Kingfish Company N.v. · OSL:KING
Kingfish — The Kingfish Company — Q2 2023 Earnings Presentation
15 slides from Kingfish's earnings presentation, Jul 20, 2023
Slide 1: Q2 2023 business update
Annual 2022 and Q1 2023 April 20, 2023 Q2 2023 business update July 20, 2023
Slide 2: Q2 2023 business update: Contents
Q2 2023 business update July 20, 2023 Contents • Highlights Q2 2023 • Production and sales • Financing • Zeeland and Maine update • Concluding remarks
Slide 3: Highlights Q2 2023
Highlights Q2 2023 • Phase 2 extension operations started in May 2023 • Record level production of 512t • Consistent sector leading productivity at 0.83 kg growth/m3/day and eFCR improved to 1.27 • Sales increased 14% YoY to €5.6 MM; in 1H’23 sales increased 20% to €11.2 MM • Average revenue/kg at €
Slide 4: Contents
Contents • Highlights Q2 2023 • Production and sales • Financing • Zeeland and Maine update • Concluding remarks
Slide 5: Production update Q2 2023
Production update Q2 2023 • Operations in Phase 2 started in mid-May; major milestone of record high biomass growth of 512t 620 0.90 • Total standing biomass reached 512t: 0.80 ➢ Step change from ~415t in Phase 1 520 0.70 ➢ In less than 6 weeks standing biomass 420 Tons increased by 100t, exceeding
Slide 6: Sales update Q2 2023
Sales update Q2 2023 Sales volume Ratio large/small fish 450 400 70% 350 300 55% 250 40% 200 150 25% 100 10% 50 22 - Q1 22 - Q2 22 - Q3 22 - Q4 23 - Q1 23 - Q2 0 22 - Q1 22 - Q2 22 - Q3 22 - Q4 23 - Q1 23 - Q2 large small • Sales volume in 2Q’23 of 377 tons WFE (2Q’22: 384 • Share of large fish incr
Slide 7: Sales update Q2 2023
Sales update Q2 2023 Total sales per quarter (€ ‘000) Revenue per kg 6,000 € 17.00 +14% 15.1 14.6 14.8 5,000 € 15.00 13.8 € 13.00 12.4 4,000 11.5 3,000 € 11.00 € 9.00 2,000 € 7.00 1,000 € 5.00 - 22 - Q1 22 - Q2 22 - Q3 22 - Q4 23 - Q1 23 - Q2 Q1 Q2 Q3 Q4 2021 2022 2023 • Sales in 2Q’23 up 14% to €5.
Slide 8: Contents
Contents • Highlights Q2 2023 • Production and sales • Financing • Zeeland and Maine update • Concluding remarks
Slide 9: Financing
Financing • Succesfully raised €32 MM unsecured convertible loan agreement • Proceeds will be used for completion of Phase 2 and pave the way to profitability • Majority of the Convertible Loan is allocated to existing key shareholders • €11 MM allocated to a new investor, Ocean 14 Capital Fund, a s
Slide 10: Contents
Contents • Highlights Q2 2023 • Production and sales • Financing • Zeeland and Maine update • Concluding remarks
Slide 11: Kingfish Zeeland update
Kingfish Zeeland update • Phase 2 operations started in May 2023 • Production capacity increased with six additional tanks, each holding 380m3 • Full operations expected by Q4 2023, with all 18 tanks filled • Phase 2 construction timeline confirmed; 95% of equipment is installed • Estimated capex fo
Slide 12: Kingfish Maine update
Kingfish Maine update • Expected outcome of state and municipal appeals unchanged. Clarity expected early 2024 • Having permits in place gives us unique competitive advantage as the only yellowtail kingfish producer meeting the rigorous standards for food safety and quality as well as minimal enviro
Slide 13: Contents
Contents • Highlights Q2 2023 • Production and sales • Financing • Zeeland and Maine update • Concluding remarks
Slide 14: Concluding remarks
Concluding remarks • Sector leader with strong operational track record, high productivity, system stability, consistent output, and no mass mortality events • Robust sales growth in larger fish sizes, high customer satisfaction, validating strong demand for our premium quality fish • NL Phase 2 hat
Slide 15: FISH IS HERE
FISH IS HERE