Bakkafrost P/f · OSL:BAKKA

Bakkafrost P/f — Bakkafrost Group — Q1 2023 Earnings Presentation

66 slides from Bakkafrost P/f's earnings presentation, May 9, 2023

  1. Slide 1: Q1 2023 Bakkafrost Group

    Q1 2023 BAKKAFROST GROUP Oslo 9 May 2023

  2. Slide 2: Disclaimer

    DISCLAIMER  This presentation includes statements regarding future  No representation or warranty (expressed or implied) is results, which are subject to risks and uncertainties. made as to, and no reliance should be placed on, the Consequently, actual results may differ significantly from fairnes

  3. Slide 3: Summary of Q1 2023

    SUMMARY OF Q1 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK APPENDIX Glyvrar, arrival of Bakkafossur

  4. Slide 4: Highlights Q1-23 (Q1-22)

    HIGHLIGHTS Q1-23 (Q1-22) Revenues and  All-time high revenue of DKK 2,050 million (DKK 1,639 million) Operational EBIT  Operational EBIT* of DKK 565 million (DKK 418 million)  Harvest in the Faroe Islands: 11,005 tgw (17,459 tgw)  Harvest in Scotland: 8,093 tgw (3,973 tgw) Operation  Feed sales

  5. Slide 5: Markets & Sales

    SUMMARY OF Q1 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK APPENDIX Barcelona, Spain, exhibition 2023

  6. Slide 6: Global Markets

    GLOBAL MARKETS HIGHER PRICES Y/Y AND Q/Q Spot prices (NASDAQ) on superior 4-5 [NOK/kg HOG] Average spot prices increased y/y and q/q Q1 Q2 Q3 Q4 130,00 in Q1 2023 110,00 (NOK/KG) 90,00 y/y: 80.17 30.8% 104.83 (Q1 2022) 24.66 (Q1 2023) 70,00 q/q: 73.92 41.8% 104.83 50,00 (Q4 2022) 30.91 (Q1 2023) 30,

  7. Slide 7: Salmon Markets, Sold Quantity

    SALMON MARKETS, SOLD QUANTITY 11% consumption drop in EU/UK Salmon markets, sold quantity (head on gutted - HOG)  Strong growth Q1 2022 Estimated volumes Q1 comparison Estimated volumes FY comparison  Reduced activity level for smoked Markets Q1 2023E Q1 2022 Volume % FY 2022 FY 2021 Volume % salm

  8. Slide 8: 5% Drop in Global Harvested and Sold Quantity

    5% DROP IN GLOBAL HARVESTED AND SOLD QUANTITY 4% drop in global quarterly harvest volumes SUPPLY DEVELOPMENT Q1 2023 Q1 2022 Change % Norway 286 307 -6.7 % UK 34 30 15.2 % Faroes 17 21 -17.7 % 6% drop in European harvest Iceland 11 14 -22.2 % Ireland 3 3 -8.1 %  7% drop in Norway Total Europe 352 3

  9. Slide 9: Financials

    SUMMARY OF Q1 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK APPENDIX

  10. Slide 10: Group Profit and Loss

    GROUP PROFIT AND LOSS HIGHER REVENUE AND OPERATIONAL EBIT Q1 2022 Q1 2023 (DKK million) Q1 23 Q1 22 Operating revenue 2.050 1.639 Revenue (mDKK) 1,639 25% 2,050 Operational EBITDA* 714 554 Operational EBIT* 565 418 Operational EBIT (mDKK) Fair value adjustment of biological assets 54 177 418 35% 565

  11. Slide 11: Margins

    MARGINS HIGHER OPERATIONAL EBIT MARGIN – SCOTLAND IMPROVED SIGNIFICANTLY (DKK million) Q1 23 Q1 22 Q1 2022 Q1 2023 Operational EBITDA margin 34.8% 33.8% OPERATIONAL EBIT/Kg (NOK) Farming Faroe Islands Operational EBIT margin 27.6% 25.5% 36.03 6.11 42.14 Farming Scotland Operational EBIT/Kg (Farming

