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Bakkafrost P/f

Earnings Release • Feb 19, 2019

7331_rns_2019-02-19_619be050-7faf-432a-aacc-e86396bc885b.pdf

Earnings Release

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Q4 2018

BAKKAFROST GROUP Oslo 19 February 2019

DISCLAIMER

  • 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 2018

  • MARKETS AND SALES
  • SEGMENT INFORMATION
  • GROUP FINANCIALS
  • OUTLOOK
  • APPENDIX

HIGHLIGHTS

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*) Including internal sales of 21,649 tonnes in Q4 2018 (17,597 tonnes in Q4 2017)

**) EBIT before fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax

SUMMARY OF THE QUARTER

Operational EBIT for the Farming segment decreased due to lower achieved prices. Positive operational EBIT for the VAP segment, but lower EBITDA margin for the FOF segment.

  • Farming/VAP margin decreased from 29.88 NOK/kg in Q4 2017 to 21.91 NOK/kg in Q4 2018
  • VAP segment had a positive margin of 1.51 NOK/kg in Q4 2018, compared to 9.54 NOK/kg in Q4 2017
  • Farming margin was 21.56 NOK/kg in Q4 2018, compared to 25.76 NOK/kg in Q4 2017
  • FOF margin was 21.0% in Q4 2018, compared to 25.5% in Q4 2017
  • Group Operational EBIT was DKK 231 million in Q4 2018, compared to DKK 331 million in Q4 2017
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4
  • SUMMARY OF Q4 2018
  • MARKETS AND SALES
  • SEGMENT INFORMATION
  • GROUP FINANCIALS
  • OUTLOOK
  • APPENDIX

MARKETS & SALES

Sales distribution changed in Q4 2018, compared with Q4 2017 and the previous quarter, especially sales of fresh salmon. Sales to Eastern Europe decreased significantly, and all other markets increased in the fresh salmon sales. VAP on contract is still on a low level

  • EU market decreased from 45% in Q4 2017 to 44% in Q4 2018
  • USA increased from 17% to 26%
  • Asia increased from 15% to 24%
  • Eastern Europe decreased from 23% to 6%
  • Harvest volumes used in the VAP segment were 23% in Q4 2018, compared to 43% in Q4 2017
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GLOBAL MARKETS

Higher prices in Q4 2018

  • Prices increased 12%, compared with Q4-2017
  • y/y by 6.20 NOK/kg ~12% from NOK 50.16 to NOK 56.36
  • q/q by 1.05 NOK/kg ~2% from NOK 55.31 to NOK 56.36

Increased global supply in Q4 2018

4.7% increased global supply in Q4 2018, compared with Q4 2017, corresponding to 27,500 tonnes

Change in global market supply and market price

Source: Kontali

DEVELOPMENT IN HARVESTED AND SOLD QUANTITY BY ORIGIN

5% global supply growth in Q4 2018

1% growth in European harvest

  • Low average harvest weights in Norway
  • Sea lice issues
  • Stable disease situation
  • Stable output but strong underlying growth in the UK
  • 35% increase in feed consumption during Q4 2018

Americanharvest increased by 13%

  • Chile increased harvest by 16%
  • High harvest weight – strong biological performance
  • Minor changes in Canada and the USA
  • Build-up of frozen inventory in Chile
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Strong momentum in most markets

EU growth 2% higher than European harvest

Demand fuelled by price pressure on small sized fish

Solid US growth at increased prices

  • Lower growth than previous quarters
  • Very low presence of European fish in the market

Declining growth rate in Russia

  • 25% growth in 2018
  • Chile major contributor to the growth

Greater China/ASEAN

Chile has taken larger share of large fish markets

Strong growth in Latin America

Salmon markets, sold quantity (head on gutted - HOG)

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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.

