Welcome to our fourth quarter 2022 results. To highlights. Revenue increased to NOK 248 million from around NOK 100 million in Q4. We finished generation 2020 and 2021, that was well accomplished with EBIT of NOK 4.1 per kilo. Made possible with our certified premium salmon, each good price attainment for a relatively small size fish. An harvest volume of 3,150 tons in the quarter, and total for the year in 11,300 tons, as we indicated in Q3. Biomass buildup is going as planned. Generation 2022 planned to give over 20,000 tons of harvest. Investment amounted to NOK 27 million in the quarter, and in total NOK 141 million for the full year.
Refinance is in place of up to EUR 156 million. That means we are fully financed for our future growth. Condition for the bank financing is that the company raises a gross cash amount of approximately EUR 45 million in new equity. In addition to a conversion of the currently outstanding shareholder loans of approximately EUR 25 million. Hand over to Robert, who will go through the finance.
Thank you, Guðmundur. Good morning. Here you can see high-level overview of the fourth quarter results. Revenue for the quarter amounted to roughly NOK 248 million, compared to NOK 100 million in the fourth quarter of 2021. The total revenues more than doubled in 2022 compared to the year before. The revenues for the year amounted to NOK 670 million. Increased harvest volumes and higher market price of salmon are the main contributing factors to the revenue increase. Harvest volume in the fourth quarter amounted to roughly 3,150 tons, which is in line with the guided harvest volume. The total harvest for the year amounted to roughly 8,900 tons compared to around 5,500 tons last year.
Operational EBIT was around NOK 13 million in the fourth quarter, making the total operating EBIT before biomass write down and fair value adjustments, around NOK 32 million for the whole year. EBIT per kilo amount to NOK 4.1 in the quarter. EBIT per kilo for the year 2022 amounted to NOK 3.5, which is a slight decrease from 2021. The consolidated balance sheet is strong with roughly 62% equity ratio. Most of the planned investments in the quarter were postponed, thus increasing the planned investments in 2023. The total investment during the quarter amounted to roughly NOK 27 million. The total investment during the year amounted to roughly NOK 140 million.
The license value increased in the fourth quarter by around NOK 100 million due to updated purchase price allocation of the acquisition of Laxar Fiskeldi. Net interest-bearing debt increased slightly from last quarter, mainly due to payment of the CapEx. Other changes in the balance sheet are mainly due to changes in currency exchange rates. We are pleased to announce that Ice Fish Farm has reached an agreement with DNB, Nordea, Arion banki, and Landsbankinn for a long-term bank financing package of up to roughly EUR 156 million. This means that the group is fully financed for the next years. We are simplifying the financing structure, clearing out all loans to individual companies within the group and establishing group financing. The initial drawdown on the new financing is expected within the first quarter of this year, 2023.
We have an option to draw on a short-term bridge facility of EUR 10 million until the initial drawdown will take place. Also some of the main shareholders have supported the company during the quarter with shareholder loans, of about EUR 8 million. It is a condition under the new financing package that the company raises a gross cash amount of approximately EUR 45 million in new equity. In addition to conversion of the currently outstanding shareholder loans of approximately EUR 25 million. Turn it over to Guðmundur again.
Thank you, Robert. Now we go into actions in place to improve operations. We start with the smolt. To increase smolt quality, we invest in better facility to secure optimal conditions for the fish. Training our personnel, installing quality control, work with advisors to implement. Sea. With good smolt and the right sizes and right time will give us a better performance in sea. Strong setup of sites and equipment. Farming zones to lower biological risk. Screening for ISA monthly. We are building up biomass. Next 18 months, we will build up biomass. Transfer over 6 million smolt to sea next year. After challenging 2022, we see now benefits with decisions to lower risk in our operations. Projects are in place to be ready with more biomass. Training, quality control, experience now over 10 years.
Harvesting and sales. We are preparing harvesting capacity for up to 3,000 tons per month. New contracts for second half of 2023 are being negotiated. We aim to continue contracting about 50% of our harvest volume, keeping our premium for certified premium quality sustainable salmon and possible to use spot market when it is favorable. We are funded for growth, as Robert explained earlier. CapEx budget for 2023 and 2024 will aim at stabilizing production of 30,000 tons. Funds will be used to lower risk from egg to harvest. Fish health is key factor. Investments are going into making sure we have competence to operate in the same class as other farmers in more experienced farming regions. Improving operational performance on land.
We have detailed plan to increase robustness of smolt production, set up quality control at all our sites have now been evaluated by third party to find areas where we can improve and fine-tune or to optimize production. This, we hope to have faster growth in our smolt stations. Improving conditions for fish on land will give us a clear difference in feed conversion ratio and growth. Detailed production plan is being made to optimize smolt size and release time. This will improve our production on land and sea. Farming on the sea. Operational performance has been good. With the production zones, we have already lowered risk, and we see good biological development in Q4 results. Conditions also have been good in sea, and farming is performing better than our plans. Generation 2022 is growing well.
