Masoval As · OSL:MAS

Masoval As — Måsøval AS — Q2 2022 Earnings Presentation

19 slides from Masoval As's earnings presentation, Aug 30, 2022

  1. Slide 1: Måsøval AS Q2 2022 presentation

    Måsøval AS Q2 2022 presentation Oslo, August 30th, 2022 Asle Rønning, CEO | Gunnar Aftret, CFO

  2. Slide 2: Agenda

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

  3. Slide 3: Highlights Q2 - 2022

    Highlights Q2 - 2022 Total Group Revenues (MNOK) 934 Financial 483 393 280 243  Group turnover MNOK 934 (243)  Total group operational EBIT MNOK 501 (65) Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Segment farming  Harvested volumes 8,702 tonnes (2,985) Operational Group EBIT  Region Mid EBIT/Kg NOK 62.5 501

  4. Slide 4: Farming Mid

    Key figures Farming Mid Q2 Q2 1H 1H Farming Mid Consolidated numbers in 1 000 NOK 2022 2021 2022 2021 Total operating revenues 815,799 216,220 1,019,885 329,772 Strong markets and good biological performance Operational EBIT 487,464 67,232 575,203 93,217  Harvested volume of 7,803 tonnes GW (2,986)

  5. Slide 5: Farming West

    Farming West Key figures Farming West Norway Q2 2022 1H 2022 Consolidated numbers in 1 000 NOK Profitable quarter, but still some potential. Total operating revenues 55,738 105,888  Harvested volume of 899 tonnes GW Operational EBIT 7,999 20,353 Operational EBIT - % 14,4% 19,2%  Operational EBIT N

  6. Slide 6: Sales & Processing

    Key figures Q2 Q2 1H 1H Sales & Processing 2022 2021 2022 2021 Development of fully integrated value-chain on track Total operating 915,750 34,519 1,191,596 34,519 revenues  Volume 8,726  100% of sales through Pure Norwegian Seafood AS Operational EBIT 15,773 2,982 15,615 2,982  Record high volum

  7. Slide 7: Key income statement items

    Key income statement items Group operational revenues Group operational EBIT EPS (earnings/share) 1,215 501 3.51 934 2.66 292 1.79 243 65 Q2 2022 Q2 2021 2021 Q2 2022 Q2 2021 2021 Q2 2022 Q2 2021 2021

  8. Slide 8: Income statement

    Income statement Key figures Group Consolidated numbers in 1 000 NOK Q2 2022 Q2 2021 1H 2022 1H 2021 Sales revenue salmon 900,300 200,719 1,167,573 283,171  Revenue increased due to higher volumes and significantly Other operating revenues 33,892 41,850 46,656 55,675 higher sales prices, both for s

  9. Slide 9: Group balance sheet items

    Assets N I BD Group balance sheet items 149 128 150 220 128 234 1,109 1,613 428 515 Working capital increase in quarter  Significant increase in accounts receivable due to record high sales 1,808 1,829 in June 3,487 3,447 Financial position 30.06.2022 31.03.2022  NIBD decreased with MNOK 116 30.06

  10. Slide 10: Changes in NIBD

    Changes in NIBD  Strong operational quarter not fully reflected in NIBD 30.6.22  High sales and corresponding high receivables  Net investments of MNOK 78  Maintenance investments MNOK 71 -116

  11. Slide 11: Financial updates

    Financial updates Potential uplisting  IFRS published Q2 2022  Ready to apply for uplisting during Q3 2022 pending board decision Dividends  Very strong market and harvested volumes have given a strong cash flow  The Company has decided to pay a dividend of NOK 1.0 per share in line with authori

  12. Slide 12: Development projects

    Development projects

  13. Slide 13: Aqua Semi update

    Aqua Semi update Engineering will be completed Q3 22  MSA (Main Scantling approval) expected to be complete Q3-2022 Milestones  Application for licences completed 2017  4 development licences (3,120 MAB) granted 2019  2019 – 2022 : Design/Project planning  2022 – 2024: Construction  2024 – : R

  14. Slide 14: Outlook and summary

    Outlook and summary

  15. Slide 15: Segment Farming – Outlook

    Segment Farming – Outlook  Q3 2022 5,100 tonnes Harvest volume (tonnes gw)  Q4 2022 5,300 tonnes 8,702  2022 22,400 tonnes 7,265  Harvest Volumes 2022 down due to 5,300  Harvested fish Farming West at low weights due to winter 5,100 ulcers Q2 4,813  ISA at sea site Slettvika Farming West  Spr

  16. Slide 16: Market outlook

    Market outlook  Analysts expect high prices NASDAQ average price 110.00  Prices are expected to remain strong in 2022 and 2023 Nasdaq price per kg (NOK) 100.00  Expected strong prices Q3 2022 compared to previous years’ Q3 90.00 80.00 2019 2020 70.00 2021 60.00 2022 2023 50.00 40.00 Q1 Q2 Q3 Q4 Q

  17. Slide 17: Growth potential

    Growth potential Targeting 25% 35,4 CAGR 2017-22

  18. Slide 18: Summary

    Summary  Operational EBIT MNOK 501  Operational EBIT Group 57.5 per kg  Continued strong operations Farming Mid  Operational EBIT of 62.5 per kg  Sales and processing – Strong profitable Quarter  Dividend NOK 1.0 per share  Outlook  Still strong market outlook  2022 22,400 tonnes  Måsøval

  19. Slide 19: Pioneered by & Masoval

    Pioneered by & Masoval

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