Bakkafrost presents 2023 Integrated Annual Report

02.04.2024

In 2023, Bakkafrost encountered some challenges, yet we notably strengthened our position and biological performance throughout the year, setting the stage for a promising 2024 and beyond.

Our financial performance was solid in 2023 with total revenues reaching DKK 7.1 billion and an operational EBIT of DKK 1.5 billion. We harvested 73 thousand tonnes of salmon, and Havsbrún recorded unparalleled production levels of fishmeal and oil, thanks to sourcing of 467 thousand tonnes of marine raw materials. Our innovative sea lice prevention strategies led to the lowest sea lice levels on record, bolstered by significantly increased treatment vessel capacity.

However, due to changes in the revenue tax, we had to make the difficult decision to reduce our workforce by 140 employees in the Faroe Islands’ value-added processing facility as of January 1, 2024. In Scotland, we experienced a strong start to the year but faced biological challenges in the third quarter. Nonetheless, the fourth quarter showed signs of improvement in biological performance, with significantly reduced mortality rates and we decided to allow the fish additional growth time for harvest in the first quarter of 2024. 

Looking ahead to 2024, our prospects are bright with increased biomass and larger fish in the water in both the Faroe Islands and Scotland, indicating robust biological health.

We are steadfast in our commitment to reducing our CO2 emissions. Having our targets validated by the SBTi further strengthens our commitment in reducing GHG emissions. We are focused on increasing the use of renewable energy and improving energy efficiency in our facilities. It is also essential that we continue to build robust partnerships with our suppliers to ensure that we work on reducing GHG emissions in the supply chain. 

Learn more about our performance in 2023 and our future plans in our Integrated Annual Report here. 

We have also launched a Integrated Summary Report, which provides a quick overview of the 2023 financial and sustainability highlights.