Norway Royal Salmon (NRS): Selected preliminary Q4 figures for Arctic Fish ehf.
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Arctic Fish ehf ("Arctic Fish"), a company owned 50 % by Norway Royal Salmon (NRS), harvested 2 988 tonnes (HOG) during the fourth quarter of 2020, resulting in a total harvest of 7 443 tonnes (HOG) for 2020. Arctic Fish expects to harvest approx. 12 000 tonnes (HOG) in 2021, 12 100 tonnes (HOG) in 2022, and to gradually increase the harvest volumes to approx. 24 000 tonnes (HOG) in 2025. The total revenues were approx. EUR 12 million, and the operational EBIT/kg (HOG) was EUR -0.41 for the fourth quarter, impacted negatively by the weak market prices for salmon throughout the quarter. The net interest bearing debt was approx. EUR 45 million at the end of the fourth quarter.
Arctic Fish continued its solid performance on the operational cost level, achieving an ex-plant cost of EUR 4.1 per kg (HOG), putting the company on-track for their medium-term target of EUR 3.8 per kg (HOG). NRS consider the cost performance to support the long-term potential of Arctic Fish and Iceland as a salmon farming region.
As previously disclosed in a stock exchange announcement on 3 November 2020, Arctic Fish has engaged DNB Markets, Pareto Securities and Arion Bank as financial advisers (the “Managers”) to explore a potential listing on Euronext Growth (Oslo). It is still expected that a listing will take place within the first quarter of 2021.
This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not contain or constitute an offer to sell or a solicitation of any offer to buy or subscribe for any securities referred to in this announcement to any person in any jurisdiction, including the United States, Australia, Canada, Japan, Hong Kong or South Africa or any jurisdiction to whom or in which such offer or solicitation is unlawful.
This announcement is made by, and is the responsibility of, Arctic Fish. The Managers and their affiliates are acting exclusively for the Company and no-one else in connection with the potential listing on Euronext Growth (Oslo) (the “Listing”). They will not regard any other person as their respective clients in relation to the Listing and will not be responsible to anyone other than Arctic Fish, for providing the protections afforded to their respective clients, nor for providing advice in relation to the Listing, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "aims", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company, each of the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.
The potential Listing may be influenced by a range of circumstances, such as market conditions, and there is no guarantee that the Listing will proceed and that the admission to trading on Euronext Growth (Oslo) will occur.
This announcement is for information purposes only. It does not purport to be complete, and it is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of Arctic Fish. Neither the Managers nor any of their respective affiliates accepts any liability arising from the use of this announcement. Arctic Fish, NRS and the Managers, and their respective affiliates, expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.