Slide 1: Arctic Fish Q4 2022 Presentation
Arctic Fish Q4 2022 Presentation 15th of February 2023
Slide 2: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements This presentation is the managements summary of the 4th quarter report, it includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forwa
Slide 3: Highlights for the period
Q4 2022 Presentation Highlights for the period
Slide 4: Sea Site Highlights in Q4 2022
Sea Site Highlights in Q4 2022 Eyrarhlíð Revenues: Revenues amounted to 100.3 MNOK in the quarter. For the same period last year revenues amounted to 166.3 MNOK. Harvesting quantities: The company harvested 1,343 tonnes in the quarter. For the same period last year the company harvested 2,938 tonnes
Slide 5: Operational KPI's
Operational KPI’s Harvested volumes Revenue Operational EBIT pr. kg (Farming) In thousand tonnes, HOG MNOK NOK pr. kg 595,9 585,8 11,5 22,4 20,3 -2% 8,6 -25% 10,1 8,7 166,3 2,9 100,3 1,3 134% 2021 2022 Q4'21 Q4'22 2021 2022 Q4'21 Q4'22 2021 2022 Q4'21 Q4'22 ▪ Arctic Fish harvested 8.561 tonnes in ▪
Slide 6: Operational performance
Q4 2022 Presentation Operational performance
Slide 7: Operational performance
Operational performance Operational EBIT pr. kg driven by large price change Operational Farming EBIT pr. kg has developed Salmon prices in the quarter drive up the operational positively YoY as a result of the following factors EBIT positively pr. kg with an increase in production Price achievement
Slide 8: Production cost development
Production cost development Production cost from 2021 and onwards NOK pr. kg (HOG) Harvesting, packing & Wellboat COGS 52,3 47,7 49,1 45,1 46,5 46,5 44,5 11,9 38,8 12,7 9,0 12,0 12,7 12,5 10,0 8,9 40,4 36,1 34,5 34,6 33,7 35,2 36,4 29,9 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 1 Biological pe
Slide 9: Profit and Loss
Profit and Loss Key P&L items in the quarter Commentary Revenues decreased by 40% YoY, which is due to the fact that Revenue Op. EBIT harvesting volumes were 55% less in Q4 2022 than in Q4 2021. 100,3 27,7 When looking past that, the Operational EBIT achieved in Q4 2022 was 1% better than last year.
Slide 10: Financial Position
Financial Position Key Balance Sheet item changes the quarter NIBD development (MNOK) 729 585 Property, Plant & Biological Equipment Assets 337 98,4 212,8 212 MNOK increase MNOK increase 31.3.2022 30.6.2022 30.9.2022 31.12.2022 Total assets & Equity (MNOK) Receivables Bank Deposits -109,0 39,1 Equit
Slide 11: NIBD development
NIBD development NIBD development (MNOK) Summary Bank covenants ▪ Net interest-bearing debt (NIBD) up by 145 MNOK in the quarter. ▪ Equity ratio has to remain above 40%. ▪ The increase is largely due to working capital changes and fixed ▪ NIBD/EBITDA ratio cannot be higher 4.5. Q1 2022 will assets a
Slide 12: CAPEX overview
CAPEX overview Ongoing investments Planned capital expenditure going forward Actual Capital Expenditures (MNOK) Planned Capital Expenditures (MNOK) ▪ We are committing to our growth plan with 500 extensive investments in our Smolt Production 447 450 capacity and in a Harvesting facility. Further 400
Slide 13: Existing Credit facilities from bank
Existing Credit facilities from bank Existing loan agreement components ▪ 300 MNOK revolving facility for Biomass. ▪ 321 MNOK long term loan, 20 MNOK has been repaid reducing the availability under this part of the loan agreement. ▪ 30 MNOK overdraft facility. ▪ 150 MNOK smolt expansion facility. ▪
Slide 14: Key features
Q4 2022 Presentation Key features
Slide 15: A robust and strong sustainability profile
A robust and strong sustainability profile First of its kind hi-tech smolt facility All Icelandic attributes preserved, No antibiotics have ever been with 100% green energy1 low sea temperature and density used on Arctic Fish sites Certifications ▪ All fish sold and all sites in use have been ASC ce
