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Rischio e gestione del rischio

Il rischio riguarda l’incertezza e i fattori che possono impedirci di generare i rendimenti previsti, di raggiungere i nostri obiettivi e di realizzare la nostra strategia. Attraverso i nostri processi di gestione del rischio identifichiamo, quantifichiamo e definiamo le azioni per gestire i rischi che dobbiamo affrontare. Abbiamo suddiviso i rischi definiti in sottocategorie all’interno dei nostri quattro principi guida – Profitto, Pianeta, Prodotto e Persone – per garantire che vengano affrontati dalle persone più capaci all’interno di ciascuna area.

Il rischio e il modo in cui lavoriamo per gestirlo

La nostra ambizione è quella di diventare un fornitore leader e integrato di proteine provenienti dall’oceano. Il nostro obiettivo è quello di essere leader in tutti i settori chiave, dalla produzione di mangimi per pesci alla soddisfazione delle esigenze del mercato:

  • Produzione di mangimi per salmoni di alta qualità
  • Allevamento di salmone sano e sicuro
  • Lavorare e vendere prodotti ittici sani, deliziosi e innovativi ad alto valore aggiunto.

Attraverso la nostra valutazione della materialità abbiamo identificato le aree di opportunità e di rischio che potrebbero influenzare la nostra capacità di raggiungere i nostri obiettivi e di realizzare la nostra strategia. La gestione del rischio è ciò che facciamo per gestire i nostri rischi al fine di fornire ai nostri stakeholder la ragionevole garanzia di raggiungere i nostri obiettivi. A livello globale sono in uso diversi framework di gestione del rischio, il più diffuso dei quali è il COSO 2) enterprise risk framework, che suddivide i rischi in quattro categorie:

  1. Rischio operativo
  2. Rischio strategico
  3. Segnalazione del rischio
  4. Rischio di conformità

Riteniamo che il nostro rischio operativo copra diverse sottocategorie di importanza individuale e abbiamo pertanto scelto di suddividere i nostri rischi operativi nelle seguenti sottocategorie:

a. Rischi legati alla vendita/fornitura dei nostri prodotti
b. Rischi legati alle normative governative
c. Rischi legati alle nostre attività di allevamento ittico
d. Rischi legati alla fornitura di mangimi per pesci e alle operazioni di mangimistica
e. Rischi legati al nostro settore
f. Rischi legati alla nostra attività
g. Rischi legati ai nostri accordi finanziari
h. Rischi legati a questioni fiscali e legali
i. Rischi legati al cambiamento climatico
j. Rischio legato alla sicurezza informatica e all’innovazione tecnologica

Tutte le categorie di rischio potrebbero, se non adeguatamente gestite, avere effetti negativi rilevanti sulle nostre operazioni commerciali e sui risultati finanziari. Ogni categoria di rischio comprende uno o più fattori di rischio identificati che, singolarmente e/o in combinazione con altri, potrebbero influenzare in modo significativo la nostra performance. Lavoriamo costantemente per mitigare i rischi identificati e capitalizzare le opportunità, monitorando e seguendo gli indicatori chiave di performance nell’ambito dei nostri quattro principi guida. Riteniamo che il nostro successo a lungo termine dipenda dalla nostra capacità di gestire i rischi rilevanti associati alle nostre operazioni, alla nostra strategia, al reporting e alla compliance.

Nella tabella seguente è riportata una panoramica dei nostri fattori di rischio identificati, insieme ai nostri sforzi di mitigazione e a ciò che facciamo per gestire il rischio. Per una descrizione più dettagliata dei rischi/sfide e delle opportunità associate alle nostre attività, si rimanda alle sezioni di riferimento del presente Rapporto annuale integrato. Applichiamo l’approccio precauzionale alla gestione dei rischi attraverso la valutazione della materialità. Mowi redige i rapporti in conformità con i requisiti della Global Reporting Initiative.

