Cash flow Bakkafrost

Stocks

BAKKA

FO0000000179

Fishing & Farming

Market Closed - Oslo Bors 10:45:00 2026-09-03 EDT			5-day change	1st Jan Change
440.00 ^NOK	-1.12%		-10.20%	-14.81%

09-01	Handelsbanken raises its target price for Bakkafrost to 465 Norwegian kroner (450), reiterates hold - BN	FW
09-01	Arctic cuts Bakkafrost target price to 537 Norwegian kroner (542), reiterates buy - BN	FW

27eec6.pb9nnTdkH-A0sSSq9y1L1ZmuT7ZUA9T89MFxTgRJPeU.w-8PrlshSowZyGz-rhoO4qmDGvMjTLmWsIIJIndkbdXJ7D_nQSdRlkDJRw

Published financial data: BAKKAFROST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (DKK)	2022 (DKK)	2023 (DKK)	2024 (DKK)	2025 (DKK)
Revenues	5.55B	7.13B	7.14B	7.33B	7.01B
Total Revenues	5.55B	7.13B	7.14B	7.33B	7.01B
Cost of Goods Sold, Total	1.62B	2.05B	2.66B	2.86B	2.47B
Gross Profit	3.93B	5.08B	4.48B	4.48B	4.54B
Selling General & Admin Expenses, Total	683M	781M	814M	823M	892M
Depreciation & Amortization - (IS)	530M	535M	637M	704M	784M
Other Operating Expenses	1.6B	1.99B	1.78B	1.99B	2.02B
Other Operating Expenses, Total	2.82B	3.31B	3.23B	3.52B	3.7B
Operating Income	1.11B	1.77B	1.25B	959M	843M
Interest Expense, Total	-40.61M	-61.95M	-182M	-200M	-161M
Interest And Investment Income	5.42M	7M	20.81M	18.6M	15.59M
Net Interest Expenses	-35.19M	-54.95M	-161M	-181M	-146M
Income (Loss) On Equity Invest.	30.11M	57.6M	70.65M	46.96M	36.06M
Currency Exchange Gains (Loss)	38.76M	-69.07M	2.78M	34.9M	-94.62M
Other Non Operating Income (Expenses)	-10.59M	-11.8M	-13.42M	-8.14M	-1.94M
EBT, Excl. Unusual Items	1.14B	1.69B	1.15B	852M	637M
Impairment of Goodwill	-38K	-2.15M	-504K	-281K	-1.3M
EBT, Incl. Unusual Items	1.14B	1.69B	1.15B	852M	635M
Income Tax Expense	174M	346M	193M	207M	112M
Earnings From Continuing Operations	964M	1.34B	955M	645M	524M
Net Income to Company	964M	1.34B	955M	645M	524M
Minority Interest	17K	780K	358K	11.8M	6.41M
Net Income - (IS)	964M	1.35B	956M	657M	530M
Net Income to Common Incl Extra Items	964M	1.35B	956M	657M	530M
Net Income to Common Excl. Extra Items	964M	1.35B	956M	657M	530M
Per Share Items
Net EPS - Basic	16.31	22.76	16.15	11.08	8.94
Basic EPS - Continuing Operations	16.31	22.76	16.15	11.08	8.94
Basic Weighted Average Shares Outstanding	59.09M	59.09M	59.17M	59.27M	59.29M
Net EPS - Diluted	16.31	22.76	16.15	11.08	8.94
Diluted EPS - Continuing Operations	16.31	22.76	16.15	11.08	8.94
Diluted Weighted Average Shares Outstanding	59.09M	59.09M	59.17M	59.27M	59.29M
Normalized Basic EPS	12.03	17.91	12.14	9.18	6.82
Normalized Diluted EPS	12.03	17.91	12.14	9.18	6.82
Dividend Per Share	5.14	10	8.7	8.44	3.45
Payout Ratio	22.39	22.6	61.89	78.48	94.41
American Depositary Receipts Ratio (ADR)	0.25	0.25	0.25	0.25	0.25
Supplemental Items
EBITDA	1.55B	2.2B	1.75B	1.53B	1.46B
EBITA	1.11B	1.77B	1.25B	959M	843M
EBIT	1.11B	1.77B	1.25B	959M	843M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	15.26	20.47	16.82	24.29	17.58
Total Current Taxes	171M	241M	210M	186M	93.36M
Total Deferred Taxes	3.49M	105M	-16.96M	19.86M	17.76M
Normalized Net Income	711M	1.06B	718M	544M	404M
Interest on Long-Term Debt	39.43M	60.33M	170M	188M	159M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	-	-	-	-	-
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Maintenance & Repair Expenses, Total	188M	239M	261M	284M	335M
Stock-Based Comp., SG&A Exp. (Total)	3.55M	30.61M	43.68M	38.43M	30.97M
Total Stock-Based Compensation	3.55M	30.61M	43.68M	38.43M	30.97M

