{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "mowi": "http://mowi.com/20231231", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://mowi.com/20231231/mowi-2023-12-31.xsd" ] }, "facts": { "f-1": { "value": "5478300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueFromContractsWithCustomers", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-2": { "value": "4907300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueFromContractsWithCustomers", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-3": { "value": "27500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-4": { "value": "33500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-5": { "value": "5505700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueAndOperatingIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-6": { "value": "4940800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueAndOperatingIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-7": { "value": "2738100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-8": { "value": "2283100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-9": { "value": "37400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInFairValueEstimatesOfBiologicalAssetsForCurrentPeriod", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-10": { "value": "113700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInFairValueEstimatesOfBiologicalAssetsForCurrentPeriod", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-11": { "value": "647900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-12": { "value": "612600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-13": { "value": "696500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-14": { "value": "671600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-15": { "value": "403800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-16": { "value": "386600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-17": { "value": "-18300000", "decimals": -5, "dimensions": { "concept": "mowi:OtherProvisionsReversalsExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-18": { "value": "-8300000", "decimals": -5, "dimensions": { "concept": "mowi:OtherProvisionsReversalsExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-19": { "value": "4900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ExpenseOfRestructuringActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-20": { "value": "13700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ExpenseOfRestructuringActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-21": { "value": "40700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FeeAndCommissionExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-22": { "value": "22500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:FeeAndCommissionExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-23": { "value": "-16600000", "decimals": -5, "dimensions": { "concept": "mowi:OtherNonOperatingIncomeExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-24": { "value": "-2100000", "decimals": -5, "dimensions": { "concept": "mowi:OtherNonOperatingIncomeExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-25": { "value": "28400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-26": { "value": "59200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-27": { "value": "23500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-28": { "value": "59500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-29": { "value": "981000000", "decimals": -5, "dimensions": { "concept": "mowi:EarningsBeforeInterestAndTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-30": { "value": "1053800000", "decimals": -5, "dimensions": { "concept": "mowi:EarningsBeforeInterestAndTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-31": { "value": "113100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-32": { "value": "52600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-33": { "value": "35900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-34": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-35": { "value": "-5100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherFinanceIncomeCost", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-36": { "value": "-1800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherFinanceIncomeCost", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-37": { "value": "898700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-38": { "value": "1000900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-39": { "value": "459200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-40": { "value": "215500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-41": { "value": "439500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-42": { "value": "785400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-43": { "value": "-41100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-44": { "value": "-19200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-45": { "value": "-41100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-46": { "value": "-19200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-47": { "value": "-5800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-48": { "value": "-7900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-49": { "value": "-5800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-50": { "value": "-7900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-51": { "value": "-46900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-52": { "value": "-27000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-53": { "value": "392600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-54": { "value": "758300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-55": { "value": "-4900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-56": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-57": { "value": "444400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-58": { "value": "782400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-59": { "value": "-17400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-60": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-61": { "value": "410000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-62": { "value": "755300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-63": { "value": "0.86", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-64": { "value": "0.86", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-65": { "value": "1.51", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-66": { "value": "1.51", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-67": { "value": "0.86", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-68": { "value": "0.86", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-69": { "value": "1.51", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-70": { "value": "1.51", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-71": { "value": "1213900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LicencesAndFranchises", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-72": { "value": "1194200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LicencesAndFranchises", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-73": { "value": "368100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-74": { "value": "371400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-75": { "value": "76000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-76": { "value": "69100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-77": { "value": "32500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIntangibleAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-78": { "value": "29800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIntangibleAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-79": { "value": "1690400000", "decimals": -5, "dimensions": { "concept": "mowi:IntangibleAssetsGoodwillAndDeferredTaxAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-80": { "value": "1664500000", "decimals": -5, "dimensions": { "concept": "mowi:IntangibleAssetsGoodwillAndDeferredTaxAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-81": { "value": "1883900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-82": { "value": "1711000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-83": { "value": "470100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-84": { "value": "452100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-85": { "value": "211700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-86": { "value": "211700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-87": { "value": "2700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-88": { "value": "2700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-89": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-90": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-91": { "value": "4259500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-92": { "value": "4042600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-93": { "value": "605100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-94": { "value": "603900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-95": { "value": "2143600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentBiologicalAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-96": { "value": "1912500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentBiologicalAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-97": { "value": "654300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-98": { "value": "600100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-99": { "value": "253700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentReceivables", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-100": { "value": "183700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentReceivables", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-101": { "value": "19900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-102": { "value": "10000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-103": { "value": "14500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-104": { "value": "7600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-105": { "value": "288400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:BalancesWithBanks", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-106": { "value": "170900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:BalancesWithBanks", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-107": { "value": "3979500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-108": { "value": "3488700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-109": { "value": "8239000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-110": { "value": "7531300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-111": { "value": "3593300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-112": { "value": "3507500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-113": { "value": "161400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-114": { "value": "179700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-115": { "value": "3754700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-116": { "value": "3687100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-117": { "value": "820400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-118": { "value": "332400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-119": { "value": "2093000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-120": { "value": "1725800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-121": { "value": "299300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-122": { "value": "289400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-123": { "value": "6600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-124": { "value": "8200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-125": { "value": "3219300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-126": { "value": "2355700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-127": { "value": "184400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-128": { "value": "377400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-129": { "value": "100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentPortionOfLongtermBorrowings", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-130": { "value": "211600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentPortionOfLongtermBorrowings", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-131": { "value": "174500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-132": { "value": "173500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-133": { "value": "560700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-134": { "value": "437000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-135": { "value": "6300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-136": { "value": "11900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-137": { "value": "44800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-138": { "value": "33700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-139": { "value": "293900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-140": { "value": "243300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-141": { "value": "1264800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-142": { "value": "1488400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-143": { "value": "8239000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-144": { "value": "7531300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-145": { "value": "404800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-146": { "value": "1274700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-147": { "value": "7900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-148": { "value": "102400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-149": { "value": "1717500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-150": { "value": "3507500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-151": { "value": "179700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-152": { "value": "3687100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-153": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-154": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-155": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-156": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-157": { "value": "444400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-158": { "value": "444400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-159": { "value": "-4900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-160": { "value": "439500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-161": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-162": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-163": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-164": { "value": "-28500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-165": { "value": "-5700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-166": { "value": "-34300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-167": { "value": "-12600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-168": { "value": "-46900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-169": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-170": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-171": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-172": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-173": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-174": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-175": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-176": { "value": "1200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-177": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-178": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-179": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-180": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-181": { "value": "325500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-182": { "value": "325500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-183": { "value": "600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-184": { "value": "326100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-185": { "value": "404800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-186": { "value": "1274700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-187": { "value": "9100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-188": { "value": "73900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-189": { "value": "1830700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-190": { "value": "3593300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-191": { "value": "161400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-192": { "value": "3754700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-193": { "value": "404800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-194": { "value": "1274700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-195": { "value": "6600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-196": { "value": "121600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-197": { "value": "1321200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-198": { "value": "3129000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-199": { "value": "2400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-200": { "value": "3131400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-201": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-202": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-203": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-204": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-205": { "value": "782400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-206": { "value": "782400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-207": { "value": "3000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-208": { "value": "785400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-209": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-210": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-211": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-212": { "value": "-19200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-213": { "value": "-7900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-214": { "value": "-27000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-215": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-216": { "value": "-27000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-217": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-218": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-219": { "value": "1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-220": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-221": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-222": { "value": "1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-223": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-224": { "value": "1300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-225": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-226": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-227": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-228": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-229": { "value": "378200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-230": { "value": "378200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-231": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-232": { "value": "378200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-233": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-234": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-235": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-236": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-237": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-238": { "value": "0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-239": { "value": "174300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-240": { "value": "174300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-241": { "value": "404800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-242": { "value": "1274700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:EUR" } }, "f-243": { "value": "7900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f-244": { "value": "102400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-245": { "value": "1717500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember", "unit": "iso4217:EUR" } }, "f-246": { "value": "3507500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-247": { "value": "179700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-248": { "value": "3687100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-249": { "value": "898700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-250": { "value": "1000900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-251": { "value": "113100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForInterestExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-252": { "value": "52600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForInterestExpense", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-253": { "value": "-35900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-254": { "value": "-1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-255": { "value": "-5100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-256": { "value": "-1800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncomeCost", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-257": { "value": "427400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-258": { "value": "446100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-259": { "value": "-20300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-260": { "value": "-105500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-261": { "value": "28400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-262": { "value": "59200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-263": { "value": "219600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-264": { "value": "118300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-265": { "value": "173500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-266": { "value": "491400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-267": { "value": "-2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-268": { "value": "-48300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-269": { "value": "28200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-270": { "value": "-32300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-271": { "value": "992200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-272": { "value": "644800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-273": { "value": "7900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-274": { "value": "9300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-275": { "value": "396300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-276": { "value": "335200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-277": { "value": "18700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-278": { "value": "59100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-279": { "value": "43900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-280": { "value": "202600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-281": { "value": "-413600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-282": { "value": "-469400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-283": { "value": "158900000", "decimals": -5, "dimensions": { "concept": "mowi:ProceedsRepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-284": { "value": "499900000", "decimals": -5, "dimensions": { "concept": "mowi:ProceedsRepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-285": { "value": "196200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-286": { "value": "199600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-287": { "value": "6400000", "decimals": -5, "dimensions": { "concept": "mowi:InterestReceivedClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-288": { "value": "2000000", "decimals": -5, "dimensions": { "concept": "mowi:InterestReceivedClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-289": { "value": "110000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-290": { "value": "51100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-291": { "value": "8800000", "decimals": -5, "dimensions": { "concept": "mowi:GainLossOnExchangeDifferencesClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-292": { "value": "29400000", "decimals": -5, "dimensions": { "concept": "mowi:GainLossOnExchangeDifferencesClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-293": { "value": "326100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-294": { "value": "380600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-295": { "value": "-458200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-296": { "value": "-99900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-297": { "value": "-2800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-298": { "value": "500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-299": { "value": "117600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-300": { "value": "75900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-301": { "value": "170800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-302": { "value": "94900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-303": { "value": "288400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-304": { "value": "170800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-306": { "value": "
NOTE 1 - GENERAL INFORMATION
Mowi ASA is a Norwegian company headquartered at Sandviksboder 77A/B, 5035 Bergen. Mowi ASA is a publicly listed company on the Oslo Stock
Exchange, with the ticker symbol MOWI.
The Group\u2019s operations are described in Note 4. Mowi has operations in 26 countries and has structured its operations in three Business Areas:
Feed, Farming and Sales & Marketing. The Feed factories are located in Norway and Scotland. The Group\u2019s farming activities are located in Norway,
Scotland, Canada, Chile, Ireland, Iceland and the Faroe Islands. Sales & Marketing comprises the global sales organisation, in addition to the value-
added operations in Consumer Products.
Mowi farms Atlantic salmon (Salmo salar), both in seawater using pens or semi-closed containment systems and in freshwater using lochs (in
Scotland only), flow-through and Recirculating Aquaculture Systems (for smolts and post-smolts). Mowi does not use juvenile seeds stocks captured
in the wild as input to our salmon production. Production volumes are presented in Part 1. Production countries and location of assets are disclosed
also in Part 1 and in our Capital Markets Day presentation.
Comparable information for one year is presented in this year's Annual Report.
The financial statements were authorised by the Board of Directors on March 19, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-305": { "value": "NOTE 1 - GENERAL INFORMATION The Group\u2019s operations are described in Note 4. Mowi has operations in 26 countries and has structured its operations in three Business Areas: Feed, Farming and Sales & Marketing. The Feed factories are located in Norway and Scotland. The Group\u2019s farming activities are located in Norway, Scotland, Canada, Chile, Ireland, Iceland and the Faroe Islands. Sales & Marketing comprises the global sales organisation, in addition to the value-added operations in Consumer Products.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-307": { "value": "Mowi ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-308": { "value": "Mowi ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-309": { "value": "Mowi ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-310": { "value": "Sandviksboder 77A/B, 5035 Bergen", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-311": { "value": "publicly listed company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-312": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-313": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-314": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-315": { "value": "The financial statements were authorised by the Board of Directors on March 19, 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-316": { "value": "
NOTE 2 - ACCOUNTING POLICIES
The significant accounting policies applied in the preparation of these consolidated financial statements are described below. These policies have
been consistently applied to all periods presented.
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION
As of December\u00a031, 2023, the consolidated financial statements of Mowi ASA and its subsidiaries (\u2018\u2018the Group\u2019\u2019 or \u2018\u2018Mowi\u2019\u2019) have been prepared in
accordance with IFRS\u00ae Accounting Standards as adopted by the EU. In compliance with the Norwegian Accounting Act, additional disclosures are
included in the notes to the financial statements of Mowi ASA.
Any new standards and amendments adopted by the Group in 2023 are described in Note 33. At the end of 2023, new standards and changes to
existing standards and interpretations have been enacted but are not yet effective. Any relevant effects for Mowi are further described in Note 33.
The consolidated financial statements have been prepared on the historical cost basis, except when IFRS requires recognition at fair value. This
relates to the measurement of certain financial instruments and valuation of the biomass as further described below. The reporting period follows
the calendar year.
CONSOLIDATION
Consolidated financial statements present the Group\u2019s financial position, comprehensive income, changes in equity and cash flow. All intragroup
transactions, receivables and liabilities are eliminated.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's
accounting policies.
Subsidiaries
The Group\u2019s consolidated financial statements comprise the financial statements of the parent and its subsidiaries as at December\u00a031, 2023. Control
is achieved when the Group is exposed, or is entitled, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee.
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a
majority of the voting or similar rights in an investee, the Group considers all relevant facts and circumstances in assessing whether it has power
over an investee.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.
INVESTMENT IN ASSOCIATED COMPANIES
Associated companies are companies in which the Group has a significant non-controlling interest (normally ownership of 20-50%). Significant
influence is the power to participate in the financial and operating policy decisions of the investee, but not to exercise control or joint control over
those policies.
The Group's investments in its associated companies are accounted for using the equity method. The financial statements of the associate are
prepared for the same reporting period as the Group. When necessary, adjustments are made to bring their accounting policies in line with those of
the Group.
The statement of comprehensive income reflects the Group's share of the results deriving from the associate's operations.
FOREIGN CURRENCY TRANSLATION
The financial statements for the Group are presented in EUR, which is the functional currency of the parent company. The functional currency of the
subsidiaries is their local currency, with the exception of the holding companies in Norway in addition to Mowi ASA, Mowi Seawater Norway AS,
Mowi Markets Norway AS, Mowi Feed AS, Arctic Fish Holding AS, and Waynor Trading AS which have EUR as their functional currency, subsidiaries
in Chile, Singapore, and Vietnam which have USD as their functional currency, and subsidiaries in Iceland which have EUR as their functional
currency.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive
income. When a foreign operation is sold the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and
translated at the closing rate.
Translation of transactions in foreign subsidiaries
Profit or loss transactions in foreign subsidiaries are translated to the presentation currency using the average exchange rate for the reporting
month, unless exchange rates in the period have fluctuated significantly, in which case the exchange rates in effect on the transaction dates are
applied. Assets and liabilities of foreign subsidiaries are translated at the exchange rate at the end of the reporting period.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange rate at the time of the transaction. Receivables, debt and other monetary items in
foreign currency are measured at the exchange rate at the end of the reporting period, and the translation differences are recognised in profit or
loss. Other assets in foreign currencies are translated at the exchange rate in effect on the transaction date.
FINANCIAL INSTRUMENTS - INITIAL AND SUBSEQUENT MEASUREMENT
Financial assets
The Group\u00b4s financial assets are derivatives, non-listed equity instruments, trade receivables and cash and cash equivalents.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s
business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures
a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
The Group classified its financial assets into 2 categories: financial assets at amortised cost and financial asset at fair value through profit and loss.
The Group does not apply hedge accounting.
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include financial assets held for trading, financial assets designated through profit or loss, or
financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near terms. Derivatives, including embedded derivatives, are also classified as held for trading.
Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value in profit and loss.
The category includes derivatives instruments such as foreign exchange contracts, interest rate swaps and salmon derivatives. The Group trades in
salmon derivatives, both as an operational hedging activity and a financial activity. Operational trading of salmon derivatives is presented as other
operating income, while financial trading of salmon derivatives is presented as other financial items.
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as financial liabilities at fair value through profit and loss
(derivatives), as appropriate. Financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs.
Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.
REVENUE
Revenue from contracts with customers is recognised when control of the goods are transferred to the customer at an amount that reflects the
consideration to which the Group expects to be entitled in exchange for those goods. The Group has generally concluded that it is the principal in
its revenue arrangements, because it typically controls the goods before transferring them to the customer.
Sale of fish products
Revenue for the Group derives mainly from the sale of fish and elaborated fish products either on spot sales or from contracts. The Group
recognises revenue from the sale of fish and elaborated fish products at the point in time when control of the goods is transferred to the customer.
Revenue is generally recognised on delivery of the goods (i.e. a certain point in time). Based on group business of sale of fish and elaborated fish
products the customers do not pay any advances. The normal credit term is 30 days upon delivery, and based on the nature of the product there is
generally no right of return or warranties. Refund is only given if delivered goods is damaged or delivered with discrepancy compared to agreement,
such is immaterial.
The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the
transaction price needs to be allocated, currently no multiple performance obligations have been identified. In determining the transaction price for
the sale of goods, the Group considers the effects of variable consideration, the existence of significant financing components and consideration
payable to the customer (if any). At the balance sheet date the group has no outstanding performance obligations in contracts that have original
duration of more than 1 year.
Biomass
Changes in the estimated fair value of the biomass are recognised in profit or loss. The fair value adjustment is presented in the statement of
comprehensive income as \u201cNet fair value adjustment biomass\u201d. The net fair value adjustment consists of \u201cfair value adjustment on biological assets\u201d,
\u201cfair value adjustment on harvested fish\u201d and \u201cfair value on incident based mortality\u201d, see Note 6. The fair value adjustment on biological assets
represents the change in fair value of the biomass less the change in accumulated cost of production for the biomass. The fair value adjustment on
harvested fish is the release from stock of the fair value adjustment related to the fish harvested in the period. The fair value adjustment on incident
based mortality is the release from stock of the fair value adjustment related to the fish recognised as incident based mortality in the period. The
accumulated cost of incident based mortality is included in \u201ccost of materials\u201d in the statement of comprehensive income.
GOODWILL AND LICENSES
Goodwill
Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised for a non-
controlling interest in the net identifiable assets acquired and liabilities assumed through a business combination.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to
benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed
operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in such
circumstance is measured on the basis of the relative values of the disposed operation and the portion of the cash-generating unit retained.
Goodwill is tested for impairment annually as at December 31, and when circumstances otherwise indicate that the carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When
the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot
be reversed in future periods.
Other intangible assets (licenses)
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is
their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and
accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. The value of licenses acquired by
Mowi (mainly licenses for salmon farming) in Norway, Chile, Ireland, the Faroe Islands, Scotland, Canada, and Iceland are considered indefinite.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually or when circumstances otherwise indicate that
the carrying value may be impaired at the cash-generating unit level. The indefinite life classification is reviewed annually to determine whether it
continues to be appropriate. If not, the change in useful life from indefinite to finite is made on a prospective basis.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at acquisition cost less accumulated depreciation and any impairment. Costs associated with normal
maintenance and repairs are expensed as incurred. Costs of major replacements and renewals that substantially extend the economic life and
functionality of the asset are capitalised. Assets are normally considered property, plant and equipment if the useful economic life exceeds one year.
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset.
Straight-line depreciation is applied over the useful life of property, plant and equipment, based on the asset\u2019s historical cost and estimated residual
value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset\u2019s residual
value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference
between the sales proceeds and the carrying amount of the asset.
At the end of the reporting period, the carrying amounts of the Group\u2019s assets are reviewed to determine whether there are indications that specific
assets have suffered an impairment loss. If such indications exist, the recoverable amount of the asset is estimated in order to determine the extent
of net present value of discounted cash flows (value in use). If estimated recoverable amount is lower than book value impairment is recognised.
IMPAIRMENT OF NON-CURRENT ASSETS
Annually or upon indication, each cash generating unit, CGU, is tested for impairment. If the recoverable amount of a cash-generating unit is
estimated to be less than the carrying amount of the net assets of the cash-generating unit, impairment to the recoverable amount is recognised. If
impairment is required, goodwill is written down first, thereafter other intangible assets. If further impairment is required, other assets will be written
down on a pro-rata basis.
Impairment losses recognised in previous periods are reversed if the recoverable amount in a later period exceeds the carrying amount. The
reversal will not exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the
asset in prior years.
LEASING
The determination of whether a contract is, or contains, a lease is assessed at the inception of the lease and is based on whether the contract
conveys a right to control the use of an identified asset or assets for a period of time in exchange for consideration. For contracts where the Group
is the lessee, right-of-use assets and lease liabilities are recognised at the commencement of the lease.
Right-of-use assets are measured at cost, less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the
shorter of the lease term and the useful life of the asset. When a purchase option has been included in the cost at recognition, the right-of-use asset
is depreciated over the estimated useful life of the asset.
The lease liabilities at commencement date is measured at the present value of the lease payments. The lease payments are discounted using the
Group's incremental borrowing rate as the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate for each
business unit is based on SOFR with an addition of a country specific margin reflecting the interest the group would have had to pay to borrow the
funds to purchase a similar asset in a similar economic environment .
Short term leases (lease term less than 12 months) and leases of low-value assets are not recognised as right-of-use assets and lease liabilities, as
the recognition exemptions for these leases is applied. Lease payments of such leases are recognised as expense over the lease term.
For leasing contracts with optional renewal period, and where we are reasonably certain to exercise this option, the renewal periods are included in
the calculation of the lease liability and asset.
The Group has lease contracts for various assets used in its operation, the main asset group being transportation. Lease terms and other conditions
vary. Refer to note 29 for further information.
INVENTORY
Inventories mainly comprise feed, goods in progress, packaging materials and finished goods. Inventories of goods are measured at the lower of
cost and net realisable value.
The cost of finished goods includes direct material costs, direct personnel expenses and indirect processing costs (full production cost). Interest
costs are not included in the inventory value. The cost price of purchased goods is the actual purchase price. The cost is based on the principle of
first-in first-out, except for feed and value-added-products, where a weighted average is used.
If fish farmed by the Group is included in inventory as a raw material for further processing in one of the Group's processing entities, such fish is
included in inventory at fair value less cost to sell at harvest.
BIOLOGICAL ASSETS
Fair value of biological assets is calculated based on a present value model which does not rely on historical cost. Fish ready for harvest (mature
fish), are valued at expected sales price with a deduction of cost related to harvest, transport etc. For fish not ready for harvest (immature fish), cost
to completion is also deducted. The model uses an interpolation methodology where the known data points are the value of the fish when put to
sea and when recognised as mature fish. Technically, the interpolation is calculated per location. The effect of this is that fish that have the same
weight and quality are valued similarly. The interpolation model has a natural interpretation in the form of a present value calculation where an
imputed rent of assets (i.e. theoretical license rent) per location is included as part of the rate of return. Thus, the value is to a lesser degree affected
by the site because low production cost at a high quality site is offset by a higher imputed rent and vice versa. All surplus return in the future is
assigned to the licenses through a similarly high imputed rent of assets, and where any shortage in return is recognised in profit and loss
immediately. The interpolation model is updated every month, with best estimates for time of harvest, remaining months at sea, expected price at
time of harvest and estimated residual cost to grow the fish to harvest weight. The methodology has the effect that any changes in price will have
full effect on the biomass at hand, while the price effect on increased weight going forward will be allocated to the license and recognised over time
as remaining time at sea decreases. An effect of this is that even with high salmon prices there is no profit at the time the fish is put to sea because
all surplus return is assigned to future periods (licenses). Correspondingly the fair value of small fish is rather insensitive to price fluctuations.
An interpolation model as described works best if important variables such as pace of growth, mortality and feed conversion ratios are constant per
unit of time or weight increase. Experience shows that in particular there is a deviation from an even development during the first period in sea
relating to increased value due, among other things to reduced risk after handling of the fish, vaccination and mortality related to the transfer to sea.
This has been adjusted for.
Biological assets comprise eggs, juveniles, smolt and fish in the sea. Biological assets are, in accordance with IAS 41 and IFRS 13, measured at fair
value less cost to sell. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the
principle for highest and best use, the fish is considered to have optimal harvest weight at 4 kg gutted. This corresponds to that a live weight of
approximately 4.8 kg (there may be regional variances) or more are classified as mature fish, while fish that have still not achieved this weight are
classified as immature fish. All fish at sea are subject to a fair value calculation, while broodstock and smolt are measured at cost less impairment
losses.\u00a0
Transactions with live fish rarely take place, partly due to regulatory constraints, so the valuation of live fish under IAS 41 implies the establishment of
an estimated fair value of the fish in a hypothetical market. The calculation of the estimated fair value is based on market prices for harvested fish
and adjusted for estimated differences in accordance with IFRS 13. The prices are reduced for harvesting costs and freight costs to market, to arrive
at a net value back to farm. The valuation reflects the expected quality grading and size distribution. The valuation is completed for each Business
Unit and is based on the biomass in sea for each seawater site and the estimated market price in each market derived from the development in
recent contracts as well as spot prices. Where reliable forward prices are available, those have been used. The change in estimated fair value is
recognised in profit or loss based on measurement as of each period, and is classified separately. At harvest, the fair value adjustment is classified
as fair value adjustment on harvested fish. In cases of incident based mortality, the fair value adjustment is classified as fair value adjustment on
incident based mortality when occurring. Both are included in net fair value adjustment of biological assets in the statement of comprehensive
income.
ONEROUS CONTRACTS
At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group's obligations under the
contract exceed the economic benefits expected to be received in accordance with IAS 37. Fair value adjustment of biological assets is included in
the unavoidable cost. This implies that the contract may be considered onerous even though the actual production cost of the products sold is lower
than the contract price. Volumes used in the calculation is based on estimated remaining volumes for the contracts. Onerous contracts are classified
as provisions in the statement of financial position.
TAXES
Income taxes comprise taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Taxes on
transactions that are recorded in other comprehensive income or directly in equity do not form part of the tax expense in profit or loss and are
recorded with the related transaction in other comprehensive income or directly in equity.
Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period.
Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the accounting year.
Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it
is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and
unused tax losses, can be utilised.
Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be netted within one tax
regime.
RESTRUCTURING COSTS
Provisions for restructuring costs will be recognised if the Company has, within the reporting period, published or initiated a restructuring plan, which
identifies which parts of the Company and approximately how many employees will be affected, the actions that will be taken and when the plan will
be implemented. Provisions are recognised only for costs that cannot be associated with future earnings. Costs related to restructuring are
presented on a separate line in the statement of comprehensive income.
SHARE OPTION SCHEMES
The Group has share option schemes from 2020, 2021, 2022, and 2023 which will be settled in shares (equity settlement). The cost of equity-
settled transactions is recognised as a payroll expense over the vesting period. The cumulative expense is recognised in other equity reserves
within equity.
CASH FLOW STATEMENT AND CASH
The cash flow statement is prepared in accordance with the indirect method. Cash comprises cash and bank deposits, except funds which based on
restriction do not qualify as cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-318": { "value": "
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION
As of December\u00a031, 2023, the consolidated financial statements of Mowi ASA and its subsidiaries (\u2018\u2018the Group\u2019\u2019 or \u2018\u2018Mowi\u2019\u2019) have been prepared in
accordance with IFRS\u00ae Accounting Standards as adopted by the EU. In compliance with the Norwegian Accounting Act, additional disclosures are
included in the notes to the financial statements of Mowi ASA.
Any new standards and amendments adopted by the Group in 2023 are described in Note 33. At the end of 2023, new standards and changes to
existing standards and interpretations have been enacted but are not yet effective. Any relevant effects for Mowi are further described in Note 33.
The consolidated financial statements have been prepared on the historical cost basis, except when IFRS requires recognition at fair value. This
relates to the measurement of certain financial instruments and valuation of the biomass as further described below. The reporting period follows
the calendar year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-317": { "value": "
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION
As of December\u00a031, 2023, the consolidated financial statements of Mowi ASA and its subsidiaries (\u2018\u2018the Group\u2019\u2019 or \u2018\u2018Mowi\u2019\u2019) have been prepared in
accordance with IFRS\u00ae Accounting Standards as adopted by the EU. In compliance with the Norwegian Accounting Act, additional disclosures are
included in the notes to the financial statements of Mowi ASA.
Any new standards and amendments adopted by the Group in 2023 are described in Note 33. At the end of 2023, new standards and changes to
existing standards and interpretations have been enacted but are not yet effective. Any relevant effects for Mowi are further described in Note 33.
The consolidated financial statements have been prepared on the historical cost basis, except when IFRS requires recognition at fair value. This
relates to the measurement of certain financial instruments and valuation of the biomass as further described below. The reporting period follows
the calendar year.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-319": { "value": "
CONSOLIDATION
Consolidated financial statements present the Group\u2019s financial position, comprehensive income, changes in equity and cash flow. All intragroup
transactions, receivables and liabilities are eliminated.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's
accounting policies.
Subsidiaries
The Group\u2019s consolidated financial statements comprise the financial statements of the parent and its subsidiaries as at December\u00a031, 2023. Control
is achieved when the Group is exposed, or is entitled, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee.
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a
majority of the voting or similar rights in an investee, the Group considers all relevant facts and circumstances in assessing whether it has power
over an investee.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-320": { "value": "
Subsidiaries
The Group\u2019s consolidated financial statements comprise the financial statements of the parent and its subsidiaries as at December\u00a031, 2023. Control
is achieved when the Group is exposed, or is entitled, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee.
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a
majority of the voting or similar rights in an investee, the Group considers all relevant facts and circumstances in assessing whether it has power
over an investee.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-321": { "value": "
INVESTMENT IN ASSOCIATED COMPANIES
Associated companies are companies in which the Group has a significant non-controlling interest (normally ownership of 20-50%). Significant
influence is the power to participate in the financial and operating policy decisions of the investee, but not to exercise control or joint control over
those policies.
The Group's investments in its associated companies are accounted for using the equity method. The financial statements of the associate are
prepared for the same reporting period as the Group. When necessary, adjustments are made to bring their accounting policies in line with those of
the Group.
The statement of comprehensive income reflects the Group's share of the results deriving from the associate's operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-323": { "value": "
FOREIGN CURRENCY TRANSLATION
The financial statements for the Group are presented in EUR, which is the functional currency of the parent company. The functional currency of the
subsidiaries is their local currency, with the exception of the holding companies in Norway in addition to Mowi ASA, Mowi Seawater Norway AS,
Mowi Markets Norway AS, Mowi Feed AS, Arctic Fish Holding AS, and Waynor Trading AS which have EUR as their functional currency, subsidiaries
in Chile, Singapore, and Vietnam which have USD as their functional currency, and subsidiaries in Iceland which have EUR as their functional
currency.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive
income. When a foreign operation is sold the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and
translated at the closing rate.
