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The Bakkafrost Group delivered a total operating EBIT of DKK 227.5 million in Q4 2014. The combined farming and VAP segment made an operational EBIT of DKK 213.8 million in Q4 2014. The Farming segment made an operational EBIT of DKK 181.4 million. The global salmon spot prices increased during the quarter. Bakkafrost’s VAP contract prices remained high, and the VAP segment made an operational EBIT of DKK 32.4 million in Q4 2014. The EBITDA for the FOF segment was DKK 40.8 million in Q4 2014. For 2014, Bakkafrost made an operational EBIT of DKK 833.8 million.
"We are very content with the result for the 4th quarter of 2014 and the year 2014. We achieved a record high operating result both for the quarter and the year, driven by operational improvements in all segments. We are well positioned to meet future challenges and have entered into an exciting new year with the new well boat being delivered in the summer. With the well boat and other investments, Bakkafrost will continue to improve its operations and reduce biological risk,” says CEO Regin Jacobsen.
The Group made a profit for the quarter of DKK 222.4 million (DKK 137.9 million). For 2014, the profit was DKK 647.1 million (DKK 589.2 million).
The total volumes harvested in Q4 2014 were 12,651 tonnes gutted weight (11,097 tgw). The total harvested volumes for 2014 were 44,013 tonnes gutted weight (41,268 tgw)
Bakkafrost transferred 3.2 million smolts in Q4 2014 (2.8 million), which is in line with the company’s plans. In 2014, 10.4 million smolts have been transferred (9.5 million). In Q3 2014, Bakkafrost adjusted its forecast for the smolt release in 2014 to 10.7 million. The reason is that some smolts, planned to be released in December 2014, would be released early 2015.
In accordance with the Group’s dividend policy, Bakkafrost aims at giving its shareholders a competitive return on their investment, both through payment of dividends and by securing an increase in the value of the equity through positive operations. Bakkafrost’s financial position is strong with a healthy balance sheet, a competitive operation and undrawn available credit facilities. The Board of Directors has therefore decided to propose to the Annual General Meeting that DKK 6.00 (NOK 6.90*) per share shall be paid out as dividend. This corresponds to approximately DKK 293.1 million (NOK 337.0* million). The long-term goal of the Board of Directors is that 30–50% of earnings per share shall be paid out as dividend. The proposed dividend corresponds to 49% of adjusted earnings for 2014 and is at the top end of the range.
In Q4 2014, the associated company P/F Faroe Farming harvested 1,969 tonnes gutted weight (1,889 tgw). For 2014, Faroe Farming harvested 4,957 tonnes gutted weight (6,053 tgw).
The combined farming and VAP segment made an operational EBIT of DKK 213.8 million (DKK 124.9 million) in Q4 2014. In 2014, the combined farming and VAP segment made an operational EBIT of DKK 763.9 million (DKK 551.9 million).
The farming segment made an operational EBIT of DKK 181.4 million (DKK 130.8 million) in Q4 2014. The spot prices were strong in Q4 2014 and in Q4 2013. The main reason for a stronger result in Q4 2014 is that Q4 2013 was affected by the early harvest of the first site with suspicion of Neoparamoeba perurans. In 2014, the operational EBIT was DKK 694.0 million (DKK 642.4 million).
The VAP segment made an operational EBIT of DKK 32.4 million (DKK -5.9 million) for Q4 2014. In 2014, the operational EBIT was DKK 69.9 million (DKK -90.5 million). There is normally a time lag between 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. Therefore, the VAP result for both Q4 2014 and for 2014 has improved, compared with last year.
The third segment – FOF (fishmeal, oil and feed), made an operational EBITDA of DKK 40.8 million (DKK 21.3 million) in Q4 2014. The operational EBITDA for 2014 amounted to DKK 181.6 million (DKK 125.8 million). The increase in the EBITDA is primarily due to higher production of fishmeal and fish oil.
In Q4 2014, Havsbrún sourced 21,918 tonnes of raw material (18,432 tonnes) and in 2014, Havsbrún sourced 193,231 tonnes of raw material (160,581 tonnes).
