Bakkafrost P/f

Earnings Release • Oct 28, 2014

Strong result in Q3 2014

Strong result in Q3 2014

The Bakkafrost Group delivered a total operating EBIT

of DKK 208.7 million in Q3 2014. The combined farming

and VAP segment made an operational EBIT of DKK 193.4

million in Q3 2014. The Farming segment made an

operational EBIT of DKK 166.9 million. The global

salmon spot prices decreased during the quarter,

while Bakkafrost's VAP contract prices stayed on a

record high level, consequently the VAP segment made

an operational EBIT of DKK 26.5 million in Q3 2014.

The EBITDA for the FOF segment was DKK 61.7 million

in Q3 2014.

Commenting on the results, CEO Regin Jacobsen said:

"The third quarter was strong and all segments

delivered positive result. It is confirming our

strategy that we continue to deliver positive results

in the VAP segment. The outlook for the farming

industry are bright, both concerning market and

concerning biological development. With Bakkafrost's

investment plan, we are able to develop the company

further, making the company more efficient, reduce

the biological risk and carry out organic growth. "

The Group made a profit for the quarter of DKK 211.2

million (DKK 199.6 million). For the first nine

months of 2014, the profit was DKK 424.7 million (DKK

451.4 million).

The total volumes harvested in Q3 2014 were 10,881

tonnes gutted weight (11,335 tgw). The total

harvested volumes the first nine months of 2014 were

31,362 tonnes gutted weight (30,171 tgw). The reason

for the increase in the harvested volumes year on

year is that Bakkafrost will harvest higher volumes

this year compared to the year before.

Bakkafrost transferred 2.2 million smolts in Q3 2014

(2.8 million), which is in line with the company's

plans. Year to date 7.2 million have been trans-

ferred (6.7 million). The smolt release is higher in

2014 compared to 2013, due to available sites for

smolt release.

In Q3 2014, the associated company P/F Faroe Farming

harvested 776 tonnes gutted weight (866 tgw). For the

first nine months of 2014, Faroe Farming harvested

2,988 tonnes gutted weight (4,164 tgw).

The combined farming and VAP segment made an

operational EBIT of DKK 193.4 million (DKK 167.9

million) in Q3 2014. For the first nine months of

2014, the combined farming and VAP segment made an

operational EBIT of DKK 550.1 million (DKK 427.0

million).

The farming segment made an operational EBIT of DKK

166.9 million (DKK 187.5 million) in Q3 2014. The

reason for the decrease are lower spot prices,

combined with lower harvested volumes this quarter,

compared to the same quarter in 2013. For the first

nine months of 2014, the operational EBIT was DKK

512.6 million (DKK 511.6 million).

The VAP segment made an operational EBIT of DKK 26.5

million (DKK -19.6 million) for Q3 2014. The improved

result is primarily due to a combi-nation of improved

contract prices and lower raw material prices. There

is normally a time lag be-tween the changes in the

spot prices and the changes in the contract prices.

The contract prices have increased significantly from

the level in 2013, due to the high salmon spot

prices. When the spot prices decreased during the

quarter, the contracts became profitable, compared to

selling the salmon on the spot market. For the first

nine months of 2014, the operational EBIT was DKK

37.5 million (DKK -84.6 million).

The third segment - FOF (fishmeal, oil and feed),

made an operational EBITDA of DKK 61.7 million (DKK

48.8 million) in Q3 2014, and for the first nine

months of 2014, the operational EBITDA amounted to

DKK 140.8 million (DKK 104.4 million). The increase

in the EBITDA year to date is primarily due to higher

production of fishmeal and fish oil, as the raw

material intake has increased significantly.

In Q3 2014, Havsbrún sourced 19,782 tonnes of raw

material (68,430 tonnes) and in the first nine months

of 2014, Havsbrún sourced 171,313 tonnes of raw

material (142,150 tonnes).

Bakkafrost has established a share saving plan for

its employees for 2014. Employees can purchase shares

for maximum 5 percent of the monthly basic salary.

After two full years of ownership and continuous

employment, which is 1st January 2017, the company

will allocate one bonus share, for every share bought

in connection with this offer for 2014.

