KVALNES PHASE 2
In parallel with the first production cycle at Kvalnes, Andfjord Salmon is currently working on detailing the most cost-efficient build-out process for Kvalnes Phase 2, which aims to increase production volume at Kvalnes from 1,000 to 19,000 tonnes HOG.
The company is about to enter the final stages of contract discussions with suppliers regarding the most cost-efficient plan for development. Andfjord Salmon will in due course invite shareholders to a capital markets update to present the build-out plan and timeline for Kvalnes Phase 2.
FIRST TASTING CONDUCTED
Subsequent to the end of the third quarter, Andfjord Salmon and a top chef conducted the first tasting session of the company’s salmon. The feedback from the chef, who has won both world and Norwegian championships, was that the texture, colour and overall condition and taste of the fish were excellent. The fish used for the first tasting was just above 1 kilogram.
Q3 2022 INTERIM FINANCIAL RESULTS
Andfjord Salmon is in the middle of its first production cycle, which means that it 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 14.7 million in this year’s third quarter, compared to a loss of NOK 11.4 million in the same quarter last year.
At the end of September 2022, Andfjord Salmon held cash and deposits of approximately NOK 117 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.
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.
Martin Rasmussen, CEO, +47 975 08 665, email@example.com
Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345, firstname.lastname@example.org
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.