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equivalent to a global market share of approximately 20%. The company has a
fully integrated value chain from roe to plate and also produces its own
environmentally certified feed specifically designed for the Mowi salmon strain.
To further strengthen the company’s position, Mowi’s strategic trajectory
towards 2025 will be focussed on four main objectives: growth throughout the
value chain with particular focus on Mowi Farming, further cost savings across
the group, greater sustainability, and capitalising on digitalisation and
automation. All four objectives are of equal importance and apply throughout our
value chain, and these priority areas will be the focus of our Capital Markets
Day.
MEGATRENDS CONTINUE TO DRIVE DEMAND
One of the key foundations of the salmon farming industry is the favourable
long-term demand outlook. The megatrends driving salmon demand are stronger than
ever and driven by health trends, a growing need for more low-carbon footprint
diets, and salmon’s ability to appeal to the wider population as highly
versatile and suitable for almost any eating occasion. Mowi expects the
continued strong growth in demand for Atlantic salmon to exceed supply growth in
the next five years.
“Salmon is a scientifically proven natural superfood. It is also versatile and
appeals to people of all ages with its highly appetising taste, look, texture
and colour. In the coming years, I see countless opportunities for Mowi and we
are working on many important initiatives that will further develop the company
and bring it into the future,” Mowi CEO, Ivan Vindheim says.
MOWI FARMING WORKING ALONG THREE PILLARS - VOLUME GROWTH, COST AND
SUSTAINABILITY
Mowi Farming is working along three pillars; volume, cost and sustainability. On
sustainability Mowi has yet again being ranked the world’s most sustainable
animal protein producer in the 2020 Coller FAIRR Protein Producer Index.
Atlantic salmon is also ranked the most sustainably produced animal protein. On
cost Mowi is consistently the number one or number two performer among peers in
the regions in which the company operates. However, cost is still too high in
absolute terms, particularly in some regions outside Norway. The cost variation
between the regions is also too high. Thus, Mowi Farming will continue unabated
with its work to address cost initiatives going forward.
Despite achieving record high volumes in 2020, Mowi Farming’s volume growth has
been lagging behind the industry in the past few years. This is not satisfactory
and will duly be addressed through various growth initiatives including
increased investment in postsmolt. With the right measures in place we believe
Mowi Farming has the intrinsic potential to grow well beyond 500,000 tonnes
organically, using existing license capacity. Further to this Mowi Farming will
also pursue farming growth through accretive acquisitions when this fits with
its operational strategy. The main focus in Mowi Farming has been and will
continue to be conventional farming. That said, we are monitoring developments
in alternative technologies closely and may introduce such technologies when,
and if, we find it timely and profitable.
“Although Mowi is uniquely positioned in the salmon farming industry, we have
been lagging on growth and have over the past years grown by less than the
industry. For an industry leader that is not satisfactory. Thus, re-igniting
growth within Mowi Farming is a key priority going forward”, says Mowi CEO, Ivan
Vindheim.
MOWI SALES & MARKETING CREATING CUSTOMER VALUE
In Sales & Marketing Mowi puts the customer at the core of everything it does
through product innovation, branding and operational excellence to create
customer value. Mowi will continue to develop new, innovative, high quality
products that are easily accessible to its customers to keep pace with
constantly evolving food habits.
“We will also continue in our long-term quest to de-commoditise the salmon
category through our MOWI branding strategy. At the same time we must
acknowledge that salmon is still mainly sold as a commodity subject to fierce
competition - particularly in Europe. Thus, it is key to be a cost leader in
this part of the value chain too, in order to attain a reasonable profit on our
sales”, says Vindheim.
Mowi also has a clear ambition for growth in Sales & Marketing, albeit with
focus on selected segments and markets.
MOWI FEED TO GROW ALONG WITH MOWI FARMING
Mowi’s latest addition, Mowi Feed, was established as late as in 2013. After
commissioning the second feed mill in Kyleakin, Scotland in 2020 Mowi is now
self-sufficient for feed in Europe. Feed is by far the most important cost
component in farming. The strategy from here is to grow Mowi Feed along with
Mowi Farming.
Mowi has unutilised capacity at its feed mill in Kyleakin, Scotland, and can add
a new production line at the feed mill in Bjugn, Norway if needed with limited
capital expenditure. Further to this the company will continue to streamline its
operations to minimise cost and continue to produce sustainably sourced, high-
performing quality feed specially designed for the Mowi salmon strain. Mowi will
also continue to test alternative feed ingredients that provide the necessary
nutrients for state-of-the-art salmon feed. The incorporation of such novel feed
raw materials into Mowi Feed’s sourcing strategy will continue to be subject to
satisfying our internal profitability, operational excellence and sustainability
requirements.
MOWI 4.0 - TRANSFORMING OUR VALUE CHAIN THROUGH DIGITALISATION AND AUTOMATION
The fourth industrial revolution is upon us and offers Mowi significant
opportunities. To leverage these opportunities, Mowi has developed its own Mowi
4.0 strategy to make the company more efficient by digitalising and automating
the value chain from roe to plate.
The ongoing implementation of Smart Farming technologies in Mowi Farming is
expected to have a positive impact not only on productivity and costs, but also
on fish welfare and sustainability. Farming Norway leads the way within “Mowi
4.0 Smart Farming” and by 2025 expects to have completed the roll-out of Smart
Farming technologies in its largest farming unit. By means of advanced imaging
technology and intelligent sensors, Mowi will perform real-time monitoring of
biomass, digital lice counting, autonomous feeding and tracking of fish welfare.
Remote operation centres will leverage on these technological advances. A wealth
of data combined with machine learning and artificial intelligence will enable
Mowi to grow fish much more efficiently than today, and in an even more
sustainable way. By constantly tracking fish behaviour and fish health, Mowi can
be proactive instead of reactive when it comes to acting on biological issues.
The organisation strongly believes Industry 4.0 technologies will offer much
clearer scale advantages in the seawater phase than what is seen today.
In Mowi’s downstream operations digitalisation and automation also offer
significant opportunities in its more than 30 factories all across the world.
Fish processing is in many ways still very labour-intensive and in many cases
improvements can be made simply by automation of manual work. However, the
availability of advanced scanning technology also opens up for much more
efficient production and more sophisticated product differentiation than seen
today, and for selected customers Mowi will use blockchain solutions.
Live streaming of Mowi’s Capital Markets Day can be viewed at
Investors - Mowi Company Website from 08:00 CET today. Management presentation will
commence at that time followed by a Q&A session which is scheduled to start at
approximately 10:30 CET.
About Mowi ASA
Mowi is the world’s leading seafood company and the largest producer of farm-
raised salmon in the world. As the first global seafood company with an end-to-
end supply chain, Mowi brings supreme quality salmon and other seafood to
consumers around the world.
With headquarters in Bergen, Norway, Mowi employs 12 200 people in 25 countries
worldwide, and is listed on the Oslo Stock Exchange.
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 Mowi’s 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 Mowi’s business and results.
Forward-looking statements are typically identified by words or phrases, such as
“believe,” “expect,” “anticipate,” “intend,” “estimate,” “may increase,” “may
fluctuate,” “plan,” “goal,” “target,” “strategy,” and similar expressions or
future or conditional verbs such as “may,” “will,” “should,” “would,” and
“could.” Forward-looking statements are Mowi’s 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 ASA’s 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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