Kaldvik As · OSL:KLDVK
Kaldvik As — Ice Fish Farm AS — Q1 2021 Earnings Presentation
23 slides from Kaldvik As's earnings presentation, May 12, 2021
Slide 1: PRIVATE & CONFIDENTIAL
PRIVATE & CONFIDENTIAL
Slide 2: Ice Fish Farm AS Q1 2021 report
PRIVATE & CONFIDENTIAL Ice Fish Farm AS Q1 2021 report Guðmundur Gíslason, CEO Róbert Róbertsson, CFO 12 May 2021
Slide 3: Forward looking statements
Forward looking statements This Presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group and/or industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may
Slide 4: Table of content
Table of content Key Highlights Financial performance Growth and Premium build up plan PRIVATE & CONFIDENTIAL Appendix 4
Slide 5: Highlights in Q1 2021
Highlights in Q1 2021 1.496 tons harvested in Q1 and EBIT of 4,8 NOK per kg 50-year storm January increased mortality on fish ready for harvest, increased cost per kg on harvested fish in Q1 Strong equipment and experienced team managed to withstand the storm. 66% increase biomass in sea Q1 2021 vs
Slide 6: Table of content
Table of content Key Highlights Financial performance Growth and Premium build up plan PRIVATE & CONFIDENTIAL Appendix 6
Slide 7: Financial summary
Financial summary Operational EBIT Group Harvested volume salmon (mNOK) 54,6 3.916 32,4 1.496 1.320 6,6 Q1 2021 Q1 2020 FY2020 Q1 2021 Q1 2020 FY2020 Revenue Group (mNOK) EBIT/kg (NOK) Salmon 283 24,3 15,4 90 100 4,8 PRIVATE & CONFIDENTIAL Q1 2021 Q1 2020 FY2020 Q1 2021 Q1 2020 FY2020 Key comments H
Slide 8: Financial highlights in Q1 2021
Financial highlights in Q1 2021 Key figures Revenues: Despite increased harvesting volume and similar prices revenues are Currency: NOK ´000 Q1 2021 Q1 2020* FY2020 decrease in Q1 2021 compared to corresponding month in 2020 due unfavourable Revenues 90.177 100.070 283.463 currency exchange. Harvest
Slide 9: Q1 Financial statements – Income statement
Q1 Financial statements – Income statement Consolidated statement of comprehensive income 1 4 The average USD/NOK exchange rate decreased NOK ´0000 Q1 2020 Q1 2021 Investments in PPE in 2020 and Q1 2021 result from 9,5 in Q1 2020 to 8,5 in 2021 which equals Operating income 100.070 1 90.177 in highe
Slide 10: Financial statements – Balance sheet
Financial statements – Balance sheet Consolidated statement of financial position 1 currency: NOK´000 31.12.2020 31.3.2021 NIBD NWC other Licenses 598.028 597.488 - - 597.488 Investments in PPE amounted to around NOK 100 million in Q1 2021, Other intangible assets 15.913 16.744 - - 16.744 mainly in
Slide 11: Expansion plan – Capex expected over next 3 years
Expansion plan – Capex expected to amount to NOK 635 million over next 3 years Detailed planned capital expenditure overview Top of the line equipment and smolt stations After Q1 we have invested 100 NOK and secured finance for the total NOKm 2021 2022 2023 investment in 2021. Floting rings 7 27 41
Slide 12: Table of content
Table of content Key Highlights Financial performance Growth and Premium build up plan PRIVATE & CONFIDENTIAL Appendix Tanks in Kópasker being prepared. 12
Slide 13: Ice Fish Farm smolt stations expansion plan
Ice Fish Farm smolt stations expansion plan Smolt production Salmon farming Processing and distribution End customer Facility Description Capacity Million smolt capacity p.a. (50% of total) – shared with 50/50% owned by Icelandic Salmon (Arnarlax) and Ice Fish Arnarlax Farm 3.3x Production of sm
Slide 14: Steps for growth in our value chain
Steps for growth in our value chain Smolt production Salmon farming Salmon farming Processing and distribution End customer Projected harvest 2021 - 2023 22.000 12.000 Benefits of hybrid solution for Barges 7.500 Lower emissions (NOx and Sox) 4.260 Lower fuel consumption (up to 60%) Less gen
Slide 15: Steps for growth in our value chain
Steps for growth in our value chain Smolt production Salmon farming Processing and distribution End customer Processing and distribution BEWI producer of boxes for salmon plans to start production in Djúpivogur. Construction off new box factory has started. The factory is expected to start ope
Slide 16: Steps for growth in our value chain
Steps for growth in our value chain Smolt production Salmon farming Processing and distribution End customer Francisco Pinto managing partner in ULTCO, our representative in USA : With our super chilled salmon, we gain 4 days extra shelf life. Transport takes 8-9 days to USA with sea freight. “T
Slide 17: License update, current licenses, applications and potential licenses
License update, Current licenses, applications and potential additional licenses Issued license Current applications Potential licenses 50.800 50.000 3 3.000 12.800 2 10.000 40.000 37.800 3.500 1 30.000 6.500 12.800 20.800 6.500 20.800 7.000 20.000 2.300 38.000 8.800 6.500 25.000 10.000 18.500 12.00
Slide 18: Outlook
Outlook: Market License – Future Growth Global supply of salmon increased during Q1 2021 MAB Majority of harvest 2021 is contracted More licenses Transportation cost are expected to decrease after COVID-19 Sustainability and responsible farming Harvest Continue to creating world class team In 2020 I
Slide 19: PRIVATE & CONFIDENTIAL
PROTEIN PRISTINE WATERS + . RICH
Slide 20: Table of content
Table of content Key Highlights Financial performance Growth and Premium build up plan PRIVATE & CONFIDENTIAL Appendix 20
Slide 21: Financial statements
Financial statements Consolidated statement of comprehensive income Consolidated statement of financial position Currency: NOK ´000 Q1 2021 Q1 2020 FY2020 Currency: NOK´000 31.3.2021 31.12.2020 Operating income 90.177 100.070 283.463 Non-current assets Total revenue 90.177 100.070 283.463 Licenses 5
Slide 22: The East fjords of Iceland have a number of favorable conditions
The East fjords of Iceland have a number of favorable conditions Aquaculture conditions in the East fjords Key advantages 1 Little wildlife Few wild fish with natural habitat or spawning Low risk of genetic mix with wild in the area, translating into low risk of interbreeding salmon with wild salmon
Slide 23: Structure of ICE FISH FARM
Structure of ICE FISH FARM Ice Fish Farm AS 100.0% Fiskeldi Austfjarða hf. 100.0% Landeldisstöðin Sleipnir ehf. PRIVATE & CONFIDENTIAL 50.0% 33.3% Eldisstöðin Ísþór hf. Bùlandstindur ehf. (Smolt station) (Harvesting company) 99,5% Rifòs hf. (Smolt station) 23