THE KINGFISH COMPANY N.V. Q4 2022 highlights -The Kingfish Company [Euronext: KING] continues its growth trend with sales growing by 34% YoY toEUR5.0 million - Achieved continued high price level, particularly for large fish - Net growth of 395 tons of high-valueDutch Yellowtail , reflecting another quarter of steady state at current installed capacity and record harvesting levels - Strong productivity index performance of 0.78 (net biomass growth per cubic meter capacity per day) - Completed the equity raise, raising gross proceeds of approx.EUR35 million - ProposeVincent Erenst as CEO, effectiveFebruary 6th, 2023 . "We are proud of our team which has delivered five years of successful operational results with continuous improvements, confirming the name plate capacity of our facility. We have seen productivity increase with the third generation of fingerlings, increased size of fish, and no mass mortality events. We are now ready to launch capacity for phase 2 and we are delighted that we have started commissioning the hatchery in January", saidHans den Bieman , interim CEO ofThe kingfish Company . Market demand for high-valueDutch Yellowtail is strong in bothEurope andthe United States , andThe Kingfish Company products are sold in 14 countries. In 2022, the company produced a record 1,511 tons of high value yellowtail kingfish. For the full year 2022, we increased sales by 82%. At the same time, the average sales price achieved increased by 14% toEUR13.1 /WFE kg in 2022. Solid sales during the fourth quarter 2022 Sales grew by 34 percent toEUR5.0 million in Q4'22 and 3 percent in whole fish equivalent (WFE) tonnage to 346 tons. Sales prices have increased significantly in Q4'22, particularly for large fish (+39% YoY) reaching an average price per kg WFE ofEUR18.2 , and for small fish (+16% YoY) atEUR12.0 per kg WFE. During the fourth quarter, the average size of large fish reached a record level, generating increased revenue and uplifting the average price. Demand continues to outpace our production capacity.The Kingfish Company achieved 395 tons of net growth of high-value Yellowtail Kingfish in Q4 '22, compared to 324 tons of net growth in the same quarter of last year (third quarter at full run-rate of current installed capacity). This has resulted in a robust productivity index performance of 0.78 (net biomass growth per cubic meter capacity per day), representing an improvement of 6% compared to Q3 '22. Expanding capacity to meet strong demand While TheKingfish Company has reached full capacity run-rate in phase 1, it has started the production of fingerlings for the pre-stocking of Phase 2. Phase 2 production is set to commence in Q1'23. Commissioning of the hatchery has started in January. The significant volume increase is expected to result in material improvements to unit economics, building on an already strong basis. InJanuary 2023 ,The Kingfish Company has successfully completed an equity raise, raising gross proceeds of approximatelyEUR35 million through a private placement and a subsequent offering. The US operation inMaine has obtained the local building permit from theJonesport Planning Board in December, and is now fully permitted by Local, State and Federal regulatory agencies. The Company has successfully shipped broodstock to the US, and the fingerlings that were already shipped to the US are doing well and growing fast. For more information Please see the attached Q4 2022 business update presentation.The Kingfish Company will present the business update to investors, analysts, and media onThursday January 19th, 2022 at15:00 CEST . The online presentation will be followed by a Q&A session. Both will be hosted by the company's interim CEOHans den Bieman , CFOJean-Charles Valette , and CTOKees Kloet . The complete financial statement for Q4 and full year 2022 will be presented on20 April 2023 . Call in details http://bit.ly/3impD0j For media and investor inquiries, please contact press@the-kingfish-company.com ir@the-kingfish-company.comCompany News feed https://www.the-kingfish-company.com/news AboutThe Kingfish Company The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility inthe Netherlands is 1,500 tons of high quality and high value Yellowtail Kingfish. Expansion is underway and capacity inthe Netherlands is expected to reach 3,500 tons in Q1 2023. KingfishMaine 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 energy, sourced from wind, solar and biogas. The Company's facilities operate on sea water, avoiding wasting of 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 byAquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) andBritish Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice byGood Fish Foundation .
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