Kingfish Company N.v. · OSL:KING
Kingfish — The Kingfish Company — H1 2023 Earnings Presentation
12 slides from Kingfish's earnings presentation, Sep 7, 2023
Slide 1: H1 2023 financial results
Annual 2022 and Q1 2023 April 20, 2023 H1 2023 financial results September 7, 2023
Slide 2: H1 2023 financial results – Contents
H1 2023 financial results CEO Vincent Erenst CFO Jean-Charles Valette Contents • Highlights H1 2023 • Phase 2 update • Operational and financial results • Path to profitability • Concluding remarks
Slide 3: Highlights H1 2023
Highlights H1 2023 Substantial progress in operations, financing, and Phase 2 project • Revenue / kg improvement has offset input costs. • Strong demand for fresh Dutch Yellowtail in all markets. • Production in Phase 2 extension has started. Biological performance is remarkable. • Successful new fi
Slide 4: Phase 2 project
Phase 2 project Encouraging start-up of the new extension; project completed in Q4 • First 6 tanks of new Phase 2 grow-out facility stocked since May 2023 • Currently 10 out of 18 tanks are stocked. Phase 2 will be fully stocked by October 2023 • Biological performance of the farm exceeds expectatio
Slide 5: Production and operations
Production and operations Improvement in production offset increase of input prices €/kg Revenue per kg sold Cost of Goods Sold per kg • Feed prices in H1 2023 up 35% YoY Increase 14.6 15.5 14.8 9.4 9.6 9.0 13.8 8.1 is partially offset by improving biological 11.5 12.4 7.4 6.5 performance and introd
Slide 6: Profitability
Profitability Path to profitability confirmed €/kg Gross margin per kg Operational EBITDA per kg -1.1 2.6 • Increase in Revenue / kg offsets the higher 2.4 2.4 2.4 -2.3 -2.9 input costs -3.1 1.5 -3.5 -3.9 • Gross margin per kg up 78% in H1 2023 YoY, 0.3 and up 16% vs H2 2022 Q1 22 Q2 22 Q3 22 Q4 22
Slide 7: Cash flow
Cash flow Improving cash from farming operations • Cash from Operations down € 0.7 MM YoY. Driven by biomass build-up and decrease of capex payable • Investments in Phase 2 of € 14.8 MM and € 1.3 MM in maintenance and US growth capex in H1 2023 • Cash from Financing includes the proceeds of the equi
Slide 8: Financing
Financing Financial position strengthened by € 32 MM convertible loan • Net debt up € 5.2 MM to € 60.4 MM driven by progress of Phase 2 construction (€ 89 MM spent to-date) • Financing structure strengthened with € 32 MM convertible loan fully paid in August 2023 • € 10.9 MM remaining PCP facility f
Slide 9: Path to profitability
Path to profitability Several important near-term milestones 11 Phase 2 fully • Half of Phase 2 tanks stocked. Fully stocked by Q4 2023 operational • Farm biomass to more than double from Phase 1 Expected in Q4 2023 • Steady-state level by year-end 2023 • Harvested volume to increase significantly a
Slide 10: Path to profitability
Path to profitability Multiple initiatives to further improve operational KPIs Initiative About Estimated effect 11 • Improved harvest rates • Improve grading of smaller fish Selection & genetics • Enhanced genetics and RAS robustness per • Enhance and expand current program with Wageningen Universi
Slide 11: Concluding remarks
Concluding remarks • Sector leader with consistent operational track record. Excellent biological performance of the farm after Phase 2 start-up. • Robust sales, high customer satisfaction, validating strong demand for our premium quality fish. • Phase 2 extension: 10 tanks out of the 18 are stocked
Slide 12: FISH IS HERE
FISH IS HERE