15.9.2022 07:00:01 CEST | Andfjord Salmon | Half yearly financial reports and
audit reports / limited reviews
This year's second quarter was highly eventful for Andfjord Salmon, with first
smolt release and significant strengthening of the company's balance sheet as
some of the highlights. Today, the fish is thriving in the pool and its survival
rate currently stands at 99.4%.
"We are located at the home of the Atlantic salmon, and we have succeeded in
recreating its natural habitat on land without any artificial water treatment
processes. We are very pleased with the biological conditions in the pool, and
we believe the high survival rate reflects this," says Martin Rasmussen, CEO of
Andfjord Salmon.
On 25 June 2022, Andfjord Salmon released approximately 200,000 smolt at an
average weight of 120 grams in the company's first land-based pool at Kvalnes,
Andøya. The fish has a solid appetite and is growing according to plan, which
confirms its wellbeing. As of today, 15 September, the average weight is 402
grams.
Andfjord Salmon targets first harvest mid-2023.
The first pool is only the beginning at Andfjord Salmon's Kvalnes site. The next
pools, which are the pools closest to the first pool, have been excavated during
the second quarter. Further excavation work will continue in the coming months.
Andfjord Salmon holds a license to produce 10,000 tonnes MAB salmon at Kvalnes,
equivalent to a target production volume of 19,000 tonnes HOG.
BREIVIK SITE
Andfjord Salmon has also made solid progress on the business development front
in the second quarter. In June, Andøy municipality council approved the zoning
plan application from Andfjord Salmon for the development of a land-based fish
farming facility at Breivik, Andøya.
At Breivik, Andfjord Salmon intends to develop and build a land-based fish
farming facility, targeting a production volume of 25,000 tonnes HOG.
"Our primary focus is obviously on Kvalnes, but we will in parallel continue our
work to secure the necessary permits to develop Breivik and Fiskenes," says
Martin Rasmussen.
STRENGTHENED FINANCIAL POSITION
During the second quarter, Andfjord Salmon strengthened its financial position
significantly. In June Jerónimo Martins, a Portugal-based international food
industry group agreed to invest NOK 173.9 million in Andfjord Salmon through a
directed private placement. Andfjord Salmon also secured a NOK 50 million bank
loan during the second quarter.
At the end of June 2022, Andfjord Salmon held cash and deposits of approximately
NOK 191 million. This figure does not include a NOK 5 million remaining loan
facility, a NOK 20 million undrawn credit facility, or NOK 5 million in unpaid
grants.
Q2 2022 INTERIM FINANCIAL RESULTS
Andfjord Salmon is currently developing its first land-based salmon farming
facility, which means that the company does not yet generate revenues. The
company's first operating revenues will be generated in 2023 following first
harvest.
The company had an operating loss of NOK 8.4 million in this year's second
quarter, compared to a loss of NOK 6.9 million in the same quarter last year.
The change is mainly related to ramp up of operations in preparation for release
of first smolt.
PRESENTATION AT 08:00 CET
A presentation of operational status and the second quarter and half-year 2022
interim financial results will be held at 08:00 CET today. The presentation
material and half-year report are enclosed to this announcement. The webcast
presentation, which will be held in Norwegian, can be accessed from this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20220915_1/
DISCLOSURE REGULATION
This is information that Andfjord Salmon AS is obliged to make public pursuant
to the EU Market Abuse Regulation (MAR) Article 17 no. 1. The information was
submitted for publication, through the NTB Kommunikasjon service by the contact
persons listed below.
CONTACTS
* Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,
bjarne.martinsen@andfjord.no
* Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665, martin@andfjord.no
ABOUT ANDFJORD SALMON
Located at Kvalnes on the island of Andøya on the Arctic Archipelago of
Vesterålen, Norway, Andfjord Salmon has developed an innovative and sustainable
aquaculture concept for land-based farming of Atlantic salmon, based on a
flow-through technology solution. The company's ambition is to build the world's
most sustainable and fish-friendly aquaculture facility of its kind.
Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.
www.andfjordsalmon.com - http://www.andfjordsalmon.com
ATTACHMENTS
Andfjord Salmon Halfyear report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/1747/2341/Andfjord%20Salmon%20Hal
fyear%20report.pdf
Andfjord_Q2_H1 2022_presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847566/1747/2342/Andfjord_Q2_H1%202022_p
resentation.pdf