Slide 1: Q2-2024 Norcod Webcast
Q2-2024 Norcod Webcast
Slide 2: Q2 2024 Highlights
Q2 2024 Highlights • 86 MNOK in revenues, up 121% from 39 MNOK in Q2-23 • 47 MNOK in operating loss, 34% improvement from 71 MNOK in Q2-23 • Production cost at sea NOK 47,6 per kg WFE • 1 830 tons WFE harvested, up 76% from 1 038 tons WFE in Q2-23 • Completed cycle at Jamnungen with Economic Feed Co
Slide 3: Operational update
Operational update During the quarter, Norcod has harvested a total of 1 830 tons, of which 175 tons from Norcod’s site Jamnungen (Frøya). The vast majority, 1655 tons, was harvested at Forså (Ibestad) through a joint venture with Kime Aqua, who owns and operates the farming site. All biomass was pr
Slide 4: Financial Update - Highlights
Financial Update - Highlights Harvest volume (tons WFE) Production cost at sea (NOK per kg WFE) 77,4 80,4 2 765 48,3 47,6 1 830 39,8 1 611 1 038 144 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Revenues (MNOK) Available credit and cash at hand (MNOK) 139 143 118 52 83 86 141 44 42 39
Slide 5: Financial Update - Highlights
Financial Update - Highlights Biological assets (MNOK) Biomass at sea (tons) 321 7 817 280 7 080 262 6 599 251 6 395 215 3 851 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Balance sheet development – Assets (MNOK) Balance sheet development – Equity and liabilities (MNOK) 784 712 784 6
Slide 6: Financial Review
Financial Review Q2- 2024 YTD 2024 Q2 - 2023 YTD 2023 Y/Y-% FY 2023 Operating revenue 86 045 204 514 39 429 164 536 24,3 % 269 419 Production cost at sea * -87 159 -197 315 -80 302 -222 918 -11,5 % -312 141 Other operating expenses -46 158 -102 336 -30 533 -101 055 1,3 % -190 660 EBIT excl non-recur
Slide 7: Financial Review
Financial Review Profit and Loss Second Quarter 2024 Operating revenues for the second quarter were 86 MNOK based on a harvested volume of 1.830 tons, up from 37 MNOK and a harvested volume of 1.038 tons in Q2-23. Operating expenses ended at 133 MNOK, up from 111 MNOK in Q2-23. The increase is mainl
Slide 8: Financial Review
Financial Review Balance Sheet (cont.) Total non-current liabilities ended at 140 MNOK in Q2-24, down from 163 MNOK in Q2-23. Current interest-bearing debt ended at 120 MNOK in Q2-24, up from 104 MNOK in Q2-23. Total current liabilities ended at 240 MNOK in Q2-24, up from 209 MNOK in Q2- 23. The cha
Slide 9: Market update
Market update Farmed cod’s market potential and the positive market developments we are witnessing are clearly demonstrated by a combination of factors: • Over the last 12 months, we have seen a gradual increase in average sales prices, albeit with fluctuations in periods. • We have won contracts at
Slide 10: Market update
Market update Commercially, Norcod has stepped up its efforts to develop the market and position our product in a premium niche category, with corresponding sales prices and contracts. This is our main task at hand going forward. Our commercial plan rests on three pillars: • Repositioning, branding
Slide 11: Outlook
Outlook Although Norcod recognizes that instability in the world economy and geopolitical unrest pose risks for the company, Norcod firmly believes that the favourable market conditions provide a strong foundation in the ongoing commercialisation phase for farmed cod. The company’s number one priori
Slide 12: Q&A
Q&A
Slide 13: Contact Info
Contact Info: Arne Kristian Hoset CFO Phone: +47 988 10 282 Email: arne.hoset@norcod.no Norcod - Financial Report Q4