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

Strong growth and high survival rate due to good biological pool conditions is the status for the fish in Andfjord Salmon’s land-based pool at Andøya, Norway.

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

The average weight of the salmon has reached 2,203 grams. Photo: Fredrik Ahlsen, Maverix.


The salmon’s survival rate remains high and as of 15 March 2023, it was at 98.1 percent. During the second half of 2022, Andfjord Salmon lost on average 0.25 percent of the fish per month due to mortalities. So far in 2023, this figure has been reduced to 0.1 percent per month.


Subsequent to year end, a welfare documentation report, written by scientists at the Norwegian food research institute Nofima, concluded that "overall, the welfare of fish in the system for the first six months of the documentation project has been good in relation to e.g., the Laksvel scoring scheme for input and outcome-based indicators for salmon".

In connection with the documentation report, Nofima has examined a large number of operational welfare indicators for the salmon, including water quality and the salmon's physical environment, fish behaviour, and an auditing of further fish health parameters is currently underway.

“To receive this independent third-party verification from a renowned research institute is highly valuable for Andfjord Salmon. We have always been confident in the many benefits of our flow-through system. This report confirms that we were right to be positive about the development of our fish,” adds Rasmussen.

Andfjord Salmon reiterates it target to conduct first harvest mid-2023.


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.


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.


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.


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,


Bjarne Martinsen, CFO, +47 975 08 345,


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.