Masoval As · OSL:MAS
Masoval As — Måsøval AS — Q4 2022 Earnings Presentation
23 slides from Masoval As's earnings presentation, Feb 28, 2023
Slide 1: Måsøval AS Q4 2022 presentation
Måsøval AS Q4 2022 presentation Oslo, February 28th, 2023 Helge Kvalvik, CEO | Gunnar Aftret, CFO
Slide 2: Agenda
Agenda 1 Highlights 2 Segment information 3 Group financials 4 Business development 5 Outlook and Summary
Slide 3: Highlights Q4 - 2022
Group Oper. EBIT (MNOK) Highlights Q4 - 2022 501 Financial - A more challenging Q4, however a record full year for Måsøval 89 87 44 77 62 ▪ FY22 operational EBIT of MNOK 693 (NOK 31,7/kg), vs MNOK 292 in FY21 (NOK 17,3/kg) ▪ Q4 group turnover MNOK 400 (393) Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q4 22N ▪ Tot
Slide 4: Segment information
Segment information
Slide 5: Farming Mid
Farming Mid Key figures Farming Mid Q4 Q4 FY FY Consolidated numbers in 1 000 NOK 2022 2021 2022 2021 Strong market, challenging biological performance Total operating revenues 319 316 308 577 1 547 216 1 059 527 ▪ First year with full effect of acquisitions in 2021 Operational EBIT 45 336 103 908 6
Slide 6: Farming West
Farming West Key figures Farming West Q4 YTD Consolidated numbers in 1 000 NOK 2022 2022 Profitable quarter despite challenges Total operating revenues 35 205 262 099 ▪ First full year with acquisition reported Operational EBIT 9 835 52 200 Operational EBIT - % 27,9% 19,9% ▪ Harvested volume of 550
Slide 7: Sales & Processing
Sales & Processing Key figures Sales&Proc. Q4 Q4 FY FY Consolidated numbers in 1 000 NOK 2022 2021 2022 2021 Fully operational expanded sales force. Harvest operations developing. Total operating revenues 402 041 231 010 1 948 405 565 095 ▪ First year fully integrated ▪ 3,5 times higher sales volume
Slide 8: Group financials
Group financials
Slide 9: Key income statement items
Key income statement items Group operational EBIT Group operational EBIT pr kg EPS (earnings/share) 31,7 693 5,07 18,4 17,3 2,66 292 8,7 89 0,43 44 0,1 Q4 2022 Q4 2021 FY 2022 FY 2021 Q4 2022 Q4 2021 FY 2022 FY 2021 Q4 2022 Q4 2021 FY 2022 FY 2021
Slide 10: Income statement
Income statement Key figures Group Consolidated numbers in 1 000 NOK Q4 2022 Q4 2021 FY 2022 FY 2021 Sales revenue salmon 376 991 364 690 1 898 525 1 092 277 ▪ Revenue in quarter increased slightly from Q4 2021 due to Other operating revenues 23 336 28 675 93 606 123 060 higher volume in quarter and
Slide 11: Group balance sheet items
As s ets NIBD Group balance sheet items 82 120 -82 1 798 -120 1 703 1 391 1 364 583 357 Working capital increase in quarter ▪ Increase in biomass 3 495 3 469 1 478 1 467 Financial position ▪ NIBD increased with MNOK 95 ▪ Liquidity: MNOK 396 (846 including facilities from 1.1.23) 31.12.2022 30.09.202
Slide 12: Changes in NIBD
Changes in NIBD ▪ Working capital increase of MNOK 84 mainly caused by increase in biomass ▪ Net investments of MNOK 75 +95
Slide 13: Financial updates
Financial updates Refinancing of long-term bank debt ▪ Facility increased with MNOK 450 to MNOK 1 900 ▪ RCF: MNOK 500 ▪ Term loan: MNOK 1 400 ▪ Terms: 3+1+1 years ▪ Increased strategic flexibility ▪ In addition MNOK 300 overdraft facility Co-location agreement with Frøya Laks ▪ Build-up of biomass t
Slide 14: Business Development
Business Development
Slide 15: Frøya Laks AS – Growth
Frøya Laks AS – Growth Frøya Laks AS ▪ Salmon farmer in region Mid ▪ Owned by Bewi Invest AS and Frøy Kapital AS ▪ MAB 2 433 tonnes Co-location agreement ▪ Open-ended agreement with long term intentions ▪ Improves utilisation of infrastructure investments made in recent years. Roll out ▪ First smolt
Slide 16: Aqua Semi status
Aqua Semi status Engineering completed ▪ MSA (Main Scantling approval) received from DNV Project status ▪ Project is on hold due to proposed tax regime ▪ Licenses still valid ▪ Project can be restarted until 2027 Final decision on project to be concluded after tax regime clarified, and prices negoti
Slide 17: Outlook and summary
Outlook and summary
Slide 18: New resource tax on salmon farming in Norway
New resource tax on salmon farming in Norway ▪ Proposed resource tax on salmon farming September 28th 2022 ▪ Extra resource tax 40% and total tax rate of 62% ▪ Exclusive for farming at sea ▪ Måsøval has submitted a consultation response ▪ Måsøval believes that the proposed tax is detrimental to empl
Slide 19: Segment Farming – Outlook
Segment Farming – Outlook ▪ Q1 2023 1 800 tonnes ▪ Low harvest volume due to build-up of biomass Harvest volume (tonnes gw) utilising MAB from co-location agreements 8 702 8 200 ▪ Q2 2023 8 200 tonnes ▪ 2023 24 300 tonnes 4 863 5 032 3 284 1 800 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023
Slide 20: Market outlook
Market outlook ▪ Analysts expect limited supply growth and high prices NASDAQ average price 110,00 ▪ Prices are expected to remain strong in 2023 100,00 Nasdaq price per kg (NOK) ▪ Continuation of 90+ % spot exposure 90,00 80,00 2019 2020 70,00 2021 60,00 2022 2023 50,00 40,00 Q1 Q2 Q3 Q4 Quarter *
Slide 21: Growth potential
HARVEST VOLUME (GW) 45,0 39,4 40,0 35,0 30,0 4,0 25,0 20,0 15,0 10,0 5,0 0,9 2017 2018 2019 2020 2021 2022 2023E Firm potential Existing conventional Licenses ™ Froya Laks Aqua Semi &
Slide 22: Summary
Summary ▪ Growth through co-location agreement ▪ MAB of 2 433, i.e. 15% capacity increase ▪ Group Operational EBIT Q4 MNOK 44, FY 2022 MNOK 693 ▪ One-off effects ▪ Farming ▪ Built biomass in quarter ▪ Good growth rate in sea phase ▪ Sales and processing ▪ 3,5 times higher sales volume in 2022 vs 202
Slide 23: Pioneered by Måsøval
Pioneered by & Masoval