Q3 2023 results: A stable production quarter
Bíldudalur, 9th of November 2023
Icelandic Salmon is the parent company of Arnarlax, and other subsidiaries involved in salmon farming and processing in Iceland. The companies are collectively referred to as "Icelandic Salmon" or the "Group".
In the third quarter 2023, Icelandic salmon resumed harvesting, following a second quarter with limited harvest volume. The group harvested 4,040 tonnes in the quarter, up from 3,804 tonnes in the third quarter 2022.
“Our team demonstrated strong adaptability and commitment during a time with changing working conditions. Following a summer with limited harvest due to our focus on biological growth, we started harvesting in July. In the third quarter, total harvest came in slightly above the corresponding quarter last year, and the biological performance for the quarter was good” said Bjørn Hembre, CEO of Icelandic Salmon.
The group reported revenues of 42 million EUR in the third quarter 2023, up from 34 million EUR in the third quarter 2022. The EBIT for the quarter was positive of 3.0 million EUR, resulting in an EBIT/kg harvest of EUR 0.73. The EBIT/kg harvest was down from the corresponding quarter last year of EUR 0.99, due to higher costs, partly offset by strong price achievement compared to market prices.
The smolt stocking continued in the third quarter and the group achieved operational improvements in smolt production. YTD the smolt weight is 236, up 36% from 2022.
“The quality of the smolt is good and the survival rate of smolts is high. We see good effect of recent years’ investment and operational focus in our smolt production. “said Bjørn Hembre, CEO of Icelandic Salmon.
In October 2023, after the end of the third quarter, the group had to respond to an unfortunate biological challenge in Tálknafjörður. The incident was soon deemed a risk to animal health and the wellbeing of the fish, and a decision was made to take out significant volumes (see more information in Outlook below).
In September, Icelandic Salmon held its first Capital market day, giving stakeholders valuable insights into its operations and growth plans, and successfully completed a dual listing on the NASDAQ First North exchange in Iceland. This listing makes the company’s shares more easily accessible for Icelandic investors.
In August, Arnarlax signed a commitment letter for its first sustainability-linked loan agreement, totalling EUR 100 million, with DNB, Danske Bank and Arion Bank who stepped in with an overdraft facility and as security agent for the loan agreement. The agreement was successfully completed in the beginning of November.
For the year 2023 as a whole, Icelandic Salmon expects to harvest 17,000 tonnes of salmon, up from the previous estimate of 16,000 tonnes. The increase is a result of growth beyond expected on our spring 2022 generation.
As mentioned above, Icelandic Salmon decided to take out significant volumes of fish in Tálknafjörður. This will have a one-off impact estimated at around EUR 5-6 million on profits in the fourth quarter 2023. Harvest volumes for 2024 is expected at 15,000 tonnes.
“For the longer term, we continue to see a potential for growth up to 26.000 tonnes on existing licenses supported by strong demand for sustainably farmed Atlantic Salmon,” said Bjørn Hembre, CEO of Icelandic Salmon.
The presentation9th of November
Attached is the presentation for the third quarter.
The presentation will be held at Arion Bank headquarters in Borgartún 19, 105 Reykjavík, in the conference room Þingvellir today, 9th of November. The conference room will be open from: 8:15 GMT (9:15 CEST) and company's CEO Bjørn Hembre and CFO Jónas Heiðar Birgisson will be presenting the company's results at 9:00 GMT (10:00 CEST), the presentation will also be available via webcast on arnarlax.webcast.is.
Questions may be asked after the presentation and there is also a possibility to send questions to firstname.lastname@example.org during the presentation.
The presentation will be made available for replay on our website, www.arnarlax.is, shortly after the live event.
For further information, please contact:
CEO Bjørn Hembre
Tel: +354 620 1936
CFO Jónas Heiðar Birgisson
Tel: +354 414 0609
About Icelandic Salmon: Icelandic Salmon is listed at the Euronext Growth. The company is the 100% owner of Arnarlax ehf, the leading farming company in Iceland with their head office in Bildudalur. The company is fully integrated, from egg to the fish is delivered to customers in the market, with control over all parts of the value chain.
See https://www.arnarlax.is for more information about the company.
