Andfjord Salmon – Half-year / Q2 report

HALF-YEAR REPORT 2022 Q 2 /

2022 Q2 / HALF-YEAR REPORT

FISH FARMING WITH A CLEAR CONSCIENCE

SECOND QUARTER AND HALF-YEAR 2022 FINANCIAL REPORT

1

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

LETTER FROM THE CEO 12

BOARD OF DIRECTORS’ REPORT 20 BALANCE SHEET INCOME STATEMENT 19 23 INDIRECT CASH FLOW NOTES TO THE ACCOUNTS 23

INTRODUCTION TO ANDFJORD SALMON 8

PAGE CONTENT

2

3

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

ABOUT ANDFJORD SALMON™

Located on the island of Andøya in the Arctic archipelago of Vesterålen, Norway, Andfjord Salmon has developed an innovative aquaculture concept for shore-based farming of Atlantic salmon, based on its patented flow-through technology. The concept represents the best of traditional sea-based salmon farming, combined with the advantages of being land-based. Andfjord Salmon’s ambition is therefore to build and operate the world’s most sustainable aquaculture facility of its kind. The nearby Gulf Stream provides oxygen-rich water at an ideal temperature, unaffected by other salmon farms, which contributes towards a lower risk of infectious diseases. Further, Andfjord Salmon will not face problems with salmon lice or algae as it sources seawater below the level where these organisms live. The pools are escape-proof and are equipped with an innovative cleaning system that utilises biological waste as a resource, while preventing the pollution of marine life. Andfjord Salmon AS is listed on Euronext Growth in Oslo under the ticker “ANDF”.

For more information, see www.andfjordsalmon.com

4

5

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

ANDØYA VESTERÅLEN NORWAY

NATURAL FLOW SYSTEM™

Andfjord Salmon™ is taking salming farming into the future. With its combined experience from both offshore and land-base aquaculture, Andfjord benefits from the best of both worlds. The result is optimal salmon welfare and sustainable production in Arctic waters at a latitude of 69 degrees north. The brand name of our technology is Natural Flow System.

6

7

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

AT A GLANCE

ANDFJORD SALMON

1

2 3

2

5

4

GULF STREAM Strategically located at Andøya – with unique access to oxygen-rich seawater at stable temperatures. The unit is situated at a depth of 30 to 160 metres, depending on the season.

3

~90,000 TONNES IN TOTAL Andfjord Salmon has acquired three locations, with a clear roadmap towards achieving a total capacity of ~90,000 tonnes (HOG).

6

4

5

FLOW-THROUGH A closed flow-through system combines the benefits of both traditional and land-based aquaculture while solving a number of traditional farming issues.

FISH FRIENDLY & SUSTAINABLE

Andfjord Salmon™ aims to build the world’s most fish-friendly and environmentally friendly facility for salmon, with the lowest possible energy consumption and cost. LOW ENERGY FACILITIES Strategically located at Andøya – with unique access to oxygen-rich seawater at stable temperatures. The unit is situated at a depth of 30 to 160 metres, depending on the season. 6

1

FIRST LOCATION Andfjord Salmon™ has been granted a licence for 10 000 tonnes MAB with potential pro- duction volume of 19 000 tonnes HOG at Kvalnes, Andøya.

8

9

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

HIGHLIGHTS Q2

3

3

3 APPROVED ZONING PLAN The Andøy municipality council approved the zoning plan application from Andfjord Salmon for the development of a land-based fish farming facility at Breivik, Andøya (Andøy Industripark Breivik), Norway. The zoning plan specifies the use, conser- vation and design of land and physical surroundings. It consists of a detailed land- use plan map with associated planning provisions and a plan description.

1

1

SMOLT RELEASE In June 2022, Andfjord Salmon successfully released smolt into the company’s first land-based pool at Kvalnes, Andøya.

4

4

CALANUS PLUS BY ANDFJORD SALMON In June, Andfjord Salmon, Skretting Norway and Sort- land-based Zooca® signed a letter of intent to facilitate the provision of a specially designed salmon feed for Andfjord Salmon and a long- term cooperation to increase the utilisation of the zooplank- ton Calanus finmarchicus in salmon feed.

