The global salmon spot prices increased during Q4.
(FAROE ISLANDS, 2/24/2015)
The Bakkafrost Group
delivered a total operating EBIT of DKK 227.5 million (EUR 30.51
million) in Q4 2014. The combined farming and VAP segment made an
operational EBIT of DKK 213.8 million (EUR 28.67 million) in Q4 2014.
The Farming segment made an operational EBIT of DKK 181.4 million (EUR
24.33 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 (EUR 4.35 million) in Q4 2014. The
EBITDA for the FOF segment was DKK 40.8 million (EUR 5.47 million) in Q4
2014. For 2014, Bakkafrost made an operational EBIT of DKK 833.8
million (EUR 111.80 million).
 |
| Regin Jacobsen. |
"We
are very content with the result for the 4th quarter of 2014 and the
year 2014. We 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 (EUR 29.83
million) (DKK 137.9 million/EUR 18.50 million). For 2014, the profit was
DKK 647.1 million (EUR 86.79 million) (DKK 589.2 million/EUR 79.02
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 is the most vertically integrated salmon farming company in the world. |
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.
 |
| Bakkafrost is the leading producer of salmon from the Faroe Islands. |
The
total investments for the period 2014-2017 was announced to be DKK
1,370 million (EUR 183.73 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 (EUR 60.34 million), resulting in operational
savings of DKK 70-90 million (EUR 9.39-12.06 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 (EUR 30.84 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.
About The Bakkafrost Group
The Bakkafrost Group
(OSL:BAKKA) 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.
 |
| Bakkafrost Superior Salmon is in high demand from sushi restaurants and other discerning customers all around the world. |
Information of the company:
| Address: | Glyvrar |
| City: | Glyvrar |
| State/ZIP: | (FO-625) |
| Country: | Faroe Islands |
| Phone: | +298 40 50 00 |
| Fax: | +298 40 50 09 |
| E-Mail: | bakkafrost@bakkafrost.com |