  12. Slide 12: Operational EBIT and Adjusted Earnings per Share

    OPERATIONAL EBIT* AND ADJUSTED EARNINGS PER SHARE** 587 565 415 407 418 376 Operational EBIT* 339 325 303 (mDKK) 268 248 224 182 103 89 120 71 2019 2020 2021 2022 2023 1,325 622 821 1,705 565 7,19 6,77 5,89 4,98 4,83 4,80 4,82 4,07 4,00 Adjusted EPS** 3,19 3,43 2,95 (DKK) 2,06 1,89 1,27 0,64 -0,33 2

  13. Slide 13: Balance Sheet

    BALANCE SHEET Headlines (mDKK) (DKK million) Q1 23 End 22 End 2022 Q1 2023 Intangible assets 4,509 4,509 Property, plant and equipment 5,738 5,647 PPE: 5,647 91 5,738 Right of use assets 504 439 Financial assets 258 234 Deferred tax assets 336 336 Biological assets: 2,938* 97 3,036* *(whereof mDKK 9

  14. Slide 14: Cash Flow

    CASH FLOW Q1 2022 Q1 2023 (DKK million) Q1 23 Q1 22 Cash flow from operations 573 151 Cash flow, operations (mDKK) Cash flow from investments -203 -175 151 421 573 Cash flow from financing -519 -40 Net change in cash -150 -64 Cash flow, investments (mDKK) Cash at the end of the period 570 445 -175 -

  15. Slide 15: Net Interest-Bearing Debt (NIBD)

    NET INTEREST-BEARING DEBT (NIBD) NIBD DECREASED DURING Q1 2023 NIBD was increased by: Development in NIBD in DKK millions  Net investments (mDKK 203)  Change in working capital (mDKK 123) NIBD was decreased by:  Cash flow, operating activities (mDKK -633) Financing end Q1 2023 NIBD and available

  16. Slide 16: TCFD

    Q1 2023 ESG UPDATE Released our 6th Healthy Living Sustainability Report and a Summary Report Including a new ESG index making it easier to find important KPI’s on ESG Completed TCFD Climate-related scenario analysis TCFD Bakkafrost has been working toward consistency with the TCFD recommended discl

  17. Slide 17: Segment Information

    SUMMARY OF Q1 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK APPENDIX

  18. Slide 18: Farming – Harvest Volume

    FARMING – HARVEST VOLUME HIGHER VOLUMES AND AVERAGE HARVEST WEIGHT INCREASED IN SCOTLAND Q1 2022 Q1 2023 Harvest Volumes tonnes [HOG] Q1 23 Q1 22 Harvested volumes (tonnes HOG) FO - North Region 4,126 10,046 North: 37% FO: 17,459 -37% 11,005 FO - West Region 3,848 5,333 West: 35% South: 28% FO - Sou

  19. Slide 19: Farming – Operational Performance

    FARMING – OPERATIONAL PERFORMANCE IMPROVED OPERATIONAL EBIT IN SCOTLAND Q1 2022 Q1 2023 Farming FO (DKK million) Q1 23 Q1 22 Operational EBIT (mDKK) Operating revenue 1,097 1,199 FO: 471 -157 314 Operational EBIT 314 471 Operational EBIT margin 29% 39% SCT: -53 207 155 Farming SCT (DKK million) Q1 2

  20. Slide 20: Farming – Operational Performance

    FARMING – OPERATIONAL PERFORMANCE IMPROVEMENTS IN BOTH REGIONS Q1 2022 Q1 2023 Margin - EBIT per kg total harvested quantity [NOK/kg] Operational EBIT per kg (NOK) FO: 36.03 6.11 42.14 Q1 FO Q1 SCT 50,00 42,14 40,00 36,03 SCT: -17.67 45.90 28.23 28,23 30,00 20,00 10,00 0,00 -10,00 -20,00 -17,67 FO:

  21. Slide 21: Farming – Faroe Islands: Strong Biological Performance

    FARMING – FAROE ISLANDS STRONG BIOLOGICAL PERFORMANCE Growth 2018 – 2023 – [TGC] Good growth rate  3,5  Very strong development in growth 3,25  Indication of good fish welfare and 3 strong biology 2,75 2,5 Low Feed Conversation Rate FCR  2,25 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-

  22. Slide 22: Farming – Faroe Islands: High Survival Rate

    FARMING – FAROE ISLANDS STRONG BIOLOGICAL PERFORMANCE High survival rate*  Bakkafrost Faroes – Survivability 2018 - 2023  Survival rate ~95% in 2022 100 improved from 91.76% in 2021  Our goal is: above 95% survival to harvest 95 * GSI calculation method 12m rolling 90 85 2017 2018 2019 2020 2021