Bakkafrost established a share saving plan for its employees for 2014. Employees could purchase shares for maximum 5 percent of the monthly basic salary. After two full years of ownership and continuous employment, the company will allocate one bonus share, for every share bought in connection with this offer for 2014. A similar share saving plan for its employees for 2015 has been implemented.
On the 24th of April 2014, Bakkafrost – via its 100% owned subsidiary Havsbrún – acquired an additional 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.
The Bakkafrost Group had a net interest bearing debt at the end of Q4 2014 amounting to DKK 232.7 million (DKK 638.6 million at year-end 2013) including deposits and losses on financial deriveatives relating to the interest bearing debt. Bakkafrost had undrawn credit facilities of approximately DKK 958.1 million, of which DKK 15.0 million were restricted at the end of Q4 2014.
Bakkafrost’s equity ratio is 60%, compared to 54% at the end of 2013.
The operating revenues amounted to DKK 757.3 million in Q4 2014 (DKK 666.6 million). The increase is due to improved salmon prices on both the spot and the contract market. For 2014, the operating revenues amounted to DKK 2,683.3 million (DKK 2,491.1 million).
Operational EBIT in Q4 2014 was DKK 227.5 million (DKK 125.9 million). Improved margins in all segments in Q4 2014 compared to Q4 2013 resulted in an improved overall operational EBIT margin. All segments had a positive contribution in Q4 2014, while the VAP segment had a negative margin in Q4 2013. For 2014, the operational EBIT was DKK 833.8 million (DKK 587.0 million).
A fair value adjustment of the Group’s biological assets has been recognised in Q4 2014 amounting to DKK 51.6 million (DKK 94.2 million). The adjustment is mainly due to higher salmon spot prices at the end of Q4 2014, compared to the beginning of the quarter. For 2014, the fair value adjustment is DKK -11.5 million (DKK 115.4 million).
In Q4 2014, no changes were made to the provisions of onerous contracts, as no contracts were onerous at the beginning and at the end of the quarter. For 2014, Bakkafrost has made reversion of previous made provisions for onerous contracts of DKK 70.9 million (DKK -24.8 million). The reversion is mainly due to lower salmon spot prices at year-end 2014, compared to year-end 2013, and higher contract prices in VAP. At year-end 2013, the NOS salmon price was NOK 53.08, compared to NOK 43.57 at the end of Q4 2014.
In Q4 2014, there was a loss from associated companies amounting to DKK -4.0 million (DKK 11.2 million). For 2014, the result from associates was DKK -0.8 million (DKK 23.8 million).
Net interests in Q4 2014 were DKK 38.9 million (DKK 7.2 million). A positive unrealised exchange rate adjustment of DKK 46.8 million related mainly to the bond loan of NOK 500 million is posted in Q4 2014. For 2014, net interests were DKK 6.9 million (DKK 26.0 million).
Net taxes in Q4 2014 amounted to DKK -91.7 million (DKK -36.1 million). For 2014, net taxes amounted to DKK -252.1 million (DKK -138.1 million).
The result for Q4 2014 was DKK 222.4 million (DKK 137.9 million). The result for 2014 was DKK 647.1 million (DKK 589.2 million).
Of the total harvested volumes in Q4 2014, 37% (45%) went for the production of VAP products, and 63% (55%) were sold as whole gutted salmon. For 2014, 45% (44%) went for the production of VAP products, and 55% (56%) were sold as whole gutted salmon.
In Q4 2014, the operating revenue for Bakkafrost’s farming segment was DKK 630.4 million (DKK 525.9 million) and for 2014, it was DKK 2,099.5 million (DKK 1,991.6 million).
Operational EBIT, which is EBIT before fair value adjustments on biological assets, provisions for onerous contracts and income from associates, amounted to DKK 181.4 million in Q4 2014 (DKK 130.8 million), and for 2014, it was DKK 694.0 million (DKK 642.4 million).
