The following is a summary of the Mowi ASA (MHGVY) Q4 2023 Earnings Call Transcript:
Financial Performance:
Mowi reported an annual turnover of €5.5 billion, a record for the company.
Operational profit for the year stands at a record €1,028 million.
The Q4 operating profit was €203 million, with the operational revenue reaching a record high of €1.43 billion.
Net interest-bearing debt is at €1.79 billion, slightly above target due to high capital expenditures.
The equity ratio was at 46% at the end of the year.
Underlying earnings per share was €0.26 for Q4 and €1.3 for the year, a record in local currency.
Business Progress:
Harvest volumes were at a record high of 475,000 tons, with the company scaling up in postsmolt production.
Record high volumes recorded in Consumer Products and Feed resulted in record turnover and profit.
Despite biological challenges in Scotland, the company received awards for sustainability and continues to invest in the field.
Mowi expanded its postsmolt capacity with new facilities and increased production in Scotland, Chile and Norway.
Expected growth in production for the year is 500,000 tonnes.
The company reported good performance in Iceland, with plans of establishing a streamlined operation.
Mowi maintained resilience despite challenges such as winter sores and pancreas disease, and is investing in vaccines for resolution.
Mowi realized €55 million in annualized cost savings and launched a new €25 million cost-saving program for 2024.
Retained a productivity target for reducing Full Time Equivalents (FTEs) by 324 in 2024.
The company aims to achieve 100% green or sustainability-linked financing by 2026.
More details: MOWI ASA SPON ADS EACH REP 1 ORD SHS IR
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