February 20, 2018 / 5:15 AM / 6 months ago

BRIEF-Bakkafrost Q4 core profit, 2017 dividend beat forecast, net earnings slip

Feb 20 (Reuters) - Bakkafrost:

* BAKKAFROST Q4 OPERATIONAL EBIT DKK ‍331.2​ MILLION (REUTERS POLL DKK 216 MILLION)

* BAKKAFROST PROPOSES DIVIDEND OF DKK ‍10.50​ PER SHARE FOR 2017 (REUTERS POLL DKK 9.2)

* FAIR VALUE ADJUSTMENT DKK -358.7 MILLION IN Q4‍​

* BAKKAFROST Q4 NET LOSS DKK 21.9 MILLION (REUTERS POLL PROFIT DKK 160 MILLION)

* BAKKAFROST EXPECTS TO HARVEST ‍51,000​ TONNES IN 2018 (REUTERS POLL 50,900) VERSUS NOVEMBER FORECAST 51,000 TONNES

* ‍EXPECTS TO RELEASE 13.9 MILLION SMOLTS IN 2018, COMPARED WITH 9.9 MILLION SMOLTS IN 2017 AND 11.7 MILLION SMOLTS RELEASED IN 2016​

* ‍AIMS AT BEING SELF-SUPPLIED WITH 500 GRAMS SMOLTS IN 2020​

* ‍HAS SIGNED CONTRACTS COVERING AROUND 14% OF EXPECTED HARVESTED VOLUMES FOR 2018​

* ‍CONTRACT COVERAGE IS REDUCED, COMPARED TO PREVIOUS YEAR, BECAUSE SOME CONTRACTS WERE NOT RENEWED IN Q4 2017​

* ‍LONG-TERM STRATEGY IS TO SELL AROUND 40-50% OF HARVESTED VOLUMES OF SALMON AS VAP PRODUCTS AT FIXED PRICE CONTRACTS​

* ‍HAVSBRÚN’S SALES OF FISH FEED IN 2018 ARE EXPECTED TO BE AT 85,000 TONNES, DEPENDING ON EXTERNAL SALES​

* ‍TO FURTHER FOCUS ON STRENGTHENING GROUP, M&A’S, ORGANIC GROWTH OPPORTUNITIES AND TO FULFIL ITS DIVIDEND POLICY​

* ‍COMBINED FARMING AND VAP SEGMENTS MADE AN OPERATIONAL EBIT OF DKK 265.4 MILLION​

* BAKKAFROST Q4 REVENUES DKK 906.1‍​ MILLION (REUTERS POLL DKK 686 MILLION) Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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