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Mowi ASA

Investor Presentation • Feb 13, 2019

3665_rns_2019-02-13_bd85a7c6-1513-49c8-bba6-1e60d8a20a6a.pdf

Investor Presentation

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Q4 2018 presentation

13 February 2019

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, expectations of the capacity of our fish feed plants, trends in the seafood industry, including industry supply outlook, exchange rate and interest rate hedging policies and fluctuations, dividend policy and guidance, asset base investments, capital expenditures and net working capital guidance, NIBD target, cash flow guidance and financing update, guidance on financial commitments and cost of debt and various other matters concerning Mowi's business and results. These statements speak of Mowi's plans, goals, targets, strategies, beliefs, and expectations, and refer to estimates or use similar terms. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties.

Mowi disclaims any continuing accuracy of the information provided in this presentation after today.

Highlights

  • •Operational EBIT of EUR 213 million in the quarter
  • •High prices in all markets on strong demand
  • •Seasonal and full-year record high sales volumes in Feed
  • •Initiated new global EUR 30 million p.a. cost and procurement improvement program
  • •Launched brand strategy and changed company name to Mowi
  • •Quarterly dividend of NOK 2.60 per share to be paid in Q1-2019

Key financials

i
in
f
ig
M
Gr
ow
ou
p
- m
a
ur
es		 Q
4
2
0
8
1		 Q
4
2
0
1
7		 2
0
8
1		 2
0
1
7
Un
d
ite
d E
UR
illio
au
m
n
Op
t
io
l re
d
t
he
inc
er
a
na
ve
nu
e
an
o
r
om
e		 1,
0
7
3.
7
%
6		 1,
0
1
0.
0		 3,
8
1
4.
5
4%		 3,
6
5
3.
8
1)
Op
io
l
t
E
B
I
T
er
a
na		 2
3.
0
1
18		 8
0.
8
%
1		 2.
8
7
5
-5
%		 9
2.
7
1
E
B
I
T		 2
3
0.
5		 -4.
3		 9
2
5.
4		 4
8
4.
9
Ca
h
f
low
fro
t
io
s
m
o
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er
a
ns		 1
0
7.
5		 8
9.
7		 6
2
0.
9		 6
3
2.
4
Ne
t
in
te
t-
be
ing
de
b
t
(
N
I
B
D
)
res
ar		 1,
0
3
7.
2		 8
3
1.
9		 1,
0
3
7.
2		 8
3
1.
9
Ba
ic
E
P
S
(
E
U
R
)
s		 0.
3
2		 0.
0
6		 1.
1
5		 0.
9
7
1)
Un
de
ly
ing
E
P
S
(
E
U
R
)
r		 0.
3
1		 0.
2
7		 1.
1
1		 1.
2
3
1)
Ne
t c
h
f
low
ha
(
E
U
R
)
as
p
er
s
re		 0.
0
1		 0.
0
1		 0.
5
1		 0.
7
4
1)
O
C
R
E		 2
6.
6
%		 2.
8
%
1		 2
4.
9
%		 2
6.
%
7
1)
d
j
te
d
i
ty
t
io
A
us
eq
u
ra		 4.
0
%
5		 %
5
1.
7		 4.
0
%
5		 %
5
1.
7
Ha
t v
lum
(
G
W
T
)
rv
es
o
e		 1
0
5
7
8
3
-6		 1
1
2
6
2
8
%		 3
7
5
2
3
7
1%		 3
7
0
3
4
6
1) -
io
Op
t
l
E
B
I
T -
E
U
R
kg
To
ta
l
er
a
na
p
er		 2.
0
1		 1.
6
1		 2.
0
1		 2.
1
4
No
rw
ay		 2.
4
4		 1.
7
7		 2.
3
7		 2.
2
0
Sc
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la
d
o
n		 2.
3
2		 1.
1
9		 2.
0
0		 2.
5
5
Ca
da
na		 4
2
1.		 0.
9
8		 6
1.
1		 2.
0
6
C
h
i
le		 1.
2
5		 1.
0
3		 1.
4
0		 1.
3
0
la
d
Ire
n		 2.
4
5		 2.
8
6		 3.
6
1		 3.
0
7
Fa
ro
es		 1.
3
6		 3.
1
3		 1.
7
8		 3.
1
7

Page 4

Salmon prices – weekly references prices

Ref. price Norway EUR (NASDAQ average superior Oslo, GWT/kg)

Ref. price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10-12 lbs FOB Seattle)

Price achievement (1), contract & superior share

1) From the first quarter 2018 we have changed our reporting of price achievement to no longer include margins from Consumer Products and Feed. Comparison figures are re-presented accordingly

Page 6

Operational EBIT comparison

Norway

S
O
O
O
G
O
G
A
L
M
N
F
N
R
W
E
I
A
N
R
I
I
N
EU
R m
i
l
l
ion		 Q
4
2
0
8
1		 Q
4
2
0
1
7
i
O
t
l
E
B
I
T
p
e
r
a
o
n
a		 1
4
3.
0		 1
1
7.
3
E
B
I
T		 1
5
5.
3		 7
6.
6
lu
(
G
)
H
t v
W
T
a
rv
e
s
o
m
e		 8
6
0
2
5		 6
6
3
8
4
i
(
)
O
t
l
E
B
I
T
k
E
U
R
p
e
r
a
o
n
a
p
e
r
g		 2.
4
4		 1.
7
7
f w
h
i
h
d
F
o
c
e
e
-		 0.
3
1		 0.
0
1
-
f w
i
h
h
M
k
t
o
c
a
r
e
s
-		 0.
1
0		 0.
1
3
f w
i
h
h
C
P
d
t
o
c
o
n
s
m
e
r
r
o
c
s
u
u
-		 0.
5
0		 0.
3
1
i
h
i
t
/
f
i
P
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e		 0
%
1
1		 0
8
%
1
C
t
t
h
o
n
r
a
c
s
a
r
e		 4
4
%		 3
9
%
S
i
h
u
p
e
r
o
r
s
a
r
e		 9
3
%		 9
4
%
  • • Overall satisfactory results but regional differences
  • •Region North: Good results and improved biology
  • •Region Mid: Good result but biological challenges
  • •Region South: Low harvest volumes and poor performing 2017 generation
  • •Costs expected to increase somewhat in Q1 2019 (versus Q4 2018)

Norway: Sales contract portfolio

Norway: Operational EBIT/kg per region

Scotland

S
O
O
S
C
O
S
O
G
A
L
M
N
F
T
T
I
H
R
I
I
N
E
U
R m
i
l
l
ion		 Q
4
2
0
8
1		 Q
4
2
0
1
7
i
O
t
l
E
B
I
T
p
e
r
a
o
n
a		 2
7.
3		 1
5.
4
E
B
I
T		 3
9.
4		 4.
5
-
(
)
H
t
l
G
W
T
a
r
e
s
o
m
e
v
v
u		 1
1
7
7
1		 1
2
9
8
7
O
t
i
l
E
B
I
T
k
(
E
U
R
)
p
e
r
a
o
n
a
p
e
r
g		 2.
3
2		 1.
1
9
f
h
i
h
k
t
M
o
w
c
a
r
e
s
-		 0.
4
8		 0.
2
9
f
h
i
h
C
d
t
P
o
w
c
o
n
s
u
m
e
r
r
o
u
c
s
-		 0.
3
2		 0.
2
5
P
i
h
i
t
/
f
i
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e		 1
2
6
%		 1
2
4
%
C
t
t
h
o
n
r
a
c
s
a
r
e		 %
6
8		 %
5
6
S
i
h
u
p
e
r
o
r
s
a
r
e		 9
7
%		 9
6
%
  • •Good result driven by a very good price achievement
  • •High contract share
  • •Reduced costs due to improved biology
  • •Good growth and significantly higher biomass in sea

