Andfjord Salmon Group As · OSL:ANDF
Andfjord Salmon Group As — Q4 2022 Earnings Presentation
31 slides from Andfjord Salmon Group As's earnings presentation, Mar 16, 2023
Slide 1: Q4 2022 Status and Progress
Q4 2022 STATUS AND PROGRESS 16 MARCH 2023
Slide 2: Farmed with a Clear Conscience
69°N ANDØYA VESTERÅLEN NORWAY FARMED WITH A CLEAR CONSCIENCE
Slide 3: Q4 Presentation 2022 Agenda
Q4 2022 Q4 PRESENTATION 2022 AGENDA Martin Rasmussen Introduction CEO Quarterly highlights and subsequent events Operational update Key financial figures Bjarne Martinsen Summary and outlook CFO
Slide 4: Andfjord Salmon at a Glance
Q4 2022 ANDFJORD SALMON AT A GLANCE FOUNDED: 2014 LOCATION: ANDØYA, NORWAY EURONEXT GROWTH: ANDF FLOW-THROUGH – NATURAL FLOW FIRST LOCATION Uses a closed flow-through system, which Andfjord Salmon has been granted a licence for combines the benefits of both traditional and 10,000 tonnes MAB with pot
Slide 5: Laminar Flow - Clean Water In
LAMINAR FLOW - LICE AND ALGAE LEVEL CLEAN WATER IN
Slide 6: DQ onorsono-
4 DQ onorsono- SALMON
Slide 7: Expansion Potential to a Total Capacity of ~90,000T (HOG)
Q4 2022 EXPANSION POTENTIAL TO A TOTAL CAPACITY OF ~90,000T (HOG) • Andfjord Salmon has secured, by purchase or purchase options, land on Andøya enabling an increase in total annual production volume to ~90,000t (HOG) 21 KT • License for Kvalnes I secured, licensing process for the expansion initiat
Slide 8: Agenda
Q4 2022 AGENDA 1 2 3 4 QUARTERLY HIGHLIGHTS OPERATIONAL KEY FINANCIALS SUMMARY AND AND SUBSEQUENT EVENTS UPDATE OUTLOOK
Slide 9: Highlights Q4 and Subsequent Period
Q4 2022 HIGHLIGHTS Q4 AND SUBSEQUENT PERIOD INDEPENDENT REPORT EXCELLENT GROWTH AND CONTINUED LOW ENERGY CONFIRMS STRONG CONTINUED HIGH SURVIVAL RATE FEED CONVERSION RATE CONSUMPTION AND COSTS BIOLOGICAL CONDITIONS Survival rate of 98.4 % per 31 High growth rate during Q4: from Industry-leading ener
Slide 10: Agenda
Q4 2022 AGENDA 1 2 3 4 QUARTERLY HIGHLIGHTS OPERATIONAL KEY FINANCIALS SUMMARY AND AND SUBSEQUENT EVENTS UPDATE OUTLOOK
Slide 11: Fish Growth Ahead of Schedule
Q4 2022 FISH GROWTH AHEAD OF SCHEDULE AVERAGE WEIGHT PER FISH (GRAMS) FISH THRIVING IN POOL • Continued healthy appetite and natural 2203 behaviour 2000 1713 • Slightly lower growth rate in dark season and in colder water 1441 1310 • Growth still ahead of Andfjord Salmon’s original 1024 schedule (~4
Slide 12: High Survival Rate
Q4 2022 HIGH SURVIVAL RATE CONTINUED HIGH SURVIVAL RATE (%) SALMON THRIVING IN POOL % 99,8 99,7 • Low mortality proves that fish thrives in pool 99,5 99,3 98,9 98,7 98,4 98,3 98,2 98,1 • Good biological conditions • Slightly higher mortality rate in October due to ROV lighting incident that caused a
Slide 13: Flow-Through Designed for Low Energy Use
Q4 2022 FLOW–TROUGH DESIGNED FOR LOW ENERGY USE 1 2 3 Flow- Laminar flow and collection through Seawater inlet of biowaste Seawater outlet technology 2 5 8 11 Biological Water Pumping PH / alkalinity filtration reservoir 2 1 4 7 10 13 RAS Water Water intake Fish tanks Degassing Salinity reservoir tr
Slide 14: Proof of Concept: Low Energy Consumption
Q4 2022 PROOF OF CONCEPT: LOW ENERGY CONSUMPTION ENERGY CONSUMPTION EXACTLY AS ESTIMATED INDUSTRY-LEADING ENERGY EFFICIENCY Average consumption kWh = 85,600 kWh per kilo salmon Energy cost per kilo 120000 produced salmon produced (NOK) 4 6 100000 3 4 2 2 1 1 80000 0.42 0 0 Andfjord Salmon Andfjord S
Slide 15: Nofima Report Confirms Healthy Biological Conditions
Q4 2022 NOFIMA REPORT CONFIRMS HEALTHY BIOLOGICAL CONDITIONS RESEARCH REPORT • Research report written by the Norwegian food research institute Nofima • Based on first six months of operation of first pool FOCUS AREAS • Fish welfare • Production performance • Fish health (Åkerblå)
Slide 16: Extensive Examination of Physical and Biological Factors
