GIGANTE SALMON AS: Publication of Q4 2022 Report – on track to production in September 2023
Bodø, Norway, 14 February 2023.
Highlights for Q4 2022 include:
- Construction has been on-going throughout the period. Excavation of production basin 3 is complete. All required blasting will be completed by the end of February.
- Completed acquisitions and agreements: Skretting, Xylem, Infrakon.
- Application in process for the establishment of a small rockfill that will enable the placement of risers to the west of Lille Indre Rosøy.
- Our smolt partner, Grytåga Settefisk AS, has begun raising the first release of fish for the facility.
- Agreements so far in 2023:
Lovund Bedrifts Service for delivery of concrete. Nordkontakt and Elektro for the establishment of electricity, automation, instrumentation, ICT-/telecommunications and power transmission.
On track to production in September:
The project is proceeding according to plan, and we expect production to begin in September. Our plans call for only production basin 3 to be ready when the facility comes on-line this autumn. Excavation of production basins 1 and 2 is due to be completed by this time, as will much of the facility’s infrastructure (fleet, sludge plant etc.). Establishing one production basin first will help us make technological choices and be aware of their associated costs in advance of completion of the remaining production basins in the summer of 2024.
Our first smolt to be released in September 2023 is now in production at our contractual partner for smolt, Grytåga Settefisk AS, and Gigante Salmon Rødøy has ordered 1,1 million smolt from this batch.
As the group is still at the development stage, Q4 sales revenues were, for the second year running, NOK 0 million. Operating profit for the period was NOK -1.2m.
– 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 look forward to first release of smolt in September, says CFO Rune Johansen.
The focus is now on the final details of the project.
In connection with the Q4 2022 Report, Gigante Salmon is pleased to invite you to a management presentation at 10:00 CET. The presentation will be held by CEO Helge E. W. Albertsen and 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-2022/1e75hdql
For further information, please contact:
Helge E. W. Albertsen, CEO
Phone: +47 480 47 613
Rune Johansen, CFO
Phone: +47 988 44 724
The full Q4 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.