sales and marketing team and is launching new initiatives to accelerate the penetration of Yellowtail Kingfish in targeted markets. Sales are accelerating, and the company is confident that these efforts will gradually drive growth and further strengthen its market position.
Operational EBITDA improved by 26% , reaching €-0.8 million in Q2 2024, up from € -1.1 million in Q2 2023. For the first six months of 2024, operational EBITDA saw a 53% improvement to € -1.0 million from € -2.2 million in H1 2023. This positive change in EBITDA was driven by increased revenue and enhanced production efficiency.
By the end of Q2 2024, standing biomass reached 1,075 tons, up 110% from the same quarter in 2023, and up 3% from Q1 2024. Due to unexpectedly strong biomass growth, and in order to align production to market demand, the company implemented growth control measures, leading to temporarily reduced productivity at 0.56 kg growth per cubic meter per day (Q1 2024: 0.57 kg per cubic meter per day) and an increased eFCR of 1.47 (Q1 2024: 1.26). The biomass has reached its maximum carrying capacity, though harvest capacity has not yet peaked, explaining the slight decline in productivity.
Flujo de caja y liquidez
On June 30, 2024, the Company maintains liquidity of € 18.5 million, comprising € 4.7 million in cash and short-term deposits, along with € 5.8 million in financing facilities. Cash usage in the second quarter amounted to
€ 7.6 million. Capital expenditures in the period amounted to € 2.8 million. A significant portion of this was for an upgraded power connection to the national grid. Additionally, as of 2024, the company began paying interest in cash rather than capitalizing payments, resulting in € 2.0 million in interest payments during the quarter.
Cuenta de pérdidas y ganancias
Las cifras que figuran a continuación no están auditadas.
|
(en millones de euros, salvo indicación contraria) |
2Q ‘24 |
2Q ‘23 |
1H ‘24 |
1H ‘23 |
|
Volumen vendido (Tm) |
512 |
377 |
922 |
740 |
|
Ingresos |
7.3 |
5.6 |
13.2 |
11.2 |
|
Ingresos por kg |
14.2 |
14.8 |
14.3 |
15.1 |
|
Margen bruto |
1.5 |
0.9 |
3.4 |
1.5 |
|
Margen bruto por kg |
2.9 |
2.4 |
3.6 |
2.1 |
|
EBITDA operativo |
-0.8 |
-1.1 |
-1.0 |
-2.2 |
|
EBITDA operativo por kg |
-1.6 |
-2.9 |
-1.1 |
-3.0 |
|
Gastos de crecimiento |
-0.3 |
-0.3 |
-0.5 |
-0.5 |
|
FVA |
-1.9 |
1.8 |
-0.7 |
2.2 |
|
Reestructuración |
0 |
-0.2 |
-0.1 |
-0.2 |
|
Amortización |
-3.4 |
-1.0 |
-7.2 |
-2.0 |
|
EBIT |
-6.5 |
-0.8 |
-9.6 |
-2.7 |
Outlook
As The Kingfish Company continues to navigate through its sales and market development phase, we remain optimistic about the opportunities ahead. The Company is focusing on accelerating revenue growth, while optimizing operations and making substantial investments in sales and marketing to expand its customer base and develop existing and new markets.
The Kingfish Company continues to develop its expansion plans in the US and the Netherlands. The Company expects to benefit from the scaling effects, and further improvement in operations and productivity in the Netherlands will drive profitability and moving towards positive cash flow.
The Company is closely monitoring the development of its liquidity position to ensure that it remains fully financed to sustain the current growth trajectory.
Retransmisión por Internet
CEO Vincent Erenst and CFO Jean-Charles Valette will present the Q2 2024 financial results on Thursday September 5, 2024, at 14:00 CET. The online presentation will be followed by a Q&A session. The presentation will be available on our website before the start of the webcast.
Haga clic en aquí para acceder al webcast.
Para consultas de medios de comunicación e inversores, póngase en contacto con
Noticias de la empresa
https://www.the-kingfish-company.com/news
Acerca de The Kingfish Company
The Kingfish Company es pionera y líder en acuicultura sostenible en tierra. La capacidad de producción anual actual de sus instalaciones de Kingfish Zeeland, en los Países Bajos, es de 3.500 toneladas de pez rey de cola amarilla de alta calidad y valor. Las próximas oportunidades de expansión están en los Países Bajos y Estados Unidos. Kingfish Maine cuenta con todos los permisos de los organismos reguladores locales, estatales y federales para construir una instalación de producción de 8.500 toneladas.
La producción se basa en sistemas avanzados de acuicultura de recirculación (RAS), que protegen la biodiversidad y garantizan la bioseguridad. El bienestar de los animales es primordial y los peces se crían sin antibióticos ni vacunas. Las operaciones funcionan con electricidad 100% renovable, procedente de energía eólica, solar y biogás. Las instalaciones de la empresa funcionan con agua de mar, lo que evita desperdiciar la preciada agua dulce.
El principal producto de The Kingfish Company, el Pez Rey Cola Amarilla (también conocido como ricciola/hiramasa/gran serviola) es una especie de pescado de primera calidad muy versátil, muy conocida en las cocinas de fusión italiana y asiática. Sus productos están certificados y aprobados como sostenibles y respetuosos con el medio ambiente por Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP), GLOBAL G.A.P. y Friend of the Sea. Fue la ganadora del Seafood Excellence Award 2019, y está recomendada como elección verde por Good Fish Foundation. La serviola de cola amarilla criada en sistemas de acuicultura de recirculación está calificada como Green Best Choice por Seafood Watch.
Esta información es conforme al Reglamento sobre abuso del mercado de la UE y está sujeta a los requisitos de divulgación de conformidad con el artículo 5-12 de la Ley noruega de negociación de valores.
Este comunicado de prensa contiene determinadas medidas financieras no incluidas en las NIIF que no son medidas reconocidas de los resultados financieros con arreglo a las NIIF.
Todas las cifras del comunicado de prensa no están auditadas.