Nordic Aqua Partners As · OSL:NOAP
Nordic Aqua Partners As — Q4 2024 Earnings Presentation
28 slides from Nordic Aqua Partners As's earnings presentation, Feb 27, 2025
Slide 1: Nordic Aqua Q4 2024
Nordic Aqua Q4 2024 27 February 2025 CEO Ragnar Joensen MD Andreas Thorud CFO Tom Johan Austrheim
Slide 2: Disclaimer
DISCLAIMER This presentation contains statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements. No representation or warranty (expressed or implied) is made as to
Slide 3: Agenda
Agenda Highlights Operations Project Sales and Market Financials Outlook & Summary 3
Slide 4: Highlights
Highlights • Commercial harvesting and sales resumed in mid-February with premium quality • Good underlying operational and biological performance for all batches with excellent fish health and welfare • Geosmin handled through Q4 2024 • Proven capability of producing 7 kg fish at scale with no matu
Slide 5: Agenda
Agenda Highlights Operations Project Sales and Market Financials Outlook & Summary 5
Slide 6: Resumed commercial harvesting
Resumed commercial harvesting • Incidents of off-flavour in July caused by elevated levels of geosmin • Implemented corrective measures de-risking operations ‒ Protein skimmers to remove particles in the water ‒ Installed vacuum UV systems ‒ Increased ozonation capacity ‒ Adjusted biofilter protocol
Slide 7: Biological production
Mortality from 150g Biological production 20.0% 16.0% 12.0% 8.0% 4.0% • No commercial harvest in the fourth quarter 0.0% Batch 1 Batch 2 Batch 3 Batch 4 Batch 5 • Strong biological performance with good fish health and survival rates above expectations Net growth, tonnes (LW) ‒ Accumulated mortality
Slide 8: Agenda
Agenda Highlights Operations Project Sales and Market Financials Outlook & Summary 8
Slide 9: Stage 2 On track
Stage 2 On track • The steel structure is well underway for the large building • First inlay of eggs completed in Q3 2024 • On schedule for the first harvest in Q3 2026 • Technical installations for the On-growing RAS units started in January 2025 • Estimated capex for Stage 2 amounting to EUR 77 mi
Slide 10: Timeline of Gaotang buildout
Timeline of Gaotang buildout 2021 2022 2023 2024 2025 2026 2027 2028 Q3 Construction start Stage 1 Q1 Production start 4,000 tonnes Q2 First harvest Q3 Construction start Stage 1+2 Q3 Production start 8,000 tonnes Q3 First harvest Investment Stage 1+2+3 decision in 20,000 tonnes 2025 Q2 10
Slide 11: Agenda
Agenda Highlights Operations Project Sales and Market Financials Outlook & Summary 11
Slide 12: Investing in building market recognition for premium position
Investing in building market recognition for premium position • Participated for the second time at the influential China Fisheries & Seafood Expo in Qingdao ‒ Good industry platform to connect with customers and potential customers for strengthen business relations and new opportunities. • Particip
Slide 13: Market acceptance confirmed
Market acceptance 3,000 12.00 confirmed 2,500 2,000 10.00 8.00 kg, HOG EUR 1,000 1,500 6.00 • Commercial sales commenced in Q2 2024 1,000 4.00 ‒ Distribution via customers established in food service and retail 500 2.00 ‒ Superior share of 99% 0 0.00 ‒ Average weight of 4.54 kg HOG April May June ‒
Slide 14: Compelling value proposition to local market
Compelling value proposition to local market Freshness Safety The product is significantly fresher than any The Product is free from antibiotics, competitive Atlantic Salmon, 5 days to most medicines, and parasites. products. Sustainability Agility The product holds the highest of quality It is the
