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2021-09-03 07:00:15
3.9.2021 07:00:01 CEST | Andfjord Salmon | Half yearly financial reports and
audit reports / limited reviews

September 3, 2021 - Andfjord Salmon has completed its first pool and is
progressing with its 50 percent production volume expansion plan at its Kvalnes
facility. Additional financing has also been secured.

"Progress has been good throughout the second quarter and into the third
quarter, and we remain on track with our current plan," says Martin Rasmussen,
CEO of Andfjord Salmon.


Construction is complete on the first pool at Kvalnes, and the pool is about to
be filled with water. Only minor installation work, which must be performed
after the pool has been filled with water, remains.

During the summer, Andfjord Salmon successfully repaired the damage to the outer
connection joint of the water inlet pipeline to the first pool. This week, the
second section of the inlet pipeline was successfully installed. Installation of
the final part, the water intake filter section, is ongoing and will be
completed shortly, enabling full functionality testing of Andfjord Salmon's
flow-through technology.


To secure funding for the extended test period of the first pool and Andfjord
Salmon's patented flow-through technology solution in preparation for smolt
release next year, Andfjord Salmon has agreed with some of its largest
shareholders the terms of a NOK 50 million unsecured shareholder loan at 3%
interest per annum and two years' maturity. There are no covenants associated
with the shareholder loan.

The loan is subject to a number of share options being granted by certain
members of the company's board and management in favor of the lenders.

"We thoroughly appreciate the support from our shareholders, who are very
ambitious on our behalf and eager for us to prove the benefits of our
flow-through technology. This reflects the favorable loan terms they have
offered. We look forward to initiating the testing soon," says Martin Rasmussen.


In addition to the first pool (Phase 1) and groundwork for the next six pools at
Kvalnes (Phase 2), representing a total production volume of 12,600 tonnes HOG,
Andfjord Salmon introduced an expansion plan (Phase 3) at Kvalnes in the second
quarter 2021.

A land purchase agreement enabling a 50 percent volume expansion has now been
signed. At full production, the Phase 3 production volume increase from 12,600
to 19,000 tonnes HOG is equivalent to a potential annual EBIT increase from
approximately NOK 350 million to NOK 500 million.

Moreover, by initiating the Kvalnes Phase 3 expansion earlier than originally
planned, Andfjord Salmon is able to benefit from lower construction costs and
improved economies of scale earlier than planned and reduce biological risk
during Phase 1 and 2 at Kvalnes.

The Phase 3 expansion is subject to necessary financing. The early initiation of
Phase 3 at Kvalnes will be funded by debt financing.

"In terms of maximizing the long-term revenue potential at Kvalnes, we believe
the initiation of Kvalnes Phase 3 is a smart move. We are working on securing
financing for the expansion and the dialogue with lenders is positive," adds
Martin Rasmussen.


Andfjord Salmon is currently developing its first land-based salmon farming
facility, which means that that the company does not yet generate revenues. The
company had an operating loss of NOK 7.0 million in the second quarter of 2021
compared to a loss of NOK 5 million in the same quarter for the previous year.

As of 30 June 2021, Andfjord Salmon held cash or cash equivalents of NOK 61.9
million. This figure does not include a NOK 20 million undrawn credit facility,
or NOK 15 million in available grants, or the NOK 50 million shareholder loan
that has recently been provided for Andfjord Salmon.


A presentation on updates to operations will be held at 08:00 CET today. The
presentation material is attached to this announcement. The webcast presentation
can be accessed from this link:




This is information that Andfjord Salmon AS is obliged to make public pursuant
to the EU Market Abuse Regulation (MAR) Article 17 no. 1. The information was
submitted for publication, through the NTB Kommunikasjon service by the contact
persons listed above.


* Bjarne Martinsen, CFO, Andfjord Salmon AS, +4797508345,
* Martin Rasmussen, CEO, +47 975 08 665, martin@andfjord.no


About Andfjord Salmon AS

Located at Kvalnes on the island of Andøya on the Arctic Archipelago of
Vesterålen, Norway, Andfjord Salmon has developed an innovative and sustainable
aquaculture concept for land-based farming of Atlantic salmon, based on a
flow-through farming concept. The company's ambition is to build the world's
most sustainable aquaculture facility of its kind. The facility is escape-proof
and lice-free, and its highly filtered effluent prevents the pollution of marine

Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.
www.andfjordsalmon.com - http://www.andfjordsalmon.com/

The information in this announcement is subject to disclosure requirements under
the EU Market Abuse Regulation and Euronext Growth listing rules. The
information was submitted for publication by the contact person set out above.


Andfjord Salmon half year 2021 presentation.pdf -

Andfjord Salmon half year 2021 financial report.pdf -