2

JERÓNOMI MARTINS INVESTS Jerónimo Martins, a Portugal- based international food industry group agreed to invest NOK 173.9 million (equivalent to approx. €16.8 million) in Andfjord Salmon through a direct private place- ment. With this investment, done through its agribusiness subsidiary Jerónimo Martins Agro-Alimentar, S.A., Jerónimo Martins Group became one of the largest share- holders in Andfjord Salmon with an ownership share of 10.1 percent.

2

10

11

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

Salmon’s flow-through system and location at Andøya. It contains the zooplankton Calanus finmarchicus and algae oil as an alternative to marine fish oil. The Calanus is supplied by local company Zooca®. Briefly summarised, the fish love their feed. Our ambition is to develop the world’s most fish friendly and sustainable aquaculture facility of its kind. Having our own specially designed feed, with unique ingredients from a local supplier, is another important building block towards realising this ambition. The first pool is only the beginning at our Kvalnes site. We have already scraped the entire Kvalnes Phase 2 area, and the pools closest to the first pool have been excavat- ed. Further excavation work will continue in the coming months. We have also made solid progress on the business development front in the second quarter. In June, Andøy municipal council approved Andfjord Salmon’s zoning plan application for the development of a land-based fish farming facility at Breivik, Andøya. Here, we intend to develop and build a land-based fish farming facility at Breivik. The production volume target for the new facility is 25,000 tonnes HOG. But that is further down the road. Right now, our primary focus is on Kvalnes. I am also pleased that Andfjord Salmon’s financial position is significantly stronger now than it was at the beginning of the year. During this period, global leader in animal nutrition and aquafeed, Nutreco, and Norwegian seafood group Holmøy, decided to invest in Andfjord Salmon. In addition, Jerónimo Martins, a Portugal-based international food industry group agreed to invest NOK 173.9 million in Andfjord Salmon. We are delighted to attract such reputable investors to our company. It is perhaps equally important that these investors share the same sustainability ambitions as us. All in all, it has been a fantastic first half of 2022. I can assure you that my excellent colleagues and I will do everything in our power to make the second half a success too.

LETTER FROM

THE CEO

i Roy Bernt Pettersen with his granddaughter

The first half of 2022, and in particularly the second quarter, has been packed with important and enjoyable strategic and operational milestones for Andfjord Salmon, culminating in the first smolt release on June 25. I am immensely proud of everything we have achieved so far, but as I have said before: the hard work starts now. Right now, with a pool full of small fish, our primary focus 24/7 is their wellbeing. However, I would also like to reflect on what brought us to where we are today. Looking back, I am delighted that we spent six months testing and fine-tuning pool functions, components and the laminar water flow at our first pool. During this period, the first pool was operational 24/7, as if smolt were already released in the pool. We conducted a continuous and com- plete technical and organisational simulation during this period, to make sure that everything and everyone was well prepared for smolt release. Back-up systems and solutions were also subject to comprehensive testing. I am convinced that this extensive test and training period helped make the smolt release a success. Further, I am

extremely grateful for being part of a concept that is based on recreating the salmon’s natural habitat on land. This makes it much easier for us to minimise and control biolog- ical risk. Fast forward to today, we are delighted to see that our technology has created the desired biological conditions in the pool, and that the fish has adapted to the pool environ- ment in an excellent manner. The fish has a solid appetite and are growing according to plan, which confirms their wellbeing. Fish mortality is also very low, which proves that the fish have healthy living conditions. We are monitoring the fish and biological conditions in the pool constantly to ensure that we keep it this way. A key part of the salmon’s well-being is what they are fed. Our feed supply partner, Skretting, has developed a feed that is specifically tailored to our flow-through technology to ensure optimal water quality, fish welfare and growth conditions. The feed has been named “Calanus® Plus by Andfjord Salmon”. It consists of ingredients that have a proven track record from land-based salmon farming, but its composition is specifically tailored to Andfjord

Martin Rasmussen CEO

12

13

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

ANDFJORD SALMON, SKRETTING AND ZOOCA® (CALANUS® AS) COLLABORATE ON TAILOR- MADE SALMON FEED

Andfjord Salmon is the first salmon farmer in the world to utilise a commercially developed feed that contains Calanus. i

This June, Andfjord Salmon, Skretting Norway and Sortland-based Zooca® signed a letter of intent to facilitate the provision of a specially designed salmon feed for Andfjord Salmon and a long-term cooperation to increase the utilisation of the zooplankton Calanus finmarchicus in salmon feed.