Canada

S
A
L
M
O
N
O
F
C
A
N
A
D
I
A
N
O
R
I
G
I
N
i
ion
E
U
R m
l
l		 Q
4
2
0
1
8		 Q
4
2
0
1
7
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a		 1
7.
4		 9.
9
E
B
I
T		 2
3.
4		 9
1
1.
t
l
(
G
)
H
W
T
a
r
v
e
s
v
o
u
m
e		 2
2
3
9
1		 0
0
3
6
1
O
t
i
l
E
B
I
T
k
(
E
U
R
)
p
e
r
a
o
n
a
p
e
r
g		 1.
4
2		 0.
9
8
f
i
h
h
M
k
t
o
c
a
r
e
s
w
-		 0.
1
4		 0.
1
6
f
h
i
h
C
d
t
P
o
w
c
o
n
s
u
m
e
r
r
o
u
c
s
-		 0.
0
0		 0.
0
0
i
h
i
t
/
f
i
P
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e		 9
8
%		 9
8
%
C
t
t
h
o
n
r
a
c
s
a
r
e		 %
0		 %
0
S
i
h
u
p
e
r
o
r
s
a
r
e		 8
9
%		 9
0
%
  • •Improved results on higher prices and higher harvest volumes (Northern Harvest)
  • •Biological challenges drove costs higher
  • • Agreement reached on the West Coast in the Broughton area, limited volume impact expected going forward
  • •Costs expected to increase in Q1 2019 (versus Q4 2018) on lower volumes

Chile

S
O
O
C
O
G
A
L
M
N
F
H
I
L
E
A
N
R
I
I
N
i
ion
E
U
R m
l
l		 Q
4
2
0
1
8		 Q
4
2
0
1
7
O
i
l
t
E
B
I
T
p
e
r
a
o
n
a		 2
1.
5		 6
1
7.
E
B
I
T		 3
0.
0		 8
5.
4
-
H
t
l
(
G
W
T
)
a
r
v
e
s
v
o
u
m
e		 1
7
2
0
0		 1
7
0
9
6
O
t
i
l
k
(
)
E
B
I
T
E
U
R
p
e
r
a
o
n
a
p
e
r
g		 2
1.
5		 0
3
1.
f
h
i
h
k
t
M
o
w
c
a
r
e
s
-		 0.
2
1		 0.
3
9
f
i
h
h
C
P
d
t
o
c
o
n
s
m
e
r
r
o
c
s
w
u
u
-		 0.
1
4		 0.
0
1
i
h
i
/
f
i
P
t
r
c
e
a
c
e
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e
v		 0
6
%
1		 9
2
%
C
t
t
h
o
n
r
a
c
s
a
r
e		 1
9
%		 1
1
%
S
i
h
u
p
e
r
o
r
s
a
r
e		 9
0
%		 8
7
%
  • •Improved results on higher prices and good harvest volumes
  • • Improved biological conditions
  • •Reduced SRS levels and reduced medicine use

Ireland and Faroes

S
O
O
S
O
G
A
L
M
N
F
I
R
I
H
R
I
I
N
i
ion
EU
R m
l
l		 Q
4
2
0
8
1		 Q
4
2
0
1
7
O
i
l
t
E
B
I
T
p
e
r
a
o
n
a		 4.
0		 6.
7
E
B
I
T		 2.
9		 9
7.
(
)
H
t v
lu
G
W
T
a
rv
e
s
o
m
e		 1
6
1
5		 2
3
5
8
i
(
)
O
t
l
E
B
I
T
k
E
U
R
p
e
r
a
o
n
a
p
e
r
g		 2.
4
5		 2.
8
6
f w
h
i
h
k
t
M
o
c
a
r
e
s
-		 0.
0
0		 0.
0
1
f w
h
i
h
C
P
d
t
o
c
o
n
s
u
m
e
r
r
o
u
c
s
-		 0.
8
7		 0.
2
9
i
i
f
i
P
h
t
/
r
c
e
a
c
e
v
e
m
e
n
r
e
e
r
e
n
c
e
p
r
c
e		 n
a		 n
a
C
t
t
h
o
n
r
a
c
s
a
r
e		 9
8
%		 8
%
7
S
i
h
u
p
e
r
o
r
s
a
r
e		 8
3
%		 8
9
%
S
A
L
M
O
N
O
F
F
A
R
O
E
S
E
O
R
I
G
I
N
EU
R m
illi
on		 Q
4
2
0
1
8		 Q
4
2
0
1
7
io
O
t
l
E
B
I
T
p
e
ra
na		 5.
9		 1
1.
8
E
B
I
T		 -0
7		 4.
9
(
)
Ha
t v
lu
G
W
T
rv
e
s
o
m
e		 4
3
5
6		 3
7
6
7
io
(
)
O
t
l
E
B
I
T p
kg
E
U
R
p
e
ra
na
e
r		 1.
3
6		 3.
1
3
f w
h
ic
h
M
ke
ts
- o
a
r		 0.
2
3		 1.
5
3
f w
ic
h
h
C
Pr
du
ts
- o
o
ns
u
m
e
r
o
c		 0.
0
0		 0.
0
0
ic
h
ie
t
/
fe
ic
Pr
e
a
c
ve
m
e
n
re
re
nc
e
p
r
e		 0
0
%
1		 4
%
1
5
C
tra
t s
ha
o
n
c
re		 %
0		 %
4
Su
io
ha
p
e
r
r s
re		 8
6
%		 9
%
1
  • • Despite reduced volumes, Mowi Ireland delivered another good quarter
  • •Strong market conditions for organic salmon
  • •Costs increased in the quarter
  • • Results in Mowi Faroes impacted by higher cost, lower quality fish and reduced price achievement

Consumer Products (1)

C
O
S
O
C
S
N
U
M
E
R
P
R
D
U
T
i
l
l
ion
E
U
R m		 Q
4
2
0
1
8		 Q
4
2
0
1
7
O
t
i
p
e
r
a
n
g
r
e
v
e
n
u
e
s		 6
2
2.
1		 4
5
7.
5
i
O
t
l
E
B
I
T
p
e
r
a
o
n
a
i
%
O
t
l
E
B
I
T
p
e
r
a
o
n
a
E
B
I
T		 3
8.
0
%
6.
1
3
8.
5		 2
9.
1
%
5.
3
2
4.
8
l
l
d
(
t
d.
i
h
t
)
V
o
u
m
e
s
o
o
n
n
e
s
p
r
o
w
e
g		 4
6
4
3
6		 4
2
3
4
1
  • • Record high revenues on the back of all-time high sold volumes
  • • Volume increased in fresh whilst chilled segment was flat
  • • Positive developments in many key European markets and USA
  • • Profit includes partial recognition of insurance income of EUR 10 million related to Kritsen
  • • Profit in Q1 2019 negatively impacted by late Easter this year and fierce competition in the Chilled segment in Europe

