Satisfying margins for Bakkafrost

. All segments had positive margins, where especially the farming segment showed strong performance. The supply of salmon in the quarter was strong, which put the prices under pressure.

Commenting on the result, CEO Regin Jacobsen said: "The result for Q3 2012 was good, as the margins were higher than we expended earlier. All segments had positive results and thus contributed to the Group's result. During the quarter we were able to utilize the marked situation and had relatively large salmon to harvest which gave a higher margin. The outlook are also good as we expect Q4 to be the point, where the market balance tips over for the benefit of the supply site, resulting in salmon prices to increase."

Financial Review The operating revenues amounted to DKK 457.1 million in Q3 2012 (DKK 369.3 million). YTD 2012 the operating revenue amounted to DKK 1,273.5 million (DKK 923.9 million). The increase in the revenue is due to higher harvested volumes at a lower price and the acquisition of the Havsbrún Group in the summer 2011.

Operational EBIT was DKK 86.2 million in Q3 2012 (DKK 70.0 million). YTD 2012 operational EBIT was DKK 223.9 million (DKK 289.2). A fair value adjustment of the Group's biological assets has been recognised in Q3 2012 amounting to DKK -32.4 million (DKK -14.6 million). YTD 2012, a fair value adjustment has been recognised amounting to DKK -23.1 million (DKK -131.9 million).

No provisions for onerous contracts are in Q3 2012 and YTD 2012 (DKK 0 million in Q3 2011 and a provision DKK 2.9 million in YTD 2011). Income from associated companies in Q3 amounts to DKK -11.7 million (DKK -1.8 million). YTD 2012 it was DKK -14.8 (DKK -1.8 million). The amount relates to the result from Hanstholm Fiskemelfabrik in which Bakkafrost has a shareholding of 34% and Faroe Farming in which Bakkafrost holds 49%.

Net interest in Q3 2012 amounted to DKK -3.2 million (DKK -3.5 million). YTD 2012 net interest amounted to DKK -13.1 million (DKK -7.1 million). The increase in the net interests is due to higher interest bearing debt following the acquisition of Havsbrún in 2011. Net taxes amounted to DKK -8.6 million in Q3 2012 (DKK -0.3 million). YTD 2012 net taxes amounted to DKK -35.6 million (DKK -22.5 million).

The result for Q3 2012 for the continuing operations was DKK 12.7 million (DKK 159.9 million). YTD 2012 it was DKK 119.7 million (DKK 237.8 million). The result after tax for Q3 2012 for the discontinuing operations was DKK 13.1 million (DKK 0 million). For the first nine months of 2012 the result was DKK 13.5 million (DKK 0 million). Thus, the total result for Q3 2012 was DKK 25.8 million (DKK 158.9 million) and the result YTD 2012 was DKK 133.2 million (DKK 237.8 million).

During the quarter, Bakkafrost finally sold 51% of the total shares in P/F Faroe Farming, a subsidiary of P/F Bakkafrost. Therefore, Faroe Farming in this report is a discontinuing operation and following the sale classified as an associated company. The Group had a net interest bearing debt at the end of Q3 2012 amounting to DKK 769.5 million (DKK 816.8 million at year-end 2011) and had undrawn credit facilities of DKK 208.5 million.