Welcome to AKI BIMERIN's Q2 Presentation. We'll start with me giving some comments to the report that we published today. Then Katlina here will take you through the financials of the quarter. And then I'm going to take you through the outlook and the recent company development and also give some more deeper insight into the Sukurba segment and also the performance in harvesting. And then we're going to have a Q and A at the end.
And you can, through this Teams application put in questions. You can already start to do that now. And then we will answer those questions at the end of the session today. So with that, I'm going to start with taking you through the key comments to the report today. So first of all, I'm happy to report that we are back into growth for Ake Bimanin, both versus the first occur, but also compared to the same quarter a year ago.
There are several areas that are developing very positively. The brand segment is developing really strongly. The Queer with Queer segment is developing really strongly. And Houston also continue to surprise us positively. But we also have some challenges.
The superb situation that we talked about before, it's still here now in Q2. And also we have challenges in the harvesting area. We'll go more into details of this in the presentation here now. There's been some key events throughout the quarter. I mean, the first one is that we now are listed in the Oslo stock exchange main list, which gives us access to a broader set of investors and should be good in general for all the investors.
Also, we have hired Doug Hicks to lead our venture into the pharmaceutical space. As you know, we started with our Lisobeta product to start to make the 1st move into the pharmaceutical era. And this is a strategic area for Ake Bimarin, and we're happy to have now Doug Hicks, which has a long track record in the pharmaceutical space on board to lead us through that development. Also on the innovation side, with Invi Protein, we in the quarter achieved regulatory approval for the product in the U. S, which means it's now allowed to sell and market in the U.
S. Market, which is a key milestone for the development there. Also we have now order, what we call a drone, UBS, which basically is a 7 to 10 meter long vessel autonomously that can travel 2, 3 weeks allow to collect data and search for krill and will help us digitalize our offshore operation and help us find the krill and make sure that we are at the right spots at the right time. That will be very important for the efficiency of our offshore operation and also make sure that our carbon footprint is being reduced. Katrin will take you through the details of the financials.
But as you can see almost 50% growth from last quarter, 3% growth versus the same quarter last year and about 10% growth quarter over quarter on EBITDA. It's worth remembering that in 2020, we adjusted out the marketing related to Corre. This year, we are not doing that. We go through the P and L and and therefore also negatively impacting the EBITDA. So the underlying EBITDA development is stronger than the 10% that we're actually showing here.
So then I'm going to take you through starting with the ingredients segment. As mentioned, we've been having challenging with harvesting in the second We have a fairly good Q1 in where we harvested in the south part of the Antarctic Ocean. Once that area closed and we moved further north, the availability of krill was lower. The vessel has so far this season worked perfectly fully operational, no technical issues. So it's just the fact that krill is not in the areas where we are harvesting.
I think also I would like to mention that there have been recent service krill biomass, that indicates positive development and healthy biomass stock of krill in Antarctica. So there's no worries related to if this krill is there or not. Adjust this year, it has not been in the area where we fish. Our Arctic provider, our supplier vessel has been ramping up as planned, been working really well and are now into do fully operation, which means that our previous vessel, Lamanche, and the vessel we have leased, Twin Tas, will now be be dismissed and provide will be our only vessel to support our fishing vessels in Antarctica, not only important for efficiency, but also cost. Have also written in the report that during an offload, we got COVID on board provider and support vessel.
We were able to contain it. We follow strict procedures, so putting crew into isolation and making sure that we didn't have a spread on border fishing vessels. But as a precautionary limit, we also put all the key crew that came from provider on board official vessel also in isolation, which meant that we lost 10 to 14 days of fishing because we have to kind of keep everybody in their cabins. But we managed it out. There is no outbreak.
