Masoval As · OSL:MAS

Masoval As — Måsøval AS — Q3 2023 Earnings Presentation

24 slides from Masoval As's earnings presentation, Nov 21, 2023

1. Slide 1: Måsøval AS Q3 2023 presentation

   Måsøval AS Q3 2023 presentation Oslo, November 21th, 2023 Helge Kvalvik, CEO | Anders Hagestande, CFO

2. 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

3. Slide 3: Agenda

   Agenda 1 Highlights 2 Segment information 3 Group financials 4 Development projects 5 Outlook and Summary

4. Slide 4: Highlights Q3 – 2023

   Group Oper. EBIT (MNOK) Highlights Q3 – 2023 211 113 62 44 36 Group Financials  Group turnover MNOK 670 (378) Q3 22 Q4 22 Q1 23 Q2 23 Q3 23  Total group operational EBIT MNOK 113 (62) Harvested Volume (GWT) Segment farming  Harvested volumes 7 037 tonnes (4 863) 7 573 7 037 4 863 5 032  Region M

5. Slide 5: Segment information

   Segment information

6. Slide 6: Farming Mid

   Key figures Q3 Q3 YTD YTD FY Farming Mid 2023 2022 2023 2022 2022 Farming Mid Consolidated numbers in 1 000 NOK Strong sea production Total operating Revenues 432 076 208 015 1 001 344 1 227 900 1 547 216 Operational EBIT 120 809 61 230 304 139 641 410 686 746  Harvested volume of 4 525 GWT (2 821)

7. Slide 7: Farming West

   Key figures Q3 Q3 YTD YTD FY Farming West 2023 2022 2023 2022 2022 Farming West Consolidated numbers in 1 000 NOK High costs, challenging post smolt production Total operating Revenues 199 589 121 006 556 984 226 893 262 099  Harvested volume of 2 512 GWT (2 042) Operational EBIT 23 672 16 697 112

8. Slide 8: Sales & Processing

   Sales & Processing Key figures Sales&Processing Q3 2023 Q3 2022 YTD 2023 YTD 2022 FY 2022 Consolidated numbers in 1 000 NOK  Sales volume 7 103 GWT (4 937) Total operating revenues 646 315 354 768 1 673 038 1 546 363 1 948 405  Operational loss of EBIT MNOK -7 (-1,1%)  Operational loss in sales d

9. Slide 9: Group financials

   Group financials

10. Slide 10: Key income statement items

    Key income statement items Group operational EBIT Group operational EBIT pr kg EPS (earnings/share*) 693 650 3,4 3,5 38,6 31,7 359 21,6 16,1 12,7 0,95 113 62 0,19 0,16 Q3 2023 Q3 2022 YTD 2023 YTD 2022 FY 2022 Q3 2023 Q3 2022 YTD 2023 YTD 2022 FY 2022 Q3 2023 Q3 2022 YTD 2023 YTD 2022 FY 2022 *Earni

11. Slide 11: Income statement

    Key figures Group Q3 Q3 YTD YTD FY Consolidated numbers 2023 2022 2023 2022 2022 Income statement in 1 000 NOK Sales revenue salmon 617 928 353 962 1 597 090 1 521 534 1 898 525 Other operating 52 176 23 615 114 859 70 270 93 606  Revenue and Group operational EBIT in quarter is up from Q3 2022 rev

12. Slide 12: Group balance sheet items

    Group balance sheet items A sse t s N I BD 2 097 24 20 -24 1 777 1 684 1 514 492 -20 Working capital decrease in quarter 312  Still high levels of biomass increasing MNOK 44 to MNOK 1 251  Lower receivables at end of quarter because of harvest profile 3 459 3 492 1 392 1 629 30.09.2023 30.06.2023

13. Slide 13: Changes in NIBD

    Changes in NIBD  Working capital decrease of MNOK 341 mainly caused by decrease in receivables  Net investments of MNOK 22 -413 * PBT excludes interest expenses that is included in financial items

14. Slide 14: Taxation

    Taxation  Resource rent tax on salmon farming 2023  Extra resource tax 25% exclusively on farming at sea on conventional licenses  Måsøval has an integrated value chain resulting in only parts of the group operating within the special resource rent taxation  Estimates on actual effective taxatio

15. Slide 15: Development projects

    Development projects

16. Slide 16: Improving performance

    Improving performance  Recent years, and further planned, growth called for organisational consolidation and development  New organizational structure  Value chain approach  Strengthen group management by recruiting  CFO with industry background  Group director for Sales & Processing  Directo

17. Slide 17: Improving performance

    Improving performance  Strengthen focus on biological performance and quality  Hired senior, experienced fish health specialist  Systematized project for fish survival  Several actions already initiated  Increased focus on biological risks  Exploring new technologies for our existing productio

18. Slide 18: Group reorganization

    Group reorganization  Ongoing demerger/merger process  Earlier informed and approved in EGM 25.09.2023  Preparations for future uplisting  Sum zero for all shareholders in Måsøval AS  Subject to a binding ruling from tax authorities and creditors notice period  After the process is completed,

19. Slide 19: Outlook and summary

    Outlook and summary

20. Slide 20: Segment Farming – Outlook

    Segment Farming – Outlook Harvest Volume (GWT)  Maintaining guided volume for full year 2023 of 24 300 GWT and correspondingly 7 700 GWT in Q4 10 000 9 000 8 000  Full year guiding 2024 of 25 700 – 26 700 GWT 7 000 6 000  Cost pr kg in Q4 expected to develop stable or slightly down 5 000 4 000 3

21. Slide 21: Market outlook

    Market outlook  Market fundamentals still strong NASDAQ average price  Moderate global supply growth next year 120  Demand still resilient 110 Nasdaq price per kg (NOK)  Fish Pool forward indicate prices somewhat higher than 100 2023 90 2019 80  Måsøval market strategy to sell above 90% in spot

22. Slide 22: Growth potential

    Harvest volume 1 000' GWT 16,6 2017-2018 «2019-2020 2021.» 2022-2023 -2024 Firm potential Harvest volume mYTD mi Guided harvest. m Froya laks PURE PRINCESS’ &

23. Slide 23: Summary

    Summary  Group financials  Operational EBIT MNOK 113  NIBD reduced MNOK 413  Farming  Higher feed costs fully factored in  Favorable harvest profile in quarter  All time high sea production in quarter  Sales and processing  Negative margins in sales department  Harvesting activity profitab

24. Slide 24: Pioneered by & Masoval

    Pioneered by & Masoval

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