The Kingfish Company

TekBot · juli 7, 2023, 6:00am

Convening notice, agenda with explanatory notes and proxy for the extraordinary general meeting of The Kingfish Company N.V.

TO:
ALL SHAREHOLDERS OF THE KINGFISH COMPANY N.V.

…

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Kats, 7 July 2023

Re: Convening notice, agenda with explanatory notes and proxy for the extraordinary general meeting of The Kingfish Company N.V.

Dear Shareholder,
On behalf of the supervisory board (the “Board”) we herewith invite you to an extraordinary general meeting of The Kingfish Company N.V., a limited liability company (naamloze vennootschap), having its statutory seat (zetel) and offices at Oost-Zeedijk 13, 4485 PM Kats, the Netherlands, registered with the trade register of the Dutch Chamber of Commerce under number 64625060 (the “Company”).
The extraordinary general meeting of the Company is to be held at the offices of the Company at Oost-Zeedijk 13, 4485 PM Kats, the Netherlands, on 24 July 2023 at 14.00 hours (CEST) (“EGM”).
GENERAL INFORMATION
Meeting documents
The agenda with explanatory notes thereto, as well as the EGM documents and verbatim text of the proposed amendment of the articles of association of the Company, are available on the Company’s website (www.the-kingfish-company.com) as from today. These documents are also available, free of charge, for inspection at the offices of the Company at Oost-Zeedijk 13, 4485 PM Kats, the Netherlands.
Record date
For purpose of the EGM, those persons who are registered with the Norwegian Central Securities Depository (“VPS”) as shareholder in the Company per 26 June 2023 (after processing of settlements on that date in the VPS) (“Record Date”) are entitled to attend, speak and if applicable vote at the EGM, regardless of whether the shares in the Company are still held by them at the date of the EGM.
Attendance EGM
All shareholders, persons with meeting rights or their proxies who wish to attend and speak at the EGM are required to register their intention to attend the EGM by sending a notification to m.palstra@kingfish-zeeland.com, no later than 19 July 2023, 12.00 hours (CEST). All persons wishing to attend the EGM, should be able to identify themselves at the EGM by means of valid passport, identity card or driver’s license. The Company may ask the relevant person for additional details, including evidence of participation entitlement.
Registration and identification at the venue
Registration for admission to the EGM will take place at the registration desk at the meeting venue between 13.30 CET and the commencement of the EGM on 24 July 2023. It is not possible to register after this time. Attendees will be asked to produce proof of identity (together with, if applicable, a written proxy and, in case of a legal persons/entity, evidence of the authority of the person) and may be declined access in case such proof is not produced. The Company may ask the relevant person for additional details, including evidence of participation entitlement.
Live voting and voting in advance
Registered shareholders or their proxies will be allowed to cast their vote during the meeting.
Further, shareholders or other persons with voting rights who wish to cast their votes in advance may send their votes to DNB Bank ASA by sending such votes to vote@dnb.no, no later than 19 July 2023, 12.00 hours (CEST).
Proxy voting procedure
Shareholders or other persons with voting rights that will not be attending the EGM (either in person or by proxy), but nonetheless wish to participate in the decision-making process, may grant a proxy to Marieke Palstra, the Company’s Investor Relation Manager. By providing the proxy voting instruction, such person grants a proxy to vote on the shares at the EGM in accordance with the instructions. To that effect, the shareholder or other person with voting rights must submit a duly completed and signed proxy voting instruction form to DNB Bank ASA, by sending the proxy voting instruction form to vote@dnb.no, by no later than 19 July 2023, 12.00 hours (CEST). The proxy voting instruction form is published with this convening notice at the Company’s website (www.the-kingfish-company.com) and through the Company’s stock exchange notice calling the EGM as published on www.newsweb.no. This proxy can also be obtained from DNB Bank ASA by sending a request to that end to vote@dnb.no and can also be obtained from the Company by sending a request to that end to m.palstra@kingfish-zeeland.com.
Questions
Shareholders or other persons with meeting rights may submit questions relating to the EGM agenda items prior to the EGM. Questions must be delivered to Marieke Palstra, the Company’s Investor Relation Manager, by email to m.palstra@kingfish-zeeland.com, no later than 19 July 2023, 12.00 hours (CEST). The Board shall try to answer these questions during the EGM. The answers to the questions shall be included in the minutes of the EGM, which will be published on the Company’s website (www.the-kingfish-company.com) as soon as possible after the EGM.

