2024-05-06 15:46:10 ET
P/F Bakkafrost (BKFKF)
Q1 2024 Results Conference Call
May 06, 2024 2:00 AM ET
Company Participants
Hogni Jakobsen - Chief Financial Officer
Regin Jacobsen - Chief Executive Officer
Presentation
Hogni Jakobsen
Good morning, and welcome to the presentation of Bakkafrost's results for the first quarter of 2024. Today, we are webcasting here from our headquarters in the Faroes. My name is Hogni Jakobsen, and I'm joined by our CEO, Regin Jacobsen. And together, we will go through this agenda this morning, first off, the first quarter, and then we look at market and sales, financials and ESG and then an update on operations and the outlook for the time to come before we open up for Q&A.
First off, so our revenues in this quarter increased to DKK 2.2 billion, around 8% up from last year. Group operational EBIT in this quarter was DKK 710 million, which is up DKK 565 million in the same quarter last year. In the Faroes, we increased our harvest volumes with 3,300 tonne to around 14,300 tonne. In Scotland, we had lower harvest in this quarter, 800 tonne lower and harvested around 7,300 tonne. Feed sales increased by 21% to 27,000 tonne. Our fish oil and -- fish oil sales reduced by 1,500 tonne to around 4,000 tonnes in this quarter. Marine raw material sourcing also was lower than the same quarter last year, 137,000 tonnes in this quarter compared to 156,000 tonnes last quarter -- last year. However, we have to remember that last year was an exceptionally high -- we had exceptionally high volumes of marine raw material for our fishmeal oil and feed production.
Cash flow from operations was positive in this quarter with DKK 676 million. And all segments had positive EBIT except for the Scottish freshwater segment and sales and other segments. On the AGM, that was last week, the proposed dividend of DKK 8.70 was approved and that will be paid out around the 21st of May....
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P/F Bakkafrost (BKFKF) Q1 2024 Earnings Call Transcript