RISK
SHORT DESCRIPTION
MITIGATION ACTION
REFERENCE

1a. Risks related to the sale and supply of our products

I
Our results depend on salmon prices.
Our results are substantially dependent on salmon prices, and salmon prices are subject to large short and long-term fluctuations due to variations in supply and demand caused by factors such as smolt transfer, biological factors, quality, shifts in consumption and license changes. Short- or long-term decreases in the price of farm-raised salmon may have a materially adverse effect on our financial figures.
• Sales contract policy to reduce exposure to fluctuations Downstream integration to reduce dependence on spot whole-fish prices
• Product innovation to grow overall salmon sales
• Commitment to sustainable development of the industry and information exchange with authorities to ensure a sustainable operational framework for steady growth
• Profit
• Note 13 Group
• Leading the Blue Revolution
• Product
• Planet
• • &D
• Analytical information
II
A reduction in the price of salmon may trigger substantial reduction in the value of our biological assets.
A reduction in the price of salmon may trigger substantial reduction in the value of our biological assets, as the price of salmon is a significant factor in the valuation of these assets.
Ref Salmon prices above
• Ref Salmon prices above
• Note 6 Group
III
We may be unable to effectively hedge our exposure to short- and medium-term fluctuations in salmon prices.
We seek to manage our exposure to short and medium-term fluctuations in salmon reference prices through sales contracts and Fish Pool financial futures, as well as through our secondary processing activities. An inability to effectively hedge our exposure to short- and medium-term fluctuations in salmon prices may have a materially adverse effect on our financial figures.
• Sales contract policy to reduce exposure to fluctuations
• Downstream integration to reduce dependence on spot whole-fish prices
• Profit
• Note 13 Group
• Analytical information
• Leading the Blue
• Revolution
IV
Market demand for our products may decrease.
Increased competition, consolidation and overcapacity may lead to reductions in the price of competing products that could curtail demand for our products. This may have a materially adverse effect on our financial figures.
• Focus on health benefits of salmon consumption
• Continuous effort to find sustainable, more affordable raw materials for feed production and focus on best operational practices to reduce operational costs
• Branding strategy
• Product
• Planet
• R&D
V
Changes in consumer preferences/lack of product innovation may have an adverse effect on our business.
Our continued success will depend in part on our ability to anticipate, identify and respond quickly to changing consumer preferences for fish, especially secondary processed seafood. If we are unable to do so, this may have a materially adverse effect on our financial figures.
• Focus on health benefits of salmon consumption
• Product innovation to grow overall salmon sales
• Continue to strengthen our market and new product development
• Product
• R&D
VI
Disruptions to our supply chain may impair our ability to bring our products to market.
We source and transport our salmon over long distances. As most of our products are perishable and can be stored only for a limited time, disruptions to our supply chain due to weather, earthquakes, natural disaster, fire or explosion, terrorism, pandemics, strikes, government action, environmental incidents or other matters beyond our control could impair our ability to bring our products to the market (timely or at all).
• Emergency plans to mitigate consequences
• Global footprint for farming and processing enabling cross-production
• Branding strategy
Analytical information
VII
Natural disasters, catastrophes, fire or other unexpected events could cause significant losses of operational capacity.
Our facilities could be materially damaged by natural disasters, and we could incur uninsured losses and liabilities arising from such events, including damage to our reputation and/or suffer material losses in operational capacity.
• Risk-based insurance coverage
• Emergency plans to mitigate consequences
• Strict standards for construction of operating units
• Global footprint for farming and processing enabling cross-production
Analytical information

