Q4 2015

BAKKAFROST GROUP Oslo 24 February 2016

This presentation includes statements regarding future results, which are subject to risks and uncertainties. Consequently, actual results may differ significantly from the results indicated or implied in these statements.
No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person's officers or employees or advisors accept any liability whatsoever arising directly or indirectly from the use of this document.

SUMMARY OF Q4 2015

MARKETS AND SALES
SEGMENT INFORMATION
GROUP FINANCIALS
OUTLOOK
APPENDIX

Higher volumes from Farming

Harvested 13,675 tgw in Q4 2015 (12,651 tgw in Q4 2014)
Feed sales of 19,797 tonnes in Q4 2015* (23,133 tonnes in Q4 2014*)
Revenues of DKK 760 million in Q4 2015 (DKK 757 million in Q4 2014)
Operational EBIT of DKK 257 million in Q4 2015 (DKK 227 million in Q4 2014)
Positive results in all segments
Completed refinancing of 5 year bank facilities
Proposed dividend of DKK 8.25 per share (DKK 6.00 per share 2014)

*) Including internal sale of 18,042 tonnes in Q4 2015 (19,218 tonnes in Q4 2014)

Positive results in all segments

Farming/VAP division increased margin from 19.48 NOK/kg in Q4 2014 to 21.83 NOK/kg in Q4 2015
VAP segment delivered a margin of 6.09 NOK/kg in Q4 2015, compared with 7.36 NOK/kg in Q4 2014
Farming margin was 19.67 NOK/kg in Q4 2015, compared with 16.53 NOK/kg in Q4 2014.
FOF delivered a margin of 18.7% in Q4 2015, compared with 18.1% in Q4 2014
Group Operational EBIT was DKK 257 million in Q4 2015, compared with DKK 227 million in Q4 2014

(DKK million)	Q4 2015	Q4 2014	2015	2014
Operating revenues	760	757	2,850	2,683
Operational EBITDA	285	255	1,109	931
Operational EBIT	257	227	1,001	834
Profit for the period	319	222	810	647

Operational EBITDA margin	37.6%	33.6%	38.9%	34.7%
Operational EBIT margin	33.8%	30.0%	35.1%	31.1%

Operational EBIT/Kg (Farming) (NOK)	19.67	16.53	19.63	17.65
Operational EBIT/Kg (Farming and VAP) (NOK)	21.83	19.48	21.64	19.43
Operational EBIT/Kg (VAP) (NOK)	6.09	7.36	5.58	3.69
EBITDA margin (Fishmeal, oil and feed)	18.71%	18.11%	19.28%	18.70%

SUMMARY OF Q4 2015

MARKETS AND SALES

SEGMENT INFORMATION
GROUP FINANCIALS
OUTLOOK
APPENDIX

GLOBAL MARKETS

The NASDAQ salmon price for size 4-5:
Increased y/y Q4 2015 / Q4 2014 by ~19% - by 7.32 NOK/kg from 39.38 to 46.70
Increased q/q Q4 2015 / Q3 2015 by ~11% - by 4.80 NOK/kg from 41.89 to 46.70
5% global supply growth in Q4 2015, compared with Q4 2014, corresponding to 25,900 tonnes
FX-market still beneficial for suppliers with costs in NOK and income in other currencies

Spot prices (NASDAQ) on superior 4-5 [NOK/kg HOG]

Change in global market supply and market price

MARKETS & SALES

Good market diversification

Flat split between USA, Asia and Eastern Europe
Total sales to EU was 39% in Q4 2015, compared with 40% in Q4 2014 – and 36% in 2015, compared with 45% in 2014
VAP/contract share was 32% in Q4 2015, compared with 37% last year

Total sales of salmon by markets	Q4 2015	Q4 2014	2015	2014
EU	39%	40%	36%	45%
USA	20%	13%	19%	19%
Asia	18%	10%	15%	16%
Eastern Europe	23%	37%	30%	20%

