Bakkafrost strongest result ever

– We are very satisfied with the record high result  for Q2 2013. The strong salmon prices during the quarter and a good biology are the main reasons for the strong result.

The Bakkafrost Group delivered a total operating EBIT of DKK 169.3 million in Q2 2013. The combined farming  and VAP segment made an operational EBIT of DKK 157.8 million in Q2 2013. The salmon spot prices stayed on a high level during the quarter, compared to previous quarters. Because of the high salmon prices, the VAP segment had an operating loss of DKK -41.8 million, as the contracts prices still do not reflect the current market situation. The EBITDA for the feed segment was DKK 30.9 million in Q2 2013.

Commenting on the results, CEO Regin Jacobsen said:

“We are very satisfied with the record high result  for Q2 2013. The strong salmon prices during the quarter and a good biology are the main reasons for the strong result. The Farming operation delivers a continuing strong performance, while the VAP production is suffering during the period with high  spot prices, as we could expect. In Q3 and especially in Q4 we expect higher margins from the VAP products. The Fish meal, oil and feed segment had a strong  performance”.

The operating revenue for Bakkafrost’s farming segment was DKK 520.4 million in Q2 2013 (DKK 296.8 million) and DKK 945.4 million for H1 2013 (DKK 609.3 million).

Operational EBIT, which is EBIT before fair value adjustments on biological assets, amounted to DKK 199.5 million in Q2 2013 (DKK 67.7 million), and for H1 2013 it was DKK 324.1 million (DKK 116.5 million).

Operational EBIT/kg for the farming segment was DKK 18.93 (NOK 19.34) in Q2 2013, compared to DKK 6.63 (NOK 6.73) in Q2 2012. The salmon prices in Q2 2013 have been stronger than in Q2 2012 and thus higher margins. Operational EBIT/kg for H1 2013 was DKK 17.20 (NOK 17.27), compared to DKK 5.40 (NOK 5.49) for H1 2012.

Interview: Regin Jacobsen, Bakkafrost in Kringvarp Føroya

(27-08-2013)

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