GlobeNewswire by notified

CORRECTION: Q3 2023 results: A stable production quarter

Share

CORRECTION: On slide 10 in the attached presentation the numbers in the subtitle has been adjusted from 14,000t to 15,000t  This is done to prevent misunderstanding, the guide is 15,000t the same as is stated in a bulletpoint and was said during the live presentation.

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".

Operations

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).

Strategic milestones

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.

Outlook

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 questions@arnarlax.is 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

Email: bjorn@arnarlax.is

CFO Jónas Heiðar Birgisson

Tel: +354 414 0609

Email: jonas@arnarlax.is

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.

Attachment

To 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

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

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

798 Launches Folk Culture Sector of Square Art Festival, 110,000+ Visitors Reached During the Chinese New Year Vacation24.2.2024 03:00:00 CET | Press release

BEIJING, Feb. 24, 2024 (GLOBE NEWSWIRE) -- 798 Art District announces today that the Folk Culture Sector of the 798 Square Art Festival will launch on February 24, 2024, at the CONCERTED SQUARE of 798 Art District in Beijing. This sector aims to bridge contemporary art with urban and rural folk culture. Visiting 798 during the Lantern Festival, you can experience the power of contemporary art intertwined with traditional folk customs and enjoy the familiar yet strange world of Chinese local culture. Event Poster February 24 is the Lantern Festival in China, and it marks the end of the Chinese New Year festivities. The New Year vacation in 798 was full of lively atmosphere. Throughout the Spring Festival, 15 exhibitions were ongoing in 798, including the Joy Art Museum's "Joy in the Year of the Dragon", IOMA Art Center's "Dragon Roaming the World and Prospering", MOCUBE's "Upon Arrival of Dragon", and Le Rime Gallery's "Jia Chen Mountain Chronicle". Based on statistics, there were over

Alvotech and Teva Announce U.S. Approval of SIMLANDI® (adalimumab-ryvk) injection, the first interchangeable high-concentration, citrate-free biosimilar to Humira®24.2.2024 02:15:00 CET | Press release

SIMLANDI is the first citrate-free, high-concentration biosimilar to be designated interchangeable to Humira in the U.S. SIMLANDI is the first biosimilar approval under the strategic partnership between Alvotech and Teva in the U.S. market SIMLANDI will qualify for interchangeable exclusivity in the U.S. for some concentration strengths Alvotech (NASDAQ: ALVO) and Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), today announced that the U.S. Food and Drug Administration (FDA) has approved SIMLANDI (adalimumab-ryvk) injection, as an interchangeable biosimilar to Humira, for the treatment of adult rheumatoid arthritis, juvenile idiopathic arthritis, adult psoriatic arthritis, adul Alvotech (NASDAQ: ALVO) and Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), today announced that the U.S. Food and Drug Administration (FDA) has approved SIMLANDI (adalimumab-ryvk) injection, as an interchan

Transactions with shares and linked securities in Genmab A/S made by managerial employees and their closely associated persons23.2.2024 23:50:47 CET | Press release

Company Announcement COPENHAGEN, Denmark; February 23, 2024 –Genmab A/S (Nasdaq: GMAB) - In accordance with Article 19 of Regulation No. 596/2014 on Market Abuse and Implementing Regulation 2016/523, this document discloses the data of the transactions made in Genmab A/S (Nasdaq: GMAB) by managerial employees and their closely associated persons. The company’s managerial employees and their closely associated persons have given Genmab A/S power of attorney on their behalf to publish trading in Genmab shares by the company’s managerial employees and their closely associated persons. Please find below a statement of such trading in shares issued by Genmab A/S 1.Details of the person discharging managerial responsibilities / person closely associateda)NameJan G. J. van de Winkel2.Reason for the notificationa)Position/statusPresident & Chief Executive Officerb)Initial notification/AmendmentInitial notification3.Details of the issuer, emission allowance market participant, auction platform,

Grant of Restricted Stock Units to Management and Employees and Grant of Warrants to Employees in Genmab23.2.2024 23:35:31 CET | Press release

Company Announcement COPENHAGEN, Denmark; February 23, 2024 –Genmab A/S (Nasdaq: GMAB) announced today that the board decided to grant 418,646 restricted stock units to members of management and employees of the company as well as the company's subsidiaries and 316,899 warrants to employees of the company and the company's subsidiaries. Each restricted stock unit is awarded cost-free and provides the owner with a conditional right to receive one share in Genmab A/S of nominally DKK 1. The vesting of the restricted stock units granted to the members of executive management will, with the exception of deferred annual cash bonus, be subject to forward looking performance criteria and consequently represent the maximum opportunity available if the performance targets have been significantly exceeded. The fair value of each restricted stock unit is equal to the closing market price on the date of grant of one Genmab A/S share, DKK 2,013. The restricted stock units will vest on the first ban

Karate Combat 46 to enhance Dubai’s standing as a leading sports tourism destination23.2.2024 20:00:38 CET | Press release

KC46 will be held on Saturday 20 April First professional sports league gamified by a blockchain access token DUBAI, United Arab Emirates, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Karate Combat, the world’s premier full-contact professional striking league, has partnered with Dubai Department of Economy and Tourism (DET) and Dubai Sports Council (DSC) to bring Karate Combat 46 (KC46) to the emirate this spring. Expected to be the league’s biggest event to date, KC46 is collaborating with TOKEN2049 for a Saturday 20 April event. As part of the collaboration KC46 will be part of the official programme of TOKEN2049 Week Dubai, giving conference attendees the opportunity to witness one of the world’s most innovative sports leagues through special tickets and the opportunity to meet event ambassadors at the conference. KC46 will be announced by UFC Hall of Famers Georges St-Pierre (GSP) and Bas Rutten, alongside Mike Majlak, author and co-host of the Impaulsive podcast. Karate Combat is the first

HiddenA line styled icon from Orion Icon Library.Eye