Fresh salmon only by markets	Q4 2015	Q4 2014	2015	2014
EU	17%	8%	11%	11%
USA	27%	18%	26%	31%
Asia	25%	16%	21%	27%
Eastern Europe	31%	58%	42%	31%

4.8% supply increase in Q4-2015

The supply increase in Q4-2015 increased 26,000 tonnes HOG, whereof 9,800 tonnes came from Norway and 7,400 tonnes from Chile

3% reduced supply expected in 2016

The reduction in volume expectations in 2016 is mainly due to lower expectations from Norway (46kt) and Chile (25kt)
Biological issues and fully utilized licenses are the main constraints for further growth
Same supply from Faroe Islands expected in 2016 as in 2014

Salmon suppliers, sold quantity (head on gutted - HOG) Increased supply in Q4-2015 of Atlantic Salmon (head on gutted - HOG)

	Estimated volumes		Q4 comparison		Estimated volumes		YTD comparison
Suppliers	Q4 2015E	Q4 2014	Volume	%	2015E	2014	Volume	%
Norway	309.000	299.200	9.800	3%	1.112.700	1.076.100	36.600	3%
Scotland	43.600	36.400	7.200	20%	154.200	154.400	-200	0%
Faroe Islands	22.900	23.500	-600	-3%	69.500	75.000	-5.500	-7%
Ireland	4.100	3.300	800	24%	14.100	11.100	3.000	27%
Total Europe	379.600	362.400	17.200	4,7 %	1.350.500	1.316.600	33.900	2,6 %
Chile	139.600	132.200	7.400	6%	530.700	510.200	20.500	4%
North America	36.800	31.500	5.300	17%	139.900	109.300	30.600	28%
Total Americas	176.400	163.700	12.700	7,8 %	670.600	619.500	51.100	8,2 %
Australia	10.500	9.000	1.500	17%	39.300	35.100	4.200	12%
Others *	3.700	9.100	-5.400	-59%	15.000	15.000	0	0%
Total global supply	570.200	544.200	26.000	4,8 %	2.075.400	1.986.200	89.200	4,5 %

Global supply of Atlantic Salmon (head on gutted - HOG)

	2012	2013	2014	2015E	2016E
Norway	1.066	1.029	1.076	1.112	1.066
UK	143	142	154	154	162
Ireland	14	10	11	14	14
Faroes	65	66	75	69	74
Total Europe	1.288	1.247	1.316	1.350	1.316
Chile	318	418	510	531	506
Canada	123	104	91	121	120
USA	18	18	18	18	18
Total Americas	459	539	619	670	644
Other	46	47	51	55	56
Total (Sold Quantity)	1.793	1.833	1.986	2.075	2.017
Supply growth - Global	22%	2%	8%	4%	-3%
Supply growth - Europe	16%	-3%	6%	3%	-3% Source: Kontali

Supply growth - Americas 43% 18% 15% 8% -4%

4.6% increased sales in global markets

Total quantity increased 25,300 tonnes in the quarter, compared with last year, corresponding to 4.6%
Strong demand in EU and US market
Combined volume growth in volume by 114,600 tonnes in 2015, compared with 2014
The volume increase sold on the US market was 18% in Q4 2015 and 14% for the full year
Challenging market in Eastern Europe

Demand - split by markets, sold quantity (head on gutted - HOG)

