Andfjord Salmon AS: First half 2020 interim report

‍Sortland, 2 September 2020

Andfjord Salmon AS (ANDF-ME) is on track to finalise construction of first 1,000 tonnes maximum allowed biomass (MAB) land-based capacity pool at Kvalnes, Andøya during the second half of 2020. The company has ramped-up construction of its facilities on Andøya, which allows expansion of 60,000 tonnes MAB in the future. Andfjord Salmon’s ambition is to build the world’s most sustainable aquaculture facility of its kind.

Please read or download Andfjord Salmon’s half-year 2020 report

“A highly eventful past six months has made me even more confident in our ambition of building sustainable salmon farming at substantially lower production cost compared to traditional salmon farming. In the first half of 2020, we have reached several important milestones in both the construction of our first facility at Kvalnes and in preparing for the potential expansion of an additional 60,000 tonnes MAB production capacity,” says Martin Rasmussen, CEO of Andfjord Salmon AS.

Andfjord Salmon has developed a patented, innovative and sustainable aquaculture concept for land-based farming of Atlantic salmon. The company’s facility is escape-proof, lice-free and its innovative multi cleaning system prevents polluting marine life. Additionally, the facility will be partly powered by the use of solar panels and wind turbines.

Located at Kvalnes on the island Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon’s first facility is currently under construction. The company holds a license for 10,000 tonnes MAB for land-based farming of Atlantic salmon and has secured rights to land for a potential expansion of an additional 60,000 tonnes MAB production capacity.

“I am pleased to see that developments in recent months have taken giant strides towards realising our business case and ambition. Our next important milestone is completion of our first 1,000 tonnes MAB capacity pool at Kvalnes, which is on track to be completed in the fourth quarter of 2020, and release of smolt during spring 2021. Andfjord Salmon’s patented sustainable aquaculture concept for land-based farming, rights to perfectly located land and properties and strong team of aquaculture experts represent a solid platform for future growth,” says Rasmussen.

In the first half of 2020, Andfjord Salmon reported zero revenues compared to zero revenues in the same period last year, as the company is currently establishing its facilities and operations on Andøya. The company’s operating profit in the first half of 2020 was negative NOK 8.3 million, compared to negative NOK 5.1 million in the same period last year. Cash and deposits at the end of first half 2020 was NOK 175.3 million.

“The half-year report will be presented through a webcast today, September 2nd. 2020 at 13:00 (CEST) followed by a Q&A session. For registration please send an e-mail to Sara Hvammen at ABG Sundal Collier, sara.hvammen@abgsc.no.“

For more information, please contact:

Martin Rasmussen, CEO, Andfjord Salmon, +47 975 08 665, martin@andfjord.no ‍
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About Andfjord Salmon™ ‍

‍Andfjord SalmonTM has developed an innovative and sustainable aquaculture concept for land-based farming of Atlantic salmon. The company’s ambition is to build the world’s most sustainable aquaculture facility of its kind. The facility is escape-proof, lice-free and its innovative multi cleaning system prevents polluting marine life. Additionally, the facility will be partly powered by the use of solar panels and wind turbines.