Feed

F
E
E
D
i
l
l
ion
EU
R m		 Q
4
2
0
1
8		 Q
4
2
0
1
7
O
i
t
p
e
r
a
n
g
r
e
v
e
nu
e
s		 3
2
1
1.		 9
3.
0
O
t
i
l
E
B
I
T
p
e
r
a
o
n
a
O
t
i
l
%
E
B
I
T
p
e
r
a
o
n
a		 5.
8
4.
4
%		 2.
8
-
3.
0
%
-
E
B
I
T		 6.
0		 2.
8
-
F
d
l
d
lu
e
e
s
o
o
m
e
v		 1
0
9
8
5
0		 8
2
7
7
2
F
d
d
d
lu
e
e
p
r
o
u
c
e
v
o
m
e		 9
1
5
8
3		 8
4
5
7
8
  • • Another good operational quarter with record high feed sales
  • • Factory efficiency and automation at feed plant in Norway remains impressive
  • • Trial production to start Q2 2019 in Kyleakin, Scotland
  • • Fierce competition in the European feed market to put pressure on margins going forward

EUR 30 million p.a. global cost and procurement improvement program

  • • Cost improvement program completed in 2018 with annualised savings of EUR 61 million
  • •Improved cost-conscious decision-making
  • • Initiation of new improvement program with a target of EUR 30 million p.a. in savings in 2019
  • •EUR 15 million: Cost improvement
  • • EUR 15 million: Procurement enhancement
  • •All initiatives to be undertaken in 2019

Page 17

1) Notes in report

Q4 2018 presentation

Financials, Markets and Harvest volumes

Profit and Loss

Mo
i
Gr
ou
p
w
illio
EU
R m
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7

• Net financial items impacted by fair value effects of EUR 26 million related to the convertible bond prior to conversion, and EUR 19 million foreign currency movements

Page 19

Financial position

i
G
M
ow
ro
up
E
U
R m
i
l
l
ion		 3
2.
2
0
8
1.
1
1		 3
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ts
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ty
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7
7
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ie
To
ta
l e
ty
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l
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l
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ty
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io
us
eq
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ra		 5
4.
0
%		 5
1.
7
%
  • • Increase in assets mainly due to:
  • •Increased biomass in sea
  • •Net capex in 2018 and purchase of new licenses in Norway
  • •Acquisition of Northern Harvest

Cash Flow and Net Interest Bearing Debt

i
M
Gr
ow
ou
p
i
l
l
ion
EU
R m		 Q
4
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is
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bu
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N
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tr
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E
U
R		 9
9
%		 7
4
%		 9
9
%		 7
4
%
U
S
D		 %
3		 %
1
3		 %
3		 %
1
3
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B
P		 1
%		 4
%		 1
%		 4
%
O
t
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ies
r c
ur
re
nc		 3
%
-		 0
%
1		 3
%
-		 0
%
1

Page 21

2019 Cash Flow Guidance

  • • Working capital build-up EUR ~115m
  • •Support further organic growth
  • • Capital expenditures EUR ~290m
  • • Freshwater expansion projects EUR ~65m
    • •Canada, Chile and Norway
  • • Sea water expansion projects EUR ~50m
    • •Scotland, Canada and Norway
  • • Consumer Products automation and expansion projects EUR ~30m
    • •Europe and US
  • •Interest paid EUR ~55m
  • •Taxes paid EUR ~140m
  • •Quarterly dividend payment in Q1-2019 of NOK 2.60 per share as ordinary dividend

Overview financing

  • • Bank facility: EUR 1,406m Facility Agreement
  • • Accordion option of EUR 200 million exercised in December 2018 to partially refinance conversion of EUR 340 million convertible bond
  • •Tenor 5 years (Maturity: May 2022)
  • • Covenant: 35% equity ratio
    • •IFRS 16 (leases): Covenant to be adjusted for leasing effect
  • •Lenders: DNB, Nordea, ABN Amro, Rabobank, Danske Bank and SEB
  • • Unsecured bond: EUR 200m issued in June 2018
  • •Tenor 5 years (Maturity: June 2023)
  • •EURIBOR + 2.15%
  • •Long term NIBD target EUR 1,400m
t
im
te
d
Es
a		 lu
vo
m
es		 Co
d
to
m
p
ar
e		 Q
4
2
0
1
7		 t.
lu
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vo
m
es
Su
l
ie
p
p
rs		 Q
4
2
0
8
1		 Q
4
2
0
1
7		 lu
Vo
m
e		 % Q
3
2
0
8
1
No
rw
ay		 3
2
1
0
0
0		 3
2
1
8
0
0		 8
0
0
-		 %
0.
2
-		 2
9
0
0
0
0
Sc
t
la
d
o
n		 4
0
6
0
0		 4
0
4
0
0		 2
0
0		 0.
%
5		 3
0
0
5
7
Fa
Is
la
ds
ro
e
n		 2
1
5
0
0		 1
8
5
0
0		 3
0
0
0		 1
6.
2
%		 1
1
2
0
0
Ire
la
d
n		 3
9
0
0		 3
7
0
0		 2
0
0		 %
5.
4		 3
4
0
0
l
To
ta
Eu
ro
p
e		 3
8
0
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0
7		 3
8
4
4
0
0		 2
6
0
0		 0.
%
7		 3
4
0
3
0
0
i
C
h
le		 1
7
0
6
0
0		 1
4
5
4
0
0		 2
5
2
0
0		 %
1
7.
3		 1
4
7
2
0
0
t
h
ic
No
Am
r
er
a		 4
0
0
0
1		 3
9
0
0
1		 0
0
0
1		 2.
6
%		 3
8
0
0
1
l
ic
To
ta
Am
er
as		 2
0
0
0
1
7		 8
4
0
0
1
5		 2
6
2
0
0		 4.
2
%
1		 8
3
0
0
1
5
ia
Au
tra
l
s		 1
6
5
0
0		 1
6
9
0
0		 4
0
0
-		 %
2.
4
-		 1
3
3
0
0
O
t
he
r		 3
0
0
5		 4
6
0
0		 0
0
7		 2
%
1
5.		 3
8
0
0
l
To
ta		 6
9
0
0
1
5		 9
0
4
0
0
5		 2
9
0
0
1		 4.
9
%		 4
2
0
0
5
7		 So
Ko
urc
e:

Supply development

  • •Global supply growth higher than expected, driven by Chile
  • •Norway: Harvest in line with guidance. Biomass up 2% YOY
  • • Chile: Harvested more than expected on improved biology. More fish than expected harvested and record high harvest weights

Development in reference prices

Q
4
2
0
1
8
M
ke
t
ar		 C
ha
ng
e v
s
Q
4
2
0
1
7		 Q
4
2
0
1
8
N
O
K		 C
ha
ng
e v
s
Q
4
2
0
1
7
(
)
No
1
rw
ay		 E
U
R
5.
7
8		 %
1
2.
5		 N
O
K
5
5.
5
2		 %
1
2.
7
C
h
i
le
(
2
)
C
h
i
le,
G
(
3
)
W
T		 U
S
D
5.
0
5
S
9
U
D
5.
5		 6.
8
%
9.
8
%		 N
O
K
4
2.
7
3
O
0.
3
2
N
K
5		 1
0.
6
%
3.
%
1
7
ica
(
)
No
t
h
Am
W
t
Co
t
4
r
er
es
as
ica
(
)
No
t
h
Am
Ea
t
Co
t
5
r
er
s
as
ica
(
),
No
t
h
Am
G
W
T
3
b
len
de
d
r
er
,		 U
S
D
3.
4
8
U
S
D
3.
6
8
U
S
D
7.
2
7		 %
7.
6
%
5.
4
%
8.
0		 N
O
K
2
9.
4
7
N
O
K
3
1.
1
3
N
O
K
6
1.
4
7		 %
1
1.
4
%
9.
2
%
1
1.
9