It's now finished, but it's just a good reminder that COVID is around something that we have to deal with going forward as well. On the onshore side, Houston continued to be a very positive story. As I mentioned before, when it comes to the impacts on margins, our performance in Houston impacts just as much as our harvesting operation in Antarctica. And Houston continue to develop very positively, both on volume side and the output coming out of the factory, but also on costs, be taking down the unit cost and improving the margins in the Superba segment. On the sales side, Superba continued to be the struggle, driven mainly by the situation in South Korea that we have talked about in previous quarters.
Still, Korea is now about half of what it was at peak. And as mentioned in the previous quarter, we don't expect end on plan for that to come back into the previous high levels. Still important to note that Korea is one of the largest markets per capita for crude oil already today at the level we are selling in Korea today. We also have some challenges in what we call the non mass market in the U. S, which basically is everything else other than the big retail chains and where we have seen quite chop the development, and we have identified quite big opportunities in that area that we are now working to close-up.
We have also gotten Halal certification of our product, which is an important milestone for us to offer CREDO to the Muslim consumers all around the on credit review, and I will take a little bit I will give you a little bit more deep dive into Superba segment a little bit later. On the krill segments, things have been developing very positively in the quarter. Both the salmon markets, especially in Norway and Northern Europe, has been developing very strongly together with the increased salmon prices, but we also have expanded into new customers and new markets in Asia, putting us now in a very good and solid position look to capitalize further growth and value in the period to come. June was an all time high for drill segment. We have never sold as much in 1 month as we did in June.
And I think it's also worth mentioning that the pet segment continued to develop very positively and we see good see good traction now in both U. S. And Asia, which are relatively new markets for the pet products. Then talking about the brand segments, which is one of the key highlights on the positive side from this quarter. We have seen very strong growth in the branded segment, 32% year over year growth, driven basically by all category, but especially krill.
So 40% growth year over year of sales accretive products through our brand activities versus the same quarter last year. Obviously see a general growth in all the channels. So I think this is a combination of kind of strong position we have in the products, have a good innovation pipeline that's coming online these days with the retailers combined with a normalization of the COVID that drives consumers back into stores. Cori also continues to develop positively the growth versus last quarter, also with new retailers coming on board. Especially happy to announce that Sams Club has now decided to put Corie on the shelf on the physical stores after running a test work on their online shop since last year.
And Samscrub is probably the 2nd largest channel for sale of acrylic products in the U. S. Market. So that's really an important milestone for Coriant. Epione is now also working on line extension looking at new innovative drill based products that can come next to the existing products on the shelf and that will be presented to the retailers after the summer.
There you can see the development. So as you can see, continue to grow the total sales in Q2, increasing the marketing activity somewhat. We're still working to optimize to make sure that we get maximize the ROI on marketing dollars. And we see continuous improvement there as we also start to scale up the volumes of marketing. This is an ongoing effort look to scale up and make sure that ROI, return on investment is positive on all the marketing activities that we are doing.
With that, I'm going to give the word to Katina, but that will take you through the financials.
Yes. Good morning. 2nd quarter has been a good quarter. As Matt said, we are 3% up from Q2 last year and significantly up from Q1 end this year with a 48% increase in sales. And also, as Mats have already mentioned, it's Sequel Aqua in the ingredient segments and the private label from Lang in the brand segment driving the sales growth year over year.
EBITDA is $19,400,000 up from $17,600,000 same period last year. Improvement is mainly driven by offshore and onshore operations where unit costs are down as a result of stronger performance. And the gross margin from the for the group as a whole is up from 36% to 40% with corresponding improved EBITDA margin at 26%, up from 24% same period last year. Net debt is down as a result of the capital increase that was completed in connection with the IPO last summer, result in net debt of $311,000,000 and an equity ratio of 48%. Moving over to the ingredients segment.
The ingredients sales are down 11% from Q2 last year. There is a significant shift in revenue distribution between Superva and Grill being fifty-fifty last quarter, While Superba now is down to 36% and krill up to 64% this quarter. There has been strong growth in the krill with 17% year over year, including all Aka and Pet products. We have seen good development in the salmon market, which is important for European sales we'll be able to deliver a new contract with large Asian customers that have been activated. Surpova decreased 36 we'll recent growth opportunities in the non mass U.
