Then it's a great pleasure for us to invite you to Austevoll Seafood Second Quarter Financial Presentation. I will start this presentation by giving the highlights of the quarter. Thereafter, I will take you through the different segments we are operating within. Britt Kathrine Drivenes will then give you the numbers more in detail, and we will end this session by giving our view on the different markets we are operating within. Starting up with the second quarter, I would say all in all we have had a quite good quarter in second quarter.
And to mark obviously some of the most important events versus second quarter last year I would say it's a pleasure to finally note that Peru is back on track and they are delivering a result which is more than NOK 400 million better in this quarter versus the same quarter last year. It also nice to see obviously overall in the salmon segment that the biological performance is improved and in particular in our subsidiary in Scotland. Scottish Sea Farms has turned the ship and are delivering this quarter also result which is approximately NOK 400 million better than the same quarter last year.
In addition, we also have sold two of our pelagic fishing vessels in Norway. It's not something that we normally do in our group, but main reason for that is, I would say, split. Firstly, we got a good offer on the sale of the shares. Secondly, also there is an ownership limitation in Norwegian fishing vessels, leading to that you need to be over 50% fisherman owner. Being a stock-listed company, it's difficult to have that position as owners of fishing vessels in Norway over a longer period. So, that was one of the reasons we sold it as well.
And lastly, also, we sold the two vessels to two good owners, which is gonna take good care of the vessels and also take good care of our people working on these vessels. But all in all, it gave us a gain from the sale of these shares of approximately NOK 1.2 billion . So going to the numbers, revenue of NOK 8.6 billion , EBITDA in this quarter of NOK 3 billion , and an EBIT of NOK 2.7 billion of the quarter.
If you look into the EBITDA between salmon and whitefish and the pelagic segments, and also disregard, I would say the gain from the sale of the shares, you can also see that we are delivering more or less the same numbers from the salmon activity. And we are delivering far better from the pelagic activity in the quarter, and again, mainly explained by a good fisheries in Peru versus a quarter last year, where we didn't catch any fish at all. First half numbers, revenue just out of NOK 17 billion , EBITDA of NOK 4.7 billion , and EBIT just out of NOK 4 billion .
You can also see that we have a quite grown up balance sheets now with the total asset of just below NOK 54 billion , equity ratio of 53%, and net interest-bearing debt of approximately NOK 6 billion . And a strong balance sheet, I would say, is reflected also down in our subsidiaries, and I would say it's important in order to continue growing or getting through difficult times, as we have seen now in Peru. All in all, I would say we are delivering first half our result from salmon and whitefish segments, which is just below first half last year.
The result from first half this year is more or less in line with the full year of 2023. Again, reflects a situation where Peru is delivering NOK 500 million better in first half versus same period last year. Austevoll Seafood is a lot about volumes, and this year we are aiming to catch, with our own vessels, a volume of 450,000 tons. We are able to produce in our pelagic factories, both in Peru, Chile, and in the North Atlantic, a volume close to 1.9 million tons. Probably gonna process and catch whitefish around 90,000 tons, and aiming to slaughter around 200,000 tons of salmon in 2024.
Then I will start taking you through segment by segment. I will start with the pelagic operation and also starting off with our Peruvian activity. And I would say all in all Peru has been through a tough period marked by El Niño during 2023. So low raw material intake and of course this has reflected also in the financial result. Coming into this year again I would say that the biomass detected in the research we're more or less back to the normal level, and also the quota set which were around 2.5 million ton which I would say defines a normal season in Peru.
And I would say looking into the performance in Peru, quota again 2.5 million tons, compare with, I would say practically just a trial fishery back in the same quarter last year. And as you can see in the table, the raw material intake in second quarter was 237 thousand tons versus 11 thousand tons. And it's, of course, the main explanation why the result is approximately NOK 450 million better in this quarter versus same quarter last year. A couple of good things detected or worth mentioning during the first season is the early start of the season.