Andfjord Salmon”. It consists of feed ingredients that have a proven track record from land-based salmon farming. However, the feed composition is specifically tailored to Andfjord Salmon’s flow-through system and location at Andøya. Calanus® Plus by Andfjord Salmon is the first salmon feed that utilises the zooplankton Calanus finmar- chicus as a raw material ingredient. The feed also contains algae oil as an alternative to marine fish oil. “Calanus finmarchicus is nature’s own ‘starter’ feed. It is a natural prey that is biologically adapted to provide optimal nutrition for fish. Adding Zooca® Hydrolysate made from Calanus fin- marchicus to the feed is very useful in stimulating the fish’s appetite in the transition to seawater. We look forward to our continued cooperation with Zooca® (Calanus AS) and Andfjord Salmon in realising the vast untapped potential that Calanus finmarchicus represents,” says Mads Martin- sen, Director of Product Development and Sustainability at Skretting. LOCAL SUPPLIER Zooca® (Calanus AS), which processes Calanus finmarchi- cus at its facility at Sortland in Vesterålen, close to Andfjord Salmon’s site at Kvalnes, supplies the Zooca® Hydrolysate to Skretting. During the last 20 years, Zooca has re- searched, studied and developed technology to sustainably harvest and process the tiny zooplankton Calanus finmar- chicus. This innovative, new marine resource has shown numerous health benefits for both people and animals. Calanus finmarchicus is one of the most abundant species on the planet, with an annual reproduction of approximate-

ly 300 million tonnes, and it is Norway’s largest harvestable and renewable marine resource. Today, the company only harvests approximately 0.0005 percent of the total vol- ume annually. “By sustainably harnessing high-performing, high-quality nutrients from Calanus finmarchicus, there is a large potential to improve long-term human health and ensure superior animal nutrition around the globe. We are delighted to have secured this commercial breakthrough in salmon feed together with Andfjord Salmon and Skretting,” says Hogne Abrahamsen, International Account Director at Zooca. “By utilizing a locally harvested raw material, produced at a local production plant, and using the entire animal, we are able to make our feed even more sustainable and our salmon even more healthy. We are pleased to be using Calanus® Plus by Andfjord Salmon at our Kvalnes site and are looking forward to continuing our long-term coop- eration with Skretting and Zooca,” adds Martin Rasmussen.

OUR AMBITION IS TO DEVELOP THE WORLD’S MOST FISH FRIENDLY AND SUSTAINABLE AQUACULTURE FACILITY OF ITS KIND. Martin Rasmussen

Andfjord Salmon is the first salmon farmer in the world to commercially utilise a commercially developed feed that contains Calanus. “Our ambition is to develop the world’s most fish friendly and sustainable aquaculture facility of its kind. Having our own specially designed feed, with unique ingredients from a local supplier, is another important building block towards realising this ambition,” says Martin Rasmussen, CEO of Andfjord Salmon, which released the first smolt in its groundbreaking new pool in June 2022. “The fish settled quickly and have demonstrated a healthy appetite, which continues to improve daily. The fish mortality rate is extremely low, so we had a promising start,” adds Martin Rasmussen. CALANUS® PLUS BY ANDFJORD SALMON In February 2022, Andfjord Salmon entered into a strategic feed supply agreement with Skretting, which is the aqua- culture business line of global leader in animal nutrition and aquafeed, Nutreco. Under the agreement, Skretting will develop feed that is specifically tailored to Andfjord Salmon’s flow-through technology to ensure optimal water quality, fish welfare and growth conditions in its land-based facilities. This will also ensure the production of premi- um quality salmon. The feed is called “Calanus® Plus by

