Welcome to this quarterly presentation for first quarter 2022 of Frøy ASA. Together with me, I have CFO Tore Helgesen and responsible for IR Sondre Vevstad. Q1 is normally a low season in our business, and Q1 2022 is no exception, and we have had a normal winter slowdown. What is abnormal is the uncertainty from the war in Ukraine, the higher prices on fuel and steel, and increased interest rates. However, we see this quarter as a quarter where we, despite the low activity, deliver on some key strategic priorities. We got delivery of three vessels. We have gained approval to roll out new treatment for sea lice, which improves the fish welfare, and we signed a new NOK 340 million multi-year agreements for five of our vessels after the end of quarter. Last but not least, we signed the contract for construction of wellboat new build after the end. Looking forward, we see an increased demand for our services, and we systematically now build Frøy to be able to take this growth together with our customers. Looking at the overall numbers, we can see a double-digit growth in both revenue and EBITDA. On the revenue side, we have +21%; on the EBITDA, a +33%. Looking at the backlog, it's a slight reduction compared to Q1 2021, but this number does not include the latest awarded contract on NOK 350 million. The increased activity and revenues comes mainly from contract revenues and frameworks. We see that the spot is decreased due to the seasonal change in sea temperatures, which results in a drop in demand for the aqua services, from Q4 into Q1. The backlog as today is NOK 6 billion. Of these six is a firm of NOK 3.5 billion and an option of NOK 2.5 billion. Before we say something, go more into details on the segment, and the results there, I would just like to say a few words on sustainability in Frøy. For the first time, we delivered a sustainability report as part of our annual report. We have now set up a structure and chosen parameters that we will work on, in the sustainability and ESG aspect. It's good to see that these parameters and the structure that we have worked with is the same that Frøy has worked with for many, many years. It's about taking care of the fish and developing new equipment for fish welfare, and it's about developing people and of course, reduction of CO2 emissions and modernizing the fleet as we go forward. We have chosen to include a picture and a slide of ESG highlights in Q1 2022. It's about new equipment, as I mentioned, and also new vessels with the hybrid service vessels with the batteries and a green propulsion. Of course, I would like to especially mention the award that we got last month from the Stiftelsen Norsk Maritim Kompetanse. That gives us a recommendation for the work we have done with taking young people from school into the business and into Frøy. This is both a social responsibility that we have but also a good way of recruiting young and competent people into Frøy. We have a long history of this and will of course continue this practice. I give the word to Sondre. Thank you, Tonje. I will run through the different segment results starting with the wellboat segment. Total revenues in the first quarter of 2022 came in at NOK 223 million versus NOK 180 million in the first quarter of 2021. What we see here is basically the new vessels that were delivered during 2021 that gives us the increase in contract and framework revenues. Like you see in the graph here with increased dark blue bar, it's the time charter revenues that are ticking every quarter. The EBITDA in the first quarter came in at NOK 67 million Norwegian kroners. That gives us a EBITDA margin of approximately 30% versus 32% last year. The deviation in terms of margin here is mainly due to the spot sales that were slightly lower in the first quarter of 2022 versus 2021. It's like this has been a fairly slow spot market in the second quarter of 2022. There's low sea temperatures, limited transportation and harvesting of fish, low volumes and low biomass, and also fairly low sea lice levels in the quarter compared to last year. This has also been a special quarter with a lot of macro news with the tragic war in Ukraine, with high inflation, interest rates are coming up. We also see it on the new build side that new build prices have come up quite significantly during the quarter, following the increased steel prices and the underlying inflation all around in the society. I just wanted to give you an update on the wellboat side, how the new builds are developing. We have two new builds under construction, Gåsø Odin and Veidnes. The delivery date and the progression on those vessels are according to plan. It's still delivery in the fourth quarter for Gåsø Odin and summer 2023 for the vessel Veidnes. After the quarter end, we announced that we have signed a contract for building one more new build that will be delivered in schedule for mid 2024. It's a sister vessel to Gåsø Odin that we are currently building. The new build will