S. Markets. Strong EBITDA improvement from last Good harvesting in Q1 combined with strong Houston performance improves the gross margins for both Aqua and Superba. Gross margins for the ingredient segment is up 46% from 41% last year leading to EBITDA margins of 40%, up from 32% Q2 last year. And finally, as a one off, LaMarge now moving out of our books, we have accelerated the depreciation profile to match the net sales proceeds and this will have a short term positive EBITDA effect that is netted out over time as the increased depreciation is embedded into the COGS.
Moving over to production volumes. The top graph shows our total onshore oil production of finished goods, including Houston and some smaller third party production in New Zealand. The Houston output shows a 29% increase over Q2 last year. This is due to the ongoing capacity project 2,000 by 2022, which is already yielding both higher volume outputs, but also lower operational costs, which is driving down the unit cost and improving the superb oil margins. The bottom graph shows our offshore meat production with 2nd quarter volumes being 13,920 tonnes, down from 16,387 tonnes, same period last year.
We have struggled with locating the krill over the past few months and as a result, not the volumes that we were expecting despite having a technically well performing fleet. The COVID-nineteen outbreak on provider had smaller operational and financial implications. And as already mentioned, LaMarge will sail to Turkey in August to ungo ship dismantling and will be replaced by the Antarctic provider. Moving over to the brand segment. We saw strong revenue growth in the brand segment year over year of 32% driven by private label sales in Lang, showing good post COVID recovery.
KRYL being also one of the private label categories with the highest growth in the quarter, 40% year over year for lung. Cori also shows good developments and is growing POS numbers each quarter, but still from a low base. Moving over to margins. Gross margins for the brand segment is slightly down from 27% to 25%. This is mainly driven by product and customer mix look at the land portfolio.
EBITDA margins for brands is down to 2% in the quarter as a result of the Corning marketing costs no longer being adjusted out of the EBITDA, hence driving cost up in the brand segment. We still view this cost as an investment into building the brands, but according to our accounting policy, we cannot adjust for it after the initial launch year. The blue line and the white stack is to illustrate the EBITDA development had the core cost been adjusted out also in 2021. As a result of this, EBITDA margin for FX negative, while Lang had a 14% EBITDA margin, which is stable compared to same period last year. With the main figures presented, I'll just draw your attention to a few technicalities in the P and L statements.
On the depreciation and amortization line, we have done a smaller impairment on the customer and trademark portfolio as a result of the lower superb sales of $1,800,000 in the quarter. Secondly, our fuel options I moved from being a financial item down into the other comprehensive income as we're now doing hedge accounting. This can be seen in net financial item line. And then finally, the accelerated depreciation profile for LaMarge can be seen in the EBITDA reconciliation table where you see a slight oil increase and the depreciation and amortization line for production assets. And this is also, of course, including Antarti provider when compared with last year.
A few items on the balance sheet. We had total assets of $769,000,000 up from $678,000,000 driven by 3 main topics, inclusion of Antarctic provider, derivative assets From our fuel options and inventory buildup. The first Antarctic provider was delivered in February 20 21 increasing both our property, plant and equipment and our debts. 2nd, the derivative assets reflect the mark to market value of our fuel options and is currently at $13,600,000 showing a very strong in the money an option portfolio. Finally, inventory buildup is a result of a strong Houston production combined with lower superb sales.
Net debt is at $311,000,000 down from same period last year and equity ratio at 48%. Finally, a few comments on cash flow developments. We have a negative cash flow from operations in the quarter due to negative change in working result as a result of the inventory buildup of krill oil as well as sales coming in late in the quarter building up customer receivables. The change from last period in cash flow from investing activities is explained by the sale of UBL in May last year. The change from last period in cash flow from financing activities is driven by a $30,000,000 drop under the RCF in the quarter fund CapEx related to Houston, used to be at the and the protein launch plans.