Operational EBIT/kg for the farming segment was DKK 14.34 (NOK 16.53) in Q4 2014, compared to DKK 11.79 (NOK 13.02) in Q4 2013. Q4 2013 was affected by the early harvest on the first site with suspicion of Neoparamoeba perurans and had a negative effect on the margin in Q4 2013. Operational EBIT/kg for 2014 was DKK 15.77 (NOK 17.65), compared to DKK 15.57 (NOK 16.27) for 2013.
VALUE ADDED PRODUCTS (VAP):
The operating revenue for the value added products segment amounted to DKK 259.0 million (DKK 202.6 million) in Q4 2014. For 2014, the revenue was DKK 913.4 million (DKK 666.2 million). The increase in the revenue from Q4 2013 to Q4 2014 is 28%, while the volumes used for VAP were almost the same in Q4 2014 as in Q4
2013. Apart from better contract prices in 2014 than in 2013, the reason for the increased revenue is that the build-up of inventory of finished products in Q3 2014 was sold in Q4 2014.
Operational EBIT amounted to DKK 32.4 million (DKK -5.9 million) in Q4 2014, corresponding to an operational EBIT of DKK 6.39 (NOK 7.36) per kg gutted weight in Q4 2014, compared to DKK -1.17 (NOK -1.29) per kg gutted weight in Q4 2013. The increase in the operational EBIT margins is due to higher contract prices. The VAP segment purchases its raw material (fresh salmon) at spot prices each week. For 2014, operational EBIT amounted to DKK 69.9 million (DKK -90.5 million), corresponding to an operational EBIT of DKK 3.30 (NOK 3.69) per kg gutted weight in 2014, compared to DKK -4.93 (NOK -5.16) per kg gutted weight in 2013.
FOF (FISHMEAL, FISH OIL AND FISH FEED):
The operating revenue for the FOF segment amounted to DKK 225.2 million (DKK 252.5 million) in Q4 2014, of which DKK 173.1 million (DKK 150.7 million) represents sales to Bakkafrost’s farming segment, corresponding to 76.9% (59.7%). For 2014, the revenue was DKK 970.7 million (DKK 1,083.0 million), of which DKK 613.3 million (DKK 631.3 million) represents sales to Bakkafrost’s farming segment, corresponding to 63.2% (58.3%).
Operational EBITDA was DKK 40.8 million (DKK 21.3 million) in Q4 2014, and the operational EBITDA margin was 18.11% (8.45 %). 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 and continued in Q4. For 2014, the EBITDA was DKK 181.6 million (DKK 125.8 million), and the margin was 18.70% (11.61%).
Sales of feed amounted to 23,133 tonnes (20,270 tonnes) in Q4 2014, of which the farming segment internally used 19,218 tonnes (14,736 tonnes). For 2014, the feed sale was 85,724 tonnes (85,333 tonnes). The internal sale was 68,187 tonnes (63,820 tonnes).
In Q4 2014, Havsbrún received 21,918 tonnes (18,432 tonnes) of raw material for the production of fishmeal and fish oil. In 2014, Havsbrún received 193,231 tonnes (160,581 tonnes) of raw material. In general, the raw material intake depends on the fishery in the North Atlantic and available species of fish.
The production of fishmeal in Q4 2014 was 4,669 tonnes (4,324 tonnes). For 2014, Havsbrún produced 40,827 tonnes (34,031 tonnes) of fishmeal.
The production of fish oil in Q4 2014 was 1,789 tonnes (1,619 tonnes). For 2014, Havsbrún produced 6,460 tonnes (15,996 tonnes) of fish oil. The production of fish oil varies, depending on the species of fish sourced for production.
STATEMENT OF FINANCIAL POSITION
The Group’s total assets as of end Q4 2014 amounted to DKK 3,462.9 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 1,041.2 million at the end of Q4 2014, compared to DKK 916.7 million at the end of 2013. In Q4 2014, Bakkafrost made investments in PP&E amounting to DKK 103.2 million, and for 2014, investments were made for DKK 229.9 million, whereof prepayments are DKK 114.5 million.