Ref. price Chile USD (Urner Barry average D-trim 3-4 lbs FOB Miami)

Ref. price North America, West Coast USD (Urner Barry avg. superior GWE 10-12 lbs FOB Seattle)

Prices up to week 5 in 2019

Notes:

(1) NASDAQ average superior GWE/kg (gutted weight equivalent) (2) Urner Barry average D trim 3-4 lbs FOB Miami

(3) Reference price converted back-to-plant equivalent in GWT/kg

(4) Urner Barry average GWE 10-12 lbs FOB Seattle

(5) Urner Barry average GWE 10-12 lbs FOB Boston/New York

Page 25

im
d v
Es
t
te
a		 lum
o
es		 Co
d
mp
ar
e		 Q
4
2
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to
1
7		 lum
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t. v
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es		 2 m
1		 h c
t
on
om
p
ar		 iso
n
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ke
ts
r		 Q
4
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7
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5
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7
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7
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%
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9
%
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t
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Eu
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6
0
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6.
5
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0
2
0
0		 8
1
9
0
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9
5
0
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3.
0
To
ta
l
Eu
ro
p
e		 3
2
2
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0
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1
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0
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8
9
8
0
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1
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0
7
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1
%
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6
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%
7.
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1
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1
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9
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0
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0
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9
%
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ica
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s		 3
8
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0
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7		 2
4.
%
5		 2
9
0
0
5		 2
2
0
0
1
7		 0
8
3
0
0
1		 3.
3
%
1
l
ica
To
ta
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er
s		 0
3
0
0
1
7		 8
0
0
1
5
5		 4
0
0
1
5		 9.
3
%		 3
3
0
0
1
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4
0
0
0
0		 8
9
0
0
5
5		 9.
2
%
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h
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/
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ng		 2
5
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7
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5
0
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-		 5.
5
%
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4
7
0
0		 1
0
1
7
0
0		 8
6
0
0
0		 1
8.
3
%
Ja
p
an		 6
3
0
0
1		 9
0
0
1
5		 4
0
0		 2.
%
5		 2
8
0
0
1		 3
9
0
0
5		 0
0
5
7
7		 6.
6
%
-
iw
So
t
h
Ko
/
Ta
u
rea
an		 1
5
6
0
0		 1
2
1
0
0		 3
5
0
0		 %
2
8.
9		 1
2
7
0
0		 5
6
0
0
0		 4
5
5
0
0		 %
2
3.
1
O
t
he
As
ia
r		 2
2
2
0
0		 2
1
4
0
0		 8
0
0		 3.
7
%		 1
5
1
0
0		 7
3
1
0
0		 8
3
5
0
0		 1
2.
5
%
-
l
ia
To
ta
As		 9
9
0
0
7		 6
0
0
7
7		 3
2
0
0		 4.
2
%		 6
3
0
0
5		 2
8
4
0
0
7		 2
2
0
0
7
7		 4.
4
%
A
l
l o
t
he
ke
ts
r m
ar		 3
2
9
0
0		 3
0
4
0
0		 2
5
0
0		 8.
2
%		 2
9
4
0
0		 1
1
6
0
0
0		 1
0
8
8
0
0		 6.
6
%
To
ta
l		 6
0
5
2
0
0		 5
7
8
7
0
0		 2
6
5
0
0		 %
4.
6		 5
3
7
8
0
0		 2
1
6
5
5
0
0		 2
0
3
7
9
0
0		 %
6.
3
f
fro
In
low
to
U
S
Eu
m
ro
p
e		 2
5
7
0
0		 2
5
1
0
0		 6
0
0		 %
2.
4		 2
2
0
0
0		 9
3
8
0
0		 9
5
3
0
0		 %
1.
6
-
f
low
to
fro
C
h
i
le
In
E
U
m		 8
4
0
0		 2
2
0
0
1		 3
8
0
0
-		 3
%
1.
1
-		 6
0
0
7		 3
0
0
7
7		 3
8
3
0
0		 6
%
1.
-

Global volume by market

  • •Strong demand globally
  • •Europe: Increased consumption at higher prices
  • •US: Convenient and consumer friendly pre-packed products drive growth
  • • Asia: Increased consumption. Lack of available large sized fish and certain trade restrictions temporarily impacted consumption in China/Hong Kong

Page 26

Source: KontaliNote: Atlantic Salmon (GWT), LTM: Last Twelve Months, PTM: Previous Twelve Months"

Industry supply growth 2019E

20
15		 20
16		 20
17		 20
18		 20
19
E		 20
19
E
GW
T (
1,
00
0)		 Lo
w		 Y/Y
th
gr
ow		 Hi
h
g		 Y/Y
th
gr
ow
No
rwa
y		 1 1
11		 1 0
54		 1 0
87		 1 1
28		 1 1
70		 1 1
48		 2 % 1 1
92		 6 %
UK 15
0		 14
2		 15
9		 13
8		 16
0		 15
6		 13
%		 16
4		 19
%
Fa
Isl
ds
roe
an		 68 70 72 65 72 70 8 % 74 %
15
To
tal
Eu
rop
e		 1 3
28		 1 2
65		 1 3
19		 1 3
31		 1 4
02		 1 3
74		 3 % 1 4
30		 7 %
Ch
ile		 53
8		 45
4		 50
8		 61
1		 63
5		 62
0		 1 % 65
0		 6 %
No
rth
Am
eri
ca		 14
0		 15
2		 14
5		 14
8		 15
0		 14
6		 -1
%		 15
4		 4 %
To
tal
Am
eri
ca
s		 67
8		 60
6		 65
2		 75
9		 78
5		 76
6		 1 % 80
4		 6 %
Oth
er		 81 75 94 89 10
0		 96 8 % 10
4		 17
%
To
tal		 2 0
87		 1 9
46		 2 0
65		 2 1
78		 2 2
87		 2 2
36		 3 % 2 3
38		 7 %

