Edition:
United States

P/F Bakkafrost (BAKKA.OL)

BAKKA.OL on Oslo Stock Exchange

295.30NOK
8:50am EDT
Change (% chg)

kr-2.70 (-0.91%)
Prev Close
kr298.00
Open
kr296.90
Day's High
kr297.90
Day's Low
kr293.60
Volume
108,086
Avg. Vol
137,798
52-wk High
kr362.60
52-wk Low
kr277.60

Latest Key Developments (Source: Significant Developments)

Bakkafrost Q4 operating profit and dividend below forecast
Monday, 27 Feb 2017 12:00am EST 

P/F Bakkafrost : q4 operational ebit dkk 349.6 million (Reuters poll dkk 376 million) . expects to harvest 55,500 tonnes in 2017 (Reuters poll 55,600) . Expects to release 11.5 million smolts in 2017, compared with 11.7 million smolts in 2016 and 11.3 smolts released in 2015 . proposes dividend of dkk 8.70 for 2016 (Reuters poll dkk 9.38) . Says the proposed dividend corresponds to 49.8 pct of adjusted earnings for 2016 . Says latest update from Kontali still estimates a global supply of Atlantic salmon to increase around 2 pct in 2017, compared to 2016 . has signed contracts covering around 36 pct of expected harvested volumes for 2017 . Price level on long-term contracts are on a higher level than ever before. At present, there are no indications that this price level should decrease significantly . Havsbrun's sales of fish feed in 2017 are expected to be at 85,000 tonnes . Says high equity ratio together with bank financing and issuance of bonds makes the financial situation strong. This enables Bakkafrost to carry out its investment plans, m&a, organic growth and fulfil dividend policy . q4 revenues dkk 868 million (Reuters poll dkk 876 million) .Vap segment made an operational ebit of dkk -60.8 million. Ebitda for fof segment was dkk 71.1 million.  Full Article

Bakkafrost says 2017 harvest will be reduced by 600 tonnes
Friday, 20 Jan 2017 12:54pm EST 

Bakkafrost : Tests taken by the Faroese Veterinary Authority at farming site A-73 Hvannasund Norður in January 2017 have again resulted in suspicion of pathogenic ISA virus at the farming site . The suspicion of pathogenic ISA virus concerns two cages, whereof one cage is the same that was under suspicion of pathogenic ISA virus in July 2016. . Bakkafrost is prepared to take necessary actions and has decided to take immediate actions regarding these two cages. . Bakkafrost has harvested all fish in the first cage (approx. 100,000 fish) and will also harvest the next cage (approx. 90,000 fish) immediately. . Preliminary estimates show that harvest volumes for 2017 will be reduced with 600 tonnes gutted weight by the harvest of these two cages. . Preliminary estimates show that the harvest volumes for 2017 may be reduced with another 2,400 tonnes gutted weight, should the harvest of the remaining biomass at farming site A-73 Hvannasund Norður be accelerated. .Farming site A-73 Hvannasund Norður will continue to be under increased surveillance, and further notice will be given, when the final results from the tests at the farming site are available and conclusion is made regarding future actions..  Full Article

Bakkafrost CEO: high salmon price depresses value-added margins
Tuesday, 8 Nov 2016 02:30am EST 

Bakkafrost : CEO says the company's value added production unit may not achieve positive margins in 2017 if salmon prices remain at current high levels . For a comprehensive update on Bakkafrost's Q3 earnings: [nL8N1D90IA] . To see analysts' views on the earnings: [nL8N1D91OT] Further company coverage: [BAKKA.OL] (Reporting By Ole Petter Skonnord, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Bakkafrost Q3 earnings miss, postpones some fish harvest to 2017
Tuesday, 8 Nov 2016 12:00am EST 

Bakkafrost: Bakkafrost q3 operational ebit dkk 254.7 million (Reuters poll dkk 282 million) . Bakkafrost's expected harvest for 2016 is reduced from 49,000 tonnes gutted weight to 47,500 tonnes gutted weight (Reuters poll 49,400 tonnes) . Has postponed planned harvested volumes in order to optimize size of harvested fish . Bakkafrost expects to harvest 56,000 tonnes gutted weight in 2017 vs Reuters poll 54,600 tonnes . Bakkafrost expects to release 11.5 million smolts in 2016 and 11.5 million in 2017, compared with 11.3 million smolts released in 2015 and 10.4 million smolts released in 2014 . Outlook for farming segment is good . Global supply of atlantic salmon is expected to increase only around 1% in 2017, compared to 2016 .Bakkafrost q3 revenues dkk 640 million (Reuters poll dkk 788 million).  Full Article

