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Bakkafrost’s Best Result Ever

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


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