Andfjord Salmon: Preparing for smolt release | First quarter 2022 financial results

3.6.2022 07:00:01 CEST | Andfjord Salmon | Additional regulated information
required to be disclosed under the laws of a member state

Preparations for smolt release has progressed according to plan during the first
quarter and subsequent months, and Andfjord Salmon plans to release smolt in its
first pool at Kvalnes, Andøya, ultimo June 2022. Further, the company has
recently strengthened its financial position with a NOK 50 million bank loan.

"Our entire set-up is based on an idea of recreating the salmon's natural
habitat on land. We have applied this philosophy when planning the smolt release
too. Smolt release in late June coincides with the wild salmon's migration
period here at Andøya. Further, an increasing amount of natural light and period
with rising temperatures is good for fish health and development. This is why
ultimo June has been chosen for smolt release," says Martin Rasmussen, CEO of
Andfjord Salmon.

During the past few months, Andfjord Salmon's first pool, with its unique
flow-through technology, has been operational 24/7, as if smolt were already
released in the pool. The company has conducted a continuous and complete
technical and organisational simulation during this period, to make sure that
all technology, equipment and personnel are well prepared for smolt release.

All biological sensors are installed and the cleaning robots have been
extensively tested. Back-up systems and solutions have been subject to
comprehensive testing. The line for receipt and delivery of fish is also in

"Our objective is to create the most sustainable and fish-friendly facility of
its kind. A meticulous approach towards ensuring the best possible biological
conditions for the salmon is, in our view, key to achieve this goal. I am
pleased to say that everything has gone according to plan during our extensive
preparations," says Martin Rasmussen.


Blasting and excavation work for the next pools (Phase 2) at Kvalnes has
progressed well during the past few months. The pools closest to the first pool
are being excavated first.

Last year Andfjord Salmon announced a revised plan to increase production volume
by approximately 50 percent at Kvalnes, from 12,600 (Phase 1 and 2) to 19,000
tonnes (Phase 3) HOG, through purchase of an adjacent land area at Kvalnes.

Andfjord Salmon has recently secured a NOK 50 million loan from Sparebank 1 Nord
Norge to help finance the early initiation of Phase 3 at Kvalnes and the
continued build-out of Phase 2 at Kvalnes.


Andfjord Salmon has secured land and land rights to two other areas at Andøya,
called Breivik and Fiskenes. The intention is to establish similar land-based
fish farming facilities at both sites, targeting a production of 25,000 tonnes
HOG at each site.

Approval of the zoning plans for the two sites are key steps towards realising
these ambitions. Andøy municipality is managing the zoning plan process.

"We are highly dedicated to local job and value creation when we develop and
operate our facilities. We want to achieve this by embracing the local
environmental conditions that are unique to Andøya and Andfjord Salmon, simply
because we believe this provides us and our fish with a competitive advantage
nationally and internationally," says Martin Rasmussen.


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 9.9 million in this year's first
quarter, compared to a loss of NOK 7.3 million in the same quarter last year.
The change is mainly related to ramp up of operations in preparation for release
of first smolt.

At the end of the first quarter 2022, Andfjord Salmon held cash and deposits of
NOK 18.9 million. This figure does not include the new bank loan of NOK 50
million, a NOK 20 million undrawn credit facility or NOK 5 million in available


A presentation of operational status and the first quarter 2022 interim
financial results 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:


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.


 * Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,
   [email protected] 
 * Martin Rasmussen, CEO, +47 975 08 665, [email protected] 


About Andfjord Salmon AS

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. -


Andfjord_Q1_2022.pdf -

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