Fiscal Period: December	2021 (DKK)	2022 (DKK)	2023 (DKK)	2024 (DKK)	2025 (DKK)
Assets
Cash And Equivalents	509M	720M	412M	481M	300M
Total Cash And Short Term Investments	509M	720M	412M	481M	300M
Accounts Receivable, Total	620M	809M	850M	675M	700M
Other Receivables	282M	168M	150M	213M	298M
Total Receivables	902M	977M	1B	887M	997M
Inventory	3.16B	4.01B	4.48B	3.81B	4.21B
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	-	7.47M	374K	-	-
Total Current Assets	4.57B	5.72B	5.9B	5.18B	5.51B
Gross Property Plant And Equipment	7.53B	8.76B	9.72B	10.67B	12.11B
Accumulated Depreciation	-2.33B	-2.68B	-3.09B	-3.61B	-4.15B
Net Property Plant And Equipment	5.19B	6.09B	6.63B	7.05B	7.97B
Long-term Investments	149M	234M	289M	334M	346M
Goodwill	667M	580M	581M	589M	580M
Other Intangibles, Total	3.83B	3.93B	3.93B	3.93B	3.93B
Loans Receivable Long-Term	8.1M	-	-	-	-
Deferred Tax Assets Long-Term	215M	336M	512M	590M	699M
Other Long-Term Assets, Total	-	-	-	-	-
Total Assets	14.63B	16.88B	17.84B	17.67B	19.03B
Liabilities
Accounts Payable, Total	510M	479M	388M	433M	550M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	87.67M	106M	65.85M	64.86M	48.55M
Current Income Taxes Payable	171M	238M	210M	186M	91.61M
Other Current Liabilities	37.64M	100M	83.2M	82.18M	137M
Total Current Liabilities	807M	923M	747M	766M	827M
Long-Term Debt	2.63B	3.38B	3.94B	3.48B	4.2B
Long-Term Leases	246M	353M	331M	234M	798M
Deferred Tax Liability Non Current	1.59B	1.83B	1.95B	2.04B	2.16B
Other Non Current Liabilities	3.21M	-	-	-	-
Total Liabilities	5.28B	6.49B	6.98B	6.52B	7.98B
Common Stock, Total	59.14M	59.14M	59.23M	59.3M	59.39M
Additional Paid In Capital	4.03B	4.03B	4.03B	4.06B	4.09B
Retained Earnings	4.63B	5.4B	5.94B	6.45B	6.33B
Treasury Stock	-26.77M	-18.51M	-8.48M	-14.5M	-30.87M
Comprehensive Income and Other	655M	928M	840M	609M	593M
Total Common Equity	9.35B	10.39B	10.86B	11.17B	11.04B
Minority Interest	133K	3.41M	3.06M	-8.75M	1.87M
Total Equity	9.35B	10.4B	10.87B	11.16B	11.04B
Total Liabilities And Equity	14.63B	16.88B	17.84B	17.67B	19.03B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	59.08M	59.1M	59.21M	59.27M	59.29M
ECS Total Common Shares Outstanding	59.08M	59.1M	59.21M	59.27M	59.29M
Book Value / Share	158.23	175.85	183.46	188.38	186.23
Tangible Book Value	4.85B	5.88B	6.35B	6.65B	6.53B
Tangible Book Value Per Share	82.13	99.56	107.3	112.16	110.18
Total Debt	2.97B	3.84B	4.34B	3.78B	5.04B
Net Debt	2.46B	3.12B	3.93B	3.3B	4.74B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	133K	3.41M	3.06M	-8.75M	1.87M
Equity Method Investments, Total	93.9M	233M	288M	333M	345M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	515M	844M	911M	476M	641M
Inventories - Finished Goods, Total	2.64B	3.17B	3.57B	3.33B	3.57B
Land - (BS)	2.12B	2.11B	2.48B	2.69B	3.08B
Machinery, Total	4.32B	5.1B	5.62B	6.17B	7.01B
Full Time Employees	1.57K	1.78K	1.7K	1.6K	1.82K
Part Time Employees	-	-	260	120	-
Accumulated Allowance for Doubtful Accounts (Supple)	32K	51K	112K	84K	1.57M

