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Arctic Fish Holding
Annual Report • Mar 26, 2025
3537_10-k_2025-03-26_6352bc94-fff9-4e08-b120-f133ac576a34.pdf
Annual Report
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Annual Report 2024
Sustainable Salmon, Exceptional Quality
Company & 1 Annual Highlights
| CEO's Statement 8 |
|---|
| Milestones 10 |
| The business 12 |
| Freshwater production 14 |
| Seawater production 15 |
| Processing 16 |
| Sales 17 |
| Production highlights 18 |
| Capital expenditure summary 19 |
| Growth and development 19 |
| Shareholders 20 |
Environmental, 2 Social & Governance
| Our stakeholders 23 |
|---|
| KPI's and ambitions 25 |
| Fish health and fish welfare 27 |
| Certifications 27 |
| Nutritious and tasty salmon 28 |
| Fresh water 29 |
| Escape prevention 29 |
Health, Safety, 3 & Environment
| People and society | 31 |
|---|---|
| Responsible employer | 32 |
| Worker's rights and social matters | 33 |
| Education and development | 34 |
| KPI's and ambitions | 35 |
| Board of directors 37 |
|---|
| Board of directors' report 38 |
| Financial performance 39 |
| Key financial figures 42 |
| Financial performance summary 43 |
| Key Operational Figures 44 |
| Allocation of result for the year 49 |
| BOD declaration 50 |
| Consolidated income statement 51 |
| Consolidated statement of financial position 52 |
| Consolidated statement of cash flows 54 |
| Consolidated statement of changes in equity 55 |
| Group financial notes | 58 |
|---|---|
| Arctic Fish Holding | 85 |
| — Income statement | 85 |
| — Financial position | 86 |
| — Equity statement | 88 |
| — Cash flow | 88 |
| — Notes to the financial statements | 89 |
| Independent Auditor's Report | 97 |
| APM 100 |
Abbreviations
In some cases, industry specific abbreviations are used as well as other abbreviations, a list of them is as follows:
ASC Aquaculture Stewardship Council Certification
BFCR Biological Feed Conversion Ratio
BOD Board of Directors
COGS Cost of Goods Sold
EBIT Earnings Before Interest and Taxes
EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization.
EFCR Economic Feed Conversion Ratio
ESG Environmental, Social and Governance.
EUR Euros
FCA Free Carriage – a shipping term.
GDP Gross Domestic Production
GHG Green House Gas protocol
GW Gutted Weight of Salmon HOG Head on Gutted weight of Salmon
HSE Health, Safety, and Environment
HSMI Heart, Skeleton and Muscle Inflammation
ISK Icelandic Kroner
KPI Key Performance Indicators
LW Live Weight of Salmon
MAB Maximum Allowed Biomass
NOK Norwegian Kroner
NRS Norway Royal Salmon
RAS Recirculating Aquaculture System
ROCE Return On Capital Employed
ROE Return On Equity
TGC Thermal Growth Coefficient
USD United States Dollars
From the heart of Vestfirðir to your table.
1 Company & Annual Highlights
1 Company & Annual Highlights
| CEO's Statement 8 |
|---|
| Milestones 10 |
| The business 12 |
| Freshwater production 14 |
| Seawater production 15 |
| Processing 16 |
| Sales 17 |
|---|
| Production highlights 18 |
| Capital expenditure summary 19 |
| Growth and development 19 |
| Shareholders 20 |
AF Annual Report 2024 Company & Annual Highlights 7
Sustainable Salmon, Exceptional Quality
Arctic Fish harnesses the extraordinary power of the North's pristine waters to produce exceptional salmon. Nested in a unique, remote environment with deep sheltered waters, cold temperatures, and strong currents, our salmon thrive in an ecosystem that defines premium quality.
Our commitment to sustainability drives us to meticulously select the best habitats and implement rigorous farming practices. We produce omega-3 rich salmon that meets the highest global standards, delivering premium nutrition while respecting our marine environment.
At Arctic Fish, we're not just farming salmon — we're pioneering a new standard of sustainable, high-quality seafood.
CEO's Statement
As we close the year 2024, it is time to reflect on a period of growth, learning, and achievement for Arctic Fish. Following a very challenging 2023, we saw several improvements in 2024. This includes operational milestones, enhanced biological performance, and a notable 41% increase in standing stock at sea. Nevertheless, the company is still in a build-up phase with everything that entails, and Arctic Fish continues its very important work to reduce costs and secure operational improvements.
The progress seen in 2024 would not have been possible without the dedication and passion of our team, whose contributions drive Arctic Fish forward every day. Together, we achieved several milestones, including record-high production in our smolt operations, excellent results in sea lice control, and the first full year of operation at our Bolungarvik harvesting facility. 2024 has been a year of consolidation, where we focused on strengthening operational control, improving cost efficiency, and building a foundation for sustainable growth.
These efforts align with our strategic objectives and long-term ambition of significant production growth, reflecting our commitment to delivering long-term value. As we move forward, Arctic Fish is committed to leading the way in sustainable aquaculture, combining innovation, operational excellence, sound financials, local commitment, and a deep respect for the environment to meet the growing demand for premium-quality seafood.
Operational achievements
2024 was marked by important achievements across all aspects of our operations. We harvested a volume of 10,677 tonnes HOG salmon and achieved an EBIT per kilogram of 1.42 euros. Although cost performance was good relative to peers, the cost level is still too high, and cost improvements remain a key priority for the company. In smolt production, we achieved record-high output by focusing on optimal utilization, and there were positive contributions from our cost saving initiatives in this area. Following the setback caused by the fire at our smolt facility in 2023, we took actions to secure external smolt contracts to ensure sufficient supply and support our growth objectives moving forward. Our seawater operations also delivered solid results, with a significant increase in biomass at sea.
A highlight of the year was our successful lice control, achieved through the dedication, effort, and expertise of our team. By increasing the capacity and use of effective and environmentally friendly methods, we maintained strong biological performance, ensuring fish welfare and sustainability.
Arctic Fish has continued to focus on quality and best practices across the organization. Through targeted improvements in processes, technology and training, we have strengthened our operational standards to deliver consistent results. These efforts were a step in the right direction in our journey to ensure that every step of our value chain, from smolt production to harvesting, is aligned with industry-leading practices and our commitment to excellence. The first full year of operation at our Bolungarvik harvesting facility was another pivotal milestone. By providing sufficient internal capacity, the facility has enabled us to optimize harvesting schedules, ensuring fish are harvested at the right time. The facility has also provided us with a tool to reduce processing cost. Super chilling, bringing the salmon to minus one degree before packaging, allows us to deliver high-end quality with an extended shelf life to our customers.
Arctic Fish's focus on operational efficiency, volume growth, and cost control remains central to achieving our long-term goals. By building on these successes and prioritizing continuous improvement, we continue to position ourselves as a leader in sustainable aquaculture while preparing for significant growth ahead.
Positioning in the global market
Farmed salmon is recognised for its strong sustainability metrics including resource efficiency. With superior feed conversion ratio, lower carbon emissions, and minimal fresh water use, it offers clear environmental advantages over terrestrial proteins. The global salmon market in 2024 remained good, and we expect that demand for sustainable, highquality seafood will only continue to grow.
Global production of farmed Atlantic salmon is estimated to exceed 2.5 million metric tonnes GWT, with Norway and Chile accounting for over 75% of total supply. In general, industry supply growth is expected to be limited due to factors like biological challenges and regulatory constraints. The favourable global environment creates a strong foundation for Iceland's growth, with Arctic Fish playing a key role as a leading producer in this region. Iceland's salmon production has grown considerably in recent years and is expected to continue increasing, with potential for substantial expansion.
According to a report by the Boston Consulting Group, Iceland could reach production levels of up to 146,000 metric tonnes under moderate regulatory adjustments, and as much as 234,000 metric tonnes with progressive reforms and technological advancements. With 25% of Iceland's present production capacity, Arctic Fish is well-suited to play an important role in Iceland's aquaculture growth while maintaining sustainability from both an environmental and financial point of view.
This progress would not have been possible without the dedication and passion of our incredible team, whose contributions drive Arctic Fish forward every day.
Commitment to sustainability and innovation
Environmental responsibility and innovation are at the core of Arctic Fish's operations. Farmed salmon, widely regarded as a highly resource-efficient protein source, supports global efforts to reduce carbon emissions and promote eco-friendly food production. Arctic Fish's adherence to the Aquaculture Stewardship Council (ASC) certification is an example of our commitment to high environmental and social standards. In addition, Iceland's pristine waters and strict legal framework further reinforce our responsible practices.
With Mowi as a majority stakeholder, Arctic Fish aligns with industry-leading practices and benefits from the expertise of a company ranked as the most sustainable protein producer globally for six consecutive years by the Coller FAIRR Protein Producer Index. Through continuous improvements and effective practices, Arctic Fish ensures sustainable growth while meeting global demand for premium-quality salmon.
Our people, culture, and safety
Our people remain the foundation of Arctic Fish's success. In 2024, we focused heavily on fostering a culture of collaboration, continuous improvements and safety, while offering professional development opportunities for our employees. This approach ensures that Arctic Fish attracts and retains top talent, critical for supporting our ambitious growth plans. A key priority this year has been training in health and safety, reflecting our commitment to ensuring that every member of our team returns home safely each day.
By investing significant amounts of time and resources in this area, we have strengthened awareness, improved practices, and embedded a safety-first mindset across all operations. We are committed to supporting staff with ambitions and providing opportunities for growth within the organization. By empowering employees to adopt effective solutions and best practices,
Arctic Fish continues to cultivate a motivated and skilled workforce dedicated to excellence. Arctic Fish's impact
extends beyond its operations to the local communities where we operate. By providing stable employment and contributing to the regional economy, we remain committed to being a responsible and valuable member of society.
Outlook
Arctic Fish is poised to capitalize on favourable market conditions and increasing global demand for sustainable, high-quality seafood. While global salmon supply growth is expected to remain modest, Iceland's aquaculture sector has significant potential for expansion, supported by favourable regulatory developments and operational advancements.
A competitive and supportive framework is essential for Iceland's aquaculture industry to realize its growth potential, allowing producers like Arctic Fish to deliver long-term economic, environmental, and social benefits. With 25% of Iceland's production capacity and strategic plans to further optimize our operations, Arctic Fish is well-positioned to capture a meaningful share of this growth.
Our focus on sustainability, cost efficiency, and delivering premium products ensures resilience in a dynamic market. Looking ahead, Arctic Fish will continue leveraging its integrated value chain and best practices to meet its growth targets and strengthen its position in the global aquaculture industry. By balancing operational excellence with sustainable development, we aim to deliver long-term value to our shareholders, stakeholders, and communities.
Stein Ove Tveiten Chief Executive Officer
Milestones
2011
Arctic Fish was founded.
Trout farming and the processing of white fish was started.
Jerzy Malek, the founder of Morpol and Milarex, became a part-owner.
2014
Construction of smolt hatchery in Norðurbotn was initiated. 2016
NRS acquired 50% ownership through a private placement.
2017
First salmon smolt released to sea in Dýrafjörður, at the site Gemlufall.
2018
The first stage of the hatchery was completed.
Smolt released to sea in Dýrafjörður, at the site Eyrarhlíð.
From the first salmon harvested in 2019, a total of 50,000 tonnes of salmon HOG have been harvested, which equals 200 million delicious meals*
* The average meal includes approx. 250 grams of salmon
2019
The first salmon was harvested in January.
Smolt released to sea in Patreks/Tálknafjörður, at sites Kvígindisdalur and Hvannadalur.
3,321 tonnes of HOG salmon was harvested.
2020
Smolt released to sea in Dyrafjordur, at sites Eyrarhlíð 2/Gemlufall and Haukadalsbót.
7,443 tonnes of HOG salmon was harvested.
2021
The company was listed and started trading at Euronext Growth Oslo on the 19th of February.
Smolt released to sea in Dýrafjörður, at sites Eyrarhlíð and Kvígindisdalur.
11,479 tonnes of HOG salmon was harvested.
New Smolt expansins in Norðurbotn started.
2022
New harvesting facility project started.
Smolt released in three different Fjords.
8,561 tonnes of HOG salmon harvested from Eyrarhlíð, Eyrarhlíð 2, Haukadalsbót & Hvannadalur.
Mowi purchases 51.28% ownership in Arctic Fish from NRS/Salmar.
2023
11,878 tonnes of HOG salmon harvested from Eyrarhlíð, Hvesta & Kvígindisdalur.
Finalized construction of own harvesting facility.
2024
10,667 tonnes of HOG salmon harvested.
From the first salmon harvested in 2019, a total of 50,000 tonnes of salmon HOG have been harvested, which equals around 200 million delicious meals.
The business
Arctic Fish is a group of companies operating mainly in the Westfjords of Iceland. The group's principal activity is salmon farming, producing smolt in its own freshwater hatchery and farming salmon at sea before the fish is harvested at its own harvesting facility and is then finally sold to the market.
Arctic Fish Holding AS
Arctic Fish Holding AS was incorporated on 1 October 2020. The Company is a holding company which owns 100% of the shares in Arctic Fish ehf., the former parent company of the Group, that was incorporated on 1 July 2011. Arctic Fish ehf. was founded in 2011 and is now one of the leading salmon farmers in Iceland, situated in the West Fjords, a region with favourable conditions for fish farming. The West Fjords are known for their pristine nature, good seawater conditions and high growth potential.
The Group has a modern and high capacity smolt facility with recirculating aquaculture systems ("RAS") technology, being currently the only RAS facility in Iceland with largescale production capacity. 7,443 tonnes of head-on gutted ("HOG") salmon were harvested by the Group in 2020 and 11,479 tonnes HOG in 2021, or a 54% growth year over year. In 2022 the Group harvested 8,561 tonnes HOG or a 25% decrease year over year due to loss of production and lack of harvesting capacity that led to the mortality of market ready fish. In 2023 the Group harvested an all-time high 11,878 tonnes HOG, which is a 39% increase from the prior year. In 2024 the Group harvested 10,667 tonnes HOG, or a decrease of 10% year over year.
The Group has farming licences for a total of 29.8 thousand tonnes maximum allowed biomass ("MAB"), of which 2.8 thousand tonnes are licenses for rainbow trout that are in the process of being converted to salmon licences. as per report publication. The licenses already awarded cover 10 farming areas in five fjords that are: Tálknafjörður and Patreksfjörður (two fjords together as one farming area), Arnarfjörður, Dýrafjörður and Ísafjarðardjúp. Each area has its own maximum allowed biomass according to the awarded licenses.
Additionally, the Group holds a license for land based smolt production on its own land in Norðurbotn, which is required for the Group's ongoing smolt production.
Arctic Smolt is the entity responsible for smolt production. The RAS smolt facility is located in Tálknafjörður where there are good geothermic conditions. The facility has access to natural water temperatures of between 6°C and 22°C all year round. The hatchery has a proven record and history of production, with smolt having been produced at the hatchery since 2017.
Freshwater production
The Group has a modern freshwater smolt production facility in Norðurbotn (Tálknafjörður), using RAS technology. The production facility is 100% owned by Arctic Fish. It has access to natural water temperatures of between 6°C and 22°C all year round and good geothermic conditions. The hatchery has a proven record of smolt production, with smolt having been produced at the hatchery since 2017. The Group also owns a considerable land area near the smolt facility, which it is currently using to expand production capacity.
The Group has licenses for up to 1,000 tonnes and has applications that are on the final stages for additional licenses of up to 2,400 tonnes.
Arctic Sea Farm is the entity responsible for seawater production and receives smolt from Arctic Smolt. The Group's seawater sites are strategically located in all fjords in the Westfjords. This ensures that production may be alternated and that minimises biological risk. It also positively impacts survival and efficiency in feeding. The licenses awarded cover 10 farming areas in five fjords.
Seawater production
The Group's seawater sites are strategically located in all fjords in the Westfjords of Iceland. This ensures that production may be alternated which minimises biological risk. It also positively impacts survival and efficiency in feeding. The Group has farming licences for a total of 29.8 thousand tonnes maximum allowed biomass ("MAB"), of which 2.8 thousand tonnes are for rainbow trout that are in the process of being converted to salmon licences.
The licenses awarded cover 10 farming areas in five fjords that are: Tálknafjörður and Patreksfjörður (two fjords together in one license), Arnarfjörður, Dýrafjörður and Ísafjarðardjúp. Each area has its own maximum allowed biomass according to the awarded licenses.
Additionally, the Group holds a license for land based smolt production on its own land in Norðurbotn, which is required for the Group's ongoing smolt production.
Arctic Oddi is the entity that is responsible for harvesting and packaging the fish is receives from Arctic Sea Farm. The harvesting facility located in Bolungarvík is the Group's newest investment and harvesting operations were initiated in Q3 2023.
The facility has been designed to fulfil the short and long-term needs of the Group, with additional growth possibilities for external service contracts for other farmers.
Processing
All processing of the Group's salmon since Q3 2023 and onwards takes place in the company's brand-new, state of the art harvesting facility in Bolungarvík. The facility has been designed to fulfil the short and long-term needs of Arctic Fish, with growth possibilities for external service contracts for other farmers as well. Prior to that, processing was handled externally through a contractor at a processing facility in Bíldudalur. In 2023 the company also relied on other processing alternatives as it processed salmon via external harvest vessel capacity due to capacity limitations at the processing facility in Bíldudalur. With the new facility in place the company is in a substantially more control over harvesting and therefore its entire value chain.
Sales
In 2024 Arctic fish sold 10,667 tonnes of salmon. This was the first whole year operating in cooperation of sales efforts with our parent company Mowi. In Iceland there is now a team coordinating the sales of all fish and managing the logistics to the end customers. The experience of the joint venture so far has been extremely positive. We now know our core customer group and have more flexibility in sales which we believe to be a foundation for a superior price achievement moving forward.
Our fish is now sold to most markets. The company is also approved for sales into China where we have had some initial success and many possibilities can be found there, utilizing cargo flights from Keflavik, which has led to more sales by flight. In some occasions we have sold whole planes (40-50 tonnes) which is delivered to the customer within 36 hours from harvesting in Bolungarvík.
With high levels of superior share, sub chilled products that is bread in our cold Fjords we are sure that our product is second to no other.
With increasing production of salmon from Iceland, logistic and awareness of our products is improving. Going forward the company should be able to utilize that.
Daily summary
Production highlights
Capital expenditure summary
Capital expenditures for the year 2024 amounted to 8.7 million EUR.
