Proximar Seafood As · OSL:PROXI
Proximar Seafood As — H1 2021 Earnings Presentation
22 slides from Proximar Seafood As's earnings presentation, Aug 26, 2021
Slide 1: Company Presentation: Half-year reporting 1H 2021
Company Presentation Half-year reporting 1H 2021 26.08.2021 PRIVATE AND CONFIDENTIAL
Slide 2: Disclaimer
Disclaimer This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of Proximar Seafood AS (“the Company”) or assumptions based on information currently available to the Company.
Slide 3: Agenda
Agenda I Proximar at a glance II Highlights H1 2021 Company Presentation III Progress phase 1 IV Financials H1 2021 V Financing VI Appendix
Slide 4: Proximar targets the attractive Japanese market with significant cost advantage
I Proximar targets the attractive Japanese market with significant cost advantage of local and sustainable production Japan is an attractive market with strong export potential… …with significant cost advantage for local production Japan – 2019 supply by species (kTonnes HOG)1 Largest export partner
Slide 5: Strong economics with high earning resilience
I Strong economics with high earning resilience High historical price resilience for Atlantic salmon import in Japan, despite COVID-19 market impact, confirming Proximar’s business model and robustness to market prices Difference between export cost Norway and import price Japan1) Price of imported
Slide 6: Proximar's Atlantic salmon ticks all boxes to achieve premium pricing
I Proximar’s Atlantic Freshness Fuji proximity salmon ticks all boxes to achieve premium pricing #1 Freshness – by providing same-day-delivery, this will be a huge benefit for supermarkets as shelf life is important. The Japanese consumer also has a strong appreciation when it comes to freshness. Pr
Slide 7: ESG with increased importance
I ESG with increased importance… … not only amongst potential clients and consumers, but also within the financing space, we are experiencing ESG becoming an important part of the consideration, like seen in the US and Europe Presentaton CompanyPresentation How we will contribute: • reduce transport
Slide 8: Our technical solution: Proximar facility consisting of two separate buildings
I Our technical solution: Proximar facility consisting of two separate buildings -Hatchery/Nursery building to be completed 3Q22, and eggs introduced after this The Proximar facility Six independent modules, two buildings • 2 modules in Hatchery & Company Presentation Nursery building, where the fis
Slide 9: The technical solution proven successful for production
I The technical solution proven successful for production - Risk diversification by modular design, low maintenance/low complexity, 100% back up of all critical functions The Aqua Maof solution has delivered satisfactory growth conditions for fish Proven design • Design remained unchanged for a deca
Slide 10: Aqua Maof has demonstrated stable performance and harvest in Poland
I Aqua Moaf has demonstrated stable performance and harvest in Poland for Atlantic salmon Aqua Maof’s Atlantic salmon facility in Poland • Growing Atlantic salmon for ~4 years, harvesting steadily for last ~2 years • Production and operational capabilities achieved at commercial conditions • Growth
Slide 11: 1H 2021 Highlights (1/2)
II 1H 2021 Highlights (1/2) Construction and contracts • Fixed price contract and land purchase agreement signed with Daiwa House in March, and construction preparations started 19th of March, as scheduled • Ground-breaking ceremony on 26 of April with prominent guests including the Mayor of Oyama T
Slide 12: 1H 2021 Highlights (2/2)
II 1H 2021 Highlights (2/2) Financing • In January, we raised MNOK 400 through a private placement with subsequent listing on the Euronext Growth • Ongoing discussions with regards to debt financing. Japanese long term financing developing positively, however, progress is impacted by COVID-19 and tr
Slide 13: Project progressing on time and on budget – no changes to timeline
III Project progressing on time and on budget – no changes to timeline Project plan stage 1 Company Presentation
Slide 14: Construction of production facilities is well underway
III Construction of production facilities is well underway Company Presentation
Slide 15: Selected articles from the Japanese media
Selected articles from the Japanese media Company Presentation
Slide 16: Financial highlights
IV Financial highlights (see appendix 2 for details) Results: P&L 30.06.2021 Revenue and other income - First fish will be sold in 2024 and the company is not involved in other revenue generating activities Operating expenses - 5 546 The net result of H1 2021 is negative by MNOK 19,4 of which; N
Slide 17: Status financing
V Status financing MNOK ~470 raised in equity since start. Capex estimate unchanged at MNOK ~915. Presentaton CompanyPresentation Conducted pre-sound meetings with bond investors in April regarding construction financing, but we decided not to pursue this alternative at that stage. Company Ongoing d
Slide 18: For more information, please contact
Company Presentation For more information, please contact: CEO: Joachim Nielsen, +47 928 55 559, jn@proximar.com CFO/IR: Pål K. Grimsrud, +47 994 77 599, pkg@proximar.com
Slide 19: Appendix 1: Simple and low complexity design provided by Aqua Maof
I Appendix 1: Simple and low complexity design provided by Aqua Maof -Risk diversification by modular design, low maintenance and low complexity, 100% back up of all critical functions Technology overview Strict bio-security control and Water treatment protocols 100% of the water goes through the
Slide 20: Appendix 2: Financial figures – P&L last six months
Appendix 2: Financial figures – P&L last six months as of 30.06.2021 Unaudited (Amounts in NOK 1,000) Note 30 June 2021 30 June 2020 31 Dec 2020 Revenue - - - Revenue and other income - - - Personnel expenses 3 445 999 3 118 Depreciation and Amortisation 1 - - Other operating expenses 2 100 2 018 8
Slide 21: Appendix 2: Financial figures – Cash flow last six months
Appendix 2: Financial figures – Cash flow last six months as of 30.06.2021 (Amounts in NOK) Year Ended 31 Note 30 Juni 2021 30 Juni 2020 December 2020 Cash flow from operating activities Loss before tax -19 437 -2 800 -10 667 Income taxes paid - - -6 Depreciation 1 - Change trade payables 1 669 414
Slide 22: Appendix 2: Financial figures – Balance sheet as of 30.06.2021
Appendix 2: Financial figures – Balance sheet as of 30.06.2021 Unaudited (Amounts in NOK 1,000) Note 30 June 2021 30 June 2020 31 Dec 2020 ASSETS Non-current assets Assets under construction 2 269 334 8 505 9 052 Property, Plant and equipment 26 0 0 Total non-current assets 269 360 8 505 9 052 Curre