1b. Risks related to governmental regulations

I
Governmental regulations affect our business.
The fish farming and processing industries are subject to local, regional and national government regulations relating to the farming, processing, packaging, storage, distribution, advertising, labeling, quality and safety of food products. Our operations are also subject to extensive and increasingly stringent regulations administered by environmental agencies in the jurisdictions in which we operate.
• Continuous dialog with the authorities in the countries in which we operate to secure a sustainable operational framework
• Active participation, alone or through joint industry groups, in consultative processes for new or updated regulatory frameworks
• Rigorous testing to ensure that our products are safe and healthy
• Third-party certification
• Leading the Blue
• Revolution
• R&D
• Product
II
Trade restrictions could have a negative impact on price in some countries.
Trade restrictions resulting in suboptimal distribution of salmon may be intensified, creating a negative impact on price in some countries. Many of our production sites are located outside our principal markets, leaving us exposed to trade restrictions. The effects of trade restrictions may have a significant negative impact on our ability to sell in certain regions or our ability to charge competitive prices for our products in such regions.
• Dialog with authorities to ensure access to markets globally
• Sales contract policy to reduce exposure to fluctuations
• Global farming and processing footprint to mitigate the effects of trade restrictions with regional reach
• Promotion of health benefits of salmon
• Leading the Blue
• Revolution
• Profit
• Note 13 Group
• Analytical information
III
We may face restrictions with regard to operating sites located close to protected or highly sensitive areas.
Some of our sites are located close to or within sensitive areas with respect to biodiversity. The effect of salmon farming on the environment and biodiversity is being intensively discussed and new regulations in this area could result in the closure of sites or require the implementation of costly measures. In addition, new regulations could result in restrictions to certain additives used in fish feed and in medication becoming prohibited at these sites if they are believed to have an adverse impact on the environment. Compliance with such laws, rules and regulations, or a breach of them, may have a materially adverse effect on our business and financial figures.
• Continuous dialog with the authorities in the countries in which we operate to document that biodiversity is not adversely affected by our operations
• Cooperation agreement with WWF
• Norway for mutual exchange of ideas and information
• Environmental testing and documentation to ensure that our operations do not leave a lasting footprint
• Leading the Blue Revolution
• R&D
• Planet
• BoD report
IV
Our fish farming operations are dependent on fish farming licenses.
In the jurisdictions in which we operate, we are required to obtain licenses in order to farm fish. We have obtained and currently hold such licenses for our operations. Governments may, however, change the way licenses are distributed, or otherwise dilute or invalidate our licenses. If we are unable to maintain existing or obtain new fish farming licenses, or if a new licensing regulation dilutes the value of our licenses, this may have a materially adverse effect on our business.
Continuous dialog with the authorities in the countries in which we operate to discuss our and their role in securing the sustainable development of the industry
• Dear stakeholders Leading the Blue
• Revolution
• R&D
• Note 9 Group
V
Antitrust and competition regulations may restrict further growth in some of the jurisdictions in which we operate.
Our business and operations are subject to regulation by antitrust or competition authorities, particularly due to our significant market shares in the jurisdictions in which we operate. The risks of infringing competition laws and regulations are higher in markets in which we hold a leading position. In an acquisition setting, we may be forced to divest certain parts of the acquisition, which may have a materially adverse effect on our business and financial figures.
Continuous dialog with the authorities in the countries in which we operate to discuss the potential benefits of industry consolidation from a sustainability point of view
• Dear stakeholders Leading the Blue
• Revolution
VI
We could be adversely affected by violations of the acceptable anti-corruption laws.
Applicable anti-corruption laws, including the US Foreign Corrupt Practices Act and the UK Bribery Act of 2010, generally prohibit companies and their intermediaries from making improper payments, and require companies to keep accurate books and records as well as appropriate internal controls. We operate in some parts of the world that have experienced governmental corruption, and if we were found liable for violations of anti-corruption laws, we may incur civil and criminal penalties which could have a materially adverse effect on our business, financial figures and reputation.
• Code of Conduct
• Leadership Principles
• Leading the Blue Revolution
• People
• Corporate governance

