The Bakkafrost Group delivered a total operating
EBIT of DKK 227.5 million in Q4 2014. The combined
farming and VAP segment made an operational EBIT of
DKK 213.8 million in Q4 2014. The Farming segment
made an operational EBIT of DKK 181.4 million. The
global salmon spot prices increased during the
quarter. Bakkafrost's VAP contract prices remained
high, and the VAP segment made an operational EBIT
of DKK 32.4 million in Q4 2014. The EBITDA for the
FOF segment was DKK 40.8 million in Q4 2014. For
2014, Bakkafrost made an operational EBIT of DKK
833.8 million.
"We are very content with the result for the 4th
quarter of 2014 and the year 2014. Wee achieved a
record high operating result both for the quarter
and the year, driven by operational improvements in
all segments. We are well positioned to meet future
challenges and have entered into an exciting new
year with the new well boat being delivered in the
summer. With the well boat and other investments,
Bakkafrost will continue to improve its operations
and reduce biological risk," says CEO Regin Jacobsen.
The Group made a profit for the quarter of DKK 222.4
million (DKK 137.9 million). For 2014, the profit
was DKK 647.1 million (DKK 589.2 million).
The total volumes harvested in Q4 2014 were 12,651
tonnes gutted weight (11,097 tgw). The total
harvested volumes for 2014 were 44,013 tonnes gutted
weight (41,268 tgw).
Bakkafrost transferred 3.2 million smolts in Q4 2014
(2.8 million), which is in line with the company's
plans. In 2014, 10.4 million smolts have been
transferred (9.5 million). In Q3 2014, Bakkafrost
adjusted its forecast for the smolt release in 2014
to 10.7 million. The reason is that some smolts,
planned to be released in December 2014, would be
released early 2015.
In accordance with the Group's dividend policy,
Bakkafrost aims at giving its shareholders a
competitive return on their investment, both through
payment of dividends and by securing an increase in
the value of the equity through positive operations.
Bakkafrost's financial position is strong with a
healthy balance sheet, a competitive operation and
undrawn available credit facilities. The Board of
Directors has therefore decided to propose to the
Annual General Meeting that DKK 6.00 (NOK 6.90*) per
share shall be paid out as dividend. This
corresponds to approximately DKK 293.1 million (NOK
337.0* million). The long-term goal of the Board of
Directors is that 30-50% of earnings per share shall
be paid out as dividend. The proposed dividend
corresponds to 49% of adjusted earnings for 2014 and
is at the top end of the range.
In Q4 2014, the associated company P/F Faroe Farming
harvested 1,969 tonnes gutted weight (1,889 tgw).
For 2014, Faroe Farming harvested 4,957 tonnes
gutted weight (6,053 tgw).
The combined farming and VAP segment made an
operational EBIT of DKK 213.8 million (DKK 124.9
million) in Q4 2014. In 2014, the combined farming
and VAP segment made an operational EBIT of DKK
763.9 million (DKK 551.9 million).
The farming segment made an operational EBIT of DKK
181.4 million (DKK 130.8 million) in Q4 2014. The
spot prices were strong in Q4 2014 and in Q4 2013.
The main reason for a stronger result in Q4 2014 is
that Q4 2013 was affected by the early harvest of
the first site with suspicion of Neoparamoeba
perurans. In 2014, the operational EBIT was DKK
694.0 million (DKK 642.4 million).
The VAP segment made an operational EBIT of DKK 32.4
million (DKK -5.9 million) for Q4 2014. In 2014, the
operational EBIT was DKK 69.9 million (DKK -90.5
million). There is normally a time lag between the
changes in the spot prices and the changes in the
contract prices. The contract prices have increased
significantly from the level in 2013, due to the
high salmon spot prices. Therefore, the VAP result
for both Q4 2014 and for 2014 has improved, compared
with last year.
The third segment - FOF (fishmeal, oil and feed),
made an operational EBITDA of DKK 40.8 million (DKK
21.3 million) in Q4 2014. The operational EBITDA for
2014 amounted to DKK 181.6 million (DKK 125.8
million). The increase in the EBITDA is primarily
due to higher production of fishmeal and fish oil.
In Q4 2014, Havsbrún sourced 21,918 tonnes of raw
material (18,432 tonnes) and in 2014, Havsbrún
sourced 193,231 tonnes of raw material (160,581
tonnes).
Bakkafrost established a share saving plan for its
employees for 2014. Employees could purchase shares
for maximum 5 percent of the monthly basic salary.
