Masoval As · OSL:MAS
Masoval As — Måsøval AS — Q3 2022 Earnings Presentation
22 slides from Masoval As's earnings presentation, Nov 15, 2022
Slide 1: Måsøval AS Q3 2022 presentation
Måsøval AS Q3 2022 presentation Oslo, November 15th, 2022 Asle Rønning, CEO | Gunnar Aftret, CFO
Slide 2: Agenda
Agenda 1 Highlights 2 Segment information 3 Group financials 4 Development projects 5 Outlook and Summary
Slide 3: Highlights Q3 - 2022
Highlights Q3 - 2022 Operational EBIT pr kg (NOK) Farming Mid Financial 62,5 ▪ Group turnover MNOK 378 (483) ▪ Total group operational EBIT MNOK 62 (121) 21,6 35 21,7 16,6 Segment farming Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 ▪ Harvested volumes 4 863 tonnes (7 265) ▪ Region Mid EBIT/Kg NOK 21,7 ▪ Region We
Slide 4: Segment information
Segment information
Slide 5: Farming Mid
Farming Mid Key figures Farming Mid Q3 Q3 YTD YTD Consolidated numbers in 1 000 NOK 2022 2021 2022 2021 Strong markets, challenging biological performance Total operating revenues 208 015 441 396 1 227 900 750 951 ▪ Harvested volume of 2 821 tonnes GW (7 265) Operational EBIT 61 230 123 566 641 410
Slide 6: Farming West
Farming West Key figures Farming West Q3 YTD Consolidated numbers in 1 000 NOK 2022 2022 Profitable quarter despite ISA, operational improvements Total operating revenues 121 006 226 893 ▪ Harvested volume of 2 042 tonnes GW Operational EBIT 16 697 42 367 ▪ Slettvika site diagnosed with ISA. Fully h
Slide 7: Sales & Processing
Sales & Processing Key figures Sales&Proc. Consolidated numbers in 1 000 NOK Q3 2022 Q3 2021 YTD 2022 YTD 2021 Operational improvements, low harvesting volumes Total operating revenues 354 768 172 896 1 546 363 207 414 ▪ Volume 4 937 ▪ 100% of sales through Pure Norwegian Seafood AS Operational EBIT
Slide 8: Group financials
Group financials
Slide 9: Key income statement items
Key income statement items Group operational revenues Group operational EBIT EPS (earnings/share) 650 4,64 1 592 1 215 2,66 292 378 483 121 62 0,32 0,47 Q3 2022 Q3 2021 YTD 2022 2021 Q3 2022 Q3 2021 YTD 2022 2021 Q3 2022 Q3 2021 YTD 2022 2021
Slide 10: Income statement
Income statement Key figures Group Consolidated numbers in 1 000 NOK Q3 2022 Q3 2021 YTD 2022 YTD 2021 Sales revenue salmon 353 962 444 416 1 521 534 727 587 ▪ Revenue decreased due to lower volumes after a strong 2nd Other operating revenues 23 615 38 710 70 270 94385 quarter. Sum operating revenue
Slide 11: Group balance sheet items
Assets N I BD Group balance sheet items 120 149 -120 1 703 -150 1 867 1 364 1 613 357 428 Working capital increase in quarter ▪ Decrease in accounts receivable 3 469 1 467 1 808 ▪ Increase in biomass 3 487 Financial position ▪ NIBD decreased with MNOK 164 30.09.2022 30.06.2022 30.09.2022 30.06.2022
Slide 12: Changes in NIBD
Changes in NIBD ▪ Receivables reduced ▪ Biomass increase after high harvest in Q2 ▪ High sales last month of quarter ▪ Net investments of MNOK 24 -164
Slide 13: Financial updates
Financial updates Potential uplisting ▪ Postponed due to uncertainties about tax regime MAB acquired Q2 ▪ MAB of 84 tonnes / MNOK 16.8 returned to government
Slide 14: Development projects
Development projects
Slide 15: Aqua Semi update
Aqua Semi update Engineering completed Q3 22 ▪ MSA (Main Scantling approval) received Project status ▪ Project is stopped 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 negotiate
Slide 16: Outlook and summary
Outlook and summary
Slide 17: Proposed New Tax Salmon Farming in Norway
Proposed New Tax Salmon Farming in Norway ▪ Proposed resource tax on salmon farming ▪ Extra resource tax 40% ▪ Total tax rate of 62% ▪ Exclusive for farming at sea ▪ Does not include sales, processing and production at land ▪ Process and Implementation ▪ New tax is proposed effective from Q1 2023 ▪
Slide 18: Segment Farming – Outlook
Segment Farming – Outlook ▪ Q4 2022 5 300 tonnes Harvest volume (tonnes gw) ▪ 2022 22 200 tonnes 8 702 ▪ 2023 26 400 tonnes 7 265 5 300 4 813 4 863 3 284 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Slide 19: Market outlook
Market outlook ▪ Analysts expect high prices NASDAQ average price 110,00 ▪ Prices are expected to remain strong in 2022 and 2023 100,00 Nasdaq price per kg (NOK) ▪ Expected strong prices Q3 2022 compared to previous 90,00 years’ Q3 80,00 2019 2020 70,00 2021 60,00 2022 2023 50,00 40,00 Q1 Q2 Q3 Q4 Q
Slide 20: Growth potential
40,0 35,0 30,0 25,0 20,0 15,0 10,0 5,0 0,0 2017 & HARVEST VOLUME (GW) 35,4 2018 2019 2020 2021 = -2022E = 2023 Firm potential Existing conventional licenses = Aqua Semi PURE PRINCESS
Slide 21: Summary
Summary ▪ Resource Tax ▪ Proposed resource tax of 40% ▪ Total tax rate of 62% for salmon farming ▪ Operational EBIT MNOK 62 ▪ Biological challenges both in region Mid and West ▪ Operational EBIT region Mid of 21,7 per kg ▪ Sales and processing – Profitable Quarter ▪ Set for operational improvements
Slide 22: Pioneered by & Masoval
Pioneered by & Masoval