Arctic Fish Annual Report

By Jordan Whittle - May 16, 2022

MAY 12, 2022

KvígyndisdalurIn 2021, Arctic Fish was prosperous. The company sold about 11,500 tons of salmon, which is more than ever before. The company also produced 3.3 million juveniles, most of which went to its own aquaculture. The company was listed on the Norwegian Euronext Growth stock market and new share capital was raised to strengthen the company’s infrastructure and future growth. An expansion of the company’s juvenile farm in Tálknafjörður was launched, an investment of around ISK 3.8 billion and increasing the company’s production capacity for juveniles up to 5 million juveniles. The company also invested in real estate and a site in Bolungarvík, where it is planned to build a slaughterhouse for the company’s production. It is estimated that the investment in the slaughterhouse will amount to up to ISK 4 billion.

The company was granted a new license in Dýrafjörður, where the maximum permitted biomass went from 4,000 tonnes to 10,000 tonnes. At the end of 2021, the company had a license for more than 23 thousand tonnes of fish in the sea. All locations of the company and the fire of the company went through an extensive and thorough assessment and all locations are with international environmental certification ASC (e. Aquaculture Stewardship Council).

Arctic Fish’s revenue in 2021 amounted to ISK 8.8 billion, compared to revenue of ISK 5.5 billion in 2020. Operating EBIT for the year amounted to ISK 1,279 million, which is ISK 1,186 million more than in the year 2020.

The average sales price per kilo in 2021 was ISK 764, compared to ISK 671 in 2020, which is an increase of 14%. Sold products increased by 54% between years, from 7,443 tonnes to 11,479 tonnes. Production costs decreased between years by 4% from ISK 662 to ISK 636 per kilo.

The margin for the year before payment of interest and taxes (Operational EBIT per kg) amounted to ISK 127 per kilo sold during the year, compared to ISK 9.4 per kilo sold in 2020. The improved margin can be attributed to two key factors, higher sales prices and lower production costs. following increased economies of scale.

The company’s profit for the year after financial items was ISK 2,246 million, compared to a loss of ISK 567 million in 2020.

At the end of 2021, the Group’s total assets were ISK 21.1 billion, while at the end of 2020, total assets amounted to ISK 16.7 billion. The main increase between years was in the form of fixed assets, which increased by ISK 1,495 million and biomass increased from ISK 5,920 million to ISK 7,536 million at the end of 2021.

Net interest-bearing debt at the end of the year amounted to ISK 4.7 billion, compared to ISK 6.9 billion net interest-bearing debt at the end of 2020. Net interest-bearing debt decreased by ISK 2.2 billion between years.

The equity ratio at the end of 2021 was 68.0%.

With this performance in 2021, Arctic Fish has become one of the largest salmon farming companies in Iceland. The company is still growing and has excellent staff and has the financial strength to achieve its growth goals.


The full report can be accessed here

This press release was obtained from here and translated into English