Mowi expects declining sales volume, but increased investments in 2022

News
0
Mowi also announces the introduction of a €25 million cost reduction program for 2022.

On Wednesday morning, Mowi presented its report for the fourth quarter of 2021. Here it is stated, among other things, that the company harvested 466,000 tonnes last year. But in 2022, the salmon farming giant’s harvest volumes will fall back. Mowi estimates a slaughter volume of 460,000 tonnes – down 6,000 tonnes from last year.

For world salmon production in general, Mowi estimates zero growth, or somewhere between plus two and minus two per cent volume growth. “Base case” is a global salmon production of 2,603,000 tonnes of Atlantic salmon in 2022.

Read also: 466,000 tonnes of salmon harvested last year says Mowi as it announces €72 million dividend

Mowi also guides a capex investment of approximately €300 million – up from €240.8 million in 2021 and in line with 2020, which had €308.8 million. Mowi states that investments of €25 million have been put on hold due to the pandemic.

The company announces investments of €80 million in freshwater facilities and €50 million at sea. At the same time, significant investment has been made in upgrades and automation, especially for harvest facilities and processing in Scotland.

Mowi also announces the introduction of a €25 million cost reduction program for 2022. This includes a wide range of measures, including renegotiation of contracts (including for boats, de-licing, nets, vaccines and other external services), productivity measures and other cost savings.