Solid growth and continued industry-leading survival rate | First quarter 2023 financial results

25 May 2023

As of yesterday, 24 May 2023, the average weight of the salmon in Andfjord Salmon’s first pool at Kvalnes, Andøya, was 3,244 grams after 11 months of operations. The growth has been achieved with an accumulated feed conversion ratio of 0.95, which means that each fish requires 0.95 kilograms of feed to grow 1 kilogram.  

Read or download Q1 2023 Presentation

As of yesterday the accumulated survival rate stood at 97.9%, showing a stable average mortality rate of approximately0.1% per month.  

Andfjord Salmon reiterates its expectation to conduct first harvest at the turn of June/July 2023.  

CAPITAL MARKET’S UPDATE

As announced yesterday, Andfjord Salmon will conduct a capital markets update on 13 June 2023, and provide in depth details about the company`s expansion plans, schedule and forward looking statements at Kvalnes, Andøya.  

See stock exchange announcement dated 24 May 2023 for further information about the capital market’s update.  

FIRST QUARTER 2023 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 had an operating loss of NOK 13.9 million in the first quarter 2023, compared to a loss of NOK 9.9 million in the same quarter last year.  

The company held cash and cash equivalents of NOK 53.5 million at the end of the first quarter. This figure does not include undrawn credit facilities of NOK 25 million. The company has sufficient  liquidity for the current operational phase. 

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

Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345, bjarne.martinsen@andfjord.no

Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665, martin@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.