Kingfish Company N.v. · OSL:KING
Kingfish — The Kingfish Company — Q1 2024 Earnings Presentation
12 slides from Kingfish's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Financial Results
Q1 2024 FINANCIAL RESULTS May 8, 2024 1
Slide 2: Disclaimer
DISCLAIMER This document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this document are based on current expectations, estimates and projections about globa
Slide 3: Agenda
PRESENTATION Q1 2024 RESULTS Agenda Highlights Q1 2024 Production update Sales Profitability Financing Concluding remarks 3
Slide 4: Highlights Q1 2024
HIGHLIGHTS Q1 2024 Great start of the year with record sales volume • Excellent production conditions and increased tank volume lead to biomass growth of 642 tons (Q1 2023: 421 tons) • Record level volume sold of 410 tons, up 13% (Q1 2023: 363 tons) • Revenue per kg lower at € 14.4 (Q1 2023: € 15.1
Slide 5: Production Update
PRODUCTION UPDATE New record production of 642 tons in Q1 2024 700 0.86 0.90 0.83 0.80 0.80 0.80 600 0.73 637 642 0.80 eFCR 0.70 0.68 626 0.66 0.70 0.64 0.64 0.62 500 0.57 512 0.60 400 0.50 421 1.52 1.52 402 395 1.46 374 1.40 1.42 0.40 1.34 1.37 300 334 324 340 1.27 1.26 268 0.30 200 228 0.20 100 0.
Slide 6: Sales Development
SALES DEVELOPMENT Sales volume at new record level Sales volume Revenue 6,000 5,000 4,000 3,000 410 377 375 2,000 363 343 1,000 - Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 Q2 Q3 Q4 2022 2023 2024 • Record volume sold in Q1 2024 • Strong demand for smaller sizes in Italy • Increased sales and marketing effort
Slide 7: Price and Mix
PRICE AND MIX Seasonality reflected in price and sales mix Revenue per kg Ratio large/small fish 15.1 15.3 15.2 14.6 14.8 14.4 13.8 12.4 11.5 48% 49% 45% 44% 44% 36% 37% 34% 29% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Large Small •
Slide 8: Production and Operations
PRODUCTION AND OPERATIONS Significant YoY improvement driven by scaling benefits and R&D efforts paying-off €/kg produced Feed costs Energy costs Production costs -10% -23% -19% 3.7 2.2 10.0 3.4 3.4 3.4 1.7 7.8 7.8 8.1 3.1 7.5 1.1 1.0 0.6 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q
Slide 9: Profitability
PROFITABILITY On track to reach profitability €/kg Gross margin €/kg SG&A €/kg Operational EBITDA +90% +6% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 4.6 7.5 4.3 -0.3 -0.6 5.4 5.1 3.0 4.8 4.7 2.4 2.4 -2.9 -3.1 -4.5 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 +82% • Gross margin benefiting from th
Slide 10: Financing and Liquidity
FINANCING AND LIQUIDITY • Total liquidity and committed financing Liquidity and committed financing facilities facilities amounting to € 26.0 MM at 31 (in mio €) March 2024 (31 December 2023: € 31.2 MM) Cash • Phase 2 financing facility (PCP) fully drawn 6.0 down 0.0 Deposit USD term • Q1 2024 cash
Slide 11: Concluding Remarks
CONCLUDING REMARKS Promising start of 2024 • Full focus on sales and marketing to drive volumes and allow production growth • Developing new markets while expanding number of customers and sales per customer in existing markets • As of April demand for larger size yellowtail expected to increase as
Slide 12: Se ing
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