2019 guidance: Global growth of 3-7 %

•

Q
1 2
01
5		 Q
1 2
01
6		 Q
1 2
01
7		 Q
1 2
01
8		 Q
1 2
01
9E		 Q
1 2
01
9E
GW
T (
1,
00
0)		 Lo
w		 Q
/Q
wt
h
gro		 Hi
h
g		 Q
/Q
wt
h
gro
No
rwa
y		 26
0		 24
4		 24
9		 26
2		 27
2		 26
7		 2 % 27
7		 6 %
UK 28 34 36 30 37 36 20
%		 38 26
%
Fa
Isl
ds
roe
an		 12 17 16 16 19 18 12
%		 20 24
%
To
tal
Eu
rop
e		 30
0		 29
4		 30
1		 30
8		 32
8		 32
1		 4 % 33
5		 9 %
Ch
ile		 13
4		 14
4		 11
8		 15
6		 16
4		 16
0		 3 % 16
8		 8 %
No
rth
Am
eri
ca		 29 34 30 31 33 32 4 % 34 %
10
To
tal
Am
eri
ca
s		 16
3		 17
8		 14
8		 18
7		 19
7		 19
2		 3 % 20
2		 8 %
Oth
er		 18 18 21 22 23 22 0 % 24 9 %
To
tal		 48
2		 49
1		 47
0		 51
7		 54
8		 53
5		 4 % 56
1		 9 %
Q
2-Q
4		 Q
2-Q
4		 Q
2-Q
4		 Q
2-Q
4		 Q
2-Q
4		 Q
2-Q
4 2
01
9E
GW
T (
1,
00
0)		 20
15		 20
16		 20
17		 20
18		 20
19
E		 Lo
w		 Q
/Q
wt
h
gro		 Hi
h
g		 Q
/Q
wt
h
gro
No
rwa
y		 85
1		 81
0		 83
8		 86
6		 89
8		 88
1		 2 % 91
5		 6 %
UK 12
1		 10
8		 12
4		 10
8		 12
3		 12
0		 11
%		 12
6		 16
%
Fa
Isl
ds
roe
an		 56 53 57 48 53 52 7 % 54 12
%
To
tal
Eu
rop
e		 1 0
28		 97
1		 1 0
18		 1 0
23		 1 0
74		 1 0
53		 3 % 1 0
95		 7 %
Ch
ile		 40
5		 31
0		 39
0		 45
5		 47
1		 46
0		 1 % 48
2		 6 %
No
rth
Am
eri
ca		 11
0		 11
8		 11
4		 11
7		 11
7		 11
4		 -2
%		 12
0		 3 %
To
tal
Am
eri
ca
s		 51
5		 42
8		 50
5		 57
2		 58
8		 57
4		 0 % 60
2		 5 %
Oth
er		 62 57 72 67 77 74 11
%		 80 20
%
To
tal		 1 6
06		 1 4
55		 1 5
95		 1 6
61		 1 7
39		 1 7
01		 2 % 1 7
77		 7 %

Page 27

Actual harvest volumes will be affected by e.g. water temperatures, development in biological growth, biological challenges such as diseases, algal blooms etc. and market developments.

ie
Sa
lm
on
s
p
ec
s
G
W
T
(
1,
0
0
0
)		 2
0
1
7
A
tu
l
c
a		 Q
1
2
0
1
8
A
tu
l
c
a		 Q
2
2
0
1
8
A
tu
l
c
a		 Q
3
2
0
1
8
A
tu
l
c
a		 Q
4
2
0
1
8
A
tu
l
c
a		 2
0
1
8
A
tu
l
c
a		 Q
1
2
0
1
9
G
i
da
u
nc
e		 2
0
1
9
G
i
da
u
nc
e
No
rw
ay		 2
0.
2
1		 5
1.
1		 4
9.
5		 3
7
1.		 8.
6
5		 2
3
0.
5		 3.
5
5		 2
3
6.
0
Sc
t
la
d
o
n		 6
0.
2		 8.
7		 9.
0		 9.
0		 1
1.
8		 3
8.
4		 1
5.
5		 6
0.
0
Ca
da
na		 3
9.
4		 6.
6		 8.
0		 1
2.
4		 1
2.
2		 3
9.
3		 1
0.
0		 5
5.
0
i
C
h
le		 4
4.
9		 1
2.
4		 9.
8		 1
3.
7		 1
7.
2		 5
3.
2		 2
0.
0		 6
2.
5
la
d
Ire
n		 9.
7		 1.
5		 2
1.		 9
1.		 6
1.		 6.
2		 2
1.		 9.
0
Fa
ro
es		 6.
0		 0
1.		 0.
8		 1.
5		 4.
4		 7.
7		 8
1.		 7.
5
To
ta
l		 3
7
0.
3		 8
1.
2		 7
8.
3		 1
0
9.
9		 1
0
5.
8		 3
7
5.
2		 1
0
2.
0		 4
3
0.
0

Mowi volume guidance

  • • 2019 volume guidance of 430,000 GWT (unchanged)
  • •Biomass in sea at record levels (305,000 LWT)
  • •Partial recovery of volumes in Norway
  • •Scotland to increase due to increased smolt stockings
  • •Canada to benefit from full year effect from Northern Harvest
  • •Chile partial recovery of volumes

Outlook

  • • Strong demand globally and modest supply outlook
  • •Fish Pool forward price (12 months) at EUR 6.3/kg
  • •Record biomass in sea supports significantly increased volumes in 2019
  • •Organic growth throughout our value chain (feed, farming, processing)
  • •New cost improvement program of EUR 30 million
  • •Fierce competition and late Easter (Q2) in Consumer Products to impact Q1-2019 profitability
  • •MOWI branding strategy implementation
  • •Quarterly dividend payment in Q1-2019 of NOK 2.60 per share as ordinary dividend

Q4 2018 presentation

Appendix

Dividend policy

  • • The quarterly dividend level shall reflect the present and expected future cash flow generation of the Company
  • • A target level for net interest bearing debt is determined, reviewed and updated on a regular basis
  • • When the target is met, at least 75% of the annual free cash flow after operational and financial commitments will be distributed as dividends

•Long term NIBD target EUR 1,400m

Contract coverage and sales contract policy

S
S
C
O
C
O
C
A
L
E
N
T
R
A
T
P
L
I
Y
i
i
M
h
d
t
n
e
g
n
g
r
a
e		 (
1)
i
M
h
d
t
a
x
e
g
n
g
r
a
e
(
2)
N
o
rw
a
y		 0
%		 0
%
5
S
l
d
t
c
o
a
n		 0
%		 %
7
5
C
d
a
n
a
a		 0
%		 3
0
%
(
2)
C
h
i
l
e		 0
%		 0
%
5
l
d
I
r
e
a
n		 0
%		 0
0
%
1
F
a
r
o
e
s		 0
%		 3
0
%

Notes:

(1) Hedging rates for the next quarter, limits dropping over time

(2) Contract rate can be increased to 65% under special circumstances

  • • Q1 2019 contract shares (% of guided volume):
  • •Norway 39%
  • •Scotland 55%
  • •Canada 0%
  • •Chile 27%
  • • Contracts typically have a duration of 3-12 months
  • • Contracts are entered into on a regular basis