have both a diesel electric propulsion system and battery packages to reduce emissions and also will have a advanced fish handling system which will be very good to have gentle treatment of the fish while on board this vessel. We strongly believe that this will be a attractive vessel in the market. When we ordered this is a process and we have had towards the yard for starting before the first quarter. The price that we have achieved on this new build is attractive compared to what we see in the market today. Going over to the service segment. Total revenues of NOK 170 million versus NOK 150 million in the first quarter of 2021. The big deviation here is twofold. Approximately NOK 9 million relates to gain from sale of two older vessels that we sold during the first quarter of 2022. It's a higher share of reinvoiced costs in this quarter compared to first quarter of 2021. Looking at the operational revenues are fairly flat. EBITDA of NOK 35 million includes the gain from sale of assets of NOK 9 million. Looking at the adjusted EBITDA margin of 16%, that's slightly lower than we achieved last year, and it's primarily relating to increased fuel costs. We have increased fuel costs of approximately NOK 6 million compared to first quarter last year. That's the primary reason for the lower margin in this quarter compared to first quarter of 2021. It has been a fairly slow spot market in the first quarter, but it's been an active market in terms of new contracts and dialogues with customers. We see that there is good demand both on the wellboat side and the service side for new contracts and for new vessels. After the quarter end, we signed this multi-year time charter contracts. It's five vessels. It's four vessels on four-year time charter contracts plus options and one new build. The new build that we announced in the fourth quarter, we have now placed on a five-year time charter contract plus options. It shows that this is something that we have been working with during the first quarter. It shows that the demand from customers is still positive and we believe that the market is. The market we saw in the first quarter is more of a seasonal type of nature and going forward, we believe that this market will still continue to grow. Over to the Sea Transport, reporting NOK 38 million in revenues versus NOK 28 million last year. The big difference versus first quarter of 2021 is that we during 2021 secured a lot of time charter contracts and framework agreements for the vessels in this segment. Gives us a better utilization of the vessels, and we see that also in the EBITDA numbers that we deliver of NOK 14 million versus the NOK 2 million we had last year. The EBITDA margin of 37% is flat versus the third quarter and fourth quarter. This is in spite of the increased fuel prices, which we have partially carried ourselves in the first quarter and has not been fully pushed over to clients. We regard this as a very good quarter in the Sea Transport segment. I'll leave the word to you, Tore, for more details on the financials. Thank you. We will look into the consolidated numbers for the first quarter of 2022. The revenue came in on NOK 431 million compared to NOK 356 million last year. When we break it down into the operating segments, you can see that NOK 43 million of the increase relates to Wellboat, NOK 21 million relates to Services, and NOK 10 million to Sea Transport. For the Wellboat segment, the primary reason for the growth is three more vessels under operation compared to the same quarter last year. For Services, the main reason for the increase is gain from sale of two assets this quarter this year. When it comes to the Sea Transport, as Sondre just mentioned, is primarily related to the improved contract situation. We have a similar bridge on the EBITDA, where the EBITDA has been increased from NOK 84 million last year to NOK 112 million this year. As for the revenue bridge, the change for the Wellboat segment is also here related to three more vessels under operation compared to last year. When it comes to the Service segment, there's two main reasons going each way. Again, from sale of assets increasing the revenues and increased fuel costs reducing the EBITDA. The Sea Transport segment had a good increase in revenues but also an even higher increase in EBITDA with NOK 12 million up compared to the same quarter last year. After depreciations, we came in at an operating profit of NOK 20.1 million compared to NOK 10.6 million last year. This quarter, we have a positive financial expense of NOK 50 million compared to a net expense of NOK 23.2 million last year. This is like this relates to a NOK 40 million positive P&L impact from an interest rate swap that had a positive market value development during the quarter. After tax, we came in with a net profit of NOK 38.7 compared to NOK -7.9 similar quarter last year. Before I go through the balance sheet, I'd just like to point out that in the left column it says 31st of March, 