14

15

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

ANDØYA VESTERÅLEN NORWAY

CALANUS ® PLUS BY ANDFJORD SALMON

16

17

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

OPERATIONAL REVIEW

FINANCIAL REVIEW

INCOME STATEMENT In the first half of 2022, Andfjord Salmon reported ope­ rating expenses of NOK 18.3 million, up from NOK 14.1 million in the same period last year. Andfjord Salmon’s first pool was operational from the start of the year with all systems up and running, and operating personnel working in shifts as if there were fish in the pool. This the main reason for the increase in operating expenses The company had no sales income in the period. Net financial expenses were NOK 1.6 million, an increase from NOK 0.1 million last year, as a result of an increase in interest-bearing debt from NOK 30 million to NOK 135 million. Net loss year to date is NOK 19.9 million, up from NOK 14.2 million in the same period last year. FINANCIAL POSITION AND CASH FLOW Andfjord Salmon now has one pool that is operational. The investment activities related to phase 1 of the Kvalnes expansion are therefore complete. Book value of property, plant and equipment is NOK 492.1 million as of 30 June 2022, up from NOK 429.0 million at year-end 2021.

Following successful verification of the laminar water flow in December 2021, Andfjord Salmon spent large parts of the first half of 2022 fine-tuning the pool functions, com- ponents and the laminar water flow at the company’s first land-based pool at Kvalnes, Andøya, Norway. This exten- sive preparatory work progressed according to plan. During this period, Andfjord Salmon’s first pool, with its unique flow-through technology, was operational 24/7, as if smolt were already released in the pool. The company conducted a continuous and complete technical and organisational simulation during this period, to make sure that all technology, equipment and personnel were well prepared for smolt release. All biological sensors were installed and the cleaning robots were extensively tested. Back-up systems and solutions were also subject to com- prehensive testing. The line for receipt and delivery of fish was also put in place. Towards the end of the second quarter, on 25 June 2022, Andfjord Salmon successfully released smolt into its first pool at Kvalnes, Andøya. This was an important milestone for the company. Approximately 200,000 smolt at an av- erage weight of 120 grams were released into the pool. The operation was well prepared and was executed in a safe and predictable manner. The biological conditions in the pool were exactly as planned following smolt release. Subsequent to the end of the second quarter, the fish has adapted to conditions in the pool in an excellent manner. Andfjord Salmon is pleased to see that the company’s technology has created the desired biological conditions. The fish has a solid appetite and is growing according to plan, which confirms its wellbeing. Fish mortality is very low, proving healthy living conditions for the fish. In February 2022, Andfjord Salmon entered into an oper- ational feed supply agreement with Nutreco’s aquaculture business line, Skretting. Under this agreement, Skretting,

Zooca and Andfjord Salmon have together developed a feed that is specifically tailored to Andfjord Salmon’s flow-through technology to ensure optimal water quality, fish welfare and growth conditions in the land-based pool. The feed has been named “Calanus® Plus by Andfjord Salmon”. It consists of ingredients that have a proven track record from land-based salmon farming, but its compo- sition is specifically tailored to Andfjord Salmon’s flow- through system and location at Andøya. It includes the zooplankton Calanus finmarchicus as an ingredient, and also contains algae oil as an alternative to marine fish oil. Andfjord Salmon is the first salmon farmer in the world to utilise a commercially developed feed that contains Calanus. In conjunction with this, Andfjord Salmon, Skretting Norway and Sortland-based Zooca® (Calanus AS) signed a letter of intent that facilitates the provision of feed that is tailor made for Andfjord Salmon and a long-term cooperation to increase the utilisation of the zooplankton Calanus finmarchicus (Calanus) in salmon feed. For the next phase at Kvalnes (Phase 2), Andfjord Salmon completed the scraping of the area in the first quarter. In March, blasting and excavation work started on the next pools. The pools closest to the first pool have been excavated first. Phase 1 and 2 at Kvalnes represent a total target produc- tion volume of approximately 12,600 tonnes HOG, while phase 3 will take production volume up to 19,000 tonnes HOG. In June 2022, Andøy municipal council approved Andfjord Salmon’s zoning plan application for the deve­ lopment of a land-based fish farming facility at Breivik, Andøya (Andøy Industripark Breivik), Norway. Andfjord Salmon is targeting a production volume of 25,000 tonnes HOG at the facility.

