Slide 1: Q4 Webcast
Q4 Webcast March 2nd 2023
Slide 2: Agenda
1. Highlights Agenda 2. Q4 results 3. Q4 financials 4. Update on after quarter events 5. We strongly believe in cod farming 6. Mausund production on track 7. Havlandet Norcod 8. Business plan going forward 9. Q&A
Slide 3: Highlights
Highlights • Second harvest period initiated • Consistently good feedback from the market • New generation of fry entered growth phase – Based on the first 12 weeks production we have never had a better beginning to a cycle. • Havlandet Norcod delivery first batch from new facility of 8 mill fry • 6
Slide 4: Q4 results
Q4 results • Total operating loss of NOK -123 for 2022 • Operating loss H1 2022 NOK -88 vs H2 2022 NOK -35 • Positive fundamental run rate into 2023 • Production cost/kg on target at Mausund • Economic parameters under Norcods control, all performed on or close to target. • Tight budget and expendit
Slide 5: Q4 financials
Q4 financials • Harvest volume 850 tons vs 750 tons 2021 (approx) • Q4 2021 revenue includes NOK 9.4 million sale of cod fry • Fair value adjustment negative NOK 103 million • Tight cashflow
Slide 6: Q4 financials
Q4 financials • Biological assets 364 Pre fair value adjustment • Increase (QoQ) 49 Including harvesting
Slide 7: Update on after quarter events
Update on after quarter events Escapes • Norcod was alerted to a potential escape in the area of our Frosvika site in Meløy • Immidiate steps were taken and 3rd party divers inspected all our nets and equipment and concluded that there was no damage to our equipment that could cause escapes • Norcod
Slide 8: Update on after quarter events
Update on after quarter events Maturation • Gonad development has been observed on 3 of our productions sites where we have harvest-ready Cod. • It was concluded that there was possibility that fish could go into maturation in the spring or summer time. • We implemented an accelerated harvesting pla
Slide 9: We strongly believe in cod farming
We strongly believe in cod farming • Farming is the only way to meet long term demand – Wild catch is declining (40% the last two years, Norwegian quota lowest since 2009) • Stable deliveries all year around – developing the fresh Cod category from 3 months to 12 months a year. Benefit for both wild
Slide 10: Mausund Production on Track
Mausund Production on Track • Mausund production on track and was at NOK 33,42/kg (WFE at sea) late fall 2022 • Late November feeding and growth slowed down – In hindsight we see that it was at this time our lightning control failed and the gonad development started. • If we had avoided maturation o
Slide 11: Havlandet Norcod
Havlandet Norcod • The new Havlandet Norcod fry facility delivered its first batch of fry in December 2022. • The first production totalled over 8 mill fry. • The growth and survival rate on the first production is the best ever seen • Based on only one batch the facility will come out with a positi
Slide 12: Business plan going forward
Business plan going forward • No changes to our plan in H1 2023 of fish going into the seaphase – Two full sites will be stocked with about 3 mill. fish • Based on the current situation we will adapt our production plan to a more moderate ramp up in the range from 10.000-15.000mt/year over the next
Slide 13: Q&A Questions?
Q&A Questions?
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