Masoval As · OSL:MAS

Masoval As — Måsøval AS — Q1 2022 Earnings Presentation

24 slides from Masoval As's earnings presentation, May 19, 2022

  1. Slide 1: Måsøval AS Q1 2022 presentation

    Måsøval AS Q1 2022 presentation Frøya, May 19th, 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 Q1 2022

    Highlights Q1 - 2022 Total Group Revenues (MNOK) 483 Financial 393 280  Group turnover MNOK 280 (114) 246 114  Total group operational EBIT MNOK 75 (18) Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Segment farming  Harvested volumes 3,284 tonnes (1,824)  Operational EBIT per kg; Group Operational EBIT  Region

  4. Slide 4: Segment information

    Segment information

  5. Slide 5: Farming Mid

    Farming Mid Strong markets and good biological performance Key figures Farming Mid Q1 2022 Q1 2021 2021 Numbers in 1 000 NOK  Harvested volume of 2,505 tonnes gw (1,824)  Biomass buildup in quarter due to utilise acquired MAB in Sales revenue salmon 193,980 102,295 979,203 Vartdal Group Operationa

  6. Slide 6: Farming West

    Farming West Key figures Farming West Q1 2022 Numbers in 1 000 NOK Profitable start and great potential going forward Sales revenue salmon 50,108  Harvested volume of 779 tonnes gw Operational EBIT 11,882 Operational EBIT % 23.7 %  Operational EBIT NOK 15.9 pr kg  2021 generation accounted for al

  7. Slide 7: Sales & Processing

    Sales & Processing Key figures Sales & Processing Q1 2022 Q1 2021* 2021* Consolidated numbers in 1 000 NOK Development of fully integrated value-chain on track Sales revenue salmon 255,798 74,960 521,772 Other operating revenues 20,047 5,161 43,323  Segment includes harvesting operations in region

  8. Slide 8: Group financials

    Group financials

  9. Slide 9: Key income statement items

    Key income statement items Group operational revenues Group operational EBIT EPS (earnings/share) (MNOK) (MNOK) (NOK) 280 1.34 1,236 75 0.34 280 114 18 0.07 Q1 2022 Q1 2021 2021 Q1 2022 Q1 2021 2021 Q1 2022 Q1 2021 2021

  10. Slide 10: Income statement

    Income statement Key figures Group Consolidated numbers in 1 000 NOK Q1 2022 Q1 2021 2021  Revenue increased compared to same quarter last year due to Sales revenue salmon 261,665 102,295 1,116,773 higher volumes and significantly higher sales prices. Still revenue Other operating revenues 18,372 1

  11. Slide 11: Group balance sheet items

    Assets N I BD Group balance sheet items 128 121 -121 181 -128 272 836 759 Working capital up both YoY and QoQ  Increase in biomass both YoY and QoQ 1,866 1,841 2,987 2,989  Receivables and current liabilities decreased QoQ and increased YoY Financial position 31.03.2022 31.12.2021 31.03.2022 31.12

  12. Slide 12: Changes in NIBD

    Changes in NIBD  Increase in working capital mainly caused by biomass build-up  Net investments of MNOK 23  Maintenance investments MNOK 21 +60

  13. Slide 13: Financial updates

    Financial updates Preparations for uplisting process initiated  IFRS reporting from Q2 2022  Ready to apply for uplisting to the main list on Oslo stock exchange during Q3 2022  Uplisting process expected to take 8 – 12 weeks from decision to apply Dividends  High prices give strong cash flow 

  14. Slide 14: Development projects

    Development projects

  15. Slide 15: Strategic Investment Vartdal Group (VG) – Background

    Strategic Investment Vartdal Robust production unit area 6 Licenses MAB2 Harvest cap. Smolt & post- Group (VG) – Background Måsøval as is 2.0 1,560 t 2,900 t HOG smolt facilities - Sales revenue salmon 4.8 1 3,790 t 6,900 t HOG 2 units Target Sum operating venues 6.8 5,350 t 9,800 t HOG 2 units  Ad

  16. Slide 16: Vartdal Group Update Q1 22

    Vartdal Group Update Q1 22 Transaction completed with seller Q1  Adjustment MNOK 23 based on SPA  Enterprise Value MNOK 23 below expectations  Final EV: MNOK 1,498  EV estimate: MNOK 1,521 Action Plan to achieve 9,800 tonnes yearly harvest Farming West  Structured approach to integrate and stre

  17. Slide 17: Postsmolt project – Skjelvika Frøya

    Postsmolt project – Skjelvika Frøya Originally planned project  Yearly production 2 mill. postsmolt with avg. weight 500 grams  First release 2023  Capex MNOK 70 Planning concluded  Capex will be significantly higher than expected Decision  Project will not be started in 2022  Postsmolt in Seg

  18. Slide 18: Aqua Semi update

    Aqua Semi update Engineering will be completed in Q2 2022  MSA (Main Scantling Approval) expected to be completed in Q2 2022 Milestones  Application for licences completed 2017  4 development licences (3,120 MAB) granted 2019  2019 – 2022: Design/project planning  2022 – 2023(4): Construction 

  19. Slide 19: Outlook and summary

    Outlook and summary

  20. Slide 20: Market outlook

    Market outlook  Industry analysts forecast no or slightly negative growth in NASDAQ average price global supply in 2022 90.00  Salmon prices are expected to remain strong in 2022 but lower in H2 compared to H1 80.00  Very strong prices in Q1 and in Q2 2022 2019 70.00 2020 2021 NASDAQ price pe kg

  21. Slide 21: Segment Farming – Outlook

    Segment Farming – Outlook  Q2 2022 6,000 tonnes Harvest volume (tonnes gw)  2022 25,700 tonnes 25,700  Måsøval has less than 5% committed sales on fixed price contracts in Q2 and the remainder of 2022 7,265 6,000 4,813 2,986 3,284 1,824 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 FY 2022E

  22. Slide 22: Growth potential

    Growth potential Harvest volumes (in thousand tonnes gw) Targeting 27% 35.4 CAGR 2017-22 6.0 6.9 25.7 22.5 15.4 16.3 16.9 13.2 7.9 2017 2018 2019 2020 2021E 2022E Firm potential Existing licenses Vartdal Group Aqua Semi

  23. Slide 23: Summary

    Summary  Segment Farming  Harvested Volumes 3 284  MID EBIT/kg 35,0 – Continued Strong performance  West EBIT/kg 15,9 – Profitable with potential  Sales & Processing  100% Sales internally and Launch of Pure Princess  EBIT/kg 0,- Q1 2022  Vartdal Group  Integration process off to a good sta

  24. Slide 24: Pioneered by & Masoval

    Pioneered by & Masoval

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