Non-current financial assets amounted to DKK 125.4 million at the end of Q4 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 in Fuglafjørður, but also to the ownership in Hanstholm Fiskemelsfabrik, that was sold to FF Skagen.
Long-term receivables have decreased from DKK 14.5 million in Q3 2014 to DKK 1.5 million at the end of 2014.
The Group’s carrying amount (fair value) of biological assets amounted to DKK 1,014.0 million at the end of Q4 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 284.9 million, compared to DKK 296.4 million at the end of 2013. The decrease is due to lower salmon prices at the end of Q4 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 267.0 million as of end Q4 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 314.3 million as of end Q4 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 Q4 2014 is DKK 2,063.7 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 period, a negative fair value adjustment to a currency/-interest rate swap related to the bond financing and the dividend paid out in Q2 2014.
The Group’s total non-current liabilities amounted to DKK 1,036.3 million at the end of Q4 2014, compared to DKK 1,071.0 million at the end of 2013.
Deferred taxes at the end of Q4 2014 amounted to DKK 414.0 million, compared to DKK 310.9 million at the end of 2013.
Long-term debt was DKK 505.4 million at the end of Q4 2014, compared to DKK 685.2 million at the end of 2013. Derivatives amounted to DKK 116.9 million at the end of Q4 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 200 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 Q4 2014, the Group’s total current liabilities are DKK 362.9 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 262.9 million, compared to DKK 276.0 million at the beginning of the year. The decrease is primarily because no provisions are for onerous contracts at the end of 2014, even though its full effect is counterbalanced by higher payable taxes.
Bakkafrost’s equity ratio is 60%, compared to 54% at the end of 2013.
The cash flow from operations in Q4 2014 was DKK 173.4 million (DKK 187.1 million). For 2014, the cash flow from operations was DKK 869.9 million (DKK 517.5 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.
The cash flow from investment activities in Q4 2014 amounted to DKK -79.4 million (DKK -96.7 million). The amount relates mainly to investments in fixed assets. For 2014, the cash flow from investments amounted to DKK -232.5 million (DKK -204.4 million).
Cash flow from financing activities totalled DKK -57.3 million in Q4 2014 (DKK -72.2 million). The interest bearing debt decreased by DKK 66.7 million, and financing of an associated company contributed positively with DKK 17.3 million. For 2014, cash flow from financing amounted to DKK -414.4 million (DKK -156.1 million).
Net change in cash flow in Q4 2014 amounted to DKK 36.7 million (DKK 18.3 million) and for 2014 DKK 223.0 million (DKK 157.0 million).
At the end of 2014, Bakkafrost had unused credit facilities of approximately DKK 958.1 million of which DKK 15.0 million are restricted.
The salmon market is expected to be tight in 2015. Global supply increase of farmed salmon is expected to be only around 4% in 2015 and 2-3% in 2016, compared with the year before. The global supply growth in 2014 was 9%, which seems to be the growth rate needed to maintain the salmon market in balance. The reason for the limited growth is that many of the salmon producing farmers are close to full capacity utilisation. In addition, biological challenges are an important factor to reduce production growth.
Both established and new markets show an increased demand for farmed salmon. The outlook for 2015 is favourable for the salmon farming industry as only a limited supply growth is expected and a strong demand. The Russian ban of Norwegian salmon implemented in 2014 gave temporary challenges to move volumes between different markets, but the market adapted relatively well to the new market situation.
The market place is one of Bakkafrost’s most significant risk areas. Bakkafrost has a geographical and a market price approach. These approaches reduce the exposure to the market risk. To diversify the geographical market risk, Bakkafrost sells its products to some of the largest salmon markets in the world, US, the Far East, Europe and Russia.
The outlook for the farming segment is good. Biology and veterinary situation is the most important risk area for Bakkafrost. The company is focusing on this risk with new investments and procedures to minimise the risk. The biological situation is good, and the price outlook in the spot market continues to be positive.