Translation of transactions in foreign subsidiaries
Profit or loss transactions in foreign subsidiaries are translated to the presentation currency using the average exchange rate for the reporting
month, unless exchange rates in the period have fluctuated significantly, in which case the exchange rates in effect on the transaction dates are
applied. Assets and liabilities of foreign subsidiaries are translated at the exchange rate at the end of the reporting period.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange rate at the time of the transaction. Receivables, debt and other monetary items in
foreign currency are measured at the exchange rate at the end of the reporting period, and the translation differences are recognised in profit or
loss. Other assets in foreign currencies are translated at the exchange rate in effect on the transaction date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-322": { "value": "
FOREIGN CURRENCY TRANSLATION
The financial statements for the Group are presented in EUR, which is the functional currency of the parent company. The functional currency of the
subsidiaries is their local currency, with the exception of the holding companies in Norway in addition to Mowi ASA, Mowi Seawater Norway AS,
Mowi Markets Norway AS, Mowi Feed AS, Arctic Fish Holding AS, and Waynor Trading AS which have EUR as their functional currency, subsidiaries
in Chile, Singapore, and Vietnam which have USD as their functional currency, and subsidiaries in Iceland which have EUR as their functional
currency.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive
income. When a foreign operation is sold the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and
translated at the closing rate.
Translation of transactions in foreign subsidiaries
Profit or loss transactions in foreign subsidiaries are translated to the presentation currency using the average exchange rate for the reporting
month, unless exchange rates in the period have fluctuated significantly, in which case the exchange rates in effect on the transaction dates are
applied. Assets and liabilities of foreign subsidiaries are translated at the exchange rate at the end of the reporting period.
Transactions in foreign currencies
Foreign currency transactions are translated using the exchange rate at the time of the transaction. Receivables, debt and other monetary items in
foreign currency are measured at the exchange rate at the end of the reporting period, and the translation differences are recognised in profit or
loss. Other assets in foreign currencies are translated at the exchange rate in effect on the transaction date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-324": { "value": "
FINANCIAL INSTRUMENTS - INITIAL AND SUBSEQUENT MEASUREMENT
Financial assets
The Group\u00b4s financial assets are derivatives, non-listed equity instruments, trade receivables and cash and cash equivalents.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s
business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures
a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
The Group classified its financial assets into 2 categories: financial assets at amortised cost and financial asset at fair value through profit and loss.
The Group does not apply hedge accounting.
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include financial assets held for trading, financial assets designated through profit or loss, or
financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near terms. Derivatives, including embedded derivatives, are also classified as held for trading.
Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value in profit and loss.
The category includes derivatives instruments such as foreign exchange contracts, interest rate swaps and salmon derivatives. The Group trades in
salmon derivatives, both as an operational hedging activity and a financial activity. Operational trading of salmon derivatives is presented as other
operating income, while financial trading of salmon derivatives is presented as other financial items.
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as financial liabilities at fair value through profit and loss
(derivatives), as appropriate. Financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs.
Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-325": { "value": "
Financial assets
The Group\u00b4s financial assets are derivatives, non-listed equity instruments, trade receivables and cash and cash equivalents.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s
business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures
a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
The Group classified its financial assets into 2 categories: financial assets at amortised cost and financial asset at fair value through profit and loss.
The Group does not apply hedge accounting.
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include financial assets held for trading, financial assets designated through profit or loss, or
financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near terms. Derivatives, including embedded derivatives, are also classified as held for trading.
Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value in profit and loss.
The category includes derivatives instruments such as foreign exchange contracts, interest rate swaps and salmon derivatives. The Group trades in
salmon derivatives, both as an operational hedging activity and a financial activity. Operational trading of salmon derivatives is presented as other
operating income, while financial trading of salmon derivatives is presented as other financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-327": { "value": "
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include financial assets held for trading, financial assets designated through profit or loss, or
financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near terms. Derivatives, including embedded derivatives, are also classified as held for trading.
Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value in profit and loss.
The category includes derivatives instruments such as foreign exchange contracts, interest rate swaps and salmon derivatives. The Group trades in
salmon derivatives, both as an operational hedging activity and a financial activity. Operational trading of salmon derivatives is presented as other
operating income, while financial trading of salmon derivatives is presented as other financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-326": { "value": "
Derivatives at fair value through profit and loss
Financial assets at fair value through profit and loss include financial assets held for trading, financial assets designated through profit or loss, or
financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near terms. Derivatives, including embedded derivatives, are also classified as held for trading.
Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value in profit and loss.
The category includes derivatives instruments such as foreign exchange contracts, interest rate swaps and salmon derivatives. The Group trades in
salmon derivatives, both as an operational hedging activity and a financial activity. Operational trading of salmon derivatives is presented as other
operating income, while financial trading of salmon derivatives is presented as other financial items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-328": { "value": "
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as financial liabilities at fair value through profit and loss
(derivatives), as appropriate. Financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs.
Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-329": { "value": "
REVENUE
Revenue from contracts with customers is recognised when control of the goods are transferred to the customer at an amount that reflects the
consideration to which the Group expects to be entitled in exchange for those goods. The Group has generally concluded that it is the principal in
its revenue arrangements, because it typically controls the goods before transferring them to the customer.
Sale of fish products
Revenue for the Group derives mainly from the sale of fish and elaborated fish products either on spot sales or from contracts. The Group
recognises revenue from the sale of fish and elaborated fish products at the point in time when control of the goods is transferred to the customer.
Revenue is generally recognised on delivery of the goods (i.e. a certain point in time). Based on group business of sale of fish and elaborated fish
products the customers do not pay any advances. The normal credit term is 30 days upon delivery, and based on the nature of the product there is
generally no right of return or warranties. Refund is only given if delivered goods is damaged or delivered with discrepancy compared to agreement,
such is immaterial.
The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the
transaction price needs to be allocated, currently no multiple performance obligations have been identified. In determining the transaction price for
the sale of goods, the Group considers the effects of variable consideration, the existence of significant financing components and consideration
payable to the customer (if any). At the balance sheet date the group has no outstanding performance obligations in contracts that have original
duration of more than 1 year.
Biomass
Changes in the estimated fair value of the biomass are recognised in profit or loss. The fair value adjustment is presented in the statement of
comprehensive income as \u201cNet fair value adjustment biomass\u201d. The net fair value adjustment consists of \u201cfair value adjustment on biological assets\u201d,
\u201cfair value adjustment on harvested fish\u201d and \u201cfair value on incident based mortality\u201d, see Note 6. The fair value adjustment on biological assets
represents the change in fair value of the biomass less the change in accumulated cost of production for the biomass. The fair value adjustment on
harvested fish is the release from stock of the fair value adjustment related to the fish harvested in the period. The fair value adjustment on incident
based mortality is the release from stock of the fair value adjustment related to the fish recognised as incident based mortality in the period. The
accumulated cost of incident based mortality is included in \u201ccost of materials\u201d in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-330": { "value": "
GOODWILL AND LICENSES
Goodwill
Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised for a non-
controlling interest in the net identifiable assets acquired and liabilities assumed through a business combination.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to
benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed
operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in such
circumstance is measured on the basis of the relative values of the disposed operation and the portion of the cash-generating unit retained.
Goodwill is tested for impairment annually as at December 31, and when circumstances otherwise indicate that the carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When
the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot
be reversed in future periods.
Other intangible assets (licenses)
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is
their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and
accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. The value of licenses acquired by
Mowi (mainly licenses for salmon farming) in Norway, Chile, Ireland, the Faroe Islands, Scotland, Canada, and Iceland are considered indefinite.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually or when circumstances otherwise indicate that
the carrying value may be impaired at the cash-generating unit level. The indefinite life classification is reviewed annually to determine whether it
continues to be appropriate. If not, the change in useful life from indefinite to finite is made on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-331": { "value": "
Goodwill
Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised for a non-
controlling interest in the net identifiable assets acquired and liabilities assumed through a business combination.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to
benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed
operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in such
circumstance is measured on the basis of the relative values of the disposed operation and the portion of the cash-generating unit retained.
Goodwill is tested for impairment annually as at December 31, and when circumstances otherwise indicate that the carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When
the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot
be reversed in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-332": { "value": "
Other intangible assets (licenses)
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is
their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and
accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. The value of licenses acquired by
Mowi (mainly licenses for salmon farming) in Norway, Chile, Ireland, the Faroe Islands, Scotland, Canada, and Iceland are considered indefinite.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually or when circumstances otherwise indicate that
the carrying value may be impaired at the cash-generating unit level. The indefinite life classification is reviewed annually to determine whether it
continues to be appropriate. If not, the change in useful life from indefinite to finite is made on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-333": { "value": "
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at acquisition cost less accumulated depreciation and any impairment. Costs associated with normal
maintenance and repairs are expensed as incurred. Costs of major replacements and renewals that substantially extend the economic life and
functionality of the asset are capitalised. Assets are normally considered property, plant and equipment if the useful economic life exceeds one year.
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset.
Straight-line depreciation is applied over the useful life of property, plant and equipment, based on the asset\u2019s historical cost and estimated residual
value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset\u2019s residual
value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference
between the sales proceeds and the carrying amount of the asset.
At the end of the reporting period, the carrying amounts of the Group\u2019s assets are reviewed to determine whether there are indications that specific
assets have suffered an impairment loss. If such indications exist, the recoverable amount of the asset is estimated in order to determine the extent
of net present value of discounted cash flows (value in use). If estimated recoverable amount is lower than book value impairment is recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-335": { "value": "
IMPAIRMENT OF NON-CURRENT ASSETS
Annually or upon indication, each cash generating unit, CGU, is tested for impairment. If the recoverable amount of a cash-generating unit is
estimated to be less than the carrying amount of the net assets of the cash-generating unit, impairment to the recoverable amount is recognised. If
impairment is required, goodwill is written down first, thereafter other intangible assets. If further impairment is required, other assets will be written
down on a pro-rata basis.
Impairment losses recognised in previous periods are reversed if the recoverable amount in a later period exceeds the carrying amount. The
reversal will not exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the
asset in prior years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-334": { "value": "
IMPAIRMENT OF NON-CURRENT ASSETS
Annually or upon indication, each cash generating unit, CGU, is tested for impairment. If the recoverable amount of a cash-generating unit is
estimated to be less than the carrying amount of the net assets of the cash-generating unit, impairment to the recoverable amount is recognised. If
impairment is required, goodwill is written down first, thereafter other intangible assets. If further impairment is required, other assets will be written
down on a pro-rata basis.
Impairment losses recognised in previous periods are reversed if the recoverable amount in a later period exceeds the carrying amount. The
reversal will not exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the
asset in prior years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-336": { "value": "
LEASING
The determination of whether a contract is, or contains, a lease is assessed at the inception of the lease and is based on whether the contract
conveys a right to control the use of an identified asset or assets for a period of time in exchange for consideration. For contracts where the Group
is the lessee, right-of-use assets and lease liabilities are recognised at the commencement of the lease.
Right-of-use assets are measured at cost, less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the
shorter of the lease term and the useful life of the asset. When a purchase option has been included in the cost at recognition, the right-of-use asset
is depreciated over the estimated useful life of the asset.
The lease liabilities at commencement date is measured at the present value of the lease payments. The lease payments are discounted using the
Group's incremental borrowing rate as the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate for each
business unit is based on SOFR with an addition of a country specific margin reflecting the interest the group would have had to pay to borrow the
funds to purchase a similar asset in a similar economic environment .
Short term leases (lease term less than 12 months) and leases of low-value assets are not recognised as right-of-use assets and lease liabilities, as
the recognition exemptions for these leases is applied. Lease payments of such leases are recognised as expense over the lease term.
For leasing contracts with optional renewal period, and where we are reasonably certain to exercise this option, the renewal periods are included in
the calculation of the lease liability and asset.
The Group has lease contracts for various assets used in its operation, the main asset group being transportation. Lease terms and other conditions
vary. Refer to note 29 for further information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-337": { "value": "
INVENTORY
Inventories mainly comprise feed, goods in progress, packaging materials and finished goods. Inventories of goods are measured at the lower of
cost and net realisable value.
The cost of finished goods includes direct material costs, direct personnel expenses and indirect processing costs (full production cost). Interest
costs are not included in the inventory value. The cost price of purchased goods is the actual purchase price. The cost is based on the principle of
first-in first-out, except for feed and value-added-products, where a weighted average is used.
If fish farmed by the Group is included in inventory as a raw material for further processing in one of the Group's processing entities, such fish is
included in inventory at fair value less cost to sell at harvest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-338": { "value": "
BIOLOGICAL ASSETS
Fair value of biological assets is calculated based on a present value model which does not rely on historical cost. Fish ready for harvest (mature
fish), are valued at expected sales price with a deduction of cost related to harvest, transport etc. For fish not ready for harvest (immature fish), cost
to completion is also deducted. The model uses an interpolation methodology where the known data points are the value of the fish when put to
sea and when recognised as mature fish. Technically, the interpolation is calculated per location. The effect of this is that fish that have the same
weight and quality are valued similarly. The interpolation model has a natural interpretation in the form of a present value calculation where an
imputed rent of assets (i.e. theoretical license rent) per location is included as part of the rate of return. Thus, the value is to a lesser degree affected
by the site because low production cost at a high quality site is offset by a higher imputed rent and vice versa. All surplus return in the future is
assigned to the licenses through a similarly high imputed rent of assets, and where any shortage in return is recognised in profit and loss
immediately. The interpolation model is updated every month, with best estimates for time of harvest, remaining months at sea, expected price at
time of harvest and estimated residual cost to grow the fish to harvest weight. The methodology has the effect that any changes in price will have
full effect on the biomass at hand, while the price effect on increased weight going forward will be allocated to the license and recognised over time
as remaining time at sea decreases. An effect of this is that even with high salmon prices there is no profit at the time the fish is put to sea because
all surplus return is assigned to future periods (licenses). Correspondingly the fair value of small fish is rather insensitive to price fluctuations.
An interpolation model as described works best if important variables such as pace of growth, mortality and feed conversion ratios are constant per
unit of time or weight increase. Experience shows that in particular there is a deviation from an even development during the first period in sea
relating to increased value due, among other things to reduced risk after handling of the fish, vaccination and mortality related to the transfer to sea.
This has been adjusted for.
Biological assets comprise eggs, juveniles, smolt and fish in the sea. Biological assets are, in accordance with IAS 41 and IFRS 13, measured at fair
value less cost to sell. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the
principle for highest and best use, the fish is considered to have optimal harvest weight at 4 kg gutted. This corresponds to that a live weight of
approximately 4.8 kg (there may be regional variances) or more are classified as mature fish, while fish that have still not achieved this weight are
classified as immature fish. All fish at sea are subject to a fair value calculation, while broodstock and smolt are measured at cost less impairment
losses.\u00a0
Transactions with live fish rarely take place, partly due to regulatory constraints, so the valuation of live fish under IAS 41 implies the establishment of
an estimated fair value of the fish in a hypothetical market. The calculation of the estimated fair value is based on market prices for harvested fish
and adjusted for estimated differences in accordance with IFRS 13. The prices are reduced for harvesting costs and freight costs to market, to arrive
at a net value back to farm. The valuation reflects the expected quality grading and size distribution. The valuation is completed for each Business
Unit and is based on the biomass in sea for each seawater site and the estimated market price in each market derived from the development in
recent contracts as well as spot prices. Where reliable forward prices are available, those have been used. The change in estimated fair value is
recognised in profit or loss based on measurement as of each period, and is classified separately. At harvest, the fair value adjustment is classified
as fair value adjustment on harvested fish. In cases of incident based mortality, the fair value adjustment is classified as fair value adjustment on
incident based mortality when occurring. Both are included in net fair value adjustment of biological assets in the statement of comprehensive
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-339": { "value": "
ONEROUS CONTRACTS
At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group's obligations under the
contract exceed the economic benefits expected to be received in accordance with IAS 37. Fair value adjustment of biological assets is included in
the unavoidable cost. This implies that the contract may be considered onerous even though the actual production cost of the products sold is lower
than the contract price. Volumes used in the calculation is based on estimated remaining volumes for the contracts. Onerous contracts are classified
as provisions in the statement of financial position.
RESTRUCTURING COSTS
Provisions for restructuring costs will be recognised if the Company has, within the reporting period, published or initiated a restructuring plan, which
identifies which parts of the Company and approximately how many employees will be affected, the actions that will be taken and when the plan will
be implemented. Provisions are recognised only for costs that cannot be associated with future earnings. Costs related to restructuring are
presented on a separate line in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-340": { "value": "
TAXES
Income taxes comprise taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Taxes on
transactions that are recorded in other comprehensive income or directly in equity do not form part of the tax expense in profit or loss and are
recorded with the related transaction in other comprehensive income or directly in equity.
Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period.
Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the accounting year.
Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it
is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and
unused tax losses, can be utilised.
Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be netted within one tax
regime.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-341": { "value": "
TAXES
Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the accounting year.
Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it
is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and
unused tax losses, can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-342": { "value": "
SHARE OPTION SCHEMES
The Group has share option schemes from 2020, 2021, 2022, and 2023 which will be settled in shares (equity settlement). The cost of equity-
settled transactions is recognised as a payroll expense over the vesting period. The cumulative expense is recognised in other equity reserves
within equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-344": { "value": "
CASH FLOW STATEMENT AND CASH
The cash flow statement is prepared in accordance with the indirect method. Cash comprises cash and bank deposits, except funds which based on
restriction do not qualify as cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-343": { "value": "
CASH FLOW STATEMENT AND CASH
The cash flow statement is prepared in accordance with the indirect method. Cash comprises cash and bank deposits, except funds which based on
restriction do not qualify as cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-345": { "value": "
NOTE 3A - ESTIMATES AND JUDGEMENTS
ESTIMATES
The preparation of financial statements in accordance with IFRS requires management to make accounting estimates and judgments that affect the
recognised amounts of assets and liabilities, income and expenses. The estimates and underlying assumptions are based on past experience and
information perceived to be relevant and probable when the judgments are made. Estimates are reviewed on an on-going basis and actual values
and results may deviate from these estimates. Adjustments to accounting estimates are recognised in the period in which the estimates are revised.
Mowi is exposed to a number of underlying economic factors which affect the overall results, such as salmon prices, foreign exchange rates and
interest rates, as well as financial instruments with fair values derived from changes in these factors.
The matters described below are considered to be the most important in understanding the key sources of estimation uncertainty that are involved
in preparing these consolidated financial statements and the uncertainties that could most significantly impact the amounts reported on the result of
operations, financial position and cash flows.
INTANGIBLE ASSETS - GOODWILL AND FARMING LICENSES
The annual impairment test on intangible assets is based on a discounted cash flow model per cash-generating unit (CGU). The cash flows used in
the calculations represent management\u2019s best estimate at the time of reporting. The assumptions used rest on uncertainty with regard to product
prices, input prices, biological performance and future regulatory frameworks. Costs can normally be estimated with a higher degree of accuracy
than income.
As profitability in the salmon farming industry historically has been very volatile, depending on developments in the price of salmon, Mowi uses
budgets and long-term plans for the analysis.
The WACC model is used for estimating the discount rate. The input data for the model is updated every year for the annual impairment test. The
choice of input data for the model significantly influences the outcome of the model, and to ensure that there is as little uncertainty as possible with
regards to the calculation of the WACC, third-party sources are used where available (interest, inflation, beta). The WACC is calculated separately for
the different CGUs. Indications of impairment that initiate testing beyond the year-end test include a significant reduction in the profitability of the
CGU compared to previous periods, negative deviations from budgets, changes in the use of assets, market changes and regulatory changes.
For further information about uncertainty in the valuation of intangible assets and impairment testing, please see Note 8, Impairment testing. Note 9,
Intangible assets, illustrates the specification of intangible assets in the Group.
BIOLOGICAL ASSETS
Biological assets comprise eggs, juveniles, smolt and fish in the sea. These assets are measured at fair value less cost to sell, unless the fair value
cannot be measured reliably. The estimation of the fair value relies on a series of uncertain assumptions, e.g., biomass volume, biomass quality, size
distribution, market prices, expected future costs, remaining time to harvest and total time to harvest.
Mowi measures all deviations in biomass volume compared to estimates when a site is harvested out. Except for situations where there has been an
incident causing mass mortality, particularly early in the cycle, combined with an inability to count and weigh fish after the event in fear of further
stressing the fish, volume deviations are normally minor. Similarly, excluding the effects of soft flesh and melanin, the quality of the fish can normally
be estimated with a relatively high degree of accuracy. Categorisation of quality is normally set per country based on averages, but can be set
individually per site when needed. The size distribution shows some degree of variation but normally not to an extent that significantly changes the
estimated value of the biomass (the value of two fish at five kg is very similar to the value of two fish weighing four and six kg, respectively).
The accumulated cost of the fish per kg will only deviate from the estimate if the volume is different from the estimate. For the estimation of future
costs, there is uncertainty with regard to feed prices, other input costs and biological development. Mowi measures cost deviations vs. budget as
part of the follow up of business units. Excluding special situations (incidents etc.), the deviations in costs vs budgets are normally limited for a group
of sites, although individual sites might show deviations. The estimation of costs influences the biomass value through the recognised fair value
adjustment in the statements of comprehensive income and financial position (calculated as fair value less accumulated biological costs).
The key element in the estimation of fair value is the assumed market price. The assumed market price is the price that we expect to receive on the
future date when the live fish is harvested. We derive these prices from a variety of sources, normally a combination of the prices achieved in the
previous month and the contracts most recently entered into. For salmon of Norwegian, Scottish, Icelandic and Faroese origin, quoted forward
prices (Nasdaq) are normally used in the estimation, see Note 2. The use of third-party forward prices improves the reliability and comparability of
the price estimation.
For further information about biological asset values please see Note 6, Biological assets.
JUDGMENTS
The matters described below are considered to be the most important in understanding the key sources of judgments that are involved in preparing
these consolidated financial statements and the uncertainties that could most significantly impact the amounts reported on the result of operations,
financial position and cash flows.
LICENSES
The Group has assessed that all fish farming licenses have indefinite lives and, as such, are not amortised. Most of the jurisdictions in which the
Group operates require us to obtain a license for each fish farm owned and operated in that jurisdiction. The Group has obtained and currently
holds a license to own and operate each of our fish farms where a license is required. These licenses have indefinite lives or require renewal after a
specific time period, but normally with automatic renewal and, as such, we have assessed that they have indefinite lives. However, the Group\u2019s
licenses in each country are subject to certain requirements, and we risk penalties (including, in some cases, criminal charges), sanctions or even
license revocation if we fail to comply with license requirements or related regulations. Also, local government may change the way licenses are
renewed.
SUPPLY CHAIN FINANCING
Two companies in the Group hold Supply Chain Finance (SCF) agreements meaning that some vendors will indirectly offer extended credit terms to
the company through a separate agreement with a financial institution. The vendors sell their trade receivables to the financial institution in order to
receive payment immediately. Payment terms under the SCF agreement are in line with industry practice. The transaction is still between the
company and its suppliers, and the company does not waive the right to claim any refund on quality issues, return goods etc. towards the supplier.
The refinancing by vendors has no cash-flow impact on the company, and only when the trade payable is settled with the bank will the cash flow
statement be impacted, with a operating cash flow charge. The group's assessment is that the liabilities under these SCF agreements are presented
as trade payables.
NOTE 3B - ENVIRONMENTAL RISK
Climate change represents both risks and opportunities for Mowi. We recognise the growing significance of climate change on our business and the
increasing role of producing food from the ocean as a solution to climate change. Mowi has developed a sustainability strategy, the Leading the
Blue Revolution Plan. It sets ambitious goals to ensure our salmon is raised in the ocean in harmony with nature and local coastal communities, using
an eco-efficient value chain while offering solutions to global challenges such as climate change and plastic pollution.
Climate change has been identified as an operational, strategic, reporting and compliance risk to Mowi which can potentially impact our business in
the short, medium, and long term. Mowi follows the COSO (Committee of Sponsoring Organisations) enterprise risk framework to assess and identify
risks, including climate change risks. The risk of climate change on Mowi's financial position can be classified into two types of risks; physical risk
and transition risk. Physical risks are related to the increase and severity of extreme weather and long-term environmental changes. The physical
related climate risks and opportunities relate to extreme weather events, sea levels and temperatures, the frequency of algae blooms, and the
availability of the raw materials for our fish feed (medium to long term impact). Transition risks refer to the changes in technological advancements
within clean energy, shifts in consumer behaviour and political interventions, such as restrictions and costs related to emissions etc. The transition
risks and opportunities include legislation or regulations imposing overall caps or taxes on greenhouse gas emissions, or mandating the increased
use of electricity from renewable energy sources (short-term impact). An increased recognition of seafood as a low carbon footprint protein is a
transitional opportunity for Mowi.
These risks can affect Mowi in multiple ways, such as winters storms or el ninos giving tougher conditions, an increase of algae blooms and jelly fish
due to increased water temperature can reduce quality and cause mortality on fish reducing revenue, or result in increased operating expenses with
increased level of maintenance on nets and pens with tougher climate and expenses based on access to raw material in our fish feed, additional
expenses for taxes with new regulation, or expenses to adapt our way of business to changed expectations from stakeholders. The changes,
however, can also provide opportunities with faster growing fish in higher sea temperatures and increased revenues. The risk can also impact the
carrying amount and useful life of both tangible and intangible assets as weather tear or regulation might require earlier replacements.
These risks and opportunities are part of our risk assessment as part of the annual budget and long term plan process and considered in our
impairment testing at year end. The long-term effects of climate change are uncertain, but we believe that Mowi will play an increasing role in
producing healthy nutritious food through an eco-efficient value chain. No impairment related to environmental risk is recognised as of year end and
there has been no change in useful life for our assets.
ASSUMPTIONS USED FOR DETERMINING FAIR VALUE OF LIVE FISH
The estimated fair value of the biomass will always be based on uncertain assumptions, even though the group has built substantial
expertise in assessing these factors. Estimates are applied to the following factors; biomass volume, the quality of the biomass, size
distribution, cost, mortality and market prices.
Biomass volume: The biomass volume is in itself an estimate based on the number of smolt released into the sea, the estimated growth from
the time of stocking, estimated mortality based on observed mortality in the period, etc. There is normally little uncertainty with regard to
biomass volume.
The level of uncertainty will, however, be higher if an incident has resulted in mass mortality, especially early in the cycle, or if the fish's
health status restricts handling. If the total biomass at sea was 1% lower than our estimates, this would result in an change in value of EUR
-6.5 million.
The quality of the biomass: The quality of the biomass can be difficult to assess prior to harvesting, if the reason for downgrading is related
to muscle quality (e.g. the effect of Kudoa in Canada). In Norway downgraded fish is normally priced according to standard rates of
deduction compared to a Superior quality fish. In our fair value model for salmon of Norwegian origin, we have used EUR 0.21 and EUR 0.61
as deductions from Superior grade for Ordinary and Production grade quality respectively. In other countries the price deductions related to
quality are not as standardised. The quality of harvested fish has been good in 2023. For the Group as a whole, 88% of the fish were graded
as Superior quality. A one percentage point change from Superior quality to Production grade quality would result in a change in value of
EUR -3.8 million.
The size distribution: Fish in sea grow at different rates, and even in a situation with good estimates for the average weight of the fish there
can be a considerable spread in the quality and weight of the fish. The size distribution affects the price achieved for the fish, as each size
category of fish is priced separately in the market. When estimating the biomass value, a normal size distribution is applied.
Cost: For the estimation of future costs, there is uncertainty with regard to feed prices, other input costs and biological development. Mowi
measures cost deviations vs. budget as part of the follow up of business units. Excluding special situations (incidents etc.), the deviations in
costs vs budgets are normally limited for a group of sites, although individual sites might show deviations. The estimation of costs influences
the biomass value through the recognised fair value adjustment in the statements of comprehensive income and financial position
(calculated as fair value less accumulated biological costs).
Mortality: Normalised mortality will affect the fair value estimates both as a reduction of estimated harvesting volumes and because cost to
completion includes cost incurred on fish that eventually will perish.
Market price: The market price assumption is very important for the valuation and even minor changes in the market price will result in
significant changes in the valuation. The methodology used for establishing the market price is explained in Note 2. A EUR 0.1 decrease in
the market price would result in a decrease in value of EUR 17.1 million.
The market price risk is reduced through fixed price/volume customer contracts and financial contracts, as well as our downstream
integration as explained in Note 13.
Climate Risk : Climate risk is included in the assessment for calculating the Fair value of live fish. Due to the short time period relevant for the
Fair value uplift (maximum of 2 years) climate risk has not had a material effect on the valuation of biomass in sea.
KEY ASSUMPTIONS
The key assumptions used in the calculation of value in use are harvested volume, EBIT(DA)/margins, capital expenditure, discount rates
and the terminal growth rates. Please see the table below for a summary of the key assumptions for each CGU.
Harvest volume
The expected harvest volume is based on the fish currently being held at sea, forward stocking plan and adjusted for the expected future
increase in production given today's licenses. This evaluation has been performed CGU by CGU and is updated yearly.
EBIT(DA)/Margins
The key profit target for salmon farming and sales is EBIT per kg, while value-added operations are measured in terms of EBIT/EBITDA in %
of sales. EBIT per kg is highly volatile due to fluctuations in the price of salmon. Costs can under normal circumstances be forecast with a
relatively high level of accuracy. As Mowi has entered into long-term sales contracts for a proportion of the volume to be harvested in 2024,
the margin for 2024 can be forecasted with a higher level of accuracy than the margin for the years beyond (2025-2028). With regards to
the terminal, an expected long-term EBIT pr. kg has been used in the Farming entities and an expected EBIT in % of sales has been used
for other operations. In the calculation we have used the EBIT margin from the Long Term Plan per entity, and reduced this to 90%. This
principle has been applied in all Farming entities for the terminal value.
Capital expenditure
In the five-year forecast period, the capital expenditure necessary to meet the expected growth in revenue and profit is taken into
consideration. Consistent with the Group\u2019s plan, the capital expenditure level for 2024 is high to further grow the operations. Beyond 2024,
capital expenditures are aligned with growth and replacement plans. Capital expenditure to comply with current laws and regulations has
been included. Capital expenditure related to committed and approved efficiency improvement programmes has also been included to
support the inclusion of the benefits in the applied margin.
Changes in applicable laws and regulations may affect future estimated capital expenditure needs; this is not reflected in the figures used in
the impairment test. Beyond the forecast period, capital expenditure will in general equal depreciation and relate to maintenance
investments.