  23. Slide 23: Farming – Faroe Islands: Sea Lice

    FARMING – FAROE ISLANDS STRONG BIOLOGICAL PERFORMANCE  Sea lice numbers all time low  Average count of sealice Adult Female 2015 - 2022  Dropped to 0.28 in 2022 from 0.45 in 2021 1,2  With new FSV Bakkafossur 1,0 Average count gravid female Fresh water and FLS dual combat system we add more sust

  24. Slide 24: Farming Scotland: Improving KPIs

    FARMING SCOTLAND IMPROVING KPI’S Average smolt weight increasing Average harvest weight increasing Biological Feed Conversion Ratio improved vs. 2022 Improved growth (TGC) 1,35 3 1,3 2,8 1,25 2,6 1,2 2,4 1,15 1,1 2,2 1,05 2 1 1,8 Q1 2021 Q1 2022 Q1 2023 Q1 2021 Q1 2022 Q1 2023 Q1 2021 Q1 2022 Q1 202

  25. Slide 25: Farming Scotland – Reduced Mortality, Bakkafrost vs Industry Peers

    FARMING SCOTLAND - REDUCED MORTALITY BAKKAFROST VS INDUSTRY PEERS Industry Mortality in Q1 2023 Bakkafrost’s share of reported mortality in Scotland is reducing Industry Peer 1 Industry Peer 2 200k 400k 200k 100k Share of biomass volume 0 0 Bakkafrost Scotland 200k 400k 200k 100k 0 0 Reported mortal

  26. Slide 26: Farming Scotland: Increased Freshwater Treatment Capacity

    FARMING SCOTLAND POSITIVE EFFECT FROM INCREASED FRESHWATER TREATMENT CAPACITY • New capabilities for efficient and gentle dual-treatment for gill health and sea lice • Now permanently two Farming Service Vessels in service all year around to clear gills and sea-lice Weekly exceptional mortality valu

  27. Slide 27: Value Added Products (VAP)

    VALUE ADDED PRODUCTS (VAP) LOWER VOLUMES AND HIGHER COST OF RAW MATERIAL Q1 2022 Q1 2023 (DKK million) Q1 23 Q1 22 Volumes (tonnes) Operating revenue 378 418 6,936 -31% 4,753 Operational EBIT 6 -29 Operational EBIT margin 2% -7% Revenue (mDKK) Farming FO transferred to VAP (tgw) 5,098 6,677 418 -41

  28. Slide 28: Fishmeal, Oil and Feed (FOF)

    FISHMEAL, OIL AND FEED (FOF) HIGHER EBITDA AND HIGHER SALES OF FISHMEAL AND FISH OIL Q1 2022 Q1 2023 (DKK million) Q1 23 Q1 22 Operating revenue 731 442 EBITDA (mDKK) EBITDA 129 86 86 47% 126 EBITDA margin 18% 20% Feed sold (tonnes)* 22,287 26,192 EBITDA margin (%) Fishmeal sold external (tonnes) 13

  29. Slide 29: Market Conditions Feed

    MARKET CONDITIONS FEED UNCHANGED INTERNAL FEED SALES AND INCREASED EXTERNAL FEED SALES Raw material sourcing Raw material sourcing vs Feed sale [tonnes] 200.000 50.000  Sourcing of marine raw materials in Q1 2023 were exeptional in volume 40.000 150.000 Feed sale Raw material versus previous years

  30. Slide 30: Outlook

    SUMMARY OF Q1 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK APPENDIX Gøtuvík, Faroe Islands

  31. Slide 31: Expected Harvest Growth of 2% in 2023

    EXPECTED HARVEST GROWTH OF 2% IN 2023 Expectation low single digit global growth SUPPLY - TOTAL 1.800 20%  Increase from negative development in Q1 2023 1.600 15% 1.400 10% European harvest set for mid-single digit growth 1.200 5% 1.000 0% America mixed coming quarters 800 -5% 600 -10%  Decline in

  32. Slide 32: Outlook

    OUTLOOK Market Contracts Global harvest:  For 2023, Bakkafrost has signed contracts for around 23% of the total expected harvest volumes  Decreased 4% in Q1 2023 vs Q1 2022  2% global supply growth expected in 2023 Fishmeal, Oil and Feed  Feed sales are expected to be around 130,000 tonnes in 20