Strong growth in Scotland – recovery to 2017 harvest levels

Americas – Limited growth

Europe – Increasing growth

Chile expected to grow modestly due to regulatory constraints

Uncertainty linked to biological performance in Norway

  • Growth must be driven by increased smolt as yield per smolt is historic high levels
  • 2H 2018 smolt release in Chile is up 13%

SHORT TERM SUPPLY OUTLOOK

SUPPLY - TOTAL

Source: Kontali

  • SUMMARY OF Q4 2018
  • MARKETS AND SALES
  • SEGMENT INFORMATION
  • GROUP FINANCIALS
  • OUTLOOK
  • APPENDIX

Bakkafrost's hatchery at Viðareiði viewed from the top of the mountain

FARMING – HARVEST VOLUME

Harvested volumes

  • Harvested volumes increased by 7% in Q4 2018, compared with Q4 2017
  • 1,500 tonnes moved to 2019, increases expected harvest in 2019 from 53,000 to 54,500 tonnes gutted weight
  • The harvest in the North Region was 33%, and the harvest in the West Region was 67% in Q4 2018
  • Average weight of harvested fish increased 0.2kg in Q4 2018 to 5.3 kg head on gutted from 5.1 kg in Q4 2017

Smolt transfer

Bakkafrost transferred 3.3 million smolts in Q4 2018 (3.4 million smolts in Q4 2017)

Seawater temperatures in the Faroe Islands

Average temperatures in Q4 2018 were 0.26 oC down – from 8.75 oC in Q4 2017 to 8.49 oC in Q4 2018

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A challenging quarter

  • Operational EBIT decreased from DKK 229 million in Q4 2017 to DKK 204 million in Q4 2018
  • Operational EBIT margin was 30% in Q4 2018, compared to 40% in Q4 2017
  • Costs stable
  • Pricing negatively affected by combination of various circumstances
  • Market access
  • New harvesting plant in Suðuroy delayed certification and access to markets
  • Market strategy temporarily disrupted
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M/S Hans á Bakka

Operation

  • Farming operational EBIT decreased by NOK 4.20 per kg from NOK 25.76 in Q4 2017 to NOK 21.56 in Q4 2018
  • Operational EBIT per kg in the North Region was NOK 14.90 and in the West Region NOK 24.79 in Q4 2018
  • Change in revenue tax from 1st January 2019:

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

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n		 F
i
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m
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O
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g
w		 1
4.
9
0		 2
4.
7
9		 2
1.
5
6

1) Currency rate NOK/DKK: 77.00

VAP operational EBIT margin

  • Same trend as in the previous quarter with substantial decrease in revenue by 62% to DKK 109 million in Q4 2018, from DKK 288 million in Q4 2017
  • Operating EBIT in Q4 2018 was DKK 3 million, compared with DKK 37 million in Q4 2017

Lower raw material prices and lower activity in Q4 2018

  • The low salmon spot prices in Q4 2018 affected the margin in the VAP segment positively, but the low production activity had a negative effect on the margin
  • Operational EBIT per kg was NOK 1.51 in Q4 2018, compared to NOK 9.54 in Q4 2017
  • Contract level increased substantially from 14% in 2018 to 33% in 2019
(
)
D
K
K
i
l
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i
m
o
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4
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8		 Q
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(
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9
4
9		 8,
3
5
5		 1
9,
0
6
7

Reduced EBITDA margin Fishmeal, Oil and Feed

  • EBITDA of DKK 60 million in Q4 2018, compared with DKK 94 million in Q4 2017
  • EBITDA margin of 21.0% in Q4 2018, compared with 25.5% in Q4 2017
  • Feed sales increased by 30%, but external fishmeal sales decreased by 80% in Q4 2018, compared to Q4 2017
(
D
K
K
i
l
l
i
)
m
o
n		 Q
4
2
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1
8		 Q
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2
0
1
7		 2
0
1
8		 2
0
1
7
O
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i
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8
8		 3
6
7		 1,
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0		 9
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6
6
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n		 2
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%		 2
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5.
5		 2
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%		 2
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4
F
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(
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F
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(
)
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s		 3,
8
2
7		 1
8,
9
5
5		 4
3,
2
3
5		 9,
0
0
6
5

Good raw material sourcing in the quarter

  • Havsbrún sourced 9% less raw material in Q4 2018, compared to Q4 2017
  • 2018 is the second highest raw material sourcing year since Havsbrún became part of Bakkafrost Group
  • * Including sales to Bakkafrost, corresponding to ~ 88% of feed volumes in Q4 2018 (Q4 2017: 93%)

Sourcing of raw material (tonnes)

