Arctic Fish lost money in Q4, but is aiming for stock exchange listing

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Icelandic NRS-owned salmon farmer releases latest trading update.

Arctic Fish, which is owned 50 % by Norway Royal Salmon (NRS), harvested 2 988 tonnes during the fourth quarter of 2020, resulting in a total harvest of 7 443 tonnes. Arctic Fish expects to harvest 12,000 tonnes in 2021, 12,100 tonnes in 2022, and to gradually increase the harvest volumes to approx. 24,000 tonnes in 2025.

Total operating income was EUR 12 million, and the operational EBIT/kg was EUR -0.41 for the fourth quarter. The result was impacted negatively by the weak market prices for salmon throughout the quarter.

Net interest-bearing debt was EUR 45 million at the end of the fourth quarter.

At an operational cost level, Arctic Fish achieved an ex-plant cost of EUR 4.1 per kg. The company has a medium-term target of EUR 3.8 per kg. NRS said it believes the cost performance will support the long-term potential of Arctic Fish and Iceland as a salmon farming region.

Arctic Fish has engaged DNB Markets, Pareto Securities and Arion Bank as financial advisers to explore a potential listing on Euronext Growth (Oslo Stock Exchange). It is still expected that a listing will take place within the first quarter of 2021.