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Avance Gas Holding Ltd: Ex Dividend USD 0.50 today7.12.2023 07:01:00 CET | Press release
Hamilton, Bermuda, December 7, 2023 The shares in Avance Gas Holding Ltd (ticker: "AGAS") will be traded ex-dividend USD 0.50 as of today relating to the dividend for the third quarter of 2023. The dividend will be paid on December 15, 2023. For further information, please contact: Randi Navdal Bekkelund - Chief Financial Officer Tel: +47 23 11 40 00 Email: IR@avancegas.com ABOUT AVANCE GAS Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carriers (VLGCs) and operates a fleet of fourteen modern ships including two dual fuel LPG newbuildings for delivery in early 2024 as well as four medium sized gas/ammonia carriers due for delivery in 2025 and 2026. For more information about Avance Gas, please visit www.avancegas.com. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Capital Markets Day 2023 - Ipsen outlines next phase of growth & transformation and provides new mid-term outlook7.12.2023 07:00:00 CET | Press release
PARIS, FRANCE, 7 December 2023 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-driven biopharmaceutical company, today holds its Capital Markets Day in London, U.K. “Ipsen has made significant progress since our strategic roadmap was implemented three years ago and is today in a great spot,” commented David Loew, Chief Executive Officer, Ipsen. “Our business has been transformed, with the focus on Specialty Care now supported by a stronger pipeline and momentum from our growth platforms, as well as a robust balance sheet and an external-innovation strategy yielding compelling results. Ipsen is now ready for its next phase of growth with several launches across multiple potential indications, providing more options for patients with high unmet medical needs. Our journey will be driven by the combination of the growth platforms, our new medicines and more external-innovation transactions to come. We will also continue to deliver on our ambitious sustainability objectives and road
Ipsen confirms U.S. FDA grants priority review for New Drug Application for elafibranor for the treatment of rare cholestatic liver disease, PBC7.12.2023 07:00:00 CET | Press release
New Drug Application granted priority review with PDUFA date set for June 10, 2024 European Medicines Agency (EMA) has also validated the Marketing Authorization Application (MAA) for elafibranor Investigational elafibranor is the first novel second-line treatment for primary biliary cholangitis (PBC) to be filed in E.U. and U.S. in nearly a decade PARIS, FRANCE, 07 December 2023 - Ipsen (Euronext: IPN; ADR: IPSEY) and GENFIT (Nasdaq and Euronext: GNFT) today announced that the U.S. Food and Drug Administration (FDA) has accepted the New Drug Application (NDA) for investigational elafibranor. An oral, once-daily dual peroxisome activated receptor alpha/delta (PPAR α,δ) agonist, investigational elafibranor could potentially be the first novel second-line treatment for the rare, cholestatic liver disease, PBC, in nearly a decade. The target FDA PDUFA date under priority review is June 10, 2024. The European Medicines Agency (EMA) has also validated Ipsen’s Marketing Authorization Applica
Santhera Appoints Executive Committee Members as it Transitions into Commercial Stage7.12.2023 07:00:00 CET | Press release
Pratteln, Switzerland, December 7, 2023 – Santhera Pharmaceuticals (SIX: SANN) announces the promotion of Geert Jan van Daal, MD, PhD, to Chief Commercial Officer (CCO) and of Marc Schrader to Chief Technology Officer (CTO). Both will join the six-member Executive Committee effective January 1, 2024. “Santhera is transitioning to the commercial phase and will make AGAMREE® (vamorolone) available to patients in Europe starting in Germany in early 2024, subject to approval by the European Commission. In a staged roll-out across the key European markets, launches will follow in the UK and France later that year, with Spain and Italy scheduled to launch in early 2025,” said Dario Eklund, CEO of Santhera. “With Geert Jan and Marc joining the Executive Committee, we are leveraging the existing expertise within our leadership team and are elevating the commercial and supply chain functions to their level of importance as we enter the commercial market.” Geert Jan van Daal, MD, PhD, has held v
Press Release: Sanofi Pipeline Transformation to Accelerate Growth Driven by Record Number of Potential Blockbuster Launches, Paving the Way to Industry Leadership in Immunology7.12.2023 03:30:00 CET | Press release
R&D Day Sanofi Pipeline Transformation to Accelerate Growth Driven by Record Number of Potential Blockbuster Launches, Paving the Way to Industry Leadership in Immunology Details strong pipeline including Sanofi’s record 12 blockbuster opportunities under clinical evaluation: 9 innovative medicines and vaccines with €2 to 5 billion peak sales potential, and 3 ‘pipeline-in-a-product’ assets with a potential of over €5 billion peak sales Strategic transformation through R&D features potential multi-indication assets such as amlitelimab, frexalimab and the oral TNFR1si intended to address unmet patient needs in markets with low penetration of advanced therapiesEnhanced R&D focus aims to deliver a 50% increase in Phase 3 trials in 2024 and 2025 as well as 25 mid- to late-stage read-outs over the next 2 yearsAmbition to become an immunology powerhouse driven by recent and future launched pharma assets, generating over €10 billion in annual sales by 2030, in addition to the strong growth of