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Annual Report 2017

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Annual Report 2017 ANNUAL REPORT 2017 www.bakkafrost.com Faroese Company Registration No. 1724 ANNUAL REPORT 2017 2 Chairman’s Statement 4 RISK 57 Contents Statement by the Management and the Board of Directors 6 Risk and Risk Management 58 Outlook 8 Bakkafrost at a Glance 10 GOVERNANCE 62 Key Figures 11 Corporate Governance 63 Main Events 12 Corporate Responsibility and Sustainability 65 Shareholder Information 67 STRATEGY 13 Directors and Management 68 Business Objectives and Strategy 14 Directors’ Profiles 69 Business Model 16 Group Management’s Profiles 71 Outline of Bakkafrost’s History 17 Other Managers’ Profiles 72 The Value Chain 18 Statement by the Management and the Board of Directors on the Annual Report 74 PERFORMANCE 27 Independent Auditor’s Report 75 Operational Review 28 Financial Review 33 Farming Segment 35 VAP Segment 37 FOF Segment 39 Market Review 43 ANNUAL REPORT 2017 3 STATEMENTS AND NOTES - BAKKAFROST GROUP 78 FINANCIAL STATEMENTS - P/F BAKKAFROST 137 Contents Consolidated Income Statement 82 P/F BAKKAFROST - Income Statement 139 Consolidated Statement of Comprehensive Income 83 P/F BAKKAFROST - Statement of Financial Position 140 Consolidated Statement of Financial Position 84 P/F BAKKAFROST - Cash Flow Statement 142 Consolidated Cash Flow Statement 86 P/F BAKKAFROST - Statement of Changes in Equity 143 Consolidated Statement of Changes in Equity 87 P/F BAKKAFROST - Notes to the Financial Statements 144 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS APPENDIX 152 - BAKKAFROST GROUP 88 Quarterly Financial Figures 2015-2017 152 NOTES - SECTION 1 BASIS OF PREPARATION 89 Market Announcements Published in 2017 155 NOTES - SECTION 2 RESULTS FOR THE YEAR 92 Financial Calendar for 2018 156 NOTES - SECTION 3 ASSETS AND LIABILITIES 103 Glossary 157 NOTES - SECTION 4 CAPITAL STRUCTURE AND FINACING ITEMS 124 NOTES - SECTION 5 OTHER DISCLOSURES 131 CHAIRMAN’S STATEMENT ANNUAL REPORT 2017 4 Chairman’s Statement OVERVIEW 2017 was a landmark in Bakkafrost’s history. The investment that Bakkafrost is competing internationally. Success in this in the combined harvest and value added production facility competition means that more values can be created to the in Glyvrar was finalized, and this concludes the merging of local community. We, who are responsible for the company, seven factories into one facility. Looking at the performance, must endeavour to have an operation as effective and sus- 2017 was also satisfactory. The operating EBIT for 2017 was tainable as possible, while the politicians must aim to set com- DKK 1,378 million. petitive framework, compared to foreign competition. If one of these objectives fails, we and the community will lose. INVESTMENTS AND OPPORTUNITIES All of Bakkafrost’s investments have the same goal - to pre- Great value creation is already taken place at Bakkafrost. RÚNI M. HANSEN pare the company for the future by reducing the biological Havsbrún transforms wild caught fish and offcuts into high Chairman of the Board risk and making Bakkafrost competitive. It must be stressed quality and healthy fish feed, which makes Bakkafrost’s CHAIRMAN’S STATEMENT ANNUAL REPORT 2017 5 salmon unique. At the brand new VAP factory in Glyvrar, SUSTAINABILITY salmon is created into tasty and healthy products ready for Bakkafrost’s core values specify an intent to act responsibly, the consumers. With our unique product and our sales and this includes thinking long-term on economic, social and envi- marketing effort we have achieved premium prices. ronmental issues. Bakkafrost strives to be market leading in million sustainable business. All employees are required to bear in (DKK) By building the new factory in Glyvrar, we wanted to go even mind the environmental effects, work-related activities have 513 longer in value creation, and the plan is to use the “old” fac- on nature and the environment and to apply environmentally tory at Glyvrar for product development and research. A friendly solutions to the extent reasonably possible. new salmon fishmeal and -oil factory will start operation in Havsbrún in 2018. By producing salmon fishmeal and -oil from For the first time, Bakkafrost has published Bakkafrost’s Proposed dividend for 2017 guts, skin and offcuts of salmon into more valuable products, Sustainability Report 2017. The report is prepared, using Oslo Bakkafrost pursues more value creation. The plan is to certify Børs Guidance on the Reporting Corporate Responsibility and this production as human grade. By this, all parts of the salmon will give valuable information on Bakkafrost’s strategy and will be used and sold as healthy food. action on sustainability. It is most important for us as a company to continuously REWARDING