Masoval As · OSL:MAS
Masoval As — Måsøval AS — Q4 2024 Earnings Presentation
23 slides from Masoval As's earnings presentation, Feb 25, 2025
Slide 1: Q4 2024 Presentation
Måsøval AS Q4 2024 Presentation Oslo, 25 February 2025 Helge Kvalvik, CEO | Anders Hagestande, CFO
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements relating to the business, financial performance and results of Måsøval. Forward looking statements are statements that are not historical facts and may be identified by words such as “predicts", "anticipates", "believes", "estimates
Slide 3: Agenda
Agenda 1 Highlights 2 Segment information 3 Group financials 4 Strategic projects 5 Outlook and summary 6 Q/A
Slide 4: Highlights Q4 – 2024
Group Operational EBIT (MNOK) 298 Highlights Q4 – 2024 112 121 3 Group financials -61 • Group revenue MNOK 572 (688) Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 • Total group operational EBIT MNOK 3 (112) Harvested Volume (GWT) 7 927 6 673 7 095 Segment farming 4 726 • Harvested volume 4 726 tonnes GW (7 927) 3 6
Slide 5: Highlights FY – 2024
Group Operational EBIT (MNOK) 693 Highlights FY – 2024 226 292 471 361 Group financials 2020 2021 2022 2023 2024 • Group revenue BNOK 2.439 (2.400) • Total group operational EBIT MNOK 361 (471) • Board propose currently no dividend, but will re-evaluate throughout the year Harvested Volume (GWT) 24
Slide 6: Segment Information
Slide 7: Farming Mid
Key figures Farming Mid Farming Mid Consolidated numbers in 1 000 NOK Q4 2024 Q4 2023 2024 2023 • High sea lice pressure, high generational cost Total operating revenues 225 961 546 930 1 535 948 1 548 274 • Harvested volume of 1 976 GWT (6 784) Operational EBIT -6 467 128 315 412 127 432 454 • 16%
Slide 8: Farming West
Key figures Farming West Farming West Consolidated numbers in 1 000 NOK Q4 2024 Q4 2023 2024 2023 • Harvested volume of 2 749 GWT (1 143) Total operating revenues 219 675 83 758 477 766 640 742 • All fish harvested in Q4 from 2023 generation Operational EBIT 48 332 9 365 116 360 122 077 • Site harve
Slide 9: Sales & Processing
Key figures Sales & Sales & Processing Processing Consolidated numbers Q4 Q4 in 1 000 NOK 2024 2023 2024 2023 • Sales volume 5 873 GWT (7 989) Total operating revenues 488 724 704 312 2 324 264 2 377 349 • Operational EBIT of MNOK -13.8 (5.5) • Established fully owned Måsøval sales Operational EBIT
Slide 10: Group Financials
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Slide 11: Key Income Statement Items
Key Income Statement Items Group operational EBIT (MNOK) Group operational EBIT per kg EPS (earnings/share*) 471 19.2 361 16.3 14.1 1.45 0.86 112 3 0.48 0.7 -0.45 Q4 24 Q4 23 2024 2023 Q4 24 Q4 23 2024 2023 Q4 24 Q4 23 2024 2023 *Earnings per share restated to exclude fair value adjustment of biomas
Slide 12: Income Statement
Key figures Group Consolidated numbers Q4 Q4 in 1 000 NOK 2024 2023 2024 2023 Income Statement Sales revenue salmon 453 878 682 470 2 233 784 2 279 560 Other operating revenues 118 265 5 928 204 817 120 788 • Revenue in quarter is down from Q4 2023 due to lower harvest volumes Sum operating revenues
Slide 13: Group Balance Sheet Items
Group Balance 21 As s e ts 9 -21 NI BD Sheet Items 1 669 1 533 564 -9 518 • Assets increased from MNOK 5.083 to MNOK 5.242 3 553 3 541 1 656 1 317 • NIBD increased MNOK 374 31.12.2024 30.09.2024 31.12.2024 30.09.2024 • Increase in biological assets of MNOK 157 Fixed assets Current assets (ex cash) C
Slide 14: Changes in NIBD
Changes in NIBD • Increased NIBD • Paid tax of 122 mNOK • Moderate investments in period 374 125 2199 154 21 122 1826 -49 NIBD 30.09.24 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 31.12.24 * PBT (profit before tax) excludes interest expenses included i
Slide 15: Strategic Projects
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Slide 16: Sales and Processing – Establishing Måsøval Sales
Sales and Processing – Establishing Måsøval Sales • Måsøval Sales AS now operating with all required certificates and permits • Acquired sales department from Pure Norwegian Seafood • Sales company integrated in a fully owned and controlled value chain • Sales services for third party
Slide 17: Successful Group Reorganization
Successful Group Reorganization Process is completed, the overall structure as follows: • Holding company Måsøval AS • All licenses and biomass held in a separate company Måsøval Lisens AS • Employees and certain equipment and assets held in a separate company Måsøval Drift AS • Service vessels and
Slide 18: Outlook & Summary
Slide 19: Outlook
Outlook • Full year guiding 2025 of 29 000 – 31 000 GWT • Approx 60-65% region Mid Harvest Volume GWT • Approx 15-20% commercial co-location agreements 10000 9000 • Q1 2025 guiding of 4 000 – 4 500 GWT 8000 • Approx 50% region West 7000 6000 • No harvesting from commercial co-location 5000 agreement
Slide 20: Market Outlook
Market Outlook • Market fundamentals still strong • Moderate global supply growth in 2025 • Kontali expects 5.2% supply growth in 2025 • Forward prices indicate price level of approximate NOK 91 120 Nasdaq price per kg (NOK) for full year 2025 110 • Måsøval market strategy to sell above 80% in spot
Slide 21: Growth Potential
Growth Potential 0.6 4 29 - 29 24.5 25.0 31 22 15 16 17 13 8 2017 2018 2019 2020 2021 2022 2023 2024 2025 Firm potential Existing conventional licences Co-located production on commercial licences Exhibition licence
Slide 22: Summary
Summary Group financials • Operational EBIT MNOK 3 • Board propose currently no dividend, but will re-evaluate through-out the year Farming • High sea lice pressure in mid • Improved performance region West Sales and processing • Negatively affected by start-up cost at TL52 • Integration of sales de
Slide 23: Made by nature