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Record volumes for Mowi in 2020 Oslo stock exchange: MOWI




(Bergen, February 17, 2021) Mowi reached unprecedented volumes across all divisions in 2020, harvesting 440,000 tonnes of salmon, selling 240,000 tonnes of value-added products and producing 540,000 tonnes of feed.

Mowis’ agricultural division recorded unprecedented harvest volumes for the quarter and for the full year. Consumer products continued to benefit from the shift in demand towards processed products and delivered consistently high quarterly and annual volumes. Food also delivered another good set of results, and consumer products similarly delivered record quarterly and annual volumes.

I would like to take this opportunity to thank all of my colleagues at Mowi for delivering record volumes across all divisions during an extremely difficult year. At the same time, we have been successful in keeping everyone safe during the Covid-19 pandemic so far using the strictest biosecurity measures across our business, said Mowi CEO. , Ivan Vindheim.

The strength of Mowis’ integrated value chain during this unprecedented time was demonstrated once again as the Consumer Products division continued to capitalize on shifting consumer demand from foodservice to retail. Mowi has produced more value-added products than ever from its downstream facilities, and development in the retail market continues to be strong.

Covid-19 impacting the results
Mowis’ fourth quarter results were significantly impacted by Covid-19 and extended foreclosure measures, as well as high seasonal supply.

The company reported operating EBIT of 49 million euros in the fourth quarter of 2020, compared to 166 million euros in the corresponding quarter in 2019. Costs are reduced compared to the fourth quarter of last year, hence the decrease of the results is explained by significantly lower prices.

The pandemic is still having a big impact on out-of-home consumption, and although retail sales are strong and making up for part of the demand deficit, aggregate demand has declined by around 5%. However, we still strongly believe in the positive long-term market outlook for the industry. A significant share of new customers to retail are expected to permanently increase their retail consumption rates after Covid-19, even as the food service segment gradually reopens in due course, Vindheim said.

Mowi reported operational revenue of € 1,008 million (€ 1,112 million) in the fourth quarter of 2020. The total harvest volume in the quarter of 126,634 tonnes of eviscerated weight (116,314) was in line with forecasts. The harvest forecast for the year 2021 is unchanged at 445,000 tonnes.

Recognition of sustainability efforts
Mowis’ sustainability work has once again been recognized, with the company named the world’s most sustainable animal protein producer in the Coller FAIRR Protein Producer Index 2020 and recognized for its leadership in corporate sustainability by the global environmental nonprofit CDP its prestigious A list to fight climate change.

Sustainability will be even more important in the future for Mowi and the salmon farming industry. By producing healthy and delicious food in the most sustainable way, we are part of the solution, said Vindheim.

The dividend has been an important component of Mowi’s financial strategy and to make dividend payments more predictable and transparent, the Board decided to operationalize the dividend policy by introducing ordinary and extraordinary dividends. Mowis’ ambition is to create long-term shareholder value through both positive stock price development and a growing dividend in line with long-term earnings. Quarterly ordinary dividends should, under normal circumstances, represent at least 50% of operating income per share. The excess capital will be paid in the form of extraordinary dividends. In deciding on excess capital, the board will take into consideration expected cash flows, capital expenditure plans, funding requirements, and appropriate financial flexibility. In addition, a long-term target level for interest-bearing net debt is determined, reviewed and updated regularly.

On this basis, the Board decided to pay NOK 0.32 per share as an ordinary dividend in the first quarter of 2021, or 50% of the underlying earnings per share in the fourth quarter of 2020.

For more information, please contact:
Kristian Ellingsen, CFO, +47 905 14275
Kim GaltungDsvig, Head of International Relations and Head of Treasury, +47 908 76339
Ola Helge Hjetland, Group Communications Director, +47 970 67932

About Mowi ASA
Mowi is the world leader in seafood and the world’s largest producer of farmed salmon. As the world’s leading seafood company with an end-to-end supply chain, Mowi brings supreme quality salmon and other seafood to consumers around the world.

With its headquarters in Bergen, Norway, Mowi employs 12,200 people in 25 countries around the world and is listed on the Oslo Stock Exchange.

For more information, please visit

Forward-looking statements
This release may be deemed to include forward-looking statements, such as statements relating to Mowi’s objectives and strategies, salmon prices, the ability to increase or vary harvest volume, production capacity, trends in seafood industry, restructuring initiatives, exchange rate and interest. fluctuations in rates, planned research and development expenses, 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 regarding laws, regulations and government policies governing the industry and changes in accounting policies, standards and interpretations) on Mowi’s business and results. Forward-looking statements are generally identified by words or expressions, such as “believe”, “expect”, “anticipate”, “intend”, “estimate”, “may increase”, “may fluctuate”, “Plan”, “objective”, ““ 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 regarding future events or future results. Actual results could differ materially from those indicated by such statements as the achievement of such results is subject to many risks and uncertainties. Mowi ASA Annual Report contains additional information about factors that may affect actual results, including: changes in the price of salmon, including the value of our biological assets; risk coverage; risks associated with feeding fish; risks economic and market; environmental risks; operational risks; risks associated with escapes, disease and sea lice; product risks; risks associated with our acquisitions; financing risks; regulatory risks, particularly with regard to food safety, the aquaculture industry, processing, competition and the fight against corruption; risks of trade restrictions; the risk of litigation; tax and accounting risks; strategic and competitive risks; and reputational risks. All forward-looking statements included in this press release are based on information available at the time of publication, and Mowi assumes no obligation to update any forward-looking statements.

This information is subject to disclosure obligations in accordance with section 5-12 of the Norwegian Securities Law.

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