The key investments were in sea farming related equipment aimed towards biomass build-up. It should be noted that the smolt expansion in Tálknafjörður is still in a restructuring phase after the fire incident.
Growth and development
In 2024 the Group was granted a new license in Isafjordurdjup. That was the last application the Group had open for a new biomass. The company has 27,000 tonnes of MAB for fertile salmon and another 2,800 tonnes of trout as per report publication. With the highest yearly harvested production of 11,878 tonnes the main task ahead is to increase the utilization of our licenses where the long-term ambition is to reach 100%. Ongoing work will continue working towards gaining more sites on our existing licenses and to work with the authorities on making farming licenses in Iceland more flexible to facilitate increased production. Having enough sites and flexibility in our license MAB is important to reach MAB utilization comparable to leading farming countries.
Going forward they key growth project will be to secure increased smolt capacity. For the next coming years the company has secured sufficient numbers of smolt from own production and with purchase agreements of smolt from a third party.
Shareholders
Arctic Fish holding was admitted to trading on the Euronext Growth Oslo under the trading symbol "AFISH" with an Initial Public Offering (IPO) on the 19th of February 2021.
As of 31st of December 2024 the company has 31,876,653 shares outstanding, which is unchanged from the previous year.
| Norway | 17,576,654 | 55% |
|---|---|---|
| Iceland | 11,688,280 | 37% |
| Luxembourg | 2,385,228 | 7% |
| USA | 175,000 | 1% |
| Denmark | 37,168 | 0% |
| Ireland | 3,665 | 0% |
| United Kingdom | 3,865 | 0% |
| France | 2,726 | 0% |
| Germany | 2,150 | 0% |
| Sweden | 1,760 | 0% |
| Spain | 100 | 0% |
| Switzerland | 41 | 0% |
| Finland | 16 | 0% |
Shareholders by Countries Total Number of Shareholders* at the end of 2024
*Including nominee accounts which are comprised of multiple individual shareholders
167 2.3% Compared to 2023
Shares owned by the top 20 shareholders of Arctic Fish Holding at the end of 2024
| Overview of the Largest Shareholders 31.12.24 | Number of Shares | Ownership % |
|---|---|---|
| Mowi ASA | 16,346,824 | 51.28% |
| Síldarvinnslan hf.** | 10,899,684 | 34.19% |
| J.P. Morgan SE ** | 2,218,998 | 6.96% |
| Landsbankinn hf. | 502,920 | 1.58% |
| Íslandsbanki hf. | 281,976 | 0.88% |
| Kverva Finans As | 223,776 | 0.70% |
| State Street Bank And Trust Comp | 175,000 | 0.55% |
| Verdipapirfondet Eika Spar | 167,406 | 0.53% |
| Mp Pensjon Pk | 165,000 | 0.52% |
| Pactum As | 152,701 | 0.47% |
| Clearstream Banking S.A. | 140,344 | 0.44% |
| Verdipapirfondet Eika Norge | 121,659 | 0.38% |
| Roth | 80,000 | 0.25% |
| Ramsfjell As | 40,849 | 0.13% |
| Saxo Bank A/S | 37,168 | 0.12% |
| Verdipapirfondet Eika Alpha | 33,705 | 0.11% |
| Dnb Luxembourg S.A. | 25,231 | 0.08% |
| Verdipapirfondet Eika Balansert | 18,432 | 0.06% |
| Høstlund | 18,000 | 0.06% |
| Hatlebrekke Invest As | 16,700 | 0.05% |
| Steinerud As | 16,700 | 0.05% |
| Total 20 largest shareholders | 31,681,073 | 99.39% |
| Total other shareholders | 195,580 | 0.61% |
| Total number of shares | 31,876,653 | 100.00% |
** Síldarvinnslan hf is a part of the nominee account "J.P. Morgan SE".
2 Environmental, Social & Governance
2 Environmental, Social & Governance
| Our stakeholders | 23 |
|---|---|
| KPI's and ambitions | 25 |
| Fish health and fish welfare | 27 |
| Certifications | 27 |
| Freshwater | 28 |
| Escape prevention | 28 |
Our stakeholders
Arctic Fish engages with numerous stakeholders, both on a local and international scale. Effective stakeholder communication is integral to our achievements at Arctic Fish. Our commitment involves consistently updating and engaging with our stakeholders to foster transparency and understanding.
Internal influence
Employees
Investors
Business associates
AF Annual Report 2024 Environmental, Social & Governance 23
Partners
Suppliers
Service providers
Customer groups
External customers
New customer
International customers
National customers
External influence
Authorities Local communities Interest organization Research institutions
Greenhouse Gas Emission
In the realm of greenhouse gas (GHG) emissions, net pen salmon farming stands out as one of the most environmentally friendly methods of protein production. The primary source of GHG emissions in Arctic Fish's production arises from feeding barges and the boat fleet. Looking ahead to 2025, we will have a barge connected to land-based green renewable energy, marking a substantial reduction in our direct carbon footprint. Future barge acquisitions will prioritize land connections or hybrid vessels, further contributing to our commitment to minimizing environmental impact.
Recognizing that feed is a significant indirect contributor to GHG emissions in aquaculture, Arctic Fish in co-operation with our feed supplier work in finding ways to reduce our product's carbon footprint. We mandate
our feed suppliers to ensure sustainability certification, allowing us to confidently offer a product that meets stringent environmental standards, including non-genetic modification, absence of deforestation threats, and independence from endangered fish stocks. Our feed undergoes an annual review as part of our ASC audits, which are described further on page 27.
Annual green accounting reports, encompassing chemical, waste, and medicine consumption, as well as electricity and oil usage, are submitted to Iceland's Environmental Agency and made available on their website (www.ust.is). Arctic Fish reports emissions based on green account numbers, demonstrating our commitment to transparently monitor our progress towards reduction in carbon emissions.
| Energy consumption | Unit | 2024 | 2023 |
|---|---|---|---|
| Scope 1: Fossil Fuel | liter | 1,984,843 | 1,395,968 |
| Scope 2: Electricity | MWH | 6,643 | 6,854 |
| GHG Emissions | |||
| Scope 1: Fossil Fuel | tCO2e | 5,272 | 3,583 |
| Scope 2: Electricity | tCO2e | ||
| Total emission | tCO2e | 5,272 | 3,583 |
| Net growth | kg | 15,884 | 11,702 |
| Emission pr. kg | kg | 0.33 | 0.31 |
Emission of nutrients
Monitoring nutrient emissions in the vicinity of our farm sites is crucial to prevent benthic sediment eutrophication. The primary contributors to nutrient discharge from our operations are feed and fish waste. Arctic Fish employs proactive measures to mitigate overfeeding, such as operating a central feeding center. Our staff ensures optimal feeding through advanced camera monitoring and feeding systems, minimizing feed wastage. To assess the health of the seabed around our sea sites, thirdparty benthic samplings are conducted regularly in compliance with certification standards and applicable laws and regulations. The findings from these samplings are subsequently published on the Environmental Agency's website, promoting transparency and accountability.
Logistics and transport
Arctic Fish strategically emphasizes enhancing product transportation via sea rather than air. Opting for sea cargo contributes to a notable reduction in the carbon footprint compared to traditional air freight methods. This aligns with our commitment to environmentally conscious practices and sustainable logistics.
Waste management
Arctic Fish relies on a pristine ocean environment to deliver high-quality Atlantic salmon. Our commitment involves mitigating the environmental footprint associated with our operations, and to achieve this, we have implemented a comprehensive suite of control and monitoring systems. These measures are designed to safeguard the ecological integrity in the vicinity of our fish farms, reflecting our dedication to responsible and sustainable aquaculture practices.
Healthy and safe seafood
Few products rival the nutritional value of Atlantic salmon, thanks to its rich content of Omega-3, proteins, vitamins, and minerals. Recognized as one of the most nutrient-dense protein options, Atlantic salmon stands out.
The cool Arctic Ocean provides an ideal environment for the slow yet consistent growth of our salmon, resulting in superior fillet quality. Nestled in fjords protected by surrounding mountains, our farms benefit from shelter against wind and waves. Meanwhile, the robust currents in our open fjords facilitate the continuous supply of fresh, oxygen-rich seawater to our cages, ensuring optimal conditions for the well-being of our salmon.
KPI's and ambitions
Our ESG performance is measured and monitored internally with the following KPI's:
Profitable salmon farmer
Customers
Product certification
Conduct external and internal audits to ensure that our production is in accordance with laws, regulations and internationally accepted standards.
Compliant with laws, regulations and standards
Healthy & safe seafood
Conduct monitoring program for contaminant levels
Compliant with laws, regulations and standards
Ethical guidelines
No identified violations of ethical guidelines
Compliant with ethical guidelines
Education and development
Increase number of trained employees in the company
Compliant
Health, safety and environment
3.75%
Abscence rate
Goal of 3.85%
Reduction in injuries leading to abscence
Compliant
Fish health and fish welfare
Arctic Fish maintains a steadfast focus on cultivating a healthy environment to ensure optimal welfare for our fish. This commitment is manifested through the implementation of established best practices in our procedures and routines. By employing preemptive measures, we strive to prevent diseases and enhance overall survival rates. Essential tools in this endeavor include vaccination, provision of optimal feed, and maintaining a low biomass density in our cages, all aimed at ensuring optimal conditions for the well-being of our salmon.
Lice is a common concern for salmon farmers. Arctic Fish remains actively engaged in sea lice monitoring initiatives and is committed to exploring innovative approaches to continue to tackle the sea lice problem. All lice numbers are promptly reported to the Food and Veterinary Authorities in Iceland and are made publicly accessible on Arctic Fish's website within a week of counting.
During the 2024 lice season we were able to keep control on the lice pressure with coordinated actions of both our employes and contractors.
In 2024 we continued to be an antibiotic-free farming operation. This achievement underscores our dedication to responsible and sustainable aquaculture practices.
Arctic Fish also monitors FCR actively to ensure that all feed is being used as efficiently as possible which is an integral part of sustainability efforts. EFCR in 2024 amounted to 1.27 compared to 1.39 in 2023.
Sustainable feed
We mandate our feed suppliers to guarantee the certification of ingredients used, enabling us to confidently offer a product that adheres to sustainable production standards. This certification ensures that feed ingredients are free from genetic modification, sourced from areas not endangered by deforestation, and do not rely on endangered fish stocks. Our feed undergoes an annual review as part of our ASC audits, reinforcing our commitment to maintaining and verifying the sustainability of our supply chain.
Certifications
At Arctic Fish, our operations are aligned with the Aquaculture Stewardship Council standard (ASC), globally recognized as the foremost environmental and social standard for aquaculture. This comprehensive standard establishes stringent guidelines for fish production, emphasizing harmony with nature and surrounding communities. Key aspects covered by the standard include documentation related to fish health, environmental impact, feed usage, relationships with neighbours, and requirements for suppliers.
The ASC certification underscores our commitment to ethical and environmentally conscious aquaculture practices, providing assurance to consumers seeking products with a positive impact on both ecosystems and communities.
Aquaculture Stewardship Council (ASC)
At Arctic Fish, our operations are certified by the Aquaculture Stewardship Council standard (ASC), widely acknowledged as the foremost environmental and social standard for aquaculture globally. This stringent standard establishes clear guidelines to produce fish in harmony with nature and the communities in which we operate. Compliance involves thorough documentation on various aspects, including fish health, environmental impact, feed usage, community relations, and supplier requirements.
ASC certification requires salmon farms to adhere to strict limits to minimise the use of wild fish as an ingredient for feed. In addition, the standard requires farms to ensure full traceability back to a responsibly managed source.
Our commitment to the ASC standard assures customers that our fish is certified to be produced through responsible and sustainable methods. With ASC certification, customers can have confidence in the ethical and environmentally conscious practices applied throughout our aquaculture processes.
Nutritious and tasty salmon
Our salmon is a high-quality product that has a taste and health profile that few other products can match. It is rich in Omega-3 fatty acids (EPA+DHA), vitamins (B12, E and D), and the minerals selenium and iodine.
These are important nutrients for people of all ages.
Freshwater
Freshwater stands as a crucial and finite resource for our planet, holding significant importance within the value chain. Arctic Fish Salmon distinguishes itself with low water usage in comparison to conventional livestock practices. Our smolt production facility represents a pioneering approach, being the largest Recirculating Aquaculture Systems (RAS) in Iceland. We consistently maintain a freshwater recirculation rate of 95-99%, showcasing our dedication to minimizing the impact on local freshwater resources. This commitment underscores our responsible and sustainable approach to water management within our operations.
Escape prevention
Escaped farm-raised salmon may have a negative impact on the environment, due to ecological interactions and interbreeding with wild populations. Therefore, we have a zero-fish escape target every year; this was our target for 2024 and is also our target for 2025.
In Q3 of 2024, Arctic Fish experienced a deviation in our smolt facility, leading to the release of an estimated 104 parr. In response, an internal audit of our protocols was promptly conducted to enhance preventive measures and avoid future escape incidents. Significant improvements were implemented on the smolt stations safety barriers and an intensified focus on training and refining procedures. These proactive measures demonstrate our commitment to continuous improvement and the rigorous mitigation of any potential impacts associated with our aquaculture operations.
Our efforts
Our focus on preventing escape incidents includes a wide variety of actions focusing on working with suppliers to make our equipment more resilient, preventing human errors and Implementation of technical requirements for farming operations.
All our equipment adheres to the rigorous standards outlined in the NS 9415:2021 standard. As part of our operational strategy, we employ Remotely Operated Vehicles (ROVs), and divers to safeguard against potential damage to nets and prevent escapes. This proactive use of technology underscores our commitment to operational excellence, environmental responsibility, and the overall integrity of our aquaculture practices.
3 Health, Safety, & Environment
3 Health, Safety, & Environment
| People and society | 30 |
|---|---|
| Responsible employer | 31 |
| Worker's rights and social matters | 32 |
| Education and development | 33 |
| KPI's and ambitions | 34 |
People and society
We at Arctic Fish are dedicated to fostering strong relationships and upholding values within the local communities in which we operate, while also providing a safe workplace. As a significant employer and a vital member of society, we recognize our numerous responsibilities to individuals, communities, and the industry at large.
Arctic Fish boasts a diverse and skilled workforce from around the globe, all working together towards the shared objective of delivering top-notch salmon in harmony with nature. The company highly values employee input and innovative thinking, which are key drivers of Arctic Fish's success. We encourage forward-thinking and open dialogue.
Ensuring the safety of our employees is of utmost importance, and we consistently implement active measures to minimize accidents through a robust quality system and a comprehensive Health & Safety program.
Ethical guidelines and human rights
At Arctic Fish, we are steadfastly committed to upholding guidelines and standards that fall within the realm of our social responsibility. Our values are deeply ingrained in our ethical guidelines, which outline the company's objectives and the behavioural expectations for both the company and its employees, as well as what our stakeholders can anticipate from us.
In our day-to-day operations, Arctic Fish pledges to adhere to all applicable laws and regulations, conducting business in an ethical and responsible manner. These guidelines are thoroughly communicated to all employees and undergo regular review. Our aim is to operate with transparency, integrity, and trustworthiness, taking pride in the work we do.
In the year 2024, Arctic Fish had no reported cases of corruption or discrimination nor any breaches of our ethical guidelines.
AF Annual Report 2024 Health, Safety & Environment 31
Responsible employer
The employee's efforts and contributions have been essential for Arctic Fish's operations in 2024. The employees are our most valuable resources, and we want to offer safe and meaningful jobs. Arctic Fish seeks to be a preferred employer, by offering competitive benefits, employee follow-ups, and a safe and stable employment.
Employee health, safety and environment
At Arctic Fish, the well-being of our employees and the environment is priority. Our commitment to Health, Safety, and Environment (HSE) is unwavering, with a vision centred on zero harm to personnel, the environment, and equipment. We are dedicated to fostering a culture of safety and wellness within our organization, where the goal of no injuries is not just a target but a fundamental principle guiding our operations.
To encourage physical well-being and overall health, we actively promote employee participation in physical activities through an annual sports grant. We firmly believe that a healthy workforce is a productive one, leading to reduced instances of sickness and improved overall performance.
Our focus on HSE is integral to ensuring a safe and efficient workplace. Through ongoing training and continuous efforts, we strive to ingrain the importance of safety in every aspect of our organization. By fostering a corporate culture that prioritizes effective and preventive HSE practices, we aim to create a work environment where safety is not just a priority but a way of life.
As part of our ongoing commitment, we have expanded the use of the digital training platform Mowi Academy. In addition to the existing trainings, a broad course matrix also beyond HSE related courses is enrolled, tailored for each role within the company and targeted training opportunities for all employees.
In addition to HSE training, we provide our employees with comprehensive resources, including an employee handbook that outlines all relevant policies and procedures. This handbook serves as a guide for our employees, ensuring clarity and understanding on matters related to their roles and responsibilities within Arctic Fish.
To gauge employee satisfaction and continually improve our organizational culture, we conduct regularly surveys in collaboration with HR Monitor, a specialized company in this field. These surveys measure various aspects of the employee experience, such as trust in management, learning and development opportunities and camaraderie with colleagues. By prioritizing areas for improvement based on survey feedback, we aim to enhance productivity, competitiveness, and overall workplace satisfaction through a trust-based leadership approach and a positive corporate culture.
Worker's rights and social matters
At Arctic Fish, we prioritize diversity and equal opportunities. As of the end of the year, women represent 26% of our workforce, reflecting a 2% increase compared to the previous year. We remain committed to achieving gender balance across all levels of the organization. Currently, 5 women are in leading roles, representing over 31% of the management in the company. We have zero tolerance for gender-based discrimination and strive to create a safe and inclusive workplace where all employees are valued and respected, regardless of ethnicity, origin, religion, or abilities. Therefore, the initiation of the Equal Pay certification process was undertaken, which will be subject to an audit in 2025.
Our workforce demographic is diverse, with 34% of employees under the age of 30, 45% aged between 30 and 50, and 21% over the age of 50.
Additionally, our employees represent a broad range of cultural backgrounds, with 14 different nationalities within the workforce.
Every employee has the right to freedom of association and collective bargaining. Currently, 99% of our employees are members of a trade union, and 100% are treated in accordance with collective agreements. Furthermore, all employees have written employment terms.
