Måsøval Q4 Report 2021

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Måsøval Q4 Report 2021Måsøval Q4 Report 2021

Måsøval Q4 Report 2021

Highlights 2021 Q4

- Farming segment achieved EBIT per kg sold salmon of NOK 21.6 (NOK -3.0 in Q4 2020)

- Operating revenues of MNOK 393 (MNOK 164 in Q4 2020)

- Group Operational EBIT of MNOK 85 (MNOK -20 in Q4 2020)

- Harvested volumes of 4,813 tonnes in line with guiding after Q3

- Total harvest of 16,888 tonnes in 2021

- Achieved salmon prices from the Farming segment ended at NOK 59.2 (NOK 41.4 in Q4 2021)

- Acquisition of Vartdal Group:

  • Capital increase of MNOK 600 to fund acquisitions
  • Transaction completed 20.12.2021
  • Increased capacity 31 %

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(Figures in brackets refer to Q4 2020, unless specified otherwise)


The Group achieved operating revenues of MNOK 393 in the fourth quarter of 2021, a significant improvement compared to MNOK 164 in the same quarter last year. The Group’s operational EBIT in Q4 2021 was MNOK 85, an improvement of MNOK 105 compared to the same period last year. The increase in revenues and EBIT is attributable to significantly higher prices for salmon (+17.8 per kg) and larger harvested volume in Q4 2021 (+1,216 tonnes) compared to the corresponding quarter last year. In addition, total revenues and EBIT was positively influenced by acquisitions made in Q2. Måsøval AS harvested 4 813 tonnes gutted weight in this quarter. This represents an increase in harvested volume of 34 percent compared to the corresponding quarter in 2020. The increase in harvested volume comes as a consequence of the new MAB acquired in 2020 and 2021.



At the end of Q4 2021, total assets ended at MNOK 3,869, an increase in total assets of MNOK 1,719 since the previous quarter. This is mainly caused by the acquisition of Vartdal Gruppen. Intangible assets increased by MNOK 1,210 after acquisition of aquaculture licences on sea and land. Total property, plant and equipment increased by MNOK 320 and ended at MNOK 766 (MNOK 446 in Q3 2021). Further, total current assets increased by MNOK 197 from the end of Q3 2021. The Group’s receivables increased by MNOK 76, and cash and cash equivalents increased by MNOK 28. The Group’s net interest-bearing debt increased by MNOK 848 compared to the end of Q3 2021, as payment for Q4 acquisition of Vartdal Gruppen was made. At the end of the reporting quarter, the Group’s total equity was MNOK 1,351, an increase of MNOK 636 in comparison with the end of Q3 2021. Equity ratio at the end of Q4 2021 was 34.9%.



The Group achieved a positive cash flow from operating activities of MNOK 102 during the last quarter this year. Net cash flow generated by investing had, on the other hand, a negative impact on the cash flow. Cash outflows from investing activities are primarily related to payments for intangible assets, property, plant, equipment and amounted to MNOK 1,552 (MNOK 18). Net cash generated by financing activities in Q4 2021 reached MNOK 1,478 (MNOK 34). In Q4 2021 the Group raised new non-current borrowings totalling MNOK 949 and spent MNOK 10 on repayment of non-current borrowings. Further, the Group raised proceeds of equity by MNOK 600 in Q4 2021.

Download or read complete reports and presentations here


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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