Andfjord Salmon Group As · OSL:ANDF
Andfjord Salmon Group As — Q3 2022 Earnings Presentation
29 slides from Andfjord Salmon Group As's earnings presentation, Dec 2, 2022
Slide 1: Q3 2022 Status and Progress
Q3 2022 STATUS AND PROGRESS 2 DECEMBER 2022
Slide 2: Served with a clear conscience
69°N ANDØYA VESTERÅLEN NORWAY SERVED WITH A CLEAR CONSCIENCE
Slide 3: Q3 Presentation 2022 Agenda
Q3 2022 Q3 PRESENTATION 2022 AGENDA Martin Rasmussen Introduction CEO Quarterly highlights and subsequent events Operational update Key financial figures Bjarne Martinsen Summary and outlook CFO
Slide 4: Andfjord Salmon at a glance
Q3 2022 ANDFJORD SALMON AT A GLANCE FOUNDED: 2014 LOCATION: ANDØYA, NORWAY EURONEXT GROWTH: ANDF FLOW-THROUGH – NATURAL FLOW FIRST LOCATION Uses a closed flow-through system, which Andfjord Salmon has been granted a licence for combines the benefits of both traditional and 10,000 tonnes MAB with pot
Slide 5: Laminar flow - clean water in
LAMINAR FLOW - LICE AND ALGAE LEVEL CLEAN WATER IN
Slide 6: DQ onorsono-
4 DQ onorsono- SALMON
Slide 7: Expansion potential to a total capacity of ~90,000t (HOG)
Q3 2022 EXPANSION POTENTIAL TO A TOTAL CAPACITY OF ~90,000T (HOG) • Andfjord Salmon has secured, by purchase or purchase options, land on Andøya enabling an increase in total annual production volume to ~90,000t (HOG) 21 KT • License for Kvalnes I secured, licensing process for the expansion initiat
Slide 8: Agenda
Q3 2022 AGENDA 1 2 3 4 QUARTERLY HIGHLIGHTS OPERATIONAL KEY FINANCIALS SUMMARY AND AND SUBSEQUENT EVENTS UPDATE OUTLOOK
Slide 9: Highlights Q3 and subsequent period
Q3 2022 HIGHLIGHTS Q3 AND SUBSEQUENT PERIOD EXCELLENT BIOLOGICAL FISH GROWING FASTER INDUSTRY-LEADING SURVIVAL LOW ENERGY CONDITIONS IN POOL THAN ESTIMATED RATE CONSUMPTION AND COSTS Clear, oxygen-rich water from the Average weight of salmon reached Survival rate of 98.7 % per 30 Industry-leading en
Slide 10: Agenda
Q3 2022 AGENDA 1 2 3 4 QUARTERLY HIGHLIGHTS OPERATIONAL KEY FINANCIALS SUMMARY AND AND SUBSEQUENT EVENTS UPDATE OUTLOOK
Slide 11: The first tasting
ØYVIND BØE DALELV • WORLD CHAMPION • CHEF OF THE YEAR • NORDIC YOUNG CHEF OF THE YEAR THE FIRST TASTING
Slide 12: Good biological conditions
Q3 2022 GOOD BIOLOGICAL CONDITIONS POOL FUNCTIONS • Pool functions and technology work as expected • Laminar water flow proving highly reliable • Pool water changed ~15-17 times per 24 hours BIOLOGICAL CONDITIONS • Handling of organic materials functioning as expected • Effective sedimentation • Eff
Slide 13: Fish growing faster than expected
Q3 2022 FISH GROWING FASTER THAN EXPECTED Average weight per fish (grams) 1600 FISH THRIVING IN POOL 1400 1350 • Displaying good appetite 1200 • Demonstrating natural behaviour 1000 800 • Close to zero feed waste in the pool 600 560 • Calanus ® Plus by Andfjord Salmon proving its worth 400 200 120 0
Slide 14: Industry-leading survival rate
Q3 2022 INDUSTRY-LEADING SURVIVAL RATE SALMON THRIVING AND GROWING INDUSTRY-LEADING SURVIVAL RATE • Low mortality proves that fish thrives in pool Survival rate of released smolt (%) 100 99.8 99.3 98.7 • Few stress factors for the fish 95 • Overall good biological conditions 90 85 80 75 70 30 June 3
Slide 15: Flow-through designed for low energy use
Q3 2022 FLOW–TROUGH DESIGNED FOR LOW ENERGY USE 1 2 3 Flow- Laminar flow and collection through Seawater inlet of biowaste Seawater outlet technology 2 5 8 11 Biological Water Pumping PH / alcalinity filtration reservoir 2 1 4 7 10 13 RAS Water Water intake Fish tanks Degassing Salinity reservoir tr
