Welcome to our Q3 presentation. My name is Guðmundur Gíslason , and I'm CEO of Ice Fish Farm. With me today is Róbert Róbertsson, our CFO. We had a good quarter, and we have been looking forward to present it to you. Highlights of the quarter. EBIT of NOK 7 per kilo and harvested 1,946 tons in the quarter. Our plans in Q2 were to finish generation 2020 and 2021 in Q3, but due to good biology, we still have 3,200 tons to harvest in Q4. Estimate to end up at 11,300 tons for the total year. Smolt output is finished, and we expect to have about 5.8 million.
This is better than our 5.6 million estimate in Q2. We received certification for all our fish on land and sea as sustainable salmon. We are currently in process with selected financial institutions to refinance the group. I hand over to Róbert.
Good morning. Here you can see the financial overview and results of the Q3 . Revenues for the quarter amounted to NOK 178 million, and year to date, NOK 421 million, almost doubling revenues from last year. We sold our shares in Ísfjord Smolt Station and all biomass in the station. The book value of the biomass was higher than the market value, and therefore we had to write off biomass of roughly NOK 12.4 million. Operational EBIT before biomass write-down was NOK 13.6 million in the Q3 or NOK 18.8 million for the first three quarters. EBIT per kilo adjusted for biomass write-down was NOK 7 per kilo.
Despite low average gutted weight, EBIT per kilo was relatively good, which can be attributed to high prices during the quarter. There are no material changes on the balance sheet between second and Q3, with the exception of changes in currency exchange rates. This has increased the book value of assets. The balance sheet is strong with equity ratio of 61%. Net interest-bearing debt is on similar levels as in the Q2. Current liabilities have decreased from the Q2 due to reclassification of interest-bearing loans as non-current. Guðmundur Gíslason , CEO, takes over.
Thank you, Róbert. We'll go through now the production of smolt, and we are really proud of our production in 2022. In our smolt station in Land North had its first full year of operation and delivered over 500 tons of biomass, and 60-day survival rate in sea was above 95%. This is a true game changer for Ice Fish Farm. Land South delivered over 1,300 tons of biomass, largest fish around 900-gram average weight. We managed to fully utilize the huge capacity of 27,000 cubic meters. We have detailed plan to increase robustness of our smolt production, set up quality control, and all our sites have now been evaluated by third-party to find the areas where we can improve and fine-tune to optimize the production.
Improving conditions for our fish on land will give us a clear difference in feed conversion ratios and growth. Detailed production plan is being made to optimize smolt size and release time. This will improve our production on land and sea. Sea farming. With the production zones, we have already lowered the risk, and we see good biological development in Q3 results. Conditions also have been good in sea, and farming is performing better than our plans. We have harmonized feeding, cage setup, low density during cold months. This will give us good FCR, lower mortality, and therefore more production. Generation 2022 is growing well. Over 5.8 million smolt is estimated at year-end and will be around 5,000 tons of biomass.
The biggest fish in the group is over 2.2 kilo and will be just below three kilo end of this year. Generation 2020 and 2021 will be finished in Q4 2022. Expect to harvest around 3,200 tons in Q4. This is better than we expected. We have targets going forward. Number one, fully focus to make sure we have good biological status, good growth of our 2022 generation, prepare for smolt release 2023 with bigger smolt that will reduce time in sea and risk. Aim to produce 18,000 tons of living weight and harvest over 6,000 tons in 2023. Estimating to have about 50,000 tons of biomass in sea end of 2023.
Now, one new thing is that we have achieved certification for all our production on land and sea. This is giving us the ability to sell all our salmon with high premium prices as we have done and shown over the years. Transportation from Iceland is improving. Icelandair and other airlines are increasing capacity for smolt salmon export. Sea freight. Currently we have one boat a week to USA. Eimskip is adding one more boat to USA. Every three weeks we have one added delivery to USA. We have now almost daily transport to Europe. Using sea freight to Europe and the USA lowers CO2 levels. Increased possibilities to export will make our salmon even more competitive, achieving lower transport costs in the future. Outlook. Market has been good, as we all know, for salmon. Forward prices are favorable.
Our future growth is based on improving quality and performance of the operations that will enable us to utilize our production capacity better. Investments. We plan to invest NOK 100 million in Q4 and NOK 321 million until end of 2024 to reach our annual capacity over 30,000 tons. Harvest. We plan harvest for Q4 is 3,200 tons, for 2023 is 6,000 tons, and 2024, 20,000 tons, and for 2025, 30,000 tons. Smolt output, we expect to release over six million smolt in 2023 with average weight over 350 grams. We will improve quality and increase production from eight million smolt output to around 33,000-35,000 tons. Sustainable and responsible farming.
We are improving our quality procedures and that we have achieved certification for all our production that is sustainable and responsible towards environment and stakeholders. This was our presentation for the quarter, and thank you for being with us today. Thank you. Goodbye. Hello. Thank you for staying with us today and hope you enjoyed the presentation. If we have some questions, I would go ahead.
Yes. We can see that, what is the expected harvest volume for full year 2023?
The expected full year for 2023 is around 6,000 tons.
What is the refinance expected to be done without additional equity?
We are working on the refinancing and will be updating the market when we have finished, and we expect to finish this before end of the year.
Is there still fish in the sea with ISA?
Yes. We have one production zone in Berufjörður that have two sites with the fish that was detected, but we are weekly monitoring the process. There are low indications of ISA at the moment, and we are finishing harvesting out those sites this quarter. End of the year, all fish with ISA will be taken out.
Cost guidance for Q4 compared to Q3.
Yes. We have in Q2 made a write-down of the biomass to accommodate the cost of ISA, and so we put the biomass value down to the market value that we expected in Q2. As we can see the results today that we've managed to do better than the expected market value in Q2. We can expect similar cost levels in these two quarters as we had put the cost around the market value at the end of Q2.
CapEx profile for 2023.
Yes. It's limited. It's most of the CapEx, the ISK 320 million we presented for 2023 and 2024 is mainly in 2024, and we need to add one site with cages and barges and boats. The main focus for investments end of this year and 2023 is to focus on improved robustness of smolt. We are doing a heavy analysis on our possibilities to improve the production on land and can expect that to realize in the coming months with better growth and healthier smolt that will give us better production in the sea.
There's the question, how are you going to book OpEx for the first two quarters in 2023? Will it be allocated to fish in the sea and reflected in the P&L at harvest or booked directly in the quarters? The cost in Q1 and Q2 in 2023 will be allocated to the fish in sea and on land. It will be reflected once we harvest the fish out. What harvest weights do you expect in Q4, and how could this impact the expected price achievement and cost per kilo compared to this quarter?
As you see, we've been harvesting quite small fish the last quarters due to ISA. Even though on the small sizes we have had quite good prices. In Q3 and Q4 2023, we expect to be back at normal levels, about four-4.5 kilo average weight to start with and then bigger fish going into the winter. We can expect standard industry standard size fish in Q3 and Q4 2023.
Yeah. I don't think there are any other questions, at least not here in the meeting chat.
Okay. In general, we are pleased with the quarter and things are going yeah, a little bit better than the last month and quarter. We are going into the winter with good setup of our cages in sea and not too high density and we can expect yeah, good growth. The season has been extremely good. There's been winds from the east and the temperature has been quite favorable and so we are enjoying that as it is at the moment. Thank you for being with us today, and I'm looking forward to meet you next quarter. Thank you. Bye-bye.
Thank you.