December 9, 2022

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- Unexplained - E24

– Unexplained – E24

Because of the proposal to raise taxes on agriculture, Salmar canceled the purchase of a license to increase production at NOK 245 million.

The main consequences: Salmon companies fear dire consequences if the government’s tax proposal is adopted. The photo shows founder Salmar Gustav Witzøe.
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Earlier this year, SalMar purchased a license to increase capacity by 1,223 tons of salmon for NOK 244.6 million, but Now choosing to cancel the purchase.

Purchased as part of a capacity adjustment in traffic light systemThe traffic light system regulates the amount of growth that breeders can achieve in terms of how salmon louse affects wild salmon.

The abolition is based on the government’s proposal to impose a land rent tax on offshore farming.

– This created a situation which means that the company does not find justification to pay the above bonus, the company wrote.

Salmar slaughtered 32,400 tons of salmon in the second quarter alone, and the forecast for the full year is 175,000 tons in Norway, of course before the tax proposal.

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Serious consequences

– If the proposals are approved, there will be serious consequences for the company’s investment decisions and capital allocation in the future, according to Salmar’s letter.

Salmar points out that the proposals mean that the state takes 40 percent of all cash flows in the company, and that the share of the other owners will fall correspondingly.

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– This is expressed by the fact that the total tax on aquaculture companies in Norway increases from 22 to 62 percent, the salmon company writes.

The value of the Oslo Bürs seafood companies plummeted by billions after the proposal.

New auction in October

The government had earlier postponed the auction of production capacity until after the state budget.

After Wednesday’s proposal The government has also given companies the opportunity to speak Increased capacity purchased at a fixed price earlier this year.

Fisheries Minister Bjørnar Skjæran declared that “even if a final decision is not made on the design, the proposal may affect the operators’ assessment of production capacity”.

“New information about the terms of the framework may mean that more players want to participate in the auction on October 12th. We are therefore open to auction registration and extending the registration deadline until October 6.”

We mistakenly wrote in the caption that Witzøe is Salmar’s boss, but he resigned. Linda Littlekalsøy Aase is now the chairperson. The bug was fixed in 13. We’re sorry!

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