In tonnes HOG							In tonnes HOG
	Estimated volumes			Q4 comparison	Estimated volumes		FY comparison
Markets	Q4 2015E	Q4 2014	Volume	%	2015E	2014	Volume	%
EU	277 100	260 600	16 500 个	6 %	984 100	916 800	67 300 个	7%
USA	96 900	82 400	14 500 个	18 %	374 500	327 200	47 300 个	14 %
Russia	24 800	37 300	$-12,500$	$-34%$	95 900	130 800	$-34900$	$-27%$
Japan	17 800	15 900	19001쇼	12 %	54 500	57 600	$-3100$	$-5\%$
Greater China	24 700	23 200	15001个	6 %	98 300	96 800	1500 2	2%
ASEAN	19 000	18 000	1 000 全	6 %	64 700	63 000	1700 2	3 %
Latin America	41 900	38 200	3700 全	10 %	160 300	145 000	15 300 个	11 %
Ukraine	2 800	4 300	$-1,5001$	$-35%$	8 900	16 100	$-7200$	$-45%$
Other markets	65 300	65 100	200 로	$0\%$	234 300	233 600	700⇔	$0\%$
Total all markets	570 300	545 000	25 300 金	4,6 %	2 075 500	1986900	88 600 个	4,5%

Salmon markets, sold quantity (head on gutted - HOG)
	2012	2013	2014	2015E	2016E
EU	842	839	916	984	953
USA	294	308	327	374	361
Japan	57	53	58	55	51
Russia	155	144	131	96	90
Others	445	489	554	567	562
Total (Sold Quantity)	1.793	1.834	1.986	2.075	2.017

Comments:

Greater China = China / Hong Kong / Taiwan (incl. estimated re-export from Vietnam) ASEAN = Association of Southeast Asian Nations (estimated re-export from Vietnam subtracted) Latin America (including both Mexico and Caribbean + domestic consumption in Chile) All figures above are in tonnes hog, and are rounded to the nearest 100 tonnes.

Source: Kontali

SUMMARY OF Q4 2015
MARKETS AND SALES

SEGMENT INFORMATION

GROUP FINANCIALS
OUTLOOK
APPENDIX

Fuglafjørður, Fishmeal, -oil and feed plant Havsbrún and A 57 Farming site

Harvested volumes

Harvested volumes increased by 8% in Q4 2015, compared with Q4 2014
The West region harvested 64% of the total quantity in the quarter, and the North region harvested 36% of the total quantity

Smolt transfer

Bakkafrost transferred 4.9 million smolts in Q4 2015 (3.2 million smolts in Q4 2014)
Smolt transfer in 2015 was 11.3 million smolts (10.4 million smolts 2014)

Seawater temperatures in the Faroe Islands

Temperatures in Q4 2015 were 0.4°C lower than last year, but 0.2°C higher than average temperatures the last 12 years

Harvest Volumes tonnes [HOG]	Q4 2015	Q4 2014	2015	2014
West	8,768	5,023	22,946	18,342
North	4,907	7,628	27,619	25,671
Total	13,675	12,651	50,565	44,013

BAKKAFROST / Q4 PRESENTATION 2015 Page 12

FARMING – OPERATIONAL PERFORMANCE

Improved margin

The operational EBIT increased 19% from DKK 181 million in Q4 2014 to DKK 215 million in Q4 2015
Technical issues with freshwater treatment startup in 2H 2015 delayed effective treatments. Effective treatments from 24 November 2015
Good biological performance of harvested fish

(DKK million)	Q4 2015	Q4 2014	2015	2014
Operating revenues	635	630	2,274	2,099
Operational EBIT	215	181	841	694
Operational EBIT margin	34%	29%	37%	33%

Farming site A57 Fuglafjørður, part of West region, 49% of harvested fish in the quarter

Farming site A73 Hvannasund Norður, part of North region, 36% of harvested fish in the quarter

Operation

Farming EBIT of NOK 19.67 per kg in Q4 2015, compared to 16.53 in Q4 2014
Better performance, lower costs in the quarter
Farming North harvested early in the quarter and West harvested late in the quarter
West (A57 Fuglafjørður) NOK 2.27 per kg lower costs than North (A73 Hvannasund North)

19.67 16.53 19.63 17.65 0.00 5.00 10.00 15.00 20.00 25.00 Q4 2015 Q4 2014 2015 2014

(NOK/kg)	Q4 2015
	Farming North	Farming West	Farming
Operational EBIT/kg gw	14.12	22.77	19.67

