Strong results for Mowi in the fourth quarter 2018
(Oslo,13 February 2019) Mowi achieved an operational EBIT of EUR 213 million in the fourth quarter of 2018, compared to EUR 181 million in the corresponding quarter of 2017. For the full year, Mowi made an operational EBIT of EUR 753 million. This is the second-best year ever financially for the Group.
Mowi achieved an operational revenue of EUR 1 074 million in the quarter and EUR 3 815 million for 2018. Full-year turnover is record high for the group.
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.
"2018 was a very good year for Mowi. Strong demand for salmon and high prices in all markets resulted in great earnings for the company. I am proud of all my colleagues who work hard to produce healthy and tasty seafood for consumers all over the world. They have all contributed to the strong results", says CEO Alf-Helge Aarskog.
Mowi reported operational revenues of EUR 1 074 million (EUR 1 010 million) in the fourth quarter of 2018. Total harvest volume was 105 783 tonnes in the quarter (112 628). Harvest guidance for 2019 is 430 000 tonnes.
Salmon of Norwegian origin achieved an operational EBIT per kilo of EUR 2.44 (1.77) in the fourth quarter, while salmon of Scottish and Canadian origin reported operational EBIT per kilo of EUR 2.32 and EUR 1.42 respectively (EUR 1.19 and EUR 0.98). Salmon of Chilean origin reported operational EBIT per kilo of EUR 1.25 in the quarter (EUR 1.03). Mowi Feed reported an operational EBIT of EUR 5.8 million (EUR -2.8 million). Mowi Consumer Products reported an operational EBIT of EUR 38.0 million (EUR 29.1 million).
"I wish to commend the organization for the EUR 61 million of savings achieved in the 2018 cost improvement program. This will continue into 2019 with a new EUR 30 million global cost and procurement improvement program", says Aarskog.
Starting 2019 by changing the company-name to Mowi and launching a new brand strategy, the CEO believes this will be an exciting year for the company.
"We look forward to introduce the MOWI brand in selected markets. I am confident that this will transform the company over time", says Aarskog.
For further information, please contact:
Ivan Vindheim, CFO, +47 958 71 310
Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76 339
About Mowi ASA
Mowi, formerly known as Marine Harvest, is the largest producer of farm-raised salmon in the world. As the first global seafood company with an end-to-end supply chain, Mowi's ownership over every stage of production enables it to bring supreme quality salmon to consumers around the world.
With headquarters in Bergen, Norway, Mowi employs over 14 500 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.