On the 24th of April 2014, Bakkafrost - via its 100%

owned subsidiary Havsbrún - acquired an addition-al

41.15% in Hanstholm Fiskemelsfabrik. After the

acquisition, Bakkafrost owned 81.01% of the company.

The 9th of May 2014, Bakkafrost divested all its

shares in Hanstholm Fiskemelsfabrik to FF Skagen A/S.

In return, Bakkafrost, via its subsidiary P/F

Havsbrún, received a 17% share interest in FF Skagen

A/S. The investment is a strategic investment and

part of the consolidation of the fishmeal and fish

oil industry.

In accordance with the Group's dividend policy,

Bakkafrost paid out DKK 4.50 (NOK 4.98) per share in

April 2014. The amount corresponds to approx-imately

DKK 219.9 million (NOK 243.3 million).

In February 2014, a routine surveillance test

detected a possible pathogenic ISA-virus at

Bakkafrost's farming site A-80. There was no increase

in mortality and no impact on fish health or fish

welfare, however. Bakkafrost decided to activate the

ISA-contingency plan immediately and hence enforced

slaughtering of the last cage at the farming site

A-80 Selatrað. The detected site, together with all

the neighbouring sites, are now empty. No signs of

ISA have been observed since, and no cost increase

was related to the detection.

The farming companies and the authorities have put a

lot of work into maintaining the good biological

status in the Faroe Islands. Regular surveillance

tests for ISA-viruses have been performed at all

farms during the last approx. 10 years at sea sites

in the Faroes. Bakkafrost and the other farmers in

the Faroe Islands will keep working with the Faroese

Food and Veterinary authority to avoid the

introduction of AGD and ISA.

The Bakkafrost Group had a net interest bearing debt

at the end of Q3 2014 amounting to DKK 356.8 million

(DKK 638.6 million at year-end 2013) including

deposits and losses on financial derive-atives

relating to the interest bearing debt. Bakka-frost

had undrawn credit facilities of approximately DKK

921.4 million, of which DKK 15.4 million were

restricted at the end of Q3 2014.

Bakkafrost's equity ratio is 57%, compared to 54% at

the end of 2013.

Income Statement

The operating revenues amounted to DKK 584.1 million

in Q3 2014 (DKK 741.1 million). The de-crease is due

to lower revenue in the Farming and FOF segments. For

the first nine months of 2014, the operating revenues

amounted to DKK 1,926.0 million (DKK 1,824.4

million).

Operational EBIT was DKK 208.7 million in Q3 2014

(DKK 186.8 million). The improved operational EBIT

margin is due to higher margins in the VAP and FOF

segments offset by lower margins in the farming

segment. For the first nine months of 2014, the

operational EBIT was DKK 606.3 million (DKK 461.1

million).

A fair value adjustment of the Group's biological

assets has been recognized in Q3 2014 amounting to

DKK 60.4 million (DKK -12.7 million). The adjust-ment

is mainly due to higher biomass at the end of Q3

2014, compared to the beginning of the quarter. For

the first nine months of 2014, the fair value

adjustment is DKK -63.2 million (DKK 21.2 million).

In Q3 2014, no changes were made to the provis-ions

of onerous contracts, as no contracts were onerous at

the beginning and at the end of the quarter. For the

first nine months of 2014, Bakkafrost has made

reversion of previous made provisions for onerous

contracts of DKK 70.9 million (DKK 39.8 million). The

reversion is mainly due to lower salmon spot prices.

At the end of 2013, the NOS salmon price was NOK

53.08, compared to NOK 32.92 at the end of Q3 2014.

In Q3 2014, there was a profit from associated

companies amounting to DKK 0.1 million (DKK 0.4

million). For the first nine months of 2014, the

result from associates was DKK 3.1 million (DKK

12.5).

Net interests in Q3 2014 were DKK -14.1 million (DKK

2.8 million). For the first nine months of 2014, net

interests were DKK -32.0 million (DKK 18.8 million).

Net taxes in Q3 2014 amounted to DKK -43.9 million

(DKK -44.5 million). For the first nine months of

2014, net taxes amounted to DKK -160.4 million (DKK

-102.1 million).

