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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