P/F Bakkafrost (BKFKF) Q3 2023 Earnings Call Transcript

P/F Bakkafrost (OTCPK:BKFKF) Q3 2023 Results Earnings Conference Call November 7, 2023 2:00 AM ET

Company Participants

Høgni Jakobsen – Chief Financial Officer

Regin Jacobsen – Chief Executive Officer

Conference Call Participants

Nils Olav Furre Thommesen – Fearnley Securities

Alexander Aukner – DNB

Wilhelm Røe – Danske Bank

Christian Olsen Nordby – Kepler Cheuvreux

Høgni Jakobsen

The agenda is first a summary of the third quarter before we go into markets and sales and move on to financials and then our CEO, Regin Jacobsen, will go through the segments, the segment performance with you and the outlook as well.

So to sum up the third quarter, our revenues in this quarter were NOK 1.8 billion. Quite similar to the revenue we had in the same quarter last year. Group operational EBIT of NOK 269 million, which is a reduction from the NOK 325 million we had last year.

Very little change in Faroese harvest volumes. We harvested 16,740 tonnes in the Faroes in this quarter. In Scotland, our harvest volume dropped quite significantly, down to 4,100 tonne compared to 8,100 tonnes in the third quarter of last year.

Feed sales were slightly lower in this quarter, just short of 36,000 tonne compared to 37,805 tonne in the same quarter last year.

Our FOF segment, Fishmeal, Oil and Feed, has had a very strong year and especially on the raw material intake and that also continued in this quarter. So we sourced around 110,000 tonne in this quarter compared to 76,000 tonne last year.

Cash flow from operations were positive with NOK 185 million and all segments had positive EBIT except for Farming Scotland, which had an operational EBIT of minus NOK 282 million. And we’ll come back to segments shortly.

So, looking at the markets, according to the latest analysis from – take the

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