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.
Flux de trésorerie et liquidités
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.
Compte de résultat
Les chiffres ci-dessous ne sont pas audités.
|
(en millions d'euros, sauf indication contraire) |
2Q ‘24 |
2Q ‘23 |
1H ‘24 |
1H ‘23 |
|
Volume vendu (MT) |
512 |
377 |
922 |
740 |
|
Recettes |
7.3 |
5.6 |
13.2 |
11.2 |
|
Recettes par kg |
14.2 |
14.8 |
14.3 |
15.1 |
|
Marge brute |
1.5 |
0.9 |
3.4 |
1.5 |
|
Marge brute par kg |
2.9 |
2.4 |
3.6 |
2.1 |
|
EBITDA opérationnel |
-0.8 |
-1.1 |
-1.0 |
-2.2 |
|
EBITDA opérationnel par kg |
-1.6 |
-2.9 |
-1.1 |
-3.0 |
|
Dépenses de croissance |
-0.3 |
-0.3 |
-0.5 |
-0.5 |
|
FVA |
-1.9 |
1.8 |
-0.7 |
2.2 |
|
Restructuration |
0 |
-0.2 |
-0.1 |
-0.2 |
|
Amortissement |
-3.4 |
-1.0 |
-7.2 |
-2.0 |
|
EBIT |
-6.5 |
-0.8 |
-9.6 |
-2.7 |
Perspectives
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.
Webcast
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.
Cliquez sur ici pour accéder au webcast.
Pour les demandes des médias et des investisseurs, veuillez contacter
Flux de nouvelles de l'entreprise
https://www.the-kingfish-company.com/news
À propos de The Kingfish Company
The Kingfish Company est un pionnier et un leader de l'aquaculture terrestre durable. La capacité de production annuelle actuelle de son usine Kingfish Zeeland, aux Pays-Bas, est de 3 500 tonnes de limande à queue jaune de haute qualité et de grande valeur. Les prochaines possibilités d'expansion se situent aux Pays-Bas et aux États-Unis. Kingfish Maine est pleinement autorisé par les agences réglementaires locales, étatiques et fédérales à construire une installation de production de 8 500 tonnes.
La production est basée sur des systèmes avancés d'aquaculture en recirculation (RAS), qui protègent la biodiversité et garantissent la biosécurité. Le bien-être des animaux est primordial et les poissons sont élevés sans antibiotiques ni vaccins. Les exploitations fonctionnent avec de l'électricité 100 % renouvelable, d'origine éolienne, solaire et biogaz. Les installations de l'entreprise fonctionnent à l'eau de mer, ce qui évite de gaspiller de l'eau douce précieuse.
Le principal produit de The Kingfish Company, le thazard à queue jaune (également connu sous le nom de ricciola/hiramasa/greater amberjack) est une espèce de poisson de première qualité très polyvalente, bien connue dans les cuisines fusion italienne et asiatique. Ses produits sont certifiés et approuvés comme durables et respectueux de l'environnement par Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP), GLOBAL G.A.P. et Friend of the Sea. Il a remporté le prix d'excellence des produits de la mer 2019 et est recommandé comme choix écologique par la Good Fish Foundation. La sériole à queue jaune élevée dans des systèmes d'aquaculture en recirculation est considérée comme un choix vert par Seafood Watch.
Ces informations sont conformes au règlement de l'UE sur les abus de marché et soumises aux obligations d'information prévues à l'article 5-12 de la loi norvégienne sur le commerce des valeurs mobilières.
Ce communiqué de presse contient certaines mesures financières non-IFRS qui ne sont pas des mesures reconnues de la performance financière selon les normes IFRS.
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