AGENDA WITH EXPLANATORY NOTES
The EGM will be opened by the chairman of the Board, or in his absence by a person so designated by the Board. Failing such appointment by the Board, the EGM may elect the chairman of the EGM.
The chairman of the EGM will, prior to the EGM, make a record of persons registered with VPS as shareholder who have submitted (i) proxy voting instructions through DNB Bank ASA and (ii) have cast their votes in advance.
The agenda for the EGM is as follows:

OPENING AND ANNOUNCEMENTS

AUTHORISATION OF THE BOARD TO ISSUE SHARES AND/OR GRANT RIGHTS TO SUBSCRIBE FOR SHARES AND EXCLUDE PRE-EMPTION RIGHTS (Resolution)
Reference is made to the Company’s stock exchange announcement published on www.newsweb.no on 5 July 2023, (NewsWeb) (the “Announcement”) regarding the Company’s raise of an EUR 32 million unsecured convertible loan by existing key shareholders and Ocean 14 Capital Fund (the “Convertible Loan”). The Announcement sets out the material key terms of the Convertible Loan.
In order to enable the Company to perform its obligation under the Convertible Loan, it is proposed to:
(i) designate the Board, in accordance with Section 2:96 of the Dutch Civil Code, as the corporate body authorized to resolve on the issuance and/or the granting of rights to subscribe for shares in the capital of the Company; and
(ii) designate the Board, in accordance with section 2:96a of the Dutch Civil Code, as the corporate body authorized to limit or exclude pre-emptive rights in relation to any issuance of shares in the capital of the Company or any grant of rights to subscribe for shares in the capital of the Company.
These authorisations shall be subject to the following limitations:
(A) the authorisation of the Board will be limited to 70 million shares in the capital of the Company and can only be used for purpose of, and in connection with, the Convertible Loan;
(B) the authorisation of the Board will expire after five years from the date of this EGM; and
(C) the authorisation of the Board cannot be withdrawn.

AMENDMENT OF ARTICLES OF ASSOCIATION (Resolution)
In connection with the Convertible Loan and the issuance of shares and/or granting of rights to subscribe for shares in the capital of the Company, it is proposed to increase the authorised capital of the Company by amending the Company’s articles of association. It is proposed to amend article 4 of the Company’s articles as follows and it shall read as follows:
“Article 4
Capital
The authorised share capital of the Company is five million five hundred thousand euro (EUR 5,500,000), divided into five hundred fifty million (550,000,000) shares, with a nominal value of one eurocent (EUR 0.01) each.”.
and in Dutch:
“Artikel 4
Kapitaal
Het maatschappelijk kapitaal van de Vennootschap bedraagt vijf miljoen vijfhonderdduizend euro (EUR 5.500.000,00), verdeeld in vijfhonderdvijftig miljoen (550.000.000) Aandelen, elk nominaal groot één eurocent (EUR 0,01).”.

The verbatim text of the proposal to amend the articles of association has been made available as a separate document on the website of the Company (www.the-kingfish-company.com) and at the office of the Company.
The aforementioned proposal to amend the articles of association includes the proposal to authorise each managing director of the Company and every (candidate) civil law notary, notarial employee and attorney-at-law of DLA Piper Nederland N.V. in Amsterdam, the Netherlands, acting jointly as well as separately, to execute the notarial deed of amendment and to undertake all other action that the authorised person deems necessary or useful.
4. RENEWAL OF AUTHORISATION OF THE BOARD TO ISSUE SHARES AND/OR GRANT RIGHTS TO SUBSCRIBE FOR SHARES AND EXCLUDE OR LIMIT PRE-EMPTION RIGHTS (Resolution)
The Board has used its standing authority to issue shares in the capital of the Company (as further detailed in the Announcement), as granted to the Board at the Company’s annual general meeting of 20 June 2023. It is therefore proposed to renew the designation of the Board, in accordance with Section 2:96 of the Dutch Civil Code, as the corporate body authorized to resolve on the issuance and/or the granting of rights to subscribe for shares in the capital of the Company:
(A) the authorisation of the Board will expire at the earlier of the conclusion of the annual general meeting in 2024 or 18 months from 20 June 2023; and
(B) the authorisation of the Board will be limited to 20% of the issued share capital of the Company on the date of this EGM.
5. RENEWAL OF AUTHORISATION OF THE BOARD TO EXCLUDE OR LIMITED PRE-EMPTION RIGHTS (Resolution)
It is proposed to renew the designation of the Board, in accordance with section 2:96a of the Dutch Civil Code, as the corporate body authorized to limit or exclude pre-emptive rights in relation to any issuance of shares in the capital of the Company and/or any grant of rights to subscribe for shares in the capital of the Company pursuant to the authorisation provided for under the resolution set out in agenda item 4.
The authorisation shall be subject to the following limitations:
(A) the authorisation of the Board will expire at the earlier of the conclusion of the annual general meeting in 2024 or 18 months from 20 June 2023; and
(B) the authorisation of the Board to limit or exclude pre-emptive rights is limited to 50% of the authorisation provided for under the resolution set out in agenda item 4.
This resolution shall be subject to the passing of the resolution set out in agenda item 4.
6. ANY OTHER BUSINESS