This leaves us with a net change in cash for the quarter of minus $1,600,000 That concludes the finance section, and I will hand it over back to Mats to go through the outlook.
Thank you, Katina. So, I will start with just sharing my reflections from the development over the last 12 months. So we had some areas that were shown really good progress. And and then we have some other areas where we had setbacks. So starting on the good progress.
As talked about already today, in the krill 1 segment, things has been developing really positively over the last 12 months. So despite all the challenges coming with COVID with the low prices for both salmon and shrimp in the market, we've been able to expand both our customer base and our volumes throughout the global market for these type of products. We are now in a very strong position where we are have products into all the key markets with the key customers globally and are ready look to create value and drive volumes now as things start to normalize. So we see a very positive development through the krill category. Then we have done some important innovation launches.
In the protein, which will be a new segment for Akibimarin, just like the creative segment and the superb segment. We have launched a product. We have gotten approval in the U. S. And we're starting to build the 1st factory in here in Norway these days.
This will be a big driver of growth long term for the company, but will not short term impact the profitability be the largest driver of our company. It's still a very important value driver that's happened over the last 12 months. With Viasomedica, it's similar. It represent a market in the dietary supplement area, which is a bigger addressable market than the omega-three market we are addressing today with SUERBA. Show that will also become a new segment side by side with Krill and Superba.
In addition, Lussovetar gives us the enter point into the pharmaceutical area. And as you know, we have the 1st pharmaceutical agreements already signed up. And this is a focus area for Doug Hicks that I presented a little bit earlier to develop that business together with key partners in this area. It's the same here that the majority of the impact of profits from this product will come later in the planning period and will therefore not come have a short term impact on the profitability of the company, but creates but it represents big values and will become a major segment long term for the company. Then we have also created and launched Ion.
And ION is developing really positively, scaling up according to plan. And therefore, now we are planning for the spin out of that company. And even if it will be spinned out short term, we will also then provide shareholder value to the Akibimarin shareholders as part of that spin out. And as soon as we have everything ready related to that, we will inform the markets. So on the innovation side, we have done a lot of things the last 12 months and we have now come on new discuss business areas that will be important growth engines for the company going forward.
Fusen continued to perform really well and has done so over long period of time, giving us, 1st of all, ability to get more capacity out of the existing CapEx that we have there, limit limiting the need for further investments in capacity. And number 2, it drives the unit cost down and improves the margins for our Surferba business, which is a big chunk of what we have today. All the Risobeltra products will also be produced in the Houston factory. Then we talked about the brand segment earlier, and you have seen the positive development with an all time high quarter now in Q2. We see a really good development in the brand area, both with having successful innovations coming on the shelf, be driving growth, but also that the existing products we have on the shelf is also provide also growing quite healthy.
So we have a robust position with strong growth now in the brand segment. And then related to Cori, I I think it's also important to reflect that in our launching quarry in the middle of COVID was not the kind of optimal timing to launch a new brand, but nevertheless, it was important for us to do so. And we have a successful launch. Here comes Ake Bimanin out of nowhere and already after a year, we are on the shelves on all the major retail chains in the U. S.
And have all evaluated the sales performance of Corio the 1st year and they all have decided to continue having Corio on the shelf going forward. We also see more and more retailers adopting Quarry onto the shelves, demonstrating that it's doing quite well. This provides big value for the company, 1st of all, in terms of having the platform to continue to develop Corry, but also the possibility for Akibimarin to develop new brands and new products on the basis of better platform. So over the last 12 months, unlock a good positive development for the company, some with shorter impact, some with more longer term impact for the company. And then we have some setbacks as well.
We talked about the South Korean situation and how that's impacting the overall superba growth. And I'm going to take you through a little deep dive to show you a little bit more insights into the development in Superva. And then we have had 2 years now with lower than expected harvesting. And also here, I would take you through some more details. So starting to show you a little bit more of the development of Superba.