Discount rate
The discount rates are based on the Weighted Average Cost of Capital (WACC) methodology. The cost of equity is based on Capital Asset
Pricing Model (CAPM). The cost of debt is based on the risk-free rate in the applicable country. In the model, a ten-year risk-free rate has
been used. Calculation of the final discount rates (WACC) also takes into account market risk premium, debt risk premium, gearing and beta
value. In the calculations, the Group has applied estimated cash flows before tax and the corresponding discount rates before tax.
Terminal growth rates
Growth after the five-year forecast period has in general been set independently for each cash-generating unit. The assessment includes
historical views of inflation rates, growth compared to risk free rate as well as long term government inflation targets. The maximum growth
rate applied beyond the forecast period is 2%. This is lower than the expected growth rates in the first five years and lower than the historic
growth rate in salmon demand.
Sensitivity
With regard to the assessment of recoverable amount, the Group is of the view that no reasonably likely change in any of the above key
assumptions would cause the carrying value to materially exceed the recoverable amount for any of the CGUs. With regards to
environmental changes, we have performed a sensitivity analysis, and the Group is in the view that likely climate changes will not materially
change the outcome of the impairment test. Regarding climate risk, the Group has incorporated expected effects of climate change,
inflation, wars, pandemics, nature risk and other external factors in the budget assumptions for 2024 and as part of the budgeting process
for the long term plan for 2025-2028. For further information regarding environmental risk, references are made to Note 3B.
The significant key assumptions with regards to sensitivity are expected harvest volumes and EBIT(DA)/Margins.
ASSUMPTIONS
CASH GENERATING UNITS
HARVEST
VOLUME 2023
(GWT)
WACC
TERMINAL
BEFORE TAX
VALUE GROWTH %
2023
2022
2023
2022
Mowi Norway Farming
294\u00a0501
10.9%
11.7%
2.0%
1.6%
Mowi Chile Farming
69\u00a0199
12.9%
11.3%
2.0%
1.5%
Mowi Canada Farming
28\u00a0575
11.7%
9.8%
2.0%
1.6%
Mowi Scotland Farming
54\u00a0950
11.0%
9.2%
2.0%
1.6%
Mowi Ireland Farming
4\u00a0534
9.8%
8.0%
2.0%
1.6%
Mowi Faroe Islands Farming
11\u00a0027
8.7%
9.4%
2.0%
1.6%
Arctic Fish
11\u00a0878
9.4%
\u2014%
2.0%
\u2014%
Mowi Consumer Products Europe
\u2014
10.0%
9.0%
2.0%
0.2%
Mowi Asia
\u2014
11.3%
9.9%
2.0%
1.6%
Mowi USA
\u2014
11.1%
11.1%
2.0%
1.5%
Mowi Feed
\u2014
10.3%
9.5%
2.0%
1.6%
Total
474\u00a0664
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-346": { "value": "
NOTE 4 - BUSINESS SEGMENTS
For management purposes, Mowi is organised into three Business Areas: Feed, Farming and Sales & Marketing.
Business segments are components of a business that are regularly reviewed by its chief operating decision-makers for the purpose of
assessing performance and allocating resources. The term business segments corresponds to operating segments as defined in IFRS 8.
The Group Management Team is the Group\u2019s chief operating decision-maker (\"CODM\").
In Mowi the Feed Business Area consist of the feed factories in Norway and Scotland. Feed is considered to be a separate business
segment due to the nature of the business (different economic characteristics (e.g similar long term average gross margin) compared to
other business segments in the Group and separate management follow up).
The Farming Business Area consists of the farming and primary processing operations in Norway, Scotland, Canada, Chile, Ireland, the
Faroe Islands and Iceland which are reported separately to CODM. The Farming operations are, due to similar production processes, a
global market for both salmon feed and sales of salmon, in addition to similar biological risk factors, considered to have similar economic
characteristics (e.g similar long term average gross margin). The farming units are therefore aggregated into one business segment.
The Sales & Marketing Business Area consists of the Markets operations in the Americas and Europe, as well as Consumer Products. As the
Markets operations are considered to have similar economic characteristics (e.g similar long term average gross margin), due to similar
production processes and operational risk factors, and a common set of key performance indicators, they are presented as one reporting
segment. Consumer Products, which comprises the value-added operations in Europe, Asia and America, is presented as a single separate
reporting segment due to similar production processes, operational risk factors and a common set of key performance indicators (e.g similar
long term average gross margin).
The business segments' performance is monitored in order to achieve the overall objective of maximising the operational EBIT per kg and
margins. Consequently, reporting focuses on measuring and illustrating the overall profitability of the harvested volume, based on source of
origin (operational EBIT per kg) and operational EBIT margin for the business segments Markets and Consumer Products. Legal entities with
activities in both Farming and Sales & Marketing do not split their financial items or their statement of financial position. The net effects of
Gross investments (CAPEX) in these entities are recognised in the business segment Farming.
The pricing principle between Feed and Farming is set at market terms and benchmarked against third parties. The pricing principle
between Farming and Sales & Marketing is based on market reference prices for spot sales, while contracts are at market terms, with the
target for Sales & Marketing to maximise profit beyond these terms.
The same accounting principles as described for the consolidated financial statements have been applied to the business segment
reporting. Inter-segment transfers or transactions are entered into under normal commercial terms and conditions, and the measurements
used in the business segment reporting are the same as those used for the third-party transactions.
In the business segment reporting internal profit related to unrealised gains from intra-group transactions are included in Operational EBIT
for the relevant business segments, but eliminated in EBIT.
Operational EBIT and Operational EBITDA are non-IFRS financial measures. Operational EBIT is calculated by excluding certain items,
according to the reconciliation below, from earnings before financial items and taxes (EBIT). Operational EBITDA is calculated by adding
depreciation and amortisation to Operational EBIT, however Operational EBITDA excludes the effects of IFRS 16. For further explanations,
see section Analytical information in this report.
The sustainability reporting follows the same reporting structure as the financial reporting structure described above.
KEY BUSINESS SEGMENT FIGURES
(EUR MILLION)
2023
FEED
FARMING
MARKETS
CONSUMER
PRODUCTS
OTHER1)
ELIMINATIONS
TOTAL
External revenue
6.7
173.3
1\u00a0743.6
3\u00a0589.8
\u2014
\u2014
5\u00a0513.4
Internal revenue
1\u00a0064.5
3\u00a0311.0
2\u00a0096.7
10.9
21.2
-6\u00a0504.3
\u2014
Operational revenue
1\u00a0071.2
3\u00a0484.3
3\u00a0840.3
3\u00a0600.7
21.2
-6\u00a0504.3
5\u00a0513.4
Derivatives and other items
\u2014
-13.6
-1.7
7.7
\u2014
\u2014
-7.6
Revenue and other income
1\u00a0071.2
3\u00a0470.7
3\u00a0838.6
3\u00a0608.3
21.2
-6\u00a0504.4
5\u00a0505.7
Operational EBITDA
52.1
830.1
170.9
179.3
-11.4
\u2014
1\u00a0221.0
Operational EBIT
35.5
682.4
170.1
151.7
-12.2
\u2014
1\u00a0027.5
Change in unrealised internal margin
\u2014
\u2014
\u2014
\u2014
\u2014
-0.9
-0.9
Gain/loss from derivatives
\u2014
-9.1
-1.8
7.7
0.2
\u2014
-2.9
Net fair value adjustment biomass
\u2014
37.4
\u2014
\u2014
\u2014
\u2014
37.4
Onerous contract provisions
\u2014
-18.3
\u2014
\u2014
\u2014
\u2014
-18.3
Restructuring cost and other provisions
-4.3
\u2014
-0.5
\u2014
\u2014
-4.9
Production/license/sales taxes
\u2014
-45.2
\u2014
\u2014
\u2014
\u2014
-45.2
Other non-operational items
\u2014
-8.5
\u2014
-5.0
-3.2
\u2014
-16.6
Income from associated companies and
joint ventures
\u2014
28.4
\u2014
\u2014
\u2014
\u2014
28.4
Impairment losses and write-downs
\u2014
-21.1
\u2014
-2.3
\u2014
\u2014
-23.5
EBIT
35.5
641.6
168.3
151.6
-15.1
-0.9
981.0
Gross investments
4.0
360.8
0.4
29.6
1.5
\u2014
396.3
Number of FTEs 31.12
153
5\u00a0090
241
8\u00a0611
48
\u2014
14\u00a0142
1) Corporate functions and holding companies are presented as \"Other\".
KEY BUSINESS SEGMENT FIGURES
(EUR MILLION)
2022
FEED
FARMING
MARKETS
CONSUMER
PRODUCTS
OTHER1)
ELIMINATIONS
TOTAL
External revenue
8.3
48.7
1\u00a0733.5
3\u00a0155.6
\u2014
\u2014
4\u00a0946.0
Internal revenue
977.9
3\u00a0256.8
1\u00a0992.1
9.9
21.2
-6\u00a0257.8
\u2014
Operational revenue
986.2
3\u00a0305.5
3\u00a0725.6
3\u00a0165.5
21.2
-6\u00a0257.8
4\u00a0946.0
Derivatives and other items
\u2014
-0.8
-2.1
0.2
\u2014
-2.5
-5.3
Revenue and other income
986.2
3\u00a0304.8
3\u00a0723.5
3\u00a0165.7
21.2
-6\u00a0260.4
4\u00a0940.8
Operational EBITDA
47.0
946.7
61.5
139.4
-15.2
\u2014
1\u00a0179.4
Operational EBIT
30.8
817.2
61.1
112.1
-16.1
\u2014
1\u00a0005.1
Change in unrealised internal margin
\u2014
\u2014
\u2014
\u2014
\u2014
-10.4
-10.4
Gain/loss from derivatives
\u2014
2.3
-2.8
-1.6
-2.6
\u2014
-4.7
Net fair value adjustment biomass
\u2014
113.7
\u2014
\u2014
\u2014
\u2014
113.7
Onerous contract provisions
\u2014
-8.3
\u2014
\u2014
\u2014
\u2014
-8.3
Restructuring cost and other provisions
\u2014
-11.7
-0.3
-1.7
\u2014
\u2014
-13.7
Production/license/sales taxes
\u2014
-25.6
\u2014
\u2014
\u2014
\u2014
-25.6
Other non-operational items
\u2014
-3.2
\u2014
-0.1
1.2
\u2014
-2.1
Income from associated companies and
joint ventures
\u2014
59.2
\u2014
\u2014
\u2014
\u2014
59.2
Impairment losses and write-downs
\u2014
-56.0
\u2014
-3.5
\u2014
\u2014
-59.5
EBIT
30.8
887.6
58.0
105.3
-17.5
-10.4
1\u00a0053.8
Gross investments
3.0
295.6
1.5
33.5
1.8
\u2014
335.2
Number of FTEs 31.12
152
4\u00a0972
216
8\u00a0339
48
\u2014
13\u00a0726
1) Corporate functions and holding companies are presented as \"Other\".
NON-CURRENT ASSETS BY COUNTRY LOCATION
(EUR MILLION)
2023
2022
Norway
2\u00a0106.1
1\u00a0968.2
Poland
143.1
128.8
Scotland
555.2
507.0
Iceland
407.7
408.1
Belgium
77.6
77.5
France
46.8
50.0
Rest of Europe
100.6
101.8
Chile
285.0
274.4
Canada/USA
449.7
445.6
Asia
9.1
9.4
Non-current assets
4\u00a0180.8
3\u00a0970.8
Other non-current assets 1)
78.7
71.8
Total non-current assets
4\u00a0259.5
4\u00a0042.6
1) Deferred tax assets and other non-current financial assets", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-348": { "value": "
NOTE 5 - DISAGGREGATION OF REVENUE
BUSINESS AREAS
Feed
Farming
Sales & Marketing
Total
(EUR million)
Note
2023
2022
2023
2022
2023
2022
2023
2022
Geographical markets
Europe
4.4
2.8
141.4
29.1
3\u00a0768.5
3\u00a0261.0
3\u00a0914.3
3\u00a0292.9
Americas
\u2014
\u2014
10.5
0.7
1\u00a0039.6
1\u00a0109.7
1\u00a0050.1
1\u00a0110.3
Asia
\u2014
\u2014
\u2014
\u2014
462.8
436.9
462.8
436.9
Rest of the world
\u2014
\u2014
\u2014
\u2014
58.6
72.4
58.6
72.4
Revenue from contracts with customers
4.4
2.8
151.9
29.8
5\u00a0329.5
4\u00a0880.0
5\u00a0485.8
4\u00a0912.6
Other income
2.2
5.5
21.5
18.9
3.9
9.1
27.6
33.4
Operational revenue
4
6.7
8.3
173.3
48.7
5\u00a0333.4
4\u00a0889.1
5\u00a0513.4
4\u00a0946.0
SOURCE OF REVENUE
The main source of revenue for the Group is sales of Atlantic salmon, including elaborated products.
The business area Sales & Marketing represents the majority of the Group's external revenue. The revenue distribution for Sales &
Marketing according to product categories was as follows in 2023 (2022): Fresh bulk 40% (41%), smoked/marinated 17% (15%), fresh MAP
20% (17%), fresh prepared 14% (16%), frozen prepared 3% (3%), frozen bulk 1% (1%) and other 6% (7%). The revenue distribution for Sales &
Marketing according to customer categories was as follows in 2023 ( 2022): Retail 54% (50%), Distributors 22% (24%), Industry 11% (12%),
Foodservice 9% (10%) and Smoke houses 3% (4%).
Revenue for the Farming business area includes other income as insurance income, government grants, rental income from sales of surplus
primary processing capacity, as well as revenue from sales of fish, eggs, smolt and cleanerfish. Revenue from customers in the Business
Area Feed is related to sales of feed to external parties.
No customers accounts for 10% or more of the Group's revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-347": { "value": "
NOTE 5 - DISAGGREGATION OF REVENUE
BUSINESS AREAS
Feed
Farming
Sales & Marketing
Total
(EUR million)
Note
2023
2022
2023
2022
2023
2022
2023
2022
Geographical markets
Europe
4.4
2.8
141.4
29.1
3\u00a0768.5
3\u00a0261.0
3\u00a0914.3
3\u00a0292.9
Americas
\u2014
\u2014
10.5
0.7
1\u00a0039.6
1\u00a0109.7
1\u00a0050.1
1\u00a0110.3
Asia
\u2014
\u2014
\u2014
\u2014
462.8
436.9
462.8
436.9
Rest of the world
\u2014
\u2014
\u2014
\u2014
58.6
72.4
58.6
72.4
Revenue from contracts with customers
4.4
2.8
151.9
29.8
5\u00a0329.5
4\u00a0880.0
5\u00a0485.8
4\u00a0912.6
Other income
2.2
5.5
21.5
18.9
3.9
9.1
27.6
33.4
Operational revenue
4
6.7
8.3
173.3
48.7
5\u00a0333.4
4\u00a0889.1
5\u00a0513.4
4\u00a0946.0
SOURCE OF REVENUE
The main source of revenue for the Group is sales of Atlantic salmon, including elaborated products.
The business area Sales & Marketing represents the majority of the Group's external revenue. The revenue distribution for Sales &
Marketing according to product categories was as follows in 2023 (2022): Fresh bulk 40% (41%), smoked/marinated 17% (15%), fresh MAP
20% (17%), fresh prepared 14% (16%), frozen prepared 3% (3%), frozen bulk 1% (1%) and other 6% (7%). The revenue distribution for Sales &
Marketing according to customer categories was as follows in 2023 ( 2022): Retail 54% (50%), Distributors 22% (24%), Industry 11% (12%),
Foodservice 9% (10%) and Smoke houses 3% (4%).
Revenue for the Farming business area includes other income as insurance income, government grants, rental income from sales of surplus
primary processing capacity, as well as revenue from sales of fish, eggs, smolt and cleanerfish. Revenue from customers in the Business
Area Feed is related to sales of feed to external parties.
No customers accounts for 10% or more of the Group's revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-349": { "value": "
NOTE 6 - BIOLOGICAL ASSETS
VALUATION OF BIOLOGICAL ASSETS
Biological assets are, in accordance with IAS 41, measured at fair value less cost to sell. All fish at sea are subject to a fair value calculation,
while broodstock and smolt are measured at cost less impairment losses.
Biomass measured at fair value, is categorised at Level 3 in the fair value hierarchy, as the input is mostly unobservable. In line with IFRS 13,
the highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, we
consider that the fish have optimal harvest weight at 4 kg gutted. This corresponds to a live weight of approximately 4.8 kg (there may be
regional variances). Fish of this weight or above are classified as ready for harvest (mature fish), while fish that have still not achieved this
weight are classified as not ready for harvest (immature fish). The valuations are carried out at business unit level based on a common model
and basis for assumptions established at group level. All assumptions are subject to monthly quality assurance and analysis at the group
level.
The valuations are based on an income approach and takes into consideration unobservable input based on biomass in the sea, the
estimated growth rate and cost to completion at site level. Mortality, quality of the fish going forward and market price are considered at
business unit level. A special assessment is performed for sites with high/low performance due to disease or other deviating factors. The
market prices are derived from observable market prices where available.
ASSUMPTIONS USED FOR DETERMINING FAIR VALUE OF LIVE FISH
The estimated fair value of the biomass will always be based on uncertain assumptions, even though the group has built substantial
expertise in assessing these factors. Estimates are applied to the following factors; biomass volume, the quality of the biomass, size
distribution, cost, mortality and market prices.
Biomass volume: The biomass volume is in itself an estimate based on the number of smolt released into the sea, the estimated growth from
the time of stocking, estimated mortality based on observed mortality in the period, etc. There is normally little uncertainty with regard to
biomass volume.
The level of uncertainty will, however, be higher if an incident has resulted in mass mortality, especially early in the cycle, or if the fish's
health status restricts handling. If the total biomass at sea was 1% lower than our estimates, this would result in an change in value of EUR
-6.5 million.
The quality of the biomass: The quality of the biomass can be difficult to assess prior to harvesting, if the reason for downgrading is related
to muscle quality (e.g. the effect of Kudoa in Canada). In Norway downgraded fish is normally priced according to standard rates of
deduction compared to a Superior quality fish. In our fair value model for salmon of Norwegian origin, we have used EUR 0.21 and EUR 0.61
as deductions from Superior grade for Ordinary and Production grade quality respectively. In other countries the price deductions related to
quality are not as standardised. The quality of harvested fish has been good in 2023. For the Group as a whole, 88% of the fish were graded
as Superior quality. A one percentage point change from Superior quality to Production grade quality would result in a change in value of
EUR -3.8 million.
The size distribution: Fish in sea grow at different rates, and even in a situation with good estimates for the average weight of the fish there
can be a considerable spread in the quality and weight of the fish. The size distribution affects the price achieved for the fish, as each size
category of fish is priced separately in the market. When estimating the biomass value, a normal size distribution is applied.
Cost: For the estimation of future costs, there is uncertainty with regard to feed prices, other input costs and biological development. Mowi
measures cost deviations vs. budget as part of the follow up of business units. Excluding special situations (incidents etc.), the deviations in
costs vs budgets are normally limited for a group of sites, although individual sites might show deviations. The estimation of costs influences
the biomass value through the recognised fair value adjustment in the statements of comprehensive income and financial position
(calculated as fair value less accumulated biological costs).
Mortality: Normalised mortality will affect the fair value estimates both as a reduction of estimated harvesting volumes and because cost to
completion includes cost incurred on fish that eventually will perish.
Market price: The market price assumption is very important for the valuation and even minor changes in the market price will result in
significant changes in the valuation. The methodology used for establishing the market price is explained in Note 2. A EUR 0.1 decrease in
the market price would result in a decrease in value of EUR 17.1 million.
The market price risk is reduced through fixed price/volume customer contracts and financial contracts, as well as our downstream
integration as explained in Note 13.
Climate Risk : Climate risk is included in the assessment for calculating the Fair value of live fish. Due to the short time period relevant for the
Fair value uplift (maximum of 2 years) climate risk has not had a material effect on the valuation of biomass in sea.
WRITE-DOWN OF BIOMASS AND INCIDENT-BASED MORTALITY
Incident-based mortality is accounted for when a site either experiences elevated mortality over time or substantial mortality due to an
incident at the farm (outbreak of disease, lack of oxygen etc). The cost of incident based mortality is included in \u201ccost of materials\u201d in the
statement of comprehensive income. The fair value element is adjusted through fair value adjustment on incident based mortality, and
included in net fair value adjustment in the statement of comprehensive income.
RECONCILIATION OF CHANGES IN THE CARRYING AMOUNT OF BIOLOGICAL ASSETS
(EUR MILLION)
2023
2022
Carrying amount as of 01.01
1\u00a0912.5
1\u00a0529.5
Cost to stock
2\u00a0570.5
2\u00a0259.3
Net fair value adjustment
37.4
113.7
Mortality for fish in sea
-97.4
-88.7
Cost of harvested fish expensed
-2\u00a0265.7
-1\u00a0964.5
Write-downs
-15.6
-18.3
Effects of business combinations
13.7
83.3
Currency translation differences
-12.0
-1.9
Total carrying amount of biological assets as of 31.12
2\u00a0143.6
1\u00a0912.5
FAIR VALUE ADJUSTMENT ON BIOLOGICAL ASSETS IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2023
2022
Mowi Norway
354.6
305.5
Mowi Chile
25.6
48.2
Mowi Canada
24.9
26.9
Mowi Scotland
57.2
52.3
Mowi Faroe Islands
13.5
8.9
Mowi Ireland
3.2
0.2
Arctic Fish
14.8
15.2
Total fair value adjustment included in carrying amount in the statement of financial position
493.9
457.2
Biomass at cost
1\u00a0649.7
1\u00a0455.3
Total biological assets
2\u00a0143.6
1\u00a0912.5
FAIR VALUE ADJUSTMENT ON BIOLOGICAL ASSETS IN THE STATEMENT OF COMPREHENSIVE
INCOME
(EUR MILLION)
2023
2022
Mowi Norway
672.4
843.7
Mowi Chile
97.1
120.1
Mowi Canada
44.2
82.4
Mowi Scotland
74.2
126.2
Mowi Faroe Islands
17.1
15.7
Mowi Ireland
6.1
10.4
Arctic Fish
14.5
\u2014
Total fair value adjustment in the statement of comprehensive income
925.6
1\u00a0198.6
FAIR VALUE ADJUSTMENT ON HARVESTED FISH IN THE STATEMENT OF COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Mowi Norway
-611.3
-752.9
Mowi Chile
-117.5
-112.0
Mowi Canada
-44.1
-73.7
Mowi Scotland
-67.3
-102.7
Mowi Faroe Islands
-12.5
-13.8
Mowi Ireland
-3.1
-13.1
Arctic Fish
-14.9
\u2014
Total fair value uplift in the statement of comprehensive income
-870.8
-1\u00a0068.2
FAIR VALUE ADJUSTMENT ON INCIDENT BASED MORTALITY IN THE STATEMENT OF
COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Mowi Norway
-11.9
-12.0
Mowi Chile
-0.8
-2.1
Mowi Canada
-1.6
4.2
Mowi Scotland
-3.1
-5.7
Mowi Faroe Islands
\u2014
-0.2
Mowi Ireland
\u2014
-0.7
Arctic Fish
\u2014
\u2014
Total fair value uplift in the statement of comprehensive income
-17.4
-16.6
NET FAIR VALUE ADJUSTMENT IN THE STATEMENT OF COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Mowi Norway
49.2
78.8
Mowi Chile
-21.2
6.0
Mowi Canada
-1.5
12.9
Mowi Scotland
3.8
17.8
Mowi Faroe Islands
4.6
1.7
Mowi Ireland
3.0
-3.4
Arctic Fish
-0.4
\u2014
Total fair value uplift in the statement of comprehensive income
37.4
113.7
VOLUMES OF BIOMASS
(TONNES)
2023
2022
Volume of biomass harvested during the year (gutted weight)
474\u00a0664
463\u00a0635
Volume of biomass in the sea at year-end (live weight)
311\u00a0707
295\u00a0279
SENSITIVITY EFFECT ON FAIR VALUE (SALMON ONLY) AT YEAR-END
(EUR MILLION)
PRICE
-0.1 EUR
BIOMASS
-1% LWT
QUALITY
-1% SUP
Mowi Norway
-8.7
-4.4
-0.5
Mowi Chile
-2.4
-0.4
-0.4
Mowi Canada
-2.4
-0.6
-1.3
Mowi Scotland
-2.6
-0.6
-1.5
Mowi Faroe Islands
-0.6
-0.3
\u2014
Mowi Ireland
-0.1
\u2014
\u2014
Arctic Fish
-0.3
-0.2
\u2014
Total sensitivity effect on fair value
-17.1
-6.5
-3.8
INCIDENT-BASED MORTALITY 2023 (SALMON ONLY)
INCIDENT-BASED
MORTALITY
(1000 TONNES)
INCIDENT-BASED
MORTALITY IN % OF
TOTAL MORTALITY
(VOLUME)
Mowi Norway
9.7
25.9%
Mowi Chile
0.9
20.1%
Mowi Canada
1.6
35.0%
Mowi Scotland
3.0
34.4%
Mowi Faroe Islands
\u2014
\u2014%
Mowi Ireland
0.4
25.8%
Arctic Fish
\u2014
\u2014
Mowi Group
15.6
26.2%
FORWARD PRICES USED IN FAIR VALUE CALCULATION 1)
QUARTER
EUR/KG
Q1 2024
9.65
Q2 2024
10.09
Q3 2024
7.47
Q4 2024
7.69
Q1 2025
9.20
Q2 2025
9.16
1) Norway, Faroe Islands and Arctic Fish only. Before reduction of export costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-350": { "value": "
NOTE 7 - INVENTORY
INVENTORY
(EUR MILLION)
2023
2022
Raw materials and goods in process
390.5
421.5
Finished goods
214.6
182.4
Total inventory
605.1
603.9
The amounts above are net after provision for obsolete goods, EUR 34.2 million (EUR 23.1 million). The amount of inventory recognised as
an expense during the period totalled EUR 2 267.9 million (EUR 1 802.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-352": { "value": "
NOTE 8 - IMPAIRMENT TESTING OF INTANGIBLE ASSETS
At year-end 2023, the market value of the Group\u2019s equity was significantly higher than the carrying amount of equity, which is an indication
that the market considers the value of the Group\u2019s assets to exceed the carrying amount. For all cash generating units (CGUs), the
recoverable amount has been determined based on a value-in-use calculation using cash flow projections based on approved budgets for
the first year. The four next years are based on the approved long-term plan, followed by a terminal value calculation. The net present value
of the cash flow is compared to the carrying amount in the CGU. If the carrying amount is higher than the calculated value in use, an
impairment loss is recognised in profit and loss, reducing the asset value to the calculated value in use. The estimated cash flows are based
on the assumption of continued operation as part of the Mowi Group.
There has been no changes in the identified CGUs for the year 2023.
KEY ASSUMPTIONS
The key assumptions used in the calculation of value in use are harvested volume, EBIT(DA)/margins, capital expenditure, discount rates
and the terminal growth rates. Please see the table below for a summary of the key assumptions for each CGU.
Harvest volume
The expected harvest volume is based on the fish currently being held at sea, forward stocking plan and adjusted for the expected future
increase in production given today's licenses. This evaluation has been performed CGU by CGU and is updated yearly.
EBIT(DA)/Margins
The key profit target for salmon farming and sales is EBIT per kg, while value-added operations are measured in terms of EBIT/EBITDA in %
of sales. EBIT per kg is highly volatile due to fluctuations in the price of salmon. Costs can under normal circumstances be forecast with a
relatively high level of accuracy. As Mowi has entered into long-term sales contracts for a proportion of the volume to be harvested in 2024,
the margin for 2024 can be forecasted with a higher level of accuracy than the margin for the years beyond (2025-2028). With regards to
the terminal, an expected long-term EBIT pr. kg has been used in the Farming entities and an expected EBIT in % of sales has been used
for other operations. In the calculation we have used the EBIT margin from the Long Term Plan per entity, and reduced this to 90%. This
principle has been applied in all Farming entities for the terminal value.
Capital expenditure
In the five-year forecast period, the capital expenditure necessary to meet the expected growth in revenue and profit is taken into
consideration. Consistent with the Group\u2019s plan, the capital expenditure level for 2024 is high to further grow the operations. Beyond 2024,
capital expenditures are aligned with growth and replacement plans. Capital expenditure to comply with current laws and regulations has
been included. Capital expenditure related to committed and approved efficiency improvement programmes has also been included to
support the inclusion of the benefits in the applied margin.
Changes in applicable laws and regulations may affect future estimated capital expenditure needs; this is not reflected in the figures used in
the impairment test. Beyond the forecast period, capital expenditure will in general equal depreciation and relate to maintenance
investments.
Discount rate
The discount rates are based on the Weighted Average Cost of Capital (WACC) methodology. The cost of equity is based on Capital Asset
Pricing Model (CAPM). The cost of debt is based on the risk-free rate in the applicable country. In the model, a ten-year risk-free rate has
been used. Calculation of the final discount rates (WACC) also takes into account market risk premium, debt risk premium, gearing and beta
value. In the calculations, the Group has applied estimated cash flows before tax and the corresponding discount rates before tax.
Terminal growth rates
Growth after the five-year forecast period has in general been set independently for each cash-generating unit. The assessment includes
historical views of inflation rates, growth compared to risk free rate as well as long term government inflation targets. The maximum growth
rate applied beyond the forecast period is 2%. This is lower than the expected growth rates in the first five years and lower than the historic
growth rate in salmon demand.
Sensitivity
With regard to the assessment of recoverable amount, the Group is of the view that no reasonably likely change in any of the above key
assumptions would cause the carrying value to materially exceed the recoverable amount for any of the CGUs. With regards to
environmental changes, we have performed a sensitivity analysis, and the Group is in the view that likely climate changes will not materially
change the outcome of the impairment test. Regarding climate risk, the Group has incorporated expected effects of climate change,
inflation, wars, pandemics, nature risk and other external factors in the budget assumptions for 2024 and as part of the budgeting process
for the long term plan for 2025-2028. For further information regarding environmental risk, references are made to Note 3B.
The significant key assumptions with regards to sensitivity are expected harvest volumes and EBIT(DA)/Margins.
