BAKKAFROST Q1 2024
BAKKAFROST GROUP
Glyvrar 6th of May 2024
SUMMARY OF Q1 2024
MARKETS & SALES
FINANCE & ESG
OPERATIONS
OUTLOOK
APPENDIX
Koltur, Faroe Islands
HIGHLIGHTS Q1 24 (Q1 23)
HEALTHY LIVING
Revenues and
Operational EBIT
Operation
- Revenue of DKK 2,206 million (DKK 2,050 million)
- Operational EBIT* of DKK 710 million (DKK 565 million)
- Harvest in the Faroe Islands: 14,294 tgw (11,005 tgw)
- Harvest in Scotland: 7,263 tgw (8,093 tgw)
- Feed sales: 27,046 tonnes** (22,287 tonnes**)
- External fish oil sales: 4,037 tonnes (5,576 tonnes)
- Sourcing of marine raw material: 136,874 tonnes (156,015 tonnes)
Cash Flow
Segments
Dividend
- Cash flow from operations of DKK 676 million (DKK 573 million)
- Positive operational EBIT from all segments except Freshwater Scotland DKK -34 million (DKK 14 million) and Sales and other DKK -2 million (DKK 16 million)
- Dividend of DKK 8.70 per share for 2023 to be paid out around 21 May 2024
*) EBIT aligned for fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax **) Including internal sales of 26,875 tonnes (21,809 tonnes)
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SUMMARY OF Q1 2024
MARKETS & SALES
FINANCE & ESG
OPERATIONS
OUTLOOK
APPENDIX
Barcelona, Spain
GLOBAL MARKETS | HEALTHY LIVING |
HIGHER PRICES
Spot prices (NASDAQ) on superior 4-5 [NOK/kg HOG] | |||||||||||||||||||||||||||||
Average spot prices increased in Q1 2024 | 150,00 | Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||||||||
(NOK/KG) | 130,00 | ||||||||||||||||||||||||||||
110,00 | |||||||||||||||||||||||||||||
y/y: | 104.83 | 4% | 108.97 | 90,00 | |||||||||||||||||||||||||
(Q1 2023) | 4.13 | (Q1 2024) | |||||||||||||||||||||||||||
q/q: | 83.02 | 31% | 108.97 | 70,00 | |||||||||||||||||||||||||
(Q4 2023) | 25.95 | (Q1 2024) | |||||||||||||||||||||||||||
50,00 | |||||||||||||||||||||||||||||
30,00 | |||||||||||||||||||||||||||||
1 | 3 | 5 | 7 | 9 | 11 | 13 | 15 | 17 | 19 | 21 | 23 | 25 | 27 | 29 | 31 | 33 | 35 | 37 | 39 | 41 | 43 | 45 | 47 | 49 | 51 | ||||
0.5% increased YoY prices in EUR in Q1 2024 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||||||||
Increased large-fish premium
- Reduced availability of large superior fish for the spot market
Price premium/discount for different sizes vs. 4-5kg HOG
35%
25%
15% | 14% | |||||||||||
5% | ||||||||||||
-5% | ||||||||||||
-15% | -17% | |||||||||||
-25% | ||||||||||||
-35% | ||||||||||||
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | ||||
2-3kg /4-5kg | 6-7kg /4-5kg | |||||||||||
Source: Kontali
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HEALTHY LIVING
SALMON MARKETS, SOLD QUANTITY
EU/UK: 4% consumption increase
- Good demand, high availability of fillets from Norway
2% drop in US consumption
- Increased price sensitivity, high availability of substitutes
Good demand from China and Latin America
- Strong price resilience
Japan and ASEAN
- Higher airfreight cost due to war in Ukraine
- Consumer price sensitivity in Japan
Salmon markets, sold quantity (head on gutted weight)
Estimated volumes | Q1 comparison | Estimated volumes | FY comparison | ||||||
Markets | Q1 2024 E Q1 2023 Volume | % | FY 2023 | FY 2022 | Volume | % | |||
EU+UK | 229.000 | 220.300 | 8.700 | 4% | 1.084.100 | 1.137.200 | -53.100 | -5% | |
USA | 140.500 | 144.000 | -3.500 | -2% | 587.100 | 585.800 | 1.300 | 0% | |
Russia | 12.000 | 13.400 | -1.400 | -10% | 61.200 | 51.800 | 9.400 | 18% | |
Japan | 10.500 | 11.400 | -900 | -8% | 44.700 | 55.000 | -10.300 | -19% | |
Greater China | 31.800 | 31.000 | 800 | 3% | 134.500 | 102.700 | 31.800 | 31% | |
ASEAN | 18.400 | 19.000 | -600 | -3% | 70.400 | 83.900 | -13.500 | -16% | |
Latin America | 44.000 | 42.800 | 1.200 | 3% | 184.000 | 179.100 | 4.900 | 3% | |
Ukraine | 3.000 | 5.000 | -2.000 | -40% | 18.600 | 18.800 | -200 | -1% | |
Other markets | 68.000 | 67.100 | 900 | 1% | 298.700 | 329.600 | -30.900 | -9% | |
Total all markets | 557.200 | 554.000 | 3.200 | 0,6 % | 2.483.300 | 2.543.900 | -60.600 | -2,4 % |
Comments:
EU+UK incl. estimates for both European Union (Post-Brexit) & United Kingdom.