The Kingfish Company N.V. is a Dutch limited liability company (naamloze vennootschap). As of the Record Date and the date of this notice, the Company has issued 110,849,291 shares, each of which represents one vote.
For the purpose of the EGM the total number of issued shares in the Company for which votes can be cast is set at the Record Date.
PROXY VOTE INSTRUCTION
The Kingfish Company N.V. (the “Company”)
Proxy for Extraordinary General Meeting: 24 July 2023

The undersigned hereby authorizes the Company’s Investor Relations Manager, Ms Marieke Palstra, as his/her true and lawful agent and proxy, to represent the undersigned at the Extraordinary General Meeting of the Company to be held on 24 July 2023 at 14.00 hours (CEST), for the purposes set forth below and in the notice of the Extraordinary General Meeting issued by the Company, in all matters coming before said meeting and to exercise the voting rights of the undersigned in accordance with the voting instructions below:
Please mark your votes as in this example:

Agenda Resolution FOR AGAINST ABSTAIN
2. Authorisation of the supervisory board to (i) issue shares and/or grant rights to subscribe for shares, and (ii) exclude or limited pre-emption rights
3. Amendment of articles of association
4. Renewal of authorisation of the supervisory board to issue shares and/or grant rights to subscribe for shares
5. Renewal of authorisation of the supervisory board to exclude or limited pre-emption rights

Number of shares held: __________________________________________
Signature(s): ___________________________________________________
Date: _________________________________________________________
Note: Please sign as name appears below, joint owners should each sign. When signing as authorized representative of a shareholder, attorney, executor, administrator or guardian, please give full title as such and provide evidence of representation authority.
Name of shareholder in block letters:__________________________________________________

Please mark if you would like to attend the EGM meeting:

Please return your duly completed and signed proxy, to be received by DNB Bank ASA on or prior to 19 July 2023, 12.00 hours (CEST), either by way of e-mail to e-mail address: vote@dnb.no or by ordinary mail to DNB Bank ASA, Registrars Dept., P.O. Box 1600 Sentrum, 0021 Oslo, Norway, or if delivery by hand to: DNB Bank ASA, Registrars Dept., attn.: Sten Sundby, Dronning Eufemias gate 30, 0191 Oslo, Norway.

Kilde

TekBot · juli 24, 2023, 4:01pm

The Kingfish Company: Minutes from the Extraordinary General Meeting July 24, 2023

TekBot · juli 25, 2023, 12:20pm

Financial calendar

TekBot · juli 26, 2023, 4:00pm

The Kingfish Company: Mandatory notifications of trade in connection with Tranche 2 of Convertible Loan

Kats, Netherlands – July 26, 2023: Reference is made to the stock exchange notice by The Kingfish Company N.V. (the “Company”) on July 5, 2023 (the “Notice”) regarding the Company successfully raising EUR 32 million in an unsecured convertible loan (the “Convertible Loan”). Further reference is made to the extraordinary general meeting of the Company held on July 24, 2023 resolving to appoint the supervisory board as the Company’s authorized body to inter alia issue and/or grant rights to subscribe for shares in the capital of the Company in connection with Tranche 2 and the Company’s remaining obligations under the Convertible Loan.

All terms not defined herein shall have the meaning ascribed to such terms in the Notice.
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The following close associates of primary insiders of the Company have on July 25, 2023 been granted rights to subscribe for shares in the capital of the Company in connection with the issuance of Tranche 2 and the Company’s remaining obligations under the Convertible Loan as set out below.

– Creadev International S.A.S., a close associate of Supervisory Board Member Alexandre Van Der Wees, has been granted 9,047,096 rights to subscribe for shares in the capital of the Company; and

– Stolt-Nielsen M.S. Ltd, a close associate of Supervisory Board Member Jordi Trias Fita, has been granted 3,445,351 rights to subscribe for shares in the capital of the Company.

Please see the enclosed forms for further details about the transactions.

This information is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 19 number 3 and section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · august 29, 2023, 3:45pm

Kingfish Maine’s site permits are upheld in court

Maine Superior Court denies appeal by opposition

Kats, Netherlands – August 29, 2023: The Kingfish Company N.V. (the “Company”; OSE: KING), pioneer and leader in sustainable land-based production of yellowtail kingfish, is pleased to announce that an appeal of the Maine project has been rejected and the project’s state permits have been upheld. This is the second appeal which has been rejected at the state level.
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Kingfish Maine remains a fully permitted project as Maine’s Superior Court has denied the latest appeal by the project’s opposition, the Roque Island Gardner Homestead Corporation and Eastern Maine Conservation Initiative. The Maine Superior Court has upheld the Maine Board of Environmental Protection’s affirmation of Kingfish Maine’s Site Location of Development Act (SLODA) and Natural Resources Protection Act (NRPA) joint permit.

The SLODA/NRPA permit was issued by the Maine Department of Environmental Protection in 2021 and affirmed, on appeal, by the Maine Board of Environmental Protection (BEP) in 2022. This was Roque Island’s second appeal denial, on the state level, in their continued attempt to stop the project.

