{"id":5891,"date":"2021-05-11T04:25:00","date_gmt":"2021-05-11T04:25:00","guid":{"rendered":"https:\/\/www.arcticfish.is\/mfn_news\/afish-first-quarter-results\/"},"modified":"2021-05-11T04:25:00","modified_gmt":"2021-05-11T04:25:00","slug":"afish-first-quarter-results","status":"publish","type":"mfn_news","link":"https:\/\/www.arcticfish.is\/is\/mfn_news\/afish-first-quarter-results\/","title":{"rendered":"AFISH: First Quarter Results"},"content":{"rendered":"
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The first quarter of 2021 was quite eventful for Arctic Fish. A successful IPO
was completed, the IPO was oversubscribed, and ultimately resulted in a
financing activity of net 341 million NOK.  Consequently, Arctic Fish was listed
to the Euronext Growth Market in Oslo on the 19th of February.

Underlying operations continued to grow and perform. Harvested and sold
quantities were 3,793 tonnes that generated an Operating Revenue of 169 million
NOK, record setting numbers in a quarter in the history of Arctic Fish. The
Operational EBIT was 18 Million NOK that translates to a Farming Operational
EBIT pr. kg. of 5,67 NOK and a turn around since the last quarter.  The previous
year's EBIT pr. kg. performance, especially in the second, third and fourth
quarter were heavily influenced by the low market prices for salmon. Salmon
prices went up compared to the last quarter.  The market development, combined
with the good quality of the fish contributed positively to the price
achievement in the quarter. Furthermore, the continued decrease of Costs of
Goods Sold had a positive impact on the EBIT operational performance pr. kg. in
the quarter.

Due to the equity injection to the company and the cash standing the Net
Interest Bearing Debt decreased down to 112 million NOK.  The equity ratio was
62% at the end of the quarter. There has been increased intensity in the design
and preparation of the growth projects that concern the expansion of the smolt
production capacity and increased harvesting capacity.  Planned groundwork for
the smolt expansion is expected to commence late in the second quarter of 2021.
The project represents a sizeable and necessary investment for the growth of
Arctic Fish. The growth plans of Arctic Fish aim at maximizing the potential
that the license portfolio provides. The Group currently holds licenses for a
production capacity of 23,100 tonnes MAB with additional applications for 8,800
tonnes MAB that the Group expects to receive within 2022. Existing licenses are
divided into 17,800 tonnes MAB of salmon and 5,300 tonnes MAB of trout that is
in process of being converted to salmon licenses during 2021.

Overall, the Group expects to harvest around 12,000 tonnes in 2021. The group
has a positive view on the salmon price and possible price achievements in the
next quarters, but COVID-19 is still a risk.  The company will continue to work
on necessary growth projects and securing additional licenses as planned. In
general, the operations, investments and business development are on track.

Further detailed information and reports can be found on
https:\/\/www.arcticfish.is\/investor-relations\/ and as an attachment to this
announcement.
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