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BAKKAo - P/F Bakkafrost News Story

NOK695 -36.2  -5.0%

Last Trade - 5:00pm

Sector
Consumer Defensives
Size
Large Cap
Market Cap £3.46bn
Enterprise Value £3.73bn
Revenue £528.7m
Position in Universe 166th / 1828

UPDATE 1-Bakkafrost Q3 EBIT in line, sees drop in 2018 harvest volume

Tue 14th November, 2017 5:24am
(Adds poll number for 2017 output in 2nd bullet, detail) 
    Nov 14 (Reuters) - P/F Bakkafrost  BAKKA.OL  
    * Bakkafrost q3 operational ebit DKK 251.8 million 
(Reuters poll 
DKK 252 million) 
    * Bakkafrost's guidance for harvest in 2017 is increased by 
1,000 
tonnes gutted weight, from 53,500 to 54,500 tonnes gutted weight 
(Reuters poll 53,800 tonnes) 
    * Bakkafrost expects to harvest 51,000 tonnes in 2018 
(Reuters 
poll 57,200) 
    * expects to release 10.5 million smolts in 2017, compared 
with 
11.7 million smolts in 2016 and 11.3 million smolts released in 
2015. The number of smolts released is a key element of 
predicting Bakkafrost's future production 
    * in 2018, bakkafrost expects to release 13.0 million 
smolts 
    * sea lice has demanded more effort in q3 2017 than in q3 
2016 
and will most likely postpone some harvest quantity from q4 2017 
to q1 2018 
    * we still have a good outlook for salmon market, but there 
is a 
risk for lower salmon prices in future 
    * Bakkafrost q3 revenues dkk 804 million (Reuters poll dkk 
737 
million) 
    * Q3 fair-value adjustment DKK -155 million vs year-ago DKK 
122 
million 
    * The latest update from Kontali Analyse estimates the 
global 
supply of Atlantic salmon to increase around 2% in 2017 and 7-8% 
in 2018, compared to minus 6% in 2016 
    * Forecast for feed sales in 2017 is reduced by 5,000 tonnes 
from 
85,000 tonnes to 80,000 tonnes, sales in 2018 is expected to be 
around 85,000 tonnes 
    * Says pursuing organic growth, but financial flexibility 
also 
enables M&A 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nWkr2RngHk 
Further company coverage:  BAKKA.OL  
 
 (Reporting by Terje Solsvik) 
 ((terje.solsvik@thomsonreuters.com;)) 
 
Keywords: BAKKAFROST RESULTS/
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