MNHVF - Mowi ASA (MHGVY) Q1 2024 Earnings Call Transcript
2024-05-08 14:35:31 ET
Mowi ASA (MHGVY)
Q1 2024 Results Conference Call
May 08, 2024 02:00 AM ET
Company Participants
Ivan Vindheim - Chief Executive Officer
Kristian Ellingsen - Chief Financial Officer
Kim Dosvig - Investor Relations Officer
Conference Call Participants
Christian Olsen - Arctic Securities
Alexander Sloane - Barclays
Martin Kaland - ABG Sundal Collier
Alexander Aukner - DNB
Alexander Jones - Bank of America
Presentation
Ivan Vindheim
Good morning, everyone, both in the room and online. Welcome to the Presentation of Mowi's First Quarter Results of 2024. And with me today to present the financial figures, I have as usual our CFO, Kristian Ellingsen and after presentation, our IRO, Kim Dosvig will routinely host our Q&A session. For those of you who are following the presentation online, can submit your questions or comments in advance, so as we go along by e-mail. Please refer to our website at mowi.com for the necessary details. Disclaimer, I think we leave for a self-study.
So, then we are ready for the highlights of the quarter again. And as the first bullet point reads, Mowi posted EUR 1.33 billion in operating revenues in the first quarter, which translated into an operational profit of EUR 201 million, which was in line with the trading update the 18th of April. And if you are to sum up the quarter in just a few words, I think it's fair to say, it was a rather challenging quarter biologically for largest farming region, Mowi Norway due to seasonal winter sores and downgrades this time around, significantly compounded by issues with apolemia or string jellyfish in addition to an unusual cold winter with many storms.
So, much tougher environmental conditions than what we are used to in this region. And this impacted both our price performance and cost performance significantly in the quarter in the form of a higher share of so-called production fish in addition to lower average harvest rates. As far as our 6 other farming countries are concerned, biology was good in the quarter, I would say.
In terms of the market, we continue to see strong demand and strong prices for our salmon of European origin, at least salmon of the right size and quality, whilst regrettably, we still see soft prices for salmon of American origin after a promising start to the New Year. So, the 2-way division of the market we have seen since the second quarter last year and the termination of the last COVID-related benefit schemes in the U.S. seems to continue....
Mowi ASA (MHGVY) Q1 2024 Earnings Call Transcript