1c. Risks related to our fish farming operations

I
Fish are adversely affected by sea lice, and we may incur significant costs and be exposed to regulatory actions if the challenge is not addressed.
The authorities in all countries with an aquaculture industry have set limits for the acceptable number of sea lice per fish. A failure to control sea lice levels may result in an increased number of treatments, compromised fish welfare, higher costs and the possibility of regulatory actions.
• Implementation of our sea lice strategy.
• Continuous R&D efforts on most effective lice strategy, as well as new tools to control sea lice in a sustainable manner
• R&D
• Planet
II
We may be exposed to criticism and regulatory actions arising from our farming of and use of wild caught cleaner fish for sea lice control.
Our sea lice control strategy is primarily based on using non-medicinal tools and includes the use of cleaner fish. Catch, farming and use of cleaner fish have raised concerns with regards to protection of wild stocks, husbandry practices, fish welfare and survival. Therefore, the use of cleaner fish could result in negative publicity, reputational harm and possibly regulatory actions.
• R&D in key areas including fish health, fish nutrition and husbandry
• Good farming practices (identification and implementation of best practices during farming of cleaner fish, as well as at the salmon farms)
• R&D
• Planet
III
Our fish stocks, operations and reputation can be adversely affected by various diseases.
Our fish are affected by diseases caused by viruses, bacteria and parasites which may have an adverse effect on fish survival, health, growth and welfare and result in reduced harvest weight and volume, downgrading of products, claims from customers and increased costs. Continued disease problems may also attract negative media attention and public concerns.
• Disease registration and tracking of reasons for reduced survival to monitor development and prioritise R&D
• Applying best farming practices for disease control
• R&D efforts within disease management and control, including more knowledge of best farming practices, vaccine testing and use, breeding program which includes selection of best genetics related to fish robustness and resistance to diseases
• R&D
• Planet
IV
Our fish stocks can be depleted by environmental factors such as plankton, low oxygen levels and fluctuating seawater temperatures.
Our salmon farming operations are subject to a number of environmental risks which may impact profitability and cash flows through adverse effects on growth, harvest weight, harvest volume, mortality, downgrading and claims.
• Continuous R&D effort to manage the challenges including the use of skirts around the pens and continuous oxygen monitoring systems at the bottom of the pens
• Plankton (including algae) surveillance systems
Planet
V
Our fish stocks are subject to risks associated with fish escapes and predation.
Salmon escapes are most commonly caused by human error, severe weather and structural issues at our farming sites. In addition to affecting our salmon count, escaped farmed salmon may impact wild salmonid stocks by genetic interaction and the risk of transferring disease. This may result in negative publicity and penalties or other sanctions from governmental authorities. Our salmon is also subject to predation by other animals which can affect our salmon count and adversely impact our results of operations.
• Escape prevention and mitigation plans
• Tracking of all escape incidents and investigation for cause of incident for information sharing and learning
• Applying best practices for escape prevention
• Continuous R&D effort to test farming equipment for severe weather conditions
• R&D
• Planet
• BoD report
VI
Intensive production may result in physical deformities, leading to downgrading and/or losses of biomass as well as to reputational harm.
Intensified production may push the boundaries for how fast fish can grow, and cause production-related disorders relating to physical deformities and cataracts. High water temperatures of more than 14 degrees Celsius early in the freshwater stage, water quality and diet composition may all be contributing factors. Deformities and cataracts may lead to financial losses and damage to the industry and our reputation.
• R&D - feed research trials to document that the diets used in commercial salmon farming are not compromising fish health and welfare
• R&D salmon growth trials to develop best farming practices for growth
• R&D
• Planet
VII
Our fish stocks might be exposed to contaminants, leading to product recalls, product liability, negative publicity and governmental sanctions
Farm-raised salmon may be exposed to contamination by undesirable substances through raw materials and ingredients in the fish feed, polluted waters, poor processing hygiene and cross-contamination during handling. Contamination may affect food safety, fish health and the environment, and reduce the publics confidence in eating salmon.
• Vigorous product testing to document that our products are safe
• Requirements to suppliers and certification of raw materials used in our fish feed
• Testing of raw materials and feed used in our farming operations
• R&D
• Planet
• Product
VIII
Our fish may be exposed to pollutants from open seas resulting in mortality and poor end-product quality
Fish farming is conducted using open net pen systems located in marine environments. Operations are therefore exposed to pollution from the open sea, including potential oil leaks or spills. Oil products floating into a farm will severely affect the fish’s normal oxygen uptake, reduce fish survival and leave an unpleasant taste on surviving fish, making it inedible.
• Testing of end-products to document that they are safe and of high quality
• Locating farms in areas with clean waters and a low risk of pollution
• R&D
• Product
IX
Inclement weather could hurt our stocks negatively affect our operations and damage our facilities
Unusually warm or cold temperatures, altered oxygen levels in the sea resulting from annual variations, as well as extreme weather in the regions where we operate could cause impairment of the health and growth of our fish or result in fish escapes, loss of biomass, lost feeding days, repair costs, damage to infrastructure, etc.
• Ref Fish Escapes above
• New technology
• Evaluation of environmental conditions and use of equipment fit for the conditions in the area
• Ref Fish Escapes above
• R&D
X
Our operations are exposed to risks related to biological events or natural phenomena for which insurance coverage is expensive, limited and potentially inadequate.
Our business operations are subject to a number of adverse biological risks, including risks relating to sea lice, fish mortality, disease, predation and other biological risks. There will always be a risk that certain biological events or natural phenomena may occur for which no or only partial insurance coverage is payable.
• Ref Sea lice above
• Ref Disease above
• Risk-based insurance coverage
• Ref Sea lice above
• Ref Disease above