Greater China = China / Hong Kong / Taiwan (incl. estimated re-export from Vietnam & Thailand)
ASEAN = Association of Southeast Asian Nations (estimated re-exportfrom Vietnam & Thailand 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.
Source: Kontali
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GLOBAL HARVESTED VOLUME DROPPED 5%
HEALTHY LIVING
5% drop in global harvest volume
- 1% increase when including inventory movements
3% drop in European harvest volumes
- Norway: Challenging biological situation and cold temperatures
Faroes: | Growth after period of building biomass |
- Scotland: Both periods impacted by tough preceding autums
- Iceland: Lower than expected volumes
10% drop in American harvest
Chile: | Low incoming biomass and algae blooms |
- Americas: Rebound from very low levels and introduction of new capacity in Newfoundland (Canada)
Supply Development | Q1 2024 | Q1 2023 Change % | |
Norway | 271 | 286 | -5,4 % |
UK | 33 | 32 | 3,3 % |
Faroes | 21 | 17 | 23,0 % |
Iceland | 11 | 11 | 2,4 % |
Ireland | 3 | 3 | 6,5 % |
Total Europe | 340 | 350 | -2,9 % |
Chile | 140 | 167 | -16,2 % |
Canada | 26 | 17 | 57,8 % |
USA | 3 | 4 | -20,9 % |
Total Americas | 169 | 187 | -9,7 % |
Other | 27 | 26 | 3,8 % |
Total (Harvested quantity) | 536 | 563 | -4,8 % |
Inventory movements | 21 | -9-335,6 % | |
Total (Sold Quantity) | 557 | 554 | 0,6 % |
Source: Kontali
Frozen inventories reduced in the quarter
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SUMMARY OF Q1 2024
MARKETS & SALES
FINANCE & ESG
OPERATIONS
OUTLOOK
APPENDIX
GROUP PROFIT AND LOSS | HEALTHY LIVING |
HIGHER REVENUE AND OPERATIONAL EBIT
Q1 2023 | Q1 2024 |
Revenue (mDKK)
2,050 8% 2,206
Operational EBIT (mDKK)
565 26% 710
Fair value of biomass (mDKK)
54-70
Profit after tax (mDKK)
467 -14% 401
(DKK million) | Q1 24 |
Operating revenue | 2,206 |
Operational EBITDA* | 879 |
Operational EBIT* | 710 |
Fair value adjustment of biological assets | -70 |
Onerous contracts | 0 |
Income from associates | 0 |
Revenue tax | -112 |
EBIT | 528 |
Net Financial items | -46 |
EBT | 482 |
Taxes | -81 |
Profit for the period | 401 |
Q1 23
2,050
714
565
54
0
24
-38
605
-18
586
-119
467
* Operational EBITDA and EBIT aligned for fair value adjustment of biomass, onerous contracts provisions, income from associates and revenue tax.
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OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE**
HEALTHY LIVING
Operational EBIT*
(mDKK)
Adjusted EPS**
(DKK)
710
587 | 565 | ||||||
407 | 418 | 376 | 353 | 356 | |||
325 | |||||||
269 | |||||||
248 | 224 | ||||||
182 | |||||||
120 | |||||||
103 | 89 | ||||||
71 | |||||||
2020 | 2021 | 2022 | 2023 | 2024 | ||||||||
622 | 821 | 1,705 | 1,544 | 710 YTD | ||||||||
7,19 | 7,66 | |||||||||||
6,77 | ||||||||||||
4,80 | 4,82 | |||||||||||
4,00 | 3,79 | 3,56 | ||||||||||
3,19 | 3,43 | |||||||||||
2,95 | 2.93 | |||||||||||
2,06 | 1,89 | |||||||||||
1,27 | 0,64 | |||||||||||
2020 -0,33 | 2021 | 2022 | 2023 | 2024 | ||||||||
6.19 | 10.29 | 19.02 | 17.45 | 7.66 YTD |
*) Operational EBIT is EBIT before fair value adjustments of biomass, onerous contracts provisions, income from associates and revenue tax **) Earnings per share adjusted for fair value of biomass, onerous contracts provisions and tax and these.
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Disclaimer
Bakkafrost P/F published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 06:10:06 UTC.