Female Representation
Women in the workforce
26% 2% Compared to 2023
31% Women in company management
Age Diversity
Cultural Diversity
Number of different nationalities within the workforce
Freedom of association and collective bargaining
Employees who are members of a trade union
99%
Employees treated in accordance with collective agreements
100%
Employees who have written employment terms
100%
Education and development
Within Arctic Fish we have employees with a high level of expertise in both salmon farming, and many other fields. We prioritize the professional development of our employees by supporting them as they pursue certifications, even whilst they remain in full-time employment with us. We incentivize certification attainment by offering additional compensation to those who meet the requirements. Continuous education is ingrained in our culture, covering a spectrum of topics including regulatory compliance, best practices, and specialized technical skills across management, production, aquatic health, safety, and environmental standards.
In order to expand their expertise, our employees are given the opportunity to a professional exchange with colleagues from Mowi. This exchange takes place through regular meetings online or on-site visits. In addition, employees are increasingly being provided with training programmes from third-party providers, e.g. equipment suppliers.
We recognize the paramount importance of highly skilled and trained personnel in ensuring the efficacy, safety, and precision of our operations.
To facilitate continuous learning, we expanded the use of Mowi Academy for programmes that impart special knowhow depending on the area of work. This ensures that all employees have access to relevant knowledge and skills development.
This platform not only provides access to established industry courses but also empowers us to develop training programs tailored to the linguistic and operational needs of our workforce, thus minimizing any potential misinterpretations.
While we encourage our employees to develop, we continue the cooperation with the Icelandic College of Fisheries and Hólar University, which both offer courses specifically for aquaculture. In 2024, 3 of our employees finished the Aquaculture course at the Icelandic College of Fisheries and 3 started the Diploma in Aquaculture at Hólar University.
We have also expanded our cooperation with ISETA-ECA in France. Supported by the ERASMUS+ programme and in cooperation with the high school in Ísafjörður, we provided three interns from the Aquaculture program with the opportunity to gain hands-on experience of our value chain, from egg to harvest. The internship, which lasted for three weeks, allowed the interns to engage directly with our operations on-site.
| Employees | Target | 2024 | 2023 |
|---|---|---|---|
| No. of full-time equivalents (FTE) | NA | 127 | 118 |
| No. of women | NA | 33 | 31 |
| Safety and sickness absence | Target | 2024 | 2023 |
|---|---|---|---|
| No. of fatalities | 0 | 0 | 0 |
| LTI's | 0 | 7 | 6 |
| H-factor | 0 | 1 | 2 |
| Sickness absence | < 3.85% | 3.75% | 3.58% |
| Regulatory compliance | Target | 2024 | 2023 |
|---|---|---|---|
| No. of violations | 0 | 0 | 0 |
| Fines in ISK | 0 | 0 | 0 |
KPI's and ambitions
Ethical guidelines
| KPI's | Ambitions | 2024 | 2023 |
|---|---|---|---|
| No identified violations of ethical guidelines |
Compliant with ethical guidelines |
Health, safety and environment
| KPI's | Ambitions | 2024 | 2023 |
|---|---|---|---|
| Absence rate | < 3.85% | 3.75% | 3.58% |
| Number of injuries which led to absence | Reduction in injuries leading to absence | 7 | 6 |
Education and development
| Regulatory compliance | Ambitions | 2024 | 2023 |
|---|---|---|---|
| Increase number of trained employees in the company |
Increase number of trained employees in the company |
| Board of directors 36 |
|---|
| Board of directors' report 37 |
| Financial performance 38 |
| Key financial figures 41 |
| Financial performance summary 42 |
| Key Operational Figures 43 |
| Allocation of result for the year | 48 |
|---|---|
| BOD declaration | 49 |
| Consolidated income statement | 50 |
| Consolidated statement of financial position | 51 |
| Consolidated statement of cash flows | 53 |
| Consolidated statement of changes in equity | 54 |
AF Annual Report 2024 Group Results 37
Board of directors
Arctic Fish has five board members, 4 men and 1 woman. 3 board members are of Icelandic nationality, with the other two board members coming from Norway.
Øyvind Oaland Chairman of the board
COO Farming Norway in Mowi since 2020. Previously served as Mowi's Chief Technology officer/ Head of Global Research & Development. Has worked various positions within Mowi since 2000 and also holds various board positions within the industry.
Ivan Vindheim Board member
Joined Mowi as CFO in 2012. Became CEO of Mowi in 2019. Prior to joining the company, he was the CFO of Lerøy Seafood Group ASA for five years.
Gunnþór Ingvason
Joined Síldarvinnslan in 2003 after a merger was completed with SR-Mjöl hf. Became CEO of Síldarvinnslan in 2010.
Hildur Árnadóttir Board member
Board member and advisor in a wide range of industries. Experience as a senior manager and partner at KPMG Iceland, CFO at Bakkavör Group and Director of Treasury at Íslandsbanki.
Gunnar Atli Gunnarsson Board member Board member
Experience as the judge's assistant and project manager at the Supreme Court of Iceland. Currently works as an attorney at Landslög.
Board of directors' report
Group operations and locations
Arctic Fish is a fish farming company with its main activities in Iceland. The Group's business is to supply the market with healthy salmon of high quality. The Group's strategy is to run efficient fish farming operations, as well as to sell the output of our own production. Arctic Fish is a leader in salmon farming in Iceland as well a leader in the effort to develop the growing industry as sustainably as possible. Arctic Fish Holding AS is the parent company of Icelandic entities, and 100% owner the following: Arctic Fish ehf., Arctic Smolt ehf., Arctic Sea Farm ehf., and Arctic Oddi ehf.
Arctic Fish Holding AS is listed on the Euronext Growth and Arctic Fish ehf. is the Icelandic parent company of the other Icelandic entities that are all 100% owned by Arctic Fish. The Group's fish farming operations are in the Westfjords of Iceland and the Group has salmon licenses equivalent to 27,000 tonnes MAB.
Highlights of 2024
Arctic Fish is one of the largest salmon producers in Iceland. Highlights in 2024 include:
- Harvested and sold 10,667 tonnes of salmon during the year.
- 2024 resulted in the highest operational EBIT in the history of the company and a profitable bottom line for the year.
- The company announced a volume target of 25,000 tonnes harvested in 2029. The target is ambitious but achieveable through internal smolt production and external smolt agreements.
- All owned and operated sites received ASC certification.
Research and development projects
Arctic Fish is actively developing the company and some of the key research and development projects in 2024 were as follows:
In cooperation with local and national educational institutions Arctic Fish has continued to support the development of a curriculum for general workers in fish farming as well as general training and education regarding feeding activities and fish health, both of which are supported and developed by external specialists. The company is constantly focusing on improving production and gaining more experience from farming in Iceland. Areas such as fish welfare and survival have been a focal point and quality systems and procedures have been updated and improved and internal training and knowledge.
In cooperation with ISOR, the company is mapping the geothermal resources in Nordur Botn, Tálknafjörður where the smolt is produced to understand how much production is possible there going forward. At the same time work has started on looking into using the water resources there to produce electricity for the production.
The company is still engaged in research of the effect of farming activities on lice numbers found on wild salmon caught in neighbouring rivers, a monitoring project co-funded by government grants.
Arctic Fish also continues its development work around cooling and harvesting techniques to improve logistics, whilst simultaneously limiting the CO2 footprint and increasing shelf life. In cooperation with a company called iTub a project is ongoing based around so called iTubs where those tubs substitute traditional styrofoam boxes. The tubs are reused and used for transportation of fish domestically and to Europe with trials to US markets pending as well.
Work on connecting feeding barges to power from land and installing hybrid systems on our barges is still ongoing, which will result in limiting the use of diesel generators and therefore reducing carbon emissions.
Financial performance
In the tables, visualizations and text below, we compare certain key items and results from 2024 to 2023 and show year on year development. Further key comparative information between 2024 and 2023 can be found within the table "Financial performance summary" on pages 42 and 43 of the report.
Income statement
Operational revenue and other income
Arctic Fish generated consolidated operating revenues of EUR 80.9 million in 2024, compared to EUR 88.9 million in 2023. Operational EBIT totalled EUR 15.1 million (2023: EUR 14.5 million). Operational EBITDA subsequently rose from EUR 21.2 million in 2023 to a total of EUR 23.8 million in 2024. Fair value adjustments in 2024 amounted to EUR 3.9 million compared to a fair value adjustment of EUR - 0.4 million in 2023.
While cost performance is good compared with peers, the cost level for Arctic Fish is still too high. It remains a high priority for the Board to reduce the cost level for the company and cost reduction targets have been set for all departments and areas of the business.
The Group had net financial expenses of EUR 10.6 million (2023: net financial expenses of EUR 11.6 million), which have stabilized following a successful re-financing in 2023. The Operational EBIT increase shows an improved operational efficiency as the company harvested roughly 11% less in 2024, or 10,667 tonnes, compared to 11,878 in 2023. The year 2024 also produced a positive bottom line.
per kg
Balance sheet
At year-end 2024, the Group had total assets of EUR 249.9 million (2023: EUR 225.6 million). The change in total assets is attributable mainly to an increase in biological assets and related inventory.
The net interest-bearing debt (excluding IFRS 16 effects), increased by 16% year over year and amounts to 132.7 MEUR at the end of 2024, compared to 114.3 MEUR at the end of 2023. The debt has increase substantially in the past two years as a result of substantial investments in the value chain.
As of 31 December 2024, the Group's equity ratio was 35.4 percent which represents a 2.6 percent decrease from year-end 2023 when the equity ratio amounted to 38.0 percent.
Net interestbearing debt 2024 ('000 EUR)
132,650 16% Compared to 2023
35.4% Equity ratio 2.6% From 38% in 2023
Balance sheet visualization
Cash flow
The Group's cash flow from operating activities in 2024 was EUR 0.7 million (2023: EUR 2.6 million).
Net cash outflows relating to investing activities in 2024 totalled EUR 8.7 million (2023: EUR 36.9 million). The two years prior to 2024 were the biggest investment years in the company's history where capital expenditures amounted to a total of EUR 79.4 million over the period 2022-2023.
Furthermore, the Group had relatively unchanged cash flow from financing activities of EUR - 0.3 million (2023: EUR 37.4 million) which mostly related to the refinancing of the group's existing bank facilities with a EUR 170 million three-year senior secured term loan and revolving credit facility with Danske Bank, DNB, Nordea and Rabobank.
The committed facility comprises a term loan of EUR 120 million and a revolving credit facility of EUR 50 million, and two one-year extension options will provide flexibility for the parties to agree to extend the maturity of the facility.
The total cash flow of the year was therefore negative of EUR - 8.3 million and resulted in closing net bank deposits of EUR 4.0 million from EUR 12.3 million in 2023.
NIBD beginning of period*
2024 ('000 EUR)
91% Compared to 2023 114,289
NIBD end of period*
2024 ('000 EUR)
132,650 16% Compared to 2023
*Excluding effects of IFRS 16
Key Financial Figures
Income Statement Balance Sheet
80,902 Operational revenue and other income 9% From 88,900 in 2023
23,794 Operational EBITDA 12% From 21,239 in 2023
15,105 Operational EBIT 4% From 14,493 in 2023
132,650 Net interest-bearing debt (NIBD)
16% From 114,289 in 2023
0.45 Underlying EPS (EUR) 24% From 0.59 in 2023
Net cash flow per share (EUR)
-0.26 77% From -1.14 in 2023
7.8% ROCE 8% From 8.5% in 2023
35.4% Equity ratio 2,6% From 38% in 2023
10,667 Harvest volume (GWT) 10% From 11,878 in 2023
1.42 Operational EBIT - EUR per kg 16% From 1.22 in 2023
| (EUR '000) | 2024 | 2023 |
|---|---|---|
| Non-current assets | 127,379 | 128,201 |
| Current assets | 122,537 | 97,430 |
| Total assets | 249,917 | 225,630 |
| Equity | 88,355 | 85,739 |
| Non-current liabilities | 136,856 | 126,799 |
| Current liabilities | 24,705 | 13,093 |
| Total equity and liabilities | 249,917 | 225,630 |
| Net interest-bearing debt | 132,650 | 114,289 |
| Equity ratio | 35.4% | 38.0% |
Cash Flow
| (EUR '000) | 2024 | 2023 |
|---|---|---|
| NIBD beginning of period* | -114,289 | -69,374 |
| Operational EBITDA* | 23,794 | 21,239 |
| Change in working capital | -18,092 | -697 |
| License and production fees / taxes. | -2,704 | -1,473 |
| Other adjustments | -2,238 | -16,456 |
| Cash flow from operations | 706 | 2,612 |
| Net CAPEX | -8,710 | -36,865 |
| Cash flow from Investments | -8,710 | -36,865 |
| Net interest and financial items paid | -9,405 | -8,323 |
| Other items | -266 | -85 |
| Currency effect | -740 | -2,253 |
| NIBD end of period* | -132,650 | -114,289 |
*Excluding effects of IFRS 16
Financial performance summary
Key Operational Figures
| Revenues (EUR '000) |
2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue and other income | 80,902 | 88,900 | 55,495 |
| Harvested volumes (GWT) | 10,667 | 11,878 | 8,561 |
| Profitability (EUR '000) |
2024 | 2023 | 2022 |
|---|---|---|---|
| Operational EBITDA | 23,794 | 21,239 | 8,588 |
| Operational EBIT | 15,105 | 14,493 | 3,410 |
| EBIT | 14,103 | -4,638 | 12,992 |
| Operational EBIT pr .kg. | 1.42 | 1.22 | 0.40 |
| Profit or loss for the year | 2,615 | -12,876 | 5,829 |
| Cash flow from operations | 706 | 2,612 | 9,042 |
| Net cash flow per share | -0.26 | -1.14 | -1.11 |
| ROCE % | 7.8% | 8.5% | 2.1% |
| Balance Sheet (EUR '000) |
2024 | 2023 | 2022 |
|---|---|---|---|
| Total assets | 249,917 | 225,630 | 197,184 |
| Net interest bearing debt | 132,650 | 114,289 | 69,374 |
| Equity ratio | 35.4% | 38.0% | 50.0% |
| Equity | 88,355 | 85,739 | 98,615 |
| The Share (EUR '000) |
2024 | 2023 | 2022 |
|---|---|---|---|
| Total market value (NOK million) | 2,216 | 2,024 | 3,162 |
| Number of shares (million) | 31.88 | 31.88 | 31.88 |
| Earnings per share (EUR) - basic | 0.08 | -0.40 | 0.18 |
| Underlying earnings per share (EUR) | 0.45 | 0.59 | 0.07 |
| People (EUR '000) |
2024 | 2023 | 2022 |
|---|---|---|---|
| Number of FTE's | 127 | 118 | 71 |
| LTI incidents | 7 | 6 | 1 |
| Absence rate | 3.8% | 3.6% | 2.9% |
Arctic Fish Holding Financial performance
Arctic Fish Holding reported no revenues and operating expenses of 0.8 MEUR, compared to 0.7 MEUR in 2023. Financial items amounted to 0.6 MEUR in expenses compared to 1.1 MEUR in income the year before. Net result of the year amounted to losses of 1.9 MEUR, compared to losees of 1.5 MEUR the year before.
Total assets amounted to 94.2 MEUR at the end of the year compared to 96.3 MEUR at year end 2023, the decrease is largely due to reductions in trade receivables.
Net cash flow changes in 2024 amounted to less than 0.1 MEUR in 2024 and overall bank deposits stand at 1.0 MEUR at year end.
Going concern
Arctic Fish Holding AS Board of Directors confirms that the year-end financial statements have been prepared on the basis that the enterprise is a going concern, in accordance with Section 3-3a of the Norwegian Accounting Act. This assessment rests on the Group's results, financial position, and budgets.
Operational risk and risk management
The Group has identified risk factors that are as follows:
Operating risks
- Biological production and subcontractors in harvesting
- Feed costs
- Export and export barriers
- Access to skilled personnel
- Risks related to third party suppliers e.g., egg/ova/feed
- Risks related to internal production of smolt
Licenses, legal and regulatory framework
Financial risks
- Currency fluctuations
- Receivables and one channel of sales
- Financing, covenants
The above is detailed further on the following pages
Operating risks
The main risk in the operation of the company relates to the biological assets of the company and the production, this applies both for the biological production on land and in sea. Challenges in the land-based facility mainly relate to water quality, filtration, degassing, oxygen production, bio filtration, temperature, and electrical supply. Challenges in the sea farming phase of the operations relate to the smolt quality, diseases, sea lice, algae blooms, oxygen levels, temperatures, exposed farming sites with powerful wind, wave, and current conditions. Internal procedures are in place to mitigate the risks both in the land-based production and in the sea water production. Constant monitoring and monitoring systems of critical parameters for successful production is already practiced and regularly reviewed by external consultants and suppliers. Feeding procedures are monitored and reviewed by external consultants that ensure best practice in feeding. In production planning considerations and risk mitigation decisions are made regarding density, stocking and output schedule, lice treatments, seasonal challenges and other fish handling that can impact the fish health and overall production. A secondary risk in the biological production relates to the access to sufficient harvesting capacity. As the Group is not in full control of Wellboat operations important contractors have an influence on production planning and if there are issues with capacity, malfunctions, accidents, or other unforeseen incidents there is a risk that it will impact the production plans of the Group. As seen in previous years these external harvesting capacity issues created issues with harvestable fish that ultimately lead to a mortality incident that could have been avoided with sufficient harvesting capacity. Actions have already been made to address this risk with the investments throughout 2024.
The Group is reliant upon a steady and increased supply of ova/eyed eggs, smolt, feed, wellboat capacity and other important supplies. As all as all salmon farmers in Iceland, the Group is particularly reliant on its supply of eggs from Benchmark, the only brood stock company in Iceland. Egg contracts have been secured for the Group for its ongoing operations. Feed costs account for a significant portion of the Group's total production costs, and an increase in feed prices could have a major impact on the Group's profitability. The feed industry is characterised by large, global suppliers operating under cost plus contracts, and feed prices are accordingly directly linked to the global markets for fishmeal, vegetable meal, animal proteins and fish/vegetable/animal oils which are the main ingredients in fish feed. Increases in the prices of these raw materials will accordingly result in an increase in feed prices. Feed contracts have been secured for the Group for its ongoing operations. If other supplies are disrupted, there is an inherent replacement delay risk whilst alternative suppliers are put in place. There is also an inherent production risk in relation to the production amount of smolt, and the Group may not be able to supply smolt to itself in sufficient quantities. Expansion of the smolt production facility is a risk mitigating investment that will be an ongoing investment.
A significant portion of the Group's products are exported out of Iceland. Export activities also subject the Group to additional regulatory risks in its current and new export markets, including in relation to trade barriers. The Group's business is reliant on continued global demand for farmed Atlantic salmon. The seafood industry is a global industry and considered highly competitive, with many producers ensuring supply of a broad range of various fish and other seafood products worldwide.
