Mowi ASA (OSE:MOWI): Q4 2022 Trading update

16 Jan 2023 06:30 CET

Harvest volumes Q4 2022 (1)

Farming Norway 87.0 thousand tonnes

Farming Scotland 10.5 thousand tonnes

Farming Chile 18.5 thousand tonnes

Farming Canada 11.0 thousand tonnes

Farming Ireland 0.5 thousand tonnes

Farming Faroes 3.0 thousand tonnes

Total 130.5 thousand tonnes



In connection with the presentation of the Q3 2022 results, Mowi ASA guided a
total harvest volume of 127 thousand tonnes (GWE) for Q4 2022. Full year harvest
volumes were 464 thousand tonnes.

Note:
(1) The harvest volumes are provided in gutted weight equivalents (GWE).

Additional information

Operational EBIT for the Group was approximately EUR 239 million in Q4 2022 (EUR
146 million in Q4 2021). Full year Operational EBIT was approximately EUR 1 005
million in 2022.

Total Operational EBIT per kg through the value chain was approximately as
follows:

Norway EUR   2.30

Scotland EUR   0.70

Chile EUR   1.10

Canada EUR   1.50    (Canada West EUR 2.15)

Faroes EUR   1.75



Operational EBIT in Consumer Products was EUR 42 million (EUR 26 million in Q4
2021) and Feed EUR 17 million in Q4 2022 (EUR 8 million in Q4 2021). Operational
EBIT through the value chain for salmon of Irish origin was EUR -5 million,
negatively impacted by very low volumes and challenging biology.

Reported financial net interest-bearing debt (NIBD) for the group was
approximately EUR 1 760 million at the end of the quarter (excluding IFRS 16
effects), of which approximately EUR 70 million in Arctic Fish. NIBD excluding
the acquisition of Arctic Fish is EUR 1 510 million. Working capital tie-up was
approximately EUR 225 million in the quarter, mainly related to temporary items
including inventory and accounts receivable in Sales & Marketing.

Arctic Fish' financial position is consolidated with effect from the fourth
quarter (29 December 2022). P&L will be incorporated from the first quarter of
2023.

The complete Q4 2022 report will be released on 15 February at 06:30 CET.

Please refer to the Annual Report for detailed descriptions and reconciliations
of non-IFRS measures such as Operational EBIT and NIBD.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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