Kingfish Company N.v. · OSL:KING
Kingfish — The Kingfish Company — H1 2021 Earnings Presentation
20 slides from Kingfish's earnings presentation, Sep 1, 2021
Slide 1: Financial Update
FINANCIAL UPDATE September 1, 2021
Slide 2: The company in brief
The company in brief • Our mission is to further advance our first-mover position in technology driven aquaculture and establish The Kingfish Company as a market leader in the sustainable production of high-value marine seafood • Established in 2015 and continuously producing since 2017 the Yellowta
Slide 3: Our values
Our values Sustainability is at the core of our business. We strive to ensure that our operation is safe and healthy for our customers, stress-free and humane to our fish, and sets a new bar for environmentally friendly best practices. Outflow filtered and monitored before discharge Operation runs o
Slide 4: Our product
Our product • Our Dutch Yellowtail is a high- • An excellent sustainable alternative grade Sashimi, grilled, or smoked recommended as a "Green Choice" by the Good classic Fish Foundation and Seafood Watch • Strong familiarity of the product • Harvested five days a week and delivered within in the Ja
Slide 5: H1 '21 Highlights
H1 ‘21 Highlights Production Sales • Improved Hatchery output and performance from • Record sales of €3.8m in H1 at higher average sales both NL hatcheries prices of €11.3/kg WFE • Record production of 496t net growth in H1 ‘21 while • Frozen individually vacuum packaged (IVP) portions maturing new
Slide 6: H1 '21 Highlights
H1 ‘21 Highlights Development Finance • NL (EU) phase 2 construction on time to increase • J. P. Morgan advancing to secure equity fundraising for installed capacity to 3,000 ton by Q4 ’22. Current US development and additional growth market conditions indicate a 4% increase in total • Additional as
Slide 7: Robust and reliable system
Robust and reliable system • Over three years of continuous operations, over 21 production cycles of fish produced from full cycle hatchery to harvest, with zero mass mortality events • System based on proprietary design developed by co-founder and RAS pioneer Kees Kloet • Highly trained and experie
Slide 8: Production update
Production update Record production above design level and sector leading productivity score • Excellent hatchery production in H1’21 300 Productivity (kg growth/m3/day) ensuring top quality fingerlings stocked • New production record in H1‘21 with 496 250 Production (tons) tons growth, an increase
Slide 9: Increased sales and product development
Increased sales and product development • H1’21 Sales grew 95% in revenue to €3.8m and 88% in WFE Total whole fish equivalent (WFE) sold (tons) tonnage to 335 tons against H1’20. • Overall average sales price of €11.3/kg achieved, an increase 200 of 5% on H1’20. • Demand continues to outstrip supply
Slide 10: Development update Europe (NL)
Development update Europe (NL) Phase 2- 2021 construction Status: On track Broodstock Key facts • Phase 1B completed, on and R&D time and budget. System Phase 2 Construction fully stocked Pumphouse Phase Started Q1 21 1A Phase 1B- Production start • Contracting for phase 2 Completed in 2020 Q3 22 90
Slide 11: Development update US
Development update US Status: On track • Permitting for Maine site advancing as planned, with both water side permits approved, as Key facts well as recent air emissions approval Groundworks start1 Q4 21/Q1 22 • State and federal land side Production start1 permits on track H2 23 • Design for constr
Slide 12: Development timeline of active projects
Development timeline of active projects 2019 2020 2021 2022 2023 2024 2024 Design, Permitting, Bidding, & Mobilization Construction Phase 1B Production Production First sales start Design, Permitting, Bidding, & Mobilization Construction, in sub-phases Phase 2 Production Production First sales start
Slide 13: Interim Results
INTERIM RESULTS
Slide 14: Profit and Loss statement
Group Consolidated Profit and Loss statement • Strong revenue growth with 5% increase in sales prices and H1 2021 FY 2020 higher tonnage sold € '000 € ‘000 • Increased Opex and Growth Opex Revenue 3 792 4 973 in line with expansion in Sales, Transport and Processing (886) (1 467) operations and rapi
Slide 15: Cost analysis of product sold H1'21
Farming Operations Cost analysis of product sold H1’21 Revenue and all cost per kg were calculated on € per kg H1 ‘21 actual sales tonnage for the reporting period 11.3 0.9 1.7 Commission and transport 1.2 Fingerling costs Processing cost 5.3 2.2 -1.9 4.1 Revenue Gross Profit prod cost costs Indirec
Slide 16: Cost analysis overview H1 2021 vs FY2020
Farming Operations Cost analysis overview H1 2021 vs FY2020 H1 FY 2021 2020 Existing farming operations €/kg €/kg change • Continued higher sales price evolution as key HORECA markets recover and sales mix improves Revenues 11.3 10.8 5% - Commission and transport (0.9) (1.2) -21% • Positive gross ma
Slide 17: Balance sheet
Group Consolidated Balance sheet Balance sheet 30.06.2021 31.12.2020 • Investment in Fixed Assets towards expansion € '000 € '000 in the Netherlands (EU) and design of US Fixed assets 39 601 30 206 development. Deferred tax 6 382 5 242 • Inventory of live biomass increased due to Inventories 5 535 4
Slide 18: Cash Flow Statement
Group Consolidated Cash Flow Statement H1 2021 FY 2020 H1 2021 FY 2020 Cash utilized in Operating Activities € '000 € ‘000 € '000 € '000 EBIT (4 533) (5 010) Investment activities (10 357) (13 914) Adjustments to operating result: 1 010 1 473 Property, plant and equipment (10 357) (13 914) - adjustm
Slide 19: Strong industry and investment support
Strong industry and investment support • Raised EUR 50m in an over-subscribed Top 15 Shareholders as at August 28, 2021 private placement in November 2020 Creadev International S.A.S 13.359.605 19,7% • Significant interest from investors with deep Rabo Participaties B.V. 9.527.694 14,1% insight and
Slide 20: Fish is here
FISH IS HERE