“The opposition from Roque Island continues to be unsuccessful in its appeals of the Kingfish Maine project. This latest appeal denial is a clear victory for Kingfish Maine and more importantly the residents of Jonesport,” said Megan Sorby, Kingfish Maine Operations Manager.

“Kingfish Maine will bring economic development to the Downeast region and that cannot be controlled by Roque Island. We are excited to celebrate this Superior Court victory with the community of Jonesport.”

“We remain focused on the advancement of Kingfish Maine facility,” said Kingfish Company CEO Vincent Erenst. “This ruling by the Superior Court underscores the continued work of our Maine-based team to the success of this project and Kingfish’s commitment to the Jonesport community which has supported our project from its introduction.”

In its appeal, the Petitioners raised issues with what it claimed was the BEP’s “failure to independently assess the project’s impact on wildlife under NRPA.”

In its decision: “While Petitioners ask the court to vacate the Board’s decision upholding both the NRPA and Site Law permit, Petitioners’ challenge is based on the alleged violations of NRPA, and they mount no meaningful challenge to the lawfulness of the Site Law Permit (SLODA).”

The Court concluded: “…the Board did not violate NRPA or otherwise act unreasonably by failing to independently assess the project’s effluent discharges…”

Kingfish Maine is part of the Kingfish Company which currently produces 1,500 tons of high quality, high value Dutch Yellowtail at its Kingfish Zeeland facility in the Netherlands. Expansion is currently underway and capacity in the Netherlands will reach 3,500 tons in 2023. Once the Jonesport Maine facility is fully operational, Kingfish Maine is projected to produce 8,500 metric tons of yellowtail.

For media and investor inquiries, please contact
press@the-kingfish-company.com
ir@the-kingfish-company.com

Company News feed
https://www.the-kingfish-company.com/news

About The Kingfish Company

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zealand facility in the Netherlands is 1,500 tons of high quality and high-value yellowtail kingfish. Expansion is underway and capacity in the Netherlands is expected to reach 3,500 tons. Kingfish Maine is now fully permitted by local, state and federal regulatory agencies.

Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable electricity, sourced from wind, solar and biogas. The Company’s facilities operate on sea water, avoiding wasting precious fresh water.

The Kingfish Company’s main product at present, the yellowtail kingfish (also known as ricciola/hiramasa/greater amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines. Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.

Kilde

TekBot · september 5, 2023, 3:30pm

Invitation to webcast of H1 2023 financial results, Thursday 07.09.2023 at 14:00 CEST

TekBot · oktober 25, 2023, 3:30pm

Invitation to webcast of Q3 2023 financial results Thursday 02.11.2023 at 14:00 CEST

The Kingfish Company will release its financial results for the third quarter of 2023 on Thursday, 2 November 2023, at 08:00 CET. The same day at 14:00 CET, the results will be presented by CEO Vincent Erenst and CFO Jean-Charles Valette.

Participants are invited to register using the following link: https://bit.ly/Kingfish_Q32023
…

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The report and presentation will be made available on NewsWeb and the Company’s website: www.the-kingfish-company.com/presentations.

Written questions can be submitted before and during the webcast.

For further enquiries, please contact: Marieke Palstra, IR, The Kingfish Company
Tel: +31 683 58 66 78
Email: m.palstra@kingfish-zeeland.com

About The Kingfish Company

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,500 tons of high quality and high-value yellowtail kingfish. Expansion is underway and capacity in the Netherlands is expected to reach 3,500 tons. Kingfish Maine is now fully permitted by local, state and federal regulatory agencies.

Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable electricity, sourced from wind, solar and biogas. The Company’s facilities operate on sea water, avoiding wasting precious fresh water.

The Kingfish Company’s main product at present, the Dutch Yellowtail (also known as ricciola/hiramasa/greater amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines. Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.

Kilde

TekBot · november 2, 2023, 7:00am

Third quarter 2023 unaudited financial results and business update

Strong biological performance; The Kingfish Company approaching EBITDA break-even

Highlights Q3 2023
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• Record biomass growth of 637 tons (Q3 2022: 374 tons)
• Revenue up 8.5% to € 5.7 million (Q3 2022: € 5.3 million)
• Gross margin per kg increased 57% to € 4.3 (Q3 2022: € 2.8 per kg)
• Operational EBITDA per kg improved to € -0.3 per kg (Q3 2022: € -1.1 per kg)
• Operational EBITDA approaching break-even at € -0.1 million (Q3 2022: € -0.4 million)
• Phase 2 is 66% stocked and on track to be completed by year-end 2023

Kats, Netherlands – November 2, 2023: The Kingfish Company N.V. (the “Company”; “Kingfish”; OSE: KING), pioneer and leader in sustainable land-based production of yellowtail kingfish, announces its Q3 2023 financial results.

