Kingfish Company N.v. · OSL:KING
Kingfish — The Kingfish Company — FY2023 Earnings Presentation
14 slides from Kingfish's earnings presentation, Apr 11, 2024
Slide 1: Q4 and FY 2023 Financial Results
Annual 2022 and Q1 2023 April 20, 2023 Q4 and FY 2023 FINANCIAL RESULTS April 11, 2024
Slide 2: Contents
Presenters: CEO Vincent Erenst CFO Jean-Charles Valette Contents • Highlights FY 2023 • Operational and financial results • Sustainability • Concluding remarks • Q&A
Slide 3: Disclaimer
Disclaimer This document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this document are based on current expectations, estimates and projections about globa
Slide 4: Highlights 2023
HIGHLIGHTS 2023 2023 a pivotal year paving the way for future growth • With the completion of Phase 2, The Kingfish Company manages: • State-of-the art hatchery with consistent and reliable output • Production capacity increased from 1,500 MT to 3,500 MT • Two discharge water management units • Inho
Slide 5: Production Update
PRODUCTION UPDATE New record production of 2,195 tons in 2023 1.47 1.36 • Sector leading biological performance with record production of 2,195 tons in 2023 • Biomass growth of 626 tons in Q4, on track to run steady state in 2025 • Fully stocked with 3rd generation fish, shortening the growth period
Slide 6: Kingfish Leveraging Strengths for Future Growth
KINGFISH LEVERAGING STRENGHTS FOR FUTURE GROWTH Excellent capabilities driving improvement of the biological performance • State-of-the-art hatchery, with 400 brood stock producing all-year round over 3 million fingerlings. • Excellent outcome of the breeding program. 3rd generation fish showing fas
Slide 7: Sales Development
SALES DEVELOPMENT Fresh sales benefiting from strong demand at year-end Total sales per quarter (€ ‘000) Sales volume (tons) +3% 6,000 5,000 363 377 375 347 343 4,000 3,000 2,000 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 1,000 - Q1 Q2 Q3 Q4 2021 2022 2023 • Revenue up 17% in FY 2023 vs FY 2022 • Production and
Slide 8: Price and Mix
PRICE AND MIX Positive impact from improved size and market mix Revenue per kg Ratio large/small fish 15.1 15.3 15.2 14.6 14.8 13.8 48% 49% 45% 44% 12.4 36% 37% 11.5 34% 29% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Large Small Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 • Revenue / kg up
Slide 9: Production and Operations
PRODUCTION AND OPERATIONS Production costs benefiting from improved biological performance and scale-up effect €/kg Feed cost per kg produced Energy cost per kg produced Production costs per kg produced 3.7 2.2 2.2 9.7 10.0 3.4 3.4 3.4 3.4 7.8 7.5 7.8 1.1 1.0 0.6 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q4 22
Slide 10: Profitability
PROFITABILITY Substantial year-on-year improvement in gross margin €/kg sold Gross margin per kg • Path to profitability confirmed, benefiting from scale up impact and lower production 4.3 costs 3.0 2.4 2.4 • Gross margin per kg up 84% in Q4 2023 YoY 1.6 • SG&A in Q4 2023 impacted by one-off adjustm
Slide 11: Financing and Liquidity
FINANCING AND LIQUIDITY • Total liquidity and committed financing facilities amounting to Liquidity and committed financing facilities2 € 31.2 MM at 31 December 2023 (30 € 31.2 MM September 2023: € 38.2 MM) 0.6 5.5 • Q4 2023 cash usage was €-7.0 MM: 1.2 14.0 ▪ € -2.7 MM Phase 2 capex 5.0 ▪ € -4.4 MM
Slide 12: Quality and Sustainability
QUALITY AND SUSTAINABILITY Steady progress in the sustainable farming of Kingfish 100% certifications maintained: Zero antibiotics and GMO free ASC, BAP, BRCGS Food Safety, Friend of the Sea 30% reduction of FFDR vs 2020 19% decrease in carbon footprint vs 2020 FFDR CO2/kg produced Target 2.42 2.10
Slide 13: Concluding Remarks
CONCLUDING REMARKS Summary & outlook • Our technical capabilities and know-how form a solid base to accelerate the growth of the company • Continued investing in sales and marketing to expand our customer base and accelerate revenue growth • Scale benefits and further improvement in operations and p
Slide 14: Fish is Here
FISH IS HERE All figures are unaudited