MARKET CONDITIONS FEED

Increase in feed sales

  • Quantity of feed sold was 24,711 tonnes in Q4 2018, compared to 18,955 tonnes in Q4 2017
  • External feed sales higher in Q4 2018, compared to Q4 2017

Market fluctuations

Both fishmeal and fish oil prices increased in Q4 2018, compared to previous quarter

Volumes of raw material purchase and feed sale [tonnes]

Fishmeal and fish oil price index in DKK (Q1 2015 = 100)

  • SUMMARY OF Q4 2018
  • MARKETS AND SALES
  • SEGMENT INFORMATION
  • GROUP FINANCIALS
  • OUTLOOK
  • APPENDIX

Bakkafrost in Glyvrar at night

  • Revenue on lower level in Q4 2018, due to lower prices and lower external sales in FOF segment. Revenue in Q4 2018 amounted to DKK 750 million, compared to DKK 906 million in Q4 2017.
  • Operational EBIT in Q4 2018 decreased to DKK 231 million, compared to DKK 331 million in Q4 2017
  • Fair value of biomass decreased due to lower salmon prices, compared to Q3 2018
  • Revenue tax, recognized as cost, amounted to DKK -24 million in Q4 2018, compared to DKK -20 million in Q4 2017
  • Financial items amounted to DKK -2 million and taxes amounted to DKK 0 million in Q4 2018
  • Profit after tax for Q4 2018 was DKK -7 million, compared to DKK -22 million in Q4 2017
(
D
K
K
i
l
l
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)
m
o
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%		 4
1.
4
%
O
t
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E
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in
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rg		 %
3
0.
7		 %
3
6.
6		 %
3
3.
8		 %
3
6.
5
O
t
io
l
E
B
I
T
/
kg
(
Fa
ing
d
V
A
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)
(
N
O
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)
p
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an		 2
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(
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n		 2
1.
0
%		 2
%
5.
5		 2
0.
0
%		 2
0.
4
%

* Operational EBITDA and EBIT aligned for fair value adjustment of biomass, onerous contracts provisions, income from associates and revenue tax.

OPERATIONAL EBIT* AND EARNINGS PER SHARE

Operational EBIT* (DKK million)

1,001 1,165 1,378 1,075 2015 2016 2017 2018

Earnings per share (DKK)

*) Operational EBIT is EBIT before fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax

BALANCE SHEET

  • Intangible assets increased by DKK 13 million during the year and amounts to DKK 390 million at the end of Q4 2018
  • Investments in PPE of DKK 147 million in Q4 2018 and PPE amounts to DKK 2.9 billion
  • Financial assets amount to DKK 113 million
  • The carrying amount of biological assets amounts to DKK 1,358 million, whereof fair value adjustment amounts to DKK 383 million
  • Inventory amounts to DKK 439 million at the end of Q4 2018
  • Changes in equity consist primarily of the positive results in 2018. Equity ratio is 70% at the end of Q4 2018
  • NIBD is DKK 495 million at the end of Q4 2018, compared with DKK 258 million at end 2017
(
D
K
K
i
l
l
i
)
m
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1
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3		 5,
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5
6

CASH FLOW

  • Cash flow from operations amounted to DKK -59 million in Q4 2018, compared to DKK 261 million in Q4 2017
  • Cash flow from investments amounted to DKK -147 million in Q4 2018, compared to DKK -169 million in Q4 2017
  • Cash flow from financing is affected by change in interest-bearing debt
(
D
K
K
i
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m
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4
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5		 9
9
8		 1,
0
0
5

Net interest-bearing debt

  • Cash flow from operating activities decreased the NIBD with DKK 256 million in Q4 2018
  • Net investments increased the NIBD with DKK 147 million in Q4 2018
  • Taxes paid increased the NIBD with DKK 202 million in Q4 2018
  • Change in working capital in Q4 2018 increased the NIBD with DKK 116 million

Financing end Q4 2018

  • Bank facilities of EUR 200 million
  • NIBD: DKK 495 million
  • Undrawn loan facilities: DKK 998 million

Development in NIBD in DKK millions

NIBD and available funding

  • SUMMARY OF Q4 2018
  • MARKETS AND SALES
  • SEGMENT INFORMATION
  • GROUP FINANCIALS
  • OUTLOOK
  • APPENDIX

OUTLOOK

Market

  • Global supply in Q4 2018 increased around 5%, compared to Q4 2017
  • Global harvest in Q1 2019 is expected to increase 5%, compared to Q1 2018
  • Global supply growth in 2019 is expected to be around 4- 6%, compared to 2018

VAP

  • Contracted around 33% of expected harvest for 2019
  • Bakkafrost's long-term strategy is to sell 40-50% of the harvested volumes as VAP products at fixed price contracts

Fishmeal, Oil and Feed

Feed sales in 2019 are expected to be around 85,000 tonnes

Farming

  • Bakkafrost expects to harvest 54,500 tonnes gw in 2019
  • Bakkafrost expect to release 13.5 million smolts in 2019, compared with 12.5 million smolts in 2018 and 9.9 million smolts in 2017.

Business development / Investment program

  • Pursuing sustainable organic growth
  • Financial flexibility enables M&A
  • New 2018 – 2022 investment program

  • Totalling ~ DKK 3 billion over five years

  • SUMMARY OF Q4 2018

  • MARKETS AND SALES
  • SEGMENT INFORMATION
  • GROUP FINANCIALS
  • OUTLOOK
  • APPENDIX

DEVELOPMENT IN HARVESTED AND SOLD QUANTITY BY ORIGIN

  • 5.4% supply growth expected in 2018
  • 1% in Europe
  • 16% in Americas
  • 5.5% supply growth expected in 2019
  • 7% in Europe
  • 1% in Americas
G
Su
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(
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Su
G
ly
t
h -
lo
ba
l
p
p
g
row		 0
%
4.		 6.
8
%
‐		 6.
%
1		 %
5.
4		 %
5.
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Su
ly
t
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Eu
p
p
g
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e		 %
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0.
7		 %
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Su
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%

Salmon Markets (head on gutted - HOG)

2
0
1
5		 2
0
1
6		 2
0
1
7		 2
0
1
8
E		 2
0
1
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E
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7
2		 9
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5		 9
2
1		 9
5
6		 1,
0
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5
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S
A		 3
8
1		 3
7
8		 3
9
8		 4
2
8		 4
6
4
Ja
p
an		 5
4		 5
9		 5
8		 5
4		 5
6
Ru
ia
ss		 9
7		 6
7		 7
0		 8
7		 9
8
he
O
t
rs		 5
7
5		 5
4
8		 5
9
2		 6
4
1		 6
8
4
(
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To
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ty
an		 2,
0
8
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9
9
7		 2,
0
3
8		 2,
1
6
5		 2,
3
0
7

Comments:

All figures are in hog‐equivalents and thousand tonnes.

Figures represents sold quantity of Atlantic Salmon from each producing country

Source: Kontali

Q4 2018 MARKET ENVIRONMENT

  • Nasdaq Norway price EUR 5.8 in Q4 2018
  • 12% up vs. Q4 2017; 1% up vs. Q3 2018
  • Low average harvest weight in Norway
  • 11% increase in Urner Barry East Coast price
  • High average harvest weights in Chile
  • Chile replaced Norway as supplier of large fish
    • US and Asia
C
C
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%
ha
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(
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D
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7		 1
4.
5
%

PRICE NORWAY

PRICE US – NORTH EAST

Source: Kontali

SUPERIOR BIOLOGY COMBINED WITH STATE OF THE ART INFRASTRUCTURE

FIS
HM
EA
L,
OIL
AN
D F
EED		 BR
OO
DST
OC
K		 SM
OL
T		 SEA
W
AT
ER
PR
OC		 /
SA
LES
MA
RK
ETI
NG
CU
RR
EN
T
CA
PA
CIT
Y		 len
0k
(
)
Equ
iva
10
t to
tgw
ual
ha
st @
ann
rve
dex
of
rin
e in
44
%
ma		 No
ne		 mil
lion
12
@
20
0 g
ram
s		 /
far
fjo
rds
21
min
ites
17
g s
(
)
lt/
55k
@
100
tgw
g s
mo
65k
(
)
lt
@
500
tgw
g s
mo
ell
boa
4 w
ts
2 s
ice
ls
erv
ve
sse		 k p
(
)
130
rim
tgw
ary
(
)
40
k se
dar
tgw
con
y
80k
cka
l (
)
ing
ria
ate
tgw
pa
g
m		 al s
ale
Ce
s F
ntr
aro
es
UK
les
off
ice
sa
sal
off
US
ice
es
ndi
Bra
ng
/
ON
GO
ING
PLA
NN
ED
INV
EST
ME
NT
S		 Ad
dit
al 6
5k
(
)
ion
tgw
ual
ha
st @
ann
rve
rin
e in
dex
of
44
%
ma		 n b
din
Ow
ree
g p
rog
ram
me
Ful
l se
lf s
uff
icie
ncy		 mil
lion
19
@
50
0 g
ram
s		 ded
inf
Up
tru
ctu
gra
ras
re
h t
Fis
tio
rta
ran
spo
n
R&
D		 Sel
ed
rad
ing
ect
upg
,
ffic
and
fu
alit
ien
ion
nct
e
cy
y		 rke
/sa
les
Ma
tin
init
iati
g
ves
rke
Ma
tio
t p
tra
ene
n
PU
RP
OS
E		 nab
le G
th
Sus
tai
row
Fle
xib
ility
Eff
/st
mli
icie
nin
ncy
rea
g
tio
Inn
ova
n
al i
Env
iro
ent
ent
nm
mp
rov
em
d s
afe
Foo
ty		 Ad
tab
ility
loc
al b
iolo
to
ap
gy
duc
t d
iffe
Pro
tiat
ion
ren
Sup
t b
din
tra
teg
por
ran
g s
y
(
l pr
)
imm
ria
ate
rty
ope
Ind
nde
of
nal
ter
epe
nce
ex
lier
sup
p
s
rol
Ve
ina
ter
ont
ry c		 nab
le g
th
Sus
tai
row
Red
d e
e in
uce
xpo
sur
se
a		 76k
(
)
lt
@
500
tgw
>
g s
mo		 duc
ual
Pro
ity
t q
duc
Pro
atio
t p
ent
res
n
duc
t d
iffe
Pro
tiat
ion
ren
sh
miu
rod
Fre
uct
pre
m p
abi
lity
cap		 hie
Pre
miu
rice
ent
m p
ac
vem
Red
d s
rice
nsi
tiv
ity
t p
uce
po
se
low
Ma
int
ain
to
ex
pos
ure
ing
le m
ark
ets
s

Entire infrastructure wholly owned and on balance sheet

•

DEVELOPMENT PER QUARTER Q1 2015 – Q4 2018

(
D
K
K
)
m		 Q
4
2
0
1
8		 Q
3
2
0
1
8		 Q
2
2
0
1
8		 Q
1
2
0
1
8		 Q
4
2
0
1
7		 Q
3
2
0
1
7		 Q
2
2
0
1
7		 Q
1
2
0
1
7		 Q
4
2
0
1
6		 Q
3
2
0
1
6		 Q
2
2
0
1
6		 Q
1
2
0
1
6		 Q
4
2
0
1
5		 Q
3
2
0
1
5		 Q
2
2
0
1
5		 Q
1
2
0
1
5
Re
ve
nu
e		 0
7
5		 6
2
2		 9
5
4		 8
1
5		 9
0
6		 8
0
4		 1,
2
0
6		 8
5
4		 8
6
8		 6
0
4		 9
0
7		 9
0
5		 6
0
7		 6
7
7		 8
0
0		 6
1
3
Op
t
ion
l
E
B
I
T
er
a
a		 2
3
1		 1
6
8		 4
0
8		 2
6
8		 3
3
1		 2
5
2		 4
5
9		 3
3
5		 3
5
0		 2
5
5		 3
0
7		 2
5
4		 2
5
7		 2
0
6		 3
0
3		 2
3
5
Pr
f
i
t
/
Lo
o
ss		 -7 3
5
6		 3
3
9		 2
7
2		 2
2
-		 5
6		 3
9
8		 7
9		 5
5
5		 3
4
6		 2
2
4		 2
1
3		 3
1
9		 1
6
8		 1
9
1		 1
3
2
Ha
t
(
tg
)
rve
s
w		 1
2,
2
3
4		 7,
2
1
7		 1
2,
9
0
2		 1
2,
2
3
7		 1
1,
4
7
0		 1
1,
5
8
5		 1
8,
4
0
2		 1
3,
1
5
8		 1
2,
9
4
0		 1
0,
6
6
4		 1
3,
0
0
4		 1
0,
9
3
4		 1
3,
6
7
5		 1
2,
9
8
2		 1
4,
1
8
2		 9,
7
2
6
Op
E
B
I
T
Fa
ing
&
V
A
P
(
N
O
K
/
kg
)
rm		 2
1.
9
1		 2
5.
3
4		 3
7.
4
1		 2
2.
9
2		 2
9.
8
8		 2
3.
0
2		 2
9.
7
7		 2
9.
4
0		 3
2.
0
0		 2
8.
9
7		 2
7.
8
8		 2
7.
5
5		 2
1.
8
3		 1
8.
1
0		 2
2.
6
2		 2
6.
1
2
Eq
i
ty
t
io
u
ra		 0
%
7		 0
%
7		 6
8
%		 6
9
%		 0
%
7		 6
8
%		 6
4
%		 6
%
5		 6
6
%		 6
3
%		 6
1
%		 6
6
%		 6
6
%		 6
3
%		 6
1
%		 6
1
%
N
I
B
D		 4
9
5		 2
8
6		 4
4
3		 1
0
2		 2
8
5		 3
6
5		 6
0
5		 4
9
5		 6
3
5		 0
4
5		 6
0
3		 2
1
8		 3
9
1		 1
8
2		 3
0
2		 2
2
7