So what you see here on the left side increase the sales in different regions, and I'm going to take you through each of them. We're looking here at full year basis. And you see Q2, it's last 12 months. So Q2 and then 12 months backward. And then the green one, it's what we expect for 2021.
So if you said starting on the top with the gray one, that's Korea. And you can see how that came in, in 2019 come off suddenly with the strong sales in 2019 2020? And then you can see about half of the sales now when you look at the last 12 months. So Korea situation, as we have communicated, we are not expecting it to get back into 2019 and 2020 levels. But you should rest assured that we are working really hard to try to make that happen.
Be working on getting new health claims that allows us to have new marketing claims in the Korean markets and working very closely meet partners in the Korean market. So we have in no way given up to get it back. But where we stand right now, we are not planning for that to come back to the previous levels, but rather stabilizing at the current level where it's at right now. Then if you continue down on the let's call it the bright blue color, which is the next one, that's non mass market in the U. S, meaning that all the channels, which is not the big retail chains, which is below.
So that's e commerce players, it's MLM, it's catalog companies, it's companies selling through practitioner all types of channels where they are selling supplements in the U. S. Markets. And if you look at the history over the last years, you see quite choppy development. Underlying growth, let's say, over the last 4 or 5 years, reduce especially in 2020 was a spike up.
And then looking at the last 12 months, you see that's coming down. And I think that spike in 2020, it's partly driven by also the Korean situation as some of especially the e commerce players in the U. S. Position their products towards Korean consumers. But I think also the development that we have seen in 2021 show us that we haven't captured all the opportunities that emerged through kind of the growth now e commerce after or through COVID.
So currently, we are going through a strategic process for the U. S. Market and we're also structuring the sales and marketing organization to make sure that they can capture all those opportunities that is there in the non mass market in the U. S. So we can get this back into growth territory as well.
Then looking at the light blue, this is the mass market in the U. S. So this is where Korea plays and this is where private label plays. And as you can see over the last years, I mean, the early stages here, you see a decline? And that's driven by Mega Red, which has been the kind of leading brand for preloaded mass market in the U.
S, hasn't succeeded on kind of being that look at the locomotive and that's going to be fair lights in the category to drive it in the right direction. This was the background for why we launched Cori. We wanted to take responsibility ourselves to be that locomotive in the market, be that Fairlight that can show the direction and drive the consumers into the Korean category. And as you can see now, I mean, partially on the last 12 months, but maybe more if you look to the right, you can see year to date and you see the share of U. S.
Mass market, you can see that the core is starting to have a real effect on sales both from private label and the brands itself in the mass market. So we're clear that going forward, the mass market now are in come of good shape and we have a strategy that works in terms of making sure we have growth in that area going forward. The bottom part, the dark blue, it's everything else, which means Europe, Asia Pacific and South America. And that's been developing very healthy all along. And you can see also to the right, if you look at just the year to date, you see rest of the world, which basically means the emerging markets growing really strongly.
We have seen what's possible to do in some of the Asian markets through what happened in Korea. And we're now strengthening the sales and marketing organization in Asia go after all the opportunities in the Asian markets like the one we saw in Korea to accelerate the growth in that area. And also looking at the 2021 plan, the green column there, you see that we are expecting higher sales in the second half go superb than what we have in the first half. But what this has done, I mean, this situation mainly then driven by the Korean situation and somewhat driven by the non mass market in the U. S, is that we have kind of lost a growth opportunity or a growth situation in 2021.
And the way we see it now, we expect to continue growing now going forward according to the original plans that we had also 12 months ago. But that kind of lost growth that we have had the last year, we do see less likely that we will be able to catch up. Petroferba is still competing in an attractive market, global omega-three market that is in growth with a clear value proposition end with customers that are driving activities, driving consumers into the category. So we are still in good position with Superba, but it's going to be harder to catch up the shortfall from 2021. Also, like I mentioned, we are doing initiatives and improvements to ensure that we get that growth going forward, both on a from a strategy point of view, put also in the organization to make sure we have a strengthened organization to capture all the opportunities that we know is out there.