ASSUMPTIONS
CASH GENERATING UNITS
HARVEST
VOLUME 2023
(GWT)
WACC
TERMINAL
BEFORE TAX
VALUE GROWTH %
2023
2022
2023
2022
Mowi Norway Farming
294\u00a0501
10.9%
11.7%
2.0%
1.6%
Mowi Chile Farming
69\u00a0199
12.9%
11.3%
2.0%
1.5%
Mowi Canada Farming
28\u00a0575
11.7%
9.8%
2.0%
1.6%
Mowi Scotland Farming
54\u00a0950
11.0%
9.2%
2.0%
1.6%
Mowi Ireland Farming
4\u00a0534
9.8%
8.0%
2.0%
1.6%
Mowi Faroe Islands Farming
11\u00a0027
8.7%
9.4%
2.0%
1.6%
Arctic Fish
11\u00a0878
9.4%
\u2014%
2.0%
\u2014%
Mowi Consumer Products Europe
\u2014
10.0%
9.0%
2.0%
0.2%
Mowi Asia
\u2014
11.3%
9.9%
2.0%
1.6%
Mowi USA
\u2014
11.1%
11.1%
2.0%
1.5%
Mowi Feed
\u2014
10.3%
9.5%
2.0%
1.6%
Total
474\u00a0664
Please see table below for an overview of the CGU's with allocated intangible assets as of December 31, 2023 and 2022.
CASH GENERATING UNITS
(EUR MILLION)
GOODWILL
LICENSES
2023
2022
2023
2022
Mowi Norway Farming
185.9
185.9
594.5
568.1
Mowi Scotland Farming
8.0
7.3
104.4
75.2
Mowi Canada Farming
38.4
39.0
155.3
157.8
Mowi Chile Farming
\u2014
\u2014
118.0
126.9
Mowi Ireland Farming
\u2014
\u2014
2.2
2.2
Mowi Faroe Islands Farming
\u2014
\u2014
6.5
6.6
Arctic Fish
46.2
51.2
233.0
257.4
Mowi Consumer Products
89.7
88.0
\u2014
\u2014
Total
368.1
371.4
1\u00a0213.9
1\u00a0194.2
Impairment testing of non-current assets
Impairment tests for specific non-current assets are performed when there are indications of impairment. In 2023, a net loss in fixed assets
of EUR 2.7 million was booked in Canada, EUR 1.4 million in Spain, EUR 0.8 million in Iceland, EUR 0,3 million in Norway, EUR 0.3 million in
Chile and EUR 0.3 million in Poland. Based on evaluation no additional impairment due to climate risk and no changes in useful life have
been deemed required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-351": { "value": "
NOTE 8 - IMPAIRMENT TESTING OF INTANGIBLE ASSETS
At year-end 2023, the market value of the Group\u2019s equity was significantly higher than the carrying amount of equity, which is an indication
that the market considers the value of the Group\u2019s assets to exceed the carrying amount. For all cash generating units (CGUs), the
recoverable amount has been determined based on a value-in-use calculation using cash flow projections based on approved budgets for
the first year. The four next years are based on the approved long-term plan, followed by a terminal value calculation. The net present value
of the cash flow is compared to the carrying amount in the CGU. If the carrying amount is higher than the calculated value in use, an
impairment loss is recognised in profit and loss, reducing the asset value to the calculated value in use. The estimated cash flows are based
on the assumption of continued operation as part of the Mowi Group.
There has been no changes in the identified CGUs for the year 2023.
KEY ASSUMPTIONS
The key assumptions used in the calculation of value in use are harvested volume, EBIT(DA)/margins, capital expenditure, discount rates
and the terminal growth rates. Please see the table below for a summary of the key assumptions for each CGU.
Harvest volume
The expected harvest volume is based on the fish currently being held at sea, forward stocking plan and adjusted for the expected future
increase in production given today's licenses. This evaluation has been performed CGU by CGU and is updated yearly.
EBIT(DA)/Margins
The key profit target for salmon farming and sales is EBIT per kg, while value-added operations are measured in terms of EBIT/EBITDA in %
of sales. EBIT per kg is highly volatile due to fluctuations in the price of salmon. Costs can under normal circumstances be forecast with a
relatively high level of accuracy. As Mowi has entered into long-term sales contracts for a proportion of the volume to be harvested in 2024,
the margin for 2024 can be forecasted with a higher level of accuracy than the margin for the years beyond (2025-2028). With regards to
the terminal, an expected long-term EBIT pr. kg has been used in the Farming entities and an expected EBIT in % of sales has been used
for other operations. In the calculation we have used the EBIT margin from the Long Term Plan per entity, and reduced this to 90%. This
principle has been applied in all Farming entities for the terminal value.
Capital expenditure
In the five-year forecast period, the capital expenditure necessary to meet the expected growth in revenue and profit is taken into
consideration. Consistent with the Group\u2019s plan, the capital expenditure level for 2024 is high to further grow the operations. Beyond 2024,
capital expenditures are aligned with growth and replacement plans. Capital expenditure to comply with current laws and regulations has
been included. Capital expenditure related to committed and approved efficiency improvement programmes has also been included to
support the inclusion of the benefits in the applied margin.
Changes in applicable laws and regulations may affect future estimated capital expenditure needs; this is not reflected in the figures used in
the impairment test. Beyond the forecast period, capital expenditure will in general equal depreciation and relate to maintenance
investments.
Discount rate
The discount rates are based on the Weighted Average Cost of Capital (WACC) methodology. The cost of equity is based on Capital Asset
Pricing Model (CAPM). The cost of debt is based on the risk-free rate in the applicable country. In the model, a ten-year risk-free rate has
been used. Calculation of the final discount rates (WACC) also takes into account market risk premium, debt risk premium, gearing and beta
value. In the calculations, the Group has applied estimated cash flows before tax and the corresponding discount rates before tax.
Terminal growth rates
Growth after the five-year forecast period has in general been set independently for each cash-generating unit. The assessment includes
historical views of inflation rates, growth compared to risk free rate as well as long term government inflation targets. The maximum growth
rate applied beyond the forecast period is 2%. This is lower than the expected growth rates in the first five years and lower than the historic
growth rate in salmon demand.
Sensitivity
With regard to the assessment of recoverable amount, the Group is of the view that no reasonably likely change in any of the above key
assumptions would cause the carrying value to materially exceed the recoverable amount for any of the CGUs. With regards to
environmental changes, we have performed a sensitivity analysis, and the Group is in the view that likely climate changes will not materially
change the outcome of the impairment test. Regarding climate risk, the Group has incorporated expected effects of climate change,
inflation, wars, pandemics, nature risk and other external factors in the budget assumptions for 2024 and as part of the budgeting process
for the long term plan for 2025-2028. For further information regarding environmental risk, references are made to Note 3B.
The significant key assumptions with regards to sensitivity are expected harvest volumes and EBIT(DA)/Margins.
ASSUMPTIONS
CASH GENERATING UNITS
HARVEST
VOLUME 2023
(GWT)
WACC
TERMINAL
BEFORE TAX
VALUE GROWTH %
2023
2022
2023
2022
Mowi Norway Farming
294\u00a0501
10.9%
11.7%
2.0%
1.6%
Mowi Chile Farming
69\u00a0199
12.9%
11.3%
2.0%
1.5%
Mowi Canada Farming
28\u00a0575
11.7%
9.8%
2.0%
1.6%
Mowi Scotland Farming
54\u00a0950
11.0%
9.2%
2.0%
1.6%
Mowi Ireland Farming
4\u00a0534
9.8%
8.0%
2.0%
1.6%
Mowi Faroe Islands Farming
11\u00a0027
8.7%
9.4%
2.0%
1.6%
Arctic Fish
11\u00a0878
9.4%
\u2014%
2.0%
\u2014%
Mowi Consumer Products Europe
\u2014
10.0%
9.0%
2.0%
0.2%
Mowi Asia
\u2014
11.3%
9.9%
2.0%
1.6%
Mowi USA
\u2014
11.1%
11.1%
2.0%
1.5%
Mowi Feed
\u2014
10.3%
9.5%
2.0%
1.6%
Total
474\u00a0664
Please see table below for an overview of the CGU's with allocated intangible assets as of December 31, 2023 and 2022.
CASH GENERATING UNITS
(EUR MILLION)
GOODWILL
LICENSES
2023
2022
2023
2022
Mowi Norway Farming
185.9
185.9
594.5
568.1
Mowi Scotland Farming
8.0
7.3
104.4
75.2
Mowi Canada Farming
38.4
39.0
155.3
157.8
Mowi Chile Farming
\u2014
\u2014
118.0
126.9
Mowi Ireland Farming
\u2014
\u2014
2.2
2.2
Mowi Faroe Islands Farming
\u2014
\u2014
6.5
6.6
Arctic Fish
46.2
51.2
233.0
257.4
Mowi Consumer Products
89.7
88.0
\u2014
\u2014
Total
368.1
371.4
1\u00a0213.9
1\u00a0194.2
NOTE 9 - INTANGIBLE ASSETS
SPECIFICATION OF INTANGIBLE ASSETS 2023
(EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS 1)
TOTAL
Acquisition cost as of 01.01
643.4
1\u00a0377.5
70.9
2\u00a0091.8
Additions in the year as a result of acquisitions2)
\u2014
27.7
\u2014
27.7
Additions in the year
0.5
27.0
5.4
32.9
Disposals / scrapping in the year
\u2014
-1.6
\u2014
-1.7
Foreign currency adjustments
-8.2
-35.3
-0.1
-43.6
Total acquisition cost as of 31.12
635.7
1\u00a0395.2
76.2
2\u00a0107.1
Accumulated amortisation and impairment losses as of 01.01
272.0
183.3
41.0
496.4
Amortisation in the year
\u2014
\u2014
2.6
2.6
Impairment losses in the year
\u2014
3.1
0.3
3.4
Disposals/ scrapping in the year
\u2014
-0.6
\u2014
-0.7
Foreign currency adjustments
-4.5
-4.3
-0.2
-9.0
Total accumulated amortisation and impairment losses as of 31.12
267.5
181.3
43.7
492.6
Total carrying amount as of 31.12
368.1
1\u00a0213.9
32.5
1\u00a0614.5
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to purchase of Dawnfresh.
SPECIFICATION OF INTANGIBLE ASSETS 2022
(EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS 1)
TOTAL
Acquisition cost as of 01.01
586.4
1\u00a0093.4
65.4
1\u00a0745.1
Additions in the year as a result of acquisitions
53.4
283.4
\u2014
336.8
Additions in the year2)
\u2014
2.3
5.4
7.7
Reclassification
\u2014
-0.4
\u2014
-0.4
Disposals / scrapping in the year
\u2014
\u2014
-0.7
-0.7
Foreign currency adjustments
3.7
-1.2
0.7
3.2
Total acquisition cost as of 31.12
643.4
1\u00a0377.5
70.9
2\u00a0091.8
Accumulated amortisation and impairment losses as of 01.01
265.2
173.6
38.7
477.6
Amortisation in the year
\u2014
\u2014
2.8
2.8
Impairment losses in the year
\u2014
3.8
\u2014
3.8
Reclassification
\u2014
-0.4
-0.3
-0.7
Disposals/scrapping in the year
\u2014
\u2014
-0.7
-0.7
Foreign currency adjustments
6.8
6.3
0.4
13.5
Total accumulated amortisation and impairment losses as of 31.12
272.0
183.3
41.0
496.4
Total carrying amount as of 31.12
371.4
1\u00a0194.2
29.8
1\u00a0595.4
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to the purchase of Arctic Fish and Wester Ross Fisheries.
SPECIFICATION OF
SEAWATER LICENSES
NUMBER OF
LICENSES/
TENURES
NUMBER OF
LICENSES/
TENURES IN USE
TOTAL CURRENT
PRODUCTION
CAPACITY 3)
(T TONNES)
OTHER LIMITATIONS
Mowi Norway1)
234.5
234.5
320
MAB limitation per license
Mowi Chile
184
30-40
120-130
Mowi Scotland
84
48
140
MAB limitation per license
Mowi Canada
105
34
128
MAB limitation per license
Mowi Ireland
20
13
10
Mowi Faroe Islands2)
3
3
11
Arctic Fish
10
10
27
1) CAC and BRC licenses not included.
2) Total capacity is 16 tonnes over a 18 month cycle.
3) Total production capacity HOG, full utilisation.
SPECIFICATION LICENSES 2023
TOTAL CURRENT
PRODUCTION
CAPACITY 2)
(T TONNES)
HARVEST VOLUME
(SALMON ONLY)
UTILISATION BASED
ON PRODUCTION
CAPACITY
BOOK VALUE 1)
(EUR MILLION)
BOOK VALUE PER
PRODUCTION
VOLUME
Mowi Norway
320
294\u00a0501
93%
594.5
2.0
Mowi Chile
120-130
69\u00a0199
53%-58%
118.0
1.7
Mowi Scotland
140
54\u00a0950
39%
104.4
1.9
Mowi Canada
128
28\u00a0575
22%
155.3
5.4
Mowi Ireland
10
4\u00a0534
45%
2.2
0.5
Mowi Faroe Islands
11
11\u00a0027
100%
6.5
0.6
Arctic Fish
27
11\u00a0878
44%
232.9
19.6
Total
474\u00a0664
1\u00a0213.9
2.6
1) Book value includes freshwater licenses in addition to seawater licenses.
2)Total production capacity HOG, full utilisation.
The recognised value of our fish farming licenses in our Statement of Financial Position was EUR 1 213.9 million and EUR 1 194.2 million in
December\u00a031, 2023 and 2022 respectively. Measured in EUR per kg salmon harvested the values were EUR 2.6 and EUR 2.0 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-354": { "value": "
NOTE 9 - INTANGIBLE ASSETS
SPECIFICATION OF INTANGIBLE ASSETS 2023
(EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS 1)
TOTAL
Acquisition cost as of 01.01
643.4
1\u00a0377.5
70.9
2\u00a0091.8
Additions in the year as a result of acquisitions2)
\u2014
27.7
\u2014
27.7
Additions in the year
0.5
27.0
5.4
32.9
Disposals / scrapping in the year
\u2014
-1.6
\u2014
-1.7
Foreign currency adjustments
-8.2
-35.3
-0.1
-43.6
Total acquisition cost as of 31.12
635.7
1\u00a0395.2
76.2
2\u00a0107.1
Accumulated amortisation and impairment losses as of 01.01
272.0
183.3
41.0
496.4
Amortisation in the year
\u2014
\u2014
2.6
2.6
Impairment losses in the year
\u2014
3.1
0.3
3.4
Disposals/ scrapping in the year
\u2014
-0.6
\u2014
-0.7
Foreign currency adjustments
-4.5
-4.3
-0.2
-9.0
Total accumulated amortisation and impairment losses as of 31.12
267.5
181.3
43.7
492.6
Total carrying amount as of 31.12
368.1
1\u00a0213.9
32.5
1\u00a0614.5
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to purchase of Dawnfresh.
SPECIFICATION OF INTANGIBLE ASSETS 2022
(EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS 1)
TOTAL
Acquisition cost as of 01.01
586.4
1\u00a0093.4
65.4
1\u00a0745.1
Additions in the year as a result of acquisitions
53.4
283.4
\u2014
336.8
Additions in the year2)
\u2014
2.3
5.4
7.7
Reclassification
\u2014
-0.4
\u2014
-0.4
Disposals / scrapping in the year
\u2014
\u2014
-0.7
-0.7
Foreign currency adjustments
3.7
-1.2
0.7
3.2
Total acquisition cost as of 31.12
643.4
1\u00a0377.5
70.9
2\u00a0091.8
Accumulated amortisation and impairment losses as of 01.01
265.2
173.6
38.7
477.6
Amortisation in the year
\u2014
\u2014
2.8
2.8
Impairment losses in the year
\u2014
3.8
\u2014
3.8
Reclassification
\u2014
-0.4
-0.3
-0.7
Disposals/scrapping in the year
\u2014
\u2014
-0.7
-0.7
Foreign currency adjustments
6.8
6.3
0.4
13.5
Total accumulated amortisation and impairment losses as of 31.12
272.0
183.3
41.0
496.4
Total carrying amount as of 31.12
371.4
1\u00a0194.2
29.8
1\u00a0595.4
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to the purchase of Arctic Fish and Wester Ross Fisheries.
SPECIFICATION OF
SEAWATER LICENSES
NUMBER OF
LICENSES/
TENURES
NUMBER OF
LICENSES/
TENURES IN USE
TOTAL CURRENT
PRODUCTION
CAPACITY 3)
(T TONNES)
OTHER LIMITATIONS
Mowi Norway1)
234.5
234.5
320
MAB limitation per license
Mowi Chile
184
30-40
120-130
Mowi Scotland
84
48
140
MAB limitation per license
Mowi Canada
105
34
128
MAB limitation per license
Mowi Ireland
20
13
10
Mowi Faroe Islands2)
3
3
11
Arctic Fish
10
10
27
1) CAC and BRC licenses not included.
2) Total capacity is 16 tonnes over a 18 month cycle.
3) Total production capacity HOG, full utilisation.
SPECIFICATION LICENSES 2023
TOTAL CURRENT
PRODUCTION
CAPACITY 2)
(T TONNES)
HARVEST VOLUME
(SALMON ONLY)
UTILISATION BASED
ON PRODUCTION
CAPACITY
BOOK VALUE 1)
(EUR MILLION)
BOOK VALUE PER
PRODUCTION
VOLUME
Mowi Norway
320
294\u00a0501
93%
594.5
2.0
Mowi Chile
120-130
69\u00a0199
53%-58%
118.0
1.7
Mowi Scotland
140
54\u00a0950
39%
104.4
1.9
Mowi Canada
128
28\u00a0575
22%
155.3
5.4
Mowi Ireland
10
4\u00a0534
45%
2.2
0.5
Mowi Faroe Islands
11
11\u00a0027
100%
6.5
0.6
Arctic Fish
27
11\u00a0878
44%
232.9
19.6
Total
474\u00a0664
1\u00a0213.9
2.6
1) Book value includes freshwater licenses in addition to seawater licenses.
2)Total production capacity HOG, full utilisation.
The recognised value of our fish farming licenses in our Statement of Financial Position was EUR 1 213.9 million and EUR 1 194.2 million in
December\u00a031, 2023 and 2022 respectively. Measured in EUR per kg salmon harvested the values were EUR 2.6 and EUR 2.0 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-353": { "value": "
NOTE 9 - INTANGIBLE ASSETS
SPECIFICATION OF INTANGIBLE ASSETS 2023
(EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS 1)
TOTAL
Acquisition cost as of 01.01
643.4
1\u00a0377.5
70.9
2\u00a0091.8
Additions in the year as a result of acquisitions2)
\u2014
27.7
\u2014
27.7
Additions in the year
0.5
27.0
5.4
32.9
Disposals / scrapping in the year
\u2014
-1.6
\u2014
-1.7
Foreign currency adjustments
-8.2
-35.3
-0.1
-43.6
Total acquisition cost as of 31.12
635.7
1\u00a0395.2
76.2
2\u00a0107.1
Accumulated amortisation and impairment losses as of 01.01
272.0
183.3
41.0
496.4
Amortisation in the year
\u2014
\u2014
2.6
2.6
Impairment losses in the year
\u2014
3.1
0.3
3.4
Disposals/ scrapping in the year
\u2014
-0.6
\u2014
-0.7
Foreign currency adjustments
-4.5
-4.3
-0.2
-9.0
Total accumulated amortisation and impairment losses as of 31.12
267.5
181.3
43.7
492.6
Total carrying amount as of 31.12
368.1
1\u00a0213.9
32.5
1\u00a0614.5
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to purchase of Dawnfresh.
SPECIFICATION OF INTANGIBLE ASSETS 2022
(EUR MILLION)
GOODWILL
LICENSES
OTHER
INTANGIBLE
ASSETS 1)
TOTAL
Acquisition cost as of 01.01
586.4
1\u00a0093.4
65.4
1\u00a0745.1
Additions in the year as a result of acquisitions
53.4
283.4
\u2014
336.8
Additions in the year2)
\u2014
2.3
5.4
7.7
Reclassification
\u2014
-0.4
\u2014
-0.4
Disposals / scrapping in the year
\u2014
\u2014
-0.7
-0.7
Foreign currency adjustments
3.7
-1.2
0.7
3.2
Total acquisition cost as of 31.12
643.4
1\u00a0377.5
70.9
2\u00a0091.8
Accumulated amortisation and impairment losses as of 01.01
265.2
173.6
38.7
477.6
Amortisation in the year
\u2014
\u2014
2.8
2.8
Impairment losses in the year
\u2014
3.8
\u2014
3.8
Reclassification
\u2014
-0.4
-0.3
-0.7
Disposals/scrapping in the year
\u2014
\u2014
-0.7
-0.7
Foreign currency adjustments
6.8
6.3
0.4
13.5
Total accumulated amortisation and impairment losses as of 31.12
272.0
183.3
41.0
496.4
Total carrying amount as of 31.12
371.4
1\u00a0194.2
29.8
1\u00a0595.4
Estimated lifetime
3 - 25 years
Amortisation method
Linear
1) Other intangible assets includes assets under construction.
2) Additions in the year as a result of acquisitions are related to the purchase of Arctic Fish and Wester Ross Fisheries.
SPECIFICATION OF
SEAWATER LICENSES
NUMBER OF
LICENSES/
TENURES
NUMBER OF
LICENSES/
TENURES IN USE
TOTAL CURRENT
PRODUCTION
CAPACITY 3)
(T TONNES)
OTHER LIMITATIONS
Mowi Norway1)
234.5
234.5
320
MAB limitation per license
Mowi Chile
184
30-40
120-130
Mowi Scotland
84
48
140
MAB limitation per license
Mowi Canada
105
34
128
MAB limitation per license
Mowi Ireland
20
13
10
Mowi Faroe Islands2)
3
3
11
Arctic Fish
10
10
27
1) CAC and BRC licenses not included.
2) Total capacity is 16 tonnes over a 18 month cycle.
3) Total production capacity HOG, full utilisation.
SPECIFICATION LICENSES 2023
TOTAL CURRENT
PRODUCTION
CAPACITY 2)
(T TONNES)
HARVEST VOLUME
(SALMON ONLY)
UTILISATION BASED
ON PRODUCTION
CAPACITY
BOOK VALUE 1)
(EUR MILLION)
BOOK VALUE PER
PRODUCTION
VOLUME
Mowi Norway
320
294\u00a0501
93%
594.5
2.0
Mowi Chile
120-130
69\u00a0199
53%-58%
118.0
1.7
Mowi Scotland
140
54\u00a0950
39%
104.4
1.9
Mowi Canada
128
28\u00a0575
22%
155.3
5.4
Mowi Ireland
10
4\u00a0534
45%
2.2
0.5
Mowi Faroe Islands
11
11\u00a0027
100%
6.5
0.6
Arctic Fish
27
11\u00a0878
44%
232.9
19.6
Total
474\u00a0664
1\u00a0213.9
2.6
1) Book value includes freshwater licenses in addition to seawater licenses.
2)Total production capacity HOG, full utilisation.
The recognised value of our fish farming licenses in our Statement of Financial Position was EUR 1 213.9 million and EUR 1 194.2 million in
December\u00a031, 2023 and 2022 respectively. Measured in EUR per kg salmon harvested the values were EUR 2.6 and EUR 2.0 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-355": { "value": "
NOTE 10 - PROPERTY, PLANT AND EQUIPMENT
SPECIFICATION OF PPE 2023
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY
& EQUIPMENT
TRANSPORT
NETS,
PENS &
MOORINGS
UNDER
CONSTRUCTION
/PREPAYMENTS
OTHER
TANGIBLE
TOTAL
Acquisition cost as of 01.01
1\u00a0039.1
1\u00a0260.1
385.7
535.9
333.4
70.7
3\u00a0625.0
Acquisitions through business
combinations
2.7
4.2
0.2
\u2014
\u2014
\u2014
7.1
Additions in the year
80.4
89.5
59.4
75.9
51.6
10.4
367.2
Reclassification
-8.2
-18.4
-2.9
-4.9
0.2
\u2014
-34.1
Disposals / scrapping in the year
-2.8
-11.9
-3.5
-14.4
\u2014
-0.5
-33.1
Foreign currency adjustments
-7.4
10.2
-1.2
-3.4
4.4
-0.8
1.8
Total acquisition cost as of 31.12
1\u00a0103.9
1\u00a0333.7
437.8
589.1
389.6
79.8
3\u00a0933.9
Accumulated depreciation and
impairment losses as of 01.01
400.8
924.4
194.0
329.2
13.3
52.4
1\u00a0914.0
Depreciation in the year
41.9
76.0
29.7
50.7
\u2014
3.8
202.1
Impairment losses and reversal of
previous write-downs in the year
0.6
1.7
\u2014
0.6
0.5
2.4
5.8
Reclassification
-8.1
-18.4
-2.8
-4.7
\u2014
-0.1
-34.1
Disposals / scrapping in the year
-2.5
-12.9
-3.3
-13.0
0.7
-2.2
-33.1
Foreign currency adjustments
-1.2
-3.0
-0.3
-2.5
3.1
-0.8
-4.6
Total accumulated depreciation and
impairment losses as of 31.12
431.4
967.8
217.4
360.4
17.7
55.5
2\u00a0050.0
Total carrying amount as of 31.12
672.4
366.1
220.5
228.6
372.0
24.2
1\u00a0883.9
Estimated lifetime
Land; infinite
Buildings; 0-20
years
5-20 years
3-10 years
5-10 years
n/a
3-10 years
\u00a0
Depreciation method
Linear
Linear
Linear
Linear
n/a
Linear
\u00a0
SPECIFICATION OF PPE 2022
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY
& EQUIPMENT
TRANSPORT
NETS,
PENS\u00a0&
MOORINGS
UNDER
CONSTRUCTION
/PREPAYMENTS
OTHER
TANGIBLE
TOTAL
Acquisition cost as of 01.01
928.7
1\u00a0209.2
341.5
471.3
246.7
64.0
3\u00a0261.3
Acquisitions through business
combinations
67.0
4.0
20.1
16.3
\u2014
\u2014
107.5
Additions in the year
58.2
68.0
30.2
58.5
96.9
8.3
320.0
Reclassification
\u2014
-1.3
\u2014
\u2014
0.6
-0.9
-1.5
Disposals / scrapping in the year
-6.5
-19.8
-4.1
-8.9
-0.1
-1.9
-41.3
Foreign currency adjustments
-8.3
0.1
-2.0
-1.3
-10.8
1.0
-21.2
Total acquisition cost as of 31.12
1\u00a0039.1
1\u00a0260.1
385.7
535.9
333.4
70.7
3\u00a0625.0
Accumulated depreciation and
impairment losses as of 01.01
355.9
862.9
172.3
293.5
22.5
50.5
1\u00a0757.5
Depreciation in the year
41.1
71.8
25.7
43.3
\u2014
3.5
185.4
Impairment losses and reversal of
previous write-downs in the year
7.6
6.8
1.0
0.1
0.5
\u2014
16.1
Reclassification
1.5
-3.2
0.1
1.2
\u2014
-0.8
-1.2
Disposals /scrapping in the year
-5.7
-19.0
-3.9
-8.7
-0.2
-1.9
-39.3
Foreign currency adjustments
0.4
5.1
-1.2
-0.2
-9.6
1.0
-4.5
Total accumulated depreciation and
impairment losses as of 31.12
400.8
924.4
194.0
329.2
13.3
52.4
1\u00a0914.0
Total carrying amount as of 31.12
638.3
335.9
191.7
206.6
320.1
18.3
1\u00a0711.0
Estimated lifetime
Land; infinite
Buildings; 0-20
years
5-20 years
3-10 years
5-10 years
n/a
3-10 years
\u00a0
Depreciation method
Linear
Linear
Linear
Linear
n/a
Linear
\u00a0
Sale of non-current assets
Non-current tangible assets have been sold during the year, and the net gain on the sale of assets (included in the line item Other
operating expenses in the consolidated statement of comprehensive income) amounts to EUR 1.6 million in 2023. The corresponding figure
for 2022 is EUR 3.8 million.
Impairment testing of non-current assets
Impairment tests for specific non-current assets are performed when there are indications of impairment. In 2023, a net loss in fixed assets
of EUR 2.7 million was booked in Canada, EUR 1.4 million in Spain, EUR 0.8 million in Iceland, EUR 0,3 million in Norway, EUR 0.3 million in
Chile and EUR 0.3 million in Poland. Based on evaluation no additional impairment due to climate risk and no changes in useful life have
been deemed required.
Contractual commitments
Mowi has entered into significant contractual commitments for the acquisition of property, plant and equipment at year-end 2023 . The
significant commitments are related to Farming Norway with EUR 45.7 million, Farming Scotland with EUR 18.4 million, Farming Iceland with
EUR 4.6 million, Farming Chile with EUR 3.5 million, Farming Faroes with EUR 3.3 million, Feed Norway with EUR 3.7 millions and Sales and
Marketing with EUR 1.1 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-357": { "value": "
Contractual commitments
Mowi has entered into significant contractual commitments for the acquisition of property, plant and equipment at year-end 2023 . The
significant commitments are related to Farming Norway with EUR 45.7 million, Farming Scotland with EUR 18.4 million, Farming Iceland with
EUR 4.6 million, Farming Chile with EUR 3.5 million, Farming Faroes with EUR 3.3 million, Feed Norway with EUR 3.7 millions and Sales and
Marketing with EUR 1.1 million.
NOTE 27 - CONTINGENT LIABILITIES AND PROVISIONS
UPDATE ON THE ALLEGATIONS OF PRICE COLLUSION
On 25 January 2024, Mowi received a Statement of Objections from the European Commission as a result of the Commission's inspections in
February 2019 of several Norwegian producers of farmed Atlantic salmon, including Mowi. The Statement of Objections is not a final decision, but
rather the Commission's preliminary view that the companies under investigation may have breached the EU competition rules.
Mowi contests the Commission's preliminary view and the characteristics of the alleged behaviour in the market for farmed Norwegian Atlantic
salmon, and strongly believes there has been no infringement of the competition rules. Mowi will now carefully review the commission's Statement
and reply in writing, following standard process. Issuing a Statement of Objections and opening a formal procedure does not in any way prejudge
the outcome. The Commission will first after the parties have exercised their rights of defence conclude on whether the alleged behaviour amounts
to a violation of the EU competition rules.
Furthermore, Mowi has been named a defendant in civil law proceedings by a group of claimants in the UK, including Scotland. Mowi disputes the
allegations, which suggest a breach of applicable competition law on Mowi's part. The civil law claims clearly lack merit and are entirely
unsubstantiated.
The class action complaint in Canada, in which Mowi was one of the defendants, has been settled and approved by Canadian courts, with no
admission or finding of liability against Mowi or any other defendant.
OTHER CASES
We are routinely involved in various legal matters arising from the course of our business.
While the outcome of these proceedings cannot be predicted with certainty, we believe that, when resolved, they will not have any material adverse
effect on our results, financial position or liquidity.