Many of the Group's competitors produce similar products as the Group does, use the same suppliers as the Group and serves the same customer base, which can drive the price of the Group's products down whilst the cost of raw materials, labour and energy is subject to its own respective variability. A failure by the Group to meet new and existing customer requirements may lower the demand for its products. Moreover, this also exposes the Group to the risk of product liability claims from its customers as well as end-consumers.
The Group's performance is to a large extent dependent on highly skilled personnel and management, and the Group's continued ability to compete effectively, implement its strategy and further develop its business depends on its ability to attract new and skilled employee candidates (with experience from the aquaculture sector) and retain and motivate existing employees. Any loss of key employees, particularly to competitors, or the inability to attract and retain highly skilled personnel could have a material adverse effect on the Group's business, operating result, financial position and/or prospects.
Licenses, legal and regulatory framework
The Group is dependent upon licenses and permits from the Icelandic regulators. The legal and regulatory framework is relatively new and the industry seeks to grow. Arctic Fish seeks to provide relevant input with regards to regulatory improvements. Amongst other things, this related to tax systems, coastal planning and licenses system including simplification to emphasize efficiency in the legislation and is critical to attract investments and supporting further growth in a build-up phase for the industry.
The aquaculture industry is highly politically influenced. Salmon farmers are dependent on access to suitable fish farming sites along the coastline and is subject to the potential opinions and actions of neighbours, local fishermen and environmental organisations amongst others. Arctic Fish will continue its good dialogue with stakeholders and seek to promote sustainable salmon farming with positive effects on local communities and the Icelandic economy. With its superior ESG credentials, salmon is part of the solution to several of the world's challenges, including carbon emissions and the need for more sustainable food from the ocean.
Financial risks
The Group's operations are carried out in Iceland, with a substantial part of operating expenses being denominated in EUR with links to NOK and ISK, while a majority of the Group's total revenue is generated from its export markets, with EUR as its main export currency and price achievement linked to EUR. Part of the operating expenses of the Group are in ISK. Factors affecting the exchange rate may have adverse effects on the price for the Group's products and on the operating expenses of the Group, both of which may ultimately result in lower profitability for the Group. The currency development in 2024 did not have a substantial impact to the Group in the year 2024. The Group had already mitigated this risk to some extent by converting its functional currency to EUR in the latter half of 2023 giving a natural hedge, and therefore reducing currency risk.
Credit risk has been reduced through the new sales and marketing agreement with Mowi. The Group is primarily financed by loans and credit lines from DNB, Danske Bank, Nordea and Rabobank. The credit agreements include a financial covenant requirement. The Group's ability to comply with such requirements as well as maintaining adequate security is of significant importance. The Group's debt is based on floating interest rates, which means that the Group is exposed to movements in interest rates.
Liquidity risk is a product of the Group's earnings, financial position and access to financing in the capital markets. The largest single factor affecting liquidity risk is represented by fluctuations in the price of salmon. Overall, the Group's liquidity risk is at an acceptable level.
Market conditions and future outlook
The groups future outlook points to continued fruitful market performance. The group's future outlook points to continued fruitful market performance. Industry supply growth is expected to be moderate in the coming years, while demand for salmon is expected to continue to increase. On the other hand, the industry has seen increased costs following post-Covid inflation. The company expects that macroeconomic factors such as interest rates and inflation, which both indirectly affect the salmon prices and costs incurred, will continue to have an impact on financial performance.
The Board of Directors is committed to react to changes in the external business environment and will do so swiftly and efficiently. It can do so due to the talented and dedicated human resources of the company. Furthermore the financial position of the company, good funding and financially strong owners will contribute to the ability to overcome any unforeseen challenges.
Escape event
On May 23rd, 2024, there was an equipment malfunction at the hatchery in Norður-Botn in Tálknafjörður, causing water to overflow from one of the tanks. This resulted in fish spilling onto the station floor, with some flowing into the outlet drain. A few dead fish were spotted around the outlet pipe. The fish weighed around 40 grams and were not adapted to saltwater, giving them no chance of survival. No fish were captured by nets deployed at the outlet pipe. The event was investigated in collaboration with relevant authorities and the cause of the malfunction is clear. Steps and actions have been taken to prevent such incidents in the future.
Corporate Social Responsibility
Arctic Fish will ensure long-term profitability through sustainable food production. Social responsibility is exercised as part of our everyday operations and focus on sustainability.
An overview of how Arctic Fish takes social responsibility is available in the annual report in the chapters "ESG" as well as "HSE".
Issues described in the chapter "ESG" with regards to Corporate social responsibility are:
- The external environment
- Employee rights, diversity, and social issues
- Human rights
- Anti-Corruption
External environment
Arctic Fish's farming operations are based on renewable resources and are located along the coast. Arctic Fish's value chain is dependent on sustainability where natural resources are treated with the highest respect possible. This is a prerequisite, so Arctic Fish can continue to farm fish in a sustainable way. A long-term sustainability perspective, for future generations, is the foundation for the company's approach to environmental issues.
Work environment
On 31 December 2024, the Group had 127 full-time employees.
On 31 December 2024, women made up 26 percent of the Group's workforce.
The Group shall have a working environment in which women and men enjoy complete equality. There shall be no gender-based discrimination with respect to pay, promotion or recruitment, or in any other matter. There must be no discrimination at Arctic Fish on the grounds of ethnicity, race, age, disability, sexual orientation, language, religious persuasion, political affiliation, or any other situation where a person is not treated as an individual. The Groups policy for working environment is therefore complete equal for both men and women. Our subsidiaries in Iceland, where our main operations are, meet the requirements for gender equality on company boards by law. Furthermore, the subsidiaries in Iceland where the Groups' employees primarily work, have equality and diversity policies that comply with laws and regulations in Iceland. There have not been any discrimination cases nor wage related complaints filed with the union or courts in 2024.
The Group had a sickness absence rate of 3.75 percent in 2024.
The share and shareholders
As of 31st of December the company has 31,876,653 shares outstanding and Arctic Fish Holding does not own any of its own shares and is therefore unchanged from the previous year.
The company has 167 individual and nominee accounts that are comprised of multiple individuals listed on the 31st of December 2024. The share price at the end of the year was 69.50 NOK pr share.
No large shareholder changes were recognized in 2024.
Anti-Corruption
Arctic Fish has established the following anticorruption principles:
Arctic Fish shall strive for a culture of transparency in all areas concerning customer care, relationship building, sponsorships, gifts, entertainment, travel, etc. The Group's employees shall act in accordance with the Group's guidelines for giving and receiving gifts, travel, and other benefits, and clearly denounce all forms of corruption. The company always requires dual approval when approving and paying invoices.
Transparency act
Arctic Fish is part of the Mowi group. We refer to the Transparency Act report at Mowi group level available at mowi.com. The purpose of the act is to promote Norwegian businesses' respect for human rights and decent working conditions.
Corporate governance
The BOD and the Group both refers to the Norwegian Code of Practice for Corporate Governance as well as the Corporate Governance guideline from the Chamber of Commerce in Iceland. The purpose of the guidelines regulates the division of roles between shareholders, the board of directors and executive management.
The BOD has adopted ethical guidelines for the Group. The purpose of the guidelines is to create a healthy business culture and uphold the Group's integrity by helping employees to set high standards for good business practice. The guidelines are further intended to serve as a tool for self-evaluation and to develop the Group's identity.
The Directors and Officer insurance policies adhere to Mowi's policies when it comes to the group's Board of Directors and Officers, therefore the Board of DIrectors and Management have liability insurance coverage according to those policies.
Included in this Insurance program is Directors & Officers Liability Insurance coverage which specifies its own global coverage with a corresponding master policy. All Directors and Officers in Mowi and its subsidiaries are a part of this insurance coverage which has a total limit of NOK 350 million.
Allocation of result for the year
The parent company realized a net loss for the year of MEUR 1.9 in 2024. The Board of Directors proposes the following allocation of the result for the year:
| Transferred to accumulated earnings (EUR '000) | -1,889 |
|---|---|
| Total allocation of funds (EUR '000) | -1,889 |
24.03.2025
The Board of Directors of Arctic Fish Holding AS
Øyvind Oaland Chairman
Ivan Vindheim Board member
Gunnþór Ingvason Board member
Stein Ove Tveiten Chief Executive Officer
Gunnar Atli Gunnarsson Board member
Hildur Árnadóttir Board member
BOD declaration
We confirm that, to the best of our knowledge, the consolidated financial statements for the year 2024 have been prepared in accordance with IFRS and applicable additional disclosure requirements in the Norwegian Accounting Act, and that the financial statements of the parent company for 2024 have been prepared in accordance with the Norwegian Accounting Act and Norwegian accounting standards, and that the accounts give a true and fair view of the group and the company's consolidated assets, liabilities, financial position and results of the operations per 31 December 2024. We also confirm to the best of our knowledge, that the Board report provides a true and fair view of the development and performance of the business and the position of the group and the company including description of key risks and uncertainty factors pertaining to the group going forward.
24.03.2025
The Board of Directors of Arctic Fish Holding AS
Øyvind Oaland Chairman
Ivan Vindheim Board member
Gunnþór Ingvason Board member
Stein Ove Tveiten Chief Executive Officer
Gunnar Atli Gunnarsson Board member
Hildur Árnadóttir Board member
Consolidated income statement
| (EUR '000) | Note | 2024 | 2023* |
|---|---|---|---|
| Revenue | 80,902 | 88,900 | |
| Other income. | 0 | 10,320 | |
| Cost of materials. | -33,285 | -45,017 | |
| Net fair value adjustment biomass | 4 | 3,940 | -412 |
| Salaries and personnel expenses | 11 | -10,772 | -9,397 |
| Other operating expenses | 21 | -13,051 | -13,247 |
| Depreciation and amortisation | 7 | -8,688 | -6,745 |
| License and production fees / taxes | -2,704 | -1,473 | |
| Restructuring costs. | 24 | -2,238 | -16,456 |
| Impairment losses and write-downs | 7 | 0 | -11,110 |
| Earnings before financial items (EBIT) | 14,103 | -4,638 | |
| Interest expenses. | 9 | -10,204 | -9,543 |
| Net currency effects. | 9 | -742 | -2,250 |
| Other financial items. | 9 | 354 | 243 |
| Earnings before tax | 3,511 | -16,188 | |
| Income taxes. | 12 | -896 | 3,312 |
| Profit or loss for the year | 2,615 | -12,876 | |
| Total comprehensive income for the year. | 2,615 | -12,876 | |
| Basic earnings per share (EUR). | 19 | 0.08 | -0.40 |
*2023 has been restated due to the fire incident in Norður-Botn in the year 2023. Please refer to note 26 for further information.
Consolidated statement of financial position
| Assets (EUR '000) |
Note | 2024 | 2023* |
|---|---|---|---|
| Farming licenses | 6 | 5,996 | 5,364 |
| Goodwill. | 6 | 658 | 658 |
| Deferred tax assets | 12 | 3,071 | 3,914 |
| Other intangible assets | 6 | 255 | 325 |
| Property, plant & equipment | 7, 22 | 117,337 | 117,878 |
| Other shares and other non-current assets | 62 | 62 | |
| Total non current assets | 127,379 | 128,201 | |
| Inventory | 5 | 5,007 | 2,372 |
| Biological assets | 4 | 98,721 | 65,903 |
| Current receivables | 14 | 14,804 | 16,839 |
| Cash | 13 | 4,006 | 12,316 |
| Total current assets | 122,537 | 97,430 | |
| Total assets | 249,917 | 225,630 |
| Equity and liabilities (EUR '000) |
Note | 2024 | 2023* |
|---|---|---|---|
| Equity | 18 | 88,355 | 85,739 |
| Total equity | 88,355 | 85,739 | |
| Non current interest bearing debt | 8 | 133,657 | 126,605 |
| Non current leasing liabilities | 22 | 200 | 194 |
| Total non current liabilities | 133,856 | 126,799 | |
| Current interest bearing debt | 8 | 3,000 | 0 |
| Current leasing liabilities | 22 | 184 | 95 |
| Other current liabilities | 15 | 24,521 | 12,998 |
| Total current liabilities | 24,705 | 13,093 | |
| Total equity and liabilities | 249,917 | 225,630 |
*2023 has been restated due to the fire incident in Norður-Botn in the year 2023. Please refer to note 26 for further information.
24.03.2025
The Board of Directors of Arctic Fish Holding AS
Øyvind Oaland Chairman
Ivan Vindheim Board member
Gunnþór Ingvason Board member
Stein Ove Tveiten Chief Executive Officer
Gunnar Atli Gunnarsson Board member
Hildur Árnadóttir Board member
Consolidated statement of cash flows
| (EUR '000) | Note | 2024 | 2023* |
|---|---|---|---|
| Earnings before tax | 3,511 | -16,188 | |
| Interest expense | 10,204 | 9,543 | |
| Net currency effect | 742 | 2,250 | |
| Other financial item(s) | -354 | -243 | |
| Net fair value adjustment | -3,940 | 412 | |
| Impairment losses, depreciation and amotization | 8,688 | 17,855 | |
| Change in inventory, trade payables and trade receivables | -18,092 | -11,017 | |
| Taxes paid | -53 | 0 | |
| Cash flow from operations | 706 | 2,612 | |
| Purchase of fixed assets | -8,346 | -36,211 | |
| Additions to intangible assets | -633 | -654 | |
| Sale of assets | 269 | 0 | |
| Cash flow from investments | -8,710 | -36,865 | |
| Net proceeds from new interest-bearing debt | 9,745 | 164,332 | |
| Downpayments interest bearing debt | 0 | -116,229 | |
| Downpayment leasing debt | 94 | -88 | |
| Net interest and financial items paid | -9,405 | -8,323 | |
| Currency effects. | -740 | -2,248 | |
| Cash flow from financing | -306 | 37,442 | |
| Change in cash in the period | -8,309 | 3,190 | |
| Cash - opening balance | 12,316 | 9,126 | |
| Cash — Closing balance | 4,006 | 12,316 | |
| *2023 has been restated due to the fire incident in Norður-Botn in the year 2023. |
Please refer to note 26 for further information.
| (EUR '000) | Share capital | Other paid in capital |
Other equity reserves |
Total equity |
|---|---|---|---|---|
| 2024 | ||||
| Equity 01.01.2024 | 3,032 | 95,281 | -12,572 | 85,741 |
| Comprehensive income | 0 | 0 | 2,615 | 2,615 |
| Total Equity 31.12.2024 | 3,032 | 95,281 | -9,958 | 88,355 |
| 2023 | ||||
| Equity 01.01.2023 | 3,032 | 95,281 | 302 | 98,615 |
| Comprehensive income | 0 | 0 | -12,876 | -12,876 |
| Total Equity 31.12.2023 | 3,032 | 95,281 | -12,574 | 85,739 |
5 Notes
Group financial notes
| Note 1. Corporate information and | |
|---|---|
| accounting policies | 58 |
| Note 2. Significant accounting policies | 58 |
| Note 3a. Estimates and judgements | 62 |
| Note 3b. Environmental risk | 63 |
| Note 4. Biological assets | 64 |
| Note 5. Inventory | 65 |
| Note 6. Intangible assets | 66 |
| Note 7. Property, plant and equipment | 67 |
| Note 8. Interest bearing debt | 68 |
| Note 9. Financial instruments | 70 |
| Note 10. Capital and risk management | 71 |
| Note 11. Remuneration | 73 |
| Note 12. Taxes | 74 |
| Note 13. Cash | 75 |
| Note 14. Trade receivables, other | |
| receivables & prepayments | 76 |
| Note 15. Trade payables and other current liabilities |
77 |
| Note 16. Secured liabilities and guarantees | 77 |
| Note 17. Consolidated entities | 78 |
| Note 18. Share capital | 78 |
| Note 19. Earnings per share | 80 |
| Note 20. Related party transactions | 81 |
| Note 21. Other operating expenses | 81 |
| Note 22. Leases | 82 |
| Note 23. Auditor's fees | 83 |
| Note 24. Provisions | 83 |
| Note 25. New IFRS standards | 84 |
| Note 26. Restatement of prior year financials | |
| . | 84 |
| Note 27. Subsequent events | 84 |
Arctic Fish Holding
| Income Statement | 85 |
|---|---|
| Financial position | 86 |
| Equity statement | 88 |
| Cash flow | 88 |
| Notes to the financial statements | 89 |
| Note 1. General information | 89 |
| Note 2. Intercompany transactions | 90 |
| Note 3. Remuneration | 90 |
| Note 4. Other operating expenses | 91 |
| Note 5. Auditor's fees | 91 |
| Note 6. Financial items | 92 |
| Note 7. Taxes | 93 |
| Note 8. Cash | 94 |
| Note 9. Shares in subsidiaries | 94 |
| Note 10. Share capital shareholder | |
| information | 94 |
| Note 11. Subsequent events | 96 |
Independent Auditor's Report
| Independent Auditor's Report | 97 |
|---|---|
| ------------------------------ | ---- |
APM
| APM | 100 | ||
|---|---|---|---|
Group financial notes
NOTE 1
Corporate information and accounting policies
Corporate information
Arctic Fish Holding AS is a publicly listed company on Euronext Growth, with the ticker symbol AFISH. Arctic Fish Holding AS and its subsidiaries are collectively referred to as "the Group", or "Arctic Fish Group" in the financial statements. Arctic Fish Holding AS is a Company incorporated in Norway with headquarters in Iceland. The address of its registered office is Innovasjonspark Stavanger, Richard Johnsens Gate 4, 4021 Stavanger, Norway. Arctic Fish is a fish farming company and it's headquarters are located at Sindragata 10, 400 Ísafjörður, Iceland. Arctic Fish is a majority owned subsidiary of Mowi.
The consolidated financial statements of the Group were authorised for issue in accordance with a resolution of the Board of Directors on 25th of March 2025. These consolidated financial statements have been approved for issue by the Board of Directors and CEO on the 25th of March 2025. These Consolidated Financial Statements as presented in this report are subject to the adoption by the Annual General Meeting of Shareholders, to be held on 4th of June 2025.
The consolidated financial statements are presented in Euros (EUR) which in accordance with IAS 21 has been determined to be the functional currency of Arctic Fish Holding AS as of 01.07.2023 and onwards. From the second half of the year 2023 all revenues of all the entities are in EUR, as well as the majority of the operating costs and the Group's financing.
