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Norwegian salmon farmer increases margins, focus on organic production

The share of organic production has increased to more than 40%, company says.

Norwegian salmon farmer Flakstadvaag Laks has increased revenues by more than 10 percent to NOK 577.7 million (€61.1 million/$71.3 million) last year and delivered an operating margin of 44.9 percent.

"In 2017, the company focused on further developing and further improving the company's six concessions. The share of organic production has increased to more than 40 percent," the board wrote in the annual report.

Flakstadvaag is part of the group Brothers Karlsen Holding and operates the farming.

At year-end, the company had equity capital of NOK 174.9 million (€18.5 million/$21.6 million).

The company has little long-term debt and had book assets at year-end of more than NOK 316 million (€33.4 million/$39 million), including over NOK 110 million (€11.6 million/$13.6 million) in consolidated accounts and inventories worth more than NOK 163 million (€17.2 million/$20.1 million).

The Brothers Karlsen Holding Group had revenues of NOK 897.8 million (€94.9 million/$110.9 million) last year, up from NOK 820.8 million (€86.8 million/$101.4 million) the previous year.

The group had a profit of NOK 248.9 million (€26.3 million/$30.7 million) for the year, and NOK 38.4 million (€4.1 million/$4.7 million) was set aside for dividends.

It had equity capital of NOK 683.5 million (€72.3 million/$84.4 million) and a total capital of more than NOK 1 billion (€105.8 million/$123.5 million).

Key figures for Flakstadvaag Laks (in million NOK)
2017 2016 YOY Change
Turnover 577.7 521.7 10.7%
Operating profit 259.2 226.9 14.2%
Result before tax 258.6 226.2 14.3%
Net profit 198.3 171.4 15.7%
Operating margin 44.9% 43.5% 3.2%
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