1d. Risks related to our supply of fish feed and our feed operations

I
Reduced availability of the main ingredients used in fish feed production could result in higher costs for fish feed.
Fish feed is a main cost driver approximately 40-50% of our “cost in box”. Global inventories, currency fluctuations and seawater temperatures all affect the supply of feed ingredients. Fish oil and fish meal are produced using wild caught fish such as anchovies. The extensive use of fish oil combined with a growing fish farming industry presents a sustainability challenge for the industry. Other key ingredients such as canola oil, soy bean protein and wheat are subject to unpredictable price changes caused by supply and demand fluctuations, weather, size of harvest, transportation and storage cost, global policies, etc.
• Continuously working in-house and with feed suppliers to ensure that the feed recipes are altered based on relative prices to secure the lowest possible cost without compromising fish health
• Efforts to test and document feeds with lower levels of marine ingredients without compromising fish health/performance
• R&D
• Profit
• Planet
• Analytical information
II
Termination of one or more of our feed contracts at short notice could result in material additional costs.
We still depend on third-party feed suppliers. The fish feed industry is dominated by three large, global suppliers, which normally adapt their production volumes to prevailing supply commitments. If one or more of our feed contracts were terminated at short notice prior to their respective expiration dates, we may be forced to find alternative suppliers at short notice, incurring additional costs.
• Long-term supply contracts with termination clauses
• Own feed production
Leading the Blue Revolution
III
Production issues in our own feed operations could cause us to incur material additional costs.
If our feed operation were to encounter production challenges, including those related to contaminated fish feed/feed ingredients, labour stoppages, disruptions in the supply chain and environmental and regulatory issues, we may be forced to find alternative suppliers in the market at short notice, incurring additional costs and potential disruptions to our farming operations. We could also be liable for losses incurred by third party feed customers.
• Certification of raw materials used
• Testing of feed ingredients
• Employee HSE surveys
• Use of numerous suppliers of feed ingredients
• Planet
• People
IV
A reduction in the quality of our fish feed could have a materially adverse effect on our production.
Fish feed is essential to our fish production, as its quality affects the quality and volume of our harvests. Our feed conversion rate may increase due to lower quality or a suboptimal mix of ingredients used.
• Testing to document that our feed is of high quality, contributing to good growth and favourable feed conversion rates
• R&D
• Planet
V
Inferior or contaminated fish feed could result in product liability or other serious adverse consequences for us.
Harmful substances may be found in feed ingredients, and although we have implemented risk analysis and screening protocols to prevent the contamination of our feed, undetected contamination could cause severe damage to the salmon, potentially causing health issues for consumers and resulting in liability claims.
• Certification of raw materials used
• Testing of feed ingredients
• Testing of end products
• Risk analysis and screening protocols
• R&D
• Planet
• Product

1e. Risks related to our industry

I
Our facilities may be the target of sabotage by environmental organisations.
Some environmental organisations have the eradication of salmon farming as one of their stated aims. A risk of sabotage can therefore not be ruled out.
Stakeholder dialog for the exchange of information and ideas
Leading the Blue Revolution
II
The aquaculture industry may be subject to negative media coverage.
Farm-raised salmon has in some instances been subject to criticism from various research communities and NGOs, which may affect consumer attitudes towards farm-raised salmon. Such negative consumer attitudes may result in a lower demand for our products.
• Stakeholder dialog for the exchange of information and ideas
• Documentation of our farming practices and third-party certification
• Leading the Blue Revolution
• Planet
• Product

