Bakkafrost P/f

M&A Activity • May 9, 2014

Divestment of the shares in Hanstholm Fiskemelsfabrik for shares in FF Skagen

Divestment of the shares in Hanstholm Fiskemelsfabrik for shares in FF Skagen

Bakkafrost has, via its 100% owned subsidiary

Havsbrún, divested all its shares in Hanstholm

Fiskemelsfabrik A/S to FF Skagen A/S. In

consideration, Bakkafrost via Havsbrún will receive

17% of the share capital in FF Skagen A/S. The sale

is subject to the approval of the Danish Competition

and Consumer Authority.

Prior to the divestment Bakkafrost, owned 81,01% in

Hanstholm Fiskemelsfabrik A/S, via its 100% owned

subsidiary Havsbrún.

The sale is a strategic sale and part of the

consolidation of the fishmeal and fish oil industry in

the region. Both FF Skagen A/S and Hanstholm

Fiskemelsfabrik A/S are located in the Northern part

of Denmark and they will be able to take out synergies

following the transaction.

FF Skagen A/S is a fishmeal and fish oil producer in

Skagen in Denmark. The company sourced 325,000 tonnes

of pelagic fish in 2013 for production of fish meal

and fish oil. FF Skagen A/S has during the last years

had positive results in its operation, but had a

extraordinary financial loss of DKK 64 million in

2013. The outlook for 2014 is positive due to

expectation of good fishing and stronger quotas in the

North Atlantic in 2014. The total assets amount to DKK

841 million and the equity was DKK 103 million.

Hanstholm Fiskemelsfabrik A/S is a fishmeal and fish

oil producer in Hanstholm in Denmark. The company

sourced 100,000 tonnes of pelagic fish in 2013 for

production of fish meal and fish oil. Hanstholm

Fiskemelsfabrik A/S had a financial loss of DKK 18

million in 2013. The total assets amounts to DKK 157

million and the equity was DKK 40 million.

Contacts:

Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01

(mobile)

Teitur Samuelsen, CFO of P/F Bakkafrost: +298 23 51 11

(mobile)

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act)

About Bakkafrost:

Bakkafrost 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, Kollafjørð and Strendur and secondary

processing (VAP) in Glyvrar and Fuglafjørður. The

headquarters are located in Glyvrar, and the company

has a total of 630 employees.

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