(Bergen, 16 February 2022) The fourth quarter marked the end of a record year for Mowi with revenues of 4 208 million euros and harvest volumes of 466 000 tonnes, equivalent to a growth of 12% and 6% respectively. The company also sold a record-high 248 000 tonnes of value-added products last year.
The recovery in demand for salmon continued in the fourth quarter of 2021 with significantly higher prices year-over-year. With this backdrop, Mowi tripled its earnings with an operational EBIT of 146 million euros in the quarter.
“I would like to thank all my 12 000 colleagues at Mowi for their dedication and hard work during 2021, in a challenging pandemic environment,” Mowi CEO Ivan Vindheim said.
In Norway, Mowi’s largest and most important farming region, the company produced a record-high 273 000 tonnes of salmon in 2021.
“I am very pleased that our license utilisation in Norway has improved over the past few years to exceed the industry average. This has laid the foundation for reaching all-time high harvest volumes of 466 000 tonnes,” Vindheim said.
Mowi also produced more value-added products than ever through its downstream facilities in 2021, and the development in the retail market continues to be strong.
“The growth in demand for value-added products during the pandemic has been unparalleled, and volumes remain at a very high level. For 2022, price prospects for salmon are favourable with no supply growth expected for the year. Mowi is in a good position to capitalise on this with its diverse and integrated value chain and low contract share,” Vindheim said.
Mowi has for the third year in a row topped of the Coller FAIRR Index that ranks the world’s largest animal protein producers on sustainability.
“Sustainability is deeply engrained in the Mowi culture and at the heart of everything we do. This is very encouraging and demonstrates that Mowi is at the forefront when it comes to sustainable food production,” Vindheim said.
Mowi reported operational EBIT of EUR 146 million in the fourth quarter of 2021, compared with EUR 49 million in the corresponding quarter in 2020. Operational revenues in the quarter were record-high at EUR 1 150 million (EUR 1 008 million). Total harvest volume in the quarter of 115 040 tonnes gutted weight (126 634 tonnes) was above guidance of 104 000 tonnes mainly due to good growth conditions in Norway.
Mowi’s Board has decided to pay a quarterly dividend of NOK 1.40 per share, consisting of NOK 1.00 per share in ordinary dividend and an extraordinary dividend of NOK 0.40 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.
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