  33. Slide 33: Appendix

    SUMMARY OF Q1 2023 MARKETS & SALES FINANCIALS SEGMENT INFORMATION OUTLOOK APPENDIX Koltur, Faroe Island

  34. Slide 34: Truly Fresh Salmon Delivered Within 24 Hours

    Truly fresh - The worlds best salmon  Reduce flown distance and omit the delivered within 24 hours after being alive weight of ice  Reduce environmental footprint, 40-50%  Reducing food waste less CO2 footprint  Bakkafrost uses ship transport and trucking whenever possible, such as for all froze

  35. Slide 35: Reception of Bakkafossur 8th Jan 2023

    RECEPTION OF BAKKAFOSSUR 8TH JAN 2023 BAKKAFROST / PRESENTATION Page 35

  36. Slide 36: Bakkafossur

    BAKKAFOSSUR  108m long / 23m wide  10.000m3 Live Fish Carrier  4 x 1.750m3 tanks = 7.000m3 for LFC  3.000m3 tanks for freshwater  6.000m3 freshwater production capacity per 24h  Will significantly change the abilities for fresh water treatment in Faroe Islands BAKKAFROST / PRESENTATION Page 36

  37. Slide 37: Fleet of Large Vessels

    FLEET OF LARGE VESSELS BAKKAFROST / PRESENTATION Page 37

  38. Slide 38: Bakkafrost France

    BAKKAFROST FRANCE  Faroe France for last 25 yrs  Sales and distribution  3 Employees  Achievements/Goals  Better service to customers  Day to day delivery  Inventory and management to retail and food service customers  Reach new market segments  Improve efficiency BAKKAFROST / PRESENTATION

  39. Slide 39: New Broodstock Facility in Skálavík

    NEW BROODSTOCK FACILITY IN SKÁLAVÍK  Still waiting for authority final approvals to start building proces  Hope to start building proces in 2023  Production capacity: 70 – 100 million eggs of own strain eggs BAKKAFROST / PRESENTATION Page 39

  40. Slide 40: Farming Scotland: Large High Quality Smolt

    FARMING SCOTLAND LARGE HIGH QUALITY SMOLT = GAME CHANGER Large Smolt Strategy Allowing for - Reduced biological risk ”ONE SUMMER” - Increased production efficiency - Enables growth cycles FRESHWATER MARINE Summer/Autumn Risk BAKKAFROST / PRESENTATION Page 40

  41. Slide 41: Hatchery Expansions - Faroe Islands

    HATCHERY EXPANSIONS - FAROE ISLANDS INCREASING HATCHERY CAPACITY FROM 15 TO 23 MILLION AT 500G  The Strond hatchery has significantly increased smolt capacity Ónavík (2025) 2.4m smolt @500g  Large smolts grow strongly after release  Very low feed conversion rate Glyvradal expansion (2024) 0,3 =>

  42. Slide 42: Hatchery Expansion - Scotland

    HATCHERY EXPANSION - SCOTLAND INCREASING HATCHERY CAPACITY TO +18 MILLION AT 500G  Significant increase in smolt capacity in Scotland 2026: Large Hatchery no. 3 2025: Large Hatchery no. 2 2024: Applecross 5 10m smolt @500g 2023: Applecross 4 8m smolt @250g TBD TBD BAKKAFROST / PRESENTATION Page 42

  43. Slide 43: Our Roadmap to Larger Smolt in Scotland

    OUR ROADMAP TO LARGER SMOLT IN SCOTLAND RAPIDLY REDUCING THE GAP BETWEEN FAROE ISLANDS AND SCOTLAND Ónavík new Hatchery 3 new Glyvradal expansion Norðtoftir expansion Viðareiði expansion 500 500 Large hatchery 2 new 2y GAP 400 400 350 350 Strond 332 Applecross 5 & 6 expansion 250 205 205 5y GAP 180

  44. Slide 44: Our Roadmap to Larger Smolt in Scotland

    OUR ROADMAP TO LARGER SMOLT IN SCOTLAND RAPIDLY REDUCING THE GAP BETWEEN FAROE ISLANDS AND SCOTLAND Smolt avg. weight (g) GAP between Faroe Islands and Scotland to close within next 5 - 6 yrs Freshwater Strategy • Simplify operations 500 500 • Safe, energy effective and cost-efficient production 2y