Fiscal Period: December	2021 (DKK)	2022 (DKK)	2023 (DKK)	2024 (DKK)	2025 (DKK)
Net Income	964M	1.35B	956M	657M	530M
Depreciation & Amortization - CF	530M	535M	637M	704M	784M
Depreciation & Amortization, Total	530M	535M	637M	704M	784M
Asset Writedown & Restructuring Costs	38K	2.15M	504K	281K	1.3M
(Income) Loss On Equity Investments - (CF)	-30.11M	-57.6M	-70.65M	-46.96M	-17.81M
Other Operating Activities, Total	-263M	-114M	355M	590M	-150M
Change In Accounts Receivable	-494M	-209M	114M	77.15M	-271M
Change In Inventories	142M	-577M	-613M	306M	-299M
Change in Other Net Operating Assets	275M	276M	-356M	67.92M	501M
Cash from Operations	1.12B	1.2B	1.02B	2.35B	1.08B
Capital Expenditure	-1.12B	-1.24B	-1.06B	-1.03B	-1.14B
Sale of Property, Plant, and Equipment	667K	368K	2.08M	4.16M	-
Cash Acquisitions	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	2.78M	-27.39M	16.16M	7.71M	-
Other Investing Activities, Total	-1K	8.1M	-	-	-
Cash from Investing	-1.11B	-1.25B	-1.04B	-1.01B	-1.14B
Long-Term Debt Issued, Total	405M	735M	546M	-	694M
Total Debt Issued	405M	735M	546M	-	694M
Long-Term Debt Repaid, Total	-117M	-117M	-131M	-591M	-172M
Total Debt Repaid	-117M	-117M	-131M	-591M	-172M
Issuance of Common Stock	10.96M	12.8M	53.97M	31.38M	27.34M
Repurchase of Common Stock	-	-	-	-7.86M	-15.21M
Common Dividends Paid	-216M	-304M	-591M	-515M	-501M
Common & Preferred Stock Dividends Paid	-216M	-304M	-591M	-515M	-501M
Other Financing Activities, Total	-52.88M	-63.94M	-165M	-189M	-158M
Cash from Financing	29.9M	263M	-287M	-1.27B	-124M
Net Change in Cash	42.22M	210M	-308M	68.83M	-181M
Supplemental Items
Cash Interest Paid	56.43M	68.26M	187M	209M	170M
Cash Income Tax Paid (Refund)	54.33M	171M	197M	209M	188M
Levered Free Cash Flow	-370M	-441M	-338M	1B	-330M
Unlevered Free Cash Flow	-345M	-403M	-224M	1.12B	-229M
Change In Net Working Capital	460M	839M	624M	-809M	435M
Net Debt Issued / Repaid	288M	618M	416M	-591M	522M

