That volume is 3,300 fewer tonnes than guided in its Q3 2020 report and takes its harvest volume for the whole of 2020 to around 53,000 tonnes. That is 14,000 fewer tonnes than the 67,000 tonnes originally guided a year ago, although that guidance was reduced early in 2020 due to fish health challenges. Volume was also impacted in Q3 because of an algal bloom.
Mowi’s Q3 report said that while the biological situation was still challenging, mainly related to cardiomyopathy syndrome (CMS), pancreas disease levels were declining due to increased vaccination and costs were expected to fall. That appears to have been reflected in today’s update, which shows Mowi Scotland made an operational EBIT of €1.55 per kilo, up from €0.35 in Q3.
Overall, Mowi harvested 127,000 tonnes of salmon in Q4 2020 in the six countries where it farms, 1,900 tonnes lower than guided.
The harvest distribution was:
- Farming Norway 78,500 tonnes
- Farming Scotland 13,000 tonnes
- Farming Canada 12,500 tonnes
- Farming Chile 20,500 tonnes
- Farming Ireland 1,000 tonnes
- Farming Faroes 1,500 tonnes
- Total 127,000 tonnes
Mowi Ireland, which produces organic salmon, had the best operating profit of €2.60 per kilo during a period when spot prices remained depressed because of the Covid-19 pandemic and the group’s operational EBIT was €49 million, less than a third of the €166m it made in Q4 2019.
Mowi’s operations in Canada, Chile and the Faroes all made an operating loss.
Total operational EBIT per country was:
- Norway €0.75
- Scotland €1.55
- Canada €-1.10
- Chile €-0.50
- Ireland €2.60
- Faroes €-0.75
Operational EBIT in Consumer Products, which includes Mowi Scotland’s secondary processing plant at Rosyth, Fife was €35m and Feed, which includes a factory at Kyleakin, Skye made an operational EBIT of €14m in Q4.
Mowi’s complete Q4 report will be released on February 17.