Q1 2025 Andfjord Salmon Group AS Earnings Call Transcript
Key Points
- Andfjord Salmon Group AS (FRA:50R) announced an optimized build-out plan that increased production capacity at the Kvalnes site by approximately 20%.
- The company successfully completed the outlet waterway, establishing a direct connection between the outlet tunnel and Andfjord, marking a significant milestone.
- The first production cycle demonstrated high growth and survival rates, coupled with low energy consumption and feed conversion rate, indicating strong financial potential.
- The company secured a NOK1.4 billion financial package, including bank loans, sale and leaseback, and private placement, ensuring robust financial backing.
- The construction of Phase 1, including 4 pools and technical infrastructure, is on track for smolt release in Q3, indicating timely progress.
- The company experienced a CapEx overrun of NOK500 million, necessitating a NOK400 million direct equity issue to cover revised costs.
- Adverse weather conditions at Andoya impacted the operating window for harbor construction, eroding the financial buffer for this workstream.
- Mobilizing additional manpower and equipment to maintain pool construction progress incurred extra costs in the short term.
- The company currently has no revenues, with operating costs remaining around NOK13 million per quarter, reflecting the construction-focused phase.
- The final construction cost is higher than the original budget, leading to increased CapEx per kilo from NOK105 to NOK115.
Good morning, and welcome to this Q1 and business update from Andfjord Salmon. My name is Martin Rasmussen, and I am the CEO of Andfjord Salmon. And together with me here today is our CFO, Bjarne Martinsen; and our Project Director, Jostein Nilssen. And we will have a Q&A session after the presentation. And please note that you can submit your question through the webcast solution.
Here's today's agenda. And for the benefit of new listener, we will start with the introduction of Andfjord Salmon, and we will then briefly look at the most recent highlights. Jostein and I will give a status of the Kvalnes build out and the coming smolt release, and Bjarne will go to the financial. And we will end the presentation with a summary, outlook and Q&A.
Our objective is to build the world's most fish and environmentally friendly facility for Atlantic salmon with a mission to serve salmon with a clear conscience. And the results demonstrated in the first production cycle confirm that this is possible. Our concept is based on
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