Record high turnover and volumes for Mowi

(Bergen,12 February 2020) Mowi achieved an operational EBIT of EUR 166 million in the fourth quarter of 2019, compared with EUR 213 million in the corresponding quarter of 2018. For the full year, Mowi reported a record high turnover of EUR 4 135 million and an operational EBIT of EUR 721 million.

Mowi harvested record high 436 000 tonnes in 2019 and 116 000 tonnes in the fourth quarter, compared with 106 000 tonnes in the corresponding quarter and 375 000 tonnes for the full year of 2018.

“2019 was another good year financially for Mowi. Record high full-year volumes in all business areas, good salmon prices and relatively stable costs resulted in strong earnings and dividend distributions. I am very proud of the way my 15 000 colleagues have contributed to the great results,” says CEO Ivan Vindheim

The Board of Directors has resolved to pay a quarterly dividend of NOK 2.60 per share, supported by good results, a strong market outlook, and a solid financial position. 

Mowi reported operational revenues of EUR 1 112 million (EUR 1 074 million) in the fourth quarter of 2019. Harvest guidance for 2020 is maintained at 450 000 tonnes.

Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.12 (2.44) in the fourth quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of EUR 1.24 and EUR -0.53 respectively (EUR 2.32 and EUR 1.42). Salmon of Chilean origin reported operational EBIT per kilo of EUR 0.79 in the quarter (EUR 1.25). Mowi Feed reported an operational EBIT of EUR 13.8 million (EUR 5.8 million). Mowi Consumer Products reported an operational EBIT of EUR 15.1 million (EUR 38.4 million).   

“The salmon prices increased significantly in all markets during the quarter and in January on strong demand and tighter supply. Notwithstanding the current issues with the Corona virus, the medium and long term outlook for Mowi remains strong,” says Vindheim.

Mowi issued the first green bond in the industry of EUR 200 million in January 2020. The 5-year senior unsecured bond carries a coupon of EURIBOR + 1.60% p.a. The issuance was four times oversubscribed.

“It is very encouraging to see the large interest in the market to financing Mowi as a company producing healthy and sustainable products,” says Vindheim. 

For further information, please contact: 

Kristian Ellingsen, CFO, +47 905 14 275

Kim Galtung Døsvig, IR Officer & Head of Treasury,  339 

About Mowi ASA

Mowi is the world’s leading seafood company and the largest producer of farm-raised salmon in the world. As the first global seafood company with an end-to-end supply chain, Mowi brings supreme quality salmon and other seafood to consumers around the world.

With headquarters in Bergen, Norway, Mowi employs approx. 15 000 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange. 

For more information, please visit . 

Forward looking statements 

This release may be deemed to include forward-looking statements, such as statements that relate to Mowi's goals and strategies, salmon prices, ability to increase or vary harvest volume, production capacity, trends in the seafood industry, restructuring initiatives, exchange rate and interest rate fluctuations, expected research and development expenditures, business prospects and positioning with respect to market, demographic and pricing trends, strategic initiatives, and the effects of any extraordinary events and various other matters (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on Mowi's business and results. Forward-looking statements are typically identified by words or phrases, such as "believe," "expect," "anticipate," "intend," "estimate," "may increase," "may fluctuate," "plan," "goal," "target," "strategy," and similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could." Forward-looking statements are Mowi's current estimates or expectations of future events or future results. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties. Mowi ASA's Annual Report contains additional information about factors that could affect actual results, including: changes to the price of salmon including the value of our biological assets; hedging risks; risks related to fish feed; economic and market risks; environmental risks; operational risks; risks related to escapes, disease and sea lice; product risks; risks related to our acquisitions; financing risks; regulation risks including relating to food safety, the aquaculture industry, processing, competition and anti-corruption; trade restriction risks; litigation risks; tax and accounting risks; strategic and competitive risks; and reputation risks. All forward-looking statements included in this release are based on information available at the time of the release, and Mowi assumes no obligation to update any forward-looking statement. 

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

Attachments