Mowi Asa · OSL:MOWI
Mowi Asa — North Atlantic Seafood Forum 2023
19 slides from Mowi Asa's conference presentation, Mar 9, 2023
Slide 1: NASF 2023
NASF 2023 Bergen, Norway 9 March 2023
Slide 2: Forward looking statements
Forward looking statements This presentation may be deemed to include forward-looking statements, such as statements that relate to Mowi’s contracted volumes, goals and strategies, including strategic focus areas, salmon prices, ability to increase or vary harvest volume, production capacity, expect
Slide 3: Mowi in brief
Mowi in brief One of the world’s leading seafood companies The world’s largest producer of Atlantic salmon, (#1 measured by market capitalisation) 484,000 GWT in 2023E (~2.7 billion meals per year) #1 on sustainability (Coller FAIRR) Fully integrated value chain Listed on Oslo Stock Exchange HQ in B
Slide 4: Mowi – Leading the Blue Revolution
Mowi – Leading the Blue Revolution 2023E harvest volumes (1,000 GWT) 500 Global volumes of 2.6 million GWT 400 300 200 100 0 Mowi A B C D E F G H I J K L M N O P Q R S Source: Kontali Analyse Page 4 Note: Harvest volumes in Gutted Weight Tonnes (GWT), Atlantic salmon
Slide 5: Fully integrated value chain
Fully integrated value chain Products & Feed Breeding Smolt Farming Harvesting Processing Customer Feed Farming Consumer Products #4 #1 #1 515k tonnes 484k GWT 229k tonnes Page 5 Note: Farming volumes in Gutted Weight Tonnes (GWT), Consumer Products volumes in product weight
Slide 6: Feed production of 515,000 tonnes in 2022 – Self-sufficient in Europe
Feed production of 515,000 tonnes in 2022 – Self-sufficient in Europe Total production capacity of 640,000 Valsneset, Norway tonnes 400,000 tonnes capacity Opened 2014 Kyleakin, Scotland 240,000 tonnes capacity Opened 2019 Page 6
Slide 7: Farming harvest volumes of 484,000 GWT in 2023E
Farming harvest volumes of 484,000 GWT in 2023E Harvest volumes in GWT Canada Ireland Iceland Faroes Norway Scotland 28,000 5,000 15,000 10,000 290,000 64,000 Harvest volumes Chile 72,000 Page 7
Slide 8: Sales & Marketing – Consumer Products volumes of 229,000 tonnes in 2022
Sales & Marketing – Consumer Products volumes of 229,000 tonnes in 2022 21 Secondary processing plants Europe 28 Sales offices 169,000 tonnes Germany Poland Norway France Netherlands Faroes Spain Belgium Ireland Consumer Italy Czech Sweden Products volumes sold Scotland Turkey Iceland Asia 29,000 to
Slide 9: Atlantic salmon is a fantastic product with great product features
Atlantic salmon is a fantastic product with great product features • Scientifically proven natural superfood – Nutritionally dense and great for one’s health (omega-3, protein, vitamins, potassium, antioxidants) • Top appetising taste, look, texture and colour • Versatile for traditional and evolvin
Slide 10: And the beneficiary of strong megatrends
And the beneficiary of strong megatrends Population Exploited growth Health resources Climate Growing middle Aging change/Resouce class population efficiency Page 10
Slide 11: Demand-supply-discrepancy expected to continue
Demand-supply-discrepancy expected to continue 11% 4% 2% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e 2026e 2027e Demand growth avg (2012-2022e) Supply growth avg (2012-2022e) Supply growth avg (2022e-2027e) Demand growth p.a. Supply growth p.a. Page 11
Slide 12: Mowi Farming will continue working along three main pillars
Mowi Farming will continue working along three main pillars Mowi Farming Volume Cost Sustainability Page 12
Slide 13: Volume growth of 109,000 GWT over years to all-time high for 2023
Volume growth of 109,000 GWT over 5 years to all-time high 484,000 GWT for 2023 (CAGR 5.2%) 550 • Strong growth in Mowi’s global harvest volumes over 5 years of 109,000 GWT 500 • Growth in excess of industry Harvest volumes GWT (1,000) 484 (5.2% CAGR vs industry at 4.1%) 466 464 450 440 • Intrinsic
Slide 14: Mowi Norway grown 84,000 GWT organically to record-high 294,000 GWT in 2022
Mowi Norway grown 84,000 GWT organically over the past 5 years to record-high 294,000 GWT in 2022 320 • Record-high harvest volumes of 294,000 GWT in 2022 300 294 – 84,000 GWT growth over the past 5 years 280 Harvest volumes GWT (1,000) 273 – CAGR 6.9% well in excess of industry 260 262 • Mowi Norwa
Slide 15: Iceland: Arctic Fish acquisition – exciting growth opportunity
Iceland: Arctic Fish acquisition – exciting growth opportunity Excellent growth and living conditions for salmon in Iceland • Acquisition of 51% of the shares in Icelandic salmon farmer, Arctic Fish, before year end 2022 • Iceland is Mowi’s seventh farming country and was the last spot missing from
Slide 16: Mowi #1 or #2 performer on cost in the regions where we operate
Mowi #1 or number #2 performer on cost in the regions where we operate • Farming blended cost relatively stable until Development in blended Farming cost per kg for Mowi group 2022 6 5.09 – CAGR 1.8% < inflation 4.37 4.47 5 4.16 4.12 4.26 4 EUR/kg • Significant inflationary pressure from 2022 3 driv
Slide 17: Mowi ranked the world’s most sustainable animal protein producer
Mowi ranked the world’s most sustainable animal protein producer Rating agencies About the rating Score (1) Salmon is the most sustainable farmed animal protein alternative Mowi ranked as the most sustainable animal protein producer in the world (amongst the 1st largest 60 animal protein producers i
Slide 18: It’s not only reporting – We cut GHG emissions as well
It’s not only reporting – We cut GHG emissions as well… Good progress on reducing (FY 2022) GHG emissions in 2022 and since 2019 Scope 1 & 2 GHG emissions Scope 3 GHG emissions -10% 400 -33% 2,000 Tonnes (1,000) Tonnes (1,000) -3% 350 1,900 -9% 300 1,800 250 1,700 200 1,600 150 1,500 2019 2020 2021
Slide 19: Putting the customer at the core of everything we do downstream
Name of the Presentation Putting the customer at the core of everything we do downstream Customer value Operational Product Excellence Branding Page 19