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Kursutveckling och likviditet under dagen för detta pressmeddelande

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2024-11-05 Kvartalsrapport 2024-Q3
2024-08-26 Kvartalsrapport 2024-Q2
2024-05-06 Kvartalsrapport 2024-Q1
2024-05-02 Ordinarie utdelning BAKKA 13.38 NOK
2024-04-30 Årsstämma 2024
2024-02-20 Bokslutskommuniké 2023
2023-11-07 Kvartalsrapport 2023-Q3
2023-08-22 Kvartalsrapport 2023-Q2
2023-05-09 Kvartalsrapport 2023-Q1
2023-05-02 Ordinarie utdelning BAKKA 15.63 NOK
2023-04-28 Årsstämma 2023
2023-02-21 Bokslutskommuniké 2022
2022-11-08 Kvartalsrapport 2022-Q3
2022-08-23 Kvartalsrapport 2022-Q2
2022-05-10 Kvartalsrapport 2022-Q1
2022-05-02 Ordinarie utdelning BAKKA 6.74 NOK
2022-04-29 Årsstämma 2022
2022-02-22 Bokslutskommuniké 2021
2021-11-09 Kvartalsrapport 2021-Q3
2021-08-24 Kvartalsrapport 2021-Q2
2021-05-11 Kvartalsrapport 2021-Q1
2021-04-12 Ordinarie utdelning BAKKA 4.96 NOK
2021-04-09 Årsstämma 2021
2021-02-23 Bokslutskommuniké 2020
2020-11-10 Kvartalsrapport 2020-Q3
2020-08-25 Kvartalsrapport 2020-Q2
2020-05-05 Kvartalsrapport 2020-Q1
2020-04-06 Ordinarie utdelning BAKKA 0.00 NOK
2020-04-03 Årsstämma 2020
2020-02-25 Bokslutskommuniké 2019
2019-11-05 Kvartalsrapport 2019-Q3
2019-10-18 Extra Bolagsstämma 2019
2019-08-20 Kvartalsrapport 2019-Q2
2019-05-06 Kvartalsrapport 2019-Q1
2019-04-08 Ordinarie utdelning BAKKA 10.65 NOK
2019-04-05 Årsstämma 2019
2019-02-19 Bokslutskommuniké 2018
2018-11-13 Kvartalsrapport 2018-Q3
2018-08-21 Kvartalsrapport 2018-Q2
2018-05-08 Kvartalsrapport 2018-Q1
2018-04-16 Ordinarie utdelning BAKKA 13.52 NOK
2018-04-13 Årsstämma 2018
2018-02-20 Bokslutskommuniké 2017
2017-11-07 Kvartalsrapport 2017-Q3
2017-08-22 Kvartalsrapport 2017-Q2
2017-05-23 Kvartalsrapport 2017-Q1
2017-04-10 Ordinarie utdelning BAKKA 10.69 NOK
2017-04-07 Årsstämma 2017
2017-02-27 Bokslutskommuniké 2016
2016-11-08 Kvartalsrapport 2016-Q3
2016-08-23 Kvartalsrapport 2016-Q2
2016-06-07 Kapitalmarknadsdag 2016
2016-05-10 Kvartalsrapport 2016-Q1
2016-04-11 Ordinarie utdelning BAKKA 10.37 NOK
2016-04-08 Årsstämma 2016
2016-02-24 Bokslutskommuniké 2015
2015-11-03 Kvartalsrapport 2015-Q3
2015-08-25 Kvartalsrapport 2015-Q2
2015-05-12 Kvartalsrapport 2015-Q1
2015-04-13 Ordinarie utdelning BAKKA 6.92 NOK
2015-04-11 Årsstämma 2015
2015-02-24 Bokslutskommuniké 2014
2014-04-07 Ordinarie utdelning BAKKA 4.95 NOK
2014-04-05 Årsstämma 2014
2013-04-19 Ordinarie utdelning BAKKA 2.01 NOK
2013-04-18 Årsstämma 2013
2013-02-27 Bokslutskommuniké 2012
2012-11-06 Kvartalsrapport 2012-Q3
2012-08-14 Kvartalsrapport 2012-Q2
2012-05-22 Kvartalsrapport 2012-Q1
2012-03-27 Ordinarie utdelning BAKKA 1.02 NOK
2012-03-26 Årsstämma 2012
2012-02-28 Bokslutskommuniké 2011
2011-11-07 Kvartalsrapport 2011-Q3
2011-08-16 Kvartalsrapport 2011-Q2
2011-05-24 Kvartalsrapport 2011-Q1
2011-04-08 Ordinarie utdelning BAKKA 4.10 NOK
2011-04-07 Årsstämma 2011
2011-02-21 Bokslutskommuniké 2010