For Q3 2014, the result was DKK 211.3 million (DKK

199.6 million), and for the first nine months of

2014, the result was DKK 424.7 million (DKK 451.4

million).

Segments

Of the total harvested volumes in Q3 2014, 39% (37%)

went for the production of VAP products, and 61%

(63%) were sold as whole gutted salmon. For the first

nine months of 2014, 48% (44%) percent vent for the

VAP production, and 52% (56%) were sold fresh.

Farming:

The operating revenue for Bakkafrost's farming

segment was DKK 435.4 million in Q3 2014 (DKK 520.3

million) and DKK 1,469.1 million for the first nine

months of 2014 (DKK 1,465.6 million).

Operational EBIT, which is EBIT before fair value

adjustments on biological assets, provisions for

onerous contracts and income from associates,

amounted to DKK 166.9 million in Q3 2014 (DKK 187.5

million), and for the first nine months of 2014, it

was DKK 512.6 million (DKK 511.6 million).

Operational EBIT/kg for the farming segment was DKK

15.34 (NOK 17.02) in Q3 2014, compared to DKK 16.54

(NOK 17.59) in Q3 2013. The salmon prices in Q3 2014

have been weaker in average, compared to Q3 2013, and

thus lower margins. Operational EBIT/kg for the first

nine months of 2014 was DKK 16.34 (NOK 18.15),

compared to DKK 16.96 (NOK 17.02) for the first nine

months of 2013.

Value Added Products (VAP):

The operating revenue for the value added segment

amounted to DKK 155.2 million in Q3 2014 (DKK 147.7

million). For the first nine months of 2014, the

revenue was DKK 654.4 million (DKK 463.6 million).

The increase in the revenue from Q3 2013 to Q3 2014

is 5%, while the volumes used for VAP products

increased by 4%. The reason for the relative low

increase in the revenue, compared to the increase in

the contract prices and the volumes used for VAP, is

a build-up of inventory of finished products, at the

end of the quarter.

Operational EBIT amounted to DKK 26.5 million in Q3

2014 (DKK -19.6 million), corresponding to an

operational EBIT of DKK 6.10 (NOK 6.77) per kg gutted

weight in Q3 2014 (DKK -4.66 (NOK -4.96) per kg

gutted weight). The increase in the operation-al EBIT

margins is due to both higher contract prices and a

decrease in the raw material prices. The VAP segment

acquires its raw material (fresh salmon) at spot

prices each week. For the first nine months of 2014,

operational EBIT amounted to DKK 37.5 million (DKK

-84.6 million), corresponding to an operational EBIT

of DKK 2.33 (NOK 2.58) per kg gutted weight (DKK

-6.36 (NOK -6.38) per kg gutted weight).

FOF (Fishmeal, Fish Oil and Fish Feed):

The operating revenue for the FOF segment amounted to

DKK 287.4 million (DKK 422.3 million) in Q3 2014, of

which DKK 200.6 million (DKK 211.5 million)

represents sales to Bakkafrost's farming segment

corresponding to 69.8% (50.1%). For the first nine

months of 2014, the revenue was DKK 745.5 million

(DKK 830.5 million), of which DKK 440.3 million (DKK

480.7 million) represents sales to Bakkafrost's

farming segment corresponding to 59.1% (57.9%).

Operational EBITDA was DKK 61.7 million (DKK 48.8

million) in Q3 2014, and the operational EBITDA

margin was 21.46% (11.55%). The margin reflects the

favourable development in raw material prices.

Havsbrún sources raw pelagic fish for the fishmeal

and fish oil production, which are part of the recipe

for the production of salmon feed. In Q2, the raw

fish was purchased, while the production and sale of

the salmon feed took place in Q3. For the first nine

months of 2014, the EBITDA was DKK 140.8 million (DKK

104.4 million), and the margin was 18.88% (12.57%).

Sales of feed amounted to 29,808 tonnes (31,961

tonnes) in Q3 2014, of which the farming segment

internally used 23,587 tonnes (23,681 tonnes). For

the first nine months of 2014, the feed sale was

62,591 tonnes (65,063 tonnes). The internal sale was

48,969 tonnes (49,084 tonnes).

In the quarter, Havsbrún received 19,782 tonnes

(68,430 tonnes) of raw material for the production of

fishmeal and fish oil. The intake in Q3 2013 was

extraordinary high due to the dispute regarding

mackerel fishing in the North Atlantic. In general,

the raw material intake depends on the fishery in the

North Atlantic and available species of fish. For the

first nine months of 2014, Havsbrún received 171,313

tonnes (142,150 tonnes) of raw material. The increase

year to date is due to high intake of blue whiting in

Q2 2104.

The production of fishmeal in Q3 2014 was 4,219

tonnes (13,656 tonnes). For the first nine months of

2014, Havsbrún produced 36,158 tonnes (29,423 tonnes)

of fishmeal.

The production of fish oil in Q3 2014 was 3,011

tonnes (10,836 tonnes). For the first nine months of

2014, Havsbrún produced 4,671 tonnes (14,377 tonnes)

of fish oil. The production of fish oil varies,

depending on the species of fish sourced for

production. In Q2, the raw material intake of blue

whiting was high, but the blue whiting has a low

content of fish oil.

Statement of Financial Position

The Group's total assets as of end Q3 2014 amounted

to DKK 3,327.1 million, compared to DKK 3,112.2

million at the end of 2013.

The Group's intangible assets are unchanged, compared

to the beginning of the year, and amounted to DKK

294.7 million. Intangible assets comprise primarily

the fair value of acquired farming licences. No

licences in the North region are recorded with a

value in the Bakkafrost accounts.

Property, plant and equipment amounted to DKK 973.3

million at the end of Q3 2014, compared to DKK 916.7

million at the end of 2013. In Q3 2014, Bakkafrost

made investments in PP&E amounting to DKK 48.0

million, and for the first nine months of 2014,

investments were made for DKK 126.7 million.

Financial assets amounted to DKK 131.8 million at the

end of Q3 2014, compared to DKK 115.3 million at the

end of 2013. The increase in the financial assets

relates mainly to the investment in the new pelagic

processing company Pelagos next to Havsbrún in

Fuglafjørður, but also to the ownership in Hanstholm

Fiskemelsfabrik, that was sold to FF Skagen.

Long-term receivables have increased from DKK 1.5

million to DKK 14.4 million due to a feed financing

agreement.

The Group's carrying amount (fair value) of

biological assets amounted to DKK 960.3 million at

the end of Q3 2014, compared to DKK 965.9 million at

the end of 2013. Included in the carrying amount of

the biological assets is a fair value adjustment

amounting to DKK 233.2 million, compared to DKK 296.4

million at the end of 2013. The decrease is due to

lower salmon prices at the end of Q3 2014 compared to

end 2013, as the biomass at sea is higher than at the

beginning of the year.

The Group's total inventories amounted to DKK 285.8

million as of end Q3 2014, compared to DKK 235.5

million at year-end 2013. The inventory primarily

represents Havsbrún's inventory of fishmeal, fish oil

and fish feed in addition to feed at the feed

stations, finished products, packing materials and

other raw materials.

The Group's total receivables amounted to DKK 298.4

million as of end Q3 2014, compared to DKK 400.6

million at the end of 2013. The reason for the

decrease is mainly that Bakkafrost has entered into

a factoring agreement for a significant part of its

sale.

The Group's equity at the end of Q3 2014 is DKK

1,892.4 million, compared to DKK 1,665.3 million at

the end of 2013. The change in equity consists

primarily of the positive result for the first nine

months of 2014 and the dividend paid out in April.

The Group's total non-current liabilities amounted to

DKK 1,088.9 million at the end of Q3 2014, com-pared

to DKK 1,071.0 million at the end of 2013.

Deferred and other taxes payable in 2015 amounted to

DKK 451.2 million, compared to DKK 310.9 million at

the end of 2013. Because of the increase in the

special tax on farming companies and the change from

a provisional tax to a permanent tax, the deferred

tax has increased by DKK 42.6 million from end 2013

to end Q3 2014.

Long-term debt was DKK 583.4 million at the end of Q3

2014, compared to DKK 685.2 million at the end of

2013. Derivatives amounted to DKK 54.2 million at the

end of Q3 2014, compared to DKK 74.9 million at the

end of 2013.

Bakkafrost's interests bearing debt consists of two

bank loans and a bond loan. The bank loans are an

instalment loan of DKK 225 million, payable with DKK

25 million each quarter, and an overdraft facility

payable in 2016 with the full amount of DKK

553 million. The bond loan of NOK 500 million has a

five-year maturity and is payable 14 February 2018.

The interest rate of the bonds is NIBOR 3m + 4.15%.

Following the issuance of the bonds, Bakkafrost has

entered into a currency/interest rate swap, hedging

the exchange rate, and has switched

the interest rate from NIBOR 3m to CIBOR 3m.

Bakkafrost has entered the swap due to its exposure

to DKK, as a large part of the income and costs are

in DKK and EUR.

At the end of Q3 2014, the Group's total current

liabilities are DKK 345.8 million, compared to DKK

376.0 million at the end of 2013. Short-term interest

bearing debt amounts to DKK 100.0 million and relates

to a short-term part of long-term debt as described

above. Accounts payable amount to DKK 245.8 million,

compared to DKK 276.0 million at the beginning of the

year. The decrease is primarily due to lower

provisions for onerous contracts.

Bakkafrost's equity ratio is 57%, compared to 54% at

the end of 2013.

Cash Flow

The cash flow from operations improved signifi-cantly

in Q3 2014 compared to Q3 2013. The cash flow from

operations in Q3 2014 was DKK 280.4 million (DKK

130.6 million). The Cash flow from operations has

been positively affected from reduction in working

capital as Bakkafrost has entered into a factoring

agreement for some of its sale. For the first nine

months of 2014, the cash flow from operations was DKK

696.5 million (DKK 330.4 million).

The cash flow from investment activities in Q3 2014

amounted to DKK -47.4 million (DKK -38.4 million).

The amount relates mainly to investments in fixed

assets. For the first nine months of 2014, the cash

flow from investments amounted to DKK -153.1 million

(DKK -107.7 million).

Cash flow from financing activities totalled DKK

-127.0 million in Q3 2014 (DKK -15.4 million). The

interest bearing debt decreased by DKK 91.0 million,

and financing of an associated company contributed

positively with DKK 28.7 million. For the first nine

months of 2014, cash flow from financing amounted to

DKK -357.1 million (DKK -83.9 million).

Net change in cash flow in Q3 2014 amounted to DKK

105.6 million (DKK 76.8 million) and for the first

nine months of 2014 DKK 186.3 million (DKK 138.8

million).

At the end of Q3 2014, Bakkafrost had unused credit

facilities of approximately DKK 921.4 million of

which DKK 15.4 million are restricted.

Outlook

MARKET

The expected increase in supply of farmed salmon for

2014 is around 8%, compared with 2013. The reason for

the increase is mainly due to higher sea-water

temperatures in Norway and higher produc-tion in

Chile. Norway will increase its production by 4% and

Chile by 22%.

The supply increase commenced in Q2 and con-tinued

during Q3. In Q4, there is no significant expected

increase in the supply compared to the year before.

Therefore, the market is expected to be tighter in Q4

than the previous quarters. However, the import ban

of Norwegian salmon into Russia may affect the salmon

prices negatively on other markets - especially short

term. The outlook for 2015 is favourable for the

salmon farming industry as only a limited supply

growth is expected.

The market place is one of Bakkafrost's most signifi-

cant risk areas. To reduce the exposure to the market

risk, Bakkafrost has a geographical app-roach and a

market price approach. To diversify the geographical

market risk, Bakkafrost sells its pro-ducts to some

of the largest salmon markets in the world, US, the

Far East, Europe and Russia. The sale to Russia has

previously been low, but in-creased in Q3 due to the

favourable market access for Faroese salmon.

FARMING

The outlook for the farming segment is good. The

biological situation is good, and the price outlook

in the spot market is good.

Bakkafrost's expected harvest is unchanged at 45,000-

48,000 tonnes gutted weight in 2014 of which 55% will

be sold on the spot market, while 45% is planned to

be sold as value added products (VAP). Bakkafrost

expects to harvest 49,000-51,000 tonnes gutted weight

in 2015.

Faroe Farming, a company in which Bakkafrost holds

49%, expects to harvest around 5,000 tonnes in 2014

and 6,000 tonnes in 2015.

The number of smolts released is one key element of

predicting the future production for the Group.

Bakkafrost's forecast for the smolt release in 2014

is 10.7 million pieces, down from 11.6 million as

estimated previously. The reason is that some smolts

planned to be released in December 2014, will be

released early 2015 and thus not have any significant

financial effect. The smolt release for 2014 shall be

compared to the smolts released in 2012, which also

was 10.7 million. The same sites are available for

smolt release in 2014 as in 2012. The forecast for

smolt release for 2015 is 10.4 million, compared to

9.5 million in 2013.

The estimates for harvesting volumes and smolt

releases is as always dependent on the biological

situation. The biological situation in the Faroe

Islands is good, and Bakkafrost will continue to

focus on a good biological situation and improve

procedures where possible.

Value added products (VAP)

The outlook for the sale of value added products is

good. Bakkafrost has signed contracts covering all

the VAP capacity for the rest of 2014. This corre-

sponds around 30% of the expected harvested vol-umes

for the rest of 2014. The VAP contracts are at fixed

prices, based on the salmon prices at the time they

are agreed and the expectations for the salmon spot

price for the contract period.

The contracts last for 6 to 12 months. The long-term

strategy is to sell around 40-50% of the harvested

volumes of salmon as VAP products on fixed price

contracts. Selling the products at fixed prices re-

duces the financial risk with fluctuating salmon

prices. The market price for contracted VAP pro-ducts

follows a more stable pattern with trends instead of

short-term fluctuations as in the spot market.

FOF (Fish oil, -meal and feed)

The outlook for the production of fish oil and fish-

meal has improved as the available raw material for

the production of fish oil and -meal has increased.

The quotas for catching blue whiting in the North

Atlantic has increased, and the opening of a new

pelagic processing plant next to Havsbrún's

production facilities improved the possibilities for

getting access to offcuts and raw material that

cannot be used for human consumption, but for the

production of fishmeal and oil.

However, depending on supply, demand and the price

level, the sourcing of raw material for the

production of fish oil and -meal is very uncertain.

An alternative to Havsbrún's production of fish oil

and -meal is purchasing these raw materials from

other producers, which has been common in recent

years. Fish oil and -meal is the most important raw

material in the production of a high quality fish

feed for the Bakkafrost salmon.

The major market for Havsbrún´s fish feed is the

local Faroese market including Bakkafrost's internal

use of fish feed.

It is expected that the total consumption of fish

feed in the Faroe Islands will be approximately

90,000-95,000 tons in 2014. Depending on the purchase

from external customers in the Faroe Islands and

abroad, the sale of fish feed will be approximately

83,000-87,000 tonnes.

Investments

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.

The total investments for the period 2014-2017 will

be DKK 1,370 million including maintenance CAPEX.

Included in the investment plan, is a new Harvest/VAP

factory estimated to DKK 450 million, resulting in

operational savings of DKK 70-90 million per year

from 2017. The plant will be up running in 2016.

A new 3,000 m3 wellboat operated by Bakkafrost is

under construction and planned for delivery 25th

April 2015. The investment in the wellboat amounts to

DKK 230 million.

Another part of the plan is to increase the smolt

capacity, making Bakkafrost self-supplied with smolt

at a size of 200-300g apiece before end 2017. The

investment amounts to DKK 420 million. The benefits

are shorter production time at sea and reduced

biological risk. Due to the shorter time at sea,

Bakkafrost can gradually increase the farming

production by 10-15%.

In addition to the above-mentioned projects, that are

under construction or will start up shortly, Bakka-

frost has invested in a new packaging plant and a new

hatchery. Maintenance CAPEX is also part of the

investment plan.

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 un-

changed.

Financial

Improved market balances in the world market for

salmon products and costs effective production will

likely improve the financial flexibility going

forward. A high equity ratio together with the

Group's bank financing and the issuance of bonds,

makes Bakka-frost's financial situation strong, which

enables Bakkafrost to carry out its investment plans

to fur-ther focus on strengthening the Group, M&A's,

organic growth opportunities and fulfil its dividend

policy in the future.

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 640 employees.

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