So that was some details on the Surprabaya area. Then talking about the harvesting area. So we have now 2 seasons with lower than expected harvesting. What you see on the left side here on the graph is base is daily production per vessel. And what we use here, an example, is the Antarctic Sea, which is kind of the have a larger vessel we have with where we have history going back.
And as you can see, since 2014, every year, the vessels been harvesting and performing better and better? Driven by investments that we do each shipyard, improvements that will improve the capacity of the vessel, be also driven by the very skilled crew members we have on board the boats that constantly are looking at how we can improve the way we do things look to get more production out of the assets we have. And then you see those 2 outliers in 20202021 become a significant drop. And that drop is or those drops are driven by different things. So as you know, in 2021, it was mainly driven by technical issues.
We were struggling with the vessels that have challenging to operate and that impacted our ability to harvest and produce. This year, all the vessels are operating perfectly. No technical issues. The troughs is in the water. Everything is operating, but the krill is not in the area where we are fishing.
As I mentioned earlier, the krill biomass is healthy. The last survey that was done where they systematically map the biomass accrual in the Antarctica showed a 17% growth of the biomass between be year 2019. So there's no kind of long term worry that now suddenly the crid is gone, but there is natural variation in the fishery. End unfortunately this season, the krill has not been in the area where we have been with our vessels. We are doing initiatives.
As I talked about earlier, we have ordered this, let's call it a drone, this unmanned surface vehicle that we will use to collect data and search for krill. This can go 3 weeks alone. And instead of taking our fishing vessels out of fishery, that will go out and look and find where the krill is and then the vessel can follow. It will also collect systematically data that we will use in our predictive models that we already have implemented on our vessels. So as you can see, I mean, also looking in the forecast forward, we don't expect this, you know, low harvest that we have seen now 2 years in a row in the future.
But I think also it has taught us that there will be natural variation in a fishery also going forward. Then the outlook for 2021. So the kind of key change for the 2021 outlook is offshore production and harvesting. So we have now we are now guiding offshore production of between 45,501,000 tons, down from 60 to 70 tons be based on the challenges that I just talked about. We expect as long as the equipment is working that the krill will come back.
But for this year, we have already lost a lot of harvesting opportunities from the first half of this year. Onshore production, we were planning strong and positive development in Houston and we see that's going to continue. There's no change in outlook for our Houston production. And given the situation in Superba, we have slightly stood our revenue growth profile to now what we call modest revenue growth compared to what we call somewhat lower growth in 2021 versus 2020. But nevertheless, despite all the challenges that we have, we're still expecting growth in 2021 versus 2020.
Still the seasonality of our business, both on the revenue side and on the margin side, tells us that the second half will be stronger than the first half. This is the same as we have guided earlier, driven by seasonality, in especially the aquaculture segment is driven by also the seasonality on the unit costs, especially offshore. So driven by the reduced harvesting numbers, this will impact the margins, especially in the Q2 segment. And therefore, we no longer expect an improvement over the EBITDA margin year over year, but rather somewhat lower compared to last year. But I would like to mention that the underlying EBITDA margin for Ake Bimanin is expected to be higher in 2021 versus 2020.
Say that. That means when we take out the impact of Corie where we last year adjusted it out while we're not doing it this year just look at the underlying business for ingredient and brand. EBITDA margin is improving, again, despite the challenges that Verify is facing this year. So then on the more kind of medium term outlook. So I think it's important to say that we expect very strong sales and earning growth in the coming years.
We are positioned well with our products. We are a leader in our segments, the segments that we are competing or operating are developing very positively. So we have still a very have strong sales and earning growth projected for the years to come. But however, based on what we have seen now on the variability on the harvesting side, the setback in South Korea that we believe it's hard to catch up, we expect a somewhat later realization or 2024 duration of $200,000,000 EBITDA, but still expecting really strong growth in the years to come. We're working now on an improvement agenda for our company, working on full potential plans in the different areas where we operate.