Dutch Yellowtail, the brand of Kingfish’ yellowtail kingfish, is a healthy, nutritious fish, farmed on land in both a cost-effective and an environmentally sustainable way, without the use of antibiotics or vaccines. This is a key differentiator which is valued by clients in key markets.

“We are pleased with our continued strong biological performance. In Q3, we continued to have excellent productivity and achieved an all-time high in biomass growth. With production costs moving favorably, and our steady growth in sales and revenue per kg, we look forward to the full completion of Phase 2 in December and our significant volume ramp-up”, said Vincent Erenst, CEO of The Kingfish Company.

Financial review

The Company achieved a productivity of 0.80 kg net growth per cubic meter per day in the quarter. This has resulted in a new record level of production of 637 tons growth (Q3 2022: 374 tons). Since 2020, productivity has increased from 0.57 kg to 0.83 kg in 2023 YTD. Compared to Q3 2022, standing biomass doubled to 751 tons.

Revenue in Q3 2023 increased 8.5% to € 5.7 million from € 5.3 million in Q3 2022. Revenue per kg was € 15.3 (Q3 2022: € 13.8 per kg), an increase of 11%. Revenue continued to increase year-on-year due to a more favorable size mix. The Company is expanding its efforts to develop new markets, mainly in Europe and North America, and will increase, in the coming quarters, its investments in business development activities. Due to the situation in Israel, export to that market, affecting approximately 10% of our sales, had to be temporarily halted as of October 2023.

Gross margin increased 57% to € 1.6 million (€ 4.3 per kg sold) in Q3 2023 from € 1.1 million in Q3 2022 (€ 2.8 per kg sold). This resulted from a higher average sales price, a more favorable sales mix and lower production costs. With 66% of Phase 2 now being in operation, scale effects are starting to materialize. Biological performance continues to exceed expectations among others by a significant improvement of the feed conversion ratio (eFCR) to 1.37 in Q3 2023 from 1.52 in Q3 2022.

Operational EBITDA is close to break-even in Q3 2023, confirming the path to profitability. Operational EBITDA amounted to € -0.1 million in Q3 2023 (Q3 2022: € -0.4 million), or € -0.3 per kg sold (Q3 2022: € -1.1).

Capital expenditure

By the end of September 2023, a total amount of € 90 million has been spent on Phase 2, of which € 4 million in Q3 2023. Where the new hatchery has been in operation since January, the discharge water treatment facility and 66% of the new tanks were commissioned in Q3 2023. The remaining 6 tanks will be commissioned in Q4 2023, which is the final step before the project is completed by the end of this year.

Cash flow

Cash flow from operations was € -3.7 million in Q3 2023, mainly related to increased biomass.

Net debt on September 30, 2023, amounted to € 68.1 million, an increase of € 7.7 million compared to € 60.4 million on June 30, 2023.

In August 2023 the full amount of the € 32 million convertible loan was received. At the end of Q3 2023, total liquidity increased to € 38.2 million excluding the € 2.7 million facility reserved for interest payments of the PCP loan.

Outlook

Management remains positive about the outlook for The Kingfish Company. With financing secured for the completion of Phase 2 and a clear path to profitability, the focus is fully on growing production, optimizing operations, while dedicating particular effort to expand our customer base and increase sales.

Production capacity will more than double when the new extension of the farm in the Netherlands is fully commissioned, enabling the Company to meet the growing demand for high-quality Yellowtail Kingfish. The Company expects to benefit from the scaling effect and further improvement in operations and productivity to become profitable and cash positive. Where the current focus is on completion of the Zeeland project, management continues to develop expansion plans in the US and Europe.

Webcast

CEO Vincent Erenst and CFO Jean-Charles Valette will present the Q3 2023 financial results on Thursday November 2, 2023, at 14:00 CET. The online presentation will be followed by a Q&A session. The presentation will be available on our website before the start of the webcast.

Click here to access the webcast.

For media and investor inquiries, please contact
press@the-kingfish-company.com
ir@the-kingfish-company.com

Company News feed
https://www.the-kingfish-company.com/news

About The Kingfish Company

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,500 tons of high quality and high-value yellowtail kingfish. Expansion is underway and capacity in the Netherlands is expected to reach 3,500 tons. Kingfish Maine is fully permitted by local, state and federal regulatory agencies to build an 8,500 tons production facility.

Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable electricity, sourced from wind, solar and biogas. The Company’s facilities operate on sea water, avoiding wasting precious fresh water.

The Kingfish Company’s main product at present, the Dutch Yellowtail (also known as ricciola/hiramasa/greater amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines. Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.

This press release contains certain non-IFRS financial measures which are not recognized measures of financial performance under IFRS. All figures in the press release are unaudited.