Slide 16: Licenses enabling growth and production potential
Licenses enabling growth and production potential Licenses and applications are well positioned for future growth with locations in different fjords Current license applications In thousand tonnes (MAB) 31.9 Areas with granted licenses 10x 4.8 Areas with applied licenses 27.1 3x 5.31 I West Fjords F
Slide 17: Markets and sales
Markets and sales ▪ The markets for salmon regained strength from the Price achievement development previous quarter, this can be traced to large demand and historical strength of the fourth quarter. Q4'21 LAST YEAR 56,6 ▪ Price achievement was somewhat affected by logistics and sales commissions. ▪
Slide 18: Growth Projects
Q4 2022 Presentation Growth Projects
Slide 19: CAPEX projects
CAPEX projects Smolt construction Harvesting facility Total costs Total costs 311 MNOK 299 MNOK Current costs Current costs 192 MNOK 143 MNOK Expected completion Expected completion May 2023 June 2023
Slide 20: Harvesting Facility
Commentary Harvesting Facility ▪ Project going forward on full speed with the aim of finishing in Bolungarvík Q2 2023. Expected total costs have been updated to reflect price changes related to construction material and inflation related increases, as well as securing harvesting capacity. ▪ The faci
Slide 21: Smolt Facility
Smolt Facility Commentary Norðurbotn ▪ Two-step plan to increase tank volume with 7,500m3 and increase smolt capacity to 5 million smolt. ▪ It is expected that the expansion will be completed in the end of Q2 2023. ▪ Expected total costs have been updated to reflect price changes related to construc
Slide 22: Outlook and summary
Q4 2022 Presentation Outlook and summary
Slide 23: Harvesting estimates
Harvesting estimates ▪ Arctic Fish continues developing according to its growth plan but harvesting quantities in 2022 are Harvesting volumes and forecast affected by the mortality incident occurred in In thousand tonnes, HOG Q1’2022 as well as complications in terms of harvesting capacity faced on
Slide 24: Finance
Finance Group Financials Appendix
Slide 25: Group income statement
Group income statement Q4 Q4 FY FY (NOK '000) 2022 2021 2022 2021 Operating revenues 100.329 166.253 585.855 595.895 Cost of goods sold 6.199 90.732 192.738 299.189 Salaries 15.668 11.526 65.724 54.151 Depreciation 14.764 12.940 54.435 46.501 Other operating costs 35.923 23.526 237.103 109.110 Opera
Slide 26: Statement of the financial position
Statement of the financial position (NOK '000) 31.12.2022 30.9.2022 31.12.2021 Deferred tax assets 4.143 19.327 19.479 Intangible assets 56.431 55.488 52.119 Property, plant and equipment 1.045.990 947.598 657.161 Right of use assets 3.758 3.940 4.435 Non-current financial assets 650 650 629 Non-cur
Slide 27: Statement of equity
Statement of equity Equity allocated to parent company 31.12.2022 shareholders Accumulated (NOK '000) Share capital Share premium earnings Total equity Equity at 01.01.2022 31.877 1.001.740 -58.109 975.508 Total comprehensive income 0 0 59.102 59.102 Transactions with shareholders Dividend 0 0 0 0 T
Slide 28: Group cash flow statement
Group cash flow statement Q4 Q4 FY FY (NOK '000) 2022 2021 2022 2021 Operational EBIT 27.775 27.530 35.856 86.944 Adjusted for: Depreciation 14.764 12.940 54.435 46.501 Production tax -1.117 -790 -7.225 -3.843 Change in inventories/biological assets -160.561 -44.055 -99.525 -71.661 Change in account
Slide 29: Shareholders
Shareholders Ownership structure Appendix
Slide 30: Shareholders
Shareholders Rank Name # of shares % ownership 1 MOWI ASA 16.346.824 51,28% 2 J.P. Morgan SE** 12.896.064 40,46% 3 Landsbankinn hf. 481.267 1,51% 4 KVERVA FINANS AS 257.718 0,81% 5 CLEARSTREAM BANKING S.A. 252.948 0,79% 6 Íslandsbanki hf. 181.840 0,57% 7 VERDIPAPIRFONDET EIKA SPAR 167.406 0,53% 8 MP
Slide 31: Thank you
Q4 2022 Presentation Thank you