And we would like to invite you a capital market update later in the year. We will take you through a deeper look into our different segments, including our strategies and plans going forward. So, invitation to that will follow later. So with that, we will move into the Q and A session.
Okay. I will read up the questions. Hi. Your new harvest guiding implies a very modest grow during Q2 2021 compared to last year impacted by several challenges. Can you please help us understand why?
Should I answer that?
Yes. You can take that one.
Yes. So I think this is on the back of the challenges that we have seen so far this season. We know that things can quickly change in the harvesting side. We are moving in kind of big areas. Put based on the history of the first half, it's not prudent to plan with the kind of large comeback the 2nd year.
And therefore we have taken down the expectations also for the second half.
Okay. Next question. In light of your disappointing superb sales, will you continue with the capacity expansion in Houston or will you first need to see higher sales in order you avoid further inventory build? I can probably answer that one. So I think for this year, we are very comfortable with the output from Houston.
And it basically, you know, meet our strategy of building a much more solid and robust safety stock. So having products in our inventory to avoid air create and also serve customers globally. The point going forward that this will be an important topic and we are also working on initiatives to make sure that the outputs of you or that we can run Houston on full production capacity while making sure that there are outlets for the products in the markets. Next question. How is it possible to list Ake by Marine last year on the estimates given and not deliver one single time on all quarters.
This is management responsibility. And how do you see your own responsibility on this?
Yes, maybe I can comment on that. So I think like I went through at the end, there's been positive and there's been negative developments since we started the IPO, some things are under our control, some things are not under our control. We still have a strong growth agenda in front of us. We have developed a solid platform for that growth going forward. And I think also if you look at some of the areas that we have reported over the last quarters, we also have quite some positive surprise us and development.
So it's not all back, but we'll see clearly that on the harvesting side and the Superba side, we have not delivered as expected and therefore also we are implementing different initiatives to deal with that.
Next one, can you say anything about your inventory position in terms of volumes, both in terms of krill Superba and year over year development for both? So I mentioned earlier the Superba safety stock as a result of increased Houston performance. I think on crude, what we see there is that we constantly have a very comfortable inventory level also for the crude meal. So despite lower harvesting, we are still able to kind of serve the markets and the growing We're still able to kind of serve the markets and the growing regions. But again, I mean, this will vary, you know, going forward The variation in krill, but we will make sure or we work to make sure that we have sufficient inventory for all projects.
Can you please say something about the fundraising for the pharmaceutical company using Lisoweta?
Yes, so I can give a little update on that. So that's developing well. So there's currently due diligence process going on with several investors, and we hope to close that in the near future.
Last question. Based on your experience on the harvesting, how should we think about harvesting volumes for 2021 and 2022, is it time to adjust your harvesting capacity, I. E. Reduce the number of vessels?
Yes, I can comment on that. So I think for 2022, I think I covered some of this already in the presentation, but the most important factor in the fishery is to make sure that you have equipment that is working. You will have some natural variation from mother nature, but as long as the it's working. You have enthralled in the waters. You will over time perform.
And we expect that also in 2022. We will have years where we will produce fantastically, you know, well above expectations and we will have years where it will be below. So we still will utilize the full capacity that we have in the fleet. And we expect that that the harvesting levels will come back to come up with levels that we have seen historically?
Good. I think that was the end of the question, unless there are any okay, let's see. One more question. Can you please update us on the liquidity position and available RCF? Yes.
So as I mentioned in the presentation, we've drawn $30,000,000 in the quarter under the RCF in order to fund CapEx invest in investments for the ongoing innovation projects that we are running. We still have sufficient capacity together with the cash and be available and that capacity we have about $77,000,000 left under the RCF. So we are comfortable with the headroom that we have.
So with that, we close the presentation and thanking you all for joining us today.