February 27, 2017 / 6:11 AM / 5 months ago

UPDATE 1-Bakkafrost Q4 operating profit and dividend below forecast

2 Min Read

(Adds ISA virus test update)

Feb 27 (Reuters) - P/F Bakkafrost

* q4 operational ebit dkk 349.6 million (Reuters poll dkk 376 million)

* expects to harvest 55,500 tonnes in 2017 (Reuters poll 55,600)

* Expects to release 11.5 million smolts in 2017, compared with 11.7 million smolts in 2016 and 11.3 smolts released in 2015

* proposes dividend of dkk 8.70 for 2016 (Reuters poll dkk 9.38)

* Says the proposed dividend corresponds to 49.8 pct of adjusted earnings for 2016

* Says latest update from Kontali still estimates a global supply of Atlantic salmon to increase around 2 pct in 2017, compared to 2016

* has signed contracts covering around 36 pct of expected harvested volumes for 2017

* Price level on long-term contracts are on a higher level than ever before. At present, there are no indications that this price level should decrease significantly

* Havsbrun's sales of fish feed in 2017 are expected to be at 85,000 tonnes

* Says high equity ratio together with bank financing and issuance of bonds makes the financial situation strong. This enables Bakkafrost to carry out its investment plans, m&a, organic growth and fulfil dividend policy

* q4 revenues dkk 868 million (Reuters poll dkk 876 million)

* Vap segment made an operational ebit of dkk -60.8 million. Ebitda for fof segment was dkk 71.1 million

* Says presence of ISA virus at farming site A73 not confirmed despite intensive testing since the notice on Jan. 20 2017

* Says both cages with suspicion containing 190,000 fish, harvested right after the suspicion was raised

* Says remaining 12 cages - total 1 million fish - under close veterinary surveillance and testing program for a period of 6 months; average weight of fish now 2.7 kg HOG Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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