Fiscal Period: December	2021 (DKK)	2022 (DKK)	2023 (DKK)	2024 (DKK)	2025 (DKK)
Profitability
Return on Assets	5.01	7.02	4.5	3.38	2.87
Return on Total Capital	5.89	8.34	5.31	3.98	3.4
Return On Equity %	10.67	13.62	8.99	5.86	4.72
Return on Common Equity	10.67	13.63	8.99	5.96	4.77
Margin Analysis
Gross Profit Margin %	70.77	71.24	62.71	61.03	64.8
SG&A Margin	12.29	10.95	11.4	11.22	12.73
EBITDA Margin %	27.88	30.89	24.54	20.9	20.91
EBITA Margin %	20.07	24.83	17.5	13.08	12.03
EBIT Margin %	20.07	24.83	17.5	13.08	12.03
Income From Continuing Operations Margin %	17.36	18.85	13.38	8.79	7.47
Net Income Margin %	17.36	18.87	13.38	8.95	7.57
Net Avail. For Common Margin %	17.36	18.87	13.38	8.95	7.57
Normalized Net Income Margin	12.8	14.85	10.06	7.42	5.77
Levered Free Cash Flow Margin	-6.66	-6.19	-4.73	13.63	-4.7
Unlevered Free Cash Flow Margin	-6.2	-5.65	-3.14	15.33	-3.27
Asset Turnover
Asset Turnover	0.4	0.45	0.41	0.41	0.38
Fixed Assets Turnover	1.14	1.26	1.12	1.07	0.93
Receivables Turnover (Average Receivables)	10	9.98	8.61	9.62	10.2
Inventory Turnover (Average Inventory)	0.54	0.57	0.63	0.69	0.61
Short Term Liquidity
Current Ratio	5.66	6.19	7.89	6.75	6.66
Quick Ratio	1.75	1.84	1.89	1.78	1.57
Operating Cash Flow to Current Liabilities	1.39	1.3	1.37	3.07	1.3
Days Sales Outstanding (Average Receivables)	36.49	36.58	42.4	38.06	35.8
Days Outstanding Inventory (Average Inventory)	680.23	638.13	582.39	531.07	593.52
Average Days Payable Outstanding	103.84	62.12	50.45	68.79	62.52
Cash Conversion Cycle (Average Days)	612.87	612.59	574.34	500.33	566.81
Long Term Solvency
Total Debt/Equity	31.76	36.97	39.96	33.87	45.67
Total Debt / Total Capital	24.1	26.99	28.55	25.3	31.35
LT Debt/Equity	30.82	35.94	39.35	33.29	45.23
Long-Term Debt / Total Capital	23.39	26.24	28.12	24.87	31.05
Total Liabilities / Total Assets	36.1	38.42	39.1	36.88	41.96
EBIT / Interest Expense	27.45	28.58	6.88	4.81	5.22
EBITDA / Interest Expense	40.51	37.22	10.38	8.34	10.08
(EBITDA - Capex) / Interest Expense	13.04	17.28	4.54	3.19	3.05
Total Debt / EBITDA	1.8	1.67	2.3	2.27	3.1
Net Debt / EBITDA	1.49	1.35	2.08	1.98	2.92
Total Debt / (EBITDA - Capex)	5.61	3.59	5.27	5.93	10.26
Net Debt / (EBITDA - Capex)	4.65	2.92	4.77	5.18	9.65
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	19.39	28.38	0.15	2.7	-4.45
Gross Profit, 1 Yr. Growth %	43.78	29.23	-11.84	-0.05	1.45
EBITDA, 1 Yr. Growth %	54.6	42.24	-20.45	-12.5	-4.45