Started up sixteenth of April, so we were finished with all our catch before the end of the quarter, and also sold a volume also during second quarter, so not only a production quarter. Second thing worth mentioning is also that the fish oil yield is more or less back to normal level and we had an oil yield passing 4% versus 0.6% same period last year. So all in all, I would say that we have had a successful season going into third quarter also with a substantially higher stock level this year than we did same period last year.
Expect that we will have a good year in Peru during 2024. In terms of second season, normally starting up in November, it's still early to say, but at least the ocean condition seems more or less at the same level. We are expecting a normal season in second season as well, meaning around two million ton is our best estimate. But of course, it's subject to the research that IMARPE will do in front of the opening. Going to Chile, I would say the journey in Chile has been very positive in the last 10 years.
Quotas were low in 2011, and as I would say, the Chilean quota has been increasing from 200,000 tons in 2011 to approximately 820,000 tons in 2024. And for the last four to five years, we have had an increase of approximately 15%. This is a quota mainly catching horse mackerel, and this year's quota is 65,000 tons, up from 56,000 tons last year. In addition, we are buying 46,000 tons from third parties, catching it with their own vessels, and by the end of the quarter, we had approximately 39,000 tons left to be caught. And this number is now close to 10,000 tons.
So I would say that catches this year has been progressing well, and we are aiming to have a raw material intake, which is approximately 35,000 tons higher in 2024 versus 2023. Then on the other hand, we are also buying coastal fish from third-party fishermen's. It's anchovy, and the volume from these vessels has been much less this year, and also the oil yield has been also lower this year, almost a half of last year, meaning that both volume-wise and also yield-wise we are having a hit on the result in second quarter.
But hopefully, by the end of the year, we will recover it by the catches of raw material for frozen product in by the end of the year. Then looking at the North Atlantic pelagic quota, I would say, shortly summarize, that the fish for fish meal and fish oil is more or less at the same level as it was in 2023. And the fish for human consumption is, the quota is a bit down versus 2023. But all in all, it's quite interesting to see, that, for the last six years, it's been a stable quota of around 3.5 million tons in the North Atlantic.
For Pelagia, raw material volume a bit down in the quarter versus same quarter last year, but main reason for that is the earlier start of the blue whiting season, and we had a higher volume intake in first quarter. So if you look at the first half, we are more or less in line in terms of volume, which was first half 2023. For the direct human consumption, I would say that this is the quarter which has the lowest activity, and the main volumes from this segment is coming from North Sea herring. The main season for this segment is starting from now and ends in early December.
Looking at the numbers, quarter by quarter, more or less in line with second quarter in 2023. Revenue NOK 2.9 million , EBIT of NOK 322 million , and EBIT of NOK 270 million . And that's more or less in line with the same quarter last year. If you look at the first half, you can see the result is a bit down, and it's coming from the feed segments, where the margins has been a bit lower in first half versus the same period last year. Then, commenting on salmon whitefish, and I suggest that everyone looks into the webcast of Lerøy to get a more detailed run-through of the performance there.
But I would say, all in all, it's been promising biological development in Lerøy first half. I would say the growth is better, mortality is down, and also sea lice treatment is down versus last year. And also, average rate is much higher this quarter versus same quarter last year. So, all in all, the biological performance is up, and it's yeah, a bit down on the whitefish segments due to lower quota in 2024 versus same versus 2023. We have slaughtered around 37,000 tons, 5,000 tons in the north, approximately 16,000 tons in Lerøy Midt, and 16,000 tons in Lerøy Sjøtroll.
EBIT per kilo is also acceptable, I would say, with an EBIT per kilo in the north of NOK 37.5 per kilo in Lerøy Midt, and NOK 13.5 in Lerøy Sjøtroll. In terms of volumes, we are maintaining the guiding we are doing from last quarter, a total of 175,000 tons. 47,000 tons is from the north, 70,000 tons in Midt, and approximately 58,000 tons from the west coast of Norway.