Q4 2022 EXTENSIVE EXAMINATION OF PHYSICAL AND BIOLOGICAL FACTORS Input-based OWIs* Group-based OWIs Individual-based OWIs according to Laksvel** • Oxygen • Appetite • Temperature • Growth • First impression • Salinity • Mortality • Vertebral deformities • Water velocity • Behaviour • Emaciation stat
Slide 17: Nofima Report Underlines Benefits
Q4 2022 NOFIMA REPORT UNDERLINES BENEFITS “Overall, the welfare of the fish in the system for the first six months of the documentation project has been good in relation to e.g. the Laksvel scoring scheme for input and outcome based indicators for salmon.” Pool conditions Fish health and welfare Gro
Slide 18: Kvalnes I Phase Two Progressing as Planned
Q4 2022 KVALNES I PHASE TWO PROGRESSING AS PLANNED PROJECT PLANNING: • In final stages of contract discussions with suppliers regarding the most efficient plan for further development • Capital markets update during spring 2023 to present plans for next build-out phase,
Slide 19: Breivik Approved, Fiskenes in Pipeline
Q4 2022 BREIVIK APPROVED, FISKENES IN PIPELINE BREIVIK ZONING PLAN APPROVED 13 JUNE 2022 • Plan to build land-based fish farming facility, targeting production volume of 25,000 tonnes HOG BREIVIK Approved FISKENES ZONING PLAN APPLICATION: 25,000 TONNES HOG IN TOTALo 25,000 T HOG POTENTIAL PRODUCTION
Slide 20: Temporary Halt in License Applications for Land-Based Aquaculture
Q4 2022 TEMPORARY HALT IN LICENSE APPLICATIONS FOR LAND-BASED AQUACULTURE • Positive for the industry: Andfjord Salmon has requested clarity and more up-to-date regulations that consider the latest technology development within land- based fish farming • Up-to-date regulations will provide increased
Slide 21: Agenda
Q4 2022 AGENDA 1 2 3 4 QUARTERLY HIGHLIGHTS OPERATIONAL KEY FINANCIALS SUMMARY AND AND SUBSEQUENT EVENTS UPDATE OUTLOOK
Slide 22: Invest with a Clear Conscience
Q4 2022 INVEST WITH A CLEAR CONSCIENCE
Slide 23: Income Statement
Q4 2022 INCOME STATEMENT ANDFJORD SALMON AS All amounts in NOK Q4 2022 Q4 2021 2022 2021 1.10 – 31.12 1.10– 31.12 1.1 – 31.12 1.1 – 31.12 Unaudited Unaudited Unaudited Operating income and expenses Other income 81 770 0 113 270 0 Total operating income 81 770 0 113 270 0 Change in biomass and invent
Slide 24: Balance Sheet
Q4 2022 BALANCE SHEET ANDFJORD SALMON AS All amounts in NOK 31.12.2022 31.12.2021 Assets Unaudited Total intangible assets 8 555 993 2 664 757 Total property, plant & equipment 514 502 126 428 987 851 Total long-term fixed assets 88 550 123 970 Total fixed assets 523 146 669 431 776 578 Biomass 14 2
Slide 25: Balance Sheet
Q4 2022 BALANCE SHEET ANDFJORD SALMON AS All amounts in NOK 31.12.2022 31.12.2021 Unaudited Total equity 473 975 588 323 273 127 Liabilities Non-current liabilities Liabilities to financial institutions 85 498 408 39 478 187 Other non-current liabilities 64 079 192 59 191 509 Total non-current liabi
Slide 26: Cash Flow Statement
Q4 2022 CASH FLOW STATEMENT ANDFJORD SALMON AS All amounts in NOK Q4 2022 Q4 2021 2022 2021 1.10 – 31.12 1.10 – 31.12 1.1 – 31.12 1.1 – 31.12 Unaudited Unaudited Unaudited Net cash flow from operating activities -18 179 737 5 691 802 -85 568 992 -20 620 952 Net cash flow from investing activities -2
Slide 27: Agenda
Q4 2022 AGENDA 1 2 3 4 QUARTERLY HIGHLIGHTS OPERATIONAL KEY FINANCIALS SUMMARY AND AND SUBSEQUENT EVENTS UPDATE OUTLOOK
Slide 28: Summary and Outlook
Q4 2022 SUMMARY AND OUTLOOK OUR SALMON SUSTAINABLE OPERATIONS CAPITAL MARKETS UPDATE FIRST HARVEST • Healthy fish • Industry-leading energy • Ambitions and plans for next build- • Targeting first harvest mid-2023 • Growing faster than expected consumption: run-rate of 1 kWh out phase at Kvalnes duri
Slide 29: On Track to Build the World's Most Fish-Friendly and Sustainable Facility
69°N Q4 2022 ANDØYA VESTERÅLEN NORWAY ON TRACK TO BUILD THE THE WORLD’S MOST FISH-FRIENDLY AND SUSTAINABLE FACILITY
Slide 30: Q&A
69°N Q4 2022 ANDØYA VESTERÅLEN NORWAY Q&A
Slide 31: Andfjord Salmon AS - Follow Our Salmon
ANDFJORD SALMON AS KVALNES, ANDØYA, NORWAY FOLLOW OUR SALMON: ANDFJORDSALMON.COM ANDFJORD.NO POST@ANDFJORD.NO