Company Presentation
NASF 2024
Disclaimer
The materials are for information purposes only and do not constitute or form part of any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. The materials comprise a general summary of certain matters in connection with the Company and do not purport to contain all of the information that any recipient may require to make an investment decision. These materials has not been approved, reviewed or registered with any public authority or stock exchange. By attending or receiving these materials, you acknowledge that you will be solely responsible for your own assessment of the Company and its market position and that you will conduct your own analysis and be solely responsible for forming your own view of the Company and its prospects. Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice.
The Company have not taken any steps to verify any of the information contained herein. No representation or warranty (express or implied) is made as to any information contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements. Accordingly, the Company or any of their parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of the materials.
The materials may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any such forward-looking statements are solely opinions and forecasts reflecting views as of the date set out on the cover of these materials, which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. No liability for such statements, or any obligation to update any such statements or to conform such statements to actual results, is assumed. Furthermore, information about past performance given in these materials is given for illustrative purposes only and should not be relied upon as, and is not, and indication of future performance.
This presentation and related materials speaks only as of the date set out on the cover, and the views expressed are subject to change based on a number of factors. The Company do not undertake any obligation to amend, correct or update the materials or to provide any additional information about any matters described herein, but the Company reserves the right to amend, correct or update the materials and provide additional information.
The materials and this Presentation are subject to Norwegian law, and any dispute arising in respect thereof is subject to the exclusive jurisdiction of Norwegian courts with Oslo city court (Nw: Oslo tingrett) as agreed exclusive venue.
Page 2
Nordic Halibut at a glance
A leading producer of farmed Atlantic halibut since 1995
Leading producer of farmed Atlantic halibut
Averøy (HQ)
Tingvoll
Midsund
Fully integrated value chain from genetics to sales phase 1 complete - advances to phase 2 with new facility in Tingvoll
Dedicated broodstock program providing a unique competitive advantage - currently in the 3rd and 4th generation
De-risked production plan and visible growth towards ~10k tonnes
Exceptional in-house competence with unparalleled halibut farming experience
Nordmøre
Askøy
Production plan
1,000 tonnes (HOG)
4,5
0,7
10,4
2023 2026E 2031E
Page 3
Fundamentals in place for Nordic Halibut to succeed with halibut farming at large scale
Strong genetics with lasting competitive advantage
Predictable production of juveniles
Proven robustness and scalability in sea phase of production
Acceptance and willingness-to-pay for product in high-end markets
Necessary capacities to meet growth phase 1 production target of 4,500 tonnes HOG covered by existing infrastructure
Page 4
Atlantic halibut is a unique species optimal for farming and VAP production
Optimal species for farming | A high value species suited for VAP |
Harvested all year round with predictable quality and size - demanding consistent price premium
Species with an established high-end reputation
No parasites or sea lice
Fantastic nutritional profile, low-fat and high protein content
No usage of antibiotics or chemicals in sea phase
Strong VAP-potential with a filet yield of 65%
Minimal waste - potential for 100% utilization of the fish
No problem with maturation
Size distribution well-suited for VAP
Page 5
Farmed Atlantic halibut has unique attributes that perfectly suites premium VAP production
65% fillet yield
4x boneless fillets
Size distribution with ~70% harvested over 5 kg
Prices trending at
~50 USD/kg in US retail
Unleashing the potential to craft an unparalleled product
Short lead time from cage to plate enables full utilization of potential
Sea cages | Quality |
Live fish carrier
Harvest and processing | 1 |
Value added product | Efficiency | Sustainability |
Product quality opens a wide range of market channels
Verified Michelin star quality | Premium quality for sushi and Horeca | Unleashed high-end retail potential |
Page 8
Strong expected margin potential at run-rate production
Expected EBIT development
NOK / kg (HOG)
Comments
175 | |||||
161 | • | ||||
• | |||||
95 | |||||
85 | |||||
• | |||||
• | |||||
2023 | Expected | EBIT/cost per kg | EBIT/kg | Scale synergies | EBIT/kg |
price/kg | price/kg | (4,500 tonnes) | +5,850 tonnes | (10,350 tonnes) |
Farming of Halibut is a volume game yielding significant EBIT / kg margins once produced in larger scale
The scaling effect on cost per kilo is expected to be significant for both land and sea costs as current fixed opex is frontloaded for 4,500 tonnes
4th generation improvements represents further upside potential
Potential for additional margin contribution when penetrating retail/HORECA with premium VAP
Page 10
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Nordic Halibut AS published this content on 13 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2024 07:57:07 UTC.