Slide 15: Imports of Atlantic salmon to China Q4 and FY 2024
Imports of Atlantic salmon to China Q4 and FY 2024 Import volume per quarter Import volume per year Fresh or chilled Atlantic salmon (tonnes) Fresh or chilled Atlantic salmon (tonnes) 25,000 100,000 20,000 80,000 15,000 60,000 10,000 40,000 5,000 20,000 0 0 2019 2020 2021 2022 2023 2024 2019 2020 20
Slide 16: Imports of Atlantic salmon to China Q4 and FY 2024
Imports of Atlantic salmon to China Q4 and FY 2024 Share of market, Q4 Jan-Dec - Market share per COO Fresh or chilled Atlantic salmon (% of volumes) Fresh or chilled Atlantic salmon (% of volumes) 2% 2% 3% 5% 2% 1% 3% 5% 10% 8% 3% 0% 11% 11% 5% 2% 9% 4% 10% 0% 2% 5% 8% 26% 18% 8% 19% 24% 36% 13% 40
Slide 17: Overview of Atlantic salmon imports to China
Overview of Atlantic salmon imports to China Average import price per month Fresh or chilled Atlantic salmon 22.50 20.00 17.50 15.00 12.50 EUR/kg 10.00 7.50 5.00 2.50 0.00 Jan Mar May July Sep Nov Jan Mar May July Sep Nov Jan Mar May July Sep Nov Jan Mar May July Sep Nov Jan Mar May July Sep Nov Jan
Slide 18: Agenda
Agenda Highlights Operations Project Sales and Market Financials Outlook & Summary 18
Slide 19: Financial review
Financial review Key Figures (figures in EUR 1000) Q4 2024 Q4 2023 YTD 2024 YTD 2023 • Q4 2024 sales of EUR 1.6 million (EUR 0.0 million) – Related to sales Revenue 1,568 0 6,497 0 to non-core markets EBITDA -4,367 -1,442 -15,749 -3,982 EBIT -5,626 -1,829 -19,929 -4,679 • Cost of production is adjus
Slide 20: CAPEX and FUNDING
CAPEX and FUNDING • Estimated total CAPEX for Stage 2 – EUR 77 million ‒ Farming technology – EUR 63 million ‒ Improvement capex from geosmin situation – EUR 14 million ‒ EUR 17 million accrued end of Q4 2024 • Funding ‒ Short-term credit facility EUR 5.8 million was repaid in October 2024 ‒ Success
Slide 21: Agenda
Agenda Highlights Operations Project Sales and Market Financials Outlook & Summary 21
Slide 22: Summary and outlook
Summary and outlook • Good underlying operational and biological performance for all batches with excellent fish health and welfare • Geosmin issue continued in Q4 2024, causing lower turnover and no commercial harvest in H2 2024 • Commercial harvesting and sales resumed in mid-February with premium
Slide 23: Thank you
Investor Contacts Thank you Tom Johan Austrheim CFO, NOAP Next event: tom@nordicaquapartners.com AGM, 15 May 2025 Ragnar Joensen CEO, NOAP Q1 2025, 22 May 2025 ragnar@nordicaquapartners.com Capital Markets Update, TBA 2025
Slide 24: Appendix
Appendix 24
Slide 25: Profit & Loss
Profit & Loss (figures in EUR 1000) Q4 2024 Q4 2023 YTD 2024 YTD 2023 • Q4 2024 sales of EUR 1.6 million (EUR 0.0 million) – Related to sales to non-core markets Revenue 1,568 0 6,497 0 Purchase of goods -1,658 -1,259 -8,599 -2,492 • Cost of production is adjusted for unutilized Change in inventory
Slide 26: Financial Position
Financial Position (figures in EUR 1000) 31.12.2024 31.12.2023 • Total assets of EUR 158 million (EUR 102 million), Assets Assets under construction 13,509 31,161 increase mainly from investments in PPE, RoU assets Property, plant & equipment 60,073 21,906 and biomass Right of Use assets 35,850 9,28
Slide 27: Cash Flow
Cash Flow (figures in EUR 1000) Q4 2024 Q4 2023 YTD 2024 YTD 2023 • Net cash flow in Q4 2024 EUR 14.3 million (EUR 1.9 million) Cash flow from operating activities Operating profit/loss -5,626 -1,829 -19,929 -4,679 • Cash at the end of Q4 2024 was EUR 18.0 million Adjustments 2,632 -1,106 4,076 -1,1
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