Masoval As · OSL:MAS

Masoval As — Måsøval AS — Q2 2024 Earnings Presentation

21 slides from Masoval As's earnings presentation, Aug 27, 2024

  1. Slide 1: Måsøval AS Q2 2024 Presentation

    Måsøval AS Q2 2024 Presentation Oslo, August 27th, 2024 Helge Kvalvik, CEO | Anders Hagestande, CFO

  2. Slide 2: Disclaimer

    Disclaimer This presentation may contain forward-looking statements relating to the business, financial performance and results of Måsøval. Forward looking statements are statements that are not historical facts and may be identified by words such as “predicts", "anticipates", "believes", "estimates

  3. Slide 3: Agenda

    Agenda 1 Highlights 2 Segment information 3 Group financials 4 Outlook and Summary 5 Q/A

  4. Slide 4: Highlights Q2 – 2024

    Group Operational EBIT (MNOK) Highlights Q2 – 2024 211 298 113 112 121 Group financials  Group revenue MNOK 934 (805) Q2 23 Q3 23 Q4 23 Q1 24 Q2 24  Total group operational EBIT MNOK 298 (211) Harvested Volume (GWT) Segment farming 7 573 7 927  Harvested volumes 6 673 tonnes (7 573) 7 037 6 673 

  5. Slide 5: Segment Information

    Segment Information

  6. Slide 6: Farming Mid

    Key figures Q2 Q2 YTD YTD Farming Mid 2024 2023 2024 2023 Farming Mid Consolidated numbers in 1 000 NOK  Strong sea production Total operating revenues 549 146 444 741 903 890 569 268  Harvested volume of 5 400 GWT (4 437) Operational EBIT 275 708 145 966 438 171 183 330  100% of the volume Sprin

  7. Slide 7: Farming West

    Key figures Q2 Q2 YTD YTD Farming West 2024 2023 2024 2023 Farming West Consolidated numbers in 1 000 NOK  Harvested volume of 1273 GWT (3 135) Total operating revenues 148 877 291 883 160 298 357 396  Record high margins of NOK 44.6 pr kg Operational EBIT 56 718 73 576 58 429 89 040  2023-genera

  8. Slide 8: Sales & Processing

    Key figures Sales & Q2 Q2 YTD YTD Sales & Processing Processing Consolidated numbers 2024 2023 2024 2023 in 1 000 NOK  Record high sales volume 9 005 GWT (7 788) Total operating revenues 925 601 797 360 1 326 824 1 026 723  Operational EBIT of MNOK -8.1 (12.5)  Negatively affected by extraordinar

  9. Slide 9: Pure Norwegian Seafood update and way forward

     Nøytralt bilde Pure Norwegian Seafood update and way forward  Måsøval controls 65 % of the processing and sales company Pure Norwegian Seafood AS (PNS) in Averøy. In February, Måsøval and PNS publicized findings from PNS’ investigation of irregularities in their sales of certain categories of fro

  10. Slide 10: Group Financials

    Group Financials

  11. Slide 11: Key Income Statement Items

    Key Income Statement Items Group operational EBIT (MNOK) Group operational EBIT per kg EPS (earnings/share*) 44.6 418 40.7 1.78 298 1.46 246 27.8 25.8 211 0.74 0.75 Q2 24 Q2 23 YTD 24 YTD 23 Q2 24 Q2 23 YTD 24 YTD 23 Q2 24 Q2 23 YTD 24 YTD 23 *Earnings per share restated to exclude fair value adjust

  12. Slide 12: Income Statement

    Key figures Group Q2 Q2 YTD YTD Consolidated numbers 2024 2023 2024 2023 Income Statement in 1 000 NOK Sales revenue salmon 904 391 770 417 1 287 448 979 162 Other operating revenues 29 562 34 164 48 761 62 683  Revenue and Group operational EBIT in quarter is up from Q2 2023 due to higher harvest

  13. Slide 13: Group Balance Sheet Items

    Group Balance Sheet Items Asse t s NI BD 18 11 -18 -11 1 839 1 556 461 427 Financial position  Assets increased from MNOK 5.010 to MNOK 5.417  NIBD increased MNOK 16  Decrease in biological assets of MNOK 110 3 561 3 444 1 393 1 403  Increase in accounts receivables of MNOK 358  Decreasing equi

  14. Slide 14: Changes in NIBD

    Changes in NIBD  Stable NIBD  Increasing working capital +16 1 819 88 28 1 835 147 1 - 248 NIBD 31.03.24 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 30.06.24 * PBT (profit before tax) excludes interest expenses included in financial items

  15. Slide 15: Co-location agreements

    Co-location agreements Partners site Our sites Total co- Co-location partners Co-location – Commercial Broodstoc Educational location YTD 2024 own licences licences k licences licences partners  Co location agrements for economics of scale, biological risk 1) 2) 4) mitigation and licence utilizatio

  16. Slide 16: Outlook and Summary

    Outlook and Summary

  17. Slide 17: Outlook

    Outlook  Full year guiding 2024 of 26.500 – 27.500 GWT Harvest Volume GWT  70% – 75% region Mid 10000 9000  Frøya Laks 5–10% of total volume 8000 7000  Q3 2024 guiding of 7.000 – 7.500 GWT 6000 5000  80-85% region Mid 4000  0% Frøya Laks 3000 2000 1000  Cost expected higher from a low level i

  18. Slide 18: Market Outlook

    Market Outlook  Market fundamentals still strong NASDAQ Average Price  Moderate global supply growth in 2024  Seasonal high volumes 120 Nasdaq price per kg (NOK) 110  Fish Pool forward indicate similar prices in Q3 2024 as Q3 2023 100 90 2019  Måsøval continues the market strategy to sell above

  19. Slide 19: Growth Potential

    Growth Potential Harvest volume 1000 GWT Harvest volume Exhibition license Frøya Laks 4 1 29 22 24.5 26.5- 16 17 27.5 13 15 8 2017 2018 2019 2020 2021 2022 2023 2024 Firm potential

  20. Slide 20: Summary

    Summary Group financials  Operational EBIT MNOK 298  NIBD increase MNOK 16 Farming  Strong sea production  Price achievement hampered due to downgrading  Low cost in the quarter  Record high margins in West Sales and processing  Negatively affected by extraordinary, non-recurring items  TL 5

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