NOTE 2
Significant accounting policies
The significant accounting policies applied in the preparation of these consolidated financial statements are described below. These policies have been consistently applied to all period presented.
Statement of compliance and basis of preparation
As of December 31, 2024, the consolidated financial statements of Arctic Fish Holding AS and its subsidiaries (''the Group'' or ''Arctic Fish'') have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the EU. In compliance with the Norwegian Accounting Act, additional disclosures are included in the notes to the financial statements of Arctic Fish Holding AS.
Any new standards and amendments adopted by the Group in 2024 are described in Note 25. Any relevant effects for the Group are further described in Note 25.
The consolidated financial statements have been prepared on the historical cost basis, except when IFRS requires recognition at fair value. This relates to the measurement and valuation of the biomass as further described below.
The reporting period follows the calendar year.
Consolidation
Consolidated financial statements present the Group's financial position, comprehensive income, changes in equity and cash flow. All intragroup transactions, receivables and liabilities are eliminated. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.
Subsidiaries
The Group's consolidated financial statements comprise the financial statements of the Group and its subsidiaries as of December 31, 2024.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.
Foreign currency translation
The financial statements for the Group are presented in EUR, which is the functionalcurrency of the parent company and subsidiaries.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange rate at the time of the transaction. Receivables, debt and other monetary items in foreign currency are measured at the exchange rate at the end of the reporting period, and the translation differences are recognised in profit or loss. Other assets in foreign currencies are translated at the exchange rate in effect on the transaction date.
Financial assets
The Group´s financial assets are: non-listed equity instruments, trade receivables and cash and cash equivalents.
The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing them.
The Group classified its financial assets within 2 categories; financial assets at amortised cost and financial asset at fair value through profit and loss.
The Group does not apply hedge accounting.
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as financial liabilities at fair value through profit and loss, as appropriate. Financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
Revenue
The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods before transferring them to the customer.
Sale of fish products
Revenue for the Group derives mainly from the sale of fish and elaborated fish products either on spot sales or from contracts. The Group recognises revenue from the sale of fish and elaborated fish products at the point in time when control of the goods is transferred to the customer. Control of an asset refers to the ability to direct the use of and obtain substantially all of the remaining benefits from the asset, and the ability to prevent others from directing the use of and receiving the benefits from the asset. Revenue is generally recognised on delivery of the goods (i.e. a certain point in time). Based on group business of sale of fish and elaborated fish products the customers do not pay any advances under normal circumstances. The standard credit term is 30 days upon delivery, and based on the nature of the product there is generally no right of return or warranties. Refund is only given if delivered goods is damaged or delivered with discrepancy compared to agreement, such is immaterial.
The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated, currently no multiple performance obligations have been identified.
Biomass
Changes in the estimated fair value of the biomass are recognised in profit or loss. The fair value adjustment is presented in the statement of comprehensive income as "Net fair value adjustment biomass". The net fair value adjustment consists of "fair value adjustment on biological assets", "fair value adjustment on harvested fish" and "fair value on incident based mortality", see Note 4.
The fair value adjustment on biological assets represents the change in fair value of the biomass less the change in accumulated cost of production for the biomass.
The fair value adjustment on harvested fish is the release from stock of the fair value adjustment related to the fish harvested in the period. The fair value adjustment on incident based mortality is the release from stock of the fair value adjustment related to the fish recognised as incident based mortality in the period. The accumulated cost of incident based mortality is included in "cost of materials" in the statement of comprehensive income.
Interest income
Interest income is included in other financial items in the statement of comprehensive income.
Goodwill and licenses
Goodwill
Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised for a non-controlling interest in the net identifiable assets acquired and liabilities assumed through a business combination.
Other intangible assets (licenses)
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation.
The useful lives of intangible assets are assessed as either finite or indefinite. The value of licenses acquired in Iceland are considered indefinite. The indefinite life classification is reviewed annually to determine whether it continues to be appropriate. If not, the change in useful life from indefinite to finite is made on a prospective basis.
Property, plant and equipment
Property, plant and equipment are measured at acquisition cost less accumulated depreciation. Costs associated with normal maintenance and repairs are expensed as incurred. Costs of major replacements and renewals that substantially extend the economic life and functionality of the asset are capitalised.
Assets are normally considered property, plant and equipment if the useful economic life exceeds one year. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset. Straight-line depreciation is applied over the useful life of property, plant and equipment, based on the asset's historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset's residual value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset.
At the end of the reporting period, the carrying amounts of the Group's assets are reviewed to determine whether there are indications that specific assets have suffered an impairment loss. If such indications exist, the recoverable amount of the asset is estimated in order to determine the extent of net present value of discounted cash flows (value in use). If estimated recoverable amount is lower than book value impairment is recognised.
Leasing
The determination of whether a contract is, or contains, a lease is assessed at the inception of the lease and is based on whether the contract conveys a right to control the use of an identified asset or assets for a period of time in exchange for consideration. For contracts where the Group is the lessee, right-of-use assets and lease liabilities are recognised at the commencement of the lease.
Right-of-use assets are measured at cost, less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the duration of the lease term and the useful life of the asset. When a purchase option has been included in the cost at recognition, the right-of-use asset is depreciated over the estimated useful life of the asset.
The lease liabilities at commencement date is measured at the present value of the lease payments. The lease payments are discounted using the Group's incremental borrowing rate as the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate for each business unit is based on SOFR with an addition of a country specific margin.
Short term leases (lease term less than 12 months) and leases of low-value assets are not recognised as rightof-use assets and lease liabilities, as the recognition exemptions for these leases is applied. Lease payments of such leases are recognized as expense over the lease term.
For leasing contracts with optional renewal period, and where we are reasonably certain to exercise this option, the renewal periods are included in the calculation of the lease liability and asset.
The Group has lease contracts for various assets used in its operation, the main asset group being transportation. Lease terms and other conditions vary. Refer to note 22 for further information.
Segment reporting
Information provided to management does not include segments. The Group is based on one segment.
Inventory
Inventories mainly comprise feed, goods in progress, packaging materials and finished goods. Inventories of goods are measured at the lower of cost and net realisable value.
The cost of finished goods includes direct material costs, direct personnel expenses and indirect processing costs (full production cost). Interest costs are not included in the inventory value. The cost price of purchased goods is the actual purchase price. The cost is based on the principle of first-in first-out, except for feed and valueadded-products, where a weighted average is used.
If fish farmed by the Group is included in inventory as a raw material for further processing in one of the Group's processing entities, such fish is included in inventory at fair value less cost to sell at harvest.
Biological assets
Fair value of biological assets is calculated based on a present value model which does not rely on historical cost. Fish ready for harvest (mature fish), are valued at expected sales price with a deduction of cost related to harvest, transport etc.
For fish not ready for harvest (immature fish), cost to completion is also deducted. The model uses an interpolation methodology where the known data points are the value of the fish when put to sea and when recognised as mature fish. Technically, the interpolation is calculated per location. The effect of this is that fish that have the same weight and quality are valued similarly. The interpolation model has a natural interpretation in the form of a present value calculation where an imputed rent of assets (i.e. theoretical license rent) per location is included as part of the rate of return. Thus, the value is to a lesser degree affected by the site because low production cost at a high quality site is offset by a higher imputed rent and vice versa. All surplus return in the future is assigned to the licenses through a similarly high imputed rent of assets, and where any shortage in return is recognised in profit and loss immediately. The interpolation model is updated every month, with best estimates for time of harvest, remaining months at sea, expected price at time of harvest and estimated residual cost to grow the fish to harvest weight.
The methodology has the effect that any changes in price will have full effect on the biomass at hand, while the price effect on increased weight going forward will be allocated to the license and recognised over time as remaining time at sea decreases. An effect of this is that even with high salmon prices there is no profit at the time the fish is put to sea because all surplus return is assigned to future periods (licenses). Correspondingly the fair value of small fish is rather insensitive to price fluctuations.
An interpolation model as described works best if important variables such as pace of growth, mortality and feed conversion ratios are constant per unit of time or weight increase. Experience shows that in particular there is a deviation from an even development during the first period in sea relating to increased value due, among other things to reduced risk after handling of the fish, vaccination and mortality related to the transfer to sea. This has been adjusted for.
Biological assets comprise eggs, juveniles, smolt and fish in the sea. Biological assets are, in accordance with IAS 41 and IFRS 13, measured at fair value less cost to sell. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the fish is considered to have optimal harvest weight at 4 kg gutted.
This corresponds to that a live weight of approximately 4.8 kg (there may be regional variances) or more are classified as mature fish, while fish that have still not achieved this weight areclassified as immature fish. All fish at sea are subject to a fair value calculation, while broodstock and smolt are measured at cost less impairment losses. Cost is deemed a reasonable approximation for fair value for broodstock and smolt. Historically the market prices for eggs (broodstock are not traded) and smolt have not departed significantly from own production cost.
Transactions with live fish rarely take place, partly due to regulatory constraints, so the valuation of live fish under IAS 41 implies the establishment of an estimated fair value of the fish in a hypothetical market. The calculation of the estimated fair value is based on market prices for harvested fish and adjusted for estimated differences in accordance with IFRS 13. The prices are reduced for harvesting costs and freight costs to market, to arrive at a net value back to farm. The valuation reflects the expected quality grading and size distribution. The valuation is completed for each Business Unit and is based on the biomass in sea for each seawater site and the estimated market price in each market derived from the development in recent contracts as well as spot prices. Where reliable forward prices are available, those have been used. The change in estimated fair value is recognised in profit or loss based on measurement as of each period, and is classified separately. At harvest, the fair value adjustment is classified as fair value adjustment on harvested fish.
In cases of incident based mortality, the fair value adjustment is classified as fair value adjustment on incident based mortality when occurring. Both are included in net fair value adjustment of biological assets in the statement of comprehensive income.
Taxes
Income taxes comprise taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Taxes on transactions that are recorded in other comprehensive income or directly in equity do not form part of the tax expense in profit or loss.
Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period.
Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the accounting year. Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised.
Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be netted within one tax regime.
Provisions
A provision is recognised if the Company has a legal or constructive obligation related to a past event, and it is likely that the obligation will lead to a financial outflow for the Company. Long-term provisions are valued on the basis of discounted expected cash flows.
Restructuring costs
Provisions for restructuring costs will be recognised if the Company has, within the reporting period, published or initiated a restructuring plan, which identifies which parts of the Company and approximately how many employees will be affected, the actions that will be taken and when the plan will be implemented. Provisions are recognised only for costs that cannot be associated with future earnings.
Costs related to restructuring are presented on a separate line in the statement of comprehensive income.
Cash flow statement and cash
The cash flow statement is prepared in accordance with the indirect method.
Cash comprises cash and bank deposits, except funds which based on restriction does not quality as cash.
NOTE 3A
Estimates and judgements
Estimates
The preparation of financial statements in accordance with IFRS requires management to make accounting estimates and judgments that affect the recognised amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are based on past experience and information perceived to be relevant and probable when the judgments are made. Estimates are reviewed on an on-going basis and actual values and results may deviate from these estimates. Adjustments to accounting estimates are recognised in the period in which the estimates are revised.
Arctic Fish Holding AS is exposed to a number of underlying economic factors which affect the overall results, such as salmon prices, foreign exchange rates and interest rates, as well as financial instruments with fair values derived from changes in these factors.
The matters described below are considered to be the most important in understanding the key sources of estimation uncertainty that are involved in preparing these consolidated financial statements and the uncertainties that could most significantly impact the amounts reported on the result of operations, financial position and cash flows.
Biological assets comprise eggs, juveniles, smolt and fish in the sea. These assets are measured at fair value less cost to sell, unless the fair value cannot be measured reliably. The estimation of the fair value relies on a series of uncertain assumptions, e.g., biomass volume, biomass quality, size distribution, market prices, expected future costs, remaining time to harvest and total time to harvest.
The Group measures all deviations in biomass volume compared to estimates when a site is harvested out. Except for situations where there has been an incident causing mass mortality, particularly early in the cycle, combined with an inability to count and weigh fish after the event in fear of further stressing the fish, volume deviations are normally minor. Similarly, excluding the effects of soft flesh and melanin, the quality of the fish can normally be estimated with a relatively high degree of accuracy. Categorisation of quality is normally set per country based on averages, but can be set individually per site when needed. The size distribution shows some degree of variation but normally not to an extent that significantly changes the estimated value of the biomass (the value of two fish at five kg is very similar to the value of two fish weighing four and six kg, respectively).
The accumulated cost of the fish per kg will only deviate from the estimate if the volume is different from the estimate. For the estimation of future costs, there is uncertainty with regard to feed prices, other input costs and biological development. Mowi measures cost deviations vs. budget as part of the follow up of Business Units. Excluding special situations (incidents etc.), the deviations in costs vs budgets are normally limited for a group of sites, although individual sites might show deviations. The estimation of costs influences the biomass value through the recognised fair value adjustment in the statements of comprehensive income and financial position (calculated as fair value less accumulated biological costs). The key element in the estimation of fair value is the assumed market price. The assumed market price is the price that we expect to receive on the future date when the live fish is harvested. We derive these prices from a variety of sources, normally a combination
of the prices achieved in the previous month and quoted forward prices (Nasdaq) are used in the estimation, see Note 2 for further details. The use of third-party forward prices improves the reliability and comparability of the price estimation.
For further information about biological asset values please see Note 4, Biological assets.
Judgements
The matters described below are considered to be the most important in understanding the key sources of judgements that are involved in preparing these consolidated financial statements and the uncertainties that could most significantly impact the amounts reported on the result of operations, financial position and cash flows.
Licenses
The Group has assessed that all fish farming licenses have indefinite lives and, as such, are not amortised. The jurisdiction in which the Group operates by requires to obtain a license for each fish farm owned and operated.
The Group has obtained and currently holds a license to own and operate each of our fish farms where a license is required. These licenses have indefinite lives or require renewal after a specific time period, but normally with automatic renewal and, as such, we have assessed that they have indefinite lives. However, the Group's licenses are subject to certain requirements, and we risk penalties (including, in some cases, criminal charges), sanctions or even license revocation if we fail to comply with license requirements or related regulations. Also, local government may change the way licenses are renewed.
NOTE 3B
Environmental risk
Climate change represents both risks and opportunities for Arctic Fish. We recognise the growing significance of climate change on our business and the increasing role of producing food from the ocean as a solution to climate change.
The risk of climate change on the Group's financial position can be classified into two types of risks; transition risk and physical risk. Transition risks refer to the changes in technological advancements within clean energy, shifts in consumer behaviour and political interventions, such as restrictions and costs related to emissions etc. Physical risks are related to the increase and severity of extreme weather and long-term environmental changes. These risks can affect Arctic FIsh in multiple ways, with reduced quality and mortality on fish, increased operating expenses, but also opportunities with faster growing fish and increased revenues. The risk can also impact the carrying amount and useful life of both tangible and intangible assets. These risks and opportunities are part of our risk assessment as part of the annual budget process at year end. The long-term effects of climate change are uncertain, but we believe that Arctic Fish will play an increasing role in producing healthy nutritious food through an eco-efficient value chain. No impairment related to environmental risk is recognised as of year end 2023 and there has been no change in useful life for our assets.
Biological assets
Valuation of biological assets
Biological assets are, in accordance with IAS 41, measured at fair value less cost to sell. All fish at sea are subject to a fair value calculation, while broodstock and smolt are measured at cost less impairment losses. Cost is deemed a reasonable approximation for fair value for broodstock and smolt as there is little biological transformation (IAS 41.24).
Biomass measured at fair value, is categorised at Level 3 in the fair value hierarchy, as the input is mostly unobservable. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, we consider that the fish have optimal harvest weight at 4 kg gutted. This corresponds to a live weight of approximately 4.8 kg (there may be regional variances). Fish of this weight or above are classified as ready for harvest (mature fish), while fish that have still not achieved this weight are classified as not ready for harvest (immature fish). The valuations are carried out at business unit level based on a common model and basis for assumptions established at group level. All assumptions are subject to monthly quality assurance and analysis at the group level.
The valuations are based on an income approach and takes into consideration unobservable input based on biomass in the sea, the estimated growth rate and cost to completion at site level. Mortality, quality of the fish going forward and market price are considered at business unit level. A special assessment is performed for sites with high/low performance due to disease or other deviating factors.
The market prices are derived from observable market prices where available.
Assumptions used for determining fair value of live fish
The estimated fair value of the biomass will always be based on uncertain assumptions, even though the group has built substantial expertise in assessing these factors. Estimates are applied to the following factors; biomass volume, the quality of the biomass, size distribution, cost, mortality and market prices.
Biomass volume: The biomass volume is in itself an estimate based on the number of smolt released into the sea, the estimated growth from the time of stocking, estimated mortality based on observed mortality in the period, etc.
There is normally little uncertainty with regard to biomass volume. The level of uncertainty will, however, be higher if an incident has resulted in mass mortality, especially early in the cycle, or if the fish's health status restricts handling.
The quality of the biomass: The quality of the biomass can be difficult to assess prior to harvesting. In Iceland downgraded fish is normally priced according to standard rates of deduction compared to a Superior quality fish. In our fair value model for salmon of Icelandic origin, we have used EUR 1.22 EUR as deductions from Superior grade to Production grade quality. In other countries the price deductions related to quality are not as standardised and might therefore not be comparable between companies. The quality of harvested fish was very good in 2024. For Arctic Fish as a whole, 95% of the fish harvested were graded as Superior quality.
The size distribution: Fish in sea grow at different rates, and even in a situation with good estimates for the average weight of the fish there can be a considerable spread in the quality and weight of the fish. The size distribution affects the price achieved for the fish, as each size category of fish is priced separately in the market. When estimating the biomass value, a normal size distribution is applied.
Cost: For the estimation of future costs, there is uncertainty with regard to feed prices, other input costs and biological development. Arctic Fish measures cost deviations vs. budget as part of the follow up of business units. Excluding special situations (incidents etc.), the deviations in costs vs budgets are normally limited for a group of sites, although individual sites might show deviations. The estimation of costs influences the biomass value through the recognised fair value adjustment in the statements of comprehensive income and financial position (calculated as fair value less accumulated biological costs).
Mortality: Normalised mortality will affect the fair value estimates both as a reduction of estimated harvesting volumes and because cost to completion includes cost incurred on fish that eventually will perish.
Market price: The market price assumption is very important for the valuation and even minor changes in the market price will result in significant changes in the valuation. The methodology used for establishing the market price is explained in Note 2.
