Masoval As · OSL:MAS

Masoval As — Måsøval AS — Q2 2023 Earnings Presentation

21 slides from Masoval As's earnings presentation, Aug 29, 2023

  1. Slide 1: Måsøval AS Q2 2023 presentation

    Måsøval AS Q2 2023 presentation Oslo, August 29th, 2023 Helge Kvalvik, CEO | Gunnar Aftret, CFO

  2. Slide 2: Agenda

    Agenda 1 Highlights 2 Segment information 3 Group financials 4 Development project 5 Outlook and Summary

  3. Slide 3: Highlights Q2 – 2023

    Highlights Q2 – 2023 501 Group Oper. EBIT (MNOK) Financial 211  Group turnover MNOK 805 (934) 62 44 36  Total group operational EBIT MNOK 211 (501) Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Segment farming  Harvested volumes 7 573 tonnes (8 702) Harvested Volume (GWT)  Region Mid Op. EBIT/Kg NOK 32,9 8 702

  4. Slide 4: Segment information

    Segment information

  5. Slide 5: Farming Mid

    Key figures Farming Q2 Q2 YTD YTD FY 2022 Mid 2023 2022 2023 2022 Farming Mid Consolidated numbers in 1 000 NOK Good growth, challenging biology Spring 22 gen Total operating revenues 444 471 815 799 569 268 1 019 885 1 547 216 Operational EBIT 145 966 491 554 183 330 581 292 686 746  Harvested vol

  6. Slide 6: Farming West

    Key figures Farming West Q2 Q2 YTD YTD FY Farming West Consolidated numbers in 1 000 2023 2022 2023 2022 2022 NOK Total operating revenues 291 883 55 738 357 396 105 888 262 099 Reduced downgrading, high costs Operational EBIT 73 576 10 658 89 040 25 670 52 200  Harvested volume of 3 135 tonnes GW

  7. Slide 7: Sales & Processing

    Sales & Processing Key figures Q2 Q2 YTD YTD FY Sales&Processing 2023 2022 2023 2022 2022 Consolidated numbers Good sales margin in 1 000 NOK  Sales volume 7 788 Total operating revenues 797 360 915 750 1 026 723 1 191 596 1 948 405  100% of sales through Pure Norwegian Seafood AS  More than 95%

  8. Slide 8: Group financials

    Group financials

  9. Slide 9: Key income statement items

    Key income statement items Group operational EBIT Group operational EBIT pr kg EPS (earnings/share*) 693 57,5 3,5 588 3,23 49,1 2,83 501 31,7 27,8 25,8 211 246 Q2 2023 Q2 2022 YTD 2023 YTD 2022 FY 2022 Q2 2023 Q2 2022 YTD 2023 YTD 2022 FY 2022 Q2 2023 Q2 2022 YTD 2023 YTD 2022 FY 2022 -1,24 -1,23 •

  10. Slide 10: Income statement

    Key figures Group Q2 Q2 YTD 2023 YTD FY 2022 Income statement Consolidated numbers in 1 000 NOK 2023 2022 2022 Sales revenue salmon 770 417 900 300 979 162 1 167 573 1 898 525  Revenue in quarter down from Q2 2022 due to lower volume, downgrading and somewhat lower achieved prices Other operating 3

  11. Slide 11: Group balance sheet items

    Group balance sheet items Assets N I BD 2 097 2 005 24 38 -24 -38 1 777 1 560 492 554 Working capital increase in quarter  Still high levels of biomass 1 629  Significantly higher receivables after high harvest in June 3 493 3 527 1 489 30.06.2023 31.03.2023 30.06.2023 31.03.2023 Financial positio

  12. Slide 12: Changes in NIBD

    Changes in NIBD  Working capital increase of MNOK 159 mainly caused by increase in receivables  Net investments of MNOK 13 +92 * PBT excludes interest expenses that is included in financial items

  13. Slide 13: Development project

    Development project

  14. Slide 14: Aqua Semi update

    Aqua Semi update Project status  Engineering completed and approved by DNV  Licenses still valid  Project can be restarted until 2027 Due to current resource rent tax regime the project is cancelled in its current form.

  15. Slide 15: Outlook and summary

    Outlook and summary

  16. Slide 16: New resource rent tax on salmon farming in Norway

    New resource rent tax on salmon farming in Norway  Resource rent tax on salmon farming 2023  Extra resource tax 25% and total tax rate of 47%  Exclusive for farming at sea  Important details of tax regime still unknown  One-off effect of MNOK 243 on fair value adjustment of biomass per 1.1.2023

  17. Slide 17: Segment Farming – Outlook

    Segment Farming – Outlook  Q3 2023 7 200 tonnes Harvest volume (tonnes GW)  2023 24 300 tonnes 8 702  Costs in Q3 are expected to be flat/down 7 573 7 200 5 032 4 863 1 994 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

  18. Slide 18: Market outlook

    Market outlook  Analysts expect lower prices in Q3 on higher harvest volumes  Prices are expected to remain relatively strong in 2023 as underlying demand remains bouyant

  19. Slide 19: Growth potential

    Growth potential 33,4 * Frøya Laks licenses will be accounted for as net income and not in gross turnover and harvest volume

  20. Slide 20: Summary

    Summary  Operational EBIT MNOK 211  Higher feed costs fully factored in  Lice costs in region Mid and low harvest weights in region West  Higher costs pressuring EBIT/kg in quarter  Harvest profile, harvest weights and downgrading led to lower achieved prices  Quality  Higher downgrading of f

  21. Slide 21: Pioneered by & Masoval

    Pioneered by & Masoval

Måsøval AS — Q2 2023 Earnings Presentation on 6ix