Averøy, Norway, 23 August 2022
Nordic Halibut AS today publishes its interim quarterly report for Q2 2022. The interim report and financial statement for Q2 2022 were approved by the Board of Directors on 22 August 2022.
Q2 2022 Highlights
• Harvest volumes during Q2 2022 ended at 104 tonnes HOG with guiding harvest volume for 2022 maintaining at 600 tonnes HOG
• All-time high price levels driven by surging demand in key markets – average prices in Q2 2022 ending at 145 NOK/kg
• Biological performance and development in early-phase production progressing and delivering according to business plan
• The Company has successfully taken new full-scale grow-out location into production with continuous good biological performance
Outlook
Nordic Halibut’s fully integrated value chain from roe to sales are build and organized to perform on the Company’s growth plan to 4 500 tonnes HOG within 2026. The current infrastructure and capacities at the production facilities at Midsund, Askøy and Averøy are after investments during 2021 and 2022 able to produce 1 million juveniles annually – the number of juveniles needed to produce 4 500 tonnes HOG halibut. In the grow-out phase of production, the Company currently have three locations and will establish a fourth during 2022/2023 to enable run-rate production of at least 4 500 tonnes HOG halibut each year.
The volume ramp-up and planned growth towards 2026 and 2030 will have significant impact on production costs and results. With the promising biological performance throughout production, the Company is still confident that the scale effect when target volumes are reached will be significant. Through the build-up phase, the Company’s results will gradually improve in line with the increased scale-effect and EBITDA is expected to turn positive during 2023.
For more information, please see the attached report or contact:
CEO Edvard Henden, edvard@nordichalibut.no, +47 911 41 165, or
CFO Kenneth Meyer, kenneth.meyer@nordichalibut.no, +47 452 12 424
About Nordic Halibut AS:
Nordic Halibut is a company based in Western Norway and with headquarters in Averøy, Nordmøre. The Company is a leading farmer of Atlantic halibut. The Company has a fully integrated and well-developed value chain from genetics to sales and has had a significant breakthrough in early phase production. The Company will be implementing a growth plan to expand production volumes considerably. Nordic Halibut will create shareholder value by pursuing value accretive organic growth through by increased production.