Mowi operational EBIT up nearly 19% this Q2

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Salmon farmer increases profit by EUR 33 million compared with the same quarter in 2018.

In a trading update on Monday morning, Mowi presented an operational EBIT of approximately EUR 208 million in the second quarter of the year, compared with EUR 175 million in the same quarter last year, an 18.8 per cent increase.

Mowi also reported that a restructuring provision of EUR 19 million for “industrial and social reorganisation” will be recognised under restructuring cost, impacting financial EBIT in the second quarter for the rebuilding of the Kritsen smokehouse in Landivisiau, France. The smokehouse was badly damaged in a fire last year. The company said that the insurance settlement process is delayed, and the recognition of the insurance income will be deferred accordingly.

Mowi guided a total harvest volume of 98 thousand tonnes (GWE) for Q2 2019.

Harvest volumes Q2 2019

  • Farming Norway 51.5 thousand tonnes
  • Farming Scotland 16.0 thousand tonnes
  • Farming Canada 12.5 thousand tonnes
  • Farming Chile 15.0 thousand tonnes
  • Farming Ireland 2.0 thousand tonnes
  • Farming Faroes 1.5 thousand tonnes
    Total 98.5 thousand tonnes

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

  • Norway EUR 2.45
  • Scotland EUR 2.90
  • Canada EUR 0.85
  • Chile EUR 1.85
  • Ireland EUR 2.65
  • Faroes EUR 2.65

Mowi’s Reported financial net interest-bearing debt (NIBD) was approximately EUR 1 110 million at the end of the quarter (excluding IFRS 16 effects).

The complete Q2 2019 report will be released on 21 August.