OUR SHAREHOLDERS develop in all areas. Bakkafrost has probably the longest Based on the solid performance in 2017, the Board of Directors value chain in the salmon farming business. We produce will propose a dividend of DKK 10.50 per share at the Annual healthy and tasty quality products to the global market, and General Meeting, which corresponds to a total dividend of we strive to have a sustainable and competitive production DKK 513 million. throughout the value chain. THANK YOU TO OUR EMPLOYEES On behalf of the Board of Directors, I would like to express our appreciation to all Bakkafrost employees for the commitment and hard work in 2017. STATEMENT BY THE MANAGEMENT AND THE BOARD OF DIRECTORS ANNUAL REPORT 2017 6 STRONG PERFORMANCE IN 2017 Statement by The overall performance in 2017 was strong and satisfying. the VAP segment’s operation has improved. As in 2016, the Operational EBIT for 2017 was DKK 1,378 million, compared to VAP segment had a loss in 2017, because of high salmon spot the Management DKK 1,165 million for 2016. The salmon market continued with prices. The VAP segment sells on long-term contracts and typ- record high salmon prices in 2016 and into 2017. As expected, ically the prices in the long-term contracts have a time lag, and the Board of the salmon price decreased in the second half of 2017, espe- compared with the spot price for fresh salmon. The VAP seg- cially during the last quarter of 2017, as the supply of salmon ment had a profit for the last quarter of 2017. The Farming Directors began to increase again. The VAP segment moved its opera- segment experienced high margins, and the FOF segment had tion into the new facility at Glyvrar in the beginning of 2017 a very good year in 2017. and experienced start-up issues. Since the summer of 2017, STATEMENT BY THE MANAGEMENT AND THE BOARD OF DIRECTORS ANNUAL REPORT 2017 7 2017 started dramatically for the Farming segment with a ISA The VAP segment’s production increased in 2017 to 19,067 The Bakkafrost Group’s interest-bearing debt amounted to pathogenic virus confirmation at farming site Hvannasund tgw, compared to 18,120 tgw in 2016. The percentage of total DKK 258.1 million at the end of 2017, compared with DKK Norður (A-73). This was the first ISA confirmation since 2015 in harvest used for VAP production was 35% in 2017, compared 635.3 million at year-end 2016. The Group had available funds the Faroe Islands. The farming site Hvannasund Norður had to 37% in 2016. 2017 was a transitional year for the VAP seg- of approximately DKK 1,004.6 million at the end of 2017. In been under increased surveillance since July 2016, when sus- ment, and moving to the new VAP factory has been demand- January 2018, Bakkafrost made an agreement with its existing picion of ISA arose. The incident had a negative effect on har- ing. lender, Nordea, to refinance the existing DKK 850 million bank vested volumes in 2017, as the fish at the farming site was facility and the outstanding NOK 500 million bond loan, which harvested early and not at optimal weight. The raw material intake in the FOF segment was 342,456 had maturity and was paid on 14 February 2018, with a senior tonnes in 2017. This is a record high raw material intake in secured five-year EUR 200 million credit facility. The facility Bakkafrost has made investments in both harvesting facilities Havsbrún’s history going back to 1966. The raw material intake includes an accordion increase option, which provides flexibil- and live fish carriers in recent years, which played an impor- was 201,222 tonnes in 2016. The production of fishmeal and ity for the parties to agree an increased size of the facility by tant part in handling the ISA incident in the right manner - a fish oil was consequently higher in 2017, compared to 2016. further up to EUR 200 million during the term of the facility. concrete example of the importance of having a good contin- The feed sale decreased 7% from 84,587 tonnes in 2016 to gency plan and appropriate equipment in order to reduce the 78,134 tonnes in 2017. The margins in the FOF segment were The Bakkafrost Group made a profit of DKK 511.4 million for biological risk. high for 2017. 2017, compared with DKK 1,338.9 million for 2016. Bakka- frost’s equity ratio was 70% at the end of 2017, compared to The Farming segment harvested 54,615 tgw in 2017, compared The average salmon spot price decreased to NOK 60.88 per 66% at the end of 2016. Bakkafrost paid out DKK 425.1 million with 47,542 tgw in 2016. This corresponds to an increase of kilo for 2017, compared to NOK 63.13 per kilo for 2016, corre- in dividends in the second quarter of 2017, corresponding to 15%. The harvest in the Farming segment is dependent on sponding to a decrease of 4%. The decrease was the same, DKK 8.70 per share.
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