After two full years of ownership and continuous
employment, the company will allocate one bonus
share, for every share bought in connection with
this offer for 2014. A similar share saving plan for
its employees for 2015 has been implemented.
On the 24th of April 2014, Bakkafrost - via its 100%
owned subsidiary Havsbrún - acquired an additional
41.15% in Hanstholm Fiskemelsfabrik. After the
acquisition, Bakkafrost owned 81.01% of the company.
The 9th of May 2014, Bakkafrost divested all its
shares in Hanstholm Fiskemelsfabrik to FF Skagen
A/S. In return, Bakkafrost, via its subsidiary P/F
Havsbrún, received a 17% share interest in FF Skagen
A/S. The investment is a strategic investment and
part of the consolidation of the fishmeal and fish
oil industry.
The Bakkafrost Group had a net interest bearing debt
at the end of Q4 2014 amounting to DKK 232.7 million
(DKK 638.6 million at year-end 2013) including
deposits and losses on financial deriveatives
relating to the interest bearing debt. Bakkafrost
had undrawn credit facilities of approximately DKK
958.1 million, of which DKK 15.0 million were
restricted at the end of Q4 2014.
Bakkafrost's equity ratio is 60%, compared to 54% at
the end of 2013.
INCOME STATEMENT
The operating revenues amounted to DKK 757.3 million
in Q4 2014 (DKK 666.6 million). The increase is due
to improved salmon prices on both the spot and the
contract market. For 2014, the operating revenues
amounted to DKK 2,683.3 million (DKK 2,491.1
million).
Operational EBIT in Q4 2014 was DKK 227.5 million
(DKK 125.9 million). Improved margins in all
segments in Q4 2014 compared to Q4 2013 resulted in
an improved overall operational EBIT margin. All
segments had a positive contribution in Q4 2014,
while the VAP segment had a negative margin in Q4
2013. For 2014, the operational EBIT was DKK 833.8
million (DKK 587.0 million).
A fair value adjustment of the Group's biological
assets has been recognised in Q4 2014 amounting to
DKK 51.6 million (DKK 94.2 million). The adjustment
is mainly due to higher salmon spot prices at the
end of Q4 2014, compared to the beginning of the
quarter. For 2014, the fair value adjustment is DKK
-11.5 million (DKK 115.4 million).
In Q4 2014, no changes were made to the provisions
of onerous contracts, as no contracts were onerous
at the beginning and at the end of the quarter. For
2014, Bakkafrost has made reversion of previous made
provisions for onerous contracts of DKK 70.9 million
(DKK -24.8 million). The reversion is mainly due to
lower salmon spot prices at year-end 2014, compared
to year-end 2013, and higher contract prices in VAP.
At year-end 2013, the NOS salmon price was NOK
53.08, compared to NOK 43.57 at the end of Q4 2014.
In Q4 2014, there was a loss from associated
companies amounting to DKK -4.0 million (DKK 11.2
million). For 2014, the result from associates was
DKK -0.8 million (DKK 23.8 million).
Net interests in Q4 2014 were DKK 38.9 million (DKK
7.2 million). A positive unrealised exchange rate
adjustment of DKK 46.8 million related mainly to the
bond loan of NOK 500 million is posted in Q4 2014.
For 2014, net interests were DKK 6.9 million (DKK
26.0 million).
Net taxes in Q4 2014 amounted to DKK -91.7 million
(DKK -36.1 million). For 2014, net taxes amounted to
DKK -252.1 million (DKK -138.1 million).
The result for Q4 2014 was DKK 222.4 million (DKK
137.9 million). The result for 2014 was DKK 647.1
million (DKK 589.2 million).
SEGMENTS
Of the total harvested volumes in Q4 2014, 37% (45%)
went for the production of VAP products, and 63%
(55%) were sold as whole gutted salmon. For 2014,
45% (44%) went for the production of VAP products,
and 55% (56%) were sold as whole gutted salmon.
FARMING:
In Q4 2014, the operating revenue for Bakkafrost's
farming segment was DKK 630.4 million (DKK 525.9
million) and for 2014, it was DKK 2,099.5 million
(DKK 1,991.6 million).
Operational EBIT, which is EBIT before fair value
adjustments on biological assets, provisions for
onerous contracts and income from associates,
amounted to DKK 181.4 million in Q4 2014 (DKK 130.8
million), and for 2014, it was DKK 694.0 million
(DKK 642.4 million).
