In This Article:
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Operating Revenue: EUR1.34 billion in Q2 2024.
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Operating Profit: EUR230 million in Q2 2024.
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Harvest Volumes: 110,500 tonnes in Q2 2024.
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Standing Biomass: 327,000 tonnes at the end of Q2 2024, up 9.4% year-over-year.
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Net Interest-Bearing Debt: EUR1.88 billion.
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Equity Ratio: 48% at the end of Q2 2024.
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Underlying Earnings Per Share: EUR0.30 in Q2 2024.
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Return on Capital Employed: 16% annualized.
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Farming Volume Guidance: 500,000 tonnes for the year 2024.
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Operational Profit - Mowi Norway: EUR149 million in Q2 2024.
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Operational Profit - Mowi Scotland: EUR44 million in Q2 2024.
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Operational Profit - Mowi Chile: EUR12.5 million in Q2 2024.
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Operational Profit - Mowi Canada: EUR7 million in Q2 2024.
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Operational Profit - Mowi Ireland: EUR7 million in Q2 2024.
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Operational Profit - Mowi Faroes: EUR10.5 million in Q2 2024.
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Operational Profit - Arctic Fish: EUR1.2 million in Q2 2024.
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Consumer Products Operating Profit: EUR25 million in Q2 2024.
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Mowi Feed Operational EBITDA: EUR11 million in Q2 2024.
Release Date: August 21, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Mowi ASA (MHGVY) recorded EUR1.34 billion in operating revenues and an operating profit of EUR230 million for the second quarter of 2024, indicating a strong financial performance.
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The company achieved seasonally record-high harvest volumes of 110,500 tonnes, aligning with their guidance and demonstrating operational efficiency.
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Mowi ASA (MHGVY) reported a decrease in realized blended farming costs, with expectations for further reductions due to higher harvest volumes and lower feed prices.
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The company is on track to achieve a milestone farming volume of 500,000 tonnes for the year, marking a significant growth of 5.3% year over year.
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Mowi ASA (MHGVY) has implemented successful cost-saving initiatives, realizing EUR22 million in annualized cost savings so far in 2024, well ahead of their target.
Negative Points
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The Canadian government's decision to ban net-pen salmon farming in British Columbia by 2029 poses a significant challenge, as this region has been a part of Mowi's operations.
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Mowi ASA (MHGVY) experienced lower price realization in the Americas due to the cost-of-living crisis, impacting salmon consumption and pricing.
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The company's net interest-bearing debt stood at EUR1.88 billion, exceeding their long-term debt target of EUR1.7 billion.
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Mowi ASA (MHGVY) faced challenges with soft prices and margins in the Americas, particularly affecting their operations in Chile and Canada.
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The company reported a decrease in operational profit for Mowi Norway due to lower price achievement, despite good biological performance.