  45. Slide 45: Hatchery Comparison Example

    HATCHERY COMPARISON EXAMPLE THE PAST VS. TO-BE Scotland Faroe Islands Hatchery: Barvas Hatchery: Strond Capacity: 730 m3 Capacity: 29,000 m3 (40x larger) Technology: Flow-through Technology: RAS (99.7% recycling) BAKKAFROST / PRESENTATION Page 45

  46. Slide 46: Hatcheries in Scotland: Applecross Progressing

    HATCHERIES IN SCOTLAND APPLECROSS PROGRESSING Applecross progressing • Transfering smolt from AP 2 to AP 4 in May 2023 • Delivering first large smolt from AP4 to AP4 marine sites in Q3 2023 – 2 months delayed • AP5 in operation in 2024 AP4 BAKKAFROST / PRESENTATION Page 46

  47. Slide 47: Hatcheries in Scotland – The Past

    HATCHERIES IN SCOTLAND – THE PAST BAKKAFROST / PRESENTATION Page 47

  48. Slide 48: Hatcheries in Scotland – At Acquisition

    HATCHERIES IN SCOTLAND - THE PAST HATCHERIES IN SCOTLAND – AT ACQUISITION APPLECROSS THE GEOCRAB HATCHERY BAKKAFROST / PRESENTATION Page 48

  49. Slide 49: Scotland Site Overview

    SCOTLAND SITE OVERVIEW 7,742 TONNES OF CONSENT INCREASE SINCE THE ACQUISITION Total consent has increased by 11.6% (7,742 tonnes) since the acquisition in Q4 2019 Total consent is 74,765 tonnes in 44 farming sites: North: 24 sites / 44,415 tonnes consent  Uist, 5 sites  Sky & mainland, 6 sites  L

  50. Slide 50: Scotland – Strategic Rationale

    SCOTLAND – STRATEGIC RATIONALE 1. Provides access to the attractive Scottish farming region  Niche and differentiated region  High-quality salmon from Scottish Provenance priced at a premium 2. Creating a differentiated global leader in premium salmon  Exposure to two geographies, the Faroe Islan

  51. Slide 51: Scotland – Strategic Rationale

    SCOTLAND – STRATEGIC RATIONALE 3. Potential for significant improvement  Scottish Salmon profitability to improve over five years through transfer of best practices  Synergies  Targeted investment programmes 4. Financially attractive  Acquiring the business at a reasonable value, multiple to the

  52. Slide 52: ~6.2BN Planned Investments 2022-2026

    ~ 6.2BN PLANNED INVESTMENTS 2022-2026 FRONTLOADED TO ACCELERATE BUSINESS TRANSFORMATION IN SCOTLAND Faroe Islands: Planned investment profile 2022-2026 (DKK 1,000) • Hatchery capacity (2026 capacity: +23m smolt at 500g) 1.000 Planned investments • Increase feed capacity to cater 200,000 tonnes (HOG)

  53. Slide 53: Planned Investments Ensure Significant Uplift in Capacity

    PLANNED INVESTMENTS ENSURE SIGNIFICANT UPLIFT IN CAPACITY VALUE CHAIN SYNCHRONISED AT 180KT HOG HARVEST CAPACITY IN 2026 • Value chain synchronised at 180kt capacity in 2026 Development in capacity constraints 2018 2022 2026 • Extra capacity as “insurance” & flexibility and for growth: planned later

  54. Slide 54: Investing in Sustainable Growth

    INVESTING IN SUSTAINABLE GROWTH 150,000 TONNES HARVEST IN 2026, FAROE ISLANDS AND SCOTLAND COMBINED 2022-2026 Capex of DKK 6.2 bn builds 180,000t capacity by Volumes Faroe Islands Scotland 2026 1.600 16,00 1.400 14,00 2022 66,686t 23,917t 1.200 12,00 Investments per kg (DKK) 1.000 10,00 DKK million