Operational EBIT/kg for the farming segment was DKK
14.34 (NOK 16.53) in Q4 2014, compared to DKK 11.79
(NOK 13.02) in Q4 2013. Q4 2013 was affected by the
early harvest on the first site with suspicion of
Neoparamoeba perurans and had a negative effect on
the margin in Q4 2013. Operational EBIT/kg for 2014
was DKK 15.77 (NOK 17.65), compared to DKK 15.57
(NOK 16.27) for 2013.
VALUE ADDED PRODUCTS (VAP):
The operating revenue for the value added products
segment amounted to DKK 259.0 million (DKK 202.6
million) in Q4 2014. For 2014, the revenue was DKK
913.4 million (DKK 666.2 million). The increase in
the revenue from Q4 2013 to Q4 2014 is 28%, while
the volumes used for VAP were almost the same in Q4
2014 as in Q4 2013. Apart from better contract
prices in 2014 than in 2013, the reason for the
increased revenue is that the build-up of inventory
of finished products in Q3 2014 was sold in Q4 2014.
Operational EBIT amounted to DKK 32.4 million (DKK
-5.9 million) in Q4 2014, corresponding to an
operational EBIT of DKK 6.39 (NOK 7.36) per kg
gutted weight in Q4 2014, compared to DKK -1.17 (NOK
-1.29) per kg gutted weight in Q4 2013. The increase
in the operational EBIT margins is due to higher
contract prices. The VAP segment purchases its raw
material (fresh salmon) at spot prices each week.
For 2014, operational EBIT amounted to DKK 69.9
million (DKK -90.5 million), corresponding to an
operational EBIT of DKK 3.30 (NOK 3.69) per kg
gutted weight in 2014, compared to DKK -4.93 (NOK
-5.16) per kg gutted weight in 2013.
FOF (FISHMEAL, FISH OIL AND FISH FEED):
The operating revenue for the FOF segment amounted
to DKK 225.2 million (DKK 252.5 million) in Q4 2014,
of which DKK 173.1 million (DKK 150.7 million)
represents sales to Bakkafrost's farming segment,
corresponding to 76.9% (59.7%). For 2014, the
revenue was DKK 970.7 million (DKK 1,083.0 million),
of which DKK 613.3 million (DKK 631.3 million)
represents sales to Bakkafrost's farming segment,
corresponding to 63.2% (58.3%).
Operational EBITDA was DKK 40.8 million (DKK 21.3
million) in Q4 2014, and the operational EBITDA
margin was 18.11% (8.45 %). The margin reflects the
favourable development in raw material prices.
Havsbrún sources raw pelagic fish for the fishmeal
and fish oil production, which are part of the
recipe for the production of salmon feed. In Q2, the
raw fish was purchased, while the production and
sale of the salmon feed took place in Q3 and
continued in Q4. For 2014, the EBITDA was DKK 181.6
million (DKK 125.8 million), and the margin was
18.70% (11.61%).
Sales of feed amounted to 23,133 tonnes (20,270
tonnes) in Q4 2014, of which the farming segment
internally used 19,218 tonnes (14,736 tonnes). For
2014, the feed sale was 85,724 tonnes (85,333
tonnes). The internal sale was 68,187 tonnes (63,820
tonnes).
In Q4 2014, Havsbrún received 21,918 tonnes (18,432
tonnes) of raw material for the production of
fishmeal and fish oil. In 2014, Havsbrún received
193,231 tonnes (160,581 tonnes) of raw material. In
general, the raw material intake depends on the
fishery in the North Atlantic and available species
of fish.
The production of fishmeal in Q4 2014 was 4,669
tonnes (4,324 tonnes). For 2014, Havsbrún produced
40,827 tonnes (34,031 tonnes) of fishmeal.
The production of fish oil in Q4 2014 was 1,789
tonnes (1,619 tonnes). For 2014, Havsbrún produced
6,460 tonnes (15,996 tonnes) of fish oil. The
production of fish oil varies, depending on the
species of fish sourced for production.
STATEMENT OF FINANCIAL POSITION
The Group's total assets as of end Q4 2014 amounted
to DKK 3,462.9 million, compared to DKK 3,112.2
million at the end of 2013.
The Group's intangible assets are unchanged,
compared to the beginning of the year, and amounted
to DKK 294.7 million. Intangible assets comprise
primarily the fair value of acquired farming
licences. No licences in the North region are
recorded with a value in the Bakkafrost accounts.