EBITA, 1 Yr. Growth %	62.5	58.86	-29.42	-23.26	-12.1
EBIT, 1 Yr. Growth %	62.5	58.86	-29.42	-23.26	-12.1
Earnings From Cont. Operations, 1 Yr. Growth %	108.28	39.45	-28.94	-32.5	-18.77
Net Income, 1 Yr. Growth %	108.29	39.53	-28.96	-31.29	-19.26
Normalized Net Income, 1 Yr. Growth %	81.65	48.87	-32.14	-24.24	-25.7
Diluted EPS Before Extra, 1 Yr. Growth %	108.36	39.48	-29.06	-31.4	-19.28
Accounts Receivable, 1 Yr. Growth %	26.58	30.38	5.14	-20.64	3.69
Inventory, 1 Yr. Growth %	9.14	27.08	11.75	-15.05	10.56
Net Property, Plant and Equip., 1 Yr. Growth %	13.49	17.24	9.01	6.34	12.91
Total Assets, 1 Yr. Growth %	10.75	15.4	5.68	-0.94	7.66
Tangible Book Value, 1 Yr. Growth %	14.53	21.27	7.98	4.63	-1.73
Common Equity, 1 Yr. Growth %	7.08	11.18	4.53	2.79	-1.1
Cash From Operations, 1 Yr. Growth %	137.26	6.87	-14.9	130.26	-54.2
Capital Expenditures, 1 Yr. Growth %	33.39	10.76	-14.05	-3.39	10.62
Levered Free Cash Flow, 1 Yr. Growth %	-33.34	19.26	-23.42	-395.87	-132.97
Unlevered Free Cash Flow, 1 Yr. Growth %	-35.26	16.8	-44.28	-601.34	-120.35
Dividend Per Share, 1 Yr. Growth %	40.82	94.55	-13	-2.99	-59.12
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	10.96	23.8	13.39	1.42	-0.94
Gross Profit, 2 Yr. CAGR %	19.01	36.31	6.74	-6.13	0.7
EBITDA, 2 Yr. CAGR %	10.2	48.29	6.37	-16.57	-8.56
EBITA, 2 Yr. CAGR %	5.24	60.67	5.89	-26.4	-17.87
EBIT, 2 Yr. CAGR %	5.24	60.67	5.89	-26.4	-17.87
Earnings From Cont. Operations, 2 Yr. CAGR %	9.65	70.43	-0.46	-30.74	-25.95
Net Income, 2 Yr. CAGR %	9.08	70.48	-0.44	-30.13	-25.51
Normalized Net Income, 2 Yr. CAGR %	6.87	64.44	0.51	-28.3	-24.97
Diluted EPS Before Extra, 2 Yr. CAGR %	1.95	70.51	-0.53	-30.24	-25.59
Accounts Receivable, 2 Yr. CAGR %	-0.45	28.46	17.08	-8.65	-9.29
Inventory, 2 Yr. CAGR %	13.52	17.77	19.17	-2.57	-3.09
Net Property, Plant and Equip., 2 Yr. CAGR %	12.34	15.35	13.05	7.66	9.58
Total Assets, 2 Yr. CAGR %	5.67	13.05	10.44	2.32	3.27
Tangible Book Value, 2 Yr. CAGR %	11.06	17.85	14.44	6.29	1.4
Common Equity, 2 Yr. CAGR %	5.94	9.11	7.8	3.65	0.82
Cash From Operations, 2 Yr. CAGR %	4.17	59.24	-4.64	39.98	2.69
Capital Expenditures, 2 Yr. CAGR %	26.05	21.55	-2.43	-8.87	3.38
Levered Free Cash Flow, 2 Yr. CAGR %	0.06	-10.84	-4.43	50.53	-1.23
Unlevered Free Cash Flow, 2 Yr. CAGR %	-2	-13.04	-19.32	67.14	1
Dividend Per Share, 2 Yr. CAGR %	-	65.52	30.1	-8.13	-37.03
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	20.46	16.48	15.36	9.71	-0.58