  55. Slide 55: Markets & Sales

    MARKETS & SALES TOTAL SALES TO WESTERN EUROPE AND ASIA INCREASED – NORTH AMERICA AND EASTERN EUROPE DECREASED Sales & volume Total sales of Q1 2023 Q1 2022 2022 2021 salmon by markets FO SCT Total FO SCT Total FO SCT Total FO SCT Total Q1 2022 Q1 2023 Western Europe 71% 58% 65% 55% 96% 61% 59% 92% 6

  56. Slide 56: Page 56

    2022 BAKKAFROST / PRESENTATION Page 56

  57. Slide 57: Development in Supply and Sold Quantity by Origin

    DEVELOPMENT IN SUPPLY AND SOLD QUANTITY BY ORIGIN Global Supply of Atlantic Salmon (head on gutted - HOG) Expected supply growth in 2023  2% increase in Global supply* 2018 2019 2020 2021 2022E 2023E Norway 1.129 1.198 1.227 1.384 1.359 1,386 UK 137 171 160 179 149 161  2% increase in supply* from

  58. Slide 58: Q1 2023 Market Environment

    Q1 2023 MARKET ENVIRONMENT PRICE NORWAY Prices significantly up compared to Q1 2022 12,0 10,5 90,0 9,7 80,0 10,0 8,4 70,0 8,0 7,2 60,0 6,7 6,2 6,1 50,0 EUR DKK Nasdaq Norway price up 16% 6,0 5,2 5,3 40,0 4,0 30,0  Low volume available for spot market in Q1 2023 20,0 2,0 10,0 - - Q1 Q2 Q3 Q4 Q1 Q2 Q

  59. Slide 59: Q1 2023 – Spot and Contract Pricing Aligned

    Q1 2023 – SPOT AND CONTRACT PRICING ALIGNED PRICE NORWAY (NOK) 120 10 Nasdaq spot price reflecting marginal pricing per week 8 100 6 80 4 2 Statistics Norway (SSB) publish average price for all whole 60 0 fish sold per week 40 -2  Incorporates bilateral contracts of variable duration 20 -4 -6 0 -8

  60. Slide 60: Development per Quarter

    DEVELOPMENT PER QUARTER Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (mDKK) 2021 2021 2021 2021 2022 2022 2022 2022 2023 Revenue 1,176 1,618 1,272 1,488 1,639 1,684 1,867 1,940 2,050 Operational EBIT 224 407 71 120 418 587 325 376 565 Profit/Loss 408 428 131 -3 405 845 249 -154 467 Harvest FO (tgw) 14,025 17,561 14,9

  61. Slide 61: Listed Salmon Companies – Margin Op.EBIT/kg

    LISTED SALMON COMPANIES – MARGIN OP.EBIT /KG Margin per kg [op.ebit NOK per kg] 45,00 40,00 35,00 30,00 25,00 20,00 15,00 10,00 5,00 0,00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -5,00 BAKKA: Group BAKKA: Group (excl. SCT) Salmar NRS Grieg Leroy (excl. Whitefish) Mowi Average Sour

  62. Slide 62: Dividend

    DIVIDEND Dividend Dividend per share in % of adj. EPS* • The AGM, which was held 28 April 2023, decided to 99% pay out dividend for 2022 of DKK 10.00 per share. The expected payment date is on or around 22 May 2023. • Dividend payment equals 53% of adjusted EPS 59% 53% 49% 49% 50% 50% 50% 50% 46% 40

  63. Slide 63: Proposed Adjustments to the Faroese Revenue Tax

    PROPOSED ADJUSTMENTS TO THE FAROESE REVENUE TAX Main changes Proposed revenue tax adjustments from 2023 • Current tax introduced in 2014, updated in 2016 25,0% • Reduced tax at low salmon 124 NOK prices 20,0% 116 NOK • Increased tax at higher salmon prices 108 NOK 15,0% • Thresholds revised regularl

  64. Slide 64: Faroe Islands

    FAROE ISLANDS  18 islands – 1,387 km2 TAXES  Total percent of GDP: 41.6% (2021)  54,303 inhabitants (March 2023)  Corporate tax: 18%  Farming revenue tax: 5.0% of revenues after 1 January 2019  Home rule – within the Kingdom of Denmark The tax is applied as follows (IMP ~ International market

  65. Slide 65: Faroe Islands

    FAROE ISLANDS BAKKAFROST / PRESENTATION Page 65

  66. Slide 66: Page 66

    BAKKAFROST / PRESENTATION Page 66

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