Kingfish Company N.v. · OSL:KING
Kingfish — The Kingfish Company — Q2 2024 Earnings Presentation
12 slides from Kingfish's earnings presentation, September 2024
Slide 1: 1
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Slide 2: Disclaimer
DISCLAIMER This document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this document are based on current expectations, estimates and projections about globa
Slide 3: Agenda
AGENDA Highlights Q2 2024 Production Sales Profitability Financing Concluding Remarks 3
Slide 4: Highlights Q2 2024
HIGHLIGHTS Q2 2024 Sales growth accelerating • Solid growth of 36% with volume sold reaching 512 tons (Q2 2023: 377 tons) • Revenue up by 31% to € 7.3 million (Q2 2023: € 5.6 million) • Size mix improved. Large size increased to 53% of total (Q2 2023: 37%) • New sales and marketing initiatives to in
Slide 5: Production
PRODUCTION Biomass growth and productivity eFCR 700 1.00 0.86 0.83 0.90 600 637 626 642 631 0.80 500 0.80 0.64 0.70 512 0.57 0.56 1.47 0.60 1.42 400 1.37 421 1.34 0.50 1.27 1.26 300 0.40 200 0.30 0.20 100 0.10 0 0.00 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Biomass gro
Slide 6: Sales Volume and Revenue
SALES VOLUME AND REVENUE Strong increase sales volume of 36% YoY All-time high revenue of € 7.3m (in tons) (in mio €) 7,000 +36% 6,000 500 512 5,000 450 4,000 3,000 400 410 2,000 350 377 375 363 1,000 343 300 - Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q1 Q2 Q3 Q4 2022 2023 2024 • Strong sales acceleratio
Slide 7: Price and Size Mix
PRICE AND SIZE MIX Revenue in € per kg Ratio Large / Small Large Small 15.1 15.3 15.2 14.8 14.4 14.2 53% 48% 49% 45% 44% 44% 34% 37% 29% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 • Sales efforts focused on market expansion in • Split Large – Small in v
Slide 8: Production and Operations
PRODUCTION AND OPERATIONS Managing growth while sales are ramping up Feed costs Energy costs Production costs +3% +27% +14% 1.7 €/kg produced €/kg produced €/kg produced 3.7 1.4 8.9 3.5 3.4 3.4 1.1 7.8 8.1 7.5 7.7 1.0 3.1 0.6 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q2 23 Q3 23 Q4
Slide 9: Profitability
PROFITABILITY As sales volumes increase, scaling benefits will drive margins Gross margin SG&A Operational EBITDA +21% -18% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 -0.3 7.5 -0.6 4.6 4.3 -1.6 €/kg sold €/kg sold €/kg sold 5.4 5.1 -2.9 3.0 2.9 4.7 4.5 2.4 -4.5 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q2 23 Q3 23 Q4 23 Q1
Slide 10: Financing and Liquidity
FINANCING AND LIQUIDITY Operational cash flow and interest Total liquidity of € 18.5 million 30 June 2024, in mio € • Q2 2024 cash usage was € 7.6 million: Cash ➢ € 2.8 million capex 4.7 Deposit ➢ € 1.7 million interest 8.0 ➢ € 1.3 million increase in frozen product USD term 0.8 inventory and biomas
Slide 11: Concluding Remarks
CONCLUDING REMARKS • Biological performance impacted temporarily by efforts to control biomass • Continued investments in sales and business development to grow sales further in new and existing markets • Sales team expansion in key markets nearly complete, with ongoing positive impact expected Q2 2
Slide 12: Q&A
Q&A The Kingfish Company 12