Quarterly segment overview

S
O		 C
S
O
O
U
R
E
F
R		 G
Q
I
I
N
T
D
EU
R m
illio
n		 No
rw
ay		 Sc
t
la
d
o
n		 Ca
da
na		 i
C
h
le		 Ire
la
d
n		 Fa
ro
es		 1)
O
t
he
r		 Gr
ou
p
O
P
E
R
A
T
I
O
N
A
L
E
B
I
T
F
A
R
M
I
N
G		 1
0
0.
2		 1
7.
9		 1
5.
7		 1
7.
1		 2.
5		 4.
9		 1
5
8.
3
S
A
L
E
S
A
N
D
M
A
R
K
E
T
I
N
G
ke
ts
Ma
r		 6.
1		 5.
7		 1.
7		 2.
0		 0.
0		 0
1.		 0.
2		 6.
8
1
Co
Pro
du
ts
ns
um
er
c		 2
9.
3		 3.
8		 0.
0		 2.
4		 1.
4		 0.
0		 1.
2		 3
8.
0
S
U
B
T
O
T
A
L		 3
6
1
5.		 2
3
7.		 4
1
7.		 2
1.
5		 4.
0		 9
5.		 4
1.		 2
3.
1
1
Fe
d
e		 7.
4		 -1.
7		 5.
8
1)
i
ies
O
t
he
t
t
r e
n		 -5.
9		 5.
9
-
O
T
T
A
L		 1
4
3.
0		 2
7.
3		 1
7.
4		 2
1.
5		 4.
0		 5.
9		 6.
1
-		 2
1
3.
0
lum
(
G
)
Ha
t v
W
T
rve
s
o
e		 8
6
0
2
5		 1
1
7
7
1		 2
2
3
9
1		 2
0
0
1
7		 6
1
1
5		 4
3
6
5		 0
8
3
1
5
7
1) -
io
(
)
Op
t
l
E
B
I
T p
kg
E
U
R
to
ta
l
Gr
era
na
er
ou
p		 2.
4
4		 2.
3
2		 1.
4
2		 1.
2
5		 2.
4
5		 1.
3
6		 2.
0
1
f w
ic
h
h
Fe
d
- o
e		 0.
1
3		 0.
0
0		 0.
0
0		 0.
0
0		 0.
0
0		 0.
0
0		 0.
0
5
f w
h
ic
h
ke
ts
Ma
- o
r		 0.
0
1		 0.
4
8		 0.
4
1		 0.
2
1		 0.
0
0		 0.
2
3		 0.
6
1
f w
h
ic
h
Co
Pro
du
ts
- o
ns
um
er
c		 0.
5
0		 0.
3
2		 0.
0
0		 0.
1
4		 0.
8
7		 0.
0
0		 0.
3
6
A
N
A
L
Y
T
I
C
A
L
D
A
T
A
1)
ice
iev
fer
ice
(
%
)
Pr
h
t
/re
a
c
em
en
en
ce
p
r		 %
1
0
1		 %
1
2
6		 %
9
8		 %
1
0
6		 na %
1
0
0		 %
1
0
4
(
%
)
Co
tra
t s
ha
n
c
re		 %
4
4		 %
6
8		 %
0		 %
1
9		 %
9
8		 %
0		 %
2
9
i
ior
(
%
)
Qu
l
ty
ha
a
- s
up
er
s
re		 %
9
3		 %
9
7		 %
8
9		 %
9
0		 %
8
3		 %
8
6		 %
9
2
G
U
I
D
A
N
C
E
(
)
Q
1
2
0
1
9
ha
t v
lum
G
W
T
rve
s
o
e		 5
3
5
0
0		 1
5
5
0
0		 1
0
0
0
0		 2
0
0
0
0		 1
2
0
0		 1
8
0
0		 1
0
2
0
0
0
2
0
9
ha
t v
lum
(
G
)
1
W
T
rve
s
o
e		 2
3
6
0
0
0		 6
0
0
0
0		 0
0
0
5
5		 6
2
0
0
5		 9
0
0
0		 0
0
7
5		 4
3
0
0
0
0
(
%
)
Q
1
2
0
1
9 c
tra
t s
ha
on
c
re		 %
3
9		 %
5
5		 %
0		 %
2
7		 %
9
8		 %
0		 %
3
5

YTD segment overview

S
O		 C
S
O
O
U
R
E
F
R		 G
I
I
N
Y
T
D
EU
R m
illio
n		 No
rw
ay		 Sc
la
d
t
o
n		 Ca
da
na		 C
h
i
le		 la
d
Ire
n		 Fa
ro
es		 1)
O
t
he
r		 Gr
ou
p
O
O
P
E
R
A
T
I
N
A
L
E
B
I
T
F
A
R
M
I
N
G		 4
5
1.
9		 4
9.
5		 4
0.
5		 5
4.
3		 1
7.
8		 1
1.
1		 6
2
5.
2
S
S
G
A
L
E
A
N
D
M
A
R
K
E
T
I
N
Ma
ke
ts
r		 2
2.
7		 1
3.
8		 5.
0		 6.
8		 0.
0		 2.
6		 0.
1		 5
1.
0
Co
Pro
du
ts
ns
um
er
c		 5
5.
4		 1
3.
7		 0.
0		 1
3.
1		 1.
9		 0.
0		 4.
0		 8
8.
0
S
O
U
B
T
T
A
L		 5
2
9.
9		 7
7.
0		 4
5.
5		 7
4.
2		 1
9.
7		 1
3.
7		 4.
1		 7
6
4.
2
Fe
d
e		 1
5.
6		 -6.
0		 9.
6
1)
O
t
he
t
i
t
ies
r e
n		 -2
0
1.		 2
0
1.
-
T
O
T
A
L		 4
6
5
5.		 0
7
7.		 4
5.
5		 4.
2
7		 9.
1
7		 3.
1
7		 2
2.
8
-		 2.
8
7
5
t v
lum
(
G
)
Ha
W
T
rve
s
o
e		 2
3
0
4
2
7		 3
8
4
4
4		 3
9
2
6
7		 3
6
5
1
5		 6
2
3
8		 6
9
7
7		 3
2
3
7
5
7
1) -
Op
t
io
l
E
B
I
T p
kg
(
E
U
R
)
to
ta
l
Gr
era
na
er
ou
p		 2.
3
7		 2.
0
0		 1.
1
6		 1.
4
0		 3.
1
6		 1.
7
8		 2.
0
1
f w
h
ic
h
d
Fe
- o
e		 0.
0
7		 0.
0
0		 0.
0
0		 0.
0
0		 0.
0
0		 0.
0
0		 0.
0
3
f w
h
ic
h
Ma
ke
ts
- o
r		 0.
1
0		 0.
3
6		 0.
1
3		 0.
1
3		 0.
0
0		 0.
3
4		 0.
1
4
f w
h
ic
h
Co
Pro
du
ts
- o
ns
um
er
c		 0.
2
4		 0.
3
6		 0.
0
0		 0.
2
5		 0.
3
0		 0.
0
0		 0.
2
3
A
N
A
L
Y
T
I
C
A
L
D
A
T
A
1)
Pr
ice
h
iev
t
/re
fer
ice
(
%
)
a
c
em
en
en
ce
p
r		 9
7
%		 1
1
3
%		 9
7
%		 1
0
0
%		 na 1
0
6
%		 9
9
%
(
%
)
Co
tra
t s
ha
n
c
re		 %
3
9		 %
6
7		 %
0		 %
2
2		 1
0.
9		 - %
3
6
i
ior
(
%
)
Qu
l
ty
ha
a
- s
up
er
s
re		 %
9
1		 %
9
6		 %
8
9		 %
8
8		 %
8
8		 %
8
7		 %
9
1
G
C
U
I
D
A
N
E
Q
1
2
0
1
9
ha
t v
lum
(
G
W
T
)
rve
s
o
e		 5
3
5
0
0		 1
5
5
0
0		 1
0
0
0
0		 2
0
0
0
0		 1
2
0
0		 1
8
0
0		 1
0
2
0
0
0
2
0
9
ha
t v
lum
(
G
)
1
W
T
rve
s
o
e		 2
3
6
0
0
0		 6
0
0
0
0		 0
0
0
5
5		 6
2
0
0
5		 9
0
0
0		 0
0
7
5		 4
3
0
0
0
0
Q
2
0
9 c
ha
(
%
)
1
1
tra
t s
on
c
re		 3
9
%		 %
5
5		 0
%		 2
%
7		 9
8
%		 0
%		 3
%
5

