Kaldvik As · OSL:KLDVK

Kaldvik As — Ice Fish Farm AS — Q3 2021 Earnings Presentation

20 slides from Kaldvik As's earnings presentation, Nov 11, 2021

  1. Slide 1: Ice Fish Farm AS Third Quarter 2021 results

    Ice Fish Farm AS Third Quarter 2021 results 11 November 2021 Guðmundur Gíslason, CEO PRIVATE & CONFIDENTIAL

  2. Slide 2: Forward looking statements

    Forward looking statements This Presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group and/or industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may

  3. Slide 3: Table of contents

    Table of contents Key Highlights Financial performance Growth and Premium build up plan Appendix PRIVATE & CONFIDENTIAL 3

  4. Slide 4: Highlights in Q3 2021

    Highlights in Q3 2021 EBIT NOK 1,6 per kg in Q3 2021 compared to NOK 10,1 per kg in Q3 2020. Harvested volume salmon (tons) 1042 tons harvested in Q3 2021 compared to 696 tons in Q3 2020. Kópasker smolt station delivered first smolt, fully operating, with 2.586 2.356 7.200 cubic of 13 degrees sea wa

  5. Slide 5: Table of contents

    Table of contents Key Highlights Financial performance Growth and Premium build up plan Appendix PRIVATE & CONFIDENTIAL 5

  6. Slide 6: Financial summary

    Financial summary Overall group revenue increased from NOK 50,9m in Q3 2020 to NOK 64,0m in Q3 2021, reporting an increase of 26% in Q3 Revenue Group (NOK’m) 2021. 223,1 However, the operational EBIT declined to NOK 0,7m in Q3 184,8 2021 from NOK 9,6m in Q3 2020. This decline was primarily due to hi

  7. Slide 7: Financial statements – Income statement

    Financial statements – Income statement Consolidated statement of comprehensive income Q3 Q3 YTD 2021 YTD 2020 NOK´000 2021 2020 September September Revenues Depreciation Operating income 64.025 50.929 223.079 184.782 ► The harvested volume of ► Increase in depreciation Total revenue 64.025 50.929 2

  8. Slide 8: Financial statements – Balance sheet

    Financial statements – Balance sheet Consolidated statement of financial position NOK´000 31.12.2020 30.9.2021 NIBD NWC other PP&E Receivables Licenses 598.028 615.283 - - 615.283 ► Investments related to ► In line with increased Other intangible assets 15.913 20.610 - - 20.610 capacity increases as

  9. Slide 9: Financial statements – Cash Flow

    Financial statements – Cash Flow Consolidated statement of cash flows Q3 2021 Q3 2020 YTD 2021 YTD 2020 NOK´000 (01.07-30.09) (01.07-30.09) September September Net cash flows from operating activities Net cash flows from operating activities 15.425 (42.369) 55.090 515 ► Increased investments in PP&E

  10. Slide 10: Table of contents

    Table of contents Key Highlights Financial performance Growth and Premium build up plan Appendix PRIVATE & CONFIDENTIAL 11

  11. Slide 11: Steps for growth in our value chain – Sustainability focus

    Steps for growth in our value chain – Sustainability focus Smolt production Salmon farming Processing and distribution End customer ► Rifós/Kópasker is delivering faster ► First organic and sterile fish in sea in ► A box factory is being set up at ► Majority of harvest for Q4 is contracted. than exp

  12. Slide 12: License update, Current licenses, applications and potential additional licenses

    License update, Current licenses, applications and potential additional licenses Issued license Current applications Potential licenses 3 50.800 3.000 2 12.800 37.800 10.000 1 3.500 6.500 12.800 20.800 6.500 20.800 7.000 2.300 38.000 8.800 6.500 25.000 18.500 12.000 License at License update License

  13. Slide 13: Outlook

    Outlook Market License – Future Growth Icelandic total biomass of salmon has 17th tons license pending in application. increased from 22th tons to 37th tons In strategic talks with Laxar that holds end of Q3, 68% increase. 16th tons license. Salmon harvest in Iceland his already Meetings ongoing and

  14. Slide 14: PRIVATE & CONFIDENTIAL

    . PREMIUM Bt ICELAND : OMEGA 100% © PROTEIN + QUALITY |; 6 Nowones RICH 15

  15. Slide 15: Table of contents

    Table of contents Key Highlights Financial performance Growth and Premium build up plan Appendix PRIVATE & CONFIDENTIAL 16

  16. Slide 16: Financial statements

    Financial statements Consolidated statement of comprehensive income Consolidated statement of financial position Q3 2021 Q3 2020 YTD 2021 YTD 2020 NOK´000 FY2020 NOK´000 30.9.2021 31.12.2020 (01.07-30.09) (01.07-30.09) September September Operating income 64.025 50.929 223.079 184.782 283.463 Non-cu

  17. Slide 17: The East fjords of Iceland have a number of favorable conditions

    The East fjords of Iceland have a number of favorable conditions Aquaculture conditions in the East fjords Key advantages 1 Little wildlife Few wild fish with natural habitat or spawning Low risk of genetic mix with in the area, translating into low risk of interbreeding wild salmon with wild salmon

  18. Slide 18: Structure of Ice Fish Farm AS

    Structure of ICE FISH FARM Ice Fish Farm AS 100.0% Fiskeldi Austfjarða hf. 100.0% Landeldisstöðin Sleipnir ehf. PRIVATE & CONFIDENTIAL Eldisstöðin Ísþór hf. 50.0% 33.3% Bùlandstindur ehf. (Smolt station) (Harvesting company) Rifòs hf. 99,5% (Smolt station) 19

  19. Slide 19: Ice Fish Farm smolt stations expansion

    Ice Fish Farm smolt stations expansion Smolt production Salmon farming Processing and distribution End customer Facility Update Capacity Isthor: Million smolt capacity p.a. (50% of total) – shared with Arnarlax ► Building 2,000 cubic meter tanks, to have more capacity for bigger smolts in spring 202

  20. Slide 20: Logistics with low CO2

    Logistics with low CO2 Farming locations: Kòpasker (Post smolt station) Rifòs East Fjords (Smolt station) Seyðisfjörður Mjóifjörður Norðfjarðaflói 6 farming Fáskrúðsfjörður locations Stöðvafjörður Berufjörður Bulandstindur (Processing facility) Sites with granted licenses Sites with applied licenses

Ice Fish Farm AS — Q3 2021 Earnings Presentation on 6ix