This information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Kilde

Fidelius · november 2, 2023, 9:36am

Et herlig motstykke til Atlantic Sapphire dette. God kontroll over mange år på både det tekniske og biologiske. Q3 viser betydelig bedring både operasjonelt og økonomisk. Bygger biomasse i fase 2 nå, så lover godt fra Q1 og videre når de øker slakte-/salgsvolumer og oppnår lønnsom drift og kan satse på videre vekst.

Lennha · november 2, 2023, 10:26am

Enig! Når kommer re-prisingen på denne aksjen er spørsmålet. Stødig vekst og gjennomgående et solid selskap. Alt de produserer selges umiddelbart til stadig høyere priser. Denne aksjen kommer til å bli en fin reise i årene som kommer, og kommer til å bli en utbyttemaskin av rang

aTinyHorse · november 2, 2023, 12:13pm

Jeg gjentar meg selv fra snart et år siden. Reprisingen kommer når selskapet tjener penger. Dette er fremdeles ikke et marked for selskaper som aldri har tjent penger. De har andre ting på plass, men profitt er ganske essensielt i børssammenheng.

Lennha · november 2, 2023, 12:35pm

Godt mulig du har rett For markedet sin del håper jeg virkelig at de klarer å se mer enn et kvartal frem i tid q1-24 vil King produsere 3,5tonn( og lønnsom) mot 1,5t før utvidelsen som er i siste fase nå. Ser åpenbare stordriftsfordeler allerede i presentasjonen med forbedret inntjening per kg. Og det er før vi ser full effekt av utvidelsen.

TekBot · november 6, 2023, 2:25pm

Financial calendar

TekBot · januar 22, 2024, 1:23pm

Financial calendar

TekBot · januar 31, 2024, 7:01am

Trading update Q4 2023

Phase 2 extension completed and fully operational
Biological performance exceeding expectations

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The Kingfish Company N.V. (the “Company”; “Kingfish”; OSE: KING) publishes a trading update focusing on volumes and operational performance metrics.

Q4 2023 highlights
• Phase 2 expansion completed and fully operational
• Standing biomass more than doubled to 967 tons (Q4 2022: 408 tons)
• Net biomass growth of 635 tons (Q4 2022: 395 tons), attributed to strong system performance and accelerated growth of the 3rd generation fingerlings
• Harvest volume 419 tons (Q4 2022: 387 tons)
• Volume sold 343 tons (Q4 2022: 347 tons)
• Total revenue €5.2 million (Q4 2022: €5.1 million)
• Revenue per kg increased 3.8% to €15.2/kg (Q4 2022: €14.6/kg)

Phase 2 was successfully completed before the end of December, resulting in all tanks being fully stocked. This significant milestone has enhanced the total production capacity to 3,500 tons. In 2025, the Company will be able to operate at full capacity. The biological performance of the new farm is excellent and continues to exceed our expectations.

The standing biomass more than doubled from the previous year to 967 tons, and the company achieved a net biomass growth of 635 tons, representing a significant increase from the Q4 2022 figure of 408 tons.

Despite softer markets at the beginning of the fourth quarter and increased competition in the US frozen market, prices in our principal markets in Europe have remained stable. Additionally, as the year concluded, demand in key markets strengthened, underlining the market appeal of Dutch Yellowtail.

“The completion of Phase 2 marks the beginning of an accelerated sales phase. In a strategic move, we welcomed a new Commercial Director, Gudo klein Gebbink, in January 2024. This role is pivotal in driving the expansion of our customer base and boosting sales across both existing and new markets,” said Vincent Erenst, CEO of The Kingfish Company.

The Company will release its full Q4 and FY 2023 financial results, as well as its annual report, on April 11, 2024.

All figures in this trading update are unaudited.

For media and investor inquiries, please contact
press@the-kingfish-company.com
ir@the-kingfish-company.com

This information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Kilde

Fidelius · januar 31, 2024, 8:09pm

Nok en bra operational update fra Kingfish, omtrent samme vekst og drift som Q3, men litt lavere oppnådd pris. Den siste tredjedelen av fase-2 tankene ble tatt i bruk i kvartalet, så forventer ytterligere biomassevekst ved neste oppdatering for Q1. Slaktevolumene vil også begynne å øke fremover, så dette ble kanskje det siste kvartalet med negativ Ebitda. Full effekt kommer ikke før 2025, men 2024 ser ut til å bli første året med lønnsom drift.

Lennha · januar 31, 2024, 8:15pm

Enig! Virker som det meste går på skinner. Veldig stabil og god drift Tidsspørsmål før denne skal reprises.

TekBot · april 5, 2024, 1:20pm

Invitation to webcast of Q4 and FY 2023 financial results Thursday 11.04.2023 at 14:00 CET

The Kingfish Company will release its financial results for the fourth quarter and full year of 2023 on Thursday, 11 April 2024, at 08:00 CET. The same day at 14:00 CET, the results will be presented by CEO Vincent Erenst and CFO Jean-Charles Valette.