1f. Risks related to our business

I
We derive nearly all our revenues from sales of Atlantic salmon and are heavily dependent on the market for Atlantic salmon.
Our business consists primarily of raising and selling Atlantic salmon, and we expect this to continue for the foreseeable future. Accordingly, our business is heavily dependent on the market for Atlantic salmon.
• Ref Market demand for our products above
• Ref Change in consumer preferences above
• Ref Market demand for our products above
• Ref Change in consumer preferences above
II
We rely heavily on the services of key personnel.
We depend substantially on the leadership of a small number of executive officers and other key employees. The loss of the services provided by these individuals could have a materially adverse effect on our business. We may also find it difficult to attract the necessary employee resources in the remote areas in which we operate.
• Roll out our leadership principles and continue to build a winning culture that supports employee development and attracts new employees
• Remuneration of key management personnel
• Leading the Blue Revolution
• People
• Note 14 Group
• Note 15 ASA
III
We are subject to risks associated with our international operations and our expansion into emerging markets.
Our global operational footprint means we are subject to various risks and uncertainties relating to our international operations. These include the imposition of trade protection measures, corruption, the impact of exchange rate fluctuations, political, social and economic conditions, compliance with domestic and international laws, different regulatory structures, differing tax regimes and distribution. Negative consequences in these regards could limit our ability to transact business in current or future markets.
• Identification of risk and risk mitigating actions prior to entering new markets
• Risk mapping on a continuous basis
Risk an Risk Management
IV
Political instability may have a material adverse effect on our business, results of operation and financial condition.
Political instability has in the past, and may in the future, adversely affect our operational results. The Russian ban on imports of salmon products from certain countries and the Chinese restrictions on imports of Norwegian salmon are recent examples in this regard.
• Global farming, processing and supply footprint expanding the opportunities if political actions target a specific place of origin only
Analytical information
V
We depend on the availability of and good relations with our employees.
Our operations depend on the availability, retention and relative cost of labour, and on maintaining satisfactory relations with employees and labour unions. Labour relation issues may arise from time to time, which could result in strikes or other labour disputes.
• Roll out our leadership principles and continue to build a winning culture that supports employee development and attracts new employees
• Fair compensation
• Cooperation with employees organisations and unions
• Leading the Blue Revolution
• People
VI
We depend on a small number of contractors for key industry supplies, such as fish feed and well boats.
We depend on major industry suppliers of well boats and fish feed. We hire most of our well boats, and we purchase a significant share of our fish feed from third parties. There is a limited number of key suppliers of these items to our industry, and failure to maintain good business relationships with these suppliers may have a significantly adverse effect on us.
• Own feed production
• Stakeholder dialog
Leading the Blue Revolution
VII
Some steps of the production process are outside our control.
We purchase seafood from third parties as an input factor in some of our secondary processing activities. We do not control the production process for the seafood we purchase, and it may contain foreign elements that are harmful or prohibited under the laws of the countries in which we distribute the product. Furthermore, substantial sales of generic and private label products mean that we do not always control the brand under which our products are sold. This may have a negative impact on our reputation in addition to making it difficult for us to build brand loyalty.
• Brand building to differentiate our products
• Product testing
• Supplier commitment to our code of conduct
• Product
• People

1g. Risks related to our financing arrangements

I
If we are unable to access capital, we may be unable to grow or implement our strategy as designed.
Feed production, salmon farming and seafood processing are capital intensive industries. Our future development and growth may depend on access to external capital in the form of debt and/ or equity capital. A lack of access to such capital, or material changes in the terms and conditions of our external financing could limit our future growth and strategy.
• Ref all actions to safeguard profit and reduce/manage costs
• Ref Salmon price, market demand, sea lice, disease, Kudoa above
• Ref salmon price, market demand, sea lice, disease, kudoa, contractors for key industry supplies above
• Note 13 Group
• BoD report
II
We are highly leveraged and subject to restrictions in our financing agreements that impose constraints on our operating and financing flexibility.
We have substantial debts outstanding. We may need to refinance some or all of our borrowings, and may not be able to do so at attractive terms or at all. We may incur additional debt in the future, subject to limitations under our credit facilities and bond terms.
• Ref all actions to safeguard profit and reduce/manage costs
• Ref salmon price, market demand, sea lice, disease, Kudoa above
• Using a portfolio of financing options to reduce dependence on our syndicated credit facility
• Ref salmon price, market demand, sea lice, disease, kudoa, contractors for key industry supplies above
• Note 11 Group
• Note 13 Group
• BoD report
III
Fluctuations in the value of the derivatives used to hedge our exposure to salmon prices may adversely impact our operating results.
Our business is exposed to fluctuating salmon prices, and we use contracts and derivative financial instruments to reduce such exposure. The use of derivative financial instruments reduces our exposure to changes in prices, but may also limit our ability to benefit from favourable trends in salmon prices, while our contracts can adversely affect our profitability when spot prices are rising.
Ref salmon price above
• Ref salmon price
• above
• Note 13 Group
• BoD report
IV
Fluctuations in foreign exchange rates may adversely impact our operating results.
We are exposed to changes in foreign exchange rates as a part of our business operations. Although we seek to hedge our exposure to currency risk, such hedging arrangements may not be effective, which may ultimately have a materially adverse effect on our business and financial figures.
• Foreign Exchange Strategy
• Hedging Policy
• Note 13 Group
• BoD report
V
We are subject to fluctuations in interest rates due to the prevalence of floating interest rates in our debt.
We are partly financed at floating interest rates, and our hedges against interest rate fluctuations in the main currencies related to our interest-bearing debt may be ineffective in protecting us from the effects of interest rate increases.
Hedging policy - interest rate swaps
• Note 13 Group
• BoD report
VI
If our customers fail to fulfill their contractual obligations we may suffer losses.
We are exposed to the risk of losses if one or more contractual partners do not meet their obligations. We cannot guarantee that we will be able to recover losses from trade receivables from credit insurance companies or that our credit evaluations of trading partners will be effective.
• Insurance policy
• Credit ratings of all customers
• Close follow up of customers
• Note 13 Group
• BoD report

1h. Risks related to tax and legal matters

I
We are exposed to potentially adverse changes in the tax regimes of the jurisdictions in which we operate.
Significant changes in the tax regimes in the countries in which we operate may have a materially adverse effect on our financial figures.
Tax optimisation within the laws of the countries in which we operate
Note 15 Group
II
We may become involved in legal disputes.
We may from time to time become involved in legal disputes. We could be involved in criminal or civil proceedings relating to product liability, environmental, food safety, competition or anti-bribery regulations, and other types of dispute which may have a materially adverse effect.
• Contract negotiations
• Use of expert advisers in complex matters
Note 27 Group

1i. Risks related to climate change

I
Physical related risks: the tangible effect of climate change have the potential to damage fish farming facilities, disrupt production activities and could cause us to incur significant costs.
Climate change could affect the severity of weather, sea levels and temperatures, the frequency of algae blooms, and the availability of the raw materials for our fish feeds. If any such effects were to occur, they may have a materially adverse effect on our business and financial figures.
• Doing our part: to reducing our carbon footprint and build up mitigation strategies connected with more resilient equipment
• Testing of alternative raw materials in feed and focusing on low carbon footprint feed raw materials
• Assessment of specific risks related to each facility used in our operation
• R&D
• Planet
II
Transitional related risks: climate change rules and regulations could increase the costs of operating our facilities or transporting our products.
Climate change and its link to the emission of greenhouse gases is receiving more and more attention. Certain countries and regions have adopted, or are considering, legislation or regulations imposing overall caps or taxes on greenhouse gas emissions, or mandating the increased use of electricity from renewable energy sources. These actions could increase our operating costs.
Doing our part: endorsing global sustainability issues and addressing climate change by implementing our low carbon transition plan
• Dear stakeholder
• Planet

1J. Risk related to cyber security and technological innovation

I
We are subject to risks related to IT and cyber security.
As dependency on IT systems increases in all parts of our business, and conflict levels escalate around the world, the risk of falling victim to a sophisticated cyberattack is rising to companies in general, Mowi being no exception.
• Monitoring and testing of IT systems, including backup / restoration procedures
• Crisis management plan
• Extensive mandatory security training. Non-compliant users disabled.
• “Ethical hacking” and use of expert advisers in complex matters
• Reporting / blocking of phishing emailsand Multi-factor authentication enabled
People
II
We are subject to risks related to Access Management and IT Change Management.
With enterprise systems there is a risk of 1) unauthorized system access, 2) authorised users not getting access to the necessary data, 3) authorized access is not sufficiently restricted. Changes to IT Applications introduce new functionality which can have an unintended negative impact on operations
• Strict Access Management procedures defined, with supporting tools
• Regular audits of access
• Strong documentation and approval procedures for software changes.
• Strong documentation and approval procedures for software changes.
People
III
We are subject to IT risks related to our operations and operational risk.
As IT systems become ubiquitous in our business, the risk of business disruptions if the mission-critical systems are unavailable or if support is not readily available.
• Monitoring of factory systems, networks, cloud solutions
• Network maintenance and patching
• Global ServiceDesk
• Enfocing best practices regarding patching and updating of systems
• Enfocing best practices regarding patching and updating of systems
IV
We are subject to IT risks related to implementation of new systems and improvement projects
Implementation of standard enterprise applications and new Information Technology can put demands on the organisation, on processes and on the ability to change the way of working.
• Formal approval of new projects
• Project governance with strong IT / Business partnership
• Framework to track quality, timeliness and cost of project / program deliverables
• Framework to track quality, timeliness and cost of project / program deliverables

2. Risks related to our strategy - acquisitions and expansions

I
The construction and potential benefits of our fresh water expansion projects are subject to risks and uncertainties.
The expected benefits are higher quality and larger smolt, produced in a controlled environment and at a lower cost. The anticipated benefits may not be achieved or if achieved, may not be achieved in the expected time frame.
Build on group wide know how and skills in the construction and production processes.
Leading the Blue Revolution
II
We would be adversely affected if we expanded our business through acquisitions or greenfield projects but failed to successfully integrate them or run them efficiently or retain the associated fish farming licenses.
We regularly evaluate expansion opportunities, such as acquiring other businesses, or building new processing plants and expanding our fish farming operations, or expanding into new related areas of operations. Significant expansion involves risks, and if we are unable to integrate acquired businesses or newly formed operations, expansion may have a materially adverse effect on our business and financial figures.
• Draw on internal key resources
• Recruitment of experienced staff
• Use of expert advisers in complex matters
People

3. Risks related to reporting

I
A failure to run an effective risk assessment process and update our internal control system accordingly, could imply that there is a risk of material mistakes in our financial figures.
As of December 31, 2021 we consider our internal control system to be effective, but there can be no assurance that, going forward, our efforts will effectively prevent material misstatements in our consolidated statements. If we are unable to maintain effective internal control, this could have a materially adverse effect on our business.
Global risk and risk management focus
• BoD report
• Corporate
• Governance

4. Risks related to other legal matters

I
Developments related to antitrust investigations could have a materially adverse effect.
We are subject to a variety of laws and regulations that govern our business, including those relating to competition (antitrust). If we are found to have violated the competition laws in a jurisdiction, we may be fined, which could have a materially adverse effect on our financial figures.
• Use of expert advisers in complex matters
• Specific training of personnel including training sessions performed by external experts
• Code of Conduct including testing
Note 27 Group
II
Failure to ensure food safety and compliance with food safety standards could result in serious adverse consequences for us.
The food industry in general experiences high levels of customer awareness with respect to food safety and product quality, information and traceability. We may fail to meet new and exacting customer requirements, which could reduce demand for our products.
• Applying best practices related to food safety at all stages of the production chain
• Vigorous product testing to document that our products are safe
• Third-party certification with respect to best practices in hygiene and food safety
• R&D
• Product
III
Any failure to comply with laws and regulations in the countries in which we operate could result in serious adverse consequences for us.
Our global operational footprint makes us subject to various risks and uncertainties relating to our international operations, including compliance with domestic and international laws. Any failure to comply with the laws and regulations in the countries in which we operate could result in fines, withdrawal of operating rights and other serious adverse consequences for us.
• Use of expert advisers in complex matters
• Recruitment of highly skilled employees
• Code of Conduct
• Independent Whistleblower channel
People

Knowledge

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