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BioFish Holding AS Earnings Release 2023
3558_rns_2023-12-14_49a6b6fc-9b5b-4d6d-8597-06c168adf89d.pdf
Earnings Release
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3Q 2023 results
December 2023
Key takeaways
Highlights
Company overview
Financials
• Successfully delivered 250 tons of smolt in September 2023
- In total Biofish has delivered 450 tons of smolt in 2023
- The expansion of the production facility was completed early October 2023
- Valuation of the production facility of NOK 640 million received
- New CEO appointed from 1 October 2023
Outlook
Revenue growth
BioFish "in a nut shell"
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| • Established in 2016 |
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| Company overview |
• Land-based post-smolt RAS production facility located in Ljones along the Hardangerfjord at the West coast of Norway |
| Financials | • Biofish have its own unique built facility where the fish health and water environment has been in focus through the all the decisions during building the production facility • Holds an aquaculture hatchery license for production of 5 million smolt and discharge |
| Outlook | license for 2,200 tons |
Financial highlights
Highlights
Business Model
Financials
Outlook
- Revenue of NOK 27.6 million generated through the delivery of 500 000 smolt to a customer in September
- Personnel and other expenses increased from previous quarters because of increased operational activity
- Positive operational cash flow in third quarter and year to date
- Depreciation charges (estimate) at NOK 3 million for the quarter
- Book equity ratio at 76.3% at the end of September 2023
- 428 635 warrants utilized in August 2023
- Interest-bearing debt at NOK 53 million (refinancing process initiated as the loan is due in August 2024)
Income statement
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Assets
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Equity and debt
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Statement of cash flows
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Outlook
Highlights
Company overview
Financials
Outlook
- The market for smolt and post-smolt continues to look strong
- The salmon farmers are continuing to request quotes for (larger) smolt (post-smolt)
- Production volume is expected to continue to increase during 2024 with full utilization in 2025
