Q4 2024 Mowi ASA Earnings Call Transcript
Key Points
- Mowi ASA (MHGVY) achieved a record-breaking year in 2024, with harvest volumes surpassing 500,000 tonnes for the first time in the company's history.
- The company reported record high operating revenues of EUR 1.50 billion in Q4 2024, translating into an operational profit of EUR 226 million.
- Mowi ASA (MHGVY) has increased its harvest volume guidance for 2025 to 530,000 tonnes, indicating a continued growth trajectory.
- The acquisition of Nova Sea is expected to bring significant synergies and strengthen Mowi ASA (MHGVY) as a global leader in sustainable aquaculture.
- Mowi ASA (MHGVY) was ranked as the world's most sustainable animal protein producer for the sixth consecutive year, highlighting its commitment to sustainability and fish welfare.
- Mowi Ireland experienced low harvest volumes and operational challenges, leading to a loss in Q4 2024.
- The company faces potential tariff issues, which could impact its international trade and profitability.
- Mowi ASA (MHGVY) reported a net interest-bearing debt of EUR 1.87 billion at year-end, reflecting seasonal working capital tie-ups.
- The company is dealing with biological setbacks in certain regions, such as issues with string jellyfish and gills in Norway.
- Despite positive developments, the US market still lags behind Europe in demand recovery, affecting Mowi ASA (MHGVY)'s sales in the region.
(video playing) Good morning, everyone, both in the room and online. That was a little taste of some of the marketing activities are ongoing for the Mowi salmon these days.
My name is Ivan Vindheim, and I'm the CEO of Mowi, and it's my pleasure to wish you all welcome to the presentation of Mowi's fourth quarter results of 2024. And together with our CFO, Kristian Ellingsen, I will take you through the numbers and fundamentals this morning and to the best of my and our ability to add a few appropriate comments to them. And after presentation, our IRO, Kim Dosvig, will routinely the host a Q&A session, but also you who are following the presentation online, can submit to questions or comments in advance or as we go along by e-mail.
Please refer the website at mowi.com for necessary details. The disclaimer, I think, we'll leave for self-study. And what could be more appropriate this morning and to start off with our recently announced agreement to acquire the remaining shares of Nova Sea, a 52,000 tonnes fully integrated state-of-the
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