Ivan Vindheim is keeping Mowi’s gunpowder dry.
On Wednesday Mowi posted its Q3 results, with the salmon giant announcing that it had raised EUR 80 million in EBIT during a challenging market period.
At the end of Q3, the company had a net interest-bearing debt of EUR 1.459 million, against its long-term target of EUR 1.400 million.
“We tie working capital in the autumn and release it in the spring, so the debt level is very comfortable. Ideally, you tend to be a little above the target in the second half and fall back into the spring,” Mowi CEO Ivan Vindheim told TDN Direkt.
Vindheim emphasised that Mowi has a very conservative balance sheet, which provides opportunities if they were to show up.
“We want to have muscles that can move. If you’re constantly stretched, it’s hard to turn around when opportunities arise,” he said.
Mowi, possibly also for balance sheet reasons, dropped its quarterly dividend to shareholders.