Atlantic Sapphire Asa · OSL:ASA
Atlantic Sapphire Asa — Q1 2024 Earnings Presentation
19 slides from Atlantic Sapphire Asa's earnings presentation, Apr 18, 2024
Slide 1: Q1 2024 Operational Update
Q1 2024 Operational Update April 18, 2024
Slide 2: Important Information and Disclaimer (1/2)
IMPORTANT INFORMATION AND DISCLAIMER (1/2) IMPORTANT INFORMATION THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNITE
Slide 3: Important Information and Disclaimer (2/2)
IMPORTANT INFORMATION AND DISCLAIMER (2/2) This Company Presentation is current as of 18 April 2024. Neither the delivery of this Company Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no c
Slide 4: Operational Update / Financial Update
Operational Update Financial Update 4|
Slide 5: Stable Performance On The Back Of Infrastructure Improvements
Stable Performance On The Back Of Infrastructure Improvements Strong biomass Feeding and feed Farming temperatures Share of high-quality growth across all conversion rates at stable around 14°C salmon steadily recent batches solid levels increasing • The batches that have been • Recent batches of fi
Slide 6: Mix Of Batches Quickly Improving
Mix Of Batches Quickly Improving Comments Share of biomass exposed to elevated temperatures decreasing ▪ Parts of the pre-Q3 2023 batches went into early Standing biomass development in %1 maturation due to the temporary challenges with the 100% temperature 80% ▪ The farming conditions have signific
Slide 7: Stable Temperature and Growth Conditions Have Improved Performance
Stable Temperature and Growth Conditions Have Improved Performance Monthly biomass gain development (Sep’23-Mar’24)1 % of net biomass to standing biomass (Sep’23-Mar’24) Biomass gain, Pre-Q3 batches % of net biomass gain to avg. Pre-Q3 batches net (RLW tons) Post-Q3 batches monthly standing biomass2
Slide 8: Supportive Feeding Rates And Conversion Ratios
Supportive Feeding Rates And Conversion Ratios Average feed conversion ratios (FCRs)1 Monthly feeding bFCR Tons of feed eFCR 1.90 600 1.47 1.02 1.03 400 200 Pre-Q3 batches Post-Q3 batches Weight dist., ~1.9 ~2.3 ~0.6 ~2.3 0 kg2 Nov 23 Dec 23 Jan 24 Feb 24 Mar 24 ▪ Significant improvement in feed con
Slide 9: System Temperatures Have Stabilized After Chiller Improvements
System Temperatures Have Stabilized After Chiller Improvements Comments Monthly average temperatures in Grow-Out System until Mar’241 ▪ New rental chiller capacity brought online after summer Positive effects Temperature (Co) from new chiller of 2023, immediately resolving prior issues with capacity
Slide 10: Operational Update / Financial Update
Operational Update Financial Update 10 |
Slide 11: 2023 Integrated Annual Report
2023 Integrated Annual Report Updated Materiality Matrix to Reflect Current Priorities 11 |
Slide 12: Highlights of the ESG Report
Highlights of the ESG Report Selected milestones achieved since the last report Transition to renewable energy ▪ Signed agreement to start sourcing ~30% of electricity consumption from solar energy from mid-2024 Scope 1 & 2 GHG emissions ▪ Adopted Greenhouse Gas (GHG) Protocol framework to report on
Slide 13: 2023 Financial Statements: Consolidated Statement of Operations
2023 Financial Statements 2023 Consolidated Statement of Operations ▪ Total harvest volume of 1,545t HOG in 2023, vs. 2,253t HOG in 2022 ▪ Indirect production costs expensed through cost of goods sold for underutilized capacity of ~USD 25.6m (2022: USD21.8m) ▪ Approx. USD 8m in extraordinary costs t
Slide 14: 2023 Financial Statements: Statements of Financial Position
2023 Financial Statements 2023 Consolidated Statements of Financial Position ▪ Total 2023 capital expenditures of USD 21.4m (2022: USD 52.4m) ▪ Largely tied to US Phase 2 construction ▪ ~USD 110m invested in Phase 2 at year-end 2023 ▪ Group equity ended 2023 at USD 283.1m, down from USD 296.4m at ye
Slide 15: 2023 Key Financials by Segment and Cash Flow Summary
2023 Financial Statements 2023 Key Financials by Segment and Cash Flow Summary All Focus is on the US, Considering to Divest the Remaining Danish Assets 15 |
Slide 16: Advantageous Location Unlocks Premium Pricing
Atlantic Sapphire’s Advantageous Location Unlocks Premium Pricing Significant upside on price achievement to Highly developed footprint near Atlantic Commentary follow satisfactory operational performance Sapphire US price achievement: Premium fish (superior) and ▪ Under stable conditions, ~80-90% o
Slide 17: Phase 1 Facility in Operation and Phase 2 Under Construction
Phase 1 Facility in Operation and Phase 2 Under Construction Site overview USDm ~685 Phase 1 Design capacity: 9,500t Phase 2 Phase 1 Permitted Constructed Operational Proven ✓ ✓ ✓ (✓) ~300 96 Market Net asset Invested capitalization1 value equity Phase 2 (YE’23)1 Design capacity: 15,000t Permitted C
Slide 18: Powerful Equity Story With Strong Growth Potential
Powerful Equity Story With Strong Growth Potential ▪ Atlantic Sapphire is Large-scale site Phase 2 under Unique economic and Backed by highly capturing a US already operational construction to more environmental renowned financial megatrend and approaching than double capacity proposition sponsors a
Slide 19: (<D Lu
(<D Lu as fe Zo fa es LY @