And again, approximately 18.5 thousand tons coming from our Scottish activity, which is substantially up versus the tough years we had last years. And also, we are maintaining the target of 200,000 tons. And bear in mind, we are now entering into a quite demanding period with the higher sea temperatures and with also normally higher biological challenges. But we are aiming to do it better this autumn comparing with with last autumn. When it comes to wild catch, the situation is a bit tougher than previously. I would say the underlying performance from the catch side of this segment is quite good.
But the segment is harmed by the lower cod and in particular haddock quota. So looking at the cod quota, it's down with 34% in 2024. Haddock quota is down by 43% in 2024. It's a bit compensated with higher prices, 23% up on cod and 45% up on haddock. But all in all, it's not compensating the drop of volume. And it's in particular challenging for the land-based activity, since there is higher competition on the raw material, and the raw material prices is going up. So then I give the floor to Britt.
Okay, moving over to the financials, and we start with this slide showing the catch, purchase, and farming volumes in the quarter. This is actually a summarizing up what Arne has been going through when he has presented operation from the companies in second quarter this year. What I would like to highlight again is, of course, the higher volumes in Peru. We had a first fishing season this year in second quarter, and last year, the first fishing season was canceled after just a few days of fishery. Moving on to the key financial figures for our second quarter, and we can see that the revenue came in at just below NOK 9.9 billion, up from NOK 8.8 billion -NOK 8.5 billion.
There is two main reasons for that. We had a gain from sale of shares in Brødrene Birkeland AS. They sold the two companies, Talbor and Brødrene Birkeland Fiskebåtrederi, and the gain from that sale of shares came in just above NOK 1.8 billion for that company. In addition, you can see that the Austral Group has increased their revenue, and, of course, because of a good first fishing season. These two factors are the main factors for the increase in EBITDA in second quarter this year. It's up from NOK 1.4 billion in second quarter last year to just above NOK 3 billion in second quarter this year. Moving on to the rest of the key financial figures, and we start by talking a little bit about the income from associates.
A substantial increase there. It came in at NOK 142 million in second quarter this year, up from NOK 20 million in second quarter last year, and improvement in earnings from this line is because the Norskott Havbruk, the owner of Scottish Sea Farms, has had a substantial increase in their earnings. It's up 139 million this quarter compared to same quarter last year. This company had a very challenging 2023, so it's very positive to see the strong earnings coming in this year, and of course, also caused by improved biological situation. Looking at the profit before tax and fair value adjustment, it's close to NOK 2.5 billion, up from NOK 775 million last year.
We have to talk a little bit about tax and the tax second quarter last year, because the resource rent tax was implemented in Norway in May, June 2023. So in second quarter last year, we took the implementation effect related to the biomass at sea in the beginning of 2023. And this implementation effect was above NOK 1.8 billion. So total taxes in second quarter last year was close to NOK 2 billion, and this gave a negative net profit of minus NOK 1.1 billion in second quarter last year, and a negative earnings per share of NOK 3.
This year, the tax expenses, and that includes, of course, the resource rent tax, is 473 million, and the net profit came in at just below NOK 2.2 billion, and gave earnings per share of NOK 5.5. I just want to mention that the... You cannot... It's not the tax cost. This quarter is not comparable to same quarter last year, and of course, because of this implementation effect. Moving on to Lerøy Seafood Group. I will not spend too much time on this. Arne has taken you through the operation in the quarter. What I would like to highlight is, of course, the slaughter volume, which is up of salmon and trout, which is up 24%.
And also the harvest weights is up from 3.9 kilo in second quarter last year to 4.7 kilo in second quarter this year. Prices for salmon has been quite volatile in second quarter. It was very high in the beginning of the quarter and decreased substantially by the end of the quarter. Also the cost has increased, and of course, a weak Norwegian krone has impacted that a lot. And feed has increased by NOK 3 in second quarter this year compared to same quarter last year.