Property, plant and equipment amounted to DKK
1,041.2 million at the end of Q4 2014, compared to
DKK 916.7 million at the end of 2013. In Q4 2014,
Bakkafrost made investments in PP&E amounting to DKK
103.2 million, and for 2014, investments were made
for DKK 229.9 million, whereof prepayments are DKK
114.5 million.
Non-current financial assets amounted to DKK 125.4
million at the end of Q4 2014, compared to DKK 115.3
million at the end of 2013. The increase in the
financial assets relates mainly to the investment in
the new pelagic processing company Pelagos in
Fuglafjørður, but also to the ownership in Hanstholm
Fiskemelsfabrik, that was sold to FF Skagen.
Long-term receivables have decreased from DKK 14.5
million in Q3 2014 to DKK 1.5 million at the end of
2014.
The Group's carrying amount (fair value) of
biological assets amounted to DKK 1,014.0 million at
the end of Q4 2014, compared to DKK 965.9 million at
the end of 2013. Included in the carrying amount of
the biological assets is a fair value adjustment
amounting to DKK 284.9 million, compared to DKK
296.4 million at the end of 2013. The decrease is
due to lower salmon prices at the end of Q4 2014,
compared to end 2013, as the biomass at sea is
higher than at the beginning of the year.
The Group's total inventories amounted to DKK 267.0
million as of end Q4 2014, compared to DKK 235.5
million at year-end 2013. The inventory primarily
represents Havsbrún's inventory of fishmeal, fish
oil and fish feed in addition to feed at the feed
stations, finished products, packing materials and
other raw materials.
The Group's total receivables amounted to DKK 314.3
million as of end Q4 2014, compared to DKK 400.6
million at the end of 2013. The reason for the
decrease is mainly that Bakkafrost has entered into
a factoring agreement for a significant part of its
sale.
The Group's equity at the end of Q4 2014 is DKK
2,063.7 million, compared to DKK 1,665.3 million at
the end of 2013. The change in equity consists
primarily of the positive result for the period, a
negative fair value adjustment to a
currency/-interest rate swap related to the bond
financing and the dividend paid out in Q2 2014.
The Group's total non-current liabilities amounted
to DKK 1,036.3 million at the end of Q4 2014,
compared to DKK 1,071.0 million at the end of 2013.
Deferred taxes at the end of Q4 2014 amounted to DKK
414.0 million, compared to DKK 310.9 million at the
end of 2013.
Long-term debt was DKK 505.4 million at the end of
Q4 2014, compared to DKK 685.2 million at the end of
2013. Derivatives amounted to DKK 116.9 million at
the end of Q4 2014, compared to DKK 74.9 million at
the end of 2013.
Bakkafrost's interests bearing debt consists of two
bank loans and a bond loan. The bank loans are an
instalment loan of DKK 200 million, payable with DKK
25 million each quarter, and an overdraft facility,
payable in 2016 with the full amount of DKK 553
million. The bond loan of NOK 500 million has a five-
year maturity and is payable 14 February 2018. The
interest rate of the bonds is NIBOR 3m + 4.15%.
Following the issuance of the bonds, Bakkafrost has
entered into a currency/-interest rate swap, hedging
the exchange rate, and has switched the interest
rate from NIBOR 3m to CIBOR 3m. Bakkafrost has
entered the swap due to its exposure to DKK, as a
large part of the income and costs are in DKK and
EUR.
At the end of Q4 2014, the Group's total current
liabilities are DKK 362.9 million, compared to DKK
376.0 million at the end of 2013. Short-term
interest bearing debt amounts to DKK 100.0 million
and relates to a short-term part of long-term debt
as described above. Accounts payable amount to DKK
262.9 million, compared to DKK 276.0 million at the
beginning of the year. The decrease is primarily
because no provisions are for onerous contracts at
the end of 2014, even though its full effect is
counterbalanced by higher payable taxes.
Bakkafrost's equity ratio is 60%, compared to 54% at
the end of 2013.
CASH FLOW
The cash flow from operations in Q4 2014 was DKK
173.4 million (DKK 187.1 million). For 2014, the
cash flow from operations was DKK 869.9 million (DKK
517.5 million). The cash flow from operations has
been positively affected from reduction in working
capital as Bakkafrost has entered into a factoring
agreement for some of its sale.