Margin - EBIT per kg total harvested quantity [NOK/kg]

VAP revenues and margin

Revenues reduced by 26% to DKK 190 million in Q4 2015 from DKK 259 million in Q4 2014
Higher inventory of goods for sale by end of Q4 2015
Operating EBIT in Q4 2015 DKK 24 million, compared with DKK 32 million in Q4 2014
Bakkafrost has signed contracts covering 60% of VAP capacity for 2016

(DKK million)	Q4 2015	Q4 2014	2015	2014
Operating revenues	190	259	737	913
Operational EBIT	24	32	86	70
Operational EBIT margin	12%	13%	12%	8%
VAP produced volumes (tgw)	4,862	5,074	18,196	21,196

Margin - EBIT per kg total VAP produced [NOK/kg]

Fishmeal, Oil and Feed
(DKK million)	Q4 2015	Q4 2014	2015	2014
Operating revenues	239	225	1,048	971
EBITDA	45	41	202	182
EBITDA margin	18.7%	18.1%	19.3%	18.7%
Feed sold (tonnes)*	19,797	23,133	78,865	85,724
Fishmeal sold external (tonnes)	3,274	1,115	23,226	16,999
Fish Oil sold external (tonnes)	3	10	14	3,374

Stable margin

EBITDA DKK 45 million in Q4 2015, compared with DKK 41 million in Q4 2014
EBITDA margin of 18.7% in Q4 2015, compared with 18.1% in Q4 2014

Sourcing of raw material (tonnes)

22% increased sourcing

Havsbrún sourced 235,014 tonnes of raw material, compared with 193,231 tonnes in 2014

*Including sales to Bakkafrost, corresponding to ~91% of feed volumes in Q4 2015 (Q4 2014: 83%)

MARKET CONDITIONS FEED

Tripled raw material intake in Q4 2015

In Q4 2015, Havsbrún sourced 63,582 tonnes of raw material, compared with 21,918 tonnes in Q4 2014
Quantity of feed sold was 19,797 tonnes in Q4 2015, compared with 23,133 tonnes in Q4 2014, corresponding to a decrease of 14%
Both internal and external feed sales decreased

Market prices on fishmeal and oil increased

The market prices for fishmeal and oil increased during H2 2015, but were on similar level in Q4 2015 as in Q4 2014

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 0 20,000 40,000 60,000 80,000 100,000 120,000 Raw material (tonnes) Feed sale (tonnes)

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 FISHMEAL FISH OIL

80%

90%

100%

110%

Volumes of raw material purchase and feed sale [tonnes]

SUMMARY OF Q4 2015
MARKETS AND SALES
SEGMENT INFORMATION
GROUP FINANCIALS
OUTLOOK
APPENDIX

BAKKAFROST / Q4 PRESENTATION 2015 Page 19

GROUP PROFIT AND LOSS

Revenues nearly unchanged at DKK 760 million. Harvested volumes are higher, but lower VAP volumes
Operational EBIT increased from DKK 227 million to DKK 257 million due better margins in all segments
Increase in fair value of biomass due to higher spot prices at the end of Q4 2015. Fair value negatively affected by new revenue tax.
Provision for onerous contracts DKK -51 million due to high spot prices at year end
Financial items positive by DKK 1 million, whereof DKK 3.6 million positive unrealised currency gain relates to the bond loan of NOK 500 million
Taxes positive due to reduction of deferred taxes. Reduction a consequence of the tax changes in December 2015
Profit after tax increased from DKK 222 million in Q4 2014 to DKK 319 million in Q4 2015