Gross Profit, 3 Yr. CAGR %	18.74	22.32	17.88	4.42	-3.67
EBITDA, 3 Yr. CAGR %	4.05	19.99	20.49	-0.33	-12.71
EBITA, 3 Yr. CAGR %	-1.76	20.73	22.14	-4.88	-21.91
EBIT, 3 Yr. CAGR %	-1.76	20.73	22.14	-4.88	-21.91
Earnings From Cont. Operations, 3 Yr. CAGR %	0.13	18.79	27.32	-12.55	-26.96
Net Income, 3 Yr. CAGR %	0.13	18.41	27.33	-12.02	-26.68
Normalized Net Income, 3 Yr. CAGR %	-1.01	19.35	22.43	-8.53	-27.44
Diluted EPS Before Extra, 3 Yr. CAGR %	-6.15	13.19	27.29	-12.12	-26.76
Accounts Receivable, 3 Yr. CAGR %	32.06	8.91	20.16	2.85	-4.71
Inventory, 3 Yr. CAGR %	20.66	17.87	15.73	6.46	1.63
Net Property, Plant and Equip., 3 Yr. CAGR %	21.64	13.95	13.2	10.76	9.39
Total Assets, 3 Yr. CAGR %	36.1	8.82	10.54	6.51	4.07
Tangible Book Value, 3 Yr. CAGR %	9.58	14.36	14.47	11.07	3.55
Common Equity, 3 Yr. CAGR %	31.86	7.66	7.56	6.1	2.04
Cash From Operations, 3 Yr. CAGR %	7.2	5.06	29.22	27.94	-3.54
Capital Expenditures, 3 Yr. CAGR %	28.48	20.73	8.29	-2.75	-2.79
Levered Free Cash Flow, 3 Yr. CAGR %	60.31	6.09	-15.24	39.29	-9.26
Unlevered Free Cash Flow, 3 Yr. CAGR %	52.28	3.9	-25.03	48.32	-17.16
Dividend Per Share, 3 Yr. CAGR %	-14.59	-	33.58	17.98	-29.86
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.64	13.59	17.58	10.21	8.54
Gross Profit, 5 Yr. CAGR %	7.08	21.99	13.78	10.03	10.68
EBITDA, 5 Yr. CAGR %	-2.76	21.99	4.97	3.75	7.9
EBITA, 5 Yr. CAGR %	-7.53	22.89	1.23	-0.96	4.21
EBIT, 5 Yr. CAGR %	-7.53	22.89	1.23	-0.96	4.21
Earnings From Cont. Operations, 5 Yr. CAGR %	-6.36	21.32	-0.11	-4.27	2.5
Net Income, 5 Yr. CAGR %	-6.36	21.34	-0.1	-4.12	2.75
Normalized Net Income, 5 Yr. CAGR %	-6.85	22.11	-0.4	-2.66	0.65
Diluted EPS Before Extra, 5 Yr. CAGR %	-9.95	16.69	-3.94	-6.73	2.69
Accounts Receivable, 5 Yr. CAGR %	16.26	25.24	25.85	1.51	7.38
Inventory, 5 Yr. CAGR %	7.36	23.4	20.06	9.23	7.8
Net Property, Plant and Equip., 5 Yr. CAGR %	19.63	18.81	18.13	11.39	11.73
Total Assets, 5 Yr. CAGR %	21.97	26.77	25.19	6.17	7.57
Tangible Book Value, 5 Yr. CAGR %	8.87	12.61	11.5	11.06	9.05
Common Equity, 5 Yr. CAGR %	21.37	23.44	21.65	6.04	4.81
Cash From Operations, 5 Yr. CAGR %	5.77	-3.79	2.3	17.84	17.87
Capital Expenditures, 5 Yr. CAGR %	10.2	14.12	15.09	7.88	6.3
Levered Free Cash Flow, 5 Yr. CAGR %	3.4	-9.92	30.35	22.03	-9.89
Unlevered Free Cash Flow, 5 Yr. CAGR %	3.03	-11.94	18.11	25.66	-15.54
Dividend Per Share, 5 Yr. CAGR %	-9.99	-0.97	1.07	-	-1.12