Please refer to note 30 for an overview of the financial impact of provisions recognised in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-356": { "value": "
Contractual commitments
Mowi has entered into significant contractual commitments for the acquisition of property, plant and equipment at year-end 2023 . The
significant commitments are related to Farming Norway with EUR 45.7 million, Farming Scotland with EUR 18.4 million, Farming Iceland with
EUR 4.6 million, Farming Chile with EUR 3.5 million, Farming Faroes with EUR 3.3 million, Feed Norway with EUR 3.7 millions and Sales and
Marketing with EUR 1.1 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-358": { "value": "
NOTE 11 - INTEREST-BEARING DEBT
INTEREST-BEARING DEBT
(EUR MILLION)
2023
2022
Non-current interest-bearing bank debt
1\u00a0744.2
1\u00a0377.7
Green bond
199.5
199.1
Schuldschein loan
149.3
149.0
Total non-current interest-bearing debt
2\u00a0093.0
1\u00a0725.8
Current interest-bearing bank debt
0.1
11.6
Bond
\u2014
200.0
Current interest-bearing debt
0.1
211.6
Total interest-bearing debt
2\u00a0093.1
1\u00a0937.4
Financing of the Mowi Group is mainly carried out through the parent company Mowi ASA. External financing is obtained by subsidiaries
only if this is optimal for the Group. Mowi complied with its loan covenants at the end of 2023.
The following programmes are the main sources of financing for the Mowi Group as of December\u00a031, 2023:
EUR 2 000 MILLION SUSTAINABILITY-LINKED REVOLVING CREDIT FACILITY
In September 2021, Mowi signed a senior secured five-year, EUR 1 800 million multicurrency sustainability-linked revolving credit facility (the
\"Facility Agreement\") with DNB, Nordea, ABN Amro, Rabobank, Danske Bank, SEB and Cr\u00e9dit Agricole. In 2023, an accordion increase
option for EUR 200 million was exercised, increasing the total facility size to EUR 2 000 million. The Facility Agreement includes a further
accordion increase option, which provides flexibility for the parties to agree to increase the size of the Facility Agreement by an additional
EUR 100 million during the remaining term. The principal financial covenant of the Facility Agreement is an equity ratio of minimum 35%, with
the calculation of the ratio being adjusted for the effects of IFRS 16. Furthermore, the ability of the Group to take on new debt is regulated
by the loan agreement. The facility has final maturity in September 2026.
The facility is available to Mowi ASA and selected subsidiaries. In addition, the revolving credit facility may be allocated in part as bilateral
credits (including overdraft facilities and facilities for the issuance of guarantees) between syndicate banks and group companies.
Drawings at year end 2023 on the syndicated credit facility amount to EUR 1 615.9 million, up from 1 310.0 million at year end 2022.
EUR 150 MILLION SCHULDSCHEIN LOAN
In May 2019, Mowi entered into a EUR 120 million, seven-year senior unsecured loan in the German Schuldschein market, increased to EUR
150 million in August 2019. The loan consists of two floating-rate tranches of EUR 99 million and EUR 30 million, and a fixed-rate tranche of
EUR 21 million, and the sole financial covenant is an equity ratio of minimum 30%. Mowi pays semi-annual interest of six-month EURIBOR
(floored at 0%) plus 1.70% p.a. on the floating-rate tranches and, through a corresponding interest rate swap, six-month EURIBOR plus
1.705% p.a. on the fixed-rate tranche. All tranches are non-amortising and are repayable in May 2026.
EUR 200 MILLION GREEN BOND
In January 2020, Mowi issued the first green bond in the seafood sector, with a principal amount of EUR 200 million. The bond issue carries
a\u00a0coupon of three-month EURIBOR (floored at 0%) plus 1.60% p.a., payable quarterly, and the sole financial covenant is an equity ratio of
minimum 30%. The green bond is unsecured and is repayable in January 2025 with no interim instalments. The proceeds from the green
bond issue have been used to finance or refinance green projects as further defined by Mowi's recently updated green finance framework,
which received a medium green shading from CICERO Shades of Green in May 2023. The bond is listed on the Oslo Stock Exchange and
in Euronext ESG Bonds section with ISIN: N0 0010874050.
EUR 170 MILLION ARCTIC FISH SUSTAINABILITY-LINKED CREDIT FACILITIES
In October 2023, Arctic Fish signed a senior secured three-year, EUR 170 million sustainability-linked credit facilities agreement (the \"Arctic
Fish Facilities Agreement\") with Danske Bank, DNB, Nordea and Rabobank. The Arctic Fish Facilities Agreement comprises a EUR 120
million term loan and a EUR 50 million revolving credit facility to finance day-to-day operations and future growth of the company. The term
loan will be repayable by quarterly instalments of EUR 3 million beginning in December 2025, and the facilities have final maturity in
November 2026. The agreement includes two one-year extension options providing flexibility for the parties to agree to extend the final
maturity of the facilities.
Drawings on the aggregated facilities at year end 2023 amount to EUR 127.5 million.
CASH MOVEMENTS FINANCING ACTIVITIES
CASH MOVEMENTS FINANCING ACTIVITIES
(EUR MILLION)
INTEREST-BEARING DEBT
DERIVATIVES
Balance at January 1, 2023
1\u00a0937.4
11.9
Proceeds from loans and borrowings
158.9
\u2014
Total changes from financing cash flows
158.9
\u2014
The effect of changes in foreign exchange rates
-10.4
\u2014
Changes in fair value
\u2014
-5.6
Liability-related
-10.4
-5.6
Capitalised borrowing cost
4.2
\u2014
Interest expense
95.0
0.3
Interest paid
-92.4
-0.3
Total liability-related other changes
6.7
\u2014
Balance at December 31, 2023
2\u00a0092.6
6.3
In addition Mowi has paid EUR 14.2 million in interest expenses for leasing during 2023. For cash details in regards to leasing, please see note 29.
CASH MOVEMENTS FINANCING ACTIVITIES
(EUR MILLION)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 INTEREST-BEARING DEBT
DERIVATIVES
Balance at January 1, 2022
1\u00a0358.9
7.0
Proceeds from loans and borrowings
499.9
\u2014
Total changes from financing cash flows
499.9
\u2014
Changes from business combinations
78.3
The effect of changes in foreign exchange rates
-3.4
\u2014
Changes in fair value
\u2014
4.9
Liability-related
74.9
4.9
Capitalised borrowing cost
1.7
\u2014
Interest expense
36.3
4.1
Interest paid
-34.3
-4.1
Total liability-related other changes
3.7
\u2014
Balance at December 31, 2022
1\u00a0937.4
11.9
In addition Mowi has paid EUR 12.7 million in interest expenses for leasing during 2022. For cash details in regards to leasing, please see note 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-359": { "value": "
The following programmes are the main sources of financing for the Mowi Group as of December\u00a031, 2023:
EUR 2 000 MILLION SUSTAINABILITY-LINKED REVOLVING CREDIT FACILITY
In September 2021, Mowi signed a senior secured five-year, EUR 1 800 million multicurrency sustainability-linked revolving credit facility (the
\"Facility Agreement\") with DNB, Nordea, ABN Amro, Rabobank, Danske Bank, SEB and Cr\u00e9dit Agricole. In 2023, an accordion increase
option for EUR 200 million was exercised, increasing the total facility size to EUR 2 000 million. The Facility Agreement includes a further
accordion increase option, which provides flexibility for the parties to agree to increase the size of the Facility Agreement by an additional
EUR 100 million during the remaining term. The principal financial covenant of the Facility Agreement is an equity ratio of minimum 35%, with
the calculation of the ratio being adjusted for the effects of IFRS 16. Furthermore, the ability of the Group to take on new debt is regulated
by the loan agreement. The facility has final maturity in September 2026.
The facility is available to Mowi ASA and selected subsidiaries. In addition, the revolving credit facility may be allocated in part as bilateral
credits (including overdraft facilities and facilities for the issuance of guarantees) between syndicate banks and group companies.
Drawings at year end 2023 on the syndicated credit facility amount to EUR 1 615.9 million, up from 1 310.0 million at year end 2022.
EUR 150 MILLION SCHULDSCHEIN LOAN
In May 2019, Mowi entered into a EUR 120 million, seven-year senior unsecured loan in the German Schuldschein market, increased to EUR
150 million in August 2019. The loan consists of two floating-rate tranches of EUR 99 million and EUR 30 million, and a fixed-rate tranche of
EUR 21 million, and the sole financial covenant is an equity ratio of minimum 30%. Mowi pays semi-annual interest of six-month EURIBOR
(floored at 0%) plus 1.70% p.a. on the floating-rate tranches and, through a corresponding interest rate swap, six-month EURIBOR plus
1.705% p.a. on the fixed-rate tranche. All tranches are non-amortising and are repayable in May 2026.
EUR 200 MILLION GREEN BOND
In January 2020, Mowi issued the first green bond in the seafood sector, with a principal amount of EUR 200 million. The bond issue carries
a\u00a0coupon of three-month EURIBOR (floored at 0%) plus 1.60% p.a., payable quarterly, and the sole financial covenant is an equity ratio of
minimum 30%. The green bond is unsecured and is repayable in January 2025 with no interim instalments. The proceeds from the green
bond issue have been used to finance or refinance green projects as further defined by Mowi's recently updated green finance framework,
which received a medium green shading from CICERO Shades of Green in May 2023. The bond is listed on the Oslo Stock Exchange and
in Euronext ESG Bonds section with ISIN: N0 0010874050.
EUR 170 MILLION ARCTIC FISH SUSTAINABILITY-LINKED CREDIT FACILITIES
In October 2023, Arctic Fish signed a senior secured three-year, EUR 170 million sustainability-linked credit facilities agreement (the \"Arctic
Fish Facilities Agreement\") with Danske Bank, DNB, Nordea and Rabobank. The Arctic Fish Facilities Agreement comprises a EUR 120
million term loan and a EUR 50 million revolving credit facility to finance day-to-day operations and future growth of the company. The term
loan will be repayable by quarterly instalments of EUR 3 million beginning in December 2025, and the facilities have final maturity in
November 2026. The agreement includes two one-year extension options providing flexibility for the parties to agree to extend the final
maturity of the facilities.
Drawings on the aggregated facilities at year end 2023 amount to EUR 127.5 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-360": { "value": "
CASH MOVEMENTS FINANCING ACTIVITIES
CASH MOVEMENTS FINANCING ACTIVITIES
(EUR MILLION)
INTEREST-BEARING DEBT
DERIVATIVES
Balance at January 1, 2023
1\u00a0937.4
11.9
Proceeds from loans and borrowings
158.9
\u2014
Total changes from financing cash flows
158.9
\u2014
The effect of changes in foreign exchange rates
-10.4
\u2014
Changes in fair value
\u2014
-5.6
Liability-related
-10.4
-5.6
Capitalised borrowing cost
4.2
\u2014
Interest expense
95.0
0.3
Interest paid
-92.4
-0.3
Total liability-related other changes
6.7
\u2014
Balance at December 31, 2023
2\u00a0092.6
6.3
In addition Mowi has paid EUR 14.2 million in interest expenses for leasing during 2023. For cash details in regards to leasing, please see note 29.
CASH MOVEMENTS FINANCING ACTIVITIES
(EUR MILLION)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 INTEREST-BEARING DEBT
DERIVATIVES
Balance at January 1, 2022
1\u00a0358.9
7.0
Proceeds from loans and borrowings
499.9
\u2014
Total changes from financing cash flows
499.9
\u2014
Changes from business combinations
78.3
The effect of changes in foreign exchange rates
-3.4
\u2014
Changes in fair value
\u2014
4.9
Liability-related
74.9
4.9
Capitalised borrowing cost
1.7
\u2014
Interest expense
36.3
4.1
Interest paid
-34.3
-4.1
Total liability-related other changes
3.7
\u2014
Balance at December 31, 2022
1\u00a0937.4
11.9
In addition Mowi has paid EUR 12.7 million in interest expenses for leasing during 2022. For cash details in regards to leasing, please see note 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-367": { "value": "
NOTE 12 - FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Interest expenses
-95.2
-36.3
Interest expenses leasing
-14.3
-12.7
Amortised interest cost
-3.6
-3.6
Interest expenses
-113.1
-52.6
Net currency effects on interest-bearing debt
14.4
2.1
Net currency effects on cash, trade receivables and trade payables
-6.7
3.6
Gain/loss on short-term currency swaps
15.7
-6.5
Gain/loss on long-term currency swaps
-5.2
-6.1
Currency effects on leasing (IFRS 16)
17.6
8.4
Net currency effects
35.9
1.4
Interest income
6.5
2.0
Gain/loss on salmon derivatives non-operational
-0.2
-0.8
Change in fair value other financial instruments
0.7
2.9
Change in fair value other shares
-0.3
-0.1
Net other financial items
-11.9
-5.8
Other financial items
-5.1
-1.8
Total financial items
-82.3
-52.9
CATEGORIES OF FINANCIAL
INSTRUMENTS IN THE STATEMENT OF
FINANCIAL POSITION
(EUR MILLION)
FINANCIAL ASSETS AND LIABILITIES
DECEMBER 31, 2023
DEBT INSTRUMENTS AT
AMORTISED COST
FINANCIAL
INSTRUMENTS AT FAIR
VALUE THROUGH
PROFIT OR LOSS
NON-FINANCIAL
ASSETS AND
LIABILITIES
TOTAL
Non-current assets
Other non-current financial assets
\u2014
2.7
\u2014
2.7
Current assets
Trade receivables
654.3
\u2014
\u2014
654.3
Other receivables
148.5
\u2014
105.2
253.7
Other current financial assets
\u2014
19.9
\u2014
19.9
Cash
302.9
\u2014
\u2014
302.9
Non-current liabilities
Non-current interest-bearing debt
-2\u00a0093.0
\u2014
\u2014
-2\u00a0093.0
Current liabilities
Current interest-bearing debt
-0.1
\u2014
\u2014
-0.1
Trade payables
-560.7
\u2014
\u2014
-560.7
Other current financial liabilities
\u2014
-6.3
\u2014
-6.3
Other current liabilities
-144.5
\u2014
-149.4
-293.9
Total
-1\u00a0692.6
16.3
Fair value1)
-1\u00a0693.8
16.3
1) Difference in fair value is related to Non-current interest-bearing debt (Bond).
CATEGORIES OF FINANCIAL
INSTRUMENTS IN THE STATEMENT OF
FINANCIAL POSITION
(EUR MILLION)
FINANCIAL ASSETS AND LIABILITIES
31 DECEMBER 2022
DEBT INSTRUMENTS AT
AMORTISED COST
FINANCIAL
INSTRUMENTS AT FAIR
VALUE THROUGH
PROFIT OR LOSS
NON-FINANCIAL
ASSETS AND
LIABILITIES
TOTAL
Non-current assets
Other non-current financial assets
\u2014
2.7
\u2014
2.7
Current assets
Trade receivables
600.1
\u2014
\u2014
600.1
Other receivables
98.4
\u2014
85.3
183.7
Other current financial assets
\u2014
10.0
\u2014
10.0
Cash
178.5
\u2014
\u2014
178.5
Non-current liabilities
Non-current interest-bearing debt
-1\u00a0725.8
\u2014
\u2014
-1\u00a0725.8
Current liabilities
Current interest-bearing debt
-211.6
\u2014
\u2014
-211.6
Trade payables
-437.0
\u2014
\u2014
-437.0
Other current financial liabilities
\u2014
-11.9
\u2014
-11.9
Other current liabilities
-98.2
\u2014
-145.0
-243.2
Total
-1\u00a0595.6
0.8
Fair value1)
-1\u00a0401.1
0.8
1) Difference in fair value is related to Non-current interest-bearing debt (Bond).
There has not been any reclassification between the categories of financial assets or liabilities in 2023, or 2022 . Details regarding the
criteria for recognition and the basis for measurement of each class of financial instrument are disclosed in Note 2 Significant accounting
principles.
OTHER CURRENT FINANCIAL ASSETS
(EUR MILLION)
2023
2022
Market value of other financial instruments
3.7
6.0
Currency swaps
16.2
4.0
Other current financial assets as of 31.12
19.9
10.0
OTHER CURRENT FINANCIAL LIABILITIES
(EUR MILLION)
2023
2022
Currency swaps
5.3
10.2
Interest rate swaps
1.0
1.7
Other current financial liabilities as of 31.12
6.3
11.9
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value of financial instruments carried at amortised cost
The Group considers that the carrying amount of financial assets and liabilities recognised at amortised cost in the financial statements
approximates their fair value.
Fair value measurements recognised in the statement of financial position
Financial instruments that are measured at fair value subsequent to initial recognition are grouped into a hierarchy of three different levels,
based on the degree to which the fair value is observable:
Level 1:
Fair value determined directly by reference to published quotations.
Level 2:
Fair value estimated using valuation technique based on input other than quoted prices included in level 1 that are observable.
Level 3:
Fair value estimated using a valuation technique based on unobservable data.
ASSETS AND LIABILITIES
MEASURED AT FAIR VALUE
(EUR MILLION)
2023
2022
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 1
LEVEL 2
LEVEL 3
Financial assets/liabilities to fair value through profit or loss:
Other financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current currency swaps
\u2014
16.2
\u2014
\u2014
4.0
\u2014
Interest swaps
\u2014
-1.0
\u2014
\u2014
-1.7
\u2014
Current currency swaps
\u2014
-5.3
\u2014
\u2014
-10.2
\u2014
BONDS AT AMORTISED COST, FAIR VALUE
\u2014
-350.0
\u2014
\u2014
-545.0
\u2014
The own non-performance risk as at December\u00a031, 2023 was assessed to be insignificant. There were no transfers between the levels in
2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-366": { "value": "
NOTE 12 - FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Interest expenses
-95.2
-36.3
Interest expenses leasing
-14.3
-12.7
Amortised interest cost
-3.6
-3.6
Interest expenses
-113.1
-52.6
Net currency effects on interest-bearing debt
14.4
2.1
Net currency effects on cash, trade receivables and trade payables
-6.7
3.6
Gain/loss on short-term currency swaps
15.7
-6.5
Gain/loss on long-term currency swaps
-5.2
-6.1
Currency effects on leasing (IFRS 16)
17.6
8.4
Net currency effects
35.9
1.4
Interest income
6.5
2.0
Gain/loss on salmon derivatives non-operational
-0.2
-0.8
Change in fair value other financial instruments
0.7
2.9
Change in fair value other shares
-0.3
-0.1
Net other financial items
-11.9
-5.8
Other financial items
-5.1
-1.8
Total financial items
-82.3
-52.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-365": { "value": "
NOTE 12 - FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Interest expenses
-95.2
-36.3
Interest expenses leasing
-14.3
-12.7
Amortised interest cost
-3.6
-3.6
Interest expenses
-113.1
-52.6
Net currency effects on interest-bearing debt
14.4
2.1
Net currency effects on cash, trade receivables and trade payables
-6.7
3.6
Gain/loss on short-term currency swaps
15.7
-6.5
Gain/loss on long-term currency swaps
-5.2
-6.1
Currency effects on leasing (IFRS 16)
17.6
8.4
Net currency effects
35.9
1.4
Interest income
6.5
2.0
Gain/loss on salmon derivatives non-operational
-0.2
-0.8
Change in fair value other financial instruments
0.7
2.9
Change in fair value other shares
-0.3
-0.1
Net other financial items
-11.9
-5.8
Other financial items
-5.1
-1.8
Total financial items
-82.3
-52.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-364": { "value": "
NOTE 12 - FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Interest expenses
-95.2
-36.3
Interest expenses leasing
-14.3
-12.7
Amortised interest cost
-3.6
-3.6
Interest expenses
-113.1
-52.6
Net currency effects on interest-bearing debt
14.4
2.1
Net currency effects on cash, trade receivables and trade payables
-6.7
3.6
Gain/loss on short-term currency swaps
15.7
-6.5
Gain/loss on long-term currency swaps
-5.2
-6.1
Currency effects on leasing (IFRS 16)
17.6
8.4
Net currency effects
35.9
1.4
Interest income
6.5
2.0
Gain/loss on salmon derivatives non-operational
-0.2
-0.8
Change in fair value other financial instruments
0.7
2.9
Change in fair value other shares
-0.3
-0.1
Net other financial items
-11.9
-5.8
Other financial items
-5.1
-1.8
Total financial items
-82.3
-52.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-363": { "value": "
NOTE 12 - FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Interest expenses
-95.2
-36.3
Interest expenses leasing
-14.3
-12.7
Amortised interest cost
-3.6
-3.6
Interest expenses
-113.1
-52.6
Net currency effects on interest-bearing debt
14.4
2.1
Net currency effects on cash, trade receivables and trade payables
-6.7
3.6
Gain/loss on short-term currency swaps
15.7
-6.5
Gain/loss on long-term currency swaps
-5.2
-6.1
Currency effects on leasing (IFRS 16)
17.6
8.4
Net currency effects
35.9
1.4
Interest income
6.5
2.0
Gain/loss on salmon derivatives non-operational
-0.2
-0.8
Change in fair value other financial instruments
0.7
2.9
Change in fair value other shares
-0.3
-0.1
Net other financial items
-11.9
-5.8
Other financial items
-5.1
-1.8
Total financial items
-82.3
-52.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-362": { "value": "
NOTE 12 - FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Interest expenses
-95.2
-36.3
Interest expenses leasing
-14.3
-12.7
Amortised interest cost
-3.6
-3.6
Interest expenses
-113.1
-52.6
Net currency effects on interest-bearing debt
14.4
2.1
Net currency effects on cash, trade receivables and trade payables
-6.7
3.6
Gain/loss on short-term currency swaps
15.7
-6.5
Gain/loss on long-term currency swaps
-5.2
-6.1
Currency effects on leasing (IFRS 16)
17.6
8.4
Net currency effects
35.9
1.4
Interest income
6.5
2.0
Gain/loss on salmon derivatives non-operational
-0.2
-0.8
Change in fair value other financial instruments
0.7
2.9
Change in fair value other shares
-0.3
-0.1
Net other financial items
-11.9
-5.8
Other financial items
-5.1
-1.8
Total financial items
-82.3
-52.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-361": { "value": "
NOTE 12 - FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS IMPACT ON COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Interest expenses
-95.2
-36.3
Interest expenses leasing
-14.3
-12.7
Amortised interest cost
-3.6
-3.6
Interest expenses
-113.1
-52.6
Net currency effects on interest-bearing debt
14.4
2.1
Net currency effects on cash, trade receivables and trade payables
-6.7
3.6
Gain/loss on short-term currency swaps
15.7
-6.5
Gain/loss on long-term currency swaps
-5.2
-6.1
Currency effects on leasing (IFRS 16)
17.6
8.4
Net currency effects
35.9
1.4
Interest income
6.5
2.0
Gain/loss on salmon derivatives non-operational
-0.2
-0.8
Change in fair value other financial instruments
0.7
2.9
Change in fair value other shares
-0.3
-0.1
Net other financial items
-11.9
-5.8
Other financial items
-5.1
-1.8
Total financial items
-82.3
-52.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-369": { "value": "
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value of financial instruments carried at amortised cost
The Group considers that the carrying amount of financial assets and liabilities recognised at amortised cost in the financial statements
approximates their fair value.
Fair value measurements recognised in the statement of financial position
Financial instruments that are measured at fair value subsequent to initial recognition are grouped into a hierarchy of three different levels,
based on the degree to which the fair value is observable:
Level 1:
Fair value determined directly by reference to published quotations.
Level 2:
Fair value estimated using valuation technique based on input other than quoted prices included in level 1 that are observable.
Level 3:
Fair value estimated using a valuation technique based on unobservable data.
ASSETS AND LIABILITIES
MEASURED AT FAIR VALUE
(EUR MILLION)
2023
2022
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 1
LEVEL 2
LEVEL 3
Financial assets/liabilities to fair value through profit or loss:
Other financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current currency swaps
\u2014
16.2
\u2014
\u2014
4.0
\u2014
Interest swaps
\u2014
-1.0
\u2014
\u2014
-1.7
\u2014
Current currency swaps
\u2014
-5.3
\u2014
\u2014
-10.2
\u2014
BONDS AT AMORTISED COST, FAIR VALUE
\u2014
-350.0
\u2014
\u2014
-545.0
\u2014
The own non-performance risk as at December\u00a031, 2023 was assessed to be insignificant. There were no transfers between the levels in
2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-368": { "value": "
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value of financial instruments carried at amortised cost
The Group considers that the carrying amount of financial assets and liabilities recognised at amortised cost in the financial statements
approximates their fair value.
Fair value measurements recognised in the statement of financial position
Financial instruments that are measured at fair value subsequent to initial recognition are grouped into a hierarchy of three different levels,
based on the degree to which the fair value is observable:
Level 1:
Fair value determined directly by reference to published quotations.
Level 2:
Fair value estimated using valuation technique based on input other than quoted prices included in level 1 that are observable.
Level 3:
Fair value estimated using a valuation technique based on unobservable data.
ASSETS AND LIABILITIES
MEASURED AT FAIR VALUE
(EUR MILLION)
2023
2022
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 1
LEVEL 2
LEVEL 3
Financial assets/liabilities to fair value through profit or loss:
Other financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current currency swaps
\u2014
16.2
\u2014
\u2014
4.0
\u2014
Interest swaps
\u2014
-1.0
\u2014
\u2014
-1.7
\u2014
Current currency swaps
\u2014
-5.3
\u2014
\u2014
-10.2
\u2014
BONDS AT AMORTISED COST, FAIR VALUE
\u2014
-350.0
\u2014
\u2014
-545.0
\u2014
The own non-performance risk as at December\u00a031, 2023 was assessed to be insignificant. There were no transfers between the levels in
2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-370": { "value": "
ASSETS AND LIABILITIES
MEASURED AT FAIR VALUE
(EUR MILLION)
2023
2022
LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 1
LEVEL 2
LEVEL 3
Financial assets/liabilities to fair value through profit or loss:
Other financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Current currency swaps
\u2014
16.2
\u2014
\u2014
4.0
\u2014
Interest swaps
\u2014
-1.0
\u2014
\u2014
-1.7
\u2014
Current currency swaps
\u2014
-5.3
\u2014
\u2014
-10.2
\u2014
BONDS AT AMORTISED COST, FAIR VALUE
\u2014
-350.0
\u2014
\u2014
-545.0
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-371": { "value": "
NOTE 13 - CAPITAL MANAGEMENT AND RISK MANAGEMENT
LEVERAGE AND CAPITAL ACCESS
Leverage and Capital access (i.e. Capital management) refers to the process of acquiring and utilising capital in the most efficient manner
compared to the available alternatives. The primary objective of the Group\u2019s capital management is to ensure access to capital contributing
to satisfactory operations and maximum generation of shareholder value. The Group manages its capital structure and makes adjustments
in light of changes in underlying economic conditions. Access to borrowed capital is continuously monitored and the Group has a
continuous dialogue with its lenders. The syndicated loan facility sets forth an equity ratio as the only financial covenant. The remaining
portfolio of interest bearing debt does not include more restrictive financial covenants. Mowi complied with the financial covenants in its
loan agreements during and at the end of 2023. Details relating to the main loan programmes in the Group are described in Note 11.
Mowi intends to maintain an equity base suited to the characteristics of its operations, taking into consideration that fish farming is a cyclical
business. At year-end 2023, the equity of Mowi amounted to EUR 3\u00a0754.7 million. The equity share, defined by equity/total assets, was at
the same time 45.6%. Net interest bearing debt, defined as total interest-bearing debt less cash was EUR 1 790.3 million at year-end, above
the long-term target of EUR 1 700 million, excluding effects of IFRS 16. The Board of Directors of Mowi ASA considers the equity in the
Group appropriate for the scale of the operation.
Mowi\u2019s ambition is to create long-term value for the shareholder through both positive share price development and a growing dividend in
line with long-term earnings. In 2020 the Board decided to make dividend payments more predicable and transparent by operationalising
the dividend policy and introducing ordinary and extraordinary dividends. The dividend policy states that:
The quarterly ordinary dividend shall under normal circumstances be at least 50% of underlying earnings per share (EPS).
Excess capital will be paid out as extraordinary dividends.
When deciding excess capital the Board of Directors will take into consideration expected cash flow, capital expenditure plans,
financing requirements and appropriate financial flexibility. Further to this a long-term target level for net interest-bearing debt is
determined, reviewed and updated on a regular basis.
Shareholder returns are distributed primarily as cash dividends with the option of using share buybacks as a complementary
supplement on an ad-hoc basis.
The Board of Directors of Mowi ASA has been given proxies from the Annual General Meeting on 1 June 2023 for the following:
(1) To approve the distribution of dividends based on the Company\u2019s annual accounts for 2023. The authority may be used to approve
the distribution of dividends up to an aggregate amount of NOK 7 500 000 000. The authority is valid for dividends from the date of the
Annual General Meeting on 1 June 2023 until the AGM in 2024, however no later than June 30, 2024.
(2) To purchase up to 51 711 109 shares in the Company (representing 10% of the shares in issue at the time) during the period up until the
AGM in 2024, however no later than June 30, 2024.
(3a) To increase the Company\u2019s share capital by up to 51 711 109 shares (representing 10% of the shares in issue at the time) provided
that the the combined number of shares that are issued pursuant to this authorisation and the authorisation in item 3b below shall not in
aggregate exceed 10% of the Company's current share capital. The authority did not define the purpose(s) of such a capital increase.
The authority expires at the AGM in 2024, however no later than June 30, 2024.
(3b) To take up convertible bond loans of up to NOK 3 200 million (par value), convertible to a share capital equivalent of up to 51 711
109 shares provided that the the combined number of shares that are issued pursuant to this authorisation and the authorisation in item
3a above shall not in aggregate exceed 10% of the Company's current share capital. The authority expires at the AGM in 2024, however
no later than June 30, 2024.
The Group\u2019s principal financial liabilities, other than loans, consist of non-convertible bonds, derivatives and trade payables. These financial
liabilities constitute the majority of the Group\u2019s third party financing. The Group holds financial assets such as trade receivables, cash and
shares.
The Group uses financial derivatives, mainly currency forward contracts, interest rate swaps and financial salmon futures, using large
international banks and Fish Pool ASA as counterparts. The purpose of these derivatives is to manage the interest rate, currency and
salmon price risks arising from the operations of the Group. With the exception of financial salmon futures, no trading activities in financial
instruments are undertaken. On a selective basis, the Group also enters into other financial derivatives such as equity forward contracts.
Details regarding significant accounting policies for financial assets and liabilities are disclosed in Note 2 Significant accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-372": { "value": "
LEVERAGE AND CAPITAL ACCESS
Mowi\u2019s ambition is to create long-term value for the shareholder through both positive share price development and a growing dividend in
line with long-term earnings. In 2020 the Board decided to make dividend payments more predicable and transparent by operationalising
the dividend policy and introducing ordinary and extraordinary dividends. The dividend policy states that:
The quarterly ordinary dividend shall under normal circumstances be at least 50% of underlying earnings per share (EPS).