Participants are invited to register using the following link: http://bit.ly/KingfishFY2023
…

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The report and presentation will be made available on NewsWeb and the Company’s website: www.the-kingfish-company.com/presentations.

Written questions can be submitted before and during the webcast.

For further enquiries, please contact:
Marieke Palstra, IR, The Kingfish Company
Tel: +31 683 58 66 78
Email: m.palstra@kingfish-zeeland.com

About The Kingfish Company

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 3,500 tons of high quality and high-value yellowtail kingfish. Next expansion opportunities are in the Netherlands and the US. Kingfish Maine is fully permitted by local, state, and federal regulatory agencies to build an 8,500 tons production facility.
Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable electricity, sourced from wind, solar and biogas. The Company’s facilities operate on sea water, avoiding wasting precious fresh water.

The Kingfish Company’s main product, the Dutch Yellowtail (also known as ricciola/hiramasa/greater amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines. Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.

Note: If the link does not work in Chrome, please clear your browsing data first.

Kilde

TekBot · april 11, 2024, 6:01am

Fourth quarter 2023 and full year 2023 financial results

2023 a pivotal year paving the way for future growth

Highlights 2023
…

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• Phase 2 expansion fully operational
• Excellent biological performance, exceeding expectations
• Record biomass growth of 2,195 tons (2022: 1,511 tons)
• Total volume sold 1,457 tons (2022: 1,435 tons)
• Revenue per kg up by 15% to € 15.1 (2022: € 13.1 per kg)
• Gross margin per kg sold up 54% to € 2.9 (2022: € 1.9 per kg)
• Operational EBITDA per kg sold was € -2.7 per kg (2022: € -2.7 per kg)

Kats, Netherlands – April 11, 2024: The Kingfish Company N.V. (the “Company”; “Kingfish”; OSE: KING), pioneer and leader in sustainable land-based production of yellowtail kingfish, announces FY 2023 financial results.

“Looking back on 2023, I am pleased to announce several significant achievements. Our Phase 2 expansion has been successfully completed, setting the stage for continued growth. The record biomass growth and outstanding biological performance of our fish have exceeded expectations. Looking ahead, we see potential to further enhance our operations through efficiencies and economies of scale. Our primary focus remains on accelerating sales growth while simultaneously improving operational efficiency. We are looking forward to an exciting and prosperous future,” said Vincent Erenst, CEO of The Kingfish Company.

Financial review

Throughout the year, The Kingfish Company demonstrated unparalleled production excellence. Our farm’s biological performance surpassed expectations, achieving a record biomass growth of 2,195 tons (+45% vs. 2022). By the end of the year, we reached a closing biomass of 967 tons, significantly higher than the 408 tons recorded at the end of 2022. The remarkable efficiency of our expanded facilities pushed The Kingfish Company to new heights of productivity, maintaining our position as an industry leader with a growth rate of 0.76 kg per cubic meter per day. The introduction of improved feed formulations and the superior performance of our 3rd generation fish contributed to a reduced eFCR of 1.36, down from 1.47 in 2022. Our farm is now fully stocked with 3rd generation fish, demonstrating a reduction in the growth cycle to 3kg by up to two months.

The Kingfish Company experienced a 17% revenue increase in 2023, reaching €21.9 million (2022: €18.7 million). Volume sold remained stable at 1,457 tons (2022: 1,435 tons) due to capacity constraints until the third quarter of 2023. The average revenue per kg continued to increase reaching €15.1 in 2023 (2022: €13.1). This increase resulted from a favorable size mix, and strong demand for our fresh Dutch Yellowtail. The US frozen market presented more competition, with some pressure on price. However, fresh sales in North America saw significant growth, underscoring the appeal and potential of our product in the premium food service segment and retail markets.

To further drive the development and market penetration of Dutch Yellowtail, Kingfish is enhancing its sales and marketing activities across key markets in Europe, North America, and other promising export destinations. We were also delighted to welcome Gudo klein Gebbink as our new Commercial Director, who joined us in January 2024, bringing a wealth of experience to develop our brand, expand our customer base and boost sales in existing and new markets.

Our journey towards profitability has gained momentum, with a 54% increase in gross margin per kg to €2.9 (2022: €1.9 per kg) despite rising input costs. This achievement is attributed to the increased volume produced (+684 tons vs. 2022) as well as enhanced operational efficiency, driven by the lower FCR and the new feed formulations introduced on the farm. Higher average sales prices and a more favorable sales mix have also contributed to the improved gross margin.

Operational EBITDA has been stable in 2023 at €-3.9 million (2022: €-3.8 million). Operational EBITDA per kg was €-2.7 (2022: € -2.7 per kg). SG&A costs increased by 25% year-on-year, driven by the need to strengthen the support functions as well as some restructuring costs. Excellent operational performance, increased production and the strengthening of our sales and marketing capabilities will be the key drivers of future profitability.