Climate Risk : Climate risk is included in the assessment for calculating the Fair value of live fish. Due to the short time period relevant for the Fair value uplift (maximum of 2 years) climate risk has not had a material effect on the valuation of biomass in sea for further details on climate risk, please refer to Note 3b.
Write-down of biomass and incident-based mortality
Incident-based mortality is accounted for when a site either experiences elevated mortality over time or substantial mortality due to an incident at a site or farm (outbreak of disease, lack of oxygen etc). The cost of incident based mortality is included in "restructuring costs" in the statement of comprehensive income. The fair value element is adjusted through fair value adjustment on incident based mortality, and included in net fair value adjustment in the statement of comprehensive income.
| Reconciliation of changes in the carrying amount of biological assets (EUR '000) | 2024 | 2023 |
|---|---|---|
| Carrying amount as of 01.01 | 65,903 | 68,371 |
| Cost to stock | 78,216 | 67,840 |
| Net fair value adjustment | 3,940 | -412 |
| Cost of harvested fish | -49,338 | -55,551 |
| Write-downs | 0 | -14,345 |
| Total carrying amount of biological assets as of 31.12 | 98,721 | 65,903 |
| Fair value adjustment on biological assets in the statement of financial position (EUR '000) |
2024 | 2023 |
|---|---|---|
| Arctic Fish, Westfjords Iceland | 18,765 | 14,825 |
| Total fair value adjustment included in carrying amount in the statement of financial position |
18,765 | 14,825 |
| Biomass at cost | 79,956 | 51,078 |
| Total biological assets | 98,721 | 65,903 |
| Volumes of biomass (tonnes) | 2024 | 2023 |
|---|---|---|
| Volume of biomass harvested during the year (gutted weight) |
10,667 | 11,878 |
| Volume of biomass in the sea at year-end (live weight) |
13,768 | 9,747 |
| Sensitivity effect on fair value at year-end (EUR '000) |
PRICE -0.1 EUR |
BIOMASS -1% LWT |
QUALITY -1% SUP |
|---|---|---|---|
| Arctic Fish, Westfjords Iceland | -1,483 | -476 | -180 |
| Total sensitivity effect on fair value |
-1,483 | -476 | -180 |
| Forward prices used in fair value calculations (QUARTER) |
EUR/KG |
|---|---|
| Q1 2025 | 9.54 |
| Q2 2025 | 9.78 |
| Q3 2025 | 6.54 |
| Q4 2025 | 6.98 |
| Q1 2026 | 9.41 |
| Q2 2026 | 8.72 |
NOTE 5
Inventory
| Inventory (EUR '000) | 2024 | 2023 |
|---|---|---|
| Raw materials and goods in process | 5,007 | 2,372 |
| Total inventory | 5,007 | 2,372 |
Intangible assets
| Specification of intangible assets 2024 (EUR '000) |
Goodwill | Licenses | Other Intangible Assets |
Total |
|---|---|---|---|---|
| Acquisition cost as of 01.01 | 658 | 5,364 | 355 | 6,377 |
| Additions in the year | 633 | 633 | ||
| Reclassification | 0 | |||
| Total acquisition cost as of 31.12 | 658 | 5,997 | 355 | 7,010 |
| Accumulated amortisation and impairment losses as of 01.01 |
0 | 0 | 30 | 30 |
| Amortisation in the year | 70 | 70 | ||
| Total accumulated amortisation and impairment losses as of 31.12 |
0 | 0 | 101 | 101 |
| Total carrying amount as of 31.12 | 658 | 5,997 | 255 | 6,909 |
| Estimated lifetime | 5 years | |||
| Amortisation method | Linear |
| Specification of intangible assets 2023 (EUR '000) |
Goodwill | Licenses | Other Intangible Assets |
Total |
|---|---|---|---|---|
| Acquisition cost as of 01.01 | 658 | 4,710 | 8 | 5,375 |
| Additions in the year | 654 | 0 | 654 | |
| Reclassification | 347 | 347 | ||
| Total acquisition cost as of 31.12 | 658 | 5,364 | 355 | 6,377 |
| Accumulated amortisation and impairment losses as of 01.01 |
0 | 0 | 6 | 6 |
| Amortisation in the year | 25 | 25 | ||
| Total accumulated amortisation and impairment losses as of 31.12 |
0 | 0 | 30 | 30 |
| Total carrying amount as of 31.12 | 658 | 5,364 | 325 | 6,347 |
| Estimated lifetime | 5 years | |||
| Amortisation method | Linear |
| Specification of | Number of Licenses/ | Number of Licenses/ | Current Production | Total |
|---|---|---|---|---|
| seawater licenses | Tenures | Tenures in use | Capacity* (T Tonnes) | Limitations |
| Arctic Fish | 10 | 10 | 27.0 |
*Total production capacity HOG, full utilisation.
| Specification licenses 2024 |
Total Current Production Capacity* (T Tonnes) |
Harvest Volume (Salmon Only) |
Utilization Based on Production Capacity |
Book Value** (EUR Million) |
Book Value Per Production Volume |
|---|---|---|---|---|---|
| Arctic Fish | 27.0 | 10,667 | 39.5% | 6.0 | 0.56 |
| Total | 27.0 | 10,667 | 39.5% | 6.0 | 0.56 |
*Total production capacity HOG, full utilisation.
**Book value includes freshwater licenses in addition to seawater licenses
Property, plant and equipment
| Specification of PPE 2024 (EUR '000) |
Land & Buildings |
Machinery & Equipment |
Transport | Nets, Pens & Moorings |
Under Construction /Prepayments* |
Total |
|---|---|---|---|---|---|---|
| Acquisition cost as of 01.01 | 57,372 | 17,893 | 21,590 | 31,291 | 25,993 | 154,138 |
| Additions in the year | 1,343 | 1,386 | 160 | 5,297 | -147 | 8,039 |
| Reclassification | 1,452 | 0 | 0 | 0 | -1,452 | 0 |
| Disposals / scrapping in the year |
-233 | 0 | 0 | 0 | 0 | -233 |
| Total acquisition cost as of 31.12 |
59,934 | 19,279 | 21,750 | 36,588 | 24,394 | 161,944 |
| Accumulated depreciation and impairment losses as of 01.01 |
5,004 | 4,206 | 4,203 | 12,290 | 10,827 | 36,529 |
| Depreciation in the year | 1,793 | 1,839 | 1,116 | 3,688 | 0 | 8,436 |
| Impairment losses and reversal of previous write downs in the year |
0 | 0 | 0 | 0 | 0 | 0 |
| Total accumulated depreciation and impairment losses as of 31.12 |
6,797 | 6,045 | 5,319 | 15,978 | 10,827 | 44,965 |
| Total carrying amount as of 31.12 |
53,137 | 13,234 | 16,431 | 20,610 | 13,567 | 116,979 |
| Estimated lifetime | Land; Infinite Buildings; 0-20 years |
5-20 years | 3-10 years | 5-10 years | N/A | |
| Depreciation method | Linear | Linear | Linear | Linear | N/A |
*Under construction/prepayments
The Group has evaluated the remaining tanks and building structures at the smolt facility in Norðurbotn after the fire incident in February 2023 and it has been estimated that the
recoverable amount exceeds the carrying amount.
| Specification of PPE 2023 (EUR '000) |
Land & Buildings |
Machinery & Equipment |
Transport | Nets, Pens & Moorings |
Under Construction /Prepayments* |
Total |
|---|---|---|---|---|---|---|
| Acquisition cost as of 01.01 | 30,676 | 5,557 | 21.,16 | 24,902 | 35,737 | 118,187 |
| Additions in the year | 2,196 | 2,115 | 276 | 6,389 | 25,235 | 36,211 |
| Reclassification | 24,500 | 10,412 | 0 | 0 | -34,979 | -67 |
| Disposals / scrapping in the year |
-191 | -2 | 0 | 0 | -193 | |
| Total acquisition cost as of 31.12 |
57,372 | 17,893 | 21,590 | 31,291 | 25,993 | 154,138 |
| Accumulated depreciation and impairment losses as of 01.01 |
3,432 | 2,938 | 3,074 | 9,256 | 0 | 18,699 |
| Depreciation in the year | 1,289 | 1,268 | 1,129 | 3,034 | 0 | 6,720 |
| Impairment losses and reversal of previous write downs in the year |
283 | 0 | 0 | 0 | 10,827 | 790 |
| Total accumulated depreciation and impairment losses as of 31.12 |
5,004 | 4,206 | 4,203 | 12,290 | 10,827 | 36,529 |
| Total carrying amount as of 31.12 |
52,368 | 13,687 | 17,387 | 19,001 | 15,166 | 117,609 |
| Estimated lifetime | Land; Infinite Buildings; 0-20 years |
5-20 years | 3-10 years | 5-10 years | N/A | |
| Depreciation method | Linear | Linear | Linear | Linear | N/A |
*Under construction/prepayments
The Group has evaluated the remaining tanks and building structures at the smolt facility in
Norðurbotn after the fire incident in February 2023 and it has been estimated that the recoverable
amount exceeds the carrying amount.
Sale of non-current assets
No non-current tangible assets have been sold during the year or within the prior year.
NOTE 8
Interest bearing debt
| Interest-bearing debt (EUR '000) | 2024 | 2023 |
|---|---|---|
| Non-current interest-bearing bank debt | 133,657 | 126,605 |
| Total non-current interest-bearing debt | 133,657 | 126,605 |
| Current interest-bearing bank debt | 3,000 | 0 |
| Current interest-bearing debt | 3,000 | 0 |
| Total carrying amount of biological assets as of 31.12 | 126,605 |
Financing of the Group is mainly carried out through the subsidiary Arctic Fish ehf. External financing is obtained by subsidiaries only if this is optimal for the Group. Arctic Fish ehf. complied with its loan covenants at the end of 2024.
The following programmes on the next page are the main sources of financing for the Group as of December 31, 2024:
Financing lines available and maturity
EUR 170 million term loan & revolving credit facilities
Arctic Fish ehf., a 100%-owned subsidiary of Arctic Fish Holding AS has a EUR 170 million three-year senior secured term loan and revolving credit facility with Danske Bank, DNB, Nordea and Rabobank. The committed facility comprises a term loan of EUR 120 million and a revolving credit of EUR 50 million, and two one-year extension options will provide flexibility for the parties to agree to extend the maturity of the facility. Furthermore, the facility is sustainability-linked, with interest margin tied to the Arctic Fish group's performance against predefined targets related to certain sustainability KPIs, and Danske Bank, DNB, Nordea Bank and Rabobank have been engaged as Joint Sustainability coordinators to assist in this respect.
Arctic Fish reported that the company is in compliance with all covenants as reported on the 12.2.2025.
Cash movements financing activities
| Cash movements financing activities (EUR '000) | Interest-bearing debt |
|---|---|
| Balance at January 1, 2024 | 126,605 |
| Proceeds from loans and borrowings | 10,000 |
| Transaction cost related to loans and borrowings | -255 |
| Total changes from financing cash flows | 136,350 |
| The effect of changes in foreign exchange rates | 0 |
| Liability-related | 0 |
| Capitalised borrowing cost | 307 |
| Interest expense | 10,020 |
| Interest paid | -10,020 |
| Total liability-related other changes | 307 |
| Balance at December 31, 2024 | 136,657 |
| Cash movements financing activities (EUR '000) | Interest-bearing debt |
|---|---|
| Balance at January 1, 2023 | 78,500 |
| Proceeds from loans and borrowings | 48,998 |
| Transaction cost related to loans and borrowings | -921 |
| Total changes from financing cash flows | 126,577 |
| The effect of changes in foreign exchange rates | 2 |
| Liability-related | 2 |
| Capitalised borrowing cost | 26 |
| Interest expense | 8,323 |
| Interest paid | -8,323 |
| Total liability-related other changes | 26 |
| Balance at December 31, 2023 | 126,605 |
Financial instruments
| Financial instruments impact on comprehensive income (EUR '000) | 2024 | 2023 |
|---|---|---|
| Interest expenses | -10,176 | -9,528 |
| Interest expenses leasing | -28 | -15 |
| Interest expenses | -10,204 | -9,543 |
| Net currency effects on interest-bearing debt | 0 | -2 |
| Net currency effects on cash, trade receivables and trade payables | -727 | -2,245 |
| Currency effects on leasing (IFRS 16) | -15 | -4 |
| Net currency effects | -742 | -2,250 |
| Interest income | 363 | 324 |
| Net other financial items | -9 | -81 |
| Other financial items | 354 | 243 |
| Total financial items | -10,592 | -11,551 |
Categories of financial instruments
| in the statement of financial position | December 31, 2024 | December 31, 2023 | ||
|---|---|---|---|---|
| Financial assets and liabilities (EUR '000) |
Debt instruments at amortised cost |
Total | Debt instruments at amortised cost |
Total |
| Current assets | ||||
| Trade receivables | 459 | 459 | 2,792 | 2,792 |
| Other receivables | 4,025 | 4,025 | 3,727 | 3,727 |
| Cash | 4,006 | 4,006 | 12,316 | 12,316 |
| Non-current liabilities | ||||
| Non-current interest-bearing debt | -133,657 | -133,657 | -126,605 | -126,605 |
| Non-current leasing liabilities | -200 | 200 | -194 | -194 |
| Current liabilities | ||||
| Current interest-bearing debt | -3,000 | -3,000 | 0 | 0 |
| Current leasing liabilities | -184 | -184 | -95 | -95 |
| Trade payables | -21,710 | -21,710 | -6,684 | -6,684 |
| Other current liabilities | -2,811 | -2,811 | -6,314 | -6,314 |
| Total | -153,072 | -153,072 | -121,057 | -121,057 |
Capital and risk management
Leverage and capital access
Leverage and Capital access (i.e. Capital management) refers to the process of acquiring and utilising capital in the most efficient manner compared to the available alternatives. The primary objective of the Group's capital management is to ensure access to capital contributing to satisfactory operations and maximum generation of shareholder value. The Group manages its capital structure and makes adjustments in light of changes in underlying economic conditions. Access to borrowed capital is continuously monitored and the Group has a continuous dialogue with its lenders. Details relating to the main loan programmes in the Group are described in Note 8.
Arctic Fish intends to maintain an equity base suited to the characteristics of its operations, taking into consideration that fish farming is a cyclical business. At year-end 2024, the equity of Arctic Fish amounted to EUR 88 million. The equity share, defined by equity/total assets, was at the same time 35.4%. Net interest bearing debt, defined as total interestbearing debt less cash was EUR 132.7 million at year-end, excluding effects of IFRS 16.
The Group's principal financial liabilities, other than loans, consist mainly of trade payables. These financial liabilities constitute the majority of the Group's third party financing. The Group holds financial assets such as trade receivables, cash and shares.
Details regarding significant accounting policies for financial assets and liabilities are disclosed in Note 2 Significant accounting policies.
Financial risk management
The Group monitors and manages financial risks arising from operations. These include currency risks, interest rate risk, credit risk and price/liquidity risk. The Group seeks to manage these risks through operational measures.
Currency exposure in the statement of financial position
As a consequence of the Group's net cash flows being generated in EUR, NOK, ISK and USD, the interest-bearing debt should reflect this currency structure. On December 31, 2024, the portfolio was as follows.
| Currency structure of net interest bearing debt (EUR '000) |
NOK | ISK | EUR | OTHER | TOTAL |
|---|---|---|---|---|---|
| Cash and cash equivalents | 1,094 | 514 | 2,398 | 4,006 | |
| Current interest-bearing debt | 3,000 | 3,000 | |||
| Non-current interest-bearing debt | 133,657 | 133,657 | |||
| Net interest-bearing debt | -1,094 | -514 | 134,259 | 0 | 132,651 |
Sensitivity analysis – change in exchange rates impact on result
The main sources of sensitivity to exchange rate movements are the long-term hedges of exposure to EUR/NOK and EUR/USD and EUR/ISK. Based on the exposure as of December 31, 2024, the effect of a 15% change in exchange rates has been estimated. As no hedge accounting is utilized, there is no impact on other comprehensive income.
| Currency pair (EUR '000) | EUR / NOK | EUR / ISK |
|---|---|---|
| Effect in EUR from a 15% increase in the value of | EUR | EUR |
| Effect on profit before tax | -164 | -77 |
Credit risk
Interest rate risk
The only interest rate risk Arctic Fish is exposed to is the fluctuation of underlying interest rates.
The Group trades only with recognised, creditworthy third parties. It is the Group's policy that all customers are recognised and creditworthy.
Price/Liquidity risk
The Group is continuously monitoring liquidity and estimates expected liquidity development on the basis of budgets and monthly updated forecasts from the business units. Arctic Fish's financial position and development depend significantly on spot price developments for salmon, and these prices have historically been volatile. As such Arctic Fish is exposed to movements in supply and demand for salmon. Other key liquidity risks are fluctuations in production and harvest volumes, biological issues, and changes in the feed price, feed being the most important individual factor on the cost side. Feed costs are correlated to the marine and agricultural commodity prices of the ingredients.
Maturity profile of the financial liabilities and derivatives based on contractual undiscounted payments, incl. interest
| 2024 (EUR '000) |
Carrying Amount |
Contractual Cash Flows |
Within 1 Year |
1-2 Years |
2-5 Years |
More Than 5 Years |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | ||||||
| Arctic Fish bank facility | 137,500 | -163,845 | -12,479 | -20,851 | -130,515 | 0 |
| Other debt | ||||||
| Total financial liabilities* | 137,500 | -163,845 | -12,479 | -20,851 | -130,515 | 0 |
| 2023 (EUR '000) |
Carrying Amount |
Contractual Cash Flows |
Within 1 Year |
1-2 Years |
2-5 Years |
More Than 5 Years |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | ||||||
| Arctic Fish bank facility | 127,500 | -148,981 | -8,866 | -6,383 | -133,732 | 0 |
| Other debt | ||||||
| Total financial liabilities* | 127,500 | -148,981 | -8,866 | -6,383 | -133,732 | 0 |
*For maturity profile of financial liabilities related to leasing debt, please see note 22.