Excess capital will be paid out as extraordinary dividends.
When deciding excess capital the Board of Directors will take into consideration expected cash flow, capital expenditure plans,
financing requirements and appropriate financial flexibility. Further to this a long-term target level for net interest-bearing debt is
determined, reviewed and updated on a regular basis.
Shareholder returns are distributed primarily as cash dividends with the option of using share buybacks as a complementary
supplement on an ad-hoc basis.
The Board of Directors of Mowi ASA has been given proxies from the Annual General Meeting on 1 June 2023 for the following:
(1) To approve the distribution of dividends based on the Company\u2019s annual accounts for 2023. The authority may be used to approve
the distribution of dividends up to an aggregate amount of NOK 7 500 000 000. The authority is valid for dividends from the date of the
Annual General Meeting on 1 June 2023 until the AGM in 2024, however no later than June 30, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-373": { "value": "
FINANCIAL RISK MANAGEMENT
The Group monitors and manages financial risks arising from operations. These include currency risks, interest rate risk, credit risk and
price/liquidity risk.
The Group seeks to manage these risks through operational measures or (where such measures are not available) through the use of
financial derivatives.
A policy on the management of these risks has been approved by the Board of Directors. The policy includes principles on currency risk,
interest rate risk, price risk, the use of financial instruments and other operational means as well as limits on the maximum and minimum
levels of these exposures.
CURRENCY RISK
In the Mowi Group, several Business Units carry out a\u00a0large number of business transactions in currencies different from the domestic
currency. For the Group, the relative importance of these transactions is substantially larger on the revenue side than on the cost side. To
mitigate the potential fluctuation effects on its cash flows, the Group maintains a foreign exchange strategy designated to manage these
exposures both in the short and long term. For each of Mowi\u2019s units, the Group has defined a\u00a0hedging strategy not designated for hedge
accounting. According to the hedging strategy, units located in the following regions generate cash flow in currencies (main hedging
currencies) according to the below table.
REGION
HEDGING CURRENCY
Europe ex. UK
EUR
UK
GBP
Americas
USD
Asia
USD
For some units the main hedging currency is different from the functional currency.
Transaction exposures arise from firm commitments made to transact in a currency different from the main currency. Each transaction
exposure depends on the duration of the associated commitment, but these are normally be of relatively short duration. Hedging
transactions undertaken to manage transaction exposures are referred to as transaction hedges.
Through hedging of transaction exposures, each Business Unit aims to ensure that its net cash flows in currencies other than its main
hedging currency are hedged towards this currency. Further exposures arise from structural imbalances between the main currencies on
the revenue side and those on the expense side. These imbalances are predominantly a result of production taking place in a different
country from that in which the product is sold. Due to their structural nature, such exposures are of a longer duration than transaction
exposures and are therefore quantified based on estimates of future revenues and expenses. For these purposes, the focus is on the
underlying currency structure of the individual revenue and cost item while the actual currency in which transactions are invoiced is of
lesser importance.
The Mowi Group normally has a net positive cash flow exposure towards EUR, GBP, USD and JPY and a net negative cash flow exposure
towards NOK, CAD and CLP. To hedge Group cash flows against exchange rate fluctuations Mowi has a policy for long-term hedging of the
most predominant net exposures. The Group currently hedges up to 30% of its underlying exposure between EUR/NOK and USD/CAD with
a horizon of up to two years.
As of December 31, 2023 the Group held a portfolio of derivative instruments designed to mitigate transaction and cash flow exposure with
a total contract value of EUR 922.5 million (EUR 544.4 million). Instruments equivalent to 93% (96%) of the contract value mature in 2024 and
no instrument matures after December 2027. The portfolio had a net market value of EUR 10.9 million (EUR -6.7 million) at year end.
Currency exposure in the statement of financial position
As a consequence of the Group\u2019s net cash flows being generated in EUR, GBP and USD, the interest-bearing debt should reflect this
currency structure. On December\u00a031, 2023, the portfolio was in line with policy.
CURRENCY STRUCTURE OF
NET INTEREST-BEARING DEBT
(EUR MILLION)
NOK
USD
EUR
GBP
JPY
DKK
CAD
PLN
OTHER
TOTAL
Cash and cash equivalents
66.4
11.0
169.6
44.5
2.1
1.9
-8.7
4.2
11.9
302.8
Non-current interest-bearing debt
71.6
54.2
1\u00a0921.1
46.1
\u2014
\u2014
\u2014
\u2014
\u2014
2\u00a0093.0
Net interest-bearing debt
5.2
43.2
1\u00a0751.5
1.6
-2.1
-1.9
8.7
-4.2
-11.9
1\u00a0790.3
The carrying amount of interest-bearing debt has been reduced by EUR 6.5 million (EUR 9.4 million) in transaction costs. There are no
significant differences between the carrying amount and the fair value of non-current interest-bearing debt and leasing.
SENSITIVITY ANALYSIS - CHANGE IN EXCHANGE RATES IMPACT ON RESULT
The main sources of sensitivity to exchange rate movements are long-term EUR/NOK forward currency contracts and loans in NOK, USD
and GBP under the multicurrency revolving credit facility. Based on the exposure as of December\u00a031, 2023, the effect of a 15% change in
exchange rates on the long-term currency hedges and the multicurrency loan positions has been estimated. As hedge accounting is not
used there is no impact on other comprehensive income.
CURRENCY PAIR
(EUR MILLION)
EUR/NOK
EUR/USD
EUR/GBP
Effect in EUR from a 15%
increase in the value of
EUR
EUR
EUR
Effect on profit before tax
-25.2
7.1
6.0
INTEREST RATE RISK
Mowi ASA shall over time hedge 0%-35% of the Group\u2019s long-term interest bearing debt by currency with fixed interest or interest rate
derivatives for the first 5 years, and 0% 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. All interest rate hedging shall be executed from the parent company. At year
end 2023 the Group did not have any interest rate swaps outstanding for interest rate hedging.
Based on the debt and interest rate swaps outstanding as of December\u00a031, 2023 a 0.50% point parallel increase in all relevant yield curves
would result in an estimated increase in the Group's annual interest cost of EUR 10.5 million (EUR 9.7 million).
CREDIT RISK
The Group trades only with recognised, creditworthy third parties. It is the Group\u2019s policy that all customers who wish to trade on credit
terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis and as a rule the
Group\u2019s trade receivables are fully credit insured. The Group monitors exposure towards individual customers closely and is not
substantially exposed to any individual customer or contractual partner as of December\u00a031, 2023. The maximum exposure to credit risk at
the reporting date is the carrying value of trade receivables, with reference to Note 17. The Group considers the concentration of risk with
respect to trade receivables as low, as its customers are located in various jurisdictions and operate in different markets.
The Group only enters into derivative transactions with counterparties with an established business relationship to the Group.
PRICE/LIQUIDITY RISK
The Group is continuously monitoring liquidity and estimates expected liquidity development on the basis of budgets and monthly updated
forecasts from the business units. Mowi\u2019s financial position and development depend significantly on spot price developments for salmon,
and these prices have historically been volatile. As such Mowi is exposed to movements in supply and demand for salmon. Mowi has to
some extent mitigated its exposure to spot prices by entering into bilateral fixed price/volume contracts with its customers. The contract
share has normally varied between 20% and 50% of our sold volume, however hedged volumes can increase up to 65% under special
circumstances, and the duration of contracts has typically been three to eighteen months. Furthermore Mowi reduces its exposure to spot
price movements through value added processing activities and tailoring of products for its customers. Other key liquidity risks are
fluctuations in production and harvest volumes, biological issues, and changes in the feed price, feed being the most important individual
factor on the cost side. Feed costs are correlated to the marine and agricultural commodity prices of the ingredients.
Mowi\u2019s aim is to maintain a balance between long-term financing and flexibility by using credit facilities, new borrowings and bonds.
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED
ON CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2023
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0617.9
-1\u00a0795.2
-73.3
-61.0
-1\u00a0661.0
\u2014
Unsecured Schuldschein loan
150.7
-167.8
-8.2
-6.7
-153.0
\u2014
Unsecured Green bond
201.4
-212.9
-10.7
-202.2
\u2014
\u2014
Arctic Fish syndicated loan
127.5
-148.7
-8.3
-7.3
-133.1
\u2014
Other debt
0.9
-0.9
-0.2
-0.2
-0.1
-0.4
Trade payables and other liabilities
560.7
-560.7
-560.7
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
0.1
-0.1
-0.1
\u2014
\u2014
\u2014
Transaction instruments
5.2
-5.2
-4.9
-0.2
-0.1
\u2014
Total financial liabilities1)
2\u00a0664.5
-2\u00a0891.5
-666.4
-277.6
-1\u00a0947.3
-0.4
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED ON
CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2022
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0310.7
-1\u00a0506.2
-59.5
-52.4
-1\u00a0394.4
\u2014
Unsecured bond
200.5
-204.9
-204.9
\u2014
\u2014
\u2014
Unsecured Schuldschein loan
150.1
-172.6
-6.7
-7.1
-158.9
\u2014
Unsecured Green bond
200.2
-219.8
-8.7
-9.2
-201.9
\u2014
Arctic Fish syndicated loan
75.6
-86.1
-14.7
-71.4
\u2014
\u2014
Other debt
1.0
-0.8
-0.1
-0.1
-0.1
-0.4
Trade payables and other liabilities
437.0
-437.0
-437.0
\u2014
\u2014
\u2014
Derivative financial liabilities
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cash flow instruments
4.4
-4.4
-4.4
\u2014
\u2014
\u2014
Transaction instruments
6.3
-6.3
-6.0
-0.2
\u2014
\u2014
Total financial liabilities1)
2\u00a0385.5
-2\u00a0638.1
-742.0
-140.4
-1\u00a0755.3
-0.4
1) For maturity profile of financial liabilities related to leasing debt, please see note 29
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-374": { "value": "
CURRENCY RISK
In the Mowi Group, several Business Units carry out a\u00a0large number of business transactions in currencies different from the domestic
currency. For the Group, the relative importance of these transactions is substantially larger on the revenue side than on the cost side. To
mitigate the potential fluctuation effects on its cash flows, the Group maintains a foreign exchange strategy designated to manage these
exposures both in the short and long term. For each of Mowi\u2019s units, the Group has defined a\u00a0hedging strategy not designated for hedge
accounting. According to the hedging strategy, units located in the following regions generate cash flow in currencies (main hedging
currencies) according to the below table.
REGION
HEDGING CURRENCY
Europe ex. UK
EUR
UK
GBP
Americas
USD
Asia
USD
For some units the main hedging currency is different from the functional currency.
Transaction exposures arise from firm commitments made to transact in a currency different from the main currency. Each transaction
exposure depends on the duration of the associated commitment, but these are normally be of relatively short duration. Hedging
transactions undertaken to manage transaction exposures are referred to as transaction hedges.
Through hedging of transaction exposures, each Business Unit aims to ensure that its net cash flows in currencies other than its main
hedging currency are hedged towards this currency. Further exposures arise from structural imbalances between the main currencies on
the revenue side and those on the expense side. These imbalances are predominantly a result of production taking place in a different
country from that in which the product is sold. Due to their structural nature, such exposures are of a longer duration than transaction
exposures and are therefore quantified based on estimates of future revenues and expenses. For these purposes, the focus is on the
underlying currency structure of the individual revenue and cost item while the actual currency in which transactions are invoiced is of
lesser importance.
The Mowi Group normally has a net positive cash flow exposure towards EUR, GBP, USD and JPY and a net negative cash flow exposure
towards NOK, CAD and CLP. To hedge Group cash flows against exchange rate fluctuations Mowi has a policy for long-term hedging of the
most predominant net exposures. The Group currently hedges up to 30% of its underlying exposure between EUR/NOK and USD/CAD with
a horizon of up to two years.
As of December 31, 2023 the Group held a portfolio of derivative instruments designed to mitigate transaction and cash flow exposure with
a total contract value of EUR 922.5 million (EUR 544.4 million). Instruments equivalent to 93% (96%) of the contract value mature in 2024 and
no instrument matures after December 2027. The portfolio had a net market value of EUR 10.9 million (EUR -6.7 million) at year end.
Currency exposure in the statement of financial position
As a consequence of the Group\u2019s net cash flows being generated in EUR, GBP and USD, the interest-bearing debt should reflect this
currency structure. On December\u00a031, 2023, the portfolio was in line with policy.
CURRENCY STRUCTURE OF
NET INTEREST-BEARING DEBT
(EUR MILLION)
NOK
USD
EUR
GBP
JPY
DKK
CAD
PLN
OTHER
TOTAL
Cash and cash equivalents
66.4
11.0
169.6
44.5
2.1
1.9
-8.7
4.2
11.9
302.8
Non-current interest-bearing debt
71.6
54.2
1\u00a0921.1
46.1
\u2014
\u2014
\u2014
\u2014
\u2014
2\u00a0093.0
Net interest-bearing debt
5.2
43.2
1\u00a0751.5
1.6
-2.1
-1.9
8.7
-4.2
-11.9
1\u00a0790.3
The carrying amount of interest-bearing debt has been reduced by EUR 6.5 million (EUR 9.4 million) in transaction costs. There are no
significant differences between the carrying amount and the fair value of non-current interest-bearing debt and leasing.
SENSITIVITY ANALYSIS - CHANGE IN EXCHANGE RATES IMPACT ON RESULT
The main sources of sensitivity to exchange rate movements are long-term EUR/NOK forward currency contracts and loans in NOK, USD
and GBP under the multicurrency revolving credit facility. Based on the exposure as of December\u00a031, 2023, the effect of a 15% change in
exchange rates on the long-term currency hedges and the multicurrency loan positions has been estimated. As hedge accounting is not
used there is no impact on other comprehensive income.
CURRENCY PAIR
(EUR MILLION)
EUR/NOK
EUR/USD
EUR/GBP
Effect in EUR from a 15%
increase in the value of
EUR
EUR
EUR
Effect on profit before tax
-25.2
7.1
6.0
INTEREST RATE RISK
Mowi ASA shall over time hedge 0%-35% of the Group\u2019s long-term interest bearing debt by currency with fixed interest or interest rate
derivatives for the first 5 years, and 0% 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. All interest rate hedging shall be executed from the parent company. At year
end 2023 the Group did not have any interest rate swaps outstanding for interest rate hedging.
Based on the debt and interest rate swaps outstanding as of December\u00a031, 2023 a 0.50% point parallel increase in all relevant yield curves
would result in an estimated increase in the Group's annual interest cost of EUR 10.5 million (EUR 9.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-375": { "value": "
CREDIT RISK
The Group trades only with recognised, creditworthy third parties. It is the Group\u2019s policy that all customers who wish to trade on credit
terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis and as a rule the
Group\u2019s trade receivables are fully credit insured. The Group monitors exposure towards individual customers closely and is not
substantially exposed to any individual customer or contractual partner as of December\u00a031, 2023. The maximum exposure to credit risk at
the reporting date is the carrying value of trade receivables, with reference to Note 17. The Group considers the concentration of risk with
respect to trade receivables as low, as its customers are located in various jurisdictions and operate in different markets.
The Group only enters into derivative transactions with counterparties with an established business relationship to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-376": { "value": "
PRICE/LIQUIDITY RISK
The Group is continuously monitoring liquidity and estimates expected liquidity development on the basis of budgets and monthly updated
forecasts from the business units. Mowi\u2019s financial position and development depend significantly on spot price developments for salmon,
and these prices have historically been volatile. As such Mowi is exposed to movements in supply and demand for salmon. Mowi has to
some extent mitigated its exposure to spot prices by entering into bilateral fixed price/volume contracts with its customers. The contract
share has normally varied between 20% and 50% of our sold volume, however hedged volumes can increase up to 65% under special
circumstances, and the duration of contracts has typically been three to eighteen months. Furthermore Mowi reduces its exposure to spot
price movements through value added processing activities and tailoring of products for its customers. Other key liquidity risks are
fluctuations in production and harvest volumes, biological issues, and changes in the feed price, feed being the most important individual
factor on the cost side. Feed costs are correlated to the marine and agricultural commodity prices of the ingredients.
Mowi\u2019s aim is to maintain a balance between long-term financing and flexibility by using credit facilities, new borrowings and bonds.
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED
ON CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2023
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0617.9
-1\u00a0795.2
-73.3
-61.0
-1\u00a0661.0
\u2014
Unsecured Schuldschein loan
150.7
-167.8
-8.2
-6.7
-153.0
\u2014
Unsecured Green bond
201.4
-212.9
-10.7
-202.2
\u2014
\u2014
Arctic Fish syndicated loan
127.5
-148.7
-8.3
-7.3
-133.1
\u2014
Other debt
0.9
-0.9
-0.2
-0.2
-0.1
-0.4
Trade payables and other liabilities
560.7
-560.7
-560.7
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
0.1
-0.1
-0.1
\u2014
\u2014
\u2014
Transaction instruments
5.2
-5.2
-4.9
-0.2
-0.1
\u2014
Total financial liabilities1)
2\u00a0664.5
-2\u00a0891.5
-666.4
-277.6
-1\u00a0947.3
-0.4
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED ON
CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2022
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0310.7
-1\u00a0506.2
-59.5
-52.4
-1\u00a0394.4
\u2014
Unsecured bond
200.5
-204.9
-204.9
\u2014
\u2014
\u2014
Unsecured Schuldschein loan
150.1
-172.6
-6.7
-7.1
-158.9
\u2014
Unsecured Green bond
200.2
-219.8
-8.7
-9.2
-201.9
\u2014
Arctic Fish syndicated loan
75.6
-86.1
-14.7
-71.4
\u2014
\u2014
Other debt
1.0
-0.8
-0.1
-0.1
-0.1
-0.4
Trade payables and other liabilities
437.0
-437.0
-437.0
\u2014
\u2014
\u2014
Derivative financial liabilities
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cash flow instruments
4.4
-4.4
-4.4
\u2014
\u2014
\u2014
Transaction instruments
6.3
-6.3
-6.0
-0.2
\u2014
\u2014
Total financial liabilities1)
2\u00a0385.5
-2\u00a0638.1
-742.0
-140.4
-1\u00a0755.3
-0.4
1) For maturity profile of financial liabilities related to leasing debt, please see note 29
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-377": { "value": "
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED
ON CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2023
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0617.9
-1\u00a0795.2
-73.3
-61.0
-1\u00a0661.0
\u2014
Unsecured Schuldschein loan
150.7
-167.8
-8.2
-6.7
-153.0
\u2014
Unsecured Green bond
201.4
-212.9
-10.7
-202.2
\u2014
\u2014
Arctic Fish syndicated loan
127.5
-148.7
-8.3
-7.3
-133.1
\u2014
Other debt
0.9
-0.9
-0.2
-0.2
-0.1
-0.4
Trade payables and other liabilities
560.7
-560.7
-560.7
\u2014
\u2014
\u2014
Derivative financial liabilities
Cash flow instruments
0.1
-0.1
-0.1
\u2014
\u2014
\u2014
Transaction instruments
5.2
-5.2
-4.9
-0.2
-0.1
\u2014
Total financial liabilities1)
2\u00a0664.5
-2\u00a0891.5
-666.4
-277.6
-1\u00a0947.3
-0.4
MATURITY PROFILE OF THE FINANCIAL
LIABILITIES AND DERIVATIVES BASED ON
CONTRACTUAL UNDISCOUNTED
PAYMENTS, INCLUDING INTEREST: 2022
(EUR MILLION)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
WITHIN
1 YEAR
1 -2 YEARS
2 - 5 YEARS
MORE THAN
5 YEARS
Non-derivative financial liabilities
Syndicated loan
1\u00a0310.7
-1\u00a0506.2
-59.5
-52.4
-1\u00a0394.4
\u2014
Unsecured bond
200.5
-204.9
-204.9
\u2014
\u2014
\u2014
Unsecured Schuldschein loan
150.1
-172.6
-6.7
-7.1
-158.9
\u2014
Unsecured Green bond
200.2
-219.8
-8.7
-9.2
-201.9
\u2014
Arctic Fish syndicated loan
75.6
-86.1
-14.7
-71.4
\u2014
\u2014
Other debt
1.0
-0.8
-0.1
-0.1
-0.1
-0.4
Trade payables and other liabilities
437.0
-437.0
-437.0
\u2014
\u2014
\u2014
Derivative financial liabilities
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cash flow instruments
4.4
-4.4
-4.4
\u2014
\u2014
\u2014
Transaction instruments
6.3
-6.3
-6.0
-0.2
\u2014
\u2014
Total financial liabilities1)
2\u00a0385.5
-2\u00a0638.1
-742.0
-140.4
-1\u00a0755.3
-0.4
1) For maturity profile of financial liabilities related to leasing debt, please see note 29
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-379": { "value": "
NOTE 14 - REMUNERATION
SALARY AND PERSONNEL EXPENSES
(EUR MILLION)
2023
2022
Salaries
-426.8
-406.1
Cash bonuses
-34.3
-31.0
Social security taxes
-61.2
-54.9
Pension expenses
-17.4
-16.9
Share price based bonus
-4.8
-4.6
Temporary labor
-71.0
-70.7
Other benefits
-32.5
-28.6
Total salary and personnel expenses
-647.9
-612.6
Average number of FTEs
13\u00a0934
13\u00a0930
At year-end 2023 there were 14\u00a0142 FTEs (full-time employee equivalent) in the Group.
REMUNERATION TO GROUP MANAGEMENT TEAM
(EUR MILLION)
2023
2022
Salaries and other short-term employee benefits
-3.5
-3.4
Post-employment benefits
-0.1
-0.1
Share-based payments
\u2014
-2.6
Total remuneration to Group Management Team
-3.6
-6.1
PENSION PLANS
Pension plans in the Group are mainly defined contribution plans. There are a few defined benefits plans, which are considered to be
immaterial for the Group's financial statements.
PENSION PLANS
(EUR MILLION)
PENSION COST
PENSION NET LIABILITY
(FUND) 31.12
Mowi Norway 1)
-8.9
3.5
Mowi Scotland
-2.4
-4.9
Mowi Canada
-1.9
\u2014
Other entities
-4.3
2.4
Total 2023
-17.4
1.0
Total 2022
-16.9
-4.3
1) The term Mowi Norway includes all Norwegian entities including corporate.
On 16 June 2023 the High Court, in the case \u201cVirgin Media v NTL Pension Trustees II Limited (and others)\u201d, concluded that an amendment
to a scheme\u2019s rules was invalid in the absence of a confirmation from the Scheme Actuary under Section 37 of the Pension Schemes Act
1993. This ruling could have an effect on Mowi Scotland\u2019s pension obligations. It is anticipated that the ruling will be appealed and, given its
significance, could also be subject to government intervention. The potential effect, if any, on Mowi Scotland\u2019s obligations is highly
uncertain. Based on a worst-case scenario the effects are still considered to be immaterial for the Group, hence no provision is recognised
in the financial statement following the High Court ruling.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-378": { "value": "
NOTE 14 - REMUNERATION
At year-end 2023 there were 14\u00a0142 FTEs (full-time employee equivalent) in the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-380": { "value": "
SHARE OPTION SCHEME
Mowi Group has a share-price based payment scheme for senior executives, and management and key experts of Business Areas,
subsidiaries and group functions:
OUTSTANDING
OPTIONS PER ALLOTMENT
2023-ALLOTMENT OF
CALL OPTIONS
2022-ALLOTMENT OF
CALL OPTIONS
2021-ALLOTMENT OF
CALL OPTIONS
2020-ALLOTMENT OF
CALL OPTIONS
Distributed options
1\u00a0615\u00a0000
1\u00a0570\u00a0000
1\u00a0675\u00a0000
1\u00a0125\u00a0000
Forfeited options
-25\u00a0000
-40\u00a0000
-210\u00a0000
-195\u00a0000
Dividend adjustment
29\u00a0781
96\u00a0725
138\u00a0326
93\u00a0052
Total options outstanding at year end 1)
1\u00a0619\u00a0781
1\u00a0626\u00a0725
1\u00a0603\u00a0326
1\u00a0023\u00a0052
Strike price December 31, 2023 (NOK)
202.28
237.02
225.82
190.72
Number of employees in the scheme at year end
33
29
27
25
1) None of the options were exercisable at year-end 2023.
The Share-Price-Based Payment Scheme comprises annual allocations by the Board of Directors of a number of European call options with
a strike price of 107.5% of the share price of Mowi\u2019s shares at the date of the annual general meeting authorising allocations under the
scheme. The options have a term of four years but will become exercisable immediately if a mandatory bid is made for all of the shares in
Mowi or if Mowi is the non-surviving entity in a merger with another company. If the holder of the options exercises the options, the
company may settle its obligation through the issue of new shares or, alternatively, by selling treasury shares to the option holder. There will
be no lock-up obligation on the shares the option holder receives through the exercise of the option. The exercise of the option is
conditional upon the option holder being employed in a non-terminated position in the Group on the date of exercise.
The number of shares and the strike price will be adjusted for dividends and changes in equity capital during the term of the option in
accordance with Oslo Stock Exchange derivative rules (A.2.2.8(1)b). Total profit through the exercise of the option in a year is capped at two
years\u2019 salary for the option holder for the 2020- and 2021-allotment of options.
For the 2022- and 2023-allotment, the exercise of 50% of the options awarded to an option holder is conditional on achievement of
performance criteria, measured in the development of the share price of the Company's shares compared with those of peers
(\"Performance-based Options\"). The exercise of the remaining 50% of the options awarded to an option holder is not conditional on
achievement of such performance criteria (\"Ordinary Options\"). Total profit through the exercise of Performance-based Options in a year is
capped at one year's salary for the option holder, and total profit through the exercise of Ordinary Options in a year is capped at one year's
salary for the option holder.
If the profit exceeds these limits, the number of shares to be issued will be reduced accordingly. Following the 2023 annual general
meeting (the \"AGM\"), the Board of Directors allocated 1 615 000 options with a strike price corresponding to 107.5% of the volume-weighted
average share price on the OSE on the day of the AGM (NOK 206.0698) to a total of 34 individuals.
Eligibility to the senior executive share option scheme is limited to: Group CEO, other Senior Executives and management and key experts
of Business Areas, subsidiaries and group functions, based on the following criteria:
the position and individual is important in realising the Mowi Group ambitions;
the individual is considered critical for the Business Unit(s);
the individual is expected to continue in a role covered by the scheme;
the individual will not retire during the first year of the scheme
SHARE PURCHASE PROGRAMME
In 2023 all permanent employees in Mowi ASA and its Norwegian subsidiaries, as well as permanent employees in Mowi Scotland and
Mowi Canada, had the opportunity to acquire shares in the Company. For the year 2023 these provisions entitled this group of employees
to receive a taxable benefit of NOK 6 000 in connection with their participation in such a scheme. All employees were offered funding of
the purchase price through an interest-free advance on salary from Mowi.
No other loans or guaranties have been granted to key management personnel.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-381": { "value": "
NOTE 15 - TAXES
INCOME TAXES FOR THE YEAR IN THE STATEMENT OF COMPREHENSIVE INCOME
(EUR MILLION)
2023
2022
Norway - Ordinary corporate tax excluding resource rent tax
-114.7
-339.8
Norway - Resource rent tax gross\u00a0 (including production fee)1)
-48.3
-11.8
Norway - Reduction of payable resource rent tax with payable production fee
19.2
\u2014
Foreign units
-54.4
-56.4
Tax on profits (current tax)
-198.2
-408.1
Norway - Ordinary corporate tax excluding resource rent tax
-44.7
166.9
Norway - Resource rent tax1)
-229.9
\u2014
Foreign units
13.6
13.9
Change in deferred tax
-261.0
180.8
Total income taxes related to profit for the year in the statement of comprehensive income
-459.2
-215.5
1) The Norwegian resource rent tax for salmon farming was implemented during 2023 with retrospective effect from 1 January 2023. The
resource rent tax of 25% is applicable to the seawater phase of the value chain. Including ordinary corporate tax rate of 22% the total tax
rate for the seawater phase in Norway will be 47%. Activities outside the seawater phase are not subject to the resource rent tax. A one-off
implementation effect on deferred tax on biomass has been recognised in the statement of comprehensive income for 2023. The payable
resource rent tax is reduced with payable production fee for the year. The production fee expense is included in \"License/production fees\"
in the statement of comprehensive Income.
RECONCILIATION BETWEEN NOMINAL AND EFFECTIVE TAX RATES
(EUR MILLION)
2023
2022
Profit before tax
898.7
1\u00a0000.9
Nominal tax rate
22%
22%
Tax calculated with nominal tax rate
-197.7
-220.2
Non-taxable income/loss on sale of shares
\u2014
5.0
Non-taxable income/loss from associated companies and joint ventures
6.2
13.1
Effect of changed tax rate on deferred tax positions
-4.7
-3.1
Effect of adjustment of income tax from previous years
2.3
-2.4
Effect of recognition of previously non-recognised tax assets
2.1
-3.1
Effect of non-recognition of losses and tax assets
-0.4
-0.4
Resource rent tax Norway
-259.0
\u2014
Other permanent differences
-13.5
-6.8
Effect of different tax rates compared to nominal rate
5.3
2.4
Total income taxes
-459.2
-215.5
TAX PREPAID/RECEIVABLE IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2023
2022
Tax prepaid/receivable in Norway
6.5
8.2
Tax prepaid/receivable in foreign units
25.4
11.7
Total tax prepaid/receivable in the statement of financial position
31.9
19.9
TAX PAYABLE IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2023
2022
Tax payable in Norway
162.1
339.0
Tax payable in foreign units
22.3
38.4
Total tax payable in the statement of financial position
184.4
377.4
SPECIFICATION OF DEFERRED TAX AND BASIS FOR DEFERRED TAX/TAX ASSETS
INCREASING/REDUCING TEMPORARY DIFFERENCES
(EUR MILLION)
2023
2022
Non-current assets
1\u00a0266.2
1\u00a0309.9
Current assets
1\u00a0251.3
84.8
Debt
-90.0
-53.7
Pension obligation
-6.3
-6.6
Tax losses carried forward
-161.0
-133.3
Other differences
25.6
40.8
Total temporary differences
2\u00a0285.8
1\u00a0241.8
Tax losses carried forward in Norway
-7.9
-7.0
Other temporary differences in Norway
1\u00a0732.2
548.8
Tax losses carried forward abroad
-153.2
-126.3
Other temporary differences abroad
714.7
826.4
Total temporary differences
2\u00a0285.8
1\u00a0241.8
TOTAL DEFERRED TAX ASSET/LIABILITIES IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2023
2022
Deferred tax assets
76.0
69.1
Deferred tax liabilities
-820.4
-332.4
Net deferred tax in the statement of financial position
-744.4
-263.3
Mowi has recognised deferred tax assets related to tax losses carried forward. This is based on the expectation of probable sufficient
earnings in the future. The expectations are based on current earnings and approved budgets. Deferred tax assets related to tax losses
carried forward at a total of EUR 119.8 million have not been recognised due to uncertain utilisation.