Revenue for the Bakkafrost Group has increased from 820 mDKK in 2010 to 3.2 bDKK in 2018.

Operational EBIT for the Bakkafrost Group has increased from 247 mDKK in 2010 to 1.1 bDKK in 2018.

The margin in Farming was NOK 27.89 per kg in 2018.

The margin in VAP was NOK -3.46 per kg in 2018.

Dividend

• Dividend for 2018 of DKK 8.25 (NOK 10.70****) per share will be paid out in Q2 2019

Dividend policy

  • Competitive return through:
  • Dividends
  • Increase in the value of the equity
  • Generally, Bakkafrost shall pay dividend to its shareholders
  • A long-term goal is that 30–50% of EPS shall be paid out as dividend

99%19%40%49%** 49% 46%50% 50% 50% 49%

Dividend per share in % of adj. EPS*

Dividend per share (DKK)***

  • * Adjusted EPS is EPS adjusted for fair value adjustments of biomass and onerous contracts provisions
  • ** Dividend and acquisition of treasury shares
  • *** Dividend is paid out the following year

**** The dividend per share in NOK is subject to changes depending on the exchange rate between DKK and NOK, which will be announced after the Annual General Meeting.

BAKKAFROST / Q4 2018 PRESENTATION

FAROE ISLANDS

  • 18 islands – 1,387 km2
  • 51,371 inhabitants (Jan 2019)
  • Home rule – within the Kingdom of Denmark
  • Part of the Danish monetary union, Danish krone (DKK)
  • Key sectors (% of wage earners, 2017)
  • Service/public admin.: ~36%
  • Private service: ~33%
  • Construction: ~16%
  • Fish & aquaculture: ~15%
  • Unemployment rate (Nov 2018): 1.3%
  • Total working force (Nov 2018): 27,165
  • GDP: DKK ~19.2bn (2018e)
  • GDP/capita: DKK 380,000 (2018e) (Norway: DKK 463,000) (2017)

Total export of fish products (2017)

  • DKK 8,412 million 10% increase from 2016
  • whereof farmed fish accounts for 46%

TAXES

  • Total percent of GDP: 41.8% (2016)
  • Corporate tax: 18%
  • Farming revenue tax : 5.0% of revenues after 1 January 2019
  • Restriction on single foreign ownership of 20% in farming companies
  • One company may max. control 50% of licences in the Faroe Islands

LARGEST SHAREHOLDERS

2
0
la
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Ra		 Ho
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1 7
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9,		 Ø
JAC
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2 7
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.21		 19
9,		 JAC
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3 0
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7,		 FO
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5,		 rde
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bp
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16 84
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6.1		 97
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17 48
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7.2		 92
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0,		 KLP
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DE
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0,		 nk
d T
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Traded Monthly

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BAKKAFROST / Q4 2018 PRESENTATION

Page 36

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