released into the pool and the company has biomass of NOK 6.7 million on the balance sheet as of 30 June 2022. Cash and deposits are NOK 191.2 million as of 30 June 2022, an increase from NOK 14.9 million at year- end 2021. In addition, the company has other short-term receivables of NOK 24 million, which is a reduction from NOK 33.7 million at the end of last year. The company’s assets at the end of June 2022 are financed with 71.7% equity. The company had interest-bearing debt of NOK 135 million and trade payables of NOK 56 mil- lion. Andfjord Salmon thus has a very healthy liquidity po- sition for the current phase of the company’s development. In addition to bank loans already on the balance sheet, the company has an unused credit of NOK 20 million and commitments for a further NOK 5 million in bank loans. The company will also receive grants of NOK 8 million during the second half of 2022. Net cash flow from operating activities was NOK -16.8 million, which is related to the operating loss for the period. Cash flow from investing activities was NOK -65.2 million. Net cash flow from financing activities was NOK 258.2 million, of which NOK 211.5 was related to paid-in equity and NOK 46.7 million related to net increase of non-­ current debt.

At the end of June 2022, close to 200,000 smolt were

18

19

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

STATEMENT FROM THE BOARD OF DIRECTORS AND CEO We confirm, to the best of our knowledge, that the condensed consolidated financial statements for the period January 1 to June 30, 2022, have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway, and provide a true and fair view of the company’s assets, liabilities, financial position and profit and loss as a whole. We also confirm, to the best of our knowledge, that the interim report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related party transactions.

Kvalnes, Andøya, 14.09.2022.

Sign.

Sign.

Sign.

Roger Mosand Chair of the board

Tore Traaseth Board member

Roy Bernt Pettersen Board member

Sign.

Sign.

Sign.

Bettina Flatland Board member

Knut Roald Holmøy Board member

Kim Marius Strandenæs Board member

Sign.

Sign.

Sign.

António Serrano Board member

Gro Skaar Knutsen Board member

Martin Rasmussen CEO

20

21

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

PROFIT AND LOSS

BALANCE SHEET

ANDFJORD SALMON AS

ANDFJORD SALMON AS

Note

Q2 2022 Unaudited

Q2 2021 Unaudited

YTD 2022 Unaudited

YTD 2021 Unaudited

31.12.2021

Note

30.06.2022 Unaudited

31.12.2021

30.06.2021 Unaudited

All amounts in NOK

All amounts in NOK

OPERATING INCOME AND EXPENSES Other income Total operating income

ASSETS FIXED ASSETS

INTANGIBLE ASSETS Research and development Licences, patents and similar rights Total intangible assets

0 0

31 500 31 500

0 0

0 0

0

1 886 397 1 712 405 3 598 802

1 671 147 993 610 2 664 757

1 457 561

2

1 457 561

Salary and personnel expenses Depreciation of tangible and intangible fixed assets Other operating expenses Total operating expenses Operating profit/loss

2 953 441

3 357 717 122 661

8 017 918 1 182 237

7 682 888 245 322

17 402 069 1 229 217

PROPERTY, PLANT & EQUIPMENT Land facilities for farming Machinery and plant Plots and other land Operating movable property, furniture, tools, other Total property, plant & equipment

2

549 989 4 856 739 8 360 169 -8 360 169

3 380 866 6 861 244 -6 861 244

9 129 985 18 330 140 -18 298 640

6 184 992 14 113 202 -14 113 202

15 829 035 34 460 322 -34 460 322

463 896 470 19 643 494 6 188 108 2 353 554 492 081 626

405 053 040 16 241 106 6 174 383 1 519 322 428 987 851

325 218 122 670 477 3 725 663 622 958 330 237 220

2, 3

FINANCIAL INCOME AND EXPENSES

LONG-TERM FINANCIAL ASSETS Other receivables Total long-term fixed assets

Other financial income Other financial expenses Net financial income/expenses Profit/loss before tax

