Masoval As · OSL:MAS

Masoval As — Måsøval AS — Q1 2024 Earnings Presentation

22 slides from Masoval As's earnings presentation, May 23, 2024

  1. Slide 1: Måsøval AS Q1 2024 Presentation

    Måsøval AS Q1 2024 Presentation Oslo, May 23rd, 2024 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 Strategic update 5 Outlook and Summary

  4. Slide 4: Highlights Q1 – 2024

    Group Operational EBIT (MNOK) Highlights Q1 – 2024 211 113 112 121 36 Group financials  Group revenue MNOK 402 (237) Q1 23 Q2 23 Q3 23 Q4 23 Q1 24  Total group operational EBIT MNOK 121 (36)  Proposed dividend of NOK 0.5 pr share Harvested Volume (GWT) 7 573 7 927 Segment farming 7 037  Harveste

  5. Slide 5: Segment Information

    Segment Information

  6. Slide 6: Farming Mid

    Key figures Q1 Q1 FY FY Farming Mid 2024 2023 2023 2022 Farming Mid Consolidated numbers in 1 000 NOK  Strong sea production Total operating revenues 354 743 124 527 1 548 274 1 547 216  Harvested volume of 3 468 GWT (1 140) Operational EBIT 162 463 37 363 432 454 686 746  100% of the volume Spri

  7. Slide 7: Farming West

    Key figures Q1 Q1 FY FY Farming West 2024 2023 2023 2022 Farming West Consolidated numbers in 1 000 NOK  Harvested volume of 138 GWT (854) Total operating revenues 11 421 65 512 640 742 262 099  2023-generation accounted for 100 % of harvest in Q1 Operational EBIT 1 711 15 463 122 072 52 200  Ear

  8. Slide 8: Sales & Processing

    Key figures Sales & Q1 Q1 FY FY Sales & Processing Processing Consolidated numbers 2024 2023 2023 2022 in 1 000 NOK  Sales volume 3 611 GWT (2 270) Total operating revenues 401 223 229 363 2 377 349 1 948 405  Operational EBIT of MNOK -24 (0.8)  Negatively affected by extraordinary, non-recurring

  9. Slide 9: Group Financials

    Group Financials

  10. Slide 10: Key Income Statement Items

    Key Income Statement Items Group operational EBIT (MNOK) Group operational EBIT per kg EPS (earnings/share*) 693 33.4 31.7 3.5 471 18.0 19.2 1.45 121 36 0.32 0.02 Q1 24 Q1 23 FY 23 FY 22 Q1 24 Q1 23 FY 23 FY 22 Q1 24 Q1 23 FY 23 FY 22 *Earnings per share restated to exclude fair value adjustment of

  11. Slide 11: Income Statement

    Key figures Group Q1 Q1 FY FY Consolidated numbers 2024 2023 2023 2022 Income Statement in 1 000 NOK Sales revenue salmon 383 057 208 745 2 279 560 1 898 525 Other operating revenues 19 199 28 519 120 788 93 606  Revenue and Group operational EBIT in quarter is up from Q1 2023 due to higher harvest

  12. Slide 12: Group balance sheet items

    Group balance sheet items Asse t s NI BD 11 10 -11 -10 1 556 1 668 Financial position 427  NIBD decreased MNOK 33  Increase in biological assets of MNOK 96 1 653  Decrease in accounts receivables of MNOK158 3 444 3 483 1 356  Increasing equity ratio to 36.4% 162 31.03.2024 31.12.2023 31.03.2024

  13. Slide 13: Changes in NIBD

    Changes in NIBD  NIBD decrease  Increasing working capital - 33 * PBT (profit before tax) excludes interest expenses included in financial items

  14. Slide 14: Strategic Update

    Strategic Update

  15. Slide 15: Sales and Processing – Increasing Capacity

    Sales and Processing – Increasing Capacity Securing harvesting capacity  Finalised takeover process on Mowi’s harvesting facility at Ulvan Hitra (TL-45)  Operational from end of Q3 – ongoing recruiting and start up Capacities TL-45  150-200 tonnes GWE per shift  VAP capacity of 35 tonnes GWE per

  16. Slide 16: Increasing wellboat capacity

     Bilde fra Atlanterhavsveien Increasing wellboat capacity  Time charter agreement for “MS Njord Kya”  Duration 3 years + 2 x 2 years options  Delivery Q4 2024  Wellboat increase logistics flexibility, in-house bio security and brings new tools for treatment of fish and supporting processing fac

  17. Slide 17: Outlook and Summary

    Outlook and Summary

  18. Slide 18: Outlook

    Outlook  Full year guiding 2024 of 27.000 – 28.000 GWT Harvest Volume GWT  75% – 80% region Mid 10000 9000  Frøya Laks 5–10% of total volume 8000 7000  Q2 2024 guiding of 7.500 – 8.000 GWT 6000  ~75% region Mid 5000  Frøya Laks 20–25% of total 4000 3000 2000  Cost expected marginally higher f

  19. Slide 19: Market Outlook

    Market Outlook  Market fundamentals still strong NASDAQ Average Price  Moderate global supply growth in 2024  Demand still resilient 120 Nasdaq price per kg (NOK) 110  Still large wedge between superior and production grade fish. Declining with higher sea temperatures 100 90 2019  Fish Pool for

  20. Slide 20: Growth Potential

    Growth Potential Harvest volume 1000 GWT Bech nse ™ Froya Laks 45 2017 2018 2019 2020 2021 2022 2023 2024 —_firmpotential & Masoval oa

  21. Slide 21: Summary

    Summary Group financials  Operational EBIT MNOK 121  NIBD decrease MNOK 33  Proposed dividend DPS NOK 0.5 Farming  Strong sea production  Price achievement hampered due to downgrading  Low cost in the quarter Sales and processing  Negatively affected by extraordinary, non-recurring items  Ne

  22. Slide 22: Made by nature

Måsøval AS — Q1 2024 Earnings Presentation on 6ix