Mowi ASA
Mowi ASA
11/10/2021 | Press release | Distributed by Public on 11/09/2021 23:30
Record-high third quarter revenues for Mowi
(Bergen, 10 November 2021) Mowi recorded record high revenues of 1 035 million
euros. Operational EBIT was 131 million euros, compared with 80 million euros in
the corresponding quarter of 2020.
Demand for salmon continued to recover from Covid-19 lockdown measures during
the third quarter as foodservice activity improved further and retail demand
remained at strong levels. This led to a significant rebound in salmon prices
compared with last year and increased earnings by 64% year-over-year.
"It's positive to see that the salmon market continues on the road to full
recovery. The estimated value of salmon consumed globally in the third quarter
increased by more than 30% compared with last year and reached a new record-high
level for a quarter. This is particularly impressive given that not all markets
have yet fully recovered from the Covid-19 pandemic," Mowi CEO Ivan Vindheim
said.
Mowi Consumer Products delivered another strong set of results with the best
ever earnings in a third quarter.
"This demonstrates strong retail demand in the market and also our ability to
serve new and existing customers across geographies. Mowi Consumer Products has
been able to benefit from and capitalise on the shift in demand towards
elaborated products," Vindheim said.
Total harvest volume in the quarter of 117 115 tonnes gutted weight (125 773
tonnes) was above guidance of 110 000 tonnes mainly due to good growth
conditions in Norway. Further to this, harvest guidance for 2021 is increased to
455 000 tonnes, equivalent to 15 000 tonnes volume growth year-over-year. Next
year, Mowi expects to harvest 460 000 tonnes.
"Mowi has a clear strategy to grow and Mowi Farming's harvest capacity is well
in excess of 500 000 tonnes. It's therefore encouraging to see that we are
heading towards another record year for Farming volumes in 2021," Vindheim said.
Mowi's Board has decided to pay a quarterly dividend of NOK 1.40 per share,
consisting of NOK 0.93 per share in ordinary dividend and an extraordinary
dividend of NOK 0.47 per share supported by a strong financial position and a
favourable outlook.
For further information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76?339
Ola Helge Hjetland, Group Communications Director, +47 970 67 932
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 12 000 people in 25 countries
worldwide, and is listed on the Oslo Stock Exchange.
For more information, please visit www.mowi.com (http://www.mowi.com).
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.
euros. Operational EBIT was 131 million euros, compared with 80 million euros in
the corresponding quarter of 2020.
Demand for salmon continued to recover from Covid-19 lockdown measures during
the third quarter as foodservice activity improved further and retail demand
remained at strong levels. This led to a significant rebound in salmon prices
compared with last year and increased earnings by 64% year-over-year.
"It's positive to see that the salmon market continues on the road to full
recovery. The estimated value of salmon consumed globally in the third quarter
increased by more than 30% compared with last year and reached a new record-high
level for a quarter. This is particularly impressive given that not all markets
have yet fully recovered from the Covid-19 pandemic," Mowi CEO Ivan Vindheim
said.
Mowi Consumer Products delivered another strong set of results with the best
ever earnings in a third quarter.
"This demonstrates strong retail demand in the market and also our ability to
serve new and existing customers across geographies. Mowi Consumer Products has
been able to benefit from and capitalise on the shift in demand towards
elaborated products," Vindheim said.
Total harvest volume in the quarter of 117 115 tonnes gutted weight (125 773
tonnes) was above guidance of 110 000 tonnes mainly due to good growth
conditions in Norway. Further to this, harvest guidance for 2021 is increased to
455 000 tonnes, equivalent to 15 000 tonnes volume growth year-over-year. Next
year, Mowi expects to harvest 460 000 tonnes.
"Mowi has a clear strategy to grow and Mowi Farming's harvest capacity is well
in excess of 500 000 tonnes. It's therefore encouraging to see that we are
heading towards another record year for Farming volumes in 2021," Vindheim said.
Mowi's Board has decided to pay a quarterly dividend of NOK 1.40 per share,
consisting of NOK 0.93 per share in ordinary dividend and an extraordinary
dividend of NOK 0.47 per share supported by a strong financial position and a
favourable outlook.
For further information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76?339
Ola Helge Hjetland, Group Communications Director, +47 970 67 932
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 12 000 people in 25 countries
worldwide, and is listed on the Oslo Stock Exchange.
For more information, please visit www.mowi.com (http://www.mowi.com).
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.