Nordic Halibut AS – Annual Report 2022

20 Apr 2023 07:25 CEST

Averøy, Norway, 20 April 2023

Nordic Halibut AS today publishes its Annual Report for 2022. The Annual Report
and Financial Statement for 2022 were approved by the Board of Directors on 19
April 2023.

The report is attached to the present release and is also available at the
Company’s website at www.nordichalibut.com

Nordic Halibut’s annual general meeting is scheduled for 10 May 2023.


For more information, please see the attached report or contact:
CEO Edvard Henden, edvard@nordichalibut.no, +47 911 41 165, or
CFO Kenneth Meyer, kenneth.meyer@nordichalibut.no, +47 452 12 424


This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


About Nordic Halibut
Nordic Halibut has implemented an ambitious growth plan to become the world’s
leading halibut farmer after significant breakthrough in early-phase production.
The Company’s growth plan has production targets of 4.500 tonnes HOG within 2026
and 9.000 tonnes HOG within 2030. The first production milestone towards these
production targets is number of fish put to sea during 2023. In 2023, the
Company has a production target of 1 million juveniles put to sea – this will
enable run-rate production of 4.500 tonnes HOG halibut.

Nordic Halibut’s fully integrated value chain from roe to sales is built and
organized to perform on the Company’s growth plan to 4.500 tonnes HOG within
2026. The current infrastructure and capacities at the production facilities at
Midsund, Askøy and Averøy are after investments during 2021 and 2022 able to
produce 1 million juveniles annually. In the grow-out phase of production, the
Company currently have three locations and have ambition to establish a fourth
during 2023 to enable run-rate production of at least 4.500 tonnes HOG halibut
in sea each year.

The established and operating infrastructure and capacities at Nordic Halibut’s
facilities are able to produce the number of fish and volumes needed to reach
growth plan phase 1 production targets of 4.500 tonnes HOG. Subsequently, the
build-up phase of the Company and the established capacities have led to
advanced expenses. The volume ramp-up and planned growth towards 2026 and 2030
will have significant impact on production costs and results. With the promising
biological performance throughout production, the Company is still confident
that the scale effect when target volumes are reached will be significant.

Growth plan phase 2 will take the Company’s production volumes to 9.000 tonnes
HOG within 2030. To reach this production target Nordic Halibut will build a new
land-based facility at Tingvoll, Norway that will produce 1.25 million juveniles
annually from 2027 – enabling production of 9.000 tonnes HOG halibut from 2030.
The approval of the zoning plan during February 2023 and the overall project
progression in 2022 and 2023 strengthens current timeline estimates for facility
completion.

More information:
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587999_Nordic Halibut AS - Annual Report 2022.pdf