(DKK million)	Q4 2015	Q4 2014	2015	2014
Operating revenues	760	757	2,850	2,683
Operational EBITDA*	285	255	1,109	931
Operational EBIT*	257	227	1,001	834
Fair value adjustment on biological assets	83	52	-28	-12
Onerous contracts	-51	0	-51	71
Income from associates	20	-4	7	-1
EBIT	309	275	929	892
Net Financial items	1	39	-4	7
EBT	310	314	924	899
Taxes	9	-92	-114	-252
Profit for the period	319	222	810	647
Operational EBITDA margin	37.6%	33.6%	38.9%	34.7%
Operational EBIT margin	33.8%	30.0%	35.1%	31.1%
Operational EBIT/kg (Farming and VAP) (NOK)	21.83	19.48	21.64	19.43
EBITDA margin (fishmeal, oil and feed)	18.7%	18.1%	19.3%	18.7%

* Operational EBITDA and EBIT adjusted for non-operational related items such as fair value adjustment of biomass, onerous contracts, income/loss from associates etc.

BALANCE SHEET

Investments in PPE of DKK ~ 224 million in Q4 2015
Financial assets increased due to positive operation in associated companies
The carrying amount of biological assets has increased, compared to end 2014
Increase in inventory due to intake of raw material
Increase in equity because of positive results in the period
NIBD at DKK 391 million up from DKK 233 million at end 2014*
Equity ratio 66% (Covenants 35%)
* Incl. unrealised exchange gain, losses and deposits on financial derivatives related to the debt

(DKK million)	2015	2014
Intangible assets	295	295
Property, plant and equipment	1,531	1,041
Financial assets	131	126
Long-term receivables	0	1
Biological assets	1,060	1,014
Inventory	422	267
Receivables	199	172
Other receivables	180	142
Cash and cash equivalents	102	405
Total Assets	3,920	3,463

Equity	2,580	2,064
Deferred tax and other taxes	349	414
Long-term interest bearing debt	448	505
Financial derivatives	129	117
Short-term interest bearing debt	0	100
Accounts and other payables	414	263
Total Equity and Liabilities	3,920	3,463

CASH FLOW

Cash flow from operations was negatively affected by changes in inventory and paid taxes in Q4 2015
Cash flow from investments represents investments in property, plant and equipment
Cash flow from financing is affected positively by increased interest bearing debt and by financing of associated company
Undrawn loan facilities of DKK 890 million, of which DKK 38 million is restricted

(DKK million)	Q4 2015	Q4 2014	2015	2014
Cash flow from operations	-6	173	768	870
Cash flow from investments	-219	-79	-602	-232
Cash flow from financing	76	-57	-470	-414
Net change in cash	-148	37	-303	223
Cash at the end of the period	102	405	102	405
Undrawn facilities	890	958	890	958

New financing in place

DKK 850 multicurrency revolving credit facility
DKK 750 million accordion option
Five years period
Flexibility
Reflects good market condition

Covenants:

Equity ratio 35%
Leverage ratio (NIBD / EBITDA) max. 4.5

	2016	2017	2018	2019	2020
DKK 850 million RCF
DKK 750 million Accordion Option
NOK 500 million Bond

Financing of the Group

Total funding to ~ DKK 1,281 million
Bonds NOK 500 million due Feb 2018 (swapped into DKK)
Revolving credit facility of DKK 850 million due in 2020
NIBD end Q4 2015: DKK 391 million

Financial covenants

Bond
NIBD/EBITDA max 4.0 over 4 quarters
Equity ratio of 35%
Bank financing
NIBD/ EBITDA max 4.5 over 4 quarters
Equity ratio of 35%

NIBD and avaible funding NIBD and available funding

Changes in license tax on farming in the Faroes

Approved by the parliament in December 2015
Effective from 1 January 2016
Effect on Q4 2015
Temporary differences in the farming segment will not be taxed by the previous additional 4.5% in the future, but only by normal corporate tax, 18%
Therefore, deferred taxes decreases by DKK 79.8 million
From 2016, license revenue tax will be classified as cost in the income statement, as current license revenue tax cannot be classified as tax according to IFRS