74 962 1 023 325 -948 363 -9 308 532

52 126 216 854 -164 728 -7 025 972

129 998 1 743 698 -1 613 700 -19 912 340

184 805 288 125 -103 320 -14 216 522

282 983 1 358 912 -1 075 929 -35 536 250

106 260 106 260

123 970 123 970

141 680 141 680

Total fixed assets

495 786 688

431 776 578

331 836 461

Net profit/loss for the period

-9 308 532

-7 025 972

-19 912 340

-14 216 522

-35 536 250

CURRENT ASSETS Inventories Biomass Totalt Inventories

5

6 673 112 6 673 112

0

0

RECEIVABLES Other receivables Total receivables

4

24 064 451 24 064 451

33 673 118 33 673 118

23 551 926 23 551 926

Cash and deposits

191 191 207

14 918 370

61 861 709

Total current assets

221 928 770

48 591 488

85 413 635

Total assets

717 715 458

480 368 067

417 250 096

22

23

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

BALANCE SHEET ANDFJORD SALMON AS

CASH FLOW STATEMENT ANDFJORD SALMON AS

Note

30.06.2022 Unaudited

31.12.2021

30.06.2021 Unaudited

Q2 2022 Unaudited

Q2 2021 Unaudited

YTD 2022 Unaudited

YTD 2021 Unaudited

2021

All amounts in NOK

All amounts in NOK

EQUITY AND LIABILITIES PAID-IN CAPITAL Share capital Own Shares Share premium reserve Not registered capital increase Total paid-in capital

CASH FLOWS FROM OPERATING ACTIVITIES Profit/ loss before income taxes Depreciation Change in inventories Change in accounts receivables Change in trade creditors Changes in other accruals Net cash flow from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from the sale of fixed assets Purchase of property, plant and equipment Net cash flow from investing activities Cash flows from financing activities Proceeds from the issuance of new long-term liabilities Paid in capital Net cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

1

36 893 995 -5 000 304 337 152 173 859 173 515 085 320

35 934 400 -5 000 287 523 727

35 874 400 -5 000 307 025 456

-9 308 532 549 989 -6 673 112 39 375 12 769 299 2 609 785 -13 196

-7 025 972 122 661

-19 912 340 1 182 237 -6 673 112 0 6 333 664 2 309 903 -16 759 647

-14 216 522 245 322

-35 536 250 1 229 217

6 154 21 472 622 -3 589 715 10 985 750

226 078 8 877 491 -8 269 913 -13 137 544

226 078 19 901 000 -6 440 997 -20 620 952

323 453 127

342 894 856

RETAINED EARNINGS Other equity Total retained earnings

-180 000 -180 000

-180 000 -180 000

-180 000 -180 000

Total equity

514 905 320

323 273 127

342 714 856

670 477 -208 490 915 -207 820 439

-47 807 496 -47 807 496

-52 660 942 -52 660 942

-65 210 057 -65 210 057

-106 640 987 -106 640 987

Liabilities NON-CURRENT LIABILITIES Liabilities to financial institutions Other non-current liabilities Total non-current liabilities

3

85 426 178 59 941 527 145 367 705

39 478 187 59 191 509 98 669 696

30 000 000 4 078 176 34 078 176

46 395 663 173 744 051 220 139 713

15 000 000 -258 351 14 741 649

46 698 009 211 544 533 258 242 542

30 000 000 2 794 173 32 794 173

89 841 520 4 672 173 94 513 693

CURRENT LIABILITIES Trade payables Current tax liabilities Other current liabilities Total current liabilities

56 023 520 649 727 769 187 57 442 433

49 689 856 1 246 151 7 489 236 58 425 243

38 666 346 648 376 1 142 343 40 457 065

172 319 022

-26 933 543

176 272 838

-86 984 358

-133 927 697

18 872 186

88 795 252

14 918 370

148 846 067

148 846 067

Total liabilities

202 810 138

157 094 939

74 535 241

191 191 207

61 861 709

191 191 207

61 861 709

14 918 370

Total equity and liabilities

717 715 458

480 368 067

417 250 096

Kvalnes, Andøya, 14.09.2022. The board of Andfjord Salmon AS

Sign.