Slide 16: Proof of concept: low energy consumption
Q3 2022 PROOF OF CONCEPT: LOW ENERGY CONSUMPTION ENERGY CONSUMPTION EXACTLY AS ESTIMATED INDUSTRY-LEADING ENERGY EFFICIENCY Average consumption KWH = 82,000 KWH per kilo salmon produced 100000 7 90000 6 80000 70000 5 60000 4 50000 40000 3 30000 2 20000 10000 1 0 0 Andfjord Salmon
Slide 17: Phase two progressing well
Q3 2022 PHASE TWO PROGRESSING WELL PROJECT PLANNING: • Significant amount of groundwork completed – two pools excavated in two months, compared to 6 months for the first pool • Defining the most cost-efficient expansion process • Entering final stages of contract discussions with suppliers regarding
Slide 18: Breivik approved, Fiskenes zoning plan decision soon
Q3 2022 FISKENES ZONING PLAN DECISION SOON FISKENES ZONING PLAN APPLICATION: • Decision expected from Andøy municipal council early BREIVIK Approved 2023 • Plan to build land-based fish farming facility, targeting production volume of 25,000 tonnes HOG BREIVIK ZONING PLAN APPROVED 13 JUNE 2022 25,00
Slide 19: Agenda
Q3 2022 AGENDA 1 2 3 4 QUARTERLY HIGHLIGHTS OPERATIONAL KEY FINANCIALS SUMMARY AND AND SUBSEQUENT EVENTS UPDATE OUTLOOK
Slide 20: Invest with a clear conscience
Q3 2022 INVEST WITH A CLEAR CONSCIENCE
Slide 21: Income statement
Q3 2022 INCOME STATEMENT ANDFJORD SALMON AS All amounts in NOK Q3 2022 Q3 2021 YTD 2022 YTD 2021 2021 1.7– 30.9 1.7 – 30.9 1.1– 30.9 1.1 – 30.9 1.1 – 31.12 Unaudited Unaudited Unaudited Unaudited Operating income and expenses Other income 0 0 31 500 0 0 Total operating income 0 0 31 500 0 0 Change i
Slide 22: Balance sheet
Q3 2022 BALANCE SHEET ANDFJORD SALMON AS All amounts in NOK 30.9.2022 31.12.2021 30.9.2021 Assets Unaudited Unaudited Total intangible assets 6 143 853 2 664 757 1 601 061 Total property, plant & equipment 500 877 567 428 987 851 371 916 469 Total long-term fixed assets 97 405 123 970 132 825 Total
Slide 23: Balance sheet
Q3 2022 BALANCE SHEET ANDFJORD SALMON AS All amounts in NOK 30.9.2022 31.12.2021 30.9.2021 Unaudited Unaudited Total equity 493 122 923 323 273 127 331 059 671 Liabilities Non-current liabilities Liabilities to financial institutions 84 148 450 39 478 187 35 124 521 Other non-current liabilities 58
Slide 24: Cash flow statement
Q3 2022 CASH FLOW STATEMENT ANDFJORD SALMON AS All amounts in NOK Q3 2022 Q3 2021 YTD 2022 YTD 2021 2021 1.7 – 30.9 1.7 – 30.9 1.1 – 30.9 1.1 – 30.9 1.1 – 31.12 Unaudited Unaudited Unaudited Unaudited Net cash flow from operating activities -54 182 979 -13 508 210 -70 942 627 -26 645 754 -20 620 952
Slide 25: Agenda
Q3 2022 AGENDA 1 2 3 4 QUARTERLY HIGHLIGHTS OPERATIONAL KEY FINANCIALS SUMMARY AND AND SUBSEQUENT EVENTS UPDATE OUTLOOK
Slide 26: Summary & outlook
Q3 2022 SUMMARY & OUTLOOK SALMON SUSTAINABLE DEVELOPMENT FIRST HARVEST OPERATIONS • Growing faster than • Industry-leading • Fiskenes zoning plan • Targeting first harvest expected energy consumption: decision expected in in mid-2023 • Industry-leading run-rate of 1 kWh per December 2022 survival ra
Slide 27: On track to build the world's most fish-friendly and sustainable facility
69°N Q3 2022 ANDØYA VESTERÅLEN NORWAY ON TRACK TO BUILD THE THE WORLD’S MOST FISH-FRIENDLY AND SUSTAINABLE FACILITY
Slide 28: Q&A
69°N Q3 2022 ANDØYA VESTERÅLEN NORWAY Q&A
Slide 29: Andfjord Salmon
ANDFJORD SALMON KVALNES, ANDØYA, FOLLOW OUR SALMON: NORWAY ANDFJORDSALMON.COM ANDFJORD.NO POST@ANDFJORD.NO
Andfjord Salmon Group AS — Q3 2022 Earnings Presentation on 6ix