Changes in licence tax	2016	2014 and 2015
Taxable income	0%	4.5%
Farming revenue	4.5%	0.5%

SUMMARY OF Q4 2015
MARKETS AND SALES
SEGMENT INFORMATION
GROUP FINANCIALS
OUTLOOK
APPENDIX

OUTLOOK

Market

Tight market balance in 2016, global supply reduction of 3%
Forward prices for 2016 have increased to NOK 50 per kg

Farming

2016 estimated harvest volumes at 48,000 tonnes
Expected smolt release in 2016 10.4 million pieces

VAP

Contracted 60% of available capacity for 2016

Dividend to shareholders

Proposed dividend of DKK 8.25 per share (DKK 6.00 per share 2014)

Fishmeal, oil and feed

Forecast for feed sales 80,000 tonnes in 2016

Business development

Optimizing of the Value Chain according to the announced investment plan continues
Pursue Organic Growth
Financial flexibility enables M&A
SUMMARY OF Q4 2015
MARKETS AND SALES
SEGMENT INFORMATION
GROUP FINANCIALS
OUTLOOK
APPENDIX

INVESTMENTS – PROGRAMME 2014 - 2017

The investments will be made step by step in the relevant parts in the value chain to secure:

Efficiency
Biological risk
Organic growth

Status on main investments

Harvest/VAP factory
Installation of machinery in progress
Operation to start up in Q2 2016
New 8,000m³ Hatchery at Viðareiði
Construction in progress
To start operation in Q2 2016
Live fish carrier Hans á Bakka
Operation started
Main focus on freshwater treatment
Promising results up to 99% total effeciency

Total investment programme 2016 – 2017 570 million DKK

Drawing of Bakkafrost's new Hatchery in Viðareiði. New Hatchery on top and existing facilities below

BUILDING NEW HARVEST & VAP FACTORY

Merging 7 factories into one facility

Improve efficiency and create synergies
Double capacity
Significant reduction of internal transportation between own factories
New products
Reduce risk in farming
Start-up in Q2 2016

New Harvest & VAP factory in Glyvrar

Building new Harvest & VAP factory to be completed in Q2 2016

BUILDING NEW HATCHERIES

New Hatchery in Viðareiði (S-21)

Significant capacity expansion in progress

Recycling of 99% of water
saving water and heating
The goal is to increase average size of smolts from 100g to 300g in 2018
Reduce risk in farming
Reduce total time of production cycle at sea
Viðareiði facility to start-up in Q2 2016
New hatchery project to start-up in H1 2016 to be finalized in H1 2018

Building new 8,000m³ Hatchery in Viðareiði to be finalized in summer 2016

Financing of the investments 2016-2017

Use free cash flow from operations
Unused financing of approximately DKK 890 million
Partly new financing if advantageous
Flexibility to postpone investment in case of adverse events

Unchanged dividend policy

Actual growth period with larger smolt

Reduced risk
Up to 6 months reduced growth period will reduce risk significantly
Reduced mortality
Fewer treatments and lower treatment costs
Organic growth
Shorter production cycle in farms will increase production
Around 30% theoretical growth potential with size increase from 100g to 500g

Results with large smolt in the Faroe Islands

The graph shows actual growth period until harvest at 6 kg wfe in Faroe Islands in the period 2005-2014

A GOOD REGULATORY FARMING ENVIRONMENT

During the period 2001-2004 the Faroe Islands were severely struck by ISA outbreaks

New legislation and regulation was introduced in 2003 known as "The Faroese Veterinary Model":

One generation based farming model
Fallowing periods between each generation
Immunisation and vaccination programs
Restricting movement of equipment and fish
Density limits introduced
Brood stock facilities allowed on land only
Fish for harvest not allowed in open waiting cages at harvest station
Minimum distances between farms and hatcheries
Rules to fight and control sea-lice introduced

The Model has resulted in one of the most predictable fish production environments in the world with good KPI for salmon farming, such as FCR, Mortality and Growth rate

Key Performing Indicators developed positively post New Veterinary System

The mortality rate with the Faroese Veterinary Model has been between 5 and 10%, compared to 20 to 25% before – even though the annual production has never been higher than now.

