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Mowi ASA (OSE:MOWI): Q4 2022 Trading update

Mowi ASA
Mowi ASA

Harvest volumes Q4 2022 (1)

Farming Norway

87.0 thousand tonnes

Farming Scotland

10.5 thousand tonnes

Farming Chile

18.5 thousand tonnes

Farming Canada

11.0 thousand tonnes

Farming Ireland

0.5 thousand tonnes

Farming Faroes

3.0 thousand tonnes

Total

130.5 thousand tonnes

 

 

In connection with the presentation of the Q3 2022 results, Mowi ASA guided a total harvest volume of 127 thousand tonnes (GWE) for Q4 2022. Full year harvest volumes were 464 thousand tonnes.

Note:
(1) The harvest volumes are provided in gutted weight equivalents (GWE).

Additional information

Operational EBIT for the Group was approximately EUR 239 million in Q4 2022 (EUR 146 million in Q4 2021). Full year Operational EBIT was approximately EUR 1 005 million in 2022.

Total Operational EBIT per kg through the value chain was approximately as follows:

Norway

EUR

2.30

Scotland

EUR

0.70

Chile

EUR

1.10

Canada

EUR

1.50    (Canada West EUR 2.15)

Faroes

EUR

1.75

 

 

 

Operational EBIT in Consumer Products was EUR 42 million (EUR 26 million in Q4 2021) and Feed EUR 17 million in Q4 2022 (EUR 8 million in Q4 2021). Operational EBIT through the value chain for salmon of Irish origin was EUR -5 million, negatively impacted by very low volumes and challenging biology.

Reported financial net interest-bearing debt (NIBD) for the group was approximately EUR 1 760 million at the end of the quarter (excluding IFRS 16 effects), of which approximately EUR 70 million in Arctic Fish. NIBD excluding the acquisition of Arctic Fish is EUR 1 510 million. Working capital tie-up was approximately EUR 225 million in the quarter, mainly related to temporary items including inventory and accounts receivable in Sales & Marketing.

Arctic Fish’ financial position is consolidated with effect from the fourth quarter (29 December 2022). P&L will be incorporated from the first quarter of 2023.

The complete Q4 2022 report will be released on 15 February at 06:30 CET.

Please refer to the Annual Report for detailed descriptions and reconciliations of non-IFRS measures such as Operational EBIT and NIBD.

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