Looking at the Wild Catch segment, the lower quotas in twenty twenty-four you can see here, there has impacted and, and there is a lower harvest volume or caught volume from the whitefish segment compared to same quarter last year. To sum up, the EBIT in second quarter this year is NOK 906 million, down from NOK 950 million. There is an increase in the EBIT from the salmon segment and from the VAP sales and distribution segment, but there is a decrease in the EBIT from Wild Catch, which has, which are down over 100 million in second quarter this year compared to same quarter last year.
Moving on to Peru, to Austral Group, and here you can see that there is quite a difference to have a first fishing season and a good activity, compared to last year when the season was canceled after just a few days of fishing. So you can see the substantial increase in raw material intake compared to same quarter last year. The Austral Group has caught 100% of its quota in the quarter, and there has been an early startup of this fishing season, sixteenth of April. So they have also been able to sell some of the finished products from this production. So the sales volumes are up compared to same quarter last year.
The revenue came in at NOK 485 million, EBIT of NOK 292 million, and an EBIT of NOK 233 million. The improvement from same quarter last year, when the EBIT was minus NOK 222 million, is close to NOK 450 million. The inventory by the end of second quarter is close to 30 or 39 thousand tons. By the end of second quarter last year, it was only 3 thousand tons. This is the inventory of fish meal and fish oil. Moving on to Chile and to Food Corp.
You saw in Arne's slides previous in the presentation, that there has been a very good development in the biomass of horse mackerel, and we had an increase also in 2024 of 15%. Our own quota and also the purchase from third party gives a total raw material for 2024 of 115,000 tons, which is up from the 79,000 tons in 2023. By the end of June, there was. They had a remaining quota of horse mackerel of 39,000 tons. Last year, they had 18,000 tons to be caught in second half of 2023. In addition, the company buys raw material from the coastal fishermen. This is sardine and anchovy.
They have had a challenging season, so there has been a lower volume of this raw material for the company in second quarter this year compared to last year. And in addition, the fish oil yield from this production has been substantially lower. The revenue in the quarter was NOK 266 million, EBIT of NOK 75 million, and the EBIT of NOK 61 million, and that is down from the NOK 126 million in the same quarter last year. And that is because we have sold a lower volume of fish oil compared with same quarter last year.... Moving on to Norway and Brødrene Birkeland Farming.
They have their farming sites in the west coast of Norway, and the company has harvested a little bit above 2,600 tons in the quarter, up 32% compared to the same quarter last year. The volume was harvested in April and May, and that was the period with the highest prices in the quarter. There has also been a cost increase for Brødrene Birkeland Farming, so that is up compared to same quarter last year. The revenue came in at 326 million, EBITDA of 135 million, and an EBIT of 119 million, and that gives an EBIT per kilo of NOK 45, down from almost NOK 64 same quarter last year. We move on to Brødrene Birkeland AS and the pelagic and snow crab activity.
Arne has already mentioned it, but the company sold 100% of the shares in the two pelagic companies, Talbor and Brødrene Birkeland Fiskebåtrederi. The cash contribution from this sale was close to NOK 2 billion. You can see that the earnings in the second quarter this year is impacted by this sale, and the gain from the sale was NOK 1.852 billion. Which we also had in our presentation from first quarter. The Norwegian quota for the snow crab was finalized by the end of the first quarter. The two vessel fishing snow crab has had no activity in second quarter, and they will not have any activity in the second half of the year either.
The earnings from this part of the company is was negative in second quarter and will be that also for second half of the year. Looking into our statement of financial position, the total asset is close to NOK 54 billion. I can give some comments to the intangible assets that is down, and that is explained by the sale of the two companies, Talbor and Birkeland, and the purchase price allocation related to licenses is of course taking out of the figures as we sold the two companies. Working capital has also increased a little bit, and the key driver behind that has increased biomass. Sorry.
And also we have an increase in cash position, and that is of course also because of the sale of the shares. By the end of the second quarter, we had a net interest-bearing debt of NOK 6.1 billion, down from NOK 6.9 billion by the end of second quarter last year. We have a strong balance sheet, and the equity ratio is 53%. Looking at the cash positions or the cash flow. Cash from operating activities came in at NOK 1.1 billion in second quarter this year, and as I mentioned, we are tying up some working capital, and that is of course related to the salmon activity, but also to Peru, where we have had a very good first fishing season, and we have built up some inventory of fish meal and fish oil.
