TEST OF LAMINAR WATER FLOW
Testing of the laminar water flow, which is the heart of Andfjord Salmon's patented flow-through technology, is the next step for the first pool at Kvalnes. Preparations have already started, and testing will be ongoing for the next couple of months.
A flow-through system with laminar water flow reduces energy consumption and associated costs significantly as there is no need to lift, filter or heat the seawater. Simply because the seawater is clean and holds a perfect temperature as it is sourced directly from the nearby Andfjorden.
KVALNES PHASE 2
In addition to the first pool (Phase 1), Andfjord Salmon has also progressed with further groundwork for the next pools at Kvalnes during the third quarter. Phase 1 and 2 represents a total production volume of approximately 12,600 tonnes HOG. Further, a recent land purchase agreement has enabled 50 percent volume expansion at Kvalnes, to 19,000 tonnes HOG at full production (Phase 3).
During the third quarter, Andfjord Salmon has prepared the Phase 2 area for further excavation through conducting trial blasting and rock core sampling and analyses.
Q3 2021 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 had an operating loss of NOK 11.4 million in the third quarter of 2021 compared to a loss of NOK 4.2 million in the same quarter last year.
In the third quarter, some of Andfjord Salmon’s largest shareholders granted the company a NOK 50 million unsecured shareholder loan at favourable terms (3% interest and two years’ maturity). The loan secures funding for the extended test period of the first pool and Andfjord Salmon's patented flow-through technology solution in preparation for smolt release next year.
As of 30 September 2021, Andfjord Salmon held cash or cash equivalents of NOK 36.4 million. This figure does not include NOK 25 million undrawn from the shareholder loan or a NOK 20 million undrawn credit facility. Neither does the figure include NOK 11 million in available grants.
PRESENTATION AT 08:00 CET
A presentation on updates to operations will be held at 08:00 CET today. The presentation material is attached to this announcement. The webcast presentation can be accessed from this link:
Bjarne Martinsen, CFO, +47 975 08 345, firstname.lastname@example.org
Martin Rasmussen, CEO, +47 975 08 665, email@example.com