Atlantic Sapphire Asa · OSL:ASA
Atlantic Sapphire Asa — Q3 2022 Earnings Presentation
11 slides from Atlantic Sapphire Asa's earnings presentation, Nov 15, 2022
Slide 1: Q3 2022 Operational Update
Q3 2022 Operational Update November 15, 2022
Slide 2: Important Information
IMPORTANT INFORMATION IMPORTANT INFORMATION This presentation (the "Presentation") has been produced by Atlantic Sapphire ASA (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. This Presen
Slide 3: Biological Performance
Biological Performance Operational Update – Q3 ‘22 Biomass gain1 development of the New Batches2 1,600 Q3 2022 operational status 1,400 ▪ Good performance in July and August, then slowdown in biomass gain in September 1,200 ▪ Normal maturation levels across all batches 1,000 Tons RLW ▪ ~3,250t RLW i
Slide 4: Operational Focus Areas: H2 2022 biological issues
Operational Focus Areas Operational Update – Q3 ‘22 H2 2022 biological issues (October 16, 2022 announcement) ▪ As announced, fish in certain independent systems were harvested out at sub-optimal weights after experiencing loss of appetite and elevated mortality ▪ The cause of the early harvest has
Slide 5: Operational Focus Areas: New chiller system
Operational Focus Areas Operational Update – Q3 ‘22 New chiller system Status on the key optimization items ▪ New water chiller system: To be commissioned across all systems by end of November 2022. Temperature stability and sufficient cooling capacity is critical for good biological performance. ▪
Slide 6: Price Achievement and Footprint
Price Achievement and Footprint Operational Update – Q3 ‘22 US price achievement – premium fish ~2,000 locations carrying Bluehouse (superior, 3kg+) and average – USD/kg RTF2 Salmon1 Bluehouse premium Average AS US price achievement Fishpool index 12.5 12.0 12.1 12.3 11.6 12.0 12.1 12.4 12.0 12.1 12
Slide 7: Financials: Q3 2022 Balance Sheet
Financials Operational Update – Q3 ‘22 Q3 2022 Balance Sheet1 ▪ Cash position: USD53.7m ▪ Total drawn bank debt as of Sep 30, 2022: USD48.6m ▪ Operational cash losses expected to decrease gradually from Q3 2022 levels as harvest volumes increase until Steady State2 production and cash flow positive
Slide 8: Financials – Cash Position
Financials – Cash Position June Private Placement to September 30, 2022 cash flow walk (USDm)1 Potential Phase 1 and 10.2 insurance claims or Denmark sale proceeds 25 RCF facility3 5.5 5.3 7.1 128.5 21.7 20.0 53.7 Jun 30, 2022 Phase 2 Repayment of Repayment Term debt Reduction in Phase 1 operations,
Slide 9: Optimizing Terms on Phase 2
Optimizing Terms on Phase 2 Operational Update – Q3 ‘22 Phase 2 capex status as of September 30, 2022 Phase 2 aerial view (November 2022) ▪ ~$80m invested, cash conservation in focus ▪ Maximum $15m in additional capex planned to be invested before access to the Phase 2 term debt has been achieved ▪
Slide 10: Summary and outlook
Summary and outlook Operational Update – Q3 ‘22 ▪ Biological performance: Good performance in July and August, while September and October was slow due to the operational issues ▪ Expected harvest in H2 2022 unchanged (# of fish): 800,000 – 1,000,000 ▪ Phase 1 optimization: Stable temperatures and w
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