Quarterly segment overview

Mowi Operating Units FARMING Mowi Sales and Marketing Consumer
EUR million Norway Scotland Canada Chile Ireland Faroes Markets Products MH Feed Other Elim Group *
Revenues and other income 347.8 78.4 80.8 88.3 16.5 23.0 588.6 622.1 131.2 4.0 $-907.0$ 1073.7
Operating EBITDA 115.1 22.9 20.6 20.8 3.5 5.8 16.9 44.0 7.7 $-5.0$ 0.0 252.3
Operating EBIT 100.2 17.9 15.7 17.1 2.5 4.9 16.8 38.0 5.8 $-5.9$ 0.0 213.0
Fair Value adj on biomass, contracts/ unrealised derivativ $-1.6$ 12.7 6.0 11.2 $-1.1$ $-6.7$ 0.1 $-9.9$ 0.3 $-1.2$ 0.0 10.0
Unrealized margin adjustment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $-3.4$ $-3.4$
Restructuring cost 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7
Other non-operational items 0.0 0.0 0.0 $-0.8$ 0.0 0.0 0.0 0.1 0.0 0.0 0.0 $-0.7$
Income/loss from associated companies 13.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $-0.1$ 0.0 13.4
Write-down of fixed assets/intangibles $-0.3$ $-0.6$ O.O $-1.8$ 0.0 0.0 $-0.1$ 0.4 0.0 0.0 0.0 $-2.4$
EBIT 112.5 30.0 21.7 25.6 1.4 $-1.7$ 16.8 28.7 6.0 $-7.2$ $-3.4$ 230.5
Contribution to operational EBIT from Markets 6.1 5.7 1.7 2.0 0.0 1.0 $-16.8$ 0.2 0.0
Contribution to operational EBIT from Consumer products 29.3 3.8 0.0 2.4 1.4 0.0 $-38.0$ 1.2 0.0
Contribution to operational EBIT from Feed 7.4 $-5.8$ $-1.7$ 0.0
Operational EBIT incl contribution from S&M 143.0 27.3 17.4 21.5 4.0 5.9 0.0 0.0 0.0 $-6.1$ 0.0 213.0
Harvest / sales volume 58 602 11771 12 239 17 200 1615 4 3 5 6 39 673 109 850
Operational EBIT/kg incl contribution from S&M (EUR) 2.44 2.32 1.42 1.25 2.45 1.36 2.01
-of which Markets 0.10 0.48 0.14 0.12 0.00 0.23 0.16
-of which Consumer Products 0.50 0.32 0.00 0.14 0.87 0.00 0.36
-of which Feed 0.13 0.05
G
W
T		 2
0
4
1		 2
0
1
5		 2
0
6
1		 2
0
1
7		 2
0
8
1		 2
0
1		 9
E
(
)
1,
0
0
0		 T
t
l
o
a		 T
t
l
o
a		 T
t
l
o
a		 Q
1		 Q
2		 Q
3		 Q
4		 T
t
l
o
a		 Q
1		 Q
2		 Q
3		 Q
4		 T
t
l
o
a		 Q
1		 T
t
l
o
a
N
o
r
a
w
y		 0
2
5
8.		 8
2
5
4.		 2
3
6.
0		 4
9.
0		 3
9.
4		 4
5
5.		 6
6.
4		 2
1
0.
2		 5
1.
1		 4
9.
5		 3
7
1.		 8.
6
5		 2
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0.
5		 3.
5
5		 2
3
6.
0
S
t
l
d
c
o
a
n		 9
4
8.		 0.
1
5		 4
0
5.		 1
7.
8		 1
8.
5		 9
1
0.		 1
3.
0		 6
0.
2		 8.
7		 9.
0		 0
9.		 1
1.
8		 3
8.
4		 1
5.
5		 6
0.
0
C
d
a
n
a
a		 7
2
6.		 1
4
0.		 4
3.
3		 8.
9		 9.
4		 2
1
1.		 0.
0
1		 3
9.
4		 6.
6		 8.
0		 4
2.
1		 2.
2
1		 3
9.
3		 0.
0
1		 5
5.
0
C
h
i
l
e		 6
5
7.		 6
2.
5		 3
6.
9		 6.
3		 7.
7		 7
1
3.		 1
7.
1		 4
4.
9		 1
2.
4		 9.
8		 7
1
3.		 1
7.
2		 3.
2
5		 2
0.
0		 6
2.
5
I
l
d
r
e
a
n		 3
6.		 7
9.		 8.
4		 0.
6		 3.
6		 1
3.		 2.
4		 9.
7		 1.
5		 1.
2		 9
1.		 1.
6		 6.
2		 1.
2		 9.
0
F
a
r
o
e
s		 5
1
1.		 9
2.		 0.
9
1		 1.
1		 - 1
1.		 3.
8		 6.
0		 0
1.		 0.
8		 5
1.		 4.
4		 7.
7		 8
1.		 7.
5
t
l
T
o
a		 9
4
8.
1		 4
2
0.
1		 6
3
8
0.		 8
8
3.		 6
8.
7		 3
9
5.		 6
2.
1
1		 3
3
0.
7		 2
8
1.		 3
8.
7		 9
0
9.
1		 8
0
1
5.		 3
2
7
5.		 0
0
2.
1		 4
3
0.
0

Development in harvest volumes

Growth relative to same period in previous year

2
0
4
1		 2
0
1
5		 2
0
6
1		 2
0
1
7		 2
0
8
1		 2
0
9
1
E
T
t
l
o
a		 T
t
l
o
a		 T
t
l
o
a		 Q
1		 Q
2		 Q
3		 Q
4		 T
t
l
o
a		 Q
1		 Q
2		 Q
3		 Q
4		 T
t
l
o
a		 Q
1
E		 T
t
l
o
a
N
o
r
w
a
y		 %
1
6		 %
1
-		 %
7
-		 -9
%		 2
%
7
-		 4
%
1
-		 4
%		 %
1
1
-		 4
%		 2
6
%		 2
9
%		 2
%
1
-		 %
1
0		 %
5		 %
2
S
l
d
t
c
o
a
n		 %
1		 3
%		 0
%
1
-		 4
1
%		 7
1
%		 1
1
%		 1
0
%		 3
4
%		 -5
1
%		 5
2
%
-		 1
7
%
-		 9
%
-		 3
6
%
-		 7
8
%		 6
%
5
C
d
a
n
a
a		 1
9
%
-		 5
0
%		 8
%		 %
-2
3		 %
2
0
-		 %
8		 %
3		 9
%
-		 %
-2
6		 %
1
4
-		 %
1
1		 %
2
2		 0
%		 %
5
2		 4
0
%
i
C
h
l
e		 %
1
3
9		 %
7
-		 %
4
1
-		 9
%
-5		 9
%		 9
9
%		 2
6
%
1		 %
2
2		 9
6
%		 2
%
7		 0
%		 %
1		 %
1
8		 6
%
1		 %
1
8
l
d
I
r
e
a
n		 6
%		 6
%
5		 3
%
1
-		 -5
5
%		 1
5
0
%		 8
%		 1
2
%
-		 %
1
5		 1
3
0
%		 6
6
%
-		 3
8
%
-		 3
2
%
-		 3
6
%
-		 -1
8
%		 4
4
%
F
a
r
o
e
s		 1
0
4
%		 7
5
%
-		 2
7
3
%		 %
-3
1		 /
n
m		 %
6
0
-		 %
1
1
-		 4
5
%
-		 %
-1
0		 /
n
m		 %
4
4		 %
1
6		 2
9
%		 %
7
5		 3
%
-
T
t
l
o
a		 %
2
2		 %
0		 %
9
-		 %
1
3
-		 %
1
0
-		 %
2
-		 %
1
3		 %
3
-		 %
3
-		 %
0		 %
1
5		 %
6
-		 %
1		 %
2
6		 %
1
5