Deferred tax assets linked to tax losses are offset against deferred tax liabilities in the tax jurisdictions, where acceptable.
MATURITY OF TAX LOSSES
WHERE DEFERRED TAX
LOSS IS RECOGNISED
TO YEAR
(EUR MILLION)
NORWAY
ABROAD
TOTAL
2024
\u2014
0.9
0.9
2025
\u2014
2.8
2.8
2026
\u2014
3.8
3.8
2027
\u2014
1.8
1.8
2028
\u2014
2.7
2.7
2029
\u2014
9.0
9.0
2030
\u2014
4.3
4.3
2031
\u2014
1.2
1.2
2032
\u2014
0.1
0.1
2033+
\u2014
80.9
80.9
Unlimited
7.9
45.7
53.6
Total 2023
7.9
153.2
161.0
Total 2022
7.0
126.3
133.3
MATURITY OF TAX LOSSES
FOR WHICH NO DEFERRED
TAX ASSET IS RECOGNISED
TO YEAR
(EUR MILLION)
NORWAY
ABROAD
TOTAL
2024
\u2014
\u2014
\u2014
2025
\u2014
1.6
1.6
2026
\u2014
0.8
0.8
2027
\u2014
\u2014
\u2014
2028
\u2014
0.7
0.7
2029
\u2014
\u2014
\u2014
2030
\u2014
\u2014
\u2014
2031
\u2014
\u2014
\u2014
2032
\u2014
0.9
0.9
2033+
\u2014
\u2014
\u2014
Unlimited
\u2014
116.0
116.0
Total 2023
\u2014
119.8
119.8
Total 2022
\u2014
115.4
115.4
TAX RATES APPLIED
(SELECTED COUNTRIES)
2023
2022
Japan
30.6%
30.6%
USA
21.0%
21.0%
Belgium
25.0%
25.0%
Iceland
20.0%
20.0%
France
25.0%
25.0%
Norway - seawater
47.0%
22.0%
Norway - excluding seawater
22.0%
22.0%
China
25.0%
25.0%
Netherlands
25.8%
25.8%
Scotland
25.0%
19.0%
Canada West
27.0%
27.0%
Canada East
29.0%
29.0%
Faroe Islands
18.0%
18.0%
Chile
27.0%
27.0%
Poland
19.0%
19.0%
Ireland
12.5%
12.5%
Corporate taxes paid (EUR thousand) 2023
Income taxes
Production/License tax
Total 2023
Norway
98\u00a0614
15\u00a0782
114\u00a0396
Canada
36\u00a0860
12\u00a0083
48\u00a0943
Scotland
12\u00a0719
4\u00a0344
17\u00a0063
The Faroe Islands
726
\u2014
726
Japan
2\u00a0421
\u2014
2\u00a0421
Belgium
1\u00a0884
\u2014
1\u00a0884
Ireland
-342
199
-143
Germany
613
\u2014
613
Czech
320
\u2014
320
Singapore
1\u00a0427
\u2014
1\u00a0427
France
130
\u2014
130
Spain
264
\u2014
264
Netherlands
859
\u2014
859
Italy
115
\u2014
115
South Korea
356
\u2014
356
USA
8\u00a0387
\u2014
8\u00a0387
Vietnam
161
\u2014
161
Sweden
157
\u2014
157
Poland
17\u00a0512
\u2014
17\u00a0512
Chile
-152
2\u00a0639
2\u00a0487
Iceland
\u2014
1\u00a0473
1\u00a0473
Total corporate taxes paid
183\u00a0031
36\u00a0520
219\u00a0551
Corporate taxes paid (EUR thousand) 2022
Income taxes
Production/License tax
Total 2022
Norway
63\u00a0377
19\u00a0104
82\u00a0481
Canada
-12
6\u00a0230
6\u00a0218
Scotland
4\u00a0697
2\u00a0122
6\u00a0819
The Faroe Islands
2\u00a0125
\u2014
2\u00a0125
Japan
3\u00a0023
\u2014
3\u00a0023
Belgium
1\u00a0427
\u2014
1\u00a0427
Ireland
878
188
1\u00a0066
Germany
280
\u2014
280
Czech
363
\u2014
363
Singapore
947
\u2014
947
France
-936
\u2014
-936
Spain
453
\u2014
453
Netherlands
288
\u2014
288
Italy
\u2014
\u2014
\u2014
South Korea
99
\u2014
99
USA
7\u00a0137
\u2014
7\u00a0137
Vietnam
90
\u2014
90
Sweden
-108
\u2014
-108
Poland
3\u00a0565
\u2014
3\u00a0565
Chile
267
2\u00a0742
3\u00a0009
Total corporate taxes paid
87\u00a0960
30\u00a0386
118\u00a0346
OECD Pillar Two model rules
Mowi is within the scope of the OECD Pillar Two model rules. During 2023, Pillar Two legislation was enacted in Norway, the jurisdiction in
which Mowi is incorporated, and will come into effect from 1 January 2024. Since the Pillar Two legislation was not effective at the reporting
date, the group has no related current tax exposure. The group applies the exception to recognising and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
Under the legislation, the group is liable to pay a top-up tax for the difference between its effective tax rate per jurisdiction and a 15%
minimum rate (calculated according to Pillar Two model rules). Based on a preliminary assessment, Mowi has not identified any entities
within the group that will be subject to the top-up tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-382": { "value": "
TAX PREPAID/RECEIVABLE IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2023
2022
Tax prepaid/receivable in Norway
6.5
8.2
Tax prepaid/receivable in foreign units
25.4
11.7
Total tax prepaid/receivable in the statement of financial position
31.9
19.9
TAX PAYABLE IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2023
2022
Tax payable in Norway
162.1
339.0
Tax payable in foreign units
22.3
38.4
Total tax payable in the statement of financial position
184.4
377.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-383": { "value": "
SPECIFICATION OF DEFERRED TAX AND BASIS FOR DEFERRED TAX/TAX ASSETS
INCREASING/REDUCING TEMPORARY DIFFERENCES
(EUR MILLION)
2023
2022
Non-current assets
1\u00a0266.2
1\u00a0309.9
Current assets
1\u00a0251.3
84.8
Debt
-90.0
-53.7
Pension obligation
-6.3
-6.6
Tax losses carried forward
-161.0
-133.3
Other differences
25.6
40.8
Total temporary differences
2\u00a0285.8
1\u00a0241.8
Tax losses carried forward in Norway
-7.9
-7.0
Other temporary differences in Norway
1\u00a0732.2
548.8
Tax losses carried forward abroad
-153.2
-126.3
Other temporary differences abroad
714.7
826.4
Total temporary differences
2\u00a0285.8
1\u00a0241.8
TOTAL DEFERRED TAX ASSET/LIABILITIES IN THE STATEMENT OF FINANCIAL POSITION
(EUR MILLION)
2023
2022
Deferred tax assets
76.0
69.1
Deferred tax liabilities
-820.4
-332.4
Net deferred tax in the statement of financial position
-744.4
-263.3
Mowi has recognised deferred tax assets related to tax losses carried forward. This is based on the expectation of probable sufficient
earnings in the future. The expectations are based on current earnings and approved budgets. Deferred tax assets related to tax losses
carried forward at a total of EUR 119.8 million have not been recognised due to uncertain utilisation.
Deferred tax assets linked to tax losses are offset against deferred tax liabilities in the tax jurisdictions, where acceptable.
MATURITY OF TAX LOSSES
WHERE DEFERRED TAX
LOSS IS RECOGNISED
TO YEAR
(EUR MILLION)
NORWAY
ABROAD
TOTAL
2024
\u2014
0.9
0.9
2025
\u2014
2.8
2.8
2026
\u2014
3.8
3.8
2027
\u2014
1.8
1.8
2028
\u2014
2.7
2.7
2029
\u2014
9.0
9.0
2030
\u2014
4.3
4.3
2031
\u2014
1.2
1.2
2032
\u2014
0.1
0.1
2033+
\u2014
80.9
80.9
Unlimited
7.9
45.7
53.6
Total 2023
7.9
153.2
161.0
Total 2022
7.0
126.3
133.3
MATURITY OF TAX LOSSES
FOR WHICH NO DEFERRED
TAX ASSET IS RECOGNISED
TO YEAR
(EUR MILLION)
NORWAY
ABROAD
TOTAL
2024
\u2014
\u2014
\u2014
2025
\u2014
1.6
1.6
2026
\u2014
0.8
0.8
2027
\u2014
\u2014
\u2014
2028
\u2014
0.7
0.7
2029
\u2014
\u2014
\u2014
2030
\u2014
\u2014
\u2014
2031
\u2014
\u2014
\u2014
2032
\u2014
0.9
0.9
2033+
\u2014
\u2014
\u2014
Unlimited
\u2014
116.0
116.0
Total 2023
\u2014
119.8
119.8
Total 2022
\u2014
115.4
115.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-385": { "value": "
NOTE 16 - CASH
CASH
(EUR MILLION)
2023
2022
Cash in bank
288.4
170.9
Employees' tax deduction
8.0
7.0
Other restricted cash 1)
6.5
0.6
Total cash
302.8
178.5
1) Other restricted cash is mainly composed of deposits to fulfil collateral requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-384": { "value": "
NOTE 16 - CASH
CASH
(EUR MILLION)
2023
2022
Cash in bank
288.4
170.9
Employees' tax deduction
8.0
7.0
Other restricted cash 1)
6.5
0.6
Total cash
302.8
178.5
1) Other restricted cash is mainly composed of deposits to fulfil collateral requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-387": { "value": "
NOTE 17 - TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS
SPECIFICATION OF RECEIVABLES
(EUR MILLION)
2023
2022
Trade receivables
657.5
603.4
Provisions for expected credit losses
-3.2
-3.3
Net trade receivables
654.3
600.1
Prepayments
67.0
53.9
Pension fund
5.3
11.0
Tax prepaid/receivable
31.9
19.9
Other
149.5
99.1
Trade receivables, other receivables and prepayments
253.7
183.7
Total trade receivables, other receivables and prepayments
908.0
783.8
Based on the nature of business, the Group does not have any material contract assets.
AGE DISTRIBUTION OF TRADE RECEIVABLES
(EUR MILLION)
2023
2022
Receivables not overdue
577.1
510.2
Overdue 0-6 months
75.3
84.9
Overdue more than 6 months
5.2
8.3
Total trade receivables
657.5
603.4
MOVEMENT IN PROVISIONS FOR CREDIT LOSSES (TRADE RECEIVABLES)
At the beginning of 2023, provisions for credit losses amounted to EUR 3.3 million. During 2023, EUR 0.4 million were considered lost.
Adjusted for additional provisions for credit losses of EUR 0.3 million the provision at year-end amounted to EUR 3.2 million for 2023. See
also Note 13.
CURRENCY EXPOSURE TO TRADE RECEIVABLES
The Business Units generally complete their sales in the main trading currency in the country of destination. The carrying amount of trade
receivables per currency is presented below.
CURRENCY SPLIT
ACCOUNTS RECEIVABLES
2023
2022
EUR
52%
53%
USD
16%
17%
GBP
12%
9%
NOK
9%
8%
PLN
4%
4%
JPY
3%
4%
CAD
1%
2%
Other
3%
3%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-386": { "value": "
NOTE 17 - TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS
SPECIFICATION OF RECEIVABLES
(EUR MILLION)
2023
2022
Trade receivables
657.5
603.4
Provisions for expected credit losses
-3.2
-3.3
Net trade receivables
654.3
600.1
Prepayments
67.0
53.9
Pension fund
5.3
11.0
Tax prepaid/receivable
31.9
19.9
Other
149.5
99.1
Trade receivables, other receivables and prepayments
253.7
183.7
Total trade receivables, other receivables and prepayments
908.0
783.8
Based on the nature of business, the Group does not have any material contract assets.
AGE DISTRIBUTION OF TRADE RECEIVABLES
(EUR MILLION)
2023
2022
Receivables not overdue
577.1
510.2
Overdue 0-6 months
75.3
84.9
Overdue more than 6 months
5.2
8.3
Total trade receivables
657.5
603.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-388": { "value": "
MOVEMENT IN PROVISIONS FOR CREDIT LOSSES (TRADE RECEIVABLES)
At the beginning of 2023, provisions for credit losses amounted to EUR 3.3 million. During 2023, EUR 0.4 million were considered lost.
Adjusted for additional provisions for credit losses of EUR 0.3 million the provision at year-end amounted to EUR 3.2 million for 2023. See
also Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-390": { "value": "
NOTE 18 - TRADE PAYABLES AND OTHER CURRENT LIABILITIES
CURRENT LIABILITIES
(EUR MILLION)
2023
2022
Trade payables 1)
560.7
437.0
Other current liabilities
Salaries and vacation pay due
74.8
65.5
Social security and other taxes
33.3
44.9
Accrued expenses
133.9
93.8
Other liabilities
51.9
39.2
Total other current liabilities
293.9
243.3
1) As of year-end 2023 the payable related to the Supply Chain Financing was 189.4 million EUR (136.0 million EUR at year-end 2022).
Based on the nature of business, the Group does not have any material contract liabilities.
CURRENT LEASING LIABILITIES
(EUR MILLION)
2023
2022
Current part (first year) leases
174.5
173.5
Total current leasing liabilities
174.6
173.5
UNUSED DRAWING RIGHTS
(EUR MILLION)
2023
2022
Unused part of bank overdraft facility (to be renewed within one year)
7.0
7.3
Unused part of bank overdraft facility (to be renewed in more than one year)
66.0
66.0
Unused part of other drawing rights (to be renewed in more than one year)
341.2
402.5
Total unused drawing rights
414.2
475.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-389": { "value": "
NOTE 18 - TRADE PAYABLES AND OTHER CURRENT LIABILITIES
CURRENT LIABILITIES
(EUR MILLION)
2023
2022
Trade payables 1)
560.7
437.0
Other current liabilities
Salaries and vacation pay due
74.8
65.5
Social security and other taxes
33.3
44.9
Accrued expenses
133.9
93.8
Other liabilities
51.9
39.2
Total other current liabilities
293.9
243.3
1) As of year-end 2023 the payable related to the Supply Chain Financing was 189.4 million EUR (136.0 million EUR at year-end 2022).
Based on the nature of business, the Group does not have any material contract liabilities.
CURRENT LEASING LIABILITIES
(EUR MILLION)
2023
2022
Current part (first year) leases
174.5
173.5
Total current leasing liabilities
174.6
173.5
UNUSED DRAWING RIGHTS
(EUR MILLION)
2023
2022
Unused part of bank overdraft facility (to be renewed within one year)
7.0
7.3
Unused part of bank overdraft facility (to be renewed in more than one year)
66.0
66.0
Unused part of other drawing rights (to be renewed in more than one year)
341.2
402.5
Total unused drawing rights
414.2
475.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-392": { "value": "
NOTE 18 - TRADE PAYABLES AND OTHER CURRENT LIABILITIES
CURRENT LIABILITIES
(EUR MILLION)
2023
2022
Trade payables 1)
560.7
437.0
Other current liabilities
Salaries and vacation pay due
74.8
65.5
Social security and other taxes
33.3
44.9
Accrued expenses
133.9
93.8
Other liabilities
51.9
39.2
Total other current liabilities
293.9
243.3
1) As of year-end 2023 the payable related to the Supply Chain Financing was 189.4 million EUR (136.0 million EUR at year-end 2022).
NOTE 20 - OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES
(EUR MILLION)
2023
2022
Net pension obligations
6.2
6.6
Other non-current liabilities
0.4
1.5
Total other non-current liabilities
6.6
8.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-391": { "value": "
NOTE 18 - TRADE PAYABLES AND OTHER CURRENT LIABILITIES
CURRENT LIABILITIES
(EUR MILLION)
2023
2022
Trade payables 1)
560.7
437.0
Other current liabilities
Salaries and vacation pay due
74.8
65.5
Social security and other taxes
33.3
44.9
Accrued expenses
133.9
93.8
Other liabilities
51.9
39.2
Total other current liabilities
293.9
243.3
1) As of year-end 2023 the payable related to the Supply Chain Financing was 189.4 million EUR (136.0 million EUR at year-end 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-393": { "value": "
NOTE 19 - SECURED LIABILITIES AND GUARANTEES
DEBT SECURED BY MORTGAGES AND PLEDGES
(EUR MILLION)
2023
2022
Debt to financial institutions
1\u00a0934.7
1\u00a0526.4
Leasing debt
0.7
1.0
Total debt secured by mortgages and pledges
1\u00a0935.4
1\u00a0527.4
Guarantee commitments
12.9
20.0
The Mowi Group syndicated loan facility has been established with security in current assets, licenses (where applicable), fixed assets and
guarantees from some of the entities in the Group. In addition the shares in larger subsidiaries have been pledged in favour of the bank
syndicate.
ASSETS PLEDGED AS SECURITY FOR DEBT
(EUR MILLION)
2023
2022
Tangible non-current assets and licenses
1\u00a0824.4
1\u00a0750.1
Inventory and biological assets
2\u00a0381.7
2\u00a0215.1
Trade receivables
381.5
369.0
Other assets
231.7
190.7
Total assets pledged as security
4\u00a0819.3
4\u00a0524.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-394": { "value": "
NOTE 20 - OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES
(EUR MILLION)
2023
2022
Net pension obligations
6.2
6.6
Other non-current liabilities
0.4
1.5
Total other non-current liabilities
6.6
8.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-398": { "value": "
NOTE 21 - INVESTMENTS IN ASSOCIATED COMPANIES AND INTEREST IN JOINT
VENTURES
Associated companies are recorded in Mowi Group statements in accordance with the equity method. None of the associated
companies are listed.
ASSOCIATED COMPANIES
(EUR MILLION)
HEAD
OFFICE
OWNER-
SHIP
OWNED BY
AQUISITION
COST
CARRYING
AMOUNT
01.01.23
SHARE OF
PROFIT
2023
DIVIDENDS
RECEIVED
2023
OTHER
CHANGES
2023 1)
CARRYING
AMOUNT
31.12.23
Nova Sea AS
Lovund
49%
Mowi Holding
AS
29.5
209.7
29.2
-17.2
-10.8
210.8
Others
0.3
2.1
-0.8
\u2014
-0.4
0.9
Total
29.9
211.7
28.4
-17.2
-11.2
211.7
1) Other changes mainly relates to foreign currency adjustments and movements in loans. Finn\u00f8y Fisk AS has been fully consolidated from 2022
ASSOCIATED
COMPANIES
100 % BASIS
(EUR MILLION)
DIVIDEND
RECEIVED
FAIR VALUE
ADJUSTMENT
BIOMASS 1)
TOTAL
REVENUE
TOTAL
PROFIT
AND LOSS
TOTAL
NON-
CURRENT
ASSETS
TOTAL
BIOLOGICAL
ASSETS2)
TOTAL
OTHER
CURRENT
ASSETS
TOTAL NON-
CURRENT
LIABILITIES
TOTAL
CURRENT
LIABILITIES
2023
Nova Sea AS
17.2
27.3
445.8
135.1
470.5
121.6
184.0
0.5
239.2
2022
Nova Sea AS
32.5
25.8
383.7
110.1
211.7
91.9
126.3
0.9
97.8
1) Effect of adjusting Mowi`s share of total biological assets as of December 31 presented above to fair value. The effect is shown after tax.
2) Figures from Nova Sea Havbruk AS.
As of 31 December 2023 Mowi had no significant investment in joint ventures.
NOTE 23 - CONSOLIDATED ENTITIES
The consolidated financial statements include the following companies:
PARENT COMPANY
COUNTRY
Mowi ASA
Norway
SUBSIDIARIES - NORWAY
COUNTRY
OWNERSHIP %
Mowi Seawater Norway AS
Norway
100.00%
Mowi Feed AS
Norway
100.00%
Mowi Genetics AS
Norway
100.00%
Mowi Holding AS
Norway
100.00%
Mowi Minority Holding AS
Norway
100.00%
Mowi Markets Norway AS
Norway
100.00%
Mowi Norway FOU AS
Norway
100.00%
Waynor Trading AS
Norway
100.00%
Arctic Fish Holding AS
Norway
51.28%
Finn\u00f8y Fisk AS
Norway
45.05%
Centre for Aquaculture Competence AS
Norway
33.33%
Blue Revolution Centre AS
Norway
33.33%
SUBSIDIARIES - AMERICAS
COUNTRY
OWNERSHIP %
Mowi North America Inc
Canada
100.00%
Mowi Canada West Inc
Canada
100.00%
Mowi Canada East Inc
Canada
100.00%
Englewood Packing Company Ltd
Canada
100.00%
Mowi Chile S.A
Chile
100.00%
Salmones Tecmar S.A
Chile
100.00%
Processadora De Productos Marinos Delifish S.A
Chile
100.00%
Delifish Farming SPA
Chile
100.00%
Mowi Ducktrap LLC
USA
100.00%
Mowi USA Holding LLC
USA
100.00%
Mowi USA LLC
USA
100.00%
SUBSIDIARIES - ASIA
COUNTRY
OWNERSHIP %
Mowi China Co. Ltd
China
100.00%
Mowi Japan Co. Ltd
Japan
100.00%
Mowi Korea Co. Ltd
South Korea
100.00%
Mowi Singapore Pte Ltd
Singapore
100.00%
Mowi Taiwan Co. Ltd
Taiwan
100.00%
Mowi Vietnam Company Ltd
Vietnam
100.00%
SUBSIDIARIES - EUROPE
COUNTRY
OWNERSHIP %
Mowi Belgium NV
Belgium
100.00%
Mowi Czech s.r.o.
Czech Republic
100.00%
Mowi Faroe Islands P/F
Faroes
100.00%
Mowi France SAS
France
100.00%
Mowi Boulogne SAS
France
100.00%
Mowi Bretagne SAS
France
100.00%
Mowi Rennes SAS
France
100.00%
Mowi Cuisery SAS
France
100.00%
Laschinger Seafood GmbH
Germany
100.00%
Mowi Harsum DACH GmbH
Germany
100.00%
Mowi Germany Verwaltungs GmbH
Germany
100.00%
Mowi Germany GmbH & Co. KG
Germany
100.00%
Belisco Ehf
Iceland
100.00%
Mowi Iceland Sales Ehf
Iceland
100.00%
Arctic Fish Ehf
Iceland
51.28%
Arctic Smolt Ehf
Iceland
51.28%
Arctic Sea Farm Ehf
Iceland
51.28%
Arctic Oddi Ehf
Iceland
51.28%
Comhlucht Iascaireachta Fanad Teoranta
Ireland
100.00%
Bradan (Maoil Rua) Teoranta
Ireland
100.00%
Bradan Fanad Teoranta
Ireland
100.00%
Fanad Pettigo Teoranta
Ireland
100.00%
Feirm Farraige Oilean Chliara Teoranta
Ireland
92.03%
Silverking Seafoods Ltd
Ireland
100.00%
Mowi Italia S.R.L.
Italy
100.00%
Mowi Netherlands BV
Netherlands
100.00%
Mowi Lemmer BV
Netherlands
100.00%
Mowi Poland SA
Poland
100.00%
Mowi Lebork Sp. z.o.o.
Poland
100.00%
Mowi Technology Sp.z.o.o.
Poland
100.00%
Mowi Strzelino Sp. z.o.o.
Poland
100.00%
Mowi Poland Sales SA
Poland
100.00%
Mowi Nutrition Goleni\u00f3w Sp. z.o.o
Poland
100.00%
Mowi Iberia SLU
Spain
100.00%
Mowi Sweden AB
Sweden
100.00%
Mowi Turkiye Su \u00dcrunleri Ticaret A.\u015e.
Turkey
100.00%
Mowi Scotland Ltd
UK
100.00%
Meridian Salmon Group Ltd
UK
100.00%
Meridian Salmon Processing Ltd
UK
100.00%
Meridian Salmon Farms (Argyll) Ltd
UK
100.00%
Lakeland Smolt Ltd
UK
100.00%
Mowi Consumer Products UK Ltd
UK
100.00%
Dorset Cleanerfish Ltd
UK
100.00%
Anglesey Aquaculture Ltd
UK
100.00%
Ocean Matters Ltd
UK
100.00%
OM Penmon Ltd
UK
100.00%
Ferguson Salmon Ltd
UK
100.00%
Finfish Limited
UK
100.00%
Scalpay Multi-Trohpic Aquaculture Ltd
UK
100.00%
Wester Ross Fisheries Ltd
UK
100.00%
Ardessie Salmon Ltd
UK
100.00%
Wester Ross Property Investment Ltd
UK
100.00%
Dawnfresh Farming Ltd
UK
100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-397": { "value": "
NOTE 21 - INVESTMENTS IN ASSOCIATED COMPANIES AND INTEREST IN JOINT
VENTURES
Associated companies are recorded in Mowi Group statements in accordance with the equity method. None of the associated
companies are listed.
ASSOCIATED COMPANIES
(EUR MILLION)
HEAD
OFFICE
OWNER-
SHIP
OWNED BY
AQUISITION
COST
CARRYING
AMOUNT
01.01.23
SHARE OF
PROFIT
2023
DIVIDENDS
RECEIVED
2023
OTHER
CHANGES
2023 1)
CARRYING
AMOUNT
31.12.23
Nova Sea AS
Lovund
49%
Mowi Holding
AS
29.5
209.7
29.2
-17.2
-10.8
210.8
Others
0.3
2.1
-0.8
\u2014
-0.4
0.9
Total
29.9
211.7
28.4
-17.2
-11.2
211.7
1) Other changes mainly relates to foreign currency adjustments and movements in loans. Finn\u00f8y Fisk AS has been fully consolidated from 2022
ASSOCIATED
COMPANIES
100 % BASIS
(EUR MILLION)
DIVIDEND
RECEIVED
FAIR VALUE
ADJUSTMENT
BIOMASS 1)
TOTAL
REVENUE
TOTAL
PROFIT
AND LOSS
TOTAL
NON-
CURRENT
ASSETS
TOTAL
BIOLOGICAL
ASSETS2)
TOTAL
OTHER
CURRENT
ASSETS
TOTAL NON-
CURRENT
LIABILITIES
TOTAL
CURRENT
LIABILITIES
2023
Nova Sea AS
17.2
27.3
445.8
135.1
470.5
121.6
184.0
0.5
239.2
2022
Nova Sea AS
32.5
25.8
383.7
110.1
211.7
91.9
126.3
0.9
97.8
1) Effect of adjusting Mowi`s share of total biological assets as of December 31 presented above to fair value. The effect is shown after tax.
2) Figures from Nova Sea Havbruk AS.
As of 31 December 2023 Mowi had no significant investment in joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-396": { "value": "
NOTE 21 - INVESTMENTS IN ASSOCIATED COMPANIES AND INTEREST IN JOINT
VENTURES
Associated companies are recorded in Mowi Group statements in accordance with the equity method. None of the associated
companies are listed.
ASSOCIATED COMPANIES
(EUR MILLION)
HEAD
OFFICE
OWNER-
SHIP
OWNED BY
AQUISITION
COST
CARRYING
AMOUNT
01.01.23
SHARE OF
PROFIT
2023
DIVIDENDS
RECEIVED
2023
OTHER
CHANGES
2023 1)
CARRYING
AMOUNT
31.12.23
Nova Sea AS
Lovund
49%
Mowi Holding
AS
29.5
209.7
29.2
-17.2
-10.8
210.8
Others
0.3
2.1
-0.8
\u2014
-0.4
0.9
Total
29.9
211.7
28.4
-17.2
-11.2
211.7
1) Other changes mainly relates to foreign currency adjustments and movements in loans. Finn\u00f8y Fisk AS has been fully consolidated from 2022
ASSOCIATED
COMPANIES
100 % BASIS
(EUR MILLION)
DIVIDEND
RECEIVED
FAIR VALUE
ADJUSTMENT
BIOMASS 1)
TOTAL
REVENUE
TOTAL
PROFIT
AND LOSS
TOTAL
NON-
CURRENT
ASSETS
TOTAL
BIOLOGICAL
ASSETS2)
TOTAL
OTHER
CURRENT
ASSETS
TOTAL NON-
CURRENT
LIABILITIES
TOTAL
CURRENT
LIABILITIES
2023
Nova Sea AS
17.2
27.3
445.8
135.1
470.5
121.6
184.0
0.5
239.2
2022
Nova Sea AS
32.5
25.8
383.7
110.1
211.7
91.9
126.3
0.9
97.8
1) Effect of adjusting Mowi`s share of total biological assets as of December 31 presented above to fair value. The effect is shown after tax.
2) Figures from Nova Sea Havbruk AS.
As of 31 December 2023 Mowi had no significant investment in joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-395": { "value": "
NOTE 21 - INVESTMENTS IN ASSOCIATED COMPANIES AND INTEREST IN JOINT
VENTURES
As of 31 December 2023 Mowi had no significant investment in joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-399": { "value": "
NOTE 22 - BUSINESS COMBINATIONS, ASSETS HELD FOR SALE AND DISCONTINUED
OPERATIONS
BUSINESS COMBINATIONS
Mowi had no material business combinations in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-401": { "value": "
ASSETS HELD FOR SALE
Mowi had no material assets held for sale at year end 2023.
DISCONTINUED OPERATIONS
Mowi had no discontinued operations in 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-400": { "value": "
ASSETS HELD FOR SALE
Mowi had no material assets held for sale at year end 2023.