Remuneration
| Salary and personnel expenses (EUR '000) | 2024 | 2023 |
|---|---|---|
| Salaries | -9,379 | -7,625 |
| Social security taxes | -650 | -652 |
| Pension expenses | -1,179 | -982 |
| Other benefits | -143 | -312 |
| Total salary and personnel expenses | -11,351 | -9,570 |
| Average number of FTEs | 127 | 118 |
127 Full-time employee equivalent. At year-end 2024.
| Remuneration to group management (EUR '000) | 2024 | 2023 |
|---|---|---|
| Remuneration to management | ||
| Stein Ove Tveiten, CEO | -220 | -192 |
| Baldur Smári Einarsson, CFO | -147 | N/A |
| Daníel Jakobsson, CBDO | -152 | -172 |
| Kristján Rúnar Kristjánsson, COO Processing | -137 | -130 |
| Other | -118 | -322 |
| Remuneration to board of directors | -83 | -89 |
| Total remuneration to Group Management | -857 | -905 |
Taxes
| Income taxes for the year in the statement of comprehensive income (EUR '000) |
2024 | 2023 |
|---|---|---|
| Norway | -471 | 418 |
| Foreign units | -425 | 2,894 |
| Change in deferred tax | -896 | 3,312 |
| Total income taxes related to profit for the year | -896 | 3,312 |
| Reconciliation between nominal and effective tax rates (EUR '000) | 2024 | 2023 |
|---|---|---|
| Profit before tax | 3,511 | -16,188 |
| Nominal tax rate | 22% | 22% |
| Tax calculated with nominal tax rate | 772 | -3,561 |
| Effect of non-recognition of losses and tax assets | 0 | -237 |
| Other permanent differences | 223 | 200 |
| Effect of different tax rates compared to nominal rate | -99 | 286 |
| Total income taxes | 896 | -3,312 |
| Specification of deferred tax and basis for deferred tax /tax assets tax increasing/reducing temporary differences (EUR '000) |
2024 | 2023 |
|---|---|---|
| Non-current assets | -1,830 | -130 |
| Current assets | -18,765 | -14,825 |
| Debt | 245 | 235 |
| Tax losses carried forward | 36,854 | 32,950 |
| Other differences | -645 | -1,670 |
| Total temporary differences | 15,859 | 16,560 |
| Tax losses carried forward in Norway | 0 | 3,496 |
| Tax losses carried forward abroad | 36,854 | 29,454 |
| Other temporary differences abroad | -20,995 | -16,390 |
| Total temporary differences | 15,859 | 16,560 |
| Total deferred tax asset /liabilities in the statement of financial position (EUR '000) |
2024 | 2023 |
|---|---|---|
| Deferred tax assets | 3,071 | 3,914 |
| Net deferred tax in the statement of financial position | 3,071 | 3,914 |
The Group has recognised deferred tax assets related to tax losses carried forward. This is based on the expectation of probable sufficient earnings in the future. The expectations are based on current earnings and approved budgets.
| Maturity of tax losses where deferred tax loss is recognised to year (EUR '000) |
Norway | Abroad | Total |
|---|---|---|---|
| 2025 | 0 | 2,286 | 2,286 |
| 2026 | 0 | 3,761 | 3,761 |
| 2027 | 0 | 1,538 | 1,538 |
| 2028 | 0 | 1,614 | 1,614 |
| 2029 | 0 | 4,443 | 4,443 |
| 2030 | 0 | 3,913 | 3,913 |
| 2031 | 0 | 0 | 0 |
| 2032 | 0 | 529 | 529 |
| 2033 | 0 | 14,886 | 14,886 |
| 2034 | 0 | 3,884 | 3,884 |
| Total 2024 | 0 | 36,854 | 36,854 |
| Total 2023 | 1,900 | 31,050 | 32,950 |
| Tax rates applied (selected countries) | 2024 | 2023 |
|---|---|---|
| Norway | 22% | 22% |
| Iceland | 21% | 20% |
NOTE 13
Cash
| Cash (EUR '000) | 2024 | 2023 |
|---|---|---|
| Cash in bank | 3,677 | 10,419 |
| Other restricted cash * | 329 | 1,897 |
| Total cash | 4,006 | 12,316 |
*Other restricted cash is mainly composed of payment guarantees.
Trade receivables, other receivables and prepayments
| Specification of receivables (EUR '000) | 2024 | 2023 |
|---|---|---|
| Trade receivables | 289 | 1,328 |
| Provisions for expected credit losses | 0 | 0 |
| Net trade receivables | 289 | 1,328 |
| Prepayments | 1,202 | 1,257 |
| Tax prepaid/receivable | 2,733 | 3,934 |
| Other | 10,580 | 10,320 |
| Trade receivables, other receivables and prepayments | 14,515 | 15,511 |
| Total trade receivables, other receivables and prepayments | 14,804 | 16,839 |
Based on the nature of business, the Group does not have any material contract assets.
| Age distribution of trade receivables (EUR '000) | 2024 | 2023 |
|---|---|---|
| Receivables not overdue | 289 | 1,249 |
| Overdue 0-6 months | 0 | 79 |
| Overdue more than 6 months | 0 | 0 |
| Total trade receivables | 289 | 1,328 |
Movement in provisions for credit losses (trade receivables)
In 2024 there were no provisions
for credit losses.
Currency exposure to trade receivables
The Business Units of the Group mainly complete their sales in the functional currency of the Group.
The carrying amount of trade receivables per currency is presented below.
| Currency split accounts receivables | 2024 | 2023 |
|---|---|---|
| EUR | 4% | 96% |
| NOK | 45% | 2% |
| Other | 51% | 2% |
Trade payables and other current liabilities
| Current liabilities (EUR '000) | 2024 | 2023 |
|---|---|---|
| Trade payables | 21,710 | 6,806 |
| Other current liabilities | ||
| Salaries and vacation pay due | 815 | 798 |
| Accrued expenses | 1,996 | 5,393 |
| Total other current liabilities | 2,811 | 6,191 |
Based on the nature of business, the Group does not have any material contract liabilities.
| Current leasing liabilities (EUR '000) |
2024 | 2023 | Unused drawing rights (EUR) |
2024 | 2023 |
|---|---|---|---|---|---|
| Current part (first year) leases |
184 | 95,050 | Unused part of bank overdraft facility (to be renewed within |
0 | 0 |
| Total current leasing liabilities |
184 | 95,050 | one year) Unused part of other drawing rights (to be renewed in more |
32,500 | 42,500 |
| than one year) Total unused drawing rights |
32,500 | 42,500 |
NOTE 16
Secured liabilities and guarantees
| Debt secured by mortages and pledges (EUR '000) | 2024 | 2023 |
|---|---|---|
| Debt to financial institutions | 136,657 | 126,605 |
| Leasing debt | 0 | 0 |
| Total debt secured by mortgages and pledges | 136,657 | 126,605 |
The Group loan facility has been established with security in current assets, licenses (where applicable), fixed assets and guarantees from some of the entities in the Group.
| Assets pledged as security for debt (EUR '000) | 2024 | 2023 |
|---|---|---|
| Tangible non-current assets | 127,656 | 128,198 |
| Inventory and biological assets | 103,727 | 68,275 |
| Total assets pledged as security | 231,384 | 196,473 |
Consolidated entities
The consolidated financial statements include the following companies:
| Parent Company | Country | |
|---|---|---|
| Arctic Fish Holding AS | Norway |
| Subsidiaries — Europe | Country | Ownership % |
|---|---|---|
| Arctic Fish Ehf Iceland | Iceland | 100,0% |
| Arctic Smolt Ehf Iceland | Iceland | 100,0% |
| Arctic Sea Farm Ehf Iceland | Iceland | 100,0% |
| Arctic Oddi Ehf Iceland | Iceland | 100,0% |
NOTE 18
Share capital
| Share capital | 2024 | 2023 |
|---|---|---|
| Total number of shares as of 01.01 | 31,876,653 | 31,876,653 |
| Shares issued during the year | --- | --- |
| Total number of shares as of 31.12 | 31,876,653 | 31,876,653 |
| Nominal value as of 31.12 (NOK) | 1.0 | 1.0 |
| Share capital (EUR '000) | 3,032 | 3,032 |
| Other paid-in capital (EUR '000) | 95,281 | 95,281 |
| r | ||
|---|---|---|
| Overview of the Largest Shareholders 31.12.24 | Number of Shares | Ownership % |
|---|---|---|
| Mowi ASA | 16,346,824 | 51.28% |
| Síldarvinnslan hf.** | 10,899,684 | 34.19% |
| J.P. Morgan SE ** | 2,218,998 | 6.96% |
| Landsbankinn hf. | 502,920 | 1.58% |
| Íslandsbanki hf. | 281,976 | 0.88% |
| Kverva Finans As | 223,776 | 0.70% |
| State Street Bank And Trust Comp | 175,000 | 0.55% |
| Verdipapirfondet Eika Spar | 167,406 | 0.53% |
| Mp Pensjon Pk | 165,000 | 0.52% |
| Pactum As | 152,701 | 0.47% |
| Clearstream Banking S.A. | 140,344 | 0.44% |
| Verdipapirfondet Eika Norge | 121,659 | 0.38% |
| Roth | 80,000 | 0.25% |
| Ramsfjell As | 40,849 | 0.13% |
| Saxo Bank A/S | 37,168 | 0.12% |
| Verdipapirfondet Eika Alpha | 33,705 | 0.11% |
| Dnb Luxembourg S.A. | 25,231 | 0.08% |
| Verdipapirfondet Eika Balansert | 18,432 | 0.06% |
| Høstlund | 18,000 | 0.06% |
| Hatlebrekke Invest As | 16,700 | 0.05% |
| Steinerud As | 16,700 | 0.05% |
| Total 20 largest shareholders | 31,681,073 | 99.39% |
| Total other shareholders | 195,580 | 0.61% |
| Total number of shares | 31,876,653 | 100.00% |
** Síldarvinnslan hf is a part of the nominee account "J.P. Morgan SE".
| Shareholders per country | Number of Shares | Share % |
|---|---|---|
| Norway | 17,576,654 | 55% |
| Iceland* | 11,688,280 | 37% |
| Luxembourg* | 2,385,228 | 7% |
| USA | 175,000 | 1% |
| Other countries | 51,491 | 0% |
| Total number of shares 31.12.24 | 31,876,653 | 100% |
* Síldarvinnslan hf, an Icelandic shareholder is a part of the nominee account "J.P. Morgan SE" which is registered in Luxembourg.
| Shares owned by board members, group management and their related parties as of 31.12.24 | Number of Shares |
|---|---|
| Board of Directors | |
| Øyvind Oaland (Chairman of board) | 0 |
| Gunnar Atli Gunnarsson | 0 |
| Gunnþór Ingvason | 0 |
| Hildur Árnadóttir | 0 |
| Ivan Vindheim | 0 |
| Total number of shares held by Board members | 0 |
| Group Management | |
| Stein Ove Tveiten, CEO | 4,084 |
| Baldur Smári Einarsson, CFO | 0 |
| Daníel Jakobsson, CBDO | 3,267 |
| Kristján Rúnar Kristjánsson, COO Processing | 0 |
| John Gunnar Grindskar, COO Farming | 4,166 |
| Total number of shares held by Group management | 11,517 |
| Total number of shares held by Board members & Group management | 11,517 |
| Total number of shares held by Board members & Group management in % of total outstanding shares |
0.04% |
Earnings per share
| Basic and diluted earnings per share | 2024 | 2023 |
|---|---|---|
| Profit (loss) for the year attributable to owners of Arctic Fish Holding AS | 1,252 | -12,876 |
| Profit (loss) from continuing operations attributable to the owners of the parent (EUR '000) |
1,252 | -12,876 |
| Profit (loss) for the year attributable to owners of Arctic Fish Holding AS (EUR '000) |
1,252 | -12,876 |
| Time-weighted average of shares issued and outstanding (million) | 31.88 | 31.88 |
| Basic earnings per share attributable to the owners of Arctic Fish Holding AS | 0.04 | -0.40 |
| Basic earnings per share from continuing operations (EUR) | 0.04 | -0.40 |
| Basic earnings per share (EUR) | 0.04 | -0.40 |
| Diluted earnings per share attributable to the owners of Arctic Fish Holding AS | 0.04 | -0.40 |
| Diluted earnings per share from continuing operations (EUR) | 0.04 | -0.40 |
| Diluted earnings per share (EUR) | 0.04 | -0.40 |
Basic Earnings per share (EPS) is calculated on the weighted average number of shares outstanding during the period.
Related party transactions
Transactions with associated companies
The figures presented below are with associated companies, mainly the majority owner and shareholder, Mowi.
| Related party transactions (EUR '000) | 2024 | 2023 |
|---|---|---|
| Revenue | 80,189 | 28,538 |
| Purchase | -47,308 | -24,833 |
| Trade receivables | -1,342 | 1,224 |
| Trade payables | -15,855 | -4,178 |
All significant transactions are related to the sale or purchase of fish or smolt and related services.
NOTE 21
Other operating expenses
| Specification of other operating expenses (EUR '000) | 2024 | 2023 |
|---|---|---|
| Maintenance | -4,695 | -3,193 |
| Electricity and fuel | -1,847 | -1,815 |
| Rent, leases and third-party services | -2,305 | -2,101 |
| Insurance | -1,217 | -1,396 |
| Consultancy and audit fees | -1,062 | -912 |
| IT costs | -499 | -422 |
| Travel cost | -217 | -294 |
| Sales and marketing costs | -120 | -176 |
| Other operating costs | -1,090 | -2,936 |
| Total other operating expenses | -13,051 | -13,247 |
Leases
| Specification of right of use asset 2024 (EUR '000) |
Land & Buildings |
Other | Total |
|---|---|---|---|
| Opening balance | 531 | 0 | 531 |
| New contracts | 284 | 0 | 284 |
| Termination of agreements | -36 | 0 | -36 |
| Foreign currency adjustments | 16 | 0 | 16 |
| Total acquisition cost as of 31.12 | 795 | 0 | 795 |
| Accumulated depreciation and impairment losses as of 01.01 |
262 | 0 | 262 |
| Depreciation in the year | 176 | 0 | 176 |
| Total accumulated depreciation as of 31.12 | 438 | 0 | 438 |
| Total carrying amount as of 31.12 | 357 | 0 | 357 |
| Depreciation method | Linear | Linear |
| Specification of right of use asset 2023 (EUR '000) |
Land & Buildings |
Other | Total |
|---|---|---|---|
| Opening balance | 516 | 0 | 516 |
| Foreign currency adjustments | 15 | 0 | 15 |
| Total acquisition cost as of 31.12 | 531 | 0 | 531 |
| Accumulated depreciation and impairment losses as of 01.01 |
159 | 0 | 159 |
| Depreciation in the year | 103 | 0 | 103 |
| Total accumulated depreciation as of 31.12 | 262 | 0 | 262 |
| Total carrying amount as of 31.12 | 269 | 0 | 269 |
| Depreciation method | Linear | Linear |
| Reconciliation right-of-use liabilities (EUR '000) |
2024 | 2023 |
|---|---|---|
| Opening balance | 289 | 378 |
| New contracts | 284 | 0 |
| Termination of agreements | -44 | 0 |
| Down payment leasing debt (cash movement) |
-161 | -92 |
| Currency effects | 15 | 3 |
| Closing balance 31.12 | 383 | 289 |
| Of which non-current liabilities | 199 | 194 |
| Of which current liabilities | 184 | 95 |
| Maturity analysis commenced leases (EUR '000) |
2024 | 2023 |
|---|---|---|
| Less than 1 year | 119 | 2 |
| 1–2 years | 106 | 0 |
| 2–3 years | 108 | 220 |
| 3–4 years | 37 | 0 |
| 4–5 years | 2 | 0 |
| More than 5 years | 11 | 67 |
| Sum 31.12 | 383 | 289 |
Auditor's fees
| Fees to auditors 2024 (EUR '000) | KPMG |
|---|---|
| Audit services | -152 |
| Tax services | -13 |
| Other non-audit fees | -30 |
| Total fees for 2024 | -195 |
| Fees to auditors 2023 (EUR '000) | KPMG |
|---|---|
| Audit services | -146 |
| Tax services | -11 |
| Other non-audit fees | -18 |
| Total fees for 2023 | -175 |
Auditor's fees are stated exclusive of value added tax.
NOTE 24
Provisions
| Specification of provisions 2024 (EUR '000) | Restructuring and other provisions |
|---|---|
| Provisions as of 01.01. | 0 |
| New provisions in the year | 2,238 |
| Utilised provisions | -2,238 |
| Provision as of 31.12 | 0 |
| Specification of provisions 2023 (EUR '000) | Restructuring and other provisions |
|---|---|
| Provisions as of 01.01. | 0 |
| New provisions in the year | 16,456 |
| Utilised provisions | -16,456 |
| Provision as of 31.12 | 0 |
The majority of restructuring cost in 2023 was related to extraordinary mortality at the Group's site Hvannadalur. Restructuring costs are accounted for when a site either experiences elevated mortality over time or substantial mortality due to an incident at a site or farm (outbreak of disease, lack of oxygen etc). The aforementioned costs are included in "restructuring costs" in the statement of comprehensive income.
New IFRS standards
New standards applied
No new standards have been applied in 2024.
New standards — not yet implemented
At the end of 2024, there are some amendments to existing standards/interpretations that are not yet effective but will be relevant for the Group at implementation. The Group intends to adopt these standards, if applicable, when they become effective. There are no amendments that is expected to have a significant impact on the Group's financial statements.
NOTE 26
Restatement of prior year financials
Comparatives in the consolidated financial statements have been restated due to fire incident at Norðurbotn in the year 2023. The company has now recognised a damage claim and an impairment loss due to the incident. The restatement had no effects on EBIT, loss for the year, earnings per share, total assets and equity. The restatement impacted the following line items in the Consolidated income statement and statement of financial position:
| Restatement of prior year financials (EUR '000) |
2023 | Change | 2023 Restated |
|---|---|---|---|
| Other income | 0 | 10,320 | 10,320 |
| Impairment losses and write-downs | -790 | -10,320 | -11,110 |
| Earnings before financial items (EBIT) | -4,638 | 0 | -4,638 |
| Profit or loss for the year | -12,876 | 0 | -12,876 |
| Earnings per share | -0.40 | -0.00 | -0.40 |
| Property, plant and equipment | 128,198 | -10,320 | 117,878 |
| Total non current assets | 138,520 | -10,320 | 128,201 |
| Current receivables | 6,519 | 10,320 | 16,839 |
| Total current assets | 87,110 | 10,320 | 97,430 |
| Total assets | 225,630 | 0 | 225,630 |
| Equity | 85,739 | 0 | 85,739 |
NOTE 27
Subsequent events
There have been no material events after the reporting period for 2024.