Cash flow and liquidity

The Company reported € -7.3 million of operating cash flow in 2023 (2022: € -7.0 million). The cash flow from operations was impacted in 2023 by a €3.5 million increase in working capital, mainly driven by the higher closing biomass (+€2 million vs 2022). Biomass at 2023 year-end is approaching its steady-state level.
Cash flow from investing activities amounted to €-22.8 million in 2023. The total investment until the end of 2023 in the Phase 2 project amounted to €93 million, of which €21 million was spent in 2023.

Cash flow from financing activities amounted to €48 million in 2023. The Company raised €19.7 million in January 2023, in the last tranche of the capital increase arranged in October 2022. At the start of July 2023, the Company successfully raised €32 million by way of a convertible loan with a fixed interest rate and a duration of 4 years with most of its existing shareholders as well as with the sustainability-focused Ocean 14 Capital fund.

Net debt on December 31, 2023, amounted to € 77.1 million, an increase of € 9 million compared to € 68.1 million on September 30, 2023. The Company has €31 million in liquidity, consisting of cash and short-term deposits of €19.6 million and financing facilities of €11 million. The Company is closely monitoring the liquidity position to support the sales ramp-up and remains optimistic about the financial trajectory and the opportunities ahead.

Sustainability achievements

The Kingfish Company has made significant improvements toward its sustainability objectives. In the year 2023, a 33% reduction in our Forage Fish Dependency Ratio (FFDR) was achieved, bringing FFDR down to 1.71. This achievement not only exceeded our 2025 target for reducing dependency on marine resources but also demonstrated our commitment to responsible aquaculture practices.

In addition, the Company successfully lowered its carbon emissions, accomplishing 75% of its 2025 carbon footprint reduction goal in 2023. The reduction in Feed Conversion Ratio (FCR) also played a crucial role in reducing carbon emissions and lessening our reliance on marine resources. Our R&D team remains dedicated to further reducing this dependency. By optimizing feed formulations and exploring alternative ingredients, we aim to continue minimizing our impact on marine ecosystems.

These achievements underscore The Kingfish Company’s firm adherence to best practices in aquaculture.

Outlook

As The Kingfish Company continues to navigate through its growth journey, we are excited about the potential that lies ahead. The Company focuses on accelerating revenue growth, while optimizing operations. The Kingfish Company is investing significantly in sales and marketing to accelerate the expansion of its customer base and develop existing and new markets.

Whereas the current main priority is on optimizing the operations in the Netherlands, the Company also continues to investigate expansion plans in the US, Europe, and other regions. The Company expects to benefit from the scaling effect and further improvement in operations and productivity to become profitable and cash positive.

The Company is closely monitoring the development of its liquidity position and is focused on ensuring that it remains fully financed to sustain the current growth trajectory and pursue expansion opportunities. Our unwavering commitment to sustainability, innovation, and market expansion sets us on a promising path toward delivering value to our stakeholders and contributing to a more sustainable future.

Webcast

CEO Vincent Erenst and CFO Jean-Charles Valette will present the Q4 and FY 2023 financial results on Thursday April 11, 2024, at 14:00 CET. The online presentation will be followed by a Q&A session. The presentation will be available on our website before the start of the webcast.
Click here to access the webcast.

For media and investor inquiries, please contact:
press@the-kingfish-company.com
ir@the-kingfish-company.com

Company News feed
https://www.the-kingfish-company.com/news

About The Kingfish Company

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 3,500 tons of high quality and high-value yellowtail kingfish. Next expansion opportunities are in the Netherlands and the US. Kingfish Maine is fully permitted by local, state, and federal regulatory agencies to build an 8,500 tons production facility.
Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable electricity, sourced from wind, solar and biogas. The Company’s facilities operate on sea water, avoiding wasting precious fresh water.
The Kingfish Company’s main product, the Dutch Yellowtail (also known as ricciola/hiramasa/greater amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines. Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.

This press release contains certain non-IFRS financial measures which are not recognized measures of financial performance under IFRS. All figures in the press release are unaudited.

This information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Kilde

TekBot · april 11, 2024, 6:01am

Integrated Annual Report 2023

Please find attached the Integrated Annual Report 2023 for The Kingfish Company, including ESG reporting and complete annual accounts with notes. As of today, the report can also be accessed on the Company’s website www.thekingfishcompany.com.

For further information, contact: Investor Relations, The Kingfish Company, IR@the-kingfish-company.com
…

Vis børsmeldingen

About The Kingfish Company

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 3,500 tons of high quality and high-value yellowtail kingfish. Next expansion opportunities are in the Netherlands and the US. Kingfish Maine is fully permitted by local, state, and federal regulatory agencies to build an 8,500 tons production facility.
Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable electricity, sourced from wind, solar and biogas. The Company’s facilities operate on sea water, avoiding wasting precious fresh water.
The Kingfish Company’s main product, the Dutch Yellowtail (also known as ricciola/hiramasa/greater amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines. Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.

Kilde