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of 1 362 million euros.
The first quarter of 2023 was characterised by seasonally record-high salmon
prices due to reduced global supply and good demand.
âHigh prices and stellar operational performance by my 11 500 colleagues in 25
countries across the world made the first quarter Mowiâs best quarter ever.
Compared with the first quarter last year, we are performing better on almost
all indicators,â Mowi CEO Ivan Vindheim said.
Mowi harvested 103 000 tonnes salmon in the quarter, above guidance of 98 000
tonnes. In 2022 Mowi harvested 464 000 tonnes, a record-high level at the time,
and Mowi expects to grow this further in 2023 to 484 000 tonnes. From volumes of
375 000 tonnes as recently as 2018, Mowi will have grown its farming volumes by
as much as 109 000 tonnes in five years, or 5.2% p.a., which is above industry
growth.
âMowiâs goal is to continue to capture market share in the salmon category in
the coming years by growing our farming volumes, both organically and
acquisitively,â Vindheim said.
Mowi Consumer Products had another solid quarter, delivering seasonally record-
high results on outstanding operational performance and continuing to achieve
good sales to retail, partly helped by Easter and Lent season.
âMowiâs branding activities continue unabated with the MOWI brand now present in
18 countries; we are focused on continuing to grow with our customers, with the
ultimate goal of de-commoditising the salmon category,â Vindheim said.
Mowi Feedâs sold volumes were record-high for a first quarter on continued
strong growth in sea.
âOur feed continues to perform very well with both feed consumption and net
growth above industry benchmark levels. Although the start of the year is low
season for feed operations, this business area delivered seasonally record-high
operational earnings,â Vindheim said.
On 28 March, the Norwegian government announced its resource rent tax proposal
to Parliament with few changes from the initial proposal presented in September
2022. The proposed resource rent tax rate was reduced from 40% to 35%. The
proposed total tax rate is now 57% including corporate tax versus 62%
previously, or about 75% with Norwegian wealth tax.
âThis is completely disproportionate and not compatible with the Norwegian
Governmentâs stated growth ambitions for the industry. If passed by Parliament,
the new tax regime will be hugely detrimental to the Norwegian aquaculture
industry,â Vindheim said.
Mowiâs Board has decided to pay a quarterly dividend of NOK 2.00 per share.
For further information, please contact:
Kristian Ellingsen, CFO, +47 905 14 275
Kim Galtung DĂžsvig, IR Officer & Head of Treasury, +47 908 76?339
Ola Helge Hjetland, Group Communications Director, +47 970 67 932
About Mowi ASA
Mowi is one of the worldâs leading seafood companies and the largest producer of
farm-raised Atlantic salmon in the world, with an estimated harvest for 2023 of
484 000 tonnes from seven farming countries including Norway, Scotland, Ireland,
Faroes, Iceland, Canada and Chile.
Mowi is a fully integrated global seafood company, bringing salmon and other
seafood of supreme quality to consumers around the world, partly under our own
MOWI brand. Mowi is ranked as the most sustainable animal protein producer in
the world by Coller FAIRR.
With headquarters in Bergen, Norway, Mowi employs 11 500 people in 25 countries
worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 4.9
billion in 2022.
For more information, please visit www.mowi.com (http://www.mowi.com).
Forward looking statements
This release may be deemed to include forward-looking statements, such as
statements that relate to Mowiâs goals and strategies, salmon prices, ability to
increase or vary harvest volume, production capacity, trends in the seafood
industry, restructuring initiatives, exchange rate and interest rate
fluctuations, expected research and development expenditures, business prospects
and positioning with respect to market, demographic and pricing trends,
strategic initiatives, and the effects of any extraordinary events and various
other matters (including developments with respect to laws, regulations and
governmental policies regulating the industry and changes in accounting
policies, standards and interpretations) on Mowiâs business and results.
Forward-looking statements are typically identified by words or phrases, such as
âbelieve,â âexpect,â âanticipate,â âintend,â âestimate,â âmay increase,â âmay
fluctuate,â âplan,â âgoal,â âtarget,â âstrategy,â and similar expressions or
future or conditional verbs such as âmay,â âwill,â âshould,â âwould,â and
âcould.â Forward-looking statements are Mowiâs current estimates or expectations
of future events or future results. Actual results could differ materially from
those indicated by these statements because the realization of those results is
subject to many risks and uncertainties. Mowi ASAâs Annual
Report contains additional information about factors that could affect actual
results, including: changes to the price of salmon including the value of our
biological assets; hedging risks; risks related to fish feed; economic and
market risks; environmental risks; operational risks; risks related to escapes,
disease and sea lice; product risks; risks related to our acquisitions;
financing risks; regulation risks including relating to food safety, the
aquaculture industry, processing, competition and anti-corruption; trade
restriction risks; litigation risks; tax and accounting risks; strategic and
competitive risks; and reputation risks. All forward-looking statements included
in this release are based on information available at the time of the release,
and Mowi assumes no obligation to update any forward-looking statement.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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