Q1 ’22 Business update and annual report 2021

Q1 '22 highlights
o Driven by continued strong demand for sustainably grown Yellowtail Kingfish in
Europe and the US, The Kingfish Company [Euronext: KING] more than doubled sales
from EUR1.5 million in Q1 '21 to EUR3.7 million in Q1 '22, while prices continue to
o Produced a record of 340 tonnes net growth of high-value Yellowtail Kingfish
in Q1 '22, resulting in solid productivity index performance of 0.68(net biomass
growth per cubic meter capacity per day) 
o Secured a bilateral loan facility of up to EUR 75 million with P Capital
Partners AB; the company is now fully funded to reach group-level cash flow

"We have come off to a good start of 2022, seeing demand for our fish continuing
to outstrip capacity, productivity continuously improving, and with a five-year
ESG linked financing arrangement in place we have secured funding to reach 3,500
tonnes of capacity in the Netherlands", said Ohad Maiman, CEO of the Kingfish

Driven by strong demand for high-value kingfish in Europe and the US, sales grew
149 percent to EUR3.7 million in Q1 '22 and 130 percent in whole fish equivalent
(WFE) tonnage to 319 tonnes. An average sales price increase resulted in EUR11.5
per WFE kg on overall sales, compared with EUR11.2 in the previous quarter. The
average realized price of large fish improved from EUR13.1/kg in Q4 '21 to
EUR14.6/kg in Q1 '22. The price of small fish remained stable. 

Full-year 2021 results came in above expectations with a doubling of sales and

FY '21 highlights
o Doubled sales and output while average sales price increased in 2021
o Doubled sales of whole fish equivalents (WFE) to 902 tonnes and improved
productivity by 14% to 0.65 kg per cubic meter per day
o Enhanced unit economics: farming operations delivered a gross margin of EUR2.2
per kg, an improvement compared to EUR-0.3 per kg in 2020. Direct production costs
in euros per kg reduced by 9.3% and indirect production costs in euros per kg by

"2021 has been another record year for The Kingfish Company driven by strong
market demand for our high-value kingfish in Europe and the United States. We
appreciate the strong execution by our dedicated team, and we are excited when
we look at the years to come. We are now fully funded to reach group-level cash
flow positive", said Ohad Maiman, CEO of the Kingfish Company. 

Revenue more than doubled from EUR5.0 million in 2020 to EUR10.4 million in 2021.
The farming operations delivered a gross margin of EUR2.2 per kg. This is an
improvement compared to EUR-0.3 per kg in 2020, and margins are expected to
continue to improve as the company continues to scale up. Both direct and
indirect production costs significantly decreased in euros per kg compared to
last year. Overall, this resulted in a gross margin for the farming operations
of 19.5% in 2021 compared with -2.9% in 2020. The company spent EUR0.3 million on
US operations and EUR4.1 million on head office and G&A costs. 

Funding in place to reach 3,500 tonnes annual capacity in the Netherlands and
group-level cash flow positive
The Kingfish Company has entered into a Senior Facilities Agreement with P
Capital Partners AB for a five-year ESG-linked bilateral debt facility of up to
EUR75 million. The net proceeds from the Debt Facility will be used to repay
existing debt, finance remaining capital expenditures in the Netherlands related
to phase 2A and 2B on the Zeeland facility, and fund working capital. The Debt
Facility also includes an additional uncommitted facility of EUR37.5 million to
finance part of the capital cost for a future phase 3 build-out in the

Strong ESG performance in 2021 and clear ESG targets set for 2022 and beyond
Sustainability and respect to the fish and the environment are at the core of
the company's values, and inform design, operations, and technology decisions.
Innovation, renewable energy, emission reductions, fish welfare, resource
conservation, energy efficiency and environmental stewardship are diligently
considered in the company's business planning, implementation and management
processes while driving environmental research and development. 

"We support and develop environmental projects and partnerships in our
communities and will continue to pursue environmental excellence and innovation
in our corporate strategy and operations", said Mr. Maiman.
RAS technology allows production facilities near its end-markets, minimizing
transportation requirements and food waste. In 2021, The Kingfish Company is
positioned to reach 600-700 million people within road delivery catchment area
requiring no air freight. As a result, 92% of transport emissions were reduced
using road freight versus airfreight. 

In 2021, 0.49 MWh of solar energy was generated on site and 100% of electricity
used came from renewable sources with guarantees of origin certified. 

"We continue to manage our energy usage and saw a reduced energy use per ton of
fish produced year-on-year. We will continue to work towards carbon emission
reduction in everything we do", said Mr. Maiman.
Kingfish Zeeland retained all its sustainability and quality certifications
during 2021 and moved from 2* to 3* BAP certification, and received 'Raised
without Antibiotics' certification. 

The Kingfish Company has clear ESG targets set for 2022 and beyond. The company 
will continue working towards 25 x 25 (our 2020 - 2025 impacts campaign),
reducing carbon emissions to ultimately achieve carbon neutral status and
contributing to climate action and conserving life below water.

The Kingfish Company has committed to:
o reducing our carbon emissions per ton of growth by 25% by 2025
o reducing residual waste created by our operation with 25% by 2025
o increasing our recycling efforts by 25% by 2025
o reducing our dependency on marine resources (Fish In Fish Out ratio) by 25% by
For more information
Please see the attached Q1 and annual results 2021 business update presentation
and integrated annual report 2021. The Kingfish Company will present the
business update to investors, analysts, and media on Thursday April 21st, 2022
at 15:00 CEST. The online presentation will be followed by a Q&A session. Both
will be hosted by the company's CEO Ohad Maiman, CFO Christo du Plessis and COO
Kees Kloet.

Call in details

For media and investor inquiries, please contact
[email protected]
[email protected]

Company News feed

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 tonnes of high quality and high value Yellowtail

Expansion is underway and capacity in the Netherlands will reach 3,500 tonnes in
the second half of 2022. In the US, permitting for the company's 8,500 tonnes
capacity facility is progressing as planned.

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 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.

Click here for more information

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