Arctic Fish Holding Income Statement
| (EUR '000) | Note | 2024 | 2023 |
|---|---|---|---|
| Revenue | |||
| Salaries and personnel expenses | 3 | -291 | -365 |
| Other operating expenses | 4 | -536 | -349 |
| Earnings before financial items (EBIT) | -827 | -713 | |
| Interest expenses | 6 | 0 | -3 |
| Net currency effects | 6 | -1,435 | -2,094 |
| Other financial items | 6 | 844 | 911 |
| Earnings before tax | -1,418 | -1,900 | |
| Income taxes | 7 | -471 | 418 |
| Profit or loss for the year | -1,889 | -1,482 | |
| Total comprehensive income for the period attributable to | |||
| Owners of Arctic Fish Holding AS. | -1,889 | -1,482 | |
| Basic earnings per share (EUR) | -0.06 | -0.05 |
Arctic Fish Holding Financial position
| (EUR '000) | Note | 2024 | 2023 |
|---|---|---|---|
| Assets | |||
| Deferred tax assets | 7 | 0 | 418 |
| Other shares and other non-current assets | 9 | 64,354 | 64,354 |
| Total non current assets | 64,354 | 64,772 | |
| Trade receivables within group | 28,891 | 30,517 | |
| Cash | 8 | 1,051 | 1,031 |
| Total current assets | 29,942 | 31,548 | |
| Total assets | 94,296 | 96,320 | |
| (EUR '000) | Note | 2024 | 2023 |
|---|---|---|---|
| Equity and liabilities | |||
| Equity | 94,212 | 96,102 | |
| Total equity | 94,212 | 96,102 | |
| Trade payables within group | 45 | 39 | |
| Other current liabilities | 39 | 179 | |
| Total liabilities | 84 | 218 | |
| Total equity and liabilities | 94,296 | 96,320 |
25.03.2025 The Board of Directors of Arctic Fish Holding AS
Øyvind Oaland Chairman
Ivan Vindheim Board member
Gunnþór Ingvason Board member
Stein Ove Tveiten Chief Executive Officer
Gunnar Atli Gunnarsson Board member
Hildur Árnadóttir Board member
Arctic Fish Holding Equity statement
| (EUR '000) | Share capital | Other paid in capital |
Other equity reserves |
Total equity |
|---|---|---|---|---|
| 2024 | ||||
| Equity 01.01.2024 | 3,032 | 94,055 | -985 | 96,102 |
| Comprehensive income | 0 | 0 | -1,889 | -1,889 |
| Total equity end of period | 3,032 | 94,055 | -2,874 | 94,212 |
| 2023 | ||||
| Equity 01.01.2023 | 3,032 | 94,055 | 497 | 97,584 |
| Comprehensive income | -1,482 | -1,482 | ||
| Total equity 31.12.2023 | 3,032 | 94,055 | -985 | 96,102 |
Arctic Fish Holding Cash flow
| (EUR '000) | Note | 2024 | 2023 |
|---|---|---|---|
| Earnings before tax | -1,418 | -1,900 | |
| Interest expense | 0 | 0 | |
| Net currency effect | 1,435 | 2,094 | |
| Other financial item(s) | -844 | -908 | |
| Taxes paid | -471 | 0 | |
| Change in inventory, trade payables and trade receivables | 474 | -205 | |
| Cash flow from operations | -824 | -919 | |
| Purchase of fixed assets and additions to intangible assets | 0 | 0 | |
| Cash flow from investments | 0 | 0 | |
| Net interest and financial items paid | 844 | 908 | |
| Cash flow from financing | 844 | 908 | |
| Change in cash in the period | 20 | -11 | |
| Cash — Opening balance | 1,031 | 1,042 | |
| Cash — Closing balance | 1,051 | 1,031 |
Arctic Fish Holding Notes to the financial statements
NOTE 1
General information
The financial statements for Arctic Fish Holding AS have been prepared in accordance with the Norwegian Accounting Act of 1998 and generally accepted accounting practice in Norway.
Principle for valuation and classification of assets and liabilities
Assets intended for long-term ownership or use are classified as non-current assets. Other assets are classified as current assets. Receivables due within one year are classified as current assets. Similar criteria are used when classifying non-current and current liabilities.
Current assets are valued at the lower of acquisition cost and fair value. Non-current assets are valued at acquisition cost but are written down to their recoverable value if this is lower than book value and the impairment is expected to be permanent. Non-current assets with a limited useful economic life are systematically depreciated or amortised.
Other long-term and current liabilities are valued at nominal value.
Functional and presentation currency
The functional and presentation currency is EUR which in accordance with the Accounting Act § 3-4 has been determined to be the functional currency of Arctic Fish Holding AS as of 01.07.2023 and onwards. From the second half of the year 2023 all revenues of all the entities are in EUR, as well as the majority of the operating costs and the Group's financing.
Shares in subsidiaries and associates
Subsidiaries are defined as companies in which the shareholder has a controlling influence, normally where the shareholding exceeds 50 per cent. Associates are defined as companies in which the Group has a significant, but not controlling, influence. This is normally deemed the case where the shareholding is between 20 and 50 per cent. Investments in subsidiaries are recognised at the lowest of cost and fair value.
Receivables
Trade and other receivables are recognised at nominal value less provisions for bad debts. Trade receivables are monitored continuously, and it is the company's policy to insure all material trade receivables. Provisions for bad debts are based on an individual assessment of each receivable.
Bank deposits, cash and cash equivalents
Bank deposits, cash and cash equivalents include cash, bank deposits and other means of payment which can be immediately and with negligible exchange rate risk converted into cash.
Statement of cash flow
The statement of cash flow has been prepared using the indirect method. The statement of cash flow shows a breakdown of the Company's total cash flow by operating activities, investing activities and financing activities. Cash flow associated with the acquisition and divestment of businesses is presented net under investing activities after deductions for cash reserves held by the acquired company.
Tax
The tax expenses are matched to the result before tax. Tax relating to equity transactions is recognised in equity. The tax expense comprises tax payable and any change in net deferred tax. Deferred tax liabilities and assets are presented net in the balance sheet.
Intercompany transactions
| Intercompany transactions (EUR '000) | 2024 | 2023 |
|---|---|---|
| Group internal receivables and liabilities | ||
| Intercompany non-current receivables* | 28,891 | 30,517 |
| Net intercompany non-current receivables | 28,891 | 30,517 |
| Trade receivables | 0 | 0 |
| Trade payables | -45 | -39 |
| Net current receivables/liabilities | -45 | -39 |
| Group internal revenue and cost | ||
| Other operating expenses** | -300 | -105 |
| Group internal financial income and expence | ||
| Net currency effects on interest-bearing debt group companies | -1,392 | -2,181 |
| Interest income group companies | 802 | 877 |
* Interest for the year is capitalized to the loan.
** Arctic Fish ehf. has a management fee agreement with the company.
NOTE 3
Remuneration
| Salary and personnel expenses (EUR '000) | 2024 | 2023 |
|---|---|---|
| Salaries | -266 | -250 |
| Social security taxes | 0 | -56 |
| Pension expenses * | -25 | -59 |
| Other benefits | ||
| Total salary and personnel expenses | -291 | -365 |
| Average number of FTEs | 1 | 1 |
At year-end 2024 there was 1 FTE (full-time employee equivalent), that is the CEO of Arctic Fish Holding AS.
* An agreement on mandatory occupational pensions has been entered into for the employee
| Remuneration to management (EUR '000) | 2024 | 2023 |
|---|---|---|
| Stein Ove Tveiten, CEO | -220 | -192 |
| Remuneration to board of directors | -43 | -58 |
| Total remuneration to Management Team | -263 | -250 |
Other operating expenses
| Specification of other operating expenses (EUR '000) |
2024 | 2023 |
|---|---|---|
| Consultancy and audit fees | -536 | -349 |
| Total other operating expenses | -536 | -349 |
NOTE 5
Auditor's fees
| Fees to auditors 2024 (EUR '000) | KPMG |
|---|---|
| Audit services | -56 |
| Tax services | -7 |
| Other non-audit fees | 0 |
| Total fees for 2024 | -63 |
| Fees to auditors 2023 (EUR '000) | KPMG |
|---|---|
| Audit services | -58 |
| Tax services | -7 |
| Other non-audit fees | 0 |
| Total fees for 2023 | -65 |
Financial items
| Specification of other operating expenses (EUR '000) |
2024 | 2023 |
|---|---|---|
| Interest expenses | 0 | -3 |
| Interest expenses | 0 | -3 |
| Net currency effects on loan to subsidiaries | -1,435 | -2,094 |
| Net currency effects | -1,435 | -2,094 |
| Interest income | 42 | 34 |
| Interest income from subsidiaries | 802 | 877 |
| Other financial items | 844 | 911 |
| Total financial items | -591 | -1,186 |
Taxes
| Income taxes for the year (EUR '000) |
2024 | 2023 |
|---|---|---|
| Norway | -53 | 0 |
| Tax on profits (current tax) | -53 | 0 |
| Norway | -418 | 418 |
| Change in deferred tax | -418 | 418 |
| Total income taxes related to profit for the year | -471 | 418 |
| Reconciliation between nominal and effective tax rates (EUR '000) |
2024 | 2023 |
|---|---|---|
| Profit before tax | 1,418 | 1,900 |
| Nominal tax rate | 22% | 22% |
| Tax calculated with nominal tax rate | -312 | -418 |
| Effect of adjustment of income tax from previous years | 783 | 0 |
| Effect of non-recognition of losses and tax assets | 0 | -55 |
| Total income taxes | 471 | -473 |
| Specification of deferred tax and basis for deferred tax / tax assets tax increasing / reducing temporary differences (EUR '000) |
2024 | 2023 |
|---|---|---|
| Tax losses carried forward | 0 | 1,900 |
| Total temporary differences | 0 | 1,900 |
| Tax losses carried forward | 0 | 1,900 |
| Total temporary differences | 0 | 1,900 |
| Total deferred tax assets / Liabilities in the statement of financial position (EUR '000) |
2024 | 2023 |
|---|---|---|
| Deferred tax assets | 0 | 418 |
| Net deferred tax in the statement of financial position | 0 | 418 |
Cash
| Cash (EUR '000) | 2024 | 2023 |
|---|---|---|
| Cash in bank | 1,031 | 41 |
| Restricted cash / Withheld taxes * | 20 | 990 |
| Total cash | 1,051 | 1,031 |
* Other restricted cash is payment guarantees for investment contracts in Iceland.
NOTE 9
Shares in subsidiaries
| Company (EUR '000) |
Business Address | Ownership % | Equity as of 31.12.24 |
Profit this year |
Carrying amount 31.12.24 |
|---|---|---|---|---|---|
| Arctic Fish ehf. | Ísafjörður, Iceland | 100% | 58,495 | 4,504 | 64,354 |
| Total | 58,495 | 4,504 | 64,354 |
The Group's reporting currency is EUR. The figures above are presented in EUR. Arctic Fish ehf. owns 100% of Arctic Sea Farm ehf., Arctic Oddi ehf. and Arctic Smolt ehf.
NOTE 10
Share capital shareholder information
| Cash (EUR '000) | 2024 | 2023 |
|---|---|---|
| Total number of shares as of 01.01 | 31,876,653 | 31,876,653 |
| Shares issued during the year | --- | --- |
| Total number of shares as of 31.12 | 31,876,653 | 31,876,653 |
| Nominal value as of 31.12 (NOK) | 1.0 | 1.0 |
| Share capital (EUR '000) | 3,032 | 3,032 |
| Other paid-in capital (EUR '000) | 95,281 | 95,281 |
| Overview of the Largest Shareholders 31.12.24 | Number of Shares | Ownership % |
|---|---|---|
| Mowi ASA | 16,346,824 | 51.28% |
| Síldarvinnslan hf.** | 10,899,684 | 34.19% |
| J.P. Morgan SE ** | 2,218,998 | 6.96% |
| Landsbankinn hf. | 502,920 | 1.58% |
| Íslandsbanki hf. | 281,976 | 0.88% |
| Kverva Finans As | 223,776 | 0.70% |
| State Street Bank And Trust Comp | 175,000 | 0.55% |
| Verdipapirfondet Eika Spar | 167,406 | 0.53% |
| Mp Pensjon Pk | 165,000 | 0.52% |
| Pactum As | 152,701 | 0.47% |
| Clearstream Banking S.A. | 140,344 | 0.44% |
| Verdipapirfondet Eika Norge | 121,659 | 0.38% |
| Roth | 80,000 | 0.25% |
| Ramsfjell As | 40,849 | 0.13% |
| Saxo Bank A/S | 37,168 | 0.12% |
| Verdipapirfondet Eika Alpha | 33,705 | 0.11% |
| Dnb Luxembourg S.A. | 25,231 | 0.08% |
| Verdipapirfondet Eika Balansert | 18,432 | 0.06% |
| Høstlund | 18,000 | 0.06% |
| Hatlebrekke Invest As | 16,700 | 0.05% |
| Steinerud As | 16,700 | 0.05% |
| Total 20 largest shareholders | 31,681,073 | 99.39% |
| Total other shareholders | 195,580 | 0.61% |
| Total number of shares | 31,876,653 | 100.00% |
** Síldarvinnslan hf is a part of the nominee account "J.P. Morgan SE".
| Shareholders per country | Number of Shares | Share % |
|---|---|---|
| Norway | 17,576,654 | 55% |
| Iceland* | 11,688,280 | 37% |
| Luxembourg* | 2,385,228 | 7% |
| USA | 175,000 | 1% |
| Other countries | 51,491 | <1% |
| Total number of shares 31.12.24 | 31,876,653 | 100% |
* Síldarvinnslan hf, an Icelandic shareholder is a part of the nominee account "J.P. Morgan SE" which is registered in Luxembourg.
| Shares owned by Board members, group management and their related parties as of 31.12.24 |
Number of Shares |
|---|---|
| Board of Directors | |
| Øyvind Oaland (Chairman of board) | 0 |
| Gunnar Atli Gunnarsson | 0 |
| Gunnþór Ingvason | 0 |
| Hildur Árnadóttir | 0 |
| Ivan Vindheim | 0 |
| Total number of shares held by Board members | 0 |
| Group Management | |
| Stein Ove Tveiten, CEO | 4,084 |
| Baldur Smári Einarsson, CFO | 0 |
| Daníel Jakobsson, CBDO | 3,267 |
| Kristján Rúnar Kristjánsson, COO Processing | 0 |
| John Gunnar Grindskar, COO Farming | 4,166 |
| Total number of shares held by Group management | 11,517 |
| Total number of shares held by Board members & Group management | 11,517 |
| Total number of shares held by Board members & Group management in % of total outstanding shares |
0.04% |
Subsequent events
Please refer to Note 27 of Arctic Fish Group financial statements.
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| @ KPMG AS, a Norwegian Imited liability company and a member firm of the KPMG global organization of independent member - Oslo firms affisiaed with KPMG International Limited, a private English company limited by guarantee. All rights reserved. |
Alla Arendal |
Elwarum Finanes Hamar |
Mo i Rana Tromsø Molde Sandefjord Tynset |
Trandheim |
|---|---|---|---|---|
| Statsautoriserte revisorer - medlemmer av Den norske Revisorforening | Bergen Boda |
Haugesund Stavanger Ulsteinvik Knarvik Stord |
Alesund |
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APM
Alternative Performance Measures
The consolidated financial statements of Arctic Fish Holding AS are prepared in accordance with the International Financial Reporting Standards (IFRS). In addition, the management prepares alternative performance measures to provide useful and relevant information to the users of the financial statements. Alternative performance measures are designed to increase the understanding of the underlying operational performance and is not a substitute for the consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRS). The performance measures are regularly reviewed by the Board. The alternative performance measures can be defined and used differently by other companies.
Net Interest bearing debt
Net interest-bearing debt is defined as the net of long-term debt, short-term debt, bank deposits and interest-bearing receivables. The measure is useful and necessary information to investors and other users of the financial statements to assess the net of the interest-bearing external capital used to finance the group. The measure is used to calculate return on capital employed and highlights the Group's ability to take on more debt.
| EUR '000) | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Reported long-term interest-bearing debt | 136,856 | 126,799 |
| Reported short-term interest-bearing debt | 184 | 95 |
| Reported bank deposits, cash | -4,006 | -12,316 |
| Net interest bearing debt (NIBD) | 133,034 | 114,578 |
| Leasing (IFRS 16 effects) | -384 | -289 |
| NIBD according to bank covenant | 132,650 | 114,289 |
Equity ratio
The equity ratio is defined as equity divided by total assets. The measure is expressed as a percentage. The measure is relevant to users of the financial statements to see how much of the assets are financed with equity, the measure also indicates something about the solvency of the group.
| EUR '000) | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Reported equity | 88,355 | 85,739 |
| Reported total assets | 249,917 | 225,630 |
| Equity ratio | 35.4% | 38.0% |
| Total assets adjusted for Right-of-use-assets | 249,560 | 225,273 |
| Total liabilities adjusted for leasing liabilities | 161,177 | 139,603 |
| Equity ratio according to bank covenant | 35.4% | 38.0% |
Operational EBIT per kg
Operational EBIT per kg is defined as a central performance measure for Arctic Fish Holding AS. The measure is used to evaluate the profitability of sold goods and the operations of the Group. The performance measure is useful to users of the financial statements to evaluate the profitability of sold goods and the production. The measure is calculated before unallocated costs and non-recurring events, fair value adjustments, income from associated companies, financial expenses and taxes. The measure is expressed per kg harvested volume.
| EUR '000) | 2024 | 2023 |
|---|---|---|
| Operational EBIT continued operations | 15,105 | 14,493 |
| Operational EBIT | 15,105 | 14,493 |
| Harvested volume | 10,667 | 11,878 |
| Operational EBIT per kg | 1.42 | 1.22 |
Fair value-adjusted earnings per share
Earnings per share before fair value adjustments is defined as the period's result adjusted for fair value adjustments after tax. The performance measure is expressed per share and is useful for the users of Arctic Fish Holding's financial information. The performance measure is used as raw data in analysis like of P/E.
| EUR '000) | 2024 | 2023 |
|---|---|---|
| Majority share of net result for the period | 2,615 | -12,876 |
| Majority share of fair value adjustments of biomass | -3,940 | 412 |
| Majority share of fair value of sales contracts and Fish Pool contracts |
0 | 0 |
| Majority share of value-adjusted result for the period | -1,325 | -12,464 |
| Weighted average number of ordinary shares outstanding | 31,877 | 31,877 |
| Fair value-adjusted earnings per share | -0.04 | -0.39 |
Arctic Fish
Sindragata 10, 400 Ísafjörður Iceland
www.arcticfish.is