Bakkafrost U/Adr (BKFKY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

In this quarter, Backerfrost had revenues of 1.9 billion, a group operational EBIT of 505 million. Our harvest in the Faroes increased by 4,600 tonne compared to the same quarter last year, and was 19,000 tonne in total. Harvest in Scotland was 6,300 tonne, 1,000 tonne less than last year. In our fish meal, oil, and feed department, feed sales were up with 4,300 ton to around 31,300 ton. External sale of fish oil was nearly none, one ton, compared to 4,300 ton last year. External sale of fish meal also reduced significantly. to 3,600 tonne compared to 13,000 tonne last year and sourcing of marine raw material was 110,000 tonne compared to 137 in the same quarter last year. Cash flow from operations were positive with 590 million and all segments had positive EBIT. On the AGM end of April, It was resolved to pay out 8.44 Danish kroner per share in dividends for last year. That will be paid out around the 21st of May. Moving on to markets and sales and beginning with the price development in the quarter on the global markets. The average price in this quarter was 92.73 NOK per kilo for 4 to 5 kilo superior salmone, which was 16% lower than last year. but 15% higher than previous quarter. Prices were high around Christmas and also continuing into the beginning of this year, but dropped quite dramatically in early January and has been following a downward trend since then. Prices were affected by increased overall global supply, but also materially by the improved biology in Norway with less downgraded fish and more large fish coming to market. In fact, the Norwegian supply of whole fish increased by 38% in this quarter. And as a result, overall prices were suppressed and the price premium for large fish also reduced According to the latest updates from Contali, global s...