The cash flow from investment activities in Q4 2014
amounted to DKK -79.4 million (DKK -96.7 million).
The amount relates mainly to investments in fixed
assets. For 2014, the cash flow from investments
amounted to DKK -232.5 million (DKK -204.4 million).
Cash flow from financing activities totalled DKK
-57.3 million in Q4 2014 (DKK -72.2 million). The
interest bearing debt decreased by DKK 66.7 million,
and financing of an associated company contributed
positively with DKK 17.3 million. For 2014, cash
flow from financing amounted to DKK -414.4 million
(DKK -156.1 million).
Net change in cash flow in Q4 2014 amounted to DKK
36.7 million (DKK 18.3 million) and for 2014 DKK
223.0 million (DKK 157.0 million).
At the end of 2014, Bakkafrost had unused credit
facilities of approximately DKK 958.1 million of
which DKK 15.0 million are restricted.
OUTLOOK
MARKET
The salmon market is expected to be tight in 2015.
Global supply increase of farmed salmon is expected
to be only around 4% in 2015 and 2-3% in 2016,
compared with the year before. The global supply
growth in 2014 was 9%, which seems to be the growth
rate needed to maintain the salmon market in
balance. The reason for the limited growth is that
many of the salmon producing farmers are close to
full capacity utilisation. In addition, biological
challenges are an important factor to reduce
production growth.
Both established and new markets show an increased
demand for farmed salmon. The outlook for 2015 is
favourable for the salmon farming industry as only a
limited supply growth is expected and a strong
demand. The Russian ban of Norwegian salmon
implemented in 2014 gave temporary challenges to
move volumes between different markets, but the
market adapted relatively well to the new market
situation.
The market place is one of Bakkafrost's most
significant risk areas. Bakkafrost has a
geographical and a market price approach. These
approaches reduce the exposure to the market risk.
To diversify the geographical market risk,
Bakkafrost sells its products to some of the largest
salmon markets in the world, US, the Far East,
Europe and Russia.
FARMING
The outlook for the farming segment is good. Biology
and veterinary situation is the most important risk
area for Bakkafrost. The company is focusing on this
risk with new investments and procedures to minimise
the risk. The biological situation is good, and the
price outlook in the spot market continues to be
positive.
Bakkafrost expects to harvest 49,000-51,000 tonnes
gutted weight in 2015. Faroe Farming, a company in
which Bakkafrost holds 49%, expects to harvest
around 4,500 tonnes in 2015.
The number of smolts released is one key element of
predicting the future production for the Group.
Bakkafrost's forecast for the smolt release in 2015
is 10.4 million pieces. The smolt release for 2015
shall be compared to the smolts released in 2013,
which was 9.5 million. The same sites are available
for smolt release in 2015 as in 2013.
The estimates for harvesting volumes and smolt
releases is as always dependent on the biological
situation. The sea temperature was higher in 2014
than previous years. Bakkafrost will start using
cleaner fish (lumpfish) in the first half of 2015 on
two farming locations. This is a project together
with Fiskaaling, which is an aquaculture research
station in the Faroe Islands. Bakkafrost will also
start using fresh water treatment against sea lice,
when the new wellboat is delivered in June 2015.
In November 2013, the presence of Neoparamoeba
perurans, the agent known to be able to cause amoeba
gill disease (AGD) was detected in one of our farms.
Since then we have detected this agent in our farms
especially during the autumn, but so far, the gill
scores have been low, meaning no disease. Bakkafrost
has the necessary equipment and staff knowledge to
carry out treatments if necessary and with the new
modern wellboat capable to carry out fresh water
treatment of the fish, Bakkafrost is well prepared
to handle the risk.
Bakkafrost is now self-supplied with smolts with the
new hatchery starting production in 2014. Another
smolt capacity increase started early 2015, when the
expansion of one existing hatchery started. This
expansion will fourfold the capacity of that
hatchery and will be finished within one year.
Bakkafrost plans to increase the smolt capacity,
making Bakkafrost self-supplied with smolt at a size
of 200-300g apiece before end 2017. The benefits are
shorter production time at sea as well as reduced
biological risk.
VAP (VALUE ADDED PRODUCTS)
The outlook for the sale of value added products is
good. Bakkafrost has already signed contracts
covering around 65% of the VAP capacity for 2015.
This corresponds to around 27% of the expected
harvested volumes for 2015. The last 35% of the VAP
capacity is expected to be committed during the
year. The VAP contracts are at fixed prices, based
on the salmon forward prices at the time they are
agreed and the expectations for the salmon spot
price for the contract period.
