Masoval As · OSL:MAS
Masoval As — Måsøval AS — Q3 2024 Earnings Presentation
22 slides from Masoval As's earnings presentation, Nov 19, 2024
Slide 1: Måsøval AS
Måsøval AS Oslo, 19 November 2024 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 Q3 – 2024
Group Operational EBIT (MNOK) 298 Highlights Q3 – 2024 113 112 121 Group financials -61 • Group revenue MNOK 530 (670) Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 • Total group operational EBIT MNOK -60.6 (113) Harvested Volume (GWT) Segment farming 7 927 7 037 7 095 • Harvested volume 7 095 tonnes GW (7 037) 6 6
Slide 5: Segment Information
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Slide 6: Farming Mid
Key figures Farming Mid Farming Mid Consolidated numbers in 1 000 NOK Q3 2024 Q3 2023 YTD 2024 YTD 2023 • High seawater temperatures – High sea lice pressure Total operating revenues 406 097 432 076 1 309 987 1 001 344 • Harvested volume of 5 737 GWT (4 525) Operational EBIT -19 577 120 809 418 594
Slide 7: Farming West
Key figures Farming West Farming West Consolidated numbers Q3 Q3 YTD YTD in 1 000 NOK 2024 2023 2024 2023 • Harvested volume of 1358 GWT (2 512) Total operating revenues 97 792 199 589 258 091 556 984 • All fish harvested in Q3 from 2023-generation Operational EBIT 9 599 23 672 68 028 112 712 • Site
Slide 8: Sales & Processing
Key figures Sales & Sales & Processing Processing Consolidated numbers Q3 Q3 YTD YTD in 1 000 NOK 2024 2023 2024 2023 • Sales volume 6 735 GWT (7 103) Total operating revenues 508 716 646 315 1 835 541 1 673 038 • Operational EBIT of MNOK -31.3 (-7.0) • Negatively affected by TL52: Start-up cost and
Slide 9: Group Financials
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Slide 10: Key Income Statement Items
Key Income Statement Items Group operational EBIT (MNOK) Group operational EBIT per kg EPS (earnings/share*) 358 359 20.6 21.6 1.31 16.1 0.95 113 0.19 Q3 24 Q3 23 YTD 24 YTD 23 Q3 24 Q3 23 YTD 24 YTD 23 Q3 24 Q3 23 YTD 24 YTD 23 -61 - 8.5 -0.47 *Earnings per share restated to exclude fair value adju
Slide 11: Income Statement
Key figures Group Consolidated numbers Q3 Q3 YTD YTD 2024 2023 2024 2023 Income Statement in 1 000 NOK Sales revenue salmon 492 459 617 928 1 779 906 1 597 090 Other operating revenues 37 791 52 176 86 552 114 859 • Revenue and Group operational EBIT in quarter is down from Q3 2023 due to lower mark
Slide 12: Group Balance Sheet Items
Group Balance As s e ts 18 NI BD Sheet Items 9 -9 -18 1 533 1 839 461 593 • Assets decreased from MNOK 5.417 to MNOK 5.083 3 541 3 561 1 393 1 242 • NIBD decreased MNOK 10 30.09.2024 30.06.2024 30.09.2024 30.06.2024 • Decrease in biological assets of MNOK 143 Fixed assets Current assets (ex cash) Ca
Slide 13: Changes in NIBD
Changes in NIBD • Stable NIBD • Decreasing working capital • Moderate investments in period -9 108 0 1 835 28 1 826 -111 -34 NIBD 30.06.24 PBT + depreciation Tax paid Working capital Net investments Change in fin.&other items NIBD 30.09.24 * PBT (profit before tax) excludes interest expenses include
Slide 14: Strategic Projects
Slide 15: Strategy to Increase Smolt Capacity
Strategy to Increase Smolt Capacity • Internal smolt capacity important to meet long term future growth • Screening of 40+ actual sites to establish possible additional new smolt production and location chosen as optimal based on available area, freshwater resources and infrastructure • In process o
Slide 16: Sales and Processing – Increasing Capacity and Integration
Sales and Processing – Increasing Capacity and Integration Secured harvesting capacity • Operational from 3 September • Ramp up during the quarter and into Q4 Capacities TL52 • 150-200 tonnes GWE per shift • VAP capacity of 35 tonnes GWE per shift. Will initiate test production. • Holding pen capaci
Slide 17: Outlook and Summary
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Slide 18: Outlook
Outlook • Full year guiding 2024 of 24 700 – 25 700 GWT • Approx 75% region Mid Harvest Volume GWT • Approx 10% commercial co-location agreements 10000 9000 • Q4 2024 guiding of 5 400 – 6 400 GWT 8000 • Approx 60% region West 7000 6000 • Approx 20% commercial co-location agreements 5000 4000 • Cost
Slide 19: Market Outlook
Market Outlook • Market fundamentals still strong • Moderate global supply growth in 2025 Historical and forward prices • Kontali expects 4% supply growth in 2025 120 • Forward prices indicate price level of approximate NOK 96 Nasdaq price per kg (NOK) for full year 2025 110 • Måsøval market strateg
Slide 20: Growth Potential
Growth Potential 0.6 4.0 29 - 24.7 29.4 31 24.5 - 22 25.7 16 17 15 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 21: Summary
Summary Group financials • Operational EBIT MNOK -61 • NIBD decrease MNOK 10 Farming • High sea lice pressure – hampering growth and increased costs • ISA in region Mid – all infected fish harvested • Improving region West Sales and processing • Negatively affected by start-up cost at TL52 • Sales o
Slide 22: Pioneered by Måsøval
Pioneered by & Masoval