Sign.

Sign.

Roger Mosand Chair of the board

Roy Bernt Pettersen Member of the board

Tore Traaseth Member of the board

Sign.

Sign.

Sign.

Knut Roald Holmøy Member of the board

Kim Marius Strandenæs Member of the board

Bettina Flatland Member of the board

Sign.

Sign.

Sign.

António Serrano Member of the board

Gro Skaar Knutsen Member of the board

Martin Rasmussen General Manager

24

25

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

STATEMENT OF CHANGE IN EQUITY

NOTE 1 SHAREHOLDERS

ANDFJORD SALMON AS

THE SHARE CAPITAL IN ANDFJORD SALMON AS AS OF 30.06.22 CONSISTS OF

Share capital

Own shares

Share premium reserve

Not registered capital increase

Other equity

Total

Total

Nominal value

Entered

As at 31.12.2021 As at 01.01.2022 Capital increase Loss of the year Loss coverage As at 30.06.2022

Ordinary shares Total

35 934 400 35 934 400 959 595

-5 000 -5 000

287 523 727 287 523 727 36 725 765 -19 912 340 304 337 152

0 0 173 859 173

-180 000 -180 000 0 -19 912 340 19 912 340 -180 000

323 273 127 323 273 127 211 544 533 -19 912 340 0 514 905 320

36 893 995 36 893 995

1,00

36 893 995 36 893 995

Ownership structure The largest shareholders in % at the end of the period:

36 893 995

-5 000

173 859 173

Shareholders

Ordinary

Owner interest

Share of votes

Andfjord Holding AS KG Investment Comp AS Skagerak Vekst AS Sparebank 1 Markets AS Middelborg Invest AS Karstein Gjersvik DNB Markets Aksjehandel/-analyse OG Invest AS Traaseth Property AS Verdipapirfondet DNB SMB Euro TV AS Sirius AS Pershing LLC Blue Marine Invest AS

5 778 525 3 230 000 2 309 999 1 902 769 1 810 480 1 390 309 1 360 597 1 223 800 1 106 967 1 018 087 964 683 820 000 787 481 768 086 597 000 596 800 505 050 405 439 400 000 383 503 382 000 380 039 28 121 614 8 772 381 36 893 995

15.7 8.8 6.3 5.2 4.9 3.8

15.7 8.8 6.3 5.2 4.9 3.8

ACCOUNTING PRINCIPLES

These financial statements have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway. The financial statements have been prepared on the historical cost bases and the same accounting policies, presentation, methods and calculations have been followed in these financial statements as we applied in the preparation of the company’s financial statements for the year ended 31 December 2021, except for the inventory. References are made to the annual report for 2021 for a further description of the company’s accounting principles. The interim financial statements are unaudited. The interim financial statements were approved by the board of directors on 29.09.2022. INVENTORY The inventory is valued at full production cost. The production value is set to the sum of direct and indirect production cost.

3.7 3.3 3.0 2.8 2.6 2.2 2.1 2.1 1.6 1.6 1.4

3.7 3.3 3.0 2.8 2.6 2.2 2.1 2.1 1.6 1.6 1.4

Omniverse AS Blinksmark AS Nutreco International B.V. NorNet AS Lani Invest AS Okeakos Blue AS Fontura AS Hermia AS Total >1% ownership share Total other Total number of shares

1.1 1.1

1.1 1.1

1.0 1.0 1.0

1.0 1.0 1.0

76.2 23.8 100.0

76.2 23.8 100.0

The board approved a capital increase on 22 June, where 4,144,932 new shares were issued. Jerónimo Martins Agro- Alimentar subscribed to for all the shares. Antonio Serrano is CEO of Jerónimo Martins Agro-Alimentar and was elected to the board of Andfjord Salmon on 1 July. The capital increase was registered in the business register after 30 June and does therefore not appear as a registered capital increase in the balance sheet at 30 June.