Fish farmer Bakkafrost's total Q3 harvest volumes falls to 10,700 tonnes
Wednesday, 5 Oct 2016 01:00am EDT 

: Fish Farmer Bakkafrost says feed sales in q3 2016 are 28.9 thousand tonnes vs 16.3 thousand tonnes in . Bakkafrost says total harvest volumes in q3 are 10.7 thousand tonnes vs 13.0 thousand tonnes Q2 . The harvest volumes are provided in head on gutted (HOG) equivalents . As announced in previous trading update, harvested volumes from Faroe Farming are included from Q3 2016. Faroe Farming is part of Farming West, but has not harvested in Q3 2016 .The full Q3 2016 report will be released on 8 November 2016 at 06:00 CET.  Full Article

Bakkafrost: Veterinary tests do not prove presence of ISA virus at Hvannsund site
Friday, 22 Jul 2016 01:24am EDT 

P/F Bakkafrost : Fish farmer Bakkafrost says results from veterinary tests at farming site A-73 Hvannsund have all been negative and do not prove presence of pathogenic ISA virus . ISA virus is a virus, which can hit salmon and some other species of fish . During the last week, the Veterinary Authority has undertaken two extensive tests at the farming site with the purpose of confirming the suspicion of pathogenic ISA virus but the results from these tests have all been negative .The Veterinary Authority has affirmed that the virus, which was indicated present, is a variant that is not very virulent, and this may be a possible explanation to the difficulty in finding the virus again.  Full Article

Bakkafrost: Suspicion of possible pathogenic ISA-virus
Friday, 15 Jul 2016 12:58am EDT 

P/F Bakkafrost : A routine surveillance test by the Veterinary Authority on farming site A-73 Hvannasund Norður has resulted in suspicion of fish being infected by pathogenic ISA-virus . The suspicion arose after the result in one cage indicated that the fish is infected by the so called HPR-del ISA-virus . Bakkafrost is preparing to take necessary actions . The Veterinary Authority will carry out further tests in this cage and all other cages in the farming site. The results of these tests will be available over the next few days . Farming site A-73 Hvannasund Norður contains 1.2 million fish with an average weight of approximately 0.54 kg whole fish equivalent (wfe) . Total biomass is approximately 665 tonnes wfe . Bakkafrost expects to send out a stock announcement, when the final results are available and conclusion is made regarding future actions. Further company coverage: [BAKKA.OL] (Reporting By Stine Jacobsen) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

Fish farmer Bakkafrost says harvested 13,000 tonnes in Q2
Monday, 4 Jul 2016 01:00am EDT 

P/F Bakkafrost : Harvest volumes in q2 2016 are 13.0 thousand tonnes . Feed sales in q2 2016 are 16.3 thousand tonnes . Harvested volumes from p/f faroe farming are not included in q2 2016 trading update, but will be included in q3 2016 trading update . Havsbrun sourced 84.0 thousand tonnes of raw materials in q2 2016 .The full Q2 2016 report will be released on 23 August 2016 at 06:00 CET.  Full Article

Bakkafrost: Buys 51 pct of Faroe Farming for DKK 75 mln
Thursday, 30 Jun 2016 01:08am EDT 

P/F Bakkafrost : Has entered into an agreement with Sp/f Hjallur to acquire 51 pct of shares in P/F Faroe farming for a cash consideration of DKK 75 million . Bakkafrost will become the owner of 100 pct of the shares in P/F Faroe Farming effective from 1 July 2016 .Bakkafrost has also filed two licenses to the Faroese Authorities. The licenses filed are Svínáir (A-03) and Hovsfjørður (A-17/18).  Full Article

Bakkafrost says to invest DKK 2.2 billion by 2020
Tuesday, 7 Jun 2016 01:00am EDT 

Faroese fish farmer Bakkafrost: Plans investment program of DKK 2.2 billion ($335.82 million) from 2016 to 2020 . Says investments will be made step by step in the relevant parts in the value chain to secure efficiency, contain biological risk and enable organic growth . A long-term goal is that 30–50 pct of EPS shall be paid out as dividend vs average for 2010-2015 of 48 pct .Financial growth target: 30% over next 5 years.  Full Article

More From Around the Web

BRIEF-Bakkafrost expects 2017 harvest volumes to be reduced by 2,000 tonnes

* As a precautionary action, Bakkafrost has decided to harvest the remaining fish at A-73 Hvannasund Norður.