2021. That should be 21st of March, 2022. The balance sheet has a very stable development compared to the balance sheet at the end of 2021. Our property, plant and equipment line increases as we go forward with our investment program. Net interest-bearing debt follows as we have approximately 80% debt ratio on new investments. At the end of the quarter, we have an equity ratio of 41%, down from 42% last year at the end of the year, sorry. Cash flows from operating activities increased from NOK 127.9 million last year up to NOK 136.7 million this year. Cash flows from investing activities came out to NOK 287.3 million this year. The similar quarter last year, we had a higher investment program where we made investments for more than NOK 800 million Norwegian krone. Net cash from financing activities ended at NOK 150.6 million. And as you can see, the same quarter last year had a NOK 1.6 billion increase in financing activities. That is, as you can see, related to the IPO last quarter. Net change in cash over the quarter is zero, and then we arrived at NOK 739 million as the cash balance at the end of the quarter. We have added a new wellboat into our investment program so that at the end of the quarter, we have approximately NOK 1.5 million in committed investments in Frøy. We have three wellboats under construction coming in from the end of 2022 and one during 2023. The new vessel that just have been announced, expected to be delivered during 2024. We also have five service vessels under construction scheduled for delivery during 2022 and 2023. Sea Transport will take the vessel MS Folla into a rebuilding during May. Our financing strategy is in line with what we have reported over the quarters where we finance most of the fleet with bank debt, and we also use leasing to finance our smaller service vessels. Typical new building within wellboat segment will be financed with approximately 80% loan-to-value. Our debt portfolio implies approximately NOK 290 million in annual installments and approximately NOK 200 million of annual maturity loans that will be renegotiated on an ongoing basis. I'll leave it to Sondre Vevstad to wrap it up. Thank you. Summarized, we still see a positive underlying market for Frøy. We see the trends that have been in our favor for several years are continuing with salmon farming being pushed in more exposed locations. We have larger salmon farming sites, more regulations and requirements in terms of how to operate, and that drives the outsourcing trend that we have seen in the recent years. In the quarter, we have seen multiple new incoming requests for new contracts, for new vessels from clients. We see that the market is more in terms of macro environment is more uncertain with the war in Ukraine, with inflation that we see, with increased fuel prices. In terms of the increased new build prices that we see in the market is primarily driven by increased steel prices and inflation at the yards. We also see increased construction time at the yards, which obviously means that for all new capacity that shall come into the market, they need to see a new price level to be set in the market. Our priority is, as always, to grow profitably. We have a minimum return on equity requirement of a minimum 10%-18%. For us to order new vessels, we need to see that we have higher time charter rates and that we can calculate the minimum return requirement. We're also working every day to continuously develop more and more sustainable solutions for salmon farmers and fish farmers in general. Our focus is to reduce carbon footprint and to improve the fish welfare, to develop solutions that are more gentle for the fish and that assist salmon farmers with their key challenges in their operations. We are very happy to finally be able to commercially roll out the new sea lice treatment solutions, where we combine the use of fresh water with mechanical delousing. It is more gentle, and it will be in our view a good step forward in terms of improving the fish welfare and maintaining high efficiency in the fish farming operations. For the last point, we are working to be better at realizing economies of scale in Frøy. We believe there are significant untapped potential, both in terms of using the competence and resources that we have internally more efficiently, learning across the organization and making use of best practice, but also to cut costs in terms of we are a big buyer of different types of equipment and we have a lot of suppliers where we can be better at utilizing the size and the scale of our operations and get better agreements. That's also in this inflationary environment. This is something that we have a high focus on in the years and the quarters to come. With that, I think I will wrap up. If you have any questions or want to discuss with us, we're always happy. Just send us an email or call us. We are happy to have good discussions. Thank you very much.
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