Nordic Aqua Partners As · OSL:NOAP
Nordic Aqua Partners As — H1 2021 Earnings Presentation
24 slides from Nordic Aqua Partners As's earnings presentation, Aug 20, 2021
Slide 1: First half year 2021
First half year 2021 Presentation 20.08.2021 First Half Year 2021 Presentation – 20.08.2021 20.08.2021
Slide 2: Disclaimer
DISCLAIMER This presentation contains statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements. No representation or warranty (expressed or implied) is made as to
Slide 3: Agenda
Agenda HIGHLIGHTS & NORDIC AQUA PARTNERS IN BRIEF Project Review & Market Upscaling and Technology Financials Outlook & Summary First Half Year 2021 Presentation – 20.08.2021 20.08.2021 3
Slide 4: H1 2021 highlights
H1 2021 highlights • Project is developing according to plan – on time and on budget. First eggs in Q4 2021 and first harvest in Q4 2023 • Upscaling of business plan to 20,000 tonnes • Design package and site preparation completed in Q1 2021. Construction start on hatchery facility in Q2 2021 • Sign
Slide 5: Nordic Aqua Partners – first producer of fresh salmon in China
Nordic Aqua Partners – first producer of fresh salmon in China Fully funded to reach 4,000 tonnes, equity in place for 1 8,000 tonnes Existing plan for 20,000 tonnes and an ambition to reach 2 50,000 tonnes Uniquely located near Shanghai, with access to +100 3 million customers within 5 hours World
Slide 6: Agenda
Agenda Highlights & Nordic Aqua Partners in Brief PROJECT REVIEW & MARKET Upscaling and Technology Financials Outlook & Summary First Half Year 2021 Presentation – 20.08.2021 20.08.2021 6
Slide 7: Project status
Project status • Project developing according to plan and budget • Construction of infrastructure and buildings well underway • Longyuan Construction Group Co. Ltd., a leading construction company in China, awarded the main contract • Completed site preparations, backfilling and piling • Constructio
Slide 8: Strong support and good relations with local authorities
Strong support and good relations with local authorities • Strong relationship between management, project and local government • Lease agreement with local authorities eliminates all risks related to possible cost overruns • Normally accounts for 30-40% of total capex for similar project. • Letter
Slide 9: Attractive lease with local government
Attractive lease with local government Stage M2 Monthly lease Lease/kg Stage 1 / A 38,000 21.3 DKK/m2 2.8 DKK Stage 2 / B 19,000 21.3 DKK/m2 1.4 DKK Total Stage 1 + 2 57,000 21,4 DKK/m2 2.1 DKK First Half Year 2021 Presentation – 20.08.2021 9
Slide 10: First mover to reap benefit of high prices in China
First mover to reap benefit of high prices in China High salmon prices in China (NOK/kg) • Chinese consumption of seafood continues to grow • Market for Atlantic salmon expected to grow > 250,000 tons by 2025 • HoReCa market continues to recover following the C-19 pandemic • Fastest growing market i
Slide 11: Timeline of Ningbo buildout – «on time»
Timeline of Ningbo buildout – «on time» First Half Year 2021 Presentation – 20.08.2021 11
Slide 12: Agenda
Agenda Highlights & Nordic Aqua Partners in Brief Project Review & Market UPSCALING AND TECHNOLOGY Financials Outlook & Summary First Half Year 2021 Presentation – 20.08.2021 20.08.2021 12
Slide 13: Design optimizations allow upscaling to 20,000 harvest by 2027
Design optimizations allow upscaling to 20,000 harvest by 2027 BUILDOUT STAGE 1-4 STAGE 1 Hatchery, Administration, Utilities and Grow-out facility for 4,000 tons STAGE 2 Grow-out facility for +4,000 tons [total 8,000 tons] STAGE 3 Grow-out for +12,000 tons [20,000 tons] STAGE 4 – Option Option for
Slide 14: Leading RAS Technology
Leading RAS Technology 4,000 tonnes RAS facility under construction • Delivered by leading technology provider AKVA Group • Internal RAS team with extensive experience • Successful operation of similar systems • High certainty on capex after having completed several similar facilities • Will run RAS
Slide 15: Leading RAS Technology
Leading RAS Technology 4,000 tonnes RAS facility under construction First Half Year 2021 Presentation – 20.08.2021 15
Slide 16: Project Milestones
Project Milestones Key milestones and KPI's (DKKm) Stage 1 Stage 2 Stage 3**** Total RAS Capex 370 MDKK 370 MDKK 1,100 MDKK 1,840 MDKK Equity requirement 448 MDKK Secured bank financing** 186 +34 MDKK Annual volume (HOG) 4,000 4,000 12,000 20,000 Capex/kg*** (HOG) 93 DKK/kg 93 DKK/kg 93 DKK/kg WC/kg
Slide 17: Agenda
Agenda Highlights & Nordic Aqua Partners in Brief Project Review & Market Upscaling and Technology FINANCIALS Outlook & Summary First Half Year 2021 Presentation – 20.08.2021 20.08.2021 17
Slide 18: Project Financials
Project Financials Capex plan Ningbo stage 1 Total 370 MDKK 99 83 45 30 28 27 19 16 12 6 2 2 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 First Half Year 2021 Presentation – 20.08.2021 18
Slide 19: Profit & Loss
Profit & Loss First Half Year 2021 Presentation – 20.08.2021 19
Slide 20: Financial Position
Financial Position as per 30 June 2021 (DKK million) First Half Year 2021 Presentation – 20.08.2021 20
Slide 21: Cash flow
Cash flow First Half Year 2021 Presentation – 20.08.2021 21
Slide 22: Agenda
Agenda Highlights & Nordic Aqua Partners in Brief Project Review & Market Upscaling and Technology Financials OUTLOOK & SUMMARY First Half Year 2021 Presentation – 20.08.2021 20.08.2021 22
Slide 23: Outlook and Summary
Outlook and Summary First Half Year 2021 Presentation – 20.08.2021 23
Slide 24: www.nordicaquapartners.com
www.nordicaquapartners.com First Half Year 2021 Presentation – 20.08.2021 24