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GIGANTE SALMON AS: Publication of Q3 2022 Report – the journey has begun


GIGANTE SALMON AS: Publication of Q3 2022 Report – the journey has begun

Bodø, Norway, 15 November 2022.


Highlights for Q3 2022 include:

  • The project is moving forward in accordance with prepared and approved plans and in line with planned and approved cost limits
  • Blasting resumed in September. Heavy construction activity, including blasting, must halted before 28 February 2023
  • Establishment of the rockfill in the waters north-east of Lille Indre Rosøy is underway and expected to be completed during Q1 2023
  • Contracts signed: land-based feeding facilities (Aquagroup), feed supply agreement (Skretting), in-let water pumps (Xylem)
  • A decision about the landing of the submarine cable is expected in Q4

The journey has begun:

Our first smolt to be released autumn 2023 is now in production. November 8 the incubation phase of the salmon roe started in the facilities of our contractual partner for smolt, Grytåga Settefisk AS. The juveniles are expected to hatch in the beginning of December, and ready for delivery in September 2023. Gigante Salmon Rødøy has ordered 1,1 million smolt from this batch.

Grytåga Settefisk AS has its facility in Vefsn county, in Helgeland region, and has been producing smolt since 2008.

Our first smolt will soon hatch — and we will be one step closer towards their release at the Gigante Salmon Rødøy facility. Benchmark Genetics Salten produced and fertilised the roe and, and on 8 November it arrived at Grytåga Settefisk, where it is now incubating. Grytåga Settefisk AS is our contractual partner for smolt. Its hatchery in Grytåga in Vefsn council, in Helgeland county, has been producing smolt since 2008.


Financial review:

As the group is still at the development stage, Q3 sales revenues were, for the second year running, NOK 0 million. Operating profit for the period was NOK -0.6m.

– Gigante Salmon is in a strong, financial position, with both financing for construction phase granted and long term financing granted, in addition to a biomass build-up working capital of NOK 140 million. We are pleased that investments in Gigante Salmon Rødøy are progressing according to plan, and we still expect first release of smolt in autumn 2023, says CFO Rune Johansen.

Impact of the decision by the Tax Appeals Board:

The Tax Appeal Board has ruled in Gigante Salmon AS’s favour in a matter relating to the 2009 fiscal year. The ruling, issued on 30 August, calls for Gigante Salmon to be reimbursed a total of NOK 2,631,994 (equal to NOK 2,576,801 for taxes paid in 2013, with interest, and NOK 55,193 for taxes paid in 2014, with interest). In addition, Gigante Salmon has increased the amount of negative balance it can carry forward to NOK 11,133,003. This results in a deferred tax benefit of NOK 2,449,261 and an overall increase in profits of NOK 5,081,255. Net profit for the period was NOK +5.6m.

The focus is now on the final details of the project, as well as by entering into the contracts that will provide the project with long-term stability.

In connection with the Q3 2022 Report, Gigante Salmon is pleased to invite you to a management presentation at 10:00 CET. The presentation will be held by CFO Rune Johansen, and will finish off with a Q&A session where you may submit questions in writing. The presentation will be held in Norwegian.


Link to webinar: https://gigantesalmon.no/investor/websendinger/#/gigante-salmon/quarterly-earning-reports-2022/4e237xc4

For further information, please contact:

Helge E. W. Albertsen, CEO.
Phone: +47 480 47 613
E-mail: helge@gigantesalmon.no

Rune Johansen, CFO
Phone: +47 988 44 724
E-mail: rune@gigantesalmon.no

The full Q3 2022 report is attached to this stock exchange announcement and published on the company’s website: https://gigantesalmon.no/investor/rapporter-og-presentasjoner/

About Gigante Salmon:
Gigante Salmon is a land-based salmon farming company with its first production facility under construction on Lille Indre Rosøya in Rødøy, Norway. The company’s aquaculture concept is based on a flow-through system, combining the benefits of conventional and land-based aquaculture while simultaneously eliminating issues associated with conventional, sea based, farming, i.e. sea lice and escapes as well as reduced mortality, emissions, feed waste and impact on nearby surroundings.

See www.gigantesalmon.no for more information on the company.


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