Slide 1: Norcod Group Presentation Q1 2023
Q1– 2023 NORCOD Norcod Group Presentation CEO: Christian Riber CFO: Arne Kristian Hoset
Slide 2: Agenda
Agenda • Q1 2023 Highlights • Operational update • Green visions for a blue future • Financial update • Outlook Norcod - Financial Report Q1 2023 Page 3
Slide 3: Q1 2023 Highlights
Q1 2023 Highlights • 125 MNOK in revenues, up 51% from Q1-22 driven by increased harvesting • 28 MNOK in operating loss, compared to 45 MNOK in Q1-22 • 9 MNOK in cash flows from operations, up from -11 MNOK in Q1-22 • 3 362 tons WFE harvested, up from 2 027 tons WFE in Q1-22 • Second production site
Slide 4: Operational update
Operational update • Process with the Directorate of Fisheries regarding suspicion of escape (not concluded on) and gonade development. • Accelerated harvest and lower production volume. • Shortened delivery on long-term sales contracts and lower sales prices due to increased sales on the spot marke
Slide 5: Green visions for a blue future
Green visions for a blue future Norcod in a sustainable global food system Looking ahead • Zero use of antibiotics • Aiming to increase the survival rate to 90 % within 2030 • Certified feed ingredients • Targeting for 98 % utilization of the cod for human • Best possible score regarding seabed surv
Slide 6: Financial Update - Highlights
Financial Update - Highlights Harvest volume (tons WFE) Biomass at sea (tons) 3 362 6 777 5 962 2 027 3 965 4 012 3 784 963 847 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Revenues (MNOK) Available credit and cash at hand 125 53 Available credit Cash at hand 73 51 53 28 11 9 8 6 2 11
Slide 7: Financial Update - Highlights
Financial Update - Highlights Balance sheet development - Assets Balance sheet development – Equity and liabilities 592 635 591 634 542 542 527 499 527 499 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Cash Equity Non-current liabilities Other current assets Current liabilities Invento
Slide 8: Financial update – Profit and loss
Financial update– Profit and loss (Amounts in NOK '000) Note Q1 - 2023### Q1 - 2022 2022 Operating revenue 125 107 83 050 170 541 Cost of materials 1 164 487 98 797 168 730 Salaries and personnel expenses 13 499 8 189 43 031 Depreciation and amortization 4 998 2 731 16 032 Other operating expenses 3
Slide 9: Financial update – Balance Sheet
Financial update– Balance Sheet (Amounts in NOK '000) Note Q1 - 2023 Q1 - 2022 2022 ASSETS Non-current assets Concessions, patents, licenses, trademarks and similar rights 3 2 000 8 298 2 000 Property, plant & equipment 81 972 53 492 76 678 Right-of-use assets 126 155 109 954 123 846 Investment in a
Slide 10: Financial update – Balance Sheet
Financial update– Balance Sheet (Amounts in NOK '000) Note Q1 - 2023 Q1 - 2022 2022 EQUITY AND LIABILITIES Equity Share capital 9 609 8 516 9 609 Treasury Shares -3 706 -3 706 -3 706 Share premium 553 043 386 563 553 043 Retained earnings -425 034 -128 583 -382 267 Total equity 133 912 262 789 176 6
Slide 11: Financial update – Cash flows
Financial update– Cash flows Q1 - 2023 Q1 - 2022 2022 (Amounts in NOK '000) Note Audited Profit/loss before tax -42 767 -45 021 -297 217 Cash flow from operating activities Depreciation and amortization 4 998 2 731 16 032 Impairment of intangible assets 0 Change in inventory and biological assets 1
Slide 12: Outlook
Outlook • There has been extensive learning through the process which the company has been exposed to throughout Q1. • Norcod is determined to further develop operational control parameters and build on an already well- developed quality and control system which e.g., embraces production, equipment,
Slide 13: Contact Info
Contact Info: Arne Kristian Hoset CFO Phone: +47 988 10 282 Email: arne.hoset@norcod.no Norcod - Financial Report Q1 2023 Page 14