Beskrivning

LandFäröarna
ListaOB Match
SektorHandel & varor
IndustriDagligvaror
Bakkafrost är verksamma inom fiskeodling. Den huvudsakliga produktionen består av färöisk lax. Bolaget grundades under 1968 och produktionen bestod tidigare enbart av sill för att sedan under 1979 gå mot en fullständig inriktning mot laxodling. Utöver detta producerar bolaget även fiskmjöl och fiskolja. Bolaget har verksamhet på global nivå, med huvudkontor i Glyvrar, Färöarna.
2020-02-25 06:00:19
The Bakkafrost Group delivered a total operating EBIT of DKK 415.3 million in Q4
2019. Harvested volumes for the Group were 25.9 thousand tonnes gutted weight,
whereof 17.9 thousand tonnes were harvested in the Faroe Islands (FO) and 7.9
thousand tonnes in Scotland (SCO). The combined Farming FO and VAP segments made
an operational EBIT of DKK 374.9 million. The farming segment made an
operational EBIT of DKK 338.3 million in the Faroe Islands (FO) and DKK 18.1
million in Scotland (SCO). Achieved prices and volumes in the Faroese operations
increased and thus had a positive effect on the operational EBIT. The VAP
segment made an operational EBIT of DKK 36.6 million. The EBITDA for the FOF
segment was DKK 57.7 million.

(Figures in parenthesis refer to the same period last year unless otherwise
specified)

On the 8[th] of October 2019, Bakkafrost acquired majority of the Scottish
Salmon Company (SSC). From this date, SSC is a part of the Bakkafrost Group and
is consolidated into Bakkafrost's accounts. Unless otherwise stated, all figures
presented in this press release include SSC from this date on. SSC's figures
prior to this date are not included in the figures for the Group for the full
year 2019 or in other comparative figures prior to this date.



The Group made a profit for Q4 2019 of DKK 219.5 million (DKK -6.6 million). For
2019, the profit was DKK 801.9 million (DKK 960.3 million).

Commenting on the result, CEO Regin Jacobsen said:

"We are satisfied with the result for 2019. The beginning of the fourth quarter
was characterized by high supply of small fish, which caused disruption in the
market. At the end of the quarter supply pressure shifted to demand driven
growth.

Our harvested volumes in the Faroe Islands were the highest ever for a fourth
quarter - with record big fish - the revenue and operational result was also
record high for a fourth quarter. The biological performance has been very good.
The new Strond Hatchery is up-scaling production and contributes from now on
significantly to our operation. We are pleased about the VAP segment's good
results for the quarter.

2019 has been an eventful year for Bakkafrost. We have made a giant leap into a
new geography by the acquisition of The Scottish Salmon Company. This
acquisition has increased the scale of our operation significantly and brought
us new possibilities to exploit for many years ahead. We are very excited about
this but do realize that it will take time before we will really see results of
the investments we will do in the Scottish operation. We are convinced that this
is possible, however, with the committed people we have in the organization in
Scotland and in the Faroe Islands."

The total volumes harvested in Q4 2019 were 25,855 tonnes gutted weight, whereof
17,930 tonnes were harvested in the Faroe Islands (12,234 tgw) and 7,925 tonnes
in Scotland. Total harvested volumes in 2019 were 65,109 tonnes gutted weight:
57,184 tonnes in the Faroe Islands (44,591) and 7,925 tonnes in Scotland.

In total, 10.7 million (3.3 million) smolts were transferred during Q4 2019,
whereof 5.0 million were transferred in FO and 5.7 million were transferred in
SCO. During 2019, 18.3 million (12.5 million) smolts were transferred: 12.7
million in FO and 5.7 million in SCO.

The combined FO farming and VAP segments made an operational EBIT of DKK 374.9
million (DKK 207.7 million) in Q4 2019. The operational EBIT per kg in Q4 2019
was DKK 20.91 (DKK 16.98), which corresponds to NOK 28.25 (NOK 21.91) for the
combined FO farming and VAP segments. For 2019, the combined FO farming and VAP
segments made an operational EBIT of DKK 1,166.7 million (DKK 943.2 million).

The FO farming segment made an operational EBIT of DKK 338.3 million (DKK 204.4
million) in Q4 2019. The harvested volumes and the achieved prices were higher
in Q4 2019, compared to Q4 2018. For 2019, the operational EBIT was DKK 1,103.0
million (DKK 965.7 million).

The SCO farming segment made an operational EBIT of DKK 18.1 million in Q4 2019.

