Måsøval Q3 Report 2021

Made by nature

The best third quarter in the Måsøval Group's history

Måsøval Q3 Report 2021Måsøval Q3 Report 2021

Måsøval Q3 Report 2021

Highlights 2021 Q3

Farming segment achieved EBIT per kg sold salmon of NOK 16.6 (NOK 11.5 in Q2 2020).

Operating revenues of MNOK 483(MNOK 248 in Q3 2020). Group Operational EBIT of MNOK 114 (MNOK 49 in Q3 2020)

Harvested volumes of 7 265 t in line with guiding after Q2. Estimated harvest of 17 100 t in 2021.

Achieved salmon prices from the Farming segment ended at NOK56,5 (NOK 46,2 in Q3 2020).

Acquisition of salmon farming operations of Vartdal Invest AS

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(Figures in brackets refer to Q3 2020, unless specified otherwise)


The Group achieved operating revenues of MNOK 483 in the third quarter of 2021, the best third quarter in the Group’s history. The Group’s operational EBIT in Q3 2021 was MNOK114, an improvement of MNOK 66 compared to the same period last year. The increase in revenues and EBIT is mainly attributable to larger harvested volumes in Q3 2021 (+2 330 t) and higher achieved prices for the farming segment (+NOK 10.2) compared to the corresponding quarter last year. In addition, total revenues and EBIT was positively influenced by acquisitions made in Q2.

Måsøval harvested 7 265 t gutted weight in this quarter. This represents an increase in harvested volumes of 47 percent compared to the corresponding quarter in 2020. The increase in harvested volumes comes as a consequence of the new MTB acquired in 2020and 2021.


At the end of Q3 2021, total assets were MNOK 2 145, a decrease in total assets of MNOK81 since the previous quarter. This is mainly caused by a decline of MNOK 67 in biological assets. Total property, plant and equipment decreased by MNOK 2 and ended at MNOK442 (MNOK 444 in Q2 2021). Total non-current assets decreased slightly by MNOK 5. Further, total current assets decreased by MNOK 78 from the end of Q2 2021. The Group’s receivables increased by MNOK 2 and cash and cash equivalents decreased by MNOK 19.

The Group’s net interest-bearing debt increased by MNOK 25 compared to the end of Q2 2021, as remaining payments from Q2 acquisitions were made.

At the end of the reporting quarter, the Group’s total equity was MNOK 712, an increase of MNOK 70 in comparison with the end of Q2 2021. Equity ratio at the end of Q3 2021 was 33.2%, up from 28.8% after Q2 2021.


The Group achieved a positive cash flow from operating activities of MNOK 106 during the third quarter of this year. Net cash flow generated by investing and financial activities had, on the other hand, a negative impact on the cash flow. Cash outflows from investment activities are primarily related to payments for property, plant, equipment and amounted to MNOK 14 (MNOK 512). Net cash generated by financing activities in Q3 2021 reached MNOK -110 (MNOK 314). In Q3 2021 the Group raised new non-current borrowings totalling MNOK 10 and spent MNOK 95 on repayment of non-current and current borrowings.

Further, the Group increased the outstanding balance on it ́s overdraft credit facility by MNOK 11. The negative cash flow is mainly related to final payments related to Q2acquisitions and the listing process.

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For additional information please contact:

Asle Rønning (CEO), +47 918 09 043, asle@masoval.no

Gunnar Aftret, (CFO), +47 913 77 389, gunnar@masoval.no

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