FAROE ISLANDS

18 islands – 1,387 km²
49,192 inhabitants (January 2016)
Home rule – within the Kingdom of Denmark
Part of the Danish monetary union, Danish krone (DKK)
Key sectors (% of wage earners, 2014)
Service/public admin.: ~40%
Private service: ~31%
Construction: ~12%
Fishing : ~17%
Unemployment rate (June 2015): 3.8%
Total working force, (number of people 2014): 28,707
GDP: DKK 14.7bn (2013)
GDP/capita: DKK 305,000 (2013) (Norway: 360,000) (2013)

Total export of fish products (2013)

DKK 6,171 million
whereof farmed fish accounts for 48%

TAXES

Total Percent of GDP: 42.4% (2013)
Corporate Tax: 18%
Farming Licence Tax : 4.5% of revenues from 1. Jan 2016 see page 24
Restriction on a single foreign ownership of 20% in farming companies
One company may max. control 50% of licences in the Faroe Islands

FAROE ISLANDS – EXCELLENT CONDITIONS FOR COST EFFECTIVE FARMING

FEED

GEOGRAPHY

WATER

LOCATION

BIOMASS

materials. High on Omega-3, proved track record with best performance on high SGR and low FCR

Biological sustainability setting the biomass target per

license

markets

Sustainable feed, based on local marine raw

DEVELOPMENT PER QUARTER Q1 2012 – Q4 2015

(mDKK)	Q4 2015	Q3 2015	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014	Q1 2014	Q4 2013	Q3 2013	Q2 2013	Q1 2013	Q4 2012	Q3 2012	Q2 2012	Q1 2012
Revenue	760	677	800	613	757	584	711	631	667	741	610	473	582	457	416	400
Op. EBIT	257	206	303	235	227	209	212	186	124	187	169	105	99	86	78	60
Profit/Loss	319	168	191	132	222	211	126	87	138	200	184	67	148	26	91	16
Harvest (tgw)	13,675	12,982	14,182	9,726	12,651	10,881	11,212	9,269	11,097	11,335	10,540	8,296	13,044	9,730	10,219	11,348
Op. EBIT Farming & VAP (NOK/kg)	21.83	18.10	22.62	26.12	19.48	19.73	17.66	21.37	12.44	15.76	15.29	12.16	7.25	8.00	7.78	5.42
Equity ratio	66%	63%	61%	61%	60%	57%	53%	57%	54%	52%	49%	48%	49%	47%	47%	43%
NIBD	391	182	302	227	233	357	555	503	641	728	786	775	807	770	733	764

Turnover for the Bakkafrost Group has increased from 820 mDKK in 2010 to 2.9 bDKK in 2015.

Operational EBIT for the Bakkafrost Group has increased from 247 mDKK in 2010 to 1.0 bDKK in 2015.

The margin in Farming was NOK 19.63 per kg in 2015 – the highest ever.

The margin in VAP was NOK 5.58 per kg in 2015 – at the same time as Farming margin was record high.

Margin EBIT/kg last 15 years (NOK/kg) Margin EBIT/kg last 5 years (NOK/kg) Margin EBIT/kg 2014E (NOK/kg)

During the last 15 years, 2000 - 2014 Norway had the highest margin of the farming countries with 6.3 NOK/kg in average, while BAKKA had 5.7 NOK/kg.

The last five years - 2010-2014 BAKKA had a strong average margin of 13.00 NOK/kg.

In 2014, BAKKA had a farming margin of 17.7 NOK/kg.

Higher value from:

a good regulatory farming environment
the new structure of the industry in the Faroe Islands
company specific strategy