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 4,500 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 2015 is 10.4 million pieces. The smolt release for 2015 shall be compared to the smolts released in 2013, which was 9.5 million. The same sites are available for smolt release in 2015 as in 2013.
The estimates for harvesting volumes and smolt releases is as always dependent on the biological situation. The sea temperature was higher in 2014 than previous years. Bakkafrost will start using cleaner fish (lumpfish) in the first half of 2015 on two farming locations. This is a project together with Fiskaaling, which is an aquaculture research station in the Faroe Islands. Bakkafrost will also start using fresh water treatment against sea lice, when the new wellboat is delivered in June 2015.
In November 2013, the presence of Neoparamoeba perurans, the agent known to be able to cause amoeba gill disease (AGD) was detected in one of our farms. Since then we have detected this agent in our farms especially during the autumn, but so far, the gill scores have been low, meaning no disease. Bakkafrost has the necessary equipment and staff knowledge to carry out treatments if necessary and with the new modern wellboat capable to carry out fresh water treatment of the fish, Bakkafrost is well prepared to handle the risk.
Bakkafrost is now self-supplied with smolts with the new hatchery starting production in 2014. Another smolt capacity increase started early 2015, when the expansion of one existing hatchery started. This expansion will fourfold the capacity of that hatchery and will be finished within one year. Bakkafrost plans to increase the smolt capacity, making Bakkafrost self-supplied with smolt at a size of 200-300g apiece before end 2017. The benefits are shorter production time at sea as well as reduced biological risk.
VAP (VALUE ADDED PRODUCTS)
The outlook for the sale of value added products is good. Bakkafrost has already signed contracts covering around 65% of the VAP capacity for 2015. This corresponds to around 27% of the expected harvested volumes for 2015. The last 35% of the VAP capacity is expected to be committed during the year. The VAP contracts are at fixed prices, based on the salmon forward 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 reduces the financial risk with fluctuating salmon prices. The market price for contracted VAP products 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 fishmeal and fish oil has improved as the available raw material for the production has increased. The quotas for catching blue whiting in the North Atlantic has increased.
In 2014, Havsbrún received 193 thousand tonnes of raw material for fishmeal and fish oil production. Blue whiting is for the time being the most important single species for raw material intake.
Bakkafrost is one of the founders of Pelagos, a new pelagic plant built next to Havsbrún. The operation is to process pelagic fish for human consumption. This process contributes to increase the sustainability of our total operation, as Havsbrún will use an increased share of offcuts from pelagic fish to produce salmon feed. The start of Pelagos in August 2014 was successful. Pelagos received 40,000 tonnes of pelagic fish, whereof 8% were offcuts sold to Havsbrún the first four months. The aim is to increase the filleting operation and therefore the share of offcuts will also increase.
With increased quotas, Bakkafrost is optimistic, that the raw materials needed for our production of high quality salmon feed will be available.
However, depending on supply, demand and the price level, the sourcing of raw material for the production of fishmeal and fish oil may be uncertain. An alternative to Havsbrún’s production of fishmeal and fish oil is purchasing these raw materials from other producers. Fishmeal and fish oil 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 93,000-97,000 tons in 2015. 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.
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 was announced to be DKK 1,370 million including maintenance CAPEX. The future investment over the next three years will be DKK 1,120 million. 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 is under construction and was planned for delivery 25 April 2015. The delivery is postponed six weeks due to the installation of the fresh water treatment system. The delivery will be on 12 June 2015. The investment in the wellboat amounts to DKK 230 million.
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 unchanged.
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 Bakkafrost’s financial situation strong. This enables Bakkafrost to carry out its investment plans to further focus on strengthening the Group, M&A’s, organic growth opportunities and fulfil its dividend policy in the future.
Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01 (mobile)
Gunnar Nielsen, CFO of P/F Bakkafrost: +298 23 50 60 (mobile)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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 and Kollafjørð and secondary processing (VAP) in Glyvrar and Fuglafjørður. The headquarters are located in Glyvrar, and the company has a total of 700 employees.
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