Mowi reports big rise in operating profit for Q4
MOWI reported an operating profit (EBIT) of €239m (£213m) for the final quarter of 2022 – almost 64% higher than in the same period last year.
The star performer was Mowi Norway, while the group’s Scottish and Irish operations, which have been experiencing challenging biological issues, produced lower harvests than a year ago.
The total group harvest was 130,500 tonnes against 115,000 tonnes in Q4 2021.
The farming Scotland Q4 harvest was 10,500 tonnes, down by 1,500 tonnes on Q4 2021, while farming Ireland produced just 500 tonnes, against 1,500 tonnes 12 months earlier.
Farming Canada produced an unchanged total of 10,000 tonnes, while farming Chile saw its output increase by 2,000 tonnes to 18,500 tonnes.
Mowi said the operational EBIT in Consumer Products was €42m (€26m in Q4 2021) and Feed €17m (€8m in Q4 2021).
It added that the operational EBIT through the value chain for salmon of Irish origin was minus €5m, due to very low volumes and challenging biology.
The reported financial net interest-bearing debt (NIBD) for the group was approximately €1,760m (£1,575m) at the end of the quarter (excluding IFRS 16 effects), of which approximately €70m (£63m) involved the purchase of a majority stake in the Icelandic company Arctic Fish.
Total operational EBIT per kg through the value chain was approximately as follows:
Norway – €2.30 (£2.06)
Scotland – €0.70 (£0.63)
Chile – €1.10 (£0.98)
Canada West – €2.15 (£1.92)
Faroes – €1.75 (£1.57)
The complete Q4 2022 report was due to be released on 15 February.
NORWEGIAN businessman Helge Gåsø is reported to be interested in acquiring Frøy, the wellboat and aquaculture services business he founded.
Frøy’s current owner, SalMar, is carrying out an evaluation of Frøy. SalMar acquired the company as part of its takeover of the NTS group, which was completed in December.
SalMar, which owns 72% of Frøy, says it has started a strategic assessment of its ownership “in order to maximise the value to its shareholders”.
It has already received a number of inquiries from potential bidders. SalMar says the process has just started, suggesting it may be a while before there is a firm decision and stressing that it wants to do what is best for the company
It has also emerged that Gåsø, the man who founded
Frøy, could be in line to buy it back. He has built up a “war chest” equivalent to £500m, largely from the sale of his NTS shares.
Gåsø is reported to have bought more than 500,000 shares in Frøy, which, with an existing holding, brings his stake in the company to 5%.
Frøy has grown into an attractive business offering a wide range of aquaculture support services, including more than 600 aqua service specialists, and a modern fleet of wellboats and support vessels.
Last month, Frøy entered into an agreement to buy 100% of the shares in another support business, Marinus Aquaservice AS, in a deal worth around NOK 101m (£8.4m).This gives Frøy a presence in south-west Norway where it currently has a limited foothold.
Marinus Aquaservice operates three modern vessels and has a major focus on remotely operated vehicle (ROV) services, a rapidly growing sub-segment of the marine services industry.