Mowi harvested more, but earned less than expected in Q4

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Salmon farmer’s earnings decrease by nearly a third compared with the same quarter in 2018.

In a trading update on Thursday morning, Mowi, under the helm of new CEO Ivan Vindheim, presented an operational EBIT of approximately EUR 165 million in the fourth quarter of the year, compared with EUR 213 million in the same quarter last year, a 29 per cent decrease.

SalmonBusiness talked to analysts who had expected the operating profit figure to be more around the EUR 181 million mark.

Mowi guided a total harvest volume of 110 thousand tonnes (GWE) for Q4 2019.

Harvest volumes Q4 2019

  • Farming Norway 66.0 thousand tonne
  • Farming Scotland 14.0 thousand tonnes
  • Farming Canada 16.0 thousand tonnes
  • Farming Chile 16.5 thousand tonnes
  • Farming Ireland 1.0 thousand tonnes
  • Farming Faroes 2.5 thousand tonnes

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

  • Norway EUR 2.1
  • Scotland EUR 1.30
  • Canada EUR -0.55
  • Chile EUR 0.80
  • Ireland EUR 3.30
  • Faroes EUR 1.65

Reported financial net interest-bearing debt (NIBD) was approximately EUR 1 340
million at the end of the quarter (excluding IFRS 16 effects).

The complete Q4 2019 report will be released on 12 February.