The contracts last for 6 to 12 months. The long-term
strategy is to sell around 40-50% of the harvested
volumes of salmon as VAP products on fixed price
contracts. Selling the products at fixed prices
reduces the financial risk with fluctuating salmon
prices. The market price for contracted VAP products
follows a more stable pattern with trends instead of
short-term fluctuations as in the spot market.
FOF (FISH OIL, -MEAL AND FEED)
The outlook for the production of fishmeal and fish
oil has improved as the available raw material for
the production has increased. The quotas for
catching blue whiting in the North Atlantic has
increased.
In 2014, Havsbrún received 193 thousand tonnes of
raw material for fishmeal and fish oil production.
Blue whiting is for the time being the most
important single species for raw material intake.
Bakkafrost is one of the founders of Pelagos, a new
pelagic plant built next to Havsbrún. The operation
is to process pelagic fish for human consumption.
This process contributes to increase the
sustainability of our total operation, as Havsbrún
will use an increased share of offcuts from pelagic
fish to produce salmon feed. The start of Pelagos in
August 2014 was successful. Pelagos received 40,000
tonnes of pelagic fish, whereof 8% were offcuts sold
to Havsbrún the first four months. The aim is to
increase the filleting operation and therefore the
share of offcuts will also increase.
With increased quotas, Bakkafrost is optimistic,
that the raw materials needed for our production of
high quality salmon feed will be available.
However, depending on supply, demand and the price
level, the sourcing of raw material for the
production of fishmeal and fish oil may be
uncertain. An alternative to Havsbrún's production
of fishmeal and fish oil is purchasing these raw
materials from other producers. Fishmeal and fish
oil is the most important raw material in the
production of a high quality fish feed for the
Bakkafrost salmon.
The major market for Havsbrún´s fish feed is the
local Faroese market including Bakkafrost's internal
use of fish feed.
It is expected that the total consumption of fish
feed in the Faroe Islands will be approximately
93,000-97,000 tons in 2015. Depending on the
purchase from external customers in the Faroe
Islands and abroad, the sale of fish feed will be
approximately 83,000-87,000 tonnes.
INVESTMENTS
Bakkafrost has announced an investment plan for the
period until 2017, latest updated in August 2014.
The purpose of the investment plan is to continue to
have one of the most costs efficient value chains in
the farming industry, carry out organic growth,
increase flexibility and reduce the biological risk
to meet the future consumers' trends and to be more
end-customer orientated.
The total investments for the period 2014-2017 was
announced to be DKK 1,370 million including
maintenance CAPEX. The future investment over the
next three years will be DKK 1,120 million. Included
in the investment plan, is a new Harvest/-VAP
factory estimated to DKK 450 million, resulting in
operational savings of DKK 70-90 million per year
from 2017. The plant will be up running in 2016.
A new 3,000 m3 wellboat is under construction and
was planned for delivery 25 April 2015. The delivery
is postponed six weeks due to the installation of
the fresh water treatment system. The delivery will
be on 12 June 2015. The investment in the wellboat
amounts to DKK 230 million.
Free cash flow from operations, existing financing
facilities and partly new financing if advantageous
will finance the investments. In addition,
Bakkafrost has the possibility to postpone
investments in case of adverse events. The dividend
policy will be unchanged.
FINANCIAL
Improved market balances in the world market for
salmon products and costs effective production will
likely improve the financial flexibility going
forward. A high equity ratio together with the
Group's bank financing and the issuance of bonds
makes Bakkafrost's financial situation strong. This
enables Bakkafrost to carry out its investment plans
to further focus on strengthening the Group, M&A's,
organic growth opportunities and fulfil its dividend
policy in the future.
Contacts:
Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01
(mobile)
Gunnar Nielsen, CFO of P/F Bakkafrost: +298 23 50 60
(mobile)
This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)
About Bakkafrost:
Bakkafrost is the largest salmon farmer in the Faroe
Islands. The Group is fully integrated from feed
production to smolt, farming, VAP and sales. The
Group has production of fish meal, fish oil and
salmon feed in Fuglafjørður. The Group operates
licenses on 14 farming fjords. The Group has primary
processing in Klaksvík and Kollafjørð and secondary
processing (VAP) in Glyvrar and Fuglafjørður. The
headquarters are located in Glyvrar, and the company
has a total of 700 employees.
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