Cash from investing activities is positive, almost NOK 1.8 billion, and of course, again, you can see that the sale of the shares are impacting this line. We also have a cash from financing activity of -NOK 1.8 billion, negative. What we have done in second quarter is we have paid out dividend to the shareholders of Austevoll Seafood, but also to the minority shareholders in our other daughter companies. So in total, we have paid dividends out of the group, totaling to NOK 1.6 billion.
To end the financial presentation, we started the cash in the beginning of the period with NOK 5.8 billion, and we ended the cash position by the end of the quarter close to NOK 7 billion. Then you move over to the outlook.
Then I will start by giving our view on the different segments we are operating within, starting up with the fish meal segments. And, as expressed before, the fish meal prices is often affected by the volumes from Peru and consumption from China. So starting up, looking at the production from the largest producer in the world, you can see that total volume of fish meal is up by approximately 50% versus the same period last year, and it's mainly explained by the increase of volumes in Peru. And also you can see on the graph below, you can also see that prices is coming down as a consequence of a successful season.
It's a big gap between high-quality meal to low-quality meal, and the main buyers in this period has been China, which has more or less bought just below 90% of the Peruvian exports in first half. Looking into the fish meal market, stock level is up 39% versus same period last year. We are also expecting that the stock will increase due to the volumes coming from Peru in third quarter. We can also see that the daily offtakes is more or less on the same level as it was on the same period last year.
If you look at the current Chinese stock prices, you can also see from the graph on there that prices is coming down, but still is favorable, and to do trading, where prices in China is on acceptable level compared with what we are selling in Peru at time being. Fish oil, I would say, has a double effect. It's not only the volumes coming up, but also yield coming up, and you can see that in particular from Peru now, that volume is up by week 31 with over 1,100%.
Normally, and as a consequence, prices is coming down, and it's on a level of $5,000 per ton for feed purposes and with a premium of $400 per ton on in for omega-3 industry. Looking at the Atlantic salmon supply as the last two years, we don't expect a global increase or growth in volumes building up, I would say, in general, to a strong prices also to in 2024. Expect in 2025 a growth of 3.5% as it looks now, which I would say unfortunately is on a low level in order to develop a new market.
So I would say developing the salmon market, we need growth and preferably growth over 5%. Different way to read this paper, but as you can see, it's been an extremely spread in prices from the beginning of the quarter to the end of the quarter. Where prices per kilo has been up to NOK 140 and down to NOK 75 per kilo from the beginning to the end of the quarter. So the slaughtering period is of course has an influence on the EBIT in the quarter. We are also blessed in the way that EU market is very close to our production.
And you see, EU is increasing their consumption during 2024 versus same period last year. So summing up, we have had a strong biological development in first half the 2024, and I would say the focused company Lerøy has on both raw and smoked quality, the shielding technology they are using in open seas, and also constantly looking to improve their operation. I would say, as you can see, some fruit of that focus now, but still remains to harvest the benefits from that in the quarters and the year to come, I would say.
Looking at whitefish, challenging operation time being and mainly due to the reduction of quota, and it's also an expectation that the quota will come further down in 2025. South America, good to see that Peru is back on track, expecting a normal season in the second season of the year, meaning that it looks like we will have a good quarter or a good year in 2024 in Peru. And also, we are aiming to have a good end of the year in Chile, where we more or less only have 10,000 tons left to catch of our quota. Pelagic side as well, interesting period now for human consumption segments.
Main season for mackerel is coming up and also for the herring. So this is the season where Pelagia is doing their quarter on the human consumption segments. So in the end, latest dietary advice from the Norwegian Directorate of Health, you should eat fish at least three times a week. And of course, as seafood companies, I have to emphasize that we are supporting that, and there is a lot of good products out there, so enjoy. Thank you.