Slide 1: Norcod Presentation Q2-2023
Norcod Presentation Q2-2023 CEO: Christian Riber CFO: Arne Kristian Hoset
Slide 2: Agenda
Agenda • Q2 2023 Highlights • Operational update • Market conditions • Green visions for a blue future • Financial update • Outlook • Q&A Page 2
Slide 3: Q2 2023 Highlights / H1 2023 Highlights
Q2 2023 Highlights • 39 MNOK in revenues, up 39% from Q2-22 driven by increased harvesting • 47 MNOK in operating loss, compared to 41 MNOK in Q2-22 • -131 MNOK in cash flows from operations, down from -88 MNOK in Q2-22 • 1 038 tons WFE harvested, up from 963 tons WFE in Q2-22 • Entering agreement o
Slide 4: Operational update
Operational update • Norcod harvested the remainder of the stock that was subject to accelerated harvesting imposed by the Directorate of Fisheries in the first quarter • All the harvested fish is sold in the market and YoY revenue growth is 41 per cent • Total harvest volume ended on 1 038 tons WFE
Slide 5: Operational update
Operational update • Norcod completed its efforts to improve its financial capacity and establish a robust equity base to enable further growth. In April, Norcod successfully increased its operational liquidity by 265 million NOK from sale of assets and private placement. At the same time, the compa
Slide 6: Market conditions
Market conditions • The accelerated harvest plan continued to put pressure on the market and sales situation. Our already established relations with several European retailers prooved valuable. Norcod’s sales and distribution partner Sirena managed to do several promotions during the quarter, materi
Slide 7: Green visions for a blue future
Green visions for a blue future Norcod in a sustainable global food system Looking ahead • Zero use of antibiotics • Aiming to increase the survival rate to 90 % within 2030 • Certified feed ingredients • Targeting for 98 % utilization of the cod for human • Best possible score regarding seabed surv
Slide 8: Financial Update - Highlights
Financial Update - Highlights Harvest volume (tons WFE) Biomass at sea (tons) 6 777 5 962 3 362 4 012 3 784 3 851 963 847 1 038 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Revenues (MNOK) Available credit and cash at hand 139 125 52 53 51 39 28 87 53 9 8 6 2 3 - -9 5 3 3 Q2-22 Q3-22
Slide 9: Financial Update - Highlights
Financial Update - Highlights Balance sheet development - Assets Balance sheet development – Equity and liabilities 688 647 638 573 575 635 633 592 542 528 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Non-current assets Inventories and biological assets Equity Non-current liabilities
Slide 10: Interim condensed consolidated statement of comprehensive income
Interim condensed consolidated statement of comprehensive income Consolidated statement of comprehensive income (Amounts in NOK '000) Note Q2 2023 YTD 2023 Q2 2022 YTD 2022 FY 2022 Operating revenue 39 429 164 536 34 444 117 494 170 541 Cost of materials 69 489 233 976 53 748 152 544 168 730 Salarie
Slide 11: Interim condensed consolidated statement of financial position
Interim condensed consolidated statement of financial position Consolidated statement of financial position YTD LYTD Full year (Amounts in NOK '000) Note Q2 - 2023 Q2 - 2022 2022 ASSETS Non-current assets Concessions, patents, licenses, trademarks and similar rights 2 2 000 8 814 2 000 Property, pla
Slide 12: Interim condensed consolidated statement of financial position
Interim condensed consolidated statement of financial position Consolidated statement of financial position YTD LYTD Full year (Amounts in NOK '000) Note Q2 - 2023 Q2 - 2022 2022 EQUITY AND LIABILITIES Equity Share capital 12 784 9 609 9 609 Treasury Shares -3 706 -3 706 -3 706 Share premium 729 108
Slide 13: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows Interim condensed consolidated statement of cash flows Q2 2023 YTD 2023 Q2 2022 FY 2022 (Amounts in NOK '000) Note Audited Profit/loss before tax -52 209 -94 976 -50 293 -297 217 Cash flow from operating activities Depreciation and amortization
Slide 14: Outlook
Outlook • Both internally and in collaboration with industry colleagues and other stakeholders, we work on strategy and plans to prevent and eliminate risk. • In order to postpone and reduce gonad development in our cod, new light regimes are set up on a large scale. • Furthermore, measures such as
Slide 15: Q&A
Q&A Page 15
Slide 16: Contact Info: Arne Kristian Hoset CFO
Contact Info: Arne Kristian Hoset CFO Phone: +47 988 10 282 Contact Email:Info: arne.hoset@norcod.no Arne Kristian Hoset CFO Phone: +47 988 10 282 Email: arne.hoset@norcod.no Page