Kaldvik As · OSL:KLDVK
Kaldvik As — Ice Fish Farm AS — Q2 2021 Earnings Presentation
22 slides from Kaldvik As's earnings presentation, Aug 26, 2021
Slide 1: PRIVATE & CONFIDENTIAL
PRIVATE & CONFIDENTIAL
Slide 2: Ice Fish Farm AS Q2 2021 report
PRIVATE & CONFIDENTIAL Ice Fish Farm AS Q2 2021 report Guðmundur Gíslason, CEO Róbert Róbertsson, CFO 26 August 2021
Slide 3: 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
Slide 4: Table of content
Table of content Key Highlights Financial performance Growth and Premium build up plan PRIVATE & CONFIDENTIAL Appendix 4
Slide 5: Highlights in Q2 2021
Highlights in Q2 2021 EBIT 13,2 NOK per kg in Q2 2021 compared to 4,4 NOK per kg in previous quarter. 2019 generation is giving good result on cost and quality 1.090 tons harvested in Q2 2021 compared to 340 tons in Q2 2020 Super Hot Post Smolt station in Kópasker started operations in July 2021, on
Slide 6: ICE FISH FARM locations in Iceland and Iceland potential
ICE FISH FARM locations in Iceland and Iceland potential Farming locations: Kòpasker (Post smolt station) Rifòs East Fjords (Smolt station) Seyðisfjörður Mjóifjörður Norðfjarðaflói 6 farming Fáskrúðsfjörður locations Stöðvafjörður Berufjörður Sites with granted licenses Bulandstindur (Processing fac
Slide 7: Table of content
Table of content Key Highlights Financial performance Growth and Premium build up plan PRIVATE & CONFIDENTIAL Appendix 7
Slide 8: Financial summary
Financial summary Harvested volume salmon Operational EBIT Group (tons) (mNOK) 2.586 37,0 - 1.660 21,4 - 1.090 14,8 - 340 4,7 - Q2 2021 Q2 2020 YTD 2021 YTD 2020 Q2 2021 Q2 2020 YTD 2021 YTD 2020 (01.03-30.06) (01.03-30.06) June June (01.03-30.06) (01.03-30.06) June June Revenue Group (mNOK) EBIT/kg
Slide 9: Consolidated Income statement
Consolidated Income statement - Consolidated statement of comprehensive income Q2 Q2 H1 H1 NOK ´000 Revenues Depreciation 2021 2020 2021 2020 Operating income 68.877 33.783 159.054 133.853 ► The harvested volume of ► Majority of investments in H1 Total revenue 68.877 33.783 159.054 133.853 salmon ro
Slide 10: Financial statements – Balance sheet
Financial statements – Balance sheet Consolidated statement of financial position NOK´000 31.12.2020 30.6.2021 NIBD NWC other PP&E Receivables Licenses 598.028 599.892 - - 599.892 ► Increased investments in the ► In line with increased Other intangible assets 15.913 18.568 - - 18.568 first phase of
Slide 11: Financial statements – Cash flows
Financial statements – Balance sheet Consolidated statement of cash flows Net cash flows from operating activities Q2 2021 Q2 2020 YTD 2021 YTD 2020 NOK ´000 (01.03-30.06) (01.03-30.06) June June ► Changes in operating assets such as Net cash flows from operating activities 7.742 38.774 47.407 81.65
Slide 12: Expansion plan – Capex expected over next 3 years
Expansion plan – Capex expected to amount to NOK 545 million over next 3 years for +40th tons Detailed planned capital expenditure overview Top of the line equipment and smolt stations ► Total investment in H1 2021 amounted to around 175 m. Current NOKm 2021 2022 2023 investment plan projects total
Slide 13: Table of content
Table of content Key Highlights Financial performance Growth and Premium build up plan PRIVATE & CONFIDENTIAL Appendix New Site in Fáskrúðsfjörður, Höfuðahúsabót. 13
Slide 14: Ice Fish Farm smolt stations expansion
Ice Fish Farm smolt stations expansion Smolt production Salmon farming Processing and distribution End customer Facility Description Capacity Million smolt capacity p.a. (50% of total) – shared with ▪ New 1.800-ton license issued in Q2 2021. Arnarlax ▪ Installing heat exchanges and new house over ex
Slide 15: Steps for growth in our value chain – Sustainability focus
Steps for growth in our value chain – Sustainability focus Smolt production Salmon farming Salmon farming Processing and distribution End customer ▪ New tanks in Rifos/Kópakser have ▪ Q2 was difficult for growth as sea ▪ A box factory is being set up at ▪ Preparing campaign in ASIA, USA and proven t
Slide 16: License update, current licenses, applications and potential licenses
License update, Current licenses, applications and potential additional licenses Issued license Current applications Potential licenses 50.800 50.000 3 3.000 12.800 2 10.000 40.000 37.800 3.500 1 30.000 6.500 12.800 20.800 6.500 20.800 7.000 20.000 2.300 38.000 8.800 6.500 25.000 10.000 18.500 12.00
Slide 17: Outlook
Outlook: Market License – Future Growth Global harvest increased 1% y/y In strategic talks with Laxar that holds 16th tons license Strong demand in USA from retail and HORECA opening up Synergies and control all area in East Fjords Majority of harvest 2021 from ICE FISH FARM is contracted Good oppor
Slide 18: PRIVATE & CONFIDENTIAL
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Slide 19: Table of content
Table of content Key Highlights Financial performance Growth and Premium build up plan PRIVATE & CONFIDENTIAL Appendix 19
Slide 20: Financial statements
Financial statements Consolidated statement of comprehensive income Consolidated statement of financial position Q2 2021 Q2 2020 YTD 2021 YTD 2020 NOK´000 FY2020 NOK´000 30.6.2021 31.12.2020 (01.03-30.06) (01.03-30.06) June June Operating income 68.877 33.783 159.054 133.853 283.463 Non-current asse
Slide 21: 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 wild in the area, translating into low risk of interbreeding salmon with wild salmon
Slide 22: 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 50.0% 33.3% Eldisstöðin Ísþór hf. Bùlandstindur ehf. (Smolt station) (Harvesting company) 99,5% Rifòs hf. (Smolt station) 22