We have over 5.8 million fish at around 5,650 tons at the end of the year. The biggest group have already reached 3 k and plan for harvest in Q3 2023. Our growth and harvest targets. Full focus to make sure we have good biological status, good growth of our 2022 generation. Prepare for smolt release 2023, smolt that will reduce time in sea and risk. We aim to produce 18,000 tons of living weight and harvest 6,000 tons head-on gutted in 2023. We expect almost normal production cost for 2022 generation due to biomass write-down in 2022. If plans go as we aim, then we will have good farming margins already this year. Outlook.
Market is good, we see good demand for premium salmon. Forward prices are favorable. With the finance that we have achieved now with the banks and business developments, we reached an agreement with four banks for a long-term bank financing package of up to EUR 156 million. A condition under the new financing that the company raises a gross cash amount of approximately EUR 45 million in new equity in addition to conversion of the currently outstanding share of the loans of approximately EUR 35 million. With these funds, we are able to invest. The funds will partly be used to invest for NOK 200 million in 2023 and NOK 210 million in 2024 to reach annual capacity of over 30,000 tons.
This gives us future growth to improve quality, performance of the operations that will increase our production. Aim is to lower risk in our operations. Harvest look. We are keeping our guidance from last quarter. We are building our biomass in first half 2023 and planned harvest in second half 2023. Due to write-down of biomass in 2022, we expect production cost in 2023 at normal level. In 2024, we expect to reach 20,000 tons with production capacity of 30,000 tons and expect to reach that volume in 2025. Smolt. Smolt output, we expect to release about 6 million fish in 2023, generation with an average weight of 300 g. Expect to release about 7 million fish in 2024 generation.
All of this is done in a sustainable and responsible farming. We are improving our quality procedures. With that, we have achieved certification for all our production that is sustainable and responsible towards the environment and stakeholders. Thank you for listening to our presentation. If you have questions, please use the forum or raise your hand. Please, if you have some questions, it would be possible for you to write the question in the meeting chat or raise your hand for a question. Yes, I have one question here. Can you comment on outlook for the contract prices in 2023, development of Fish Pool price? Yes.
We have been starting looking at how we will contract the harvest in Q3 and Q4. Currently we are not fixed on price yet, but there is a lot of interest for the volume, and we will hopefully get a good price continued as we've been receiving for our premium salmon. The status of our biological performance until to date. Conditions have been good in sea. We have temperature of the sea has been a little bit lower than normal, but with a good team on sea currently, with a strong setup of cages and good housekeeping of our fish, we see good developments and quite good feeding.
On land we are constantly updating procedures there on quality and following how we can improve robustness of our smolt going forward. I got a question here from Martin Kaland. How much do you expect to build in working capital in 2023? Robert, could you...
How much do you expect to build in working capital in 2023? I'm not sure about about the question, but there will be with the financing, we have a good headroom to build the working capital. I mean, we have sufficient funds to operate well throughout the period, long period, which is three years. The cash flow is secured for the next years. Our financing partners have been... We're very happy with our financing partners. They have agreed to postpone all installments for the loans until the fourth quarter of 2023.
This is a growth period, 2023 and 2024. The biomass will be growing and the working capital as well.
Yeah. Thank you, Robert. We have more questions. Yes. Can you comment on the terms for planned new share issue and conversion of the share of the loans into shares? We plan to execute that in the next quarter. We see that as the, as we mentioned on the yesterday announcement to the market that current shareholders are been supportive of the company with funding liquidity needs through this difficult year 2022. Just in this quarter they have supported the company with EUR 8 million, and they are also really positive on the new equity raise. These shareholders have around 70%, 75% of the shares. We see that there is a strong intention to support the company going forward.
I hope that answered your question. We can also just add to this that with all the assets we have at the moment, we have licenses, we have good people, and we have strong equipment that have already produced and harvested 70,000 tons back in 2021. We are experienced with this kind of volume. We aim at improving the smolt quality so we can even get even better results in sea. Now the box factory is in operation, and we are increasing capacity of harvesting station up to 3,000 tons of gutted fish. This will mean that we will be having competitive cost levels going forward.
Based on the cost that we see this year is gonna be competitive this year due to write downs in 2022. We have a fantastic year ahead of us after a difficult year in 2022. We have, yeah, happy to be refinanced and managed to merge these companies together, Fiskeldi and Laxar. Now the whole combined entity is working well. Management has gained traction and the whole organization is now in full mode of acting together and making good premium salmon fish going forward. Don't see any more questions at the moment. I would thank you for staying with us today and looking forward to meet you in quarter one 2023. Thank you.
Thank you.