Masoval As · OSL:MAS

Masoval As — Måsøval AS — Q1 2023 Earnings Presentation

21 slides from Masoval As's earnings presentation, May 23, 2023

  1. Slide 1: Måsøval AS Q1 2023 presentation

    Måsøval AS Q1 2023 presentation Oslo, May 23rd, 2023 Helge Kvalvik, CEO | Gunnar Aftret, CFO

  2. Slide 2: Agenda

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

  3. Slide 3: Highlights Q1 - 2023

    Highlights Q1 - 2023 Group Oper. EBIT (MNOK) 501 Financial 87 62 44 36  Group turnover MNOK 237 (280) Q1 22 Q2 22 Q3 22 Q4 22 Q1 23  Total group operational EBIT MNOK 36 (87) Segment farming Harvested Volume (GW)  Harvested volumes 1 994 tonnes (3 284) 8 702  Region Mid Op. EBIT/Kg NOK 32,8 4 86

  4. Slide 4: Segment information

    Segment information

  5. Slide 5: Farming Mid

    Farming Mid Key figures Farming Mid Q1 Q1 FY Consolidated numbers in 1 000 NOK 2023 2022 2022 Biomass build-up, good growth Total operating revenues 124 527 204 086 1 547 216  Harvested volume of 1 140 tonnes GW (2 505) Operational EBIT 37 363 89 739 686 749 Operational EBIT - % 30,0% 44,0% 44,4 %

  6. Slide 6: Farming West

    Farming West Key figures Farming West Q1 Q1 FY Consolidated numbers in 1 000 NOK 2023 2022 2022 Quarter affected by downgrading Total operating revenues 65 512 50 150 262 099  Harvested volume of 855 tonnes GW Operational EBIT 15 463 15 012 52 200 Operational EBIT - % 23,6% 29,9% 19,9%  2022 gener

  7. Slide 7: Sales & Processing

    Sales & Processing Key figures Sales&Proc. Consolidated numbers in 1 000 NOK Q1 2023 Q1 2022 FY 2022 Investments in West, good sales margin Total operating revenues 229 363 275 845 1 948 405  Sales volume 2 270  100% of sales through Pure Norwegian Seafood AS Operational EBIT 843 -155 20 062  Mor

  8. Slide 8: Group financials

    Group financials

  9. Slide 9: Key income statement items

    Key income statement items Group operational EBIT Group operational EBIT pr kg EPS (earnings/share*) 31,7 693 3,5 26,6 18,0 87 36 0,02 0,1 Q1 2023 Q1 2022 FY 2022 Q1 2023 Q1 2022 FY 2022 Q1 2023 Q4 2021 FY 2022 * Earnings per share restated to exclude fair value adjustment of biomass

  10. Slide 10: Income statement

    Income statement Key figures Group Consolidated numbers in 1 000 NOK Q1 2023 Q1 2022 FY 2022 Sales revenue salmon 208 745 267 273 1 898 525  Revenue in quarter down from Q1 2022 due to lower volume, Other operating revenues 28 519 12 764 93 606 but significantly higher prices Sum operating revenues

  11. Slide 11: Group balance sheet items

    Group balance sheet items Assets N I BD 2 005 1 798 38 82 -38 -82 1 560 1 391 554 583 Working capital increase in quarter  Increase in biomass to record high levels 3 527 3 495 1 489 1 478 Financial position 31.03.2023 31.12.2022 31.03.2023 31.12.2022  NIBD increased with MNOK 207 Fixed assets Cur

  12. Slide 12: Changes in NIBD

    Changes in NIBD  Working capital increase of MNOK 126 mainly caused by increase in biomass  Net investments of MNOK 27 +207 * PBT excludes interest expenses that is included in financial items

  13. Slide 13: Development project

    Development project

  14. Slide 14: Aqua Semi update

    Aqua Semi update 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 negotia

  15. Slide 15: Outlook and summary

    Outlook and summary

  16. Slide 16: New resource tax on salmon farming in Norway

    New resource tax on salmon farming in Norway  Proposed resource tax on salmon farming September 28th 2023  Extra resource tax 35% and total tax rate of 57%  Exclusive for farming at sea  Final proposal originally planned for May 16th now postponed.  Måsøval believes that the proposed tax is det

  17. Slide 17: Segment Farming – Outlook

    Segment Farming – Outlook  Q2 2023 8 200 tonnes Harvest volume (tonnes gw)  2023 24 300 tonnes 8 702 8 200  Costs in Q2 are expected to be flat/down 4 863 5 032 3 284 1 994 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023

  18. Slide 18: Market outlook

    Market outlook NASDAQ average price  Analysts expect limited supply growth and high prices in 120,00 Q2 110,00 Nasdaq price per kg (NOK)  Prices are expected to remain strong in 2023 100,00 90,00 2019 80,00 2020 70,00 2021 2022 60,00 2023 50,00 40,00 Q1 Q2 Q3 Q4 Quarter * Fishpool Forward Price 22

  19. Slide 19: Growth potential

    Growth potential 39,4 * Frøya Laks licenses will be accounted for as net income and not in gross turnover and harvest volume

  20. Slide 20: Summary

    Summary  3 129 tonnes growth in biomass  Bringing biomass to a record high of 15 763 tonnes  Operational EBIT MNOK 36  Higher feed costs fully factored in  Lice costs in region Mid and low harvest weights in region West  Low harvested volume in quarter  Low prices pressuring EBIT/kg in quarte

  21. Slide 21: Pioneered by & Masoval

    Pioneered by & Masoval

Måsøval AS — Q1 2023 Earnings Presentation on 6ix