The VAP segment made an operational EBIT of DKK 36.6 million (DKK 3.3 million)
for Q4 2019. For 2019, the operational EBIT was DKK 63.7 million (DKK -22.4
million).

The FOF segment (fishmeal, oil and feed) made an EBITDA of DKK 57.7 million (DKK
60.4 million) for Q4 2019, and the EBITDA margin was 17.1% (21.0%). The EBITDA
was DKK 275.8 million for 2019 (DKK 254.3 million), corresponding to an EBITDA
margin of 19.9% (20.0%).

During Q4 2019, Havsbrún sourced 35,180 tonnes (46,478 tonnes) of raw material,
and for 2019, Havsbrún sourced 278,664 tonnes (302,465 tonnes) of raw material.

On 25 September 2019, Bakkafrost signed a Share Purchase Agreement to acquire
68.6% of the outstanding shares in the Scottish Salmon Company (SSC) from
Northern Link Ltd. The closing date was 8 October 2019. Further acquirements in
Q4 2019 resulted in Bakkafrost holding 95.6% of the shares at year end.

SSC is an integrated salmon farming business, operating exclusively in Scotland
with 60 sites across the West Coast and Hebridean Islands. The company is
engaged in nearly all stages of the value chain ensuring full traceability and
total supply chain integrity. The current annual production capacity is 50,000
tonnes. SSC produced 33,799 tonnes gutted weight in 2019 and exported to 21
countries with a focus on North America and the Far East. SSC has developed a
range of strong flagship brands, including Native Hebridean Salmon, Tartan
Salmon Label Rouge and Lochlander Salmon. The company has 651 employees.

Bakkafrost chose to increase the company's share capital for the acquisition of
SSC. The acquisition was therefore carried out without substantial increase in
Bakkafrost's external financing.

Bakkafrost aims at giving the shareholders a competitive return on their
investment, both through payments of dividends and by value growth of the equity
through positive operations.

The long-term goal of the Board of Directors is that 30-50% of earnings per
share shall be paid out as dividend. Bakkafrost's financial position is strong
with a solid balance sheet, a competitive operation and available credit
facilities. The Board of Directors proposes to the Annual General Meeting that
DKK 8.31 (NOK 11.23*) per share shall be paid out as dividend. The Annual
General Meeting will be convened on Friday the 3[rd] of April 2020.

The net interest-bearing debt amounted to DKK 1,018.7 million at the end of 2019
(DKK 495.5 million). Undrawn credit facilities amounted to DKK 2,470.0 million
at the end of Q4 2019.

*The dividend per share in NOK is subject to changes depending on the exchange
rate between NOK and DKK, which will be announced after the Annual General
Meeting.



OUTLOOK

Market

The global supply of Atlantic salmon increased around 3% in Q4 2019, compared to
Q4 2018, according to the latest estimate from Kontali Analyse.

In Q1 2020, the global harvest of Atlantic salmon is expected to increase around
1%, compared to Q1 2019. The estimated global harvest of Atlantic salmon for
2020 is an increase of around 4%, compared to 2019.

Bakkafrost operates in the main salmon markets, Europe, USA, the Far East and
Russia. During 2019, variation in sales distribution between the different
markets is driven by the change in demand from quarter to quarter in the
different regions. Bakkafrost, however, aims to have a balanced market
diversification to reduce market risk.

Farming

The outlook for the farming segment in the Faroe Islands is good, and the
overall operational performance is very good. There are many possibilities in
the Scottish operation, it will however take time to transform its operational
performance. The estimates for harvest volumes and smolt releases in both
geographies are dependent on the biological development.

Bakkafrost focuses on reducing biological risk continuously and has made several
new investments and procedures to diminish this risk. Bakkafrost focuses on
using non-medical methods in treatments against sea lice and has invested in new
technology to follow this strategy, including farming supply vessels for
mechanical delousing and mechanical cleaning of nets in the pens. During 2019,
Bakkafrost's specialized crews onboard these vessels have further refined their
skills and methods resulting in improved fish welfare.

The quality and performance of the smolts have also increased significantly and
there are clear signs that the large smolt and non-medical delousing strategies
are working successfully in the Faroe Islands. Looking ahead, Bakkafrost will
extend these strategies into the farming operation in The Scottish Salmon
Company.

Overall, the biological performance in the Faroese operation has been strong
during 2019 with good growth and low mortality rates.

In 2020, Bakkafrost expects to harvest 57,000 tonnes gutted weight in the Faroe
Islands and 35,000 tonnes gutted weight in Scotland.