Cash flow guidance and historic developments

Financial commitments and cost of debt

Page 37

Nova Sea

lum
Ha
t v
rv
es
o		 (
G
)
W
T
e		 E
B
I
T p		 kg
er		 N
I
B
D
E
U
Rm
Ow
h
ip
%
ne
rs		 2
0
1
7		 2
0
1
8		 Q
4
2
0
1
7		 Q
4
2
0
1
8		 2
0
1
7		 2
0
1
8		 Q
4
2
0
1
7		 Q
4
2
0
1
8		 Q
4
2
0
1
8
No
Se
va
a		 4
8
%		 4
0
7
0
0		 3
7
8
7
9		 1
2
9
7
7		 5
6
3
6		 2.
7
2		 2.
6
6		 2.
0
7		 1.
7
2		 4
8.
6
-
  • • Leading integrated salmon producer in Northern Norway
  • •33.33 wholly owned licenses
  • •4 partly owned licenses
  • • Mowi has an ownership in Nova Sea of ~48% through direct and indirect shareholdings
  • • Dividends
  • • 2017 dividends of NOK 500m (paid in Q2-18). Mowi's direct share NOK ~213m
  • •Paid dividend of NOK 128m in Q1-19 (Mowi's share)
  • • Proportion of income after tax reported as income from associated companies in Mowi Norway
  • •EUR 13.3m in Q4 2018

Page 38

Debt distribution and interest rate hedging

(1)
DE
BT V
OL
UM
E H
ED
GE
D A
ND
FIX
ED
RA
TES
O
F IN
TER
EST
RA
TE
HE
DG
ES
(
MA
RC
H-M
AR
CH
)
CU
RR
EN
CY		 DE
BT		 201 8 201 9 202 0 202
1		 202 2
(2)
31/
12/
201
8		 Nom
inal v
alue		 Fixe
d rat
e(3)		 Nom
inal
valu
e		 Fixe
d rat
e(3)		 Nom
inal v
alue		 Fixe
d rat
e(3)		 Nom
inal v
alue		 Fixe
d rat
e(3)		 Nom
inal v
alue		 Fixe
d rat
e(3)
EUR
m		 2
1 0
49.		 .0
546		 6 %
3.2		 .5
970		 7 %
3.2		 .0
380		 3 %
2.1		 .0
380		 0 %
2.2		 - 0 %
0.0
USD
m		 0
55.		 .5
138		 3.2
1 %		 .5
167		 2.9
3 %		 3
78.		 2.3
1 %		 .3
78		 2.3
1 %		 0
60.		 4.1
3 %
GB
P m		 0
15.		 0
34.		 3.1
3 %		 .0
34		 3.1
3 %		 5
23.		 2.8
3 %		 .5
23		 2.8
3 %		 - 0.0
0 %
r (
)
Ot
he
EUR
m		 27.
7
f IR
in
(
18)
Ma
rke
t v
alu
S c
tra
cts
ME
UR
31/
12/
e o
on
:		 -58
.6
(4):
rk t
ark
et
lua
tio
ffe
ct
in Q
4
Ma
o m
va
n e		 0.2
Dif
fer
in f
ixe
d v
s fl
tin
ate
ttle
d i
ash
in
Q4
en
ce
oa
g r
se
n c		 -5.
4

Notes:

(1) March is the starting month for all interest hedging contracts (2) Debt at book value after taking cross currency swaps into account (3) Financing margin not included

(4) Quarterly change in market value booked against P/L

  • • External interest bearing debt is distributed as follows: EUR 99%, USD 3%, GBP 1%, other currencies -3%
  • • Policy: Mowi ASA shall over time hedge 0%-35% of the Group's long-term interest-bearing debt by currency with fixed interest or interest rate derivatives for the first 5 years, and 0% fixed rates thereafter. Interest-bearing debt includes external interest-bearing debt and leasing in the parent company or subsidiaries. The interest rate hedges shall be based on the targeted currency composition. Interest rate exposure in other currencies than EUR, USD, GBP and NOK shall not be hedged

Hedging and long term currency exposure - policies

  • • EUR/NOK
  • • Mowi shall hedge between 0% and 30% of its assumed annual expenses in NOK against the EUR with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year
  • • USD/CAD
  • • Mowi shall hedge between 0% and 30% of its assumed annual expenses in CAD against the USD with a horizon of two years. The annual hedging shall be evenly distributed across the months of the year
  • • USD/CLP
  • •Mowi shall not hedge the USD/CLP exposure
  • • Internal transaction hedging relating to bilateral sales contracts
  • • All bilateral sales contracts are subject to internal currency hedging of the exposure between the invoicing currency and EUR
  • • The operating entities hedge this exposure towards the parent company. In accordance with the general hedging policy, this exposure is not hedged towards external counterparties
  • • The purpose of the internal hedging is to allow for a more accurate comparison between the Mowi Farming entities (including contribution from Sales) and peers with respect to price achievement and operational EBIT

Strategic currency hedging

/
O
E
U
R
N
K		 S
/
C
U
D
A
D
S
T
R
A
T
E
G
I
C
C
U
R
R
E
N
C
Y
H
E
D
G
I
N
G		 M
E
U
R		 Ra
te		 M
U
S
D		 Ra
te
2
0
1
9		 1
9
9.
2		 9.
5
7		 2
8.
8		 1.
3
0
2
0
2
0		 1
9
9.
2		 9.
9
5		 2
8.
8		 1.
3
1
2
0
2
1		 1
6.
6		 1
0.
3
9
/
f
fec
f c
Q
4
(
)
P
L e
t o
tra
ts
l
ize
d
in
M
E
U
R
on
c
rea		 0.
4
4
-
M
E
U
R
Ma
ke
lue
2
8
/
0
9
/
2
0
1
8
t v
r
a		 2.
0
C
ha
ng
e		 1
8.
6
-
Ma
ke
t v
lue
3
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/
1
2
/
2
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1
8
r
a		 1
6.
6
-
S
G
C
C
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D
E
I
N
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E
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A
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E
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R
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E
N
I
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No
rwa
y		 E
U
R
C
h
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le		 U
S
D
Ca
da
na		 U
S
D
Sc
lan
d
t
o		 G
B
P
Ire
lan
d		 E
U
R
Fa
Is
lan
ds
roe		 E
U
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Co
Pro
du
Eu
ts
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um
er
c
rop
e		 E
U
R
As
ia		 U
S
D
Fe
d
e		 E
U
R

Thank you

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