Høgni Jakobsen
Chief Financial Officer
Good morning, and welcome to the presentation of Bakkafrost’s results for the third quarter. My name is Hogni Jakobsen, CFO of Bakkafrost. This morning, we will go through the performance of the group, the developments in the salmon market, financial results, the progress we are making in the operation across our regions. We will also be sharing the expectations for the rest of this year and also the plans for next year. As usual, the presentation contains forward-looking statements that are subject to uncertainty. So please refer to the disclaimer in the published presentation.
So first, a summary of the quarter. The group delivered an operational EBIT of DKK 128 million in this quarter compared to DKK 22 million in the third quarter last year. Revenues were broadly unchanged at around DKK 1.7 billion. We harvested 27,600 tonnes in the quarter, around 10% below last year with lower volumes in both the Faroes and in Scotland. In the Faroe Islands, biological performance remained strong, although we harvested smaller sites, which contributed to higher unit costs. In Scotland, we continue to see improvements in the biology, but low harvest volumes, harvesting smaller fish and some biological challenges affected also the result in this quarter, especially in July and towards the end of the quarter.
In the FOF segment, we have capitalized on our inventory of fishmeal lying at low cost price, leading to very strong results in the quarter and
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