26

27

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

NOTE 1 SHAREHOLDERS

NOTE 2 FIXED ASSETS ANDFJORD SALMON AS

SHARES OWNED BY THE BOARD MEMBERS AND THE CEO

Name

Position

Ordinary

Licences, patents and similar rights

Financial leasing

Total

Martin Rasmussen, Mer Marin AS Roger Brynjulf Mosand Roy Bernt Pettersen, Andfjord Holding AS Tore Traaseth, Skagerak Vekst AS Knut Roald Holmøy, Eidsfjord Sjøfarm AS Bettina Flatland

CEO Chairman

125 000 30 000

Board member Board member Board member Board member

5 778 525 2 309 999 268 420 56 700

Purchase cost as of 01.01.22 + Inflow purchased fixed assets - Outflow this year = Acquisition cost 30.06.22 Accumulated depreciation 30.06.22 = Book value 30.06.22 This year’s ordinary depreciation

1 027 873 824 891

16 241 106 3 402 388

433 577 707 65 322 783 0 498 900 490 3 220 060 495 680 430 1 294 962

1 852 764 140 357 1 712 407 106 095

19 643 494

19 643 494

Economic life

5 years

NOTE 2 FIXED ASSETS

The facilities remain under construction, and the leasing agreement has therefore not begun to depreciate. During the building process interest is accrued. Repayments will accrue when the building process is completed.

ANDFJORD SALMON AS

Plots and other land

Research and development

Operating movable property, furniture, tools, other

Land facilities for farming

NOTE 3 SECURED DEBT

Purchase cost as of 01.01.22 + Inflow purchased fixed assets - Outflow this year = Acquisition cost 30.06.22 Accumulated depreciation 30.06.22 = Book value 30.06.22 This year’s ordinary depreciations

6 174 383 13 725

1 671 147 215 250

1 846 479 1 101 166

406 616 719 59 765 363

6 188 108

1 886 397

2 947 645 594 091 2 353 554 266 934

466 382 082 2 485 612 463 896 470 921 933

Debt secured

30.06.2022

31.12.2021

6 188 108

1 886 397

Long-term debt to credit institutions Total

74 625 000 74 625 000

30 000 000 30 000 000

Economic life

3-5 years

3-50 years

Book value of secured assets

Land facilities for farming Total

94 625 000 94 625 000

50 000 000 50 000 000

28

29

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

NOTE 4 GOVERNMENT GRANTS

Andfjord Salmon AS will receive NOK 4 750 000 in grants from Skattefunn in connection with the tax settlement for 2021. The amount is included in other receivables at year end 2021. In the accounts this is classified as other noncurrent liabilities, as it relates to a Skattefunn project where the conditions are such that the grant must be repaid if the project becomes commercially profitable. The company expects the fish farm to be commercially profitable in the future.

NOTE 5 BIOMASS

Inventories

2022

2021

Biomass Total inventories

6 673 112 6 673 112

0 0

The inventories of Andfjord Salmon AS as at 30.06.2022 are valued at full production cost. Close to 200,000 smolt with an average weight of 120 grams were released into the company’s first pool in June 2022.

30

31

2022 Q2 / HALF-YEAR REPORT

2022 Q2 / HALF-YEAR REPORT

ANDØYA VESTERÅLEN NORWAY

ON TRACK TO BUILD THE WORLD’S MOST FISH-FRIENDLY AND SUSTAINABLE FACILITY

32

33

2022 Q2 / HALF-YEAR REPORT

Andfjord Salmon www.andfjord.no / www.andfjordsalmon.com

34

Page 1 Page 2-3 Page 4-5 Page 6-7 Page 8-9 Page 10-11 Page 12-13 Page 14-15 Page 16-17 Page 18-19 Page 20-21 Page 22-23 Page 24-25 Page 26-27 Page 28-29 Page 30-31 Page 32-33 Page 34

www.andfjordsalmon.com

Made with FlippingBook Annual report