P/F Bakkafrost (OTCPK:BKFKF) Q4 2024 Earnings Conference Call February 17, 2025 2:00 AM ET
Company Participants
Hogni Jakobsen – Chief Financial Officer
Regin Jacobsen – Chief Executive Officer
Conference Call Participants
Herman Dahl – Nordea Markets
Stein Aukner – DNB Markets
Christian Nordby – Arctic Securities
Wilhelm Dahl Roe – Danske Bank
Hogni Jakobsen
Good morning, and welcome to the presentation of Bakkafrost’s Results for the Fourth Quarter. My name is Hogni Jakobsen, CFO of Bakkafrost.
First, I’ll ask you to pay attention to our disclaimer regarding forward-looking statement, which is included in the published presentation. This morning, we will start by a summary, providing a summary of the fourth quarter before we move on to markets and sales, financials. And then our CEO, Regin Jacobsen, will take over and go through the operations in the segments and the outlook.
In the fourth quarter, Bakkafrost had revenues of DKK1,470 million and group operational EBIT was DKK280 million. Faroese harvest was slightly higher than the same quarter last year, came out at 16,600 tonnes approximately. And in Scotland, we harvested 3,840 tonnes, almost 4 times the volume the same quarter last year. Our FOF division had a relatively quiet quarter, although feed sales were slightly down from last year, came out at 38,900 tonnes, especially the sale — external sale of fish oil was reduced to only 11 tonnes, compared to 5,400 tonnes in the fourth quarter of last year. And external fishmeal sales also dropped significantly 87%, down to 1,600 tonnes, compared to around 12,000 tonnes in the fourth quarter of last year.
Havsbrún sourced 42,000 tonnes of marine raw material in this quarter, down from 54,000 tonnes last year. Last year, as we have talked about before, was an exceptional year for Havsbrún with more than 50% higher marine sourcing than in a normal
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