DISCONTINUED OPERATIONS
Mowi had no discontinued operations in 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-402": { "value": "
DISCONTINUED OPERATIONS
Mowi had no discontinued operations in 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-403": { "value": "
NOTE 23 - CONSOLIDATED ENTITIES
The consolidated financial statements include the following companies:
PARENT COMPANY
COUNTRY
Mowi ASA
Norway
SUBSIDIARIES - NORWAY
COUNTRY
OWNERSHIP %
Mowi Seawater Norway AS
Norway
100.00%
Mowi Feed AS
Norway
100.00%
Mowi Genetics AS
Norway
100.00%
Mowi Holding AS
Norway
100.00%
Mowi Minority Holding AS
Norway
100.00%
Mowi Markets Norway AS
Norway
100.00%
Mowi Norway FOU AS
Norway
100.00%
Waynor Trading AS
Norway
100.00%
Arctic Fish Holding AS
Norway
51.28%
Finn\u00f8y Fisk AS
Norway
45.05%
Centre for Aquaculture Competence AS
Norway
33.33%
Blue Revolution Centre AS
Norway
33.33%
SUBSIDIARIES - AMERICAS
COUNTRY
OWNERSHIP %
Mowi North America Inc
Canada
100.00%
Mowi Canada West Inc
Canada
100.00%
Mowi Canada East Inc
Canada
100.00%
Englewood Packing Company Ltd
Canada
100.00%
Mowi Chile S.A
Chile
100.00%
Salmones Tecmar S.A
Chile
100.00%
Processadora De Productos Marinos Delifish S.A
Chile
100.00%
Delifish Farming SPA
Chile
100.00%
Mowi Ducktrap LLC
USA
100.00%
Mowi USA Holding LLC
USA
100.00%
Mowi USA LLC
USA
100.00%
SUBSIDIARIES - ASIA
COUNTRY
OWNERSHIP %
Mowi China Co. Ltd
China
100.00%
Mowi Japan Co. Ltd
Japan
100.00%
Mowi Korea Co. Ltd
South Korea
100.00%
Mowi Singapore Pte Ltd
Singapore
100.00%
Mowi Taiwan Co. Ltd
Taiwan
100.00%
Mowi Vietnam Company Ltd
Vietnam
100.00%
SUBSIDIARIES - EUROPE
COUNTRY
OWNERSHIP %
Mowi Belgium NV
Belgium
100.00%
Mowi Czech s.r.o.
Czech Republic
100.00%
Mowi Faroe Islands P/F
Faroes
100.00%
Mowi France SAS
France
100.00%
Mowi Boulogne SAS
France
100.00%
Mowi Bretagne SAS
France
100.00%
Mowi Rennes SAS
France
100.00%
Mowi Cuisery SAS
France
100.00%
Laschinger Seafood GmbH
Germany
100.00%
Mowi Harsum DACH GmbH
Germany
100.00%
Mowi Germany Verwaltungs GmbH
Germany
100.00%
Mowi Germany GmbH & Co. KG
Germany
100.00%
Belisco Ehf
Iceland
100.00%
Mowi Iceland Sales Ehf
Iceland
100.00%
Arctic Fish Ehf
Iceland
51.28%
Arctic Smolt Ehf
Iceland
51.28%
Arctic Sea Farm Ehf
Iceland
51.28%
Arctic Oddi Ehf
Iceland
51.28%
Comhlucht Iascaireachta Fanad Teoranta
Ireland
100.00%
Bradan (Maoil Rua) Teoranta
Ireland
100.00%
Bradan Fanad Teoranta
Ireland
100.00%
Fanad Pettigo Teoranta
Ireland
100.00%
Feirm Farraige Oilean Chliara Teoranta
Ireland
92.03%
Silverking Seafoods Ltd
Ireland
100.00%
Mowi Italia S.R.L.
Italy
100.00%
Mowi Netherlands BV
Netherlands
100.00%
Mowi Lemmer BV
Netherlands
100.00%
Mowi Poland SA
Poland
100.00%
Mowi Lebork Sp. z.o.o.
Poland
100.00%
Mowi Technology Sp.z.o.o.
Poland
100.00%
Mowi Strzelino Sp. z.o.o.
Poland
100.00%
Mowi Poland Sales SA
Poland
100.00%
Mowi Nutrition Goleni\u00f3w Sp. z.o.o
Poland
100.00%
Mowi Iberia SLU
Spain
100.00%
Mowi Sweden AB
Sweden
100.00%
Mowi Turkiye Su \u00dcrunleri Ticaret A.\u015e.
Turkey
100.00%
Mowi Scotland Ltd
UK
100.00%
Meridian Salmon Group Ltd
UK
100.00%
Meridian Salmon Processing Ltd
UK
100.00%
Meridian Salmon Farms (Argyll) Ltd
UK
100.00%
Lakeland Smolt Ltd
UK
100.00%
Mowi Consumer Products UK Ltd
UK
100.00%
Dorset Cleanerfish Ltd
UK
100.00%
Anglesey Aquaculture Ltd
UK
100.00%
Ocean Matters Ltd
UK
100.00%
OM Penmon Ltd
UK
100.00%
Ferguson Salmon Ltd
UK
100.00%
Finfish Limited
UK
100.00%
Scalpay Multi-Trohpic Aquaculture Ltd
UK
100.00%
Wester Ross Fisheries Ltd
UK
100.00%
Ardessie Salmon Ltd
UK
100.00%
Wester Ross Property Investment Ltd
UK
100.00%
Dawnfresh Farming Ltd
UK
100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-405": { "value": "
NOTE 24 - SHARE CAPITAL
SHARE CAPITAL
2023
2022
Total number of shares as of 01.01
517\u00a0111\u00a0091
517\u00a0111\u00a0091
Shares issued during the year
\u2014
\u2014
Total number of shares as of 31.12
517\u00a0111\u00a0091
517\u00a0111\u00a0091
Treasury shares as of 01.01
\u2014
\u2014
Treasury shares purchased during the year
147\u00a0297
1\u00a0170\u00a0034
Treasury shares sold during the year
-147\u00a0297
-1\u00a0170\u00a0034
Treasury shares as of 31.12
\u2014
\u2014
Nominal value as of 31.12 (NOK)
7.50
7.50
Share capital (total number of shares at nominal value) (EUR million)
404.8
404.8
Other paid-in capital (EUR million)
1\u00a0274.7
1\u00a0274.7
OVERVIEW OF THE LARGEST SHAREHOLDERS 31.12.23
NUMBER OF SHARES
SHAREHOLDING %
Geveran Trading Co Ltd 1)
74\u00a0289\u00a0287
14.37%
Folketrygdfondet
44\u00a0777\u00a0880
8.66%
BlackRock, Inc.
26\u00a0030\u00a0029
5.03%
Vanguard Group Holdings
16\u00a0970\u00a0380
3.28%
DnB ASA
16\u00a0531\u00a0813
3.20%
Svenska Handelsbanken AB
12\u00a0704\u00a0841
2.46%
Altshuler Shaham Ltd
12\u00a0453\u00a0763
2.41%
Storebrand Kapitalforvaltning
12\u00a0145\u00a0671
2.35%
BNP Paribas, S.A.
11\u00a0308\u00a0466
2.19%
UBS Group AG
11\u00a0058\u00a0895
2.14%
Kommunal Landspensjonskasse
10\u00a0480\u00a0156
2.03%
Cr\u00e9dit Agricole S.A.
10\u00a0420\u00a0839
2.02%
Deutsche Bank AG Group
10\u00a0113\u00a0451
1.96%
State Street Corporation
10\u00a0094\u00a0719
1.95%
Northern Trust Corporation
9\u00a0338\u00a0172
1.81%
Nordea AB
8\u00a0187\u00a0252
1.58%
CPP Investment Board
7\u00a0813\u00a0516
1.51%
Danske Bank Group
5\u00a0977\u00a0117
1.16%
Legal & General Group
5\u00a0855\u00a0210
1.13%
Schroders PLC
5\u00a0505\u00a0507
1.06%
Total 20 largest shareholders
322\u00a0056\u00a0964
62.28%
Total other shareholders
195\u00a0054\u00a0127
37.72%
Total number of shares 31.12.23
517\u00a0111\u00a0091
100.00%
1) In addition to the shares included above, Geveran Trading Co Ltd had per 31 December 2023 entered into a Total Return Swap (\"TRS\") agreement with
underlying exposure to 4 000 000 shares in Mowi. Expiry date for the TRS agreement was 6 March 2024 and the TRS price was NOK 189.03 per share.
Further, Geveran Trading Co has lent out 500,000 of its shares in Mowi and, as a result, currently only holds 73,789,287 shares in Mowi, equal to 14.27
percent of the issued shares and votes in Mowi.
SHAREHOLDERS PER COUNTRY
NUMBER OF SHARES
SHARE %
Norway
159\u00a0881\u00a0676
30.92%
USA
81\u00a0037\u00a0487
15.67%
Cyprus
74\u00a0298\u00a0611
14.37%
Great Britain
44\u00a0449\u00a0500
8.60%
Germany
36\u00a0937\u00a0057
7.14%
Other countries
120\u00a0506\u00a0760
23.30%
Total number of shares 31.12.23
517\u00a0111\u00a0091
100.00%
SHARES OWNED BY BOARD MEMBERS, GROUP MANAGEMENT AND THEIR RELATED PARTIES AS OF 31.12.23
NUMBER OF SHARES
Board of Directors
Ole-Eirik Ler\u00f8y (Chair)
1\u00a0501\u00a0851
Kristian Melhuus
1\u00a0851
Lisbet K. N\u00e6r\u00f8
1\u00a0851
Kathrine Fredriksen 1)
619
Renate Larsen
619
Peder Strand
619
J\u00f8rgen J. Wengaard
1\u00a0109
Unni Helen Hattmyr
509
Roger Petterssen
2\u00a0392
Total number of shares held by Board members
1\u00a0511\u00a0420
Group Management
Ivan Vindheim, CEO
7\u00a0903
Kristian Ellingsen, CFO
1\u00a0243
Catarina Martins, Chief Technology Officer and Chief Sustainability Officer
2\u00a0688
\u00d8yvind Oaland, COO Farming Norway and Iceland
5\u00a0631
Ben Hadfield, COO Farming Scotland, Ireland, Faroes and Canada East
8\u00a0113
Fernando Villarroel, COO Farming Chile and Canada West
5\u00a0655
Ola Brattvoll, COO Sales and Marketing
10\u00a0474
Atle Kvist, COO Feed
786
Kjersti Eikeseth, Chief HR Officer2)
120
Total number of shares held by Group management
42\u00a0613
Total number of shares held by Board members and Group management
1\u00a0554\u00a0033
Total number of shares held by Board members and Group management in % of total outstanding shares
0.30%
1) Kathrine Fredriksen is a member of the class of Beneficiaries of the Trusts which indirectly control Geveran Trading Co Limited.
2) Kjersti Eikeseth has replaced Anne Lorgen Riise as new Cheif HR Officer from 1st March 2024
SHAREHOLDERS RIGHTS
There are no current limitations on voting rights or trade limitations related to the Mowi share.
The Board of Directors has been granted the following authorisations which may impact the share capital:
1. To acquire shares in the company (\"own shares\") on behalf of the company with a total nominal value of up to NOK 387 833 318.
The authorisation is valid until the ordinary general meeting in 2024, however no longer than 30 June 2024.\"
2. To increase the company's share capital by up to NOK 387 833 318 provided that the combined number of shares that are
issued pursuant to this authorisation and the authorisation 3) below shall not in aggregate exceed 10% of the Company's current
share capital. The authorisation is valid until the ordinary general meeting in 2024, however no longer than 30 June 2024.\"
3. To take up convertible loans with a total principal amount of up to NOK 3,200,000,000. Upon conversion of loans taken up
pursuant to this authorisation, the company\u2019s share capital may be increased by up to NOK 387 833 318, provided that the
combined number of shares that are issued pursuant to this authorisation and the authorisation 2) above shall not in aggregate
exceed 10% of the Company's current share capital. The authorisation is valid until the ordinary general meeting in 2024,
however no longer than 30 June 2024.\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-404": { "value": "
NOTE 24 - SHARE CAPITAL
SHARE CAPITAL
2023
2022
Total number of shares as of 01.01
517\u00a0111\u00a0091
517\u00a0111\u00a0091
Shares issued during the year
\u2014
\u2014
Total number of shares as of 31.12
517\u00a0111\u00a0091
517\u00a0111\u00a0091
Treasury shares as of 01.01
\u2014
\u2014
Treasury shares purchased during the year
147\u00a0297
1\u00a0170\u00a0034
Treasury shares sold during the year
-147\u00a0297
-1\u00a0170\u00a0034
Treasury shares as of 31.12
\u2014
\u2014
Nominal value as of 31.12 (NOK)
7.50
7.50
Share capital (total number of shares at nominal value) (EUR million)
404.8
404.8
Other paid-in capital (EUR million)
1\u00a0274.7
1\u00a0274.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-406": { "value": "
SHARES OWNED BY BOARD MEMBERS, GROUP MANAGEMENT AND THEIR RELATED PARTIES AS OF 31.12.23
NUMBER OF SHARES
Board of Directors
Ole-Eirik Ler\u00f8y (Chair)
1\u00a0501\u00a0851
Kristian Melhuus
1\u00a0851
Lisbet K. N\u00e6r\u00f8
1\u00a0851
Kathrine Fredriksen 1)
619
Renate Larsen
619
Peder Strand
619
J\u00f8rgen J. Wengaard
1\u00a0109
Unni Helen Hattmyr
509
Roger Petterssen
2\u00a0392
Total number of shares held by Board members
1\u00a0511\u00a0420
Group Management
Ivan Vindheim, CEO
7\u00a0903
Kristian Ellingsen, CFO
1\u00a0243
Catarina Martins, Chief Technology Officer and Chief Sustainability Officer
2\u00a0688
\u00d8yvind Oaland, COO Farming Norway and Iceland
5\u00a0631
Ben Hadfield, COO Farming Scotland, Ireland, Faroes and Canada East
8\u00a0113
Fernando Villarroel, COO Farming Chile and Canada West
5\u00a0655
Ola Brattvoll, COO Sales and Marketing
10\u00a0474
Atle Kvist, COO Feed
786
Kjersti Eikeseth, Chief HR Officer2)
120
Total number of shares held by Group management
42\u00a0613
Total number of shares held by Board members and Group management
1\u00a0554\u00a0033
Total number of shares held by Board members and Group management in % of total outstanding shares
0.30%
1) Kathrine Fredriksen is a member of the class of Beneficiaries of the Trusts which indirectly control Geveran Trading Co Limited.
2) Kjersti Eikeseth has replaced Anne Lorgen Riise as new Cheif HR Officer from 1st March 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-407": { "value": "
NOTE 25 - EARNINGS PER SHARE
BASIC AND DILUTED EARNINGS PER SHARE
2023
2022
Profit for the year attributable to owners of Mowi ASA (EUR million)
444.4
782.4
Time-weighted average of shares issued and outstanding incl. diluted shares (million)
517.1
517.1
Basic earnings per share from continuing operations (EUR)
0.86
1.51
Diluted earnings per share from continuing operations (EUR)
0.86
1.51
Basic Earnings per share (EPS) is calculated on the weighted average number of shares outstanding during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-408": { "value": "
NOTE 26 - RELATED PARTY TRANSACTIONS
TRANSACTIONS WITH ASSOCIATED COMPANIES
The figures presented below are with associated companies, mainly Nova Sea AS.
RELATED PARTY TRANSACTIONS
(EUR MILLION)
2023
2022
Revenue
0.4
0.8
Purchase
-7.5
-2.3
Trade receivables
0.4
0.1
Trade payables
-1.7
-0.3
All significant transactions are mainly related to the sale or purchase of fish or smolt and related services.
SHAREHOLDERS
In 2023 and 2022 Mowi Group had no material transactions with any of its shareholders.
At year-end 2023, Geveran Trading's affiliated ownership in Mowi was 74\u00a0289\u00a0287 shares, constituting 14.37% of the total share capital.
Geveran Trading Co Ltd is indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-411": { "value": "
NOTE 27 - CONTINGENT LIABILITIES AND PROVISIONS
UPDATE ON THE ALLEGATIONS OF PRICE COLLUSION
On 25 January 2024, Mowi received a Statement of Objections from the European Commission as a result of the Commission's inspections in
February 2019 of several Norwegian producers of farmed Atlantic salmon, including Mowi. The Statement of Objections is not a final decision, but
rather the Commission's preliminary view that the companies under investigation may have breached the EU competition rules.
Mowi contests the Commission's preliminary view and the characteristics of the alleged behaviour in the market for farmed Norwegian Atlantic
salmon, and strongly believes there has been no infringement of the competition rules. Mowi will now carefully review the commission's Statement
and reply in writing, following standard process. Issuing a Statement of Objections and opening a formal procedure does not in any way prejudge
the outcome. The Commission will first after the parties have exercised their rights of defence conclude on whether the alleged behaviour amounts
to a violation of the EU competition rules.
Furthermore, Mowi has been named a defendant in civil law proceedings by a group of claimants in the UK, including Scotland. Mowi disputes the
allegations, which suggest a breach of applicable competition law on Mowi's part. The civil law claims clearly lack merit and are entirely
unsubstantiated.
The class action complaint in Canada, in which Mowi was one of the defendants, has been settled and approved by Canadian courts, with no
admission or finding of liability against Mowi or any other defendant.
OTHER CASES
We are routinely involved in various legal matters arising from the course of our business.
While the outcome of these proceedings cannot be predicted with certainty, we believe that, when resolved, they will not have any material adverse
effect on our results, financial position or liquidity.
Please refer to note 30 for an overview of the financial impact of provisions recognised in the financial statements.
NOTE 30 - PROVISIONS
SPECIFICATION OF PROVISIONS 2023
(EUR MILLION)
RESTRUCTURING
AND OTHER
PROVISIONS
ONEROUS
CONTRACTS
OTHER
TOTAL
PROVISIONS
Provisions as of 01.01
12.4
11.2
10.1
33.7
New provisions in the year
3.7
\u2014
1.5
5.2
Utilised provisions
-10.8
\u2014
-1.1
-11.8
Non cash utilisation
\u2014
18.4
-0.1
18.4
Currency adjustment
-0.6
-0.1
\u2014
-0.7
Provisions as of 31.12
4.8
29.6
10.4
44.8
SPECIFICATION OF PROVISIONS 2022
(EUR MILLION)
RESTRUCTURING
AND OTHER
PROVISIONS
ONEROUS
CONTRACTS
OTHER
TOTAL
PROVISIONS
Provisions as of 01.01
33.7
3.2
28.4
65.4
New provisions in the year
11.8
\u2014
1.8
13.6
Utilised provisions
-33.3
\u2014
-20.5
-54.0
Non cash utilisation
\u2014
8.0
\u2014
8.0
Currency adjustment
0.2
-0.1
0.4
0.6
Provisions as of 31.12
12.4
11.2
10.1
33.7
Provisions related to onerous contracts are mainly due to the technical accounting treatment of fair value of biomass.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-409": { "value": "
NOTE 27 - CONTINGENT LIABILITIES AND PROVISIONS
UPDATE ON THE ALLEGATIONS OF PRICE COLLUSION
On 25 January 2024, Mowi received a Statement of Objections from the European Commission as a result of the Commission's inspections in
February 2019 of several Norwegian producers of farmed Atlantic salmon, including Mowi. The Statement of Objections is not a final decision, but
rather the Commission's preliminary view that the companies under investigation may have breached the EU competition rules.
Mowi contests the Commission's preliminary view and the characteristics of the alleged behaviour in the market for farmed Norwegian Atlantic
salmon, and strongly believes there has been no infringement of the competition rules. Mowi will now carefully review the commission's Statement
and reply in writing, following standard process. Issuing a Statement of Objections and opening a formal procedure does not in any way prejudge
the outcome. The Commission will first after the parties have exercised their rights of defence conclude on whether the alleged behaviour amounts
to a violation of the EU competition rules.
Furthermore, Mowi has been named a defendant in civil law proceedings by a group of claimants in the UK, including Scotland. Mowi disputes the
allegations, which suggest a breach of applicable competition law on Mowi's part. The civil law claims clearly lack merit and are entirely
unsubstantiated.
The class action complaint in Canada, in which Mowi was one of the defendants, has been settled and approved by Canadian courts, with no
admission or finding of liability against Mowi or any other defendant.
OTHER CASES
We are routinely involved in various legal matters arising from the course of our business.
While the outcome of these proceedings cannot be predicted with certainty, we believe that, when resolved, they will not have any material adverse
effect on our results, financial position or liquidity.
Please refer to note 30 for an overview of the financial impact of provisions recognised in the financial statements.
NOTE 30 - PROVISIONS
SPECIFICATION OF PROVISIONS 2023
(EUR MILLION)
RESTRUCTURING
AND OTHER
PROVISIONS
ONEROUS
CONTRACTS
OTHER
TOTAL
PROVISIONS
Provisions as of 01.01
12.4
11.2
10.1
33.7
New provisions in the year
3.7
\u2014
1.5
5.2
Utilised provisions
-10.8
\u2014
-1.1
-11.8
Non cash utilisation
\u2014
18.4
-0.1
18.4
Currency adjustment
-0.6
-0.1
\u2014
-0.7
Provisions as of 31.12
4.8
29.6
10.4
44.8
SPECIFICATION OF PROVISIONS 2022
(EUR MILLION)
RESTRUCTURING
AND OTHER
PROVISIONS
ONEROUS
CONTRACTS
OTHER
TOTAL
PROVISIONS
Provisions as of 01.01
33.7
3.2
28.4
65.4
New provisions in the year
11.8
\u2014
1.8
13.6
Utilised provisions
-33.3
\u2014
-20.5
-54.0
Non cash utilisation
\u2014
8.0
\u2014
8.0
Currency adjustment
0.2
-0.1
0.4
0.6
Provisions as of 31.12
12.4
11.2
10.1
33.7
Provisions related to onerous contracts are mainly due to the technical accounting treatment of fair value of biomass.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-410": { "value": "
NOTE 27 - CONTINGENT LIABILITIES AND PROVISIONS
UPDATE ON THE ALLEGATIONS OF PRICE COLLUSION
On 25 January 2024, Mowi received a Statement of Objections from the European Commission as a result of the Commission's inspections in
February 2019 of several Norwegian producers of farmed Atlantic salmon, including Mowi. The Statement of Objections is not a final decision, but
rather the Commission's preliminary view that the companies under investigation may have breached the EU competition rules.
Mowi contests the Commission's preliminary view and the characteristics of the alleged behaviour in the market for farmed Norwegian Atlantic
salmon, and strongly believes there has been no infringement of the competition rules. Mowi will now carefully review the commission's Statement
and reply in writing, following standard process. Issuing a Statement of Objections and opening a formal procedure does not in any way prejudge
the outcome. The Commission will first after the parties have exercised their rights of defence conclude on whether the alleged behaviour amounts
to a violation of the EU competition rules.
Furthermore, Mowi has been named a defendant in civil law proceedings by a group of claimants in the UK, including Scotland. Mowi disputes the
allegations, which suggest a breach of applicable competition law on Mowi's part. The civil law claims clearly lack merit and are entirely
unsubstantiated.
The class action complaint in Canada, in which Mowi was one of the defendants, has been settled and approved by Canadian courts, with no
admission or finding of liability against Mowi or any other defendant.
OTHER CASES
We are routinely involved in various legal matters arising from the course of our business.
While the outcome of these proceedings cannot be predicted with certainty, we believe that, when resolved, they will not have any material adverse
effect on our results, financial position or liquidity.
Please refer to note 30 for an overview of the financial impact of provisions recognised in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-413": { "value": "
NOTE 28 - OTHER OPERATING EXPENSES
SPECIFICATION OF OTHER OPERATING EXPENSES
(EUR MILLION)
2023
2022
Maintenance
-221.2
-206.7
Electricity and fuel
-155.6
-142.3
Rent, leases and third-party services
-57.2
-48.9
Insurance
-48.0
-42.3
Consultancy and audit fees
-46.2
-44.1
IT costs
-26.2
-24.7
Travel cost
-11.1
-9.4
Sales and marketing costs
-24.5
-25.5
Other operating costs
-106.6
-127.7
Total other operating expenses
-696.5
-671.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-412": { "value": "
NOTE 28 - OTHER OPERATING EXPENSES
SPECIFICATION OF OTHER OPERATING EXPENSES
(EUR MILLION)
2023
2022
Maintenance
-221.2
-206.7
Electricity and fuel
-155.6
-142.3
Rent, leases and third-party services
-57.2
-48.9
Insurance
-48.0
-42.3
Consultancy and audit fees
-46.2
-44.1
IT costs
-26.2
-24.7
Travel cost
-11.1
-9.4
Sales and marketing costs
-24.5
-25.5
Other operating costs
-106.6
-127.7
Total other operating expenses
-696.5
-671.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-414": { "value": "
NOTE 29 - LEASES
SPECIFICATION OF RIGHT OF USE ASSET 2023
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY &
EQUIPMENT
TRANSPORT
NETS, PENS &
MOORINGS
OTHER
TOTAL
Opening balance
67.7
20.6
755.8
7.0
5.1
856.3
New contracts
4.4
14.8
115.7
\u2014
0.3
135.2
Extension and other adjustments of existing agreements
1.5
1.0
89.1
\u2014
\u2014
91.6
Termination of agreements
-0.7
\u2014
-10.5
-0.7
\u2014
-12.0
Foreign currency adjustments
-0.4
0.2
-1.6
\u2014
\u2014
-1.8
Total acquisition cost as of 31.12
72.5
36.6
948.6
6.3
5.4
1069.4
Accumulated depreciation and
impairment losses as of 01.01
26.0
6.4
365.5
3.9
2.5
404.2
Depreciation in the year
9.4
6.8
180.8
1.3
0.9
199.2
Foreign currency adjustments
-0.2
\u2014
\u2014
\u2014
\u2014
-0.2
Total accumulated depreciation as of 31.12
35.2
13.2
546.2
5.3
3.3
603.3
Total carrying amount as of 31.12
37.3
23.4
402.4
1.1
2.0
466.2
Depreciation method
Linear
Linear
Linear
Linear
Linear
\u00a0
SPECIFICATION OF RIGHT OF USE ASSET 2022
(EUR MILLION)
LAND &
BUILDINGS
MACHINERY &
EQUIPMENT
TRANSPORT
NETS, PENS &
MOORINGS
OTHER
TOTAL
Opening balance
64.3
13.5
760.2
7.7
5.2
850.8
New contracts
6.7
13.9
110.5
\u2014
0.1
131.2
Extension and other adjustments of existing agreements
1.3
\u2014
41.9
\u2014
\u2014
43.2
Termination of agreements
-4.7
-6.7
-151.7
-0.7
-0.2
-164.0
Foreign currency adjustments
0.2
-0.1
-5.0
-0.1
0.1
-4.9
Total acquisition cost as of 31.12
67.7
20.6
755.8
7.0
5.1
856.3
Accumulated depreciation and
impairment losses as of 01.01
21.6
7.1
304.4
3.1
1.6
337.7
Depreciation in the year
9.1
5.8
180.8
1.5
1.1
198.4
Reclassification
\u2014
\u2014
13.4
\u2014
\u2014
13.4
Accumulated depreciation on terminated contracts
-4.6
-6.5
-129.0
-0.7
-0.2
-141.1
Foreign currency adjustments
\u2014
\u2014
-4.2
\u2014
\u2014
-4.1
Total accumulated depreciation as of 31.12
26.0
6.4
365.5
3.9
2.5
404.2
Total carrying amount as of 31.12
41.7
14.3
390.4
3.1
2.6
452.1
Depreciation method
Linear
Linear
Linear
Linear
Linear
\u00a0
RECONCILIATION RIGHT-OF-USE LIABILITIES
(EUR MILLION)
2023
2022
Opening balance
462.9
518.4
New contracts
135.2
131.2
Extensions and other adjustments of existing agreements
91.6
43.2
Termination of agreements
-12.2
-20.9
Down payment leasing debt (cash movement)
-196.2
-199.6
Currency effects
-7.6
-9.4
Closing balance 31.12
473.7
462.9
Of which non-current liabilities
299.3
289.4
Of which current liabilities
174.5
173.5
MATURITY ANALYSIS COMMENCED LEASES
(EUR MILLION)
2023
2022
Less than 1 year
188.0
183.9
1-2 years
132.2
125.2
2-3 years
86.7
83.0
3-4 years
47.1
51.4
4-5 years
26.8
20.5
More than 5 years
27.7
31.0
Sum 31.12
508.4
495.0
Commenced leases consists of future cash flow related to down payment of leases and interest. The group has various contracts that have
not yet commenced as of 31 December 2023. The future lease payments for these non-cancellable lease contracts are EUR 33.0 million
within one year (EUR 26.2 million), EUR 201.5 million within five years (EUR 161.9 million) and EUR 39.2 million thereafter (EUR 24.9 million).
LEASES EXPENSED (EUR MILLION)
2023
2022
Leases not reported as right of use assets 1)
82.8
37.6
1) Short term leases with contract period less than one year and low value leases.
SUBLEASES (EUR MILLION)
2023
2022
Income from subleases
1.8
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-415": { "value": "
NOTE 31 - RESEARCH AND DEVELOPMENT
RESEARCH AND DEVELOPMENT EXPENSES
(EUR MILLION)
2023
2022
R&D expenses
35.3
35.0
The reported expenditures are gross values and exclude any related income from our R&D activities. In addition, a fee of 0.3% of Mowi
Norway's export value is paid to the Norwegian Seafood Research Fund (EUR 5.6 million for 2023, and EUR 5.6 million for 2022). This fee is
not included in the R&D expenses. Mowi Group has not capitalised any R&D expenditures during 2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-416": { "value": "
NOTE 32 - AUDITOR\u2019S FEES
FEES TO AUDITORS 2023
(EUR MILLION)
EY
OTHER APPOINTED
AUDITORS
Audit services
-1.7
-0.3
Tax services
-0.9
\u2014
Other non-audit fees
-0.1
\u2014
Total fees for 2023
-2.7
-0.3
FEES TO AUDITORS 2022
(EUR MILLION)
EY
OTHER APPOINTED
AUDITORS
Audit services
-1.6
-0.1
Tax services
-1.1
\u2014
Other non-audit fees
-0.1
\u2014
Total fees for 2022
-2.7
-0.1
Auditor\u2019s fees are stated exclusive value added tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-418": { "value": "
NOTE 33 - NEW IFRS STANDARDS
NEW STANDARDS APPLIED
No new standards have been applied in 2023 with significant impact on the financial statements.
NEW STANDARDS - NOT YET IMPLEMENTED
At the end of 2023, there are some amendments to existing standards/interpretations that are not yet effective but will be relevant for Mowi Group
at implementation. Mowi Group intends to adopt these standards, if applicable, when they become effective. There are no amendments that is
expected to have a significant impact on the Group's financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-417": { "value": "
NOTE 33 - NEW IFRS STANDARDS
NEW STANDARDS APPLIED
No new standards have been applied in 2023 with significant impact on the financial statements.
NEW STANDARDS - NOT YET IMPLEMENTED
At the end of 2023, there are some amendments to existing standards/interpretations that are not yet effective but will be relevant for Mowi Group
at implementation. Mowi Group intends to adopt these standards, if applicable, when they become effective. There are no amendments that is
expected to have a significant impact on the Group's financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-419": { "value": "
NOTE 34 - SUBSEQUENT EVENTS
On 25 January 2024, Mowi received a Statement of Objections from the European Commission as a result of the Commission's inspections in
February 2019 of several Norwegian producers of farmed Atlantic salmon, including Mowi. The Statement of Objections is not a final decision, but
rather the Commission's preliminary view that the companies under investigation may have breached the EU competition rules. Please refer to note
27 for more information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300W1OGQF5LZIH349", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }