Strong growth, high survival rate and good feed conversion rate | Fourth quarter 2022 financial results

16 March 2023 

Per 15 March 2023, the average weight of the salmon has reached 2,203 grams. During fourth quarter 2022, the salmon’s average weight grew from 569 grams on 1 October to 1,441 grams at year end.

Andfjord Salmon achieved solid growth during the second half of 2022 with an accumulated feed conversion ratio of 0.94, meaning that each fish requires on average 0.94 kilograms of feed to grow 1 kilogram.

“We are very pleased with the growth rate during the dark season, when the water is also colder. At year end, the growth was approximately 40 percent ahead of our original estimate, which was based on expected seawater temperature and Skretting’s growth table for salmon. I am also pleased that our feed conversion ratio remains good,” says Martin Rasmussen, CEO of Andfjord Salmon.

Read or download Q4 2022 Presentation

16 March 2023 

Per 15 March 2023, the average weight of the salmon has reached 2,203 grams. During fourth quarter 2022, the salmon’s average weight grew from 569 grams on 1 October to 1,441 grams at year end.

Andfjord Salmon achieved solid growth during the second half of 2022 with an accumulated feed conversion ratio of 0.94, meaning that each fish requires on average 0.94 kilograms of feed to grow 1 kilogram.

“We are very pleased with the growth rate during the dark season, when the water is also colder. At year end, the growth was approximately 40 percent ahead of our original estimate, which was based on expected seawater temperature and Skretting’s growth table for salmon. I am also pleased that our feed conversion ratio remains good,” says Martin Rasmussen, CEO of Andfjord Salmon.

Read or download Q4 2022 Presentation

KVALNES PHASE 2

For the next build-out stage at Kvalnes, which aims to increase production volume from 1,000 to 19,000 tonnes HOG, Andfjord Salmon is currently in final stages of contract discussions with suppliers regarding the most efficient plan for development.

Andfjord Salmon will invite shareholders to a capital markets’ update during the spring to present the build-out plan and timeline for Kvalnes Phase 2.

Q4 2022 FINANCIAL RESULTS

Andfjord Salmon is in the middle of its first production cycle, which means that the company does not yet generate revenues. The company’s first operating revenues will be generated in 2023 following first harvest.

Andfjord Salmon had an operating loss of 22 million the fourth quarter 2022, compared to a loss of NOK 10.1 million in the same quarter 2021. The difference is mainly related to higher operating expenses as the company and the first pool is now fully operational, which was not the case in the fourth quarter 2021.

At year end, Andfjord Salmon held cash and deposits of NOK 82.9 million. This figure does not include undrawn credit facilities of NOK 25 million. The liquidity is at a comfortable level for the current operational phase.

PRESENTATION AT 08:00 CET

A presentation of operational status and the fourth quarter 2022 financial results will be held at 08:00 CET today. The presentation material is enclosed to this announcement. The webcast presentation, which will be held in Norwegian, can be accessed from this link.

An English version of the presentation will be shared at Andfjord Salmon’s website before 08:30 CET.

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

Media:

Martin Rasmussen, CEO, +47 975 08 665, martin@andfjord.no

Investors:

Bjarne Martinsen, CFO, +47 975 08 345, bjarne.martinsen@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.