Farming SCO has signed contracts for around 32% of the expected harvest volumes
in Farming SCO in 2020. These contracts usually last for 12 months.

Bakkafrost expects to release 15.0 million smolts in 2020 in the Faroe Islands,
compared to 12.7 million smolts in 2019 and 12.6 million smolts in 2018. The
smolt release in Scotland is expected to be 10.7 million smolts in 2020,
compared to 12.4 million smolts in 2019 and 8.6 million smolts in 2018.

The number of smolts released is a key element of predicting Bakkafrost's future
production.

VAP (Value Added Products)

Bakkafrost has signed contracts covering around 40% of the expected Faroese
harvest volumes in Q1 2020 and 30% of the harvest volume for 2020. Bakkafrost's
long-term strategy is to sell around 40-50% of the Faroese harvested volumes of
salmon as VAP products at fixed price contracts.

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.

FOF (Fishmeal, Oil and Feed)

The outlook for the production of fishmeal and fish oil is dependent on the
availability of raw material.

The ICES 2020 recommendation for blue whiting is 1,162 thousand tonnes, which
corresponds to an increase of 2%, compared to ICES's recommendation for 2019.

Bakkafrost expects a decrease in production volumes of fishmeal and fish oil in
2020, compared to 2019.

Havsbrún has increased the expectation for sales of fish feed in 2020 to be at
110,000 tonnes, depending on external sales.

The major market for Havsbrún´s fish feed is the local Faroese market including
Bakkafrost FO's internal use of fish feed.

Investments

Bakkafrost's investment programme for the period from 2020 to 2022, excluding
investments in The Scottish Salmon Company, will amount to around DKK 1.8
billion, including maintenance capex, and will reinforce Bakkafrost's integrated
business model and ensure a capacity across the value chain to be able to
produce 100,000 tonnes gutted weight of salmon in the Faroe Islands. The aim of
the investment programme is to minimize the biological risk, increase efficiency
and create sustainable organic growth. Bakkafrost's focus on producing larger
smolts plays a key role in achieving this goal.

In addition to the planned investments in the value chain in the Faroe Islands,
Bakkafrost expects to make investments of around 350 mDKK per year for 2020-2024
in The Scottish Salmon Company.

Financial

Favourable market balances in the world market for salmon products and cost
-conscious production will likely maintain the financial flexibility going
forward.

During Q4 2019, Bakkafrost refinanced its bank facilities amounting to 352 mEUR
with a further accordion option of 150 mEUR. In addition, bank facilities
amounting to 100 mGBP were ensured to refinance The Scottish Salmon Company.
Bakkafrost also issued shares in Q3 and Q4 2019 amounting to 5,142 mNOK to
finance the acquisition of The Scottish Salmon Company.

A high equity ratio together with Bakkafrost's bank financing, makes
Bakkafrost's financial situation strong. This enables Bakkafrost to carry out
its investment plans in the Faroe Islands as well as in Scotland, hereby
strengthening the Group, enabling M&A's and organic growth opportunities as well
as to fulfil its unchanged dividend policy in the future.

Please find the Company's Q4 2019 report and the Q4 2019 presentation enclosed.



Contacts:

  · Regin Jacobsen, CEO of P/F Bakkafrost: +298 235001 (mobile)
  · Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 235060 (mobile)

This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.



About Bakkafrost:

Bakkafrost is the largest salmon farmer in the Faroe Islands and the second
largest salmon farmer in Scotland. The Group is fully integrated from feed
production to smolt, farming, VAP and sales. The Group has production of
fishmeal, fish oil and salmon feed in Fuglafjørður (Faroe Islands). The Group
has primary processing in Glyvrar and Vágur (Faroe Islands), and secondary
processing (VAP) in Glyvrar (Faroe Islands). The Group operates sea farming in
Norðoyggjar, Eysturoy, Streymoy and Suðuroy (Faroe Islands) and in Scotland. The
Group has broodstock operations in Streymoy and Sandoy (Faroe Islands) and in
Scotland. The Group is also building a biogas plant in Streymoy (Faroe Islands)
which will begin operation in Q1 2020. The headquarter is located in Glyvrar
(Faroe Islands) and has sales and administration offices in Grimsby (UK),
Edinburgh (Scotland) and in New Jersey (US). The Bakkafrost Group has 1,510
employees (full-time equivalents).



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This press release does not constitute or form part of an offer or solicitation
to purchase or subscribe for securities. The securities referred to herein may
not be offered or sold in the United States absent registration or an exemption
from registration as provided in the U.S. Securities Act of 1933, as amended.
Copies of this announcement are not being made and may not be distributed or
sent into the United States, Australia, Canada or Japan.