Located in the Faroe Islands, Bakkafrost (Public, OSL:BAKKA) is present at the source of supply surrounded by the ice-cold waters of the North Atlantic Ocean and the Gulf Stream providing the most ideal and unique conditions for producing quality fish products.
Bakkafrost P/F operates 15 fish farms located in the central and northern part of the Faroe Islands with facilities for hatchery, farming, processing, sales and marketin
In 2009, value added products (VAP), as e.g. portions and fillets, represented 60% of the total revenues in Bakkafrost (pre-merger). The VAP operation is based on contractual sale and hence reduces the fluctuations of the Group’s financial performance through a business cycle. In order to meet customers’ demands, it is important to deliver high-quality products and a wide range of products.
The group also has the opportunity to grow on the Faroe Islands through increasing the number of licences. However, as Bakkafrost owns 44% of the licences today and the regulations do not allow any company to own more than 50% of the licences, the potential increase from following this route amounts to 6%, or about 6,000 tonnes annually.
The Company offers fresh salmon to the fresh